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2015 Results
 February 19, 2016
1. Introduction

Hubert Sagnières – Chairman and Chief Executive Officer
2015 Results
2
1. Introduction
A Strong Performance Delivered in 2015
2014 adjusted
Revenue
Contribution from operations(3)
2015
(1)
Growth
€5,670m
€1,057m
As a percentage of revenue
18.6%
Earnings per share
€3.05
Dividend per share(4)
€1.02
+18.4%
+8.5%
+19.4%
(2)
€6,716m
€1,263m
18.8%
+17.0%
€3.57
+8.8%
€1.11
(1) Adjusted in 2014 for non-recurring items resulting mainly from major acquisitions (Transitions Optical, Coastal and Costa).
(2) Growth at constant exchange rates.
(3) Contribution from operations corresponds to revenue less cost of sales and operating expenses (research and development costs, selling and distribution costs, other operating expenses).
(4) To be submitted for shareholder approval at the May 11, 2016 Annual General Meeting
2015 Results
1. Introduction
4
Balanced Growth Between Developed Markets
and Fast-Growing Markets
DEVELOPED MARKETS
 2015 Revenue: €5.2bn
 Growth ex. currency: ~7%
FAST-GROWING MARKETS
 2015 Revenue: €1.5bn
 Growth ex. currency: ~14%
Fast-growing markets include China, India, ASEAN, South Korea, Hong Kong, Taiwan, Africa, the Middle East, Russia and Latin America.
2015 Results
1. Introduction
5
New Fields of Innovation
to Serve a Much Larger Pool of Consumers
Protection & Prevention
Over The Counter
2015 Results
1. Introduction
6
Lens Mix Driven by Brands and Services
in Developed Markets
 Growth firmly above market growth
 Sustained momentum in the US
 Europe above expectations
2015 Results
1. Introduction
7
Potential in Fast-Growing Markets
Remains Intact for all Lines of Products
Strong Drivers
Consumer Marketing
M&A Targets
Number of local lens players
India
Columbia
China
Russia
200-300
Brazil
Latin
America
Argentina
Turkey
400-500
Asia/Pacific
400-500
Africa
GCC
countries
 Double digit like-for-like growth
(1)
 Strong demand for better vision
(1) Excluding Equipment business
Fast-growing markets include China, India, ASEAN, South Korea, Hong Kong, Taiwan, Africa, the Middle East, Russia and Latin America
2015 Results
1. Introduction
8
Sunwear and Online Driving Growth Acceleration
®
 BolonTM & Costa : High growth driven by internationalization, prescription and online
 EyeBuyDirectTM & Frames DirectTM: >30% growth with good profitability
 Coastal: Successful repositioning, set to accelerate
2015 Results
1. Introduction
9
Bolt-on Acquisition Strategy
Pursued in Every Business Segment
PRESCRIPTION LENSES
SUNWEAR
ONLINE
FAST GROWING
MARKETS
Fast-growing markets include China, India, ASEAN, South Korea, Hong Kong, Taiwan, Africa, the Middle East, Russia and Latin America.
2015 Results
1. Introduction 10
61,000 People Focused on a Powerful Mission
Improving
and Protecting
the Vision of
7.2 Billion People
Worldwide
Members of Essilor’s Executive Committee
2015 Results
1. Introduction 11
2. Financial and Operating
Performance

Laurent Vacherot – Chief Operating Officer
2015 Results
12
Full-Year 2015 Performance vs. Guidance
 Revenue Growth:
FY 2015
February 2015
Guidance
 Like-for-like

4.6%
> 4.5%
 Excluding currency effect

8.5%
8% to 11%

18.8%
≥18.8%
 Contribution from operations
as a percentage of revenue
(1)
(1) Contribution from operations corresponds to revenue less cost of sales and operating expenses (research and development costs, selling and distribution costs, other operating expenses).
2015 Results
2. Financial and Operating Performance 13
2015 Revenue Up 18.4%
€ millions
566
101
118
261
+9.9%
+1.8%
+2.1%
6,716
+18.4%
+4.6%
 +6.7%
5,670
 +8.5%
2014 Revenue
(1)
(2)
Like-for-like
growth
Bolt-on
acquisitions (1)
Strategic
acquisitions (2)
Currency effect
2015 Revenue
Local acquisitions or partnerships
Transitions Optical (3 months) and Coastal (4 months)
2015 Results
2. Financial and Operating Performance 14
Q4 Like-for-like Growth Accelerates to 5.3%
5.9%
5.8%
6.5%
8.5%
 Best performance since Q1 2012
 Sustained momentum in the US,
very good performance in Europe
 Robust growth in Fast-Growing
Markets
 Brisk acceleration of Sunglasses &
Readers driven by Bolon™ and Costa®
3.2%
1.7%
Bolt-on
acquisitions(1)
1.9%
1.4%

