March 6, 2020 / 6:20 AM / in a month

BRIEF-EssilorLuxottica FY Revenue Up At 17.39 Billion Euros

March 6 (Reuters) - EssilorLuxottica SA:

* FULL YEAR 2019 RESULTS / UPLIFT IN SALES AND NET PROFIT GROWTH / STRONG FOUNDATION TO ACCELERATE SYNERGY DELIVERY

* FY ADJUSTED NET PROFIT ATTRIBUTABLE TO OWNERS OF PARENT: EURO 1,938 MILLION

* FY PRO FORMA REVENUE EUR 17.39 BILLION VERSUS EUR 16.19 BILLION YEAR AGO

* END-FY FREE CASH FLOW: EURO 1,825 MILLION

* FY ADJUSTED OPERATING PROFIT: EURO 2,812 MILLION

* FY PRO FORMA ADJUSTED OPERATING PROFIT EUR 2.81 BILLION VERSUS EUR 2.61 BILLION YEAR AGO

* FY PRO FORMA ADJUSTED NET PROFIT EUR 1.94 BILLION VERSUS EUR 1.77 BILLION YEAR AGO

* BOARD OF DIRECTORS WILL RECOMMEND THAT SHAREHOLDERS APPROVE PAYMENT OF DIVIDEND OF EURO 2.23 PER SHARE

* ON CORONAVIRUS: CURRENT COVID-19 EPIDEMIC HAS A NEGATIVE IMPACT ON COMPANY’S BUSINESS IN GREATER CHINA

* GREATER CHINA, WHICH REPRESENTS APPROXIMATELY 5% OF CONSOLIDATED REVENUE

* ON CORONAVIRUS: VIRUS HAS ALSO SLIGHTLY IMPACTED COMPANY’S REVENUE PERFORMANCE IN OTHER REGIONS

* ON CORONAVIRUS: AT CURRENT LEVEL, INVENTORY IS SUFFICIENT TO MEET SEVERAL WEEKS OF DEMAND

* ON CORONAVIRUS: ESSILORLUXOTTICA PLANTS IN CHINA ARE CURRENTLY OPERATING AT SLIGHTLY REDUCED CAPACITY

* ON CORONAVIRUS: PLANTS IN ITALY AND ALL OTHER LOCATIONS ARE CURRENTLY RUNNING AT FULL CAPACITY

* ON CORONAVIRUS: CONTINGENCY PLANS CAN BE ACTIVATED IN CASE OF A PROTRACTED PANDEMIC

* ON CORONAVIRUS DUE TO COVID-19 OUTBREAK, COMPANY’S CURRENT EXPECTATION IS FOR REVENUE GROWTH TO BE BELOW ANNUAL TREND IN FIRST HALF OF YEAR, FOLLOWED BY A RECOVERY IN SECOND HALF

* COMPANY’S FINANCIAL OBJECTIVES FOR 2020 ASSUME THAT COVID-19 OUTBREAK WILL SUBSIDE IN NEXT FEW MONTHS

* FOR 2020 EXPECTS TO GROW IN SALES AND PROFITS

* EXPECTS 2020 SALES GROWTH: +3.0%-5.0%

* EXPECTS 2020 ADJUSTED OPERATING PROFIT GROWTH: 0.7-1.2X SALES GROWTH

* EXPECTS 2020 ADJUSTED NET PROFIT GROWTH: 0.7-1.2X SALES GROWTH

* SEARCH FOR A NEW CEO IS ONGOING

* CEO: FINAL APPOINTMENT IS EXPECTED TO BE MADE BY THE END OF 2020.

* DAVID WIELEMANS IS APPOINTED CO-CFO OF ESSILORLUXOTTICA ALONGSIDE STEFANO GRASSI, IN REPLACEMENT OF HILARY HALPER. Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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