Essilor: positive first-half 2005

The Board of Directors of Essilor International has announced the financial results for the six months ended June 30, 2005.

Consolidated sales (€ 1,182.9 millions) were up 7.9% excluding the currency effect, and 4.7% like-for-like. Acquisitions made in 2004 and first-half 2005 added 3.2% of sales growth, while the currency effect eased to a negative 1.1% following the rise in the dollar against the euro.

Organic growth was led by:
- a very good second quarter, with like-for-like sales growth of 8.1%, following the turnaround in Europe and very good demand in other regions;
- an increase in sales of high value-added lenses combined with a significant rise in volumes;
- new product launches, the most important of which were the new range of Transitions photochromic lenses made of 1.67 high index and polycarbonate materials, the rollout of the Crizal Alizé antireflective/smudge-proof treatment in Asia and the worldwide launch of Varilux Ellipse small-frame progressive lenses.

Operating income up 15.4% to € 196.4 million, net income after minority interests up 19.1% to € 145.7 million.

Between January 1 and August 31, Essilor pursued its external growth strategy with the acquisition of 12 companies (or their assets) representing a total investment of € 102 million.