LensCrafters 2010 Annual Report Download - page 157
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|155 >
NOTES TO THE
CONSOLIDATED
FINANCIAL
STATEMENTS
18. OTHER LIABILITIES
OTHER CURRENT LIABILITIES
(thousands of Euro)
As of December 31,
2010 2009
Premiums and discounts to suppliers 27,507 24,179
Sales commissions 1,135 1,775
Leasing rental 22,370 16,051
Insurance 9,255 9,476
Sales taxes payable 35,994 36,336
Salaries payable 183,559 155,101
Due to social security authorities 26,156 21,483
Sales commissions payable 7,154 3,363
Royalties payable 1,602 1,096
Other financial liabilities 125,858 192,849
Total financial liabilities 440,590 461,709
Deferred income 1,356 1,480
Customers’ right of return 27,744 27,334
Advances from customers 53,835 36,680
Other liabilities 25,755 26,933
Total liabilities 108,690 92,427
Total other current liabilities 549,280 554,136
The decrease of other financial liabilities is primarily due to the payment in May 2010 of the purchase price of Euro 61.8
million for the acquisition of the non–controlling interest in the Group’s Turkish subsidiary (Luxottica Gözlük Endüstri ve
Ticaret Anonim Sirketi).
Other liabilities consist of the current portion of funds set aside for the provision for risks that primarily include:
provisions for long–term insurance risk of Euro 1.0 million of December 31, 2010 (Euro 1.9 million as of December 31, •
2009);
provision for licensing expenses and advertising expenses for licensed designer brands of Euro 6.7 million as of •
December 31, 2010 (Euro 7.6 million as of December 31, 2009), which are based upon advertising expenses that the
Company is required to incur under license agreements; and
provisions for various legal disputes which have occurred in the ordinary course of business totaling Euro 5.2 million •
as of December 31, 2010 (Euro 1.0 million as of December 31, 2009).