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Essilor : 2007 Results
Date:3/6/2008

he previous year and significantly outstripping the trend rate of 5 to 6%. Higher unit sales accounted for 5% of the increase, with an improved price-mix adding the other 3%.

- Consolidation of companies acquired in 2006 and 2007 contributed 4% of reported growth.

- The currency effect shifted to a sharply negative 3.8%, primarily due to the decline in the US dollar and, to a lesser extent, the Canadian dollar, the Japanese yen and the British pound against the euro.

SALES PERFORMANCE IN THE MAIN GEOGRAPHIC MARKETS

Revenue 2007 2006 % change % change

(reported) (like-for-like)

(in EUR millions)

Europe 1,317.5 1,207.8 + 9.1% + 6.2%

North America 1,214.2 1,156.7 + 5.0% + 8.1%

Asia-Pacific 266.9 233.0 + 14.5% + 13.4%

Latin America 109.5 92.4 + 18.6% + 15.6%

CONSOLIDATED INCOME STATEMENT

Gross Margin Gross margin (corresponding to revenue less cost of goods sold, divided by revenue) narrowed by 0.6 points to 57.6% during the year, primarily as a result of the temporary dilutive impact of acquisitions. Excluding acquisitions, gross margin improved by 0.1 point during the year.

Operating Expenses

Operating expenses amounted to EUR1,146.7 million in 2007. As a percentage of revenue, they declined by 0.9 points during the year, to 39.4%, reflecting:

- Stable selling and distribution costs (EUR642.6 million) and further savings on overheads, at a time of sustained research and development spending (EUR137.7 million after deduction of a EUR3.7 million research tax credit).

- The positive impact of acquisitions whose operating expenses are lower than the rest of the Company's as a percentage of revenue, thereby making it possible to pool a portion of corporate expenses.

Contribution from operations1 in euros a
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SOURCE Essilor
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