Luxottica posted a 25.1 percent rise in net profits to €804 million for 2015, lifted by a previously reported 15.5 percent rise in net revenues to €8,837 million. The top line benefited from positive currency rates: at constant exchange rates, the group's revenues were up by 4.3 percent.
On an adjusted basis, net earnings rose by 24.2 percent to €854 million, while the operating income went up by 22.5 percent to €1,443 million and sales increased by 17.0 percent to €9,011 million. In local currencies, adjusted sales were up by 5.5 percent.
The adjusted figures do not take into account a change in the reinsurance agreement at EyeMed, the group's U.S.-based vision insurance, which knocked €174.3 million off sales in the full year, or integration costs at Oakley, with shaved €66.4 million off in operating profit and €49.8 million in net income.
The group's adjusted operating margin widened to 16.0 percent in 2015 from 15.3 percent in 2014, with the wholesale margin increasing to 23.9 percent from 22.7 percent and the retail margin rising to 14.7 percent from 14.1 percent.
The group generated free cash flow of €768 million, down from €802 million in 2014, as capital expenditures rose by 23 percent to €514 million and the group had to pay €92 million for a tax settlement. Net debt slipped to €1,006 million at the end of 2015 from €1,013 million a year earlier, despite the payment of €690 million in dividends in May. The adjusted ratio between net debt and Ebitda stood at 0.5 at the end of 2015 and is expected to stay put or fall slightly to 0.5-0.4 in 2016.
The dividend proposed for the full year is 24.0 percent higher than a year ago at 0.89 euros per share, falling short of market expectations of an extraordinary dividend payment.