Contribution from operations up 9.5% to EUR302.6 million
The contribution margin stood at 18.2% of revenue, on a par with first-half 2008's record high and up from 17.9% for full-year 2008. This performance reflects the Company's ability to integrate acquisitions, to drive further productivity gains and to diligently manage its operating expenses in a slowing market.
Operating profit up 7.7% to EUR281.9 million
"Other income and expenses from operations" and "Gains and losses on asset disposals" together represented a net expense of EUR20.7 million (compared with EUR14.6 million in first-half 2008). Compensation costs on stock options, performance share grants and employee stock ownership plans declined to EUR9.7 million from EUR12.3 million in first-half 2008, while restructuring costs related to the closing of several production facilities rose to EUR6.5 million from EUR0.2 million for the prior-year period.
Operating profit represented 17.0% of consolidated revenue.
Finance costs and other financial income and expenses: net expense of EUR5.3 million
Finance costs and other financial income and expenses represented a net expense of EUR5.3 million compared with net income of EUR2.9 million in first-half 2008, reflecting the increase in finance costs, which mainly concerned the financing of the Satisloh acquisition and the share buyback program.
Profit attributable to equity holders of Essilor International up 2.1% to EUR202.4 million
Net profit totaled EUR207.1 million, an increase of 2.8%. It comprised: - Income tax expense of EUR80.1 million.
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