Like-for-like
growth
4.0%
4.4%
4.8%
5.3%
Improved contribution from bolt-on
acquisitions
 10 transactions signed
 Carry-over effect for 2016
 Positive currency impact of 5.9%
Q1 2015
(1)
Q2 2015
Q3 2015
Q4 2015
Local acquisitions or partnerships
2015 Results
2. Financial and Operating Performance 15
2015 Revenue by Region and Division
Change
2014
2015
Change
(reported)
(excluding
currency effect)
4,970
5,840
+17.5%
+8.5%
North America
2,038
2,587
+26.9%
+8.4%
Europe
1,653
1,777
+7.5%
+6.4%
Asia/Pacific/Middle East/Africa
898
1,071
+19.3%
+8.1%
Latin America
381
405
+6.2%
+18.9%
Sunglasses & Readers
503
673
+33.9%
+14.9%
Equipment
197
203
+2.7%
-9.0%
5,670
6,716
+18.4%
+8.5%
Reported revenue in € millions
Lenses & Optical Instruments
TOTAL
2015 Results
2. Financial and Operating Performance 16
19 Acquisitions Representing €214m in Full-Year Revenue
North America
2
Europe
4
Fabris Lane
Optic Club
Optimax
Jai Kudo Polska
PERC/IVA
ECP
Merve(1)
NOME
Vision Source
GKB Vision
Number of acquisitions
by segment
 Prescription Lenses: 15
 Sun: 2
 Online: 2
(1)
Latin America
7
Rozin
Prime Lenses
Grupo Vision
Rx
Asia/Pacific/
Middle East/Africa
6
Segment
Eyres Optics
e-lens
Prime Optical
eÓtica
The acquisition of Merve’s ophthalmic lens business remains subject to standard regulatory approvals.
2015 Results
2. Financial and Operating Performance 17
Leveraging Vision Source and PERC/IVA to Boost Value
Creation in the US
 Boosting our proximity with more than
5,500 leading eye doctor practices
Independent eye care professionals
are capturing ever more value
Sell-out figures in $ for spectacle lenses
 Vision Source: the largest US service network with
~4,000 members
 PERC/IVA: ~4,000 eye doctors
2005
Independent ECPs
50%
Optical Chains/Other
50%
Independent ECPs
53%
Optical Chains/Other
44%
Internet
~3%
 New levers to expand business in the US
 Accelerate category development and new product
penetration
 Increase consumer reach
 Extend the product line (contact lenses, sunwear,
readers, etc.)
 Improve efficiency from manufacturers to PoS
 Accretive to EPS as of 2016
2015
Source: VisionWatch, Essilor estimates
2015 Results
2. Financial and Operating Performance 18
Sustained Momentum in North America
2015 revenue growth
excluding currency
effect, across all
business divisions
7.6%
LENSES & OPTICAL
INSTRUMENTS
SUNGLASSES &
READERS
HIGHLIGHTS

Success of Essilor key brands: Varilux®, Crizal®, Transitions® and Xperio®

Key partnerships with leading Eye doctor’s alliances

Double digit growth at Costa®

Strong increase in sales at EyeBuyDirect™ and Frames Direct™
Innovation
 Launch of Varilux Comfort® 3.0 & Varilux® Physio® 3.0
 Launch of Transitions® Xtractive®
Online
 Introduction of Kodak® lenses
 Continued turnaround at Coastal



Expansion of geographic footprint of Costa®
Development of Costa® prescription sunglasses offering
New contract for FGX
2015 Results
2. Financial and Operating Performance 19
Improved Product Mix in Europe
2015 revenue growth
excluding currency
effect, across all
business divisions
7%
LENSES & OPTICAL
INSTRUMENTS
HIGHLIGHTS

