LensCrafters 2010 Annual Report Download - page 124

ANNUAL REPORT 2010> 122 |
GENERAL INFORMATION
Luxottica Group S.p.A. (henceforth, the “Company”) is a corporation with a registered office in Milan, Italy, at Via C.
Cantù 2.
The Company and its subsidiaries (collectively, the “Group”) operate in two industry segments: (1) manufacturing and
wholesale distribution; and (2) retail distribution.
Through its manufacturing and wholesale distribution operations, the Group is engaged in the design, manufacturing,
wholesale distribution and marketing of house brand and designer lines of mid to premium–priced prescription frames
and sunglasses, as well as of performance optics products.
Through its retail operations, as of December 31, 2010, the Company owned and operated approximately 5,800 retail
locations worldwide and franchised an additional 526 locations principally through its subsidiaries Luxottica Retail North
America, Inc., Sunglass Hut Trading, LLC, OPSM Group Limited and Oakley Inc. (“Oakley”).
The retail division’s fiscal year is a 52– or 53–week period ending on the Saturday nearest December 31. The accompanying
consolidated financial statements include the operations of the North America retail division for the 52–week periods for
fiscal years 2010 and 2009. The fiscal years for the retail distribution divisions in Asia Pacific and South Africa included a
52–week periods for 2010 and 53–week periods for 2009.
The Company is controlled by Delfin S.à r.l., a company subject to Luxembourg law.
These consolidated financial statements were authorized to be issued by the Board of the Directors of the Company in its
meeting on February 28, 2011.
BASIS OF PREPARATION
The consolidated financial statements of December 31, 2010 have been prepared in accordance with the International Financial
Reporting Standards adopted by the European Union (“IFRS”) as issued by the International Accounting Standards Board
(“IASB”) as of the date of approval of these consolidated financial statements by the Board of Directors of the Company.
IFRS are all the international accounting standards (“IAS) and all the interpretations of the International Financial
Interpretations Committee (“IFRIC).
The principles and standards utilized in preparing these consolidated financial statements have been consistently applied
through all periods presented.
These consolidated financial statements are composed of a consolidated statement of income, a consolidated statement
of comprehensive income, a consolidated statement of financial position, a consolidated statement of cash flows, a
consolidated statement of changes in stockholders’ equity and related notes to the consolidated financial statements.
These consolidated financial statements are in compliance with Consob resolutions no. 15519 and 15520 of 27 July 2006
and Consob communication notice no. 6064293 of the same date, which implement Article 9 of the cited Legislative
Decree 38/2005.
With reference to Consob Resolution no. 15519 of 27 July 2006 pertaining to the format of the financial statements, related
party transactions are insignificant and as such no supplementary income statement, statement of financial position or
cash flow formats have been added. For further details on transactions with related parties, refer to note 27, “Related party
transactions”.
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2010