Reference Document 2004 2004
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REFERENCE DOCUMENT 2004 2004 2004 REFERENCE DOCUMENT ESSILOR INTERNATIONAL Compagnie Générale d’Optique ESSILOR 147, rue de Paris 94220 Charenton-le-Pont France Phone: +33 (0) 1 49 77 42 24 - Fax: +33 (0) 1 49 77 44 20 www.essilor.com A French corporation with fully paid-up capital of €36,158,669.05 Registred under the number 712 049 618 in Créteil, France. Checklist of Information Provided in Compliance with Autorité des Marchés Financiers Regulations STATEMENTS BY THE PERSONS RESPONSIBLE FOR THE ASSETS, FINANCIAL POSITION AND RESULTS REFERENCE DOCUMENT AND THE AUDIT OF THE ACCOUNTS • Consolidated financial statements and notes........... 44 to 77 • Statement by the persons responsible • Off-balance sheet commitments.............................. 67 to 71 for the Reference Document ........................................... 125 • Fees paid to the Auditors • Statement by the Auditors................................................ 126 and members of their networks ...................................... 108 • Information policy............................................................... 6 • Pro forma financial information ..................................... N/A • Regulatory ratios (banks, insurance companies, brokers. N/A GENERAL INFORMATION • Parent company financial statements and notes .... 82 to 105 • Interim consolidated financial statements....................... N/A Issuer • Applicable regulations (foreign companies)..................... N/A CORPORATE GOVERNANCE • Board of Directors................................................ 109 to 112 Capital • Committees of the Boards ....................................... 113, 114 • Particular characteristics (voting restrictions, etc.)................ 8 • Executive directors • Authorized, unissued capital ......................................... 9, 10 (compensation and benefits, stock options) .......... 114 to 116 • Potential shares ................................................................. 10 • Ten employees other than directors who received • Changes in capital over the past five years ........................ 13 and exercised the greatest number of options.................. 117 • Regulated agreements ..................................................... 107 The Market for the Company’s Securities • Share price and trading volumes over the past 18 months.. 16, 17 RECENT DEVELOPMENTS AND OUTLOOK • Dividends.......................................................................... 18 • Recent developments ........................................................ 35 • Outlook............................................................................. 35 1 CAPITAL AND VOTING RIGHTS • Current ownership structure ......................................... 14, 32 N/A: Not Applicable • Changes in ownership structure ........................................ 15 • Shareholder pacts.............................................................. 15 THE GROUP’S BUSINESS • Group organization (relations between the parent company and subsidiaries, information about subsidiaries) ............................. 24, 73 to 77 • Consolidated key figures ................................. 25, 26, 36, 44 • Segment information (by business, by geographic area and/or country)............................. 27, 53 • Markets and competitive position................................... 20, 25 • Investment policy ........................................................ 30, 31 • Performance indicators (value creation, etc.) ..................... 32 ANALYSIS OF GROUP RISKS • Risk factors – Market risks (liquidity, interest rate, The French version of this Reference Document was filed currency, equity risks) .............................................. 39, 40 with the Autorité des Marchés Financiers on April 19, 2005, – Business risks (dependence on suppliers, in accordance with articles 211-1 to 211-42 of the General customers, sub-contractors, major contracts, manufacturing processes, etc.) ....................................... 36 Regulations of the Autorité des Marchés Financiers. It may – Legal risks (specific regulations, concessions, not be used in connection with a financial transaction unless patents, licenses, material claims and litigation, it is accompanied by an information memorandum exceptional events) ....................................................... 41 – Industrial and environmental risks............................ 41, 42 approved by the Autorité des Marchés Financiers. • Insurance and risk coverage .............................................. 43 CONTENTS Section I - Persons Responsible for the Reference Document 3.5. Dividends.......................................................................... 18 and the Audit of the Accounts 3.5.1. Dividend history ............................................................ 18 1.1. Name and Function of the Person Responsible 3.5.2. Payout ............................................................................ 18 for the Reference Document ..................................................... 4 3.5.3. Timeframe for claiming dividend.................................... 18 1.2. Statement by the Person Responsible for the Reference Document ..................................................... 4 Section IV – Information about the Company's Business 1.3. Auditors .............................................................................. 4 4.1. General Presentation ........................................................ 19 1.3.1. Statutory Auditors............................................................. 4 4.1.1. Group history................................................................. 19 1.3.2. Statement by the Auditors ................................................ 5 4.1.2. The Company's main businesses .................................... 20 1.4. Information Policy .............................................................. 6 4.1.3. Management review....................................................... 25 1.4.1. Person responsible for information ................................... 6 4.2. Dependence on Patents, Supply Contracts and 1.4.2. Investor information ......................................................... 6 Key Customers .......................................................................... 36 1.4.3. 2005 financial calendar ................................................... 6 4.3. Employees......................................................................... 36 4.3.1. Average number of employees ....................................... 36 Section II – Information Concerning the Transaction 4.3.2. Analysis of employees.................................................... 36 4.3.3. Social Data Report ......................................................... 36 Section III – General Information about the Company and its Capital 4.3.4. Social policy .................................................................. 36 3.1. General Information about the Company........................... 7 4.4. Risks.................................................................................. 39 3.1.1. Company name and headquarters.................................... 7 4.4.1. Market risks.................................................................... 39 3.1.2. Legal form........................................................................ 7 4.4.2. Legal risks ...................................................................... 41 3.1.3. Governing law ................................................................. 7 4.4.3. Industrial and environmental risks.................................. 41 2 3.1.4. Date of incorporation and term........................................ 7 4.4.4. Insurance ....................................................................... 43 3.1.5. Corporate purpose (Article 2 of the Bylaws) ..................... 7 3.1.6. Registration number and APE business identifier Code..... 7 Section V – Assets and Liabilities – Financial Position – Results 3.1.7. Consultation of legal documents ...................................... 7 5.1. Consolidated Financial Statements ................................... 44 3.1.8. Accounting period............................................................ 7 5.1.1. Key financial data, year ended December 31, 2004....... 44 3.1.9. Appropriation of income (Article 28 of the Bylaws).......... 7 5.1.2. Consolidated income statement ..................................... 44 3.1.10. General Shareholders’ Meetings..................................... 8 5.1.3. Consolidated statement of cash flows............................. 45 3.2. General Information about the Company’s Capital Stock... 9 5.1.4. Consolidated balance sheet............................................ 46 3.2.1. Capital increases .............................................................. 9 5.1.5. Notes to the Consolidated Financial Statements............ 48 3.2.2. Capital stock .................................................................... 9 5.1.6. Statutory Auditors' Report ............................................. 78 3.2.3. Authorized, unissued capital ............................................ 9 5.1.7. Main effects of the transition to IAS/IFRS....................... 79 3.2.4. Securities not carrying the right to a stake in equity ....... 10 5.2. Company Accounts........................................................... 82 3.2.5. Potential shares .............................................................. 10 5.2.1. Key financial data, year ended December 31,