Branded products supported by advertising campaigns

Contribution of key accounts

Strong growth in the UK, Russia and in Southern and Eastern Europe

Acceleration of Lensway™ online sales
Innovation
 Launch of Eyezen™
 Launch of E-SPF® 35 in France
 Innovations adopted by key accounts
Consumer marketing
 Strong growth of Crizal® in the United Kingdom
 Positive impact of advertising campaigns in France, Germany, Spain,
Italy and Russia
SUNGLASSES &
READERS


Acquisition of Fabris Lane in the UK
Strong growth at Polinelli
2015 Results
2. Financial and Operating Performance 20
Asia : Continued Momentum in Fast-Growing Markets
(1)
2015 revenue growth
excluding currency
effect, across all
business divisions
Asia FGM: 11.3%
Total Asia: 9.5%

LENSES & OPTICAL
INSTRUMENTS




SUNGLASSES &
READERS

HIGHLIGHTS

Growth above 20% in India

Double digit growth in domestic China

Strong growth in Middle East and Africa
Positive impact of media campaigns in India and China
Acquisition of Prime Lenses and GKB Vision in India
Expansion of geographic footprint
Sales flat in developed countries
Expansion of Bolon™ to travel retail in 8 major airports in Asia and
2 leading cruise lines
Acquisition of Merve in Turkey
(1) Asia/Pacific/Middle East/Africa
2015 Results
2. Financial and Operating Performance 21
Latin America: Fast Development Driven By Organic
Growth and Acquisitions
2015 revenue growth
excluding currency
effect, across all
business divisions
17.5%


LENSES & OPTICAL
INSTRUMENTS
HIGHLIGHTS

Record year in M&A activity: 7 transactions

Strong growth in Colombia, Mexico and Chile

Brazil: soft growth in H2 but share gains

New footprint in Costa Rica and Nicaragua
Success of Kodak® lenses in the mid-tier range in Brazil
Ramp-up of a contract with a leading regional optical chain in Chile
Consumer marketing
 Strong growth of Crizal® in Brazil
 “Power of 3” advertising campaign in Colombia (Varilux®, Crizal®, Transitions®)
Online
 Launch of Glasses4you.com.br
 Acquisition of e-Otica and e-lens
2015 Results
2. Financial and Operating Performance 22
Fast-Growing Markets, Sunwear and Online
Enhancing Group Like-for-like Growth Acceleration
FAST-GROWING MARKETS


Revenue: €1.5bn
13.6% combined growth,
o/w:





5 in Asia/Pacific/ME
1 in Russia
7 in Latin America
8 new countries
2018 ambition: €2.8bn(1)
Revenue: ~€860m
Acceleration in Sunglasses

10.9% in Amera(3)
16.7% in Latin America


13 acquisitions




SUNWEAR



Success of Polarized lenses
Impact of media campaigns
2018 ambition: €1.1bn(1)
Revenue: ~€220m
~12% like-for-like growth

Fast growth at Bolon™ &
Costa®
Improvement at FGX
2 acquisitions in UK and Turkey
Sunlenses (Rx(2) & plano)
growing double digit


ONLINE




High growth at EyeBuyDirect
and FramesDirect
Coastal turnaround
Costa® and Bolon™ websites
Turnkey solutions for retail
2 acquisitions in Brazil


