Luxottica Group S.p.A. (NYSE: LUX; MTA: LUX) today announced that its Board of Directors scheduled the Company's Ordinary Shareholders' Meeting for June 25, 2003, on first call, and for June 27, on second call.
At the meeting, the Board of Directors will submit to shareholders for approval, in accordance with Italian Law, the Company's statutory financial statement for fiscal year 2002. Italian Law does not require the approval by shareholders of the Company's consolidated financial statements. As announced on January 30, 2003, Luxottica Group posted, in accordance with U.S. GAAP, the following results for fiscal year 2002:
Consolidated net sales of Euro 3,132.2 million, up year-over-year by 2.2 percent;
Consolidated operating income of Euro 601.5 million, representing a 18.1 percent improvement from the previous year;
Net income of Euro 372.1 million, up by 17.6 percent from fiscal year 2001.
The Board of Directors will also propose the payment to shareholders of a cash dividend for fiscal year 2002 of Euro 0.21 per ordinary share, or Euro 0.21 per American Depositary Share (ADS) (one ADS represents one ordinary share). Last year, shareholders approved the payment of a cash dividend for fiscal year 2001 of Euro 0.17.
If approved, the cash dividend will be paid to holders of record of ordinary shares on June 27, 2003, and to holders of record of ADSs as of July 2, 2003. The ex-dividend date for both holders of ordinary shares and ADSs will be June 30. Luxottica Group will make the dividend payable in Euro to holders of ordinary shares on July 3. The Bank of New York, depositary of Luxottica Group's ordinary shares represented by ADSs, will make the dividend payable in U.S. Dollars to ADS holders on July 10 at the Euro/U.S. Dollar exchange rate as of July 3, 2003.
With respect to the cash tender offer for outstanding shares of OPSM Group Ltd. (ASX: OPS) announced on April 30, 2003, Luxottica Group stated that the acquisition will be financed through debt.