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2006 Registration Document

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2006 Registration Document 2006 REGISTRATION DOCUMENT 2006 Registration Document 2006 Registration ction: Phénix Communication - Phone: + 33 (0) 1 49 64 64 64 – Photo credits: Corbis/Jed Share and Kaoru. and Share Corbis/Jed credits: – Photo 64 64 64 (0) 1 49 + 33 - Phone: Phénix Communication ction: ESSILOR INTERNATIONAL Compagnie Générale d’Optique 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 Société anonyme. Share capital: €36,346,952.60 - 712 049 618 R.C.S. Créteil produ and design report 06 30 80 – Annual (0) 1 53 +33 - Phone Labrador production: and adaptation layout document Registration ESSILOR Documents incorporated by reference In accordance with European Commission regulation 809/2004/EC (Article 28), the following information is incorporated by reference in this Registration Document: • The management review, consolidated financial statements and Auditors’ report on the consolidated financial statements for the year ended December 31, 2004, presented on pages 25 to 35 and 44 to 78 of the 2004 Registration Document filed with the AMF on April 19, 2005 under no. D.05-0479. • The management review for the year ended December 31, 2005, the main contents of which are inserted in the different sections of the 2005 Registration Document, the consolidated financial statements and Auditors’ report on the consolidated financial statements for the year ended December 31, 2005, presented on pages 85 to 151 and 184 to 185 of the 2005 Registration Document filed with the AMF on April 12, 2006 under no. D.06-0254. The 2004 and 2005 Registration Documents can be downloaded from the Group’s website, www.essilor.com. Disclaimer Translation The English language version of this annual report is a free translation from the original, which was prepared in French. All possible care has been taken to ensure that the translation is an accurate representation of the original. However in all matters of interpretation of information, views or opinion expressed therein the original language version of the document in French takes precedence over the translation. Company name The Company’s name is Essilor International (Compagnie Générale d’Optique) (hereinafter referred to as "Essilor International" or “the Company”). Reporting period Unless otherwise specified, the information contained in this Registration Document and its appendices concerns the fiscal year ended December 31, 2006. Market information Unless otherwise specified: • Information concerning market shares and positions is based on volumes sold. The Registration Document and the Annual Report were prepared by • Marketing information concerning the ophthalmic optics market and industry, and Essilor’s market share and positions is based Essilor’s Investor Relations and Financial Communications Department on internal assessments and studies incorporating external market data where appropriate. The information presented in this Registration Document was mainly prepared by Trademarks Essilor International’s Financial, Airwear®, Alizé®, Crizal®, Crizal® Alizé®, Crizal® Alizé® AST™, Crizal® Alizé® avec AST™, Crizal A2™, Definity®, Dual Add®, Ellipse®, Essilor®, Legal Affairs and Investor Relations and Financial Communications Departments Essilor® Anti-Fatigue™, Interview®, Ipseo®, i-technology™, Kappa™, Linéis™, OpenView®, Orma®, Panamic®, Physiotints®, Silver Shadow Clean Touch™, Stylis®, Tess™, Twin Rx Technology™, Varilux®, Varilux Comfort®, Varilux Computer™, Varilux Liberty™, Varilux Physio®, Varilux® Investor Relations and Financial Communications Department Polarizing, Varilux Road Pilot™, Vision Haute Résolution™ and Xelios® are trademarks filed or registered in the name of Essilor International. Phone: +33 (0) 1 49 77 42 16 Accolade™ is a registered trademark of Essilor of America. Fax: +33 (0)1 49 77 43 24 Anateo™ is a registered trademark of BBGR. E-mail: [email protected] - Website: www.essilor.com Sports Sol-utions™ is a registered trademark of BNL. Nikon® and Presio® are registered trademarks of Nikon Corporation. The Nikon® Seeproud™ trademark is owned by Nikon Corporation. Transitions® is a registered trademark of Transitions Optical Inc. 2006 Registration Document Filing information: The French version of this Registration Document was fi led with the French securities regulator (Autorité des Marchés Financiers) on March 28, 2007 under no. D.07-0237, in accordance with article 212-13 of the Autorité des Marchés Financiers’ règlement général. It may not be used in connection with a fi nancial transaction unless it is accompanied by an information memorandum approved by the Autorité des Marchés Financiers. Contents Based on Appendix I of European Commission regulation 809/2004/EC 1 Persons Responsible 5 6 Business Overview 18 1.1. Persons responsible for the Registration 6.1. Principal activities 18 Document 5 6.1.1. Operations and activities 18 1.2. Declaration by the persons responsible for the 6.1.2. New products and/or