Contact lenses
Sun and eyeglasses
2018 ambition: €400-500m(1)
Fast-growing markets include China, India, ASEAN, South Korea, Hong Kong, Taiwan, Africa, the Middle East, Russia and Latin America
(1)At 2013 average exchange rates
(2)Prescription sunlens revenue are estimates based on extrapolated data from laboratory reporting system
(3) AMERA: Asia, Middle-East, Russia, Africa
2015 Results
2. Financial and Operating Performance 23
(2)
Contribution from Operations up 19.4%
€ millions
2014
Adjusted(1)
2015
Change
Revenue
5,670
6,716
+18.4%
Gross profit
3,328
4,012
+20.6%
% of revenue
58.7%
59.7%
1,365
1,647
24.1%
24.5%
1,057
1,263
18.6%
18.8%
EBITDA
% of revenue
Contribution from operations (2)
% of revenue
+20.6%
+19.4%
(1) Adjusted in 2014 for non-recurring items resulting mainly from major acquisitions (Transitions Optical, Coastal), except for revenue.
(2) Contribution from operations corresponds to revenue less cost of sales and operating expenses (research and development costs, selling and distribution costs, other operating expenses).
2015 Results
2. Financial and Operating Performance 24
New Improvement in Contribution from Operations
at 18.8% of Revenue
(1)
Contribution from operations as a percentage of revenue
0.6%
-0.6%
-0.3%
0.5%
 Trade up/Innovation
 Efficiency gains
 Synergies
18.8%
18.8%
18.6%
 Prepare the future:
FGM, 2.5 NVG, …
2014 Adjusted(2)
(1)
(2)
(3)
Transitions Optical
without synergies
(Q1)
Other
Acquisitions(3)
2015 after
acquisitions
Operating leverage Incremental media
and synergies
spend
2015
Contribution from operations corresponds to revenue less cost of sales and operating expenses (research and development costs, selling and distribution costs, other operating expenses).
Adjusted in 2014 for non-recurring items resulting mainly from major acquisitions (Transitions Optical, Coastal and Costa).
Bolt-on acquisitions (local acquisitions or partnerships) and Coastal (January-April, 2015).
2015 Results
2. Financial and Operating Performance 25
Contribution from Operations(1) before PPA: 20.1%
€ millions
2013
2014
(2)
Adjusted(2)
5,065
5,670
6,716
920
1,057
1,263
(30)
(64)
(86)
-55 bps
-110 bps
-130 bps
(11)
(22)
(25)
Adjusted
Revenue
Contribution from operations (1)
PPA
Impact on contribution from operations (1)
Full EPS impact (in euro cents)
(1)
(2)
2015
Contribution from operations corresponds to revenue less cost of sales and operating expenses (research and development costs, selling and distribution costs, other operating expenses).
Adjusted in 2014 for non-recurring items resulting mainly from major acquisitions (Transitions Optical, Coastal and Costa).
2015 Results
2. Financial and Operating Performance 26
Profit Attributable to Equity Holders Up 18%
€ millions
2014
Adjusted (1)
Contribution from operations ( 2 )
2015
1,057
1,263
Other income (expenses), net
(68)
(80)
Operating profit
989
1,183
Financial income (expense), net
(44)
(63)
(246)
(308)
26.0%
27.5%
Net profit
702
813
Minority interests
(60)
(56)
Income tax
Effective tax rate
Profit attributable to equity holders
642
757
Earnings per share (in €)
3.05
3.57
 Higher net debt average vs. 2014
 €/$ exchange rate impact
 Further integration of Transitions
Optical
 Growth in the US and €/$ impact
(1) Adjusted in 2014 for non-recurring items resulting mainly from major acquisitions (Transitions Optical, Coastal, and Costa).
(2) Contribution from operations corresponds to revenue less cost of sales and operating expenses (research and development costs, selling and distribution costs, other operating expenses).
2015 Results
2. Financial and Operating Performance 27
Capital Expenditure:
Continuing to Invest in Long-term Growth
7%
285
6%
232
5%
192
321
5.6%
227
4%
4.6%
4.8%
4.7%
4.0%
3%
2%
2011
2012
2013
Capital expenditure in € million (net of disposals)
2014
2015
As a percentage of revenue
2015 Results
2. Financial and Operating Performance 28
Healthy Free Cash Flow Generation: +13% CAGR since 2012
(1)
€ millions
Operating cash flow
(excl. change in WCR)
51
Change in WCR
327
Capital expenditure
251
Dividends
805
Net financial investments
153
Foreign exchange and other
1,245
+867
Capital increase
Reported change in net debt
46
296
(2)
(1) Free cash flow = net cash from operating activities less change in WCR and capital expenditure.
(2) Including €154m of foreign exchange impact in 2015 (€167m in 2014)
2015 Results
2. Financial and Operating Performance 29
Net Debt as of December 31, 2015: 1.3x EBITDA
2,168
2,089
 Strong cash generation
 Operating Cash Flow: +21.8%
 Disciplined Working Capital
Management
1,793

1.3
1.3
Negative impact of €/$
exchange rate
369
 Acquisitions
2013
2014
Net debt
H1 2015
2015
Net debt/EBITDA
2015 Results
 Vision Source and PERC/IVA
 Earn-out on past transactions
2. Financial and Operating Performance 30
Dividend per Share: up 8.8% to €1.11
1.02
1.11
(a)
(a)
0.94
0.83
0.85
0.88
 23rd consecutive YoY increase
(b)
172
177
185
198
216
237

