In reporting its financial results for the third quarter and the first nine months of this year, Hal Holding said last month that the preparation phase for the flotation of GrandVision has been “substantially completed” and added that it plans to conduct start trading between 20 and 25 percent of its shares on the Euronext stock exchange in Amsterdam in the course of 2015.
In the third quarter ended Sept. 30, the revenues from the optical retail companies controlled by the group reached €734 million, up from a restated level of €679 million in the same quarter a year ago. They grew by 4.2 percent on a same-store basis and generated operating income of €95 million, up from €87 million on the same basis.
For the first nine months of 2014, Hal reports optical retail sales of €2,140 million, up 6.2 percent from a restated level of €2,016 million in the year-ago period. Operating earnings increased to €265 million from €223 million. Sales rose by 5.7 percent excluding the effect of acquisitions and differences in currency exchange rates. Growth of 4.0 percent was achieved on a comparable store basis during the nine months.
Operating earnings are intended before amortization of intangible assets, but not software. The comparable figures for the previous year were restated to reflect the application of new IFRS 10 accounting standards.
The total net asset value of Hal increased to €7,603 million on Sept. 30 from €7,326 million on Dec. 31, 2013, not including the positive difference between the estimated value of unquoted companies. The stock market value of Hal's interest in Safilo and other quoted companies amounted to around €5.2 billion as of Sept. 30, up from €5.1 billion, as a higher share price for Boskalis more than offset the reduced share price of Safilo.