LensCrafters 2005 Annual Report Download - page 102

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REPORT OF INDEPENDENT
PUBLIC ACCOUNTING FIRM | 101 <
LIABILITIES AND SHAREHOLDERS' EQUITY
2004 2005 2005
(Euro/000) (US$/000) (1)
CURRENT LIABILITIES
Bank overdrafts 290,531 276,122 326,984
Current portion of long-term debt 405,369 111,323 131,829
Accounts payable 222,550 291,734 345,471
Accrued expenses:
• Payroll and related 137,947 136,143 161,221
• Customers' right of return 8,802 7,996 9,469
• Other 238,832 257,121 304,483
Income taxes payable 12,722 133,382 157,951
Total current liabilities 1,316,753 1,213,821 1,437,407
LONG-TERM DEBT 1,277,495 1,420,049 1,681,622
LIABILITY FOR TERMINATION INDEMNITIES 52,656 56,600 67,026
DEFERRED TAX LIABILITIES 215,891 127,120 150,536
OTHER LONG-TERM LIABILITIES 173,896 188,421 223,128
COMMITMENTS AND CONTINGENCIES
MINORITY INTERESTS IN CONSOLIDATED SUBSIDIARIES 23,760 13,478 15,961
SHAREHOLDERS' EQUITY:
Capital stock par value Euro 0.06 - 455,205,473 and 457,975,723
ordinary shares authorized and issued at December 31, 2004
and 2005, respectively; 448,770,687 and 451,540,937 shares
outstanding at December 31, 2004 and 2005, respectively 27,312 27,479 32,541
Additional paid-in capital 47,167 150,179 177,842
Retained earnings 1,812,073 2,050,883 2,428,656
Unearned stock-based compensation - (48,567) (57,513)
Accumulated other comprehensive loss, net of tax (320,958) (155,954) (184,681)
Total 1,565,594 2,024,020 2,396,845
less: treasury shares at cost; 6,434,786 and 6,434,786
shares at December 31, 2004 and 2005, respectively 69,987 69,987 82,879
Total shareholders' equity 1,495,607 1,954,033 2,313,966
TOTAL 4,556,058 4,973,522 5,889,645
CONSOLIDATED
BALANCE SHEETS
DECEMBER 31,
2004 AND 2005 (*)
(1) Translated for convenience at the New York City Noon Buying Rate as determined in Note 1.
See notes to Consolidated Financial Statements.
(*) In accordance with U.S. GAAP.