2015 Total Shareholder Return
above 25%
 Optional scrip dividend
2010
2011
2012
Payout (in € million)
2013
2014
2015
Dividend per share (in €)
(a) To be submitted for shareholder approval at the May 11, 2016 Annual General Meeting
(b) Cash-out corresponding to a full payment of the dividend in cash
2015 Results
2. Financial and Operating Performance 31
Strong Acquisition Momentum:
13 Acquisitions Since October 2015
Europe
3
Number of acquisitions
by segment
 Prescription Lenses: 11
 Online: 2
North America
2
Asia/Pacific/
Middle East/Africa
1
Latin America
7
2015 Results
2. Financial and Operating Performance 32
2016 at a Glance
Revenue

Launch of new products

Benefits of optimized media spend

Ramp up of Dr. alliances’ partnerships
in the US

Continued dynamics of Group key
Sunwear brands

Acceleration of online platforms

Strong bolt-on acquisitions contribution
Financials
2015 Results

Contribution from operations:
Innovation/New products
Efficiency programs
Funding of growth initiatives
Dilution from bolt-on acquisitions

Tax rate at around 2015 level at
constant exchange rates

Capital expenditure between 4% and 5%
of revenue

Continued strong free cash flow
generation
2. Financial and Operating Performance 33
On Track with our 2018 Ambition
2013
2015
2018
(1)
4.6%
>6%
EBITDA
€1.17bn
€1.65bn
~€2.0bn
Free Cash Flow
€0.55bn
€0.87bn
~€1.0bn
Net Debt
€2.1bn(2)
€2.1bn
~€1.0bn(3)
Like-for-like Growth
3.6%
(1) 2012-2013 average
(2) Net debt at June 2014 including the financing of Transitions Optical and Coastal acquisitions
(3) Excluding new strategic acquisitions
2015 Results
2. Financial and Operating Performance 34
3. A Broader, Stronger
Company

