profit in 2007 changes in effect
In millions of
euros 44.1 56.0 7.7 (19.6)
In % +9.6% +12.2% +1.7% -4.3%
Finance Costs and Other Financial Income and Expenses
Finance costs and other financial income and expenses represented a net expense of EUR6.5 million, versus EUR19.9 million in 2006. The improvement was led by a reduction in net finance costs due to a higher average cash position and a decline in interest rates in the United States.
Income Tax Expense
Income tax expense of EUR155.9 million represented an effective tax rate of 31.3%, virtually unchanged from the previous year. Growth in earnings in Europe and Asia, where corporate taxes are lower than the Group average, helped to offset the impact of increased earnings in the United States, where the tax rate is higher, and an increase in dividend withholding taxes in the United States and Canada.
Share of Profits of Associates
The share of profits of associates Sperian (formerly Bacou-Dalloz, 15%-owned), Transitions (49%-owned) and VisionWeb (44%-owned) remained stable, at EUR28.7 million. Despite an excellent year, the share of profits from Transitions declined, primarily because of the unfavorable currency effect and the recognition of major provisions as part of the introduction of the Generation VI variable-tint lenses in 2008.
Profit Attributable to Equity Holders of the Parent and Earnings Per Share
Consolidated net profit totaled EUR370.9 million for the year, an increase of 11.9%. Profit attributable to equity holders of the parent was 11.6% higher, at EUR366.7 million, and widened to 12.6% of revenue from 12.2% in 2006. Earnings per share grew 10.8% to EUR1.78.
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