services 23 Registration Document 5 6.2. Principal markets 25 6.3. Exceptional factors 27 2 Statutory Auditors 6 6.4. Dependence on patents, licenses, industrial, commercial or financial contracts or new 2.1. Names and addresses of the Company’s auditors manufacturing processes 27 for the period covered by the historical financial information 6 6.5. Competitive position 28 2.2. Information about auditors who resigned, were removed or not re-appointed 6 7 Organizational Structure 29 7.1. Description of the Group 29 3 Selected Financial Information 7 7.2. List of significant subsidiaries 29 3.1. Selected historical financial information 8 3.2. Selected financial information for interim periods 8 8 Property, Plant and Equipment 30 8.1. Material Property, Plants and Equipment 30 4 Risk Factors 9 8.2. Environmental issues 31 4.1. Market risks 9 4.2. Legal risks (material claims and litigation, proceedings, arbitration) 10 9 Operating and Financial Review 32 4.3. Industrial and environmental risks 10 9.1. Financial condition 32 4.4. Insurance 11 9.2. Operating results 33 9.2.1. Significant factors affecting operating profit 33 9.2.2. Significant changes to net sales or revenues 34 5 Information About the Company 12 9.2.3. Policies and other external factors 34 5.1. History and development of the Company 12 9.3. Net profit 34 5.1.1. Legal and commercial name of the Company 12 5.1.2. Place of registration and registration number 12 5.1.3. Date of incorporation and length of life of the 10 Liquidity and Capital Resources 35 Company 12 5.1.4. Domicile, legal form, legislation, corporate purpose 10.1. Information on capital resources 35 and accounting period 12 5.1.5. Important events in the development of the 10.2. Cash flows 35 Company’s business 13 10.3. Information on borrowing requirements and 5.2. Investments 16 funding structure 35 5.2.1. Principal investments 16 5.2.2. Principal outstanding investments 17 10.4. Restrictions on the use of capital resources 36 5.2.3. Principal future investments 17 10.5. Anticipated sources of funds 36 11 Development, Patents and Licenses 37 17 Employees 75 11.1. Research and Development 37 17.1. Human Resources: number of employees, by geographic location and category 75 11.2. Patents and licenses 38 17.2. Employee shareholdings and stock options 76 17.3. Arrangements for involving employees in Essilor’s capital 80 12 Trend Information 39 12.1. Recent trends 39 18 Major Shareholders 82 12.2. Outlook 39 18.1. Ownership structure and voting rights 83 12.3. Events occurring after the year-end 39 18.2. Different voting rights 85 12.4. 2007 outlook 40 18.3. No external control of the Company 85 18.4. Arrangements resulting in a change in control of the Company and shareholders’ pacts 86 13 Profit Forecasts or Estimates 41 19 Related Party Transactions 87 14 Members of the Board of Directors and 19.1. Nature and extent of major transactions 87 Senior Management 42 19.2. Amount or percentage to which related party transactions form part of the Company’s revenue 88 14.1. Members of the Board of Directors, the Committees of the Board and Senior Management 42 14.2. No potential conflicts of interest 42 20 Financial Information Concerning Essilor’s 14.3. Related party agreements 66 Assets and Liabilities, Financial Position and Profits and Losses 89 20.1. Historical financial information 89 15 Compensation and Benefits 67 20.2. Pro forma financial information 89 15.1. Compensation of the members of the Board of Directors and Senior Management 67 20.3. Financial statements (2006 consolidated financial statements and notes; parent 15.2. Contingent or deferred compensation, pension, company 2006 key figures and financial retirement and other benefits 70 statements) 90 20.3.1. 2006 consolidated financial statements and notes 90 20.3.2. Parent company: 2006 key figures and financial statements 156 16 Board Practices 72 20.4. Audit of the historical annual financial 16.1. Expiration dates of terms of office and periods information 186 served by members of the Board of Directors 72 20.4.1. Statements by the Auditors and fees paid to the Auditors and the members of their networks 186 16.2. Information about the service contracts of 20.4.2. Description of audited information 190 members of the Board of Directors: no service 20.4.3. Unaudited financial information 190 contracts 74 20.5. Age of the latest financial information 190 16.3. Information about the Audit Committee and the 20.6. Interim and other financial information 190 Remunerations Committee 74 20.6.1. Quarterly and half yearly financial information 190 16.4. Compliance by Essilor with France’s corporate 20.6.2. Interim financial information covering the first six governance regime 74 months of the year 190 20.7. Dividend policy 191 22 Material Contracts 211 20.8. Legal and arbitration proceedings 192 20.9. Significant change in Essilor’s financial or trading position 192 23 Third Party Information, Statement by Experts and Declarations of any Interest 212 21 Additional Information 193 23.1.
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