Hubert Sagnières – Chairman and Chief Executive Officer
2015 Results
35
There are 7.2 Billion People in the World
2015 Results
3. A Broader, Stronger Company 36
Improving and Protecting the Vision of Everyone in the World
World population
2030
8.2
billion
2015
7.2
billion
Source: Worldbank
2015 Results
3. A Broader, Stronger Company 37
Poor Vision, the World’s Biggest Disability
VISION CORRECTION
63%
in need of
vision correction
7.2 billion
people
worldwide
1.9
2.5+
billion
billion
Corrected
Uncorrected
Myope growth rate: 3.3%
1.6 billion in Asia
Presbyope growth rate: 2.5%
550 million in Africa
170 million in Latin America
VISION PROTECTION
100%
should protect
their eyes
(sun, UV, blue light)
1.4
5.8
billion
billion
Equipped
with sunglasses
Sunglasses market growth: 6-7%
High potential for
prescription sunwear
Unequipped
Massive under-penetration in
Fast-Growing Markets
Cataract/Eyelid cancer
Source: Essilor – 2015 estimates
2015 Results
3. A Broader, Stronger Company 38
Significant Growth Potential
DEMOGRAPHY
In billions of people
Worldwide
Population
Urban
Population
2015
7.2
4.0
CAGR
0.9%
2.0%
VISION CORRECTION
2030
8.2
5.0
In billions of people
2015
Correction
Needs
4.5
Correction
Wearers
1.9
Myopia
Presbyopia
1.7
2.1
CAGR
2.1%
3.0%
3.3%
2.5%
VISION PROTECTION
2030
6.0
In billions of people
2015
CAGR
5.2%
2030
Sunglass
Wearers
1.4
AMD*
120m
2.6%
200m
Cataracts
260m
3.6%
440m
2.9
3.0
2.7
3.0
* Age-related Macular Degeneration
Source: Essilor estimates, Worldbank, United Nations, CIA, World Population Prospects, Epidemiological and Marketing studies
2015 Results
3. A Broader, Stronger Company 39
A Still-Fragmented Industry
Prescription lenses
Manufacturers
Distributors
& Laboratories
Retail
Essilor market share in units
Sunglasses
150 to 200
Small operators
Readers
250 to 350 Manufacturers
1,500 to 2,000
Local operators
350,000+
Eye Care Professionals
E-tailers
Drugstores, Duty free shops,
Mass merchandisers,
Sporting goods
1,260 million
610-650 million
250-300 million
prescription lenses
pairs of nonprescription sunglasses
pairs of readers
Source: Essilor – 2015 estimates
2015 Results
3. A Broader, Stronger Company 40
Still Many People with Bad Vision
2015 Results
3. A Broader, Stronger Company 41
Essilor, a Pure Play in a ~€85bn Market …
(1)
VISUAL HEALTH SOLUTIONS
Spectacle Lenses
Contact Lenses
Pharmaceutical
Readers
Sunglasses
Surgical
Frames
W E A R E R S
(1) Sell-out value for contact lenses, spectacle lenses, readers, sunglasses and frames
Source: Essilor – 2015 estimates
2015 Results
3. A Broader, Stronger Company 42
… and an Undisputed Leader with only 25% Market Share…
PRESCRIPTION
LENSES
SUNGLASSES
READERS
ONLINE
Market units
Market units
Market units
Market value
~1,260 m lenses
610-650 m pairs
250-300 m pairs
~€4bn
Essilor market share
Essilor market share
Essilor market share
Essilor market share
~41%
~5%
~15%
Total market share in units:
~15%
~25%
Source: Essilor estimates, Estin
2015 Results
3. A Broader, Stronger Company 43
… In a Bigger and Faster-Growing Playing Field
FAST-GROWING
MARKETS
 10-12%
PRESCRIPTION
LENSES
SUNWEAR
ONLINE
€12.7bn
€8.5bn
€5.8bn
 3-4%
 6-7%
 14%
€27.0bn  6-7%
Essilor ambition by 2018
>6% like-for-like growth
Superior Products & Innovative Services
Operational Efficiency
Size and growth of industry segments by 2018
Prescription sun lenses are included into prescription lenses
Fast-Growing Markets include China, India, ASEAN, South Korea, Hong Kong, Taiwan, Africa, the Middle East, Russia and Latin America
2015 Results
3. A Broader, Stronger Company 44
Five Key Competitive Advantages to Extend our Leadership
Unique partnership &
acquisition formula
Innovation
Consumer &
customer
proximity
Growing brand
portfolio
Supply chain
& servicing capabilities
2015 Results
3. A Broader, Stronger Company 45
Superior Innovation Drive
PRESBYOPIA
& SENIORS
MYOPIA
& YOUNG ADULTS
WELL BEING
& HEALTH
SUN, POLARIZATION
& PHOTOCHROMICS
PERSONALIZATION
& SEGMENTATION
ONLINE
& 2.5 NVG
2015 Results
3. A Broader, Stronger Company 46
A Large and Growing Brand Portfolio
PRESCRIPTION LENSES
SUNWEAR
2015 Results
ONLINE
3. A Broader, Stronger Company 47
Extended Supply Chain and Servicing Capabilities
ESSILOR SUPPLY CHAIN
Contact
Lenses
Consumers’
prescriptions
and needs
16 Distribution
Centers
350,000+
Eye Care
Professionals
32 Plants
Frames
490 Prescription
Laboratories
E-tailers
1bn people
wear our
products
daily around
the world
Products sourced from
other manufacturers
2015 Results
3. A Broader, Stronger Company 48
The Intangible Value of Consumer & Customer Proximity
at Global Level
Online solutions
Field servicing
representatives
Duty free outlets
Sales & customer service
representatives
2015 Results
3. A Broader, Stronger Company 49
A Unique Recipe for Success: Partnerships and Acquisitions
50%+
~80%
2015 Results
100%
3. A Broader, Stronger Company 50
These Competitive Advantages Give Essilor
a Unique Position in the Value Chain
Innovation
Loyalty & adherence
Consumer brands
Internet
Proximity with consumers
2.5 NVG
Supply Chain
Proximity with ECPs
Sourcing
Acquisitions
Critical Mass
Dissemination of innovation
Partnerships
2015 Results
3. A Broader, Stronger Company 51
Five Key Growth Levers to Continue Value Creation
1
Growth potential in value terms as big in developed markets as in fast-growing ones
2
A leading position in North America, the world's largest optical market in value terms
3
Maximizing the impact of two growth drivers: innovation and consumer marketing
4
Leveraging interconnections between all businesses
5
Acquisitions, new business models and organic growth
2015 Results
3. A Broader, Stronger Company 52
1
Growth Potential in Value Terms as Big
in Developed Markets as in Fast-Growing Markets
DEVELOPED MARKETS




