LensCrafters 2010 Annual Report Download - page 162
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ANNUAL REPORT 2010> 160 |
The net financial position is defined below:
(thousands of Euro)
As of December 31,
2010 2009
A Cash and cash equivalents 679,852 380,081
B Other availabilities ––
C Marketable securities ––
D Availabilities (A + B + C) 679,852 380,081
E Current Investments – –
F Short–term borrowings 158,648 148,951
G Current portion of long–term debt 197,566 166,279
H Other liabilities ––
I Current Financial Liabilities (F + G + H) 356,214 315,230
J Net Current Financial Liabilities (I – E – D) (323,638) (64,851)
K Long–term debt 1,491,959 2,204,229
L Notes payable 943,112 197,567
M Other non–current liabilities ––
N Total Non–current Financial Liabilities (K + L + M) 2,435,071 2,401,796
O Net Financial Position (J + N) 2,111,433 2,336,945
Our net financial position with respect to related parties is not material.
20. LIABILITY FOR TERMINATION INDEMNITIES
Liabilities for termination indemnity were equal to Euