LensCrafters 2007 Annual Report Download - page 145
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> 144 | ANNUAL REPORT 2007
The 2007 tax benefit of 5.3%, relates to the business reorganization of certain Italian companies
which results in the release of deferred tax liabilities and is partially offset by the increase by 2.1%
in the 2007 tax charge due to the change in the Italian statutory tax rates which results in the
reduction of deferred tax assets.
The deferred tax assets and liabilities as of December 31, 2007 and 2006, respectively, were
comprised of:
Year ended December 31 2007 2006
(Euro/000)
Deferred income tax assets
Inventory 73,062 65,192
Insurance and other reserves 10,238 14,947
Loss on investments - 1,094
Right of return reserve 13,464 8,934
Deferred revenue extended warranty contracts 824 7,192
Net operating loss carryforwards 45,224 44,449
Recorded reserves 1,381 4,318
Occupancy reserves 14,681 11,616
Employee-related reserves (including pension liability) 48,977 39,374
Trade name 72,686 84,013
Other 26,693 1,900
Fixed assets 24,472 28,211
Total deferred tax assets 331,702 311,240
Valuation Allowance (27,088) (29,781)
Net deferred tax assets 304,614 281,458
Deferred income tax liabilities
Trade name (216,997) (113,448)
Equity revaluation step-up (40,950)
Other intangibles (117,975) (65,412)
Dividends (11,933) (13,308)
Other (20,342) (1,663)
Total deferred income tax liabilites (367,247) (234,782)
Net deferred income tax assets/(liabilities) (62,633) 46,676
Deferred income tax assets have been classified in the consolidated financial statements as follows:
Deferred income tax assets - current 117,853 96,595
Deferred income tax assets - non current 67,891 45,205
Deferred income tax liabilities - non current (248,377) (95,124)
(62,633) 46,676