FAST-GROWING MARKETS




1 billion people
A ~€60bn market(1)
2-3% growth
USA: biggest market(1) in
value: ~$30bn
6 billion people
A ~€25bn market(1)
>10% growth
China: second biggest
market(1) in value: ~€8bn
M&A opportunities in both geographies
Fast-Growing Markets include China, India, ASEAN, South Korea, Hong Kong, Taiwan, Africa, the Middle East, Russia and Latin America
Source: Essilor – 2015 estimates, Worldbank
(1) Sell-out value for contact lenses, spectacle lenses, readers, sunglasses and frames
2015 Results
3. A Broader, Stronger Company 53
2
A Leading Position in North America,
the World's Largest Optical Market in Value Terms
Underdeveloped market
Faster Growth
All business segments
PRESCRIPTION LENSES
Progressive Lenses(1)
~11%(2)
49%
30%
39%
>15%
USA
France
SUNWEAR
New Zealand
Antireflective Lenses(1)
>30%
95%
68%
39%
USA
ONLINE
Spain
China
(1)Penetration of total lens industry in volumes in 2015
(2)Volume growth
Source: Essilor estimates
2015 Results
3. A Broader, Stronger Company 54
3
Maximizing the Impact of Two Growth Drivers,
Each Representing €200m in Annual Expenditure
Innovation
Consumer marketing
2015 Results
3. A Broader, Stronger Company 55
4 Leveraging Interconnections between all Businesses
2015 Results
3. A Broader, Stronger Company 56
5
Acquisitions, New Business Models
and Like-for-like Growth
All business segments
New models
Prescription Lenses
+
Sunwear
+
Online
+
Fast-Growing Markets
Fast-Growing Markets include China, India, ASEAN, South Korea, Hong Kong, Taiwan, Africa, the Middle East, Russia and Latin America
2015 Results
3. A Broader, Stronger Company 57
A Powerful Corporate Culture
A global mindset
 Paris / Singapore / Dallas
 400 entrepreneurial equity partners
61,000
employees
 ~25% of the Group’s
employees are shareholders
 Group’s leading shareholder
 Poor Vision is the World’s Biggest
Disability
Strong alignment with shareholders
A powerful commitment to a unique mission
2015 Results
3. A Broader, Stronger Company 58
GREAT VISION ALL THROUGH YOUR LIFE
2015 Results
3. A Broader, Stronger Company 59
4. Creating New Wearers to
Fight Poor Vision

Jayanth Bhuvaraghan – Chief Corporate Mission Officer
2015 Results
60
Poor Vision, the World’s Largest Disability:
Awareness and Access are Main Barriers
Number of people
with uncorrected vision needs
95% of people with uncorrected vision
needs live in emerging markets
(in billion of people)
3.2
2.70
If we don’t act
2.60
2.5
With Essilor
initiatives
1.7
0.00
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
2050
2015 Results
Lack of
Awareness & Access
 “I didn’t know I had poor vision”
 “I didn’t know readers could help”
 “I have to travel 30km to the next township
to get my glasses”
4. Creating New Wearers to Fight Poor Vision 61
All Studies Confirm the Major Impact
of Vision Correction on Quality of Life
Increased productivity
and wellbeing for new
spectacle wearers
Higher renewal
frequency
3 years
First-time wearers will pay
40% more when renewing
their glasses
How much would you be ready to pay for
your next pair of glasses?
Index price stated: 100 = first glasses
+40%
1.8 years
140
100
New wearers from 2.5bn
uncorrected population
Mainstream wearers
First-time wearers
Renewers
Source: Dalberg Eye Mitra Impact Study – August 2015, India Low-Income Survey, Essilor
2015 Results
4. Creating New Wearers to Fight Poor Vision 62
Corporate Mission: A Global Team Dedicated to Expanding
the Market for Sustainable Long-Term Growth
Improving Lives by Improving Sight, for everyone, everywhere:
our main contribution to Sustainable Development
BoP Innovation Lab
2015 Results
4. Creating New Wearers to Fight Poor Vision 63
2.5 New Vision Generation: Creating Innovative Solutions
In Emerging Markets to Reverse the Trend of Poor Vision
ON-THE-SPOT SOLUTIONS
Business model innovation
Adaptive
Scalable
Product/Service Innovation
Impactful
Training
Product range
Merchandising
BoP Innovation Lab
2015 Results
4. Creating New Wearers to Fight Poor Vision 64
Improving Access: Building an Ecosystem
of Fixed & Mobile Touch Points
Training Manpower
Developing Infrastructure
Vision Entrepreneur Programs
Partnerships with public and private
hospitals, governments & NGOs
Mainstream
opticians
2015 Results
4. Creating New Wearers to Fight Poor Vision 65
Crafting an Army of Vision Entrepreneurs
1. Vision Ambassadors
2. Eye Mitra Opticians
Mainstream
opticians
Business Skills
All types of RX
100 %
 Target: presbyopic segment
 1-day training course
 Part-time work
Near Vision for Presbyopes and Sunglasses
40 %
 Readers and sunglasses
2015 Results
4. Creating New Wearers to Fight Poor Vision 66
Example of Vision Ambassadors: China
1. Vision Ambassadors
2. Eye Mitra Opticians
Geographic complementarity with
other Group businesses
300
# Vision Ambassadors in 2015
 250m presbyopes, majority in rural
areas
 Set to increase to over 300m by 2020
 Partnerships with private hospitals in
3 provinces (population: 152m)Headquarters
Region Offices
 Leveraging ‘village doctor’ network
HQ
Lenses & Optical Instruments facilities
Sunglasses & Readers facilities
Online facilities
2.5 NVG
2015 Results
4. Creating New Wearers to Fight Poor Vision 67
Example of Vision Ambassadors: Brazil
1. Vision Ambassadors
30
2. Eye Mitra Opticians
# Vision Ambassadors in
Pilot (launched Dec 2015)
201 million inhabitants
~ 110 million people (~55%)
require vision correction
30/40 million are not corrected
 87% urban population
 ¾ of uncorrected are urban poor
 Lack of access to ophthalmologists
and to affordable glasses
~73% live in
the Northeast
and Southeast
of the country
 Click and Mortar model
 Leveraging Group online platform
Glasses4you
2015 Results
4. Creating New Wearers to Fight Poor Vision 68
Crafting an Army of Vision Entrepreneurs
1. Vision Ambassadors
2. Eye Mitra Opticians
 Full time career
 12 months training
Mainstream
opticians
 2 months in classroom
Business Skills
 10 months in-store
 Full range of prescription eyewear + sunglasses
 Supported by rural marketing campaigns
All types of RX
100 %
Near Vision for Presbyopes and Sunglasses
40 %
2015 Results
4. Creating New Wearers to Fight Poor Vision 69
India: Successfully Leveraging Both Models
1. Vision Ambassadors
1,088
2. Eye Mitra Opticians
# Eye Mitra Opticians in 2015
Working Eye Mitra
in 13 states
 180,000 customers served in 2015
 75% of customers buy their first pair of glasses
 64% increase in income for previously
employed EMO
Eye Mitra Opticians
155
# Vision Ambassadors in 2015
2015 Results
Vision Ambassadors
4. Creating New Wearers to Fight Poor Vision 70
Strong Business Models to Replicate and Scale Up
Mainstream
Mainstream
Optician
Optician
2015
2020
Mainstream
Optician
Mainstream
(L1) Business
Business Skills
Skills
(L1)
opticians
Business Skills
(L1) Business Skills
1,000
12,000
500
32,000
All types of RX 100 %
100%
(M2) ALL
ALL types
types of
ofRx
Rx
100%
(M2)
100%
(M2) ALL types of Rx
Near Vision for Presbyopes and Sunglasses
40 %
(M0) VISION
NEAR VISION
for Presbyopes
& Sunglasses)
VISION
for Presbyopes
Presbyopes
Sunglasses)
(M0) NEAR
for
&&Sunglasses)
40%
40%
40%
2015 Results
4. Creating New Wearers to Fight Poor Vision 71
Value Creation: Creating Tomorrow’s Customers
2030: 500m New Wearers



Expanding the market
Creating a competitive edge
Contributing to Essilor’s sustainable long-term growth
2015 Results
4. Creating New Wearers to Fight Poor Vision 72
4. Creating New Wearers to Fight Poor Vision
5. Outlook

Hubert Sagnières – Chairman and Chief Executive Officer
2015 Results
74
Outlook for 2016
 Revenue Growth:
 Like-for-like

Around 5%
 Excluding currency effect

>8%

≥18.8%(2)
 Contribution from operations
as a percentage of revenue
(1)
(1) Contribution from operations = Revenue less cost of sales and operating expenses (research and development costs, selling and distribution costs, other operating expenses).
(2) Excluding any additional strategic acquisitions.
2015 Results
5. Outlook 75
Questions & Answers
2015 Results
76
2015 Results
 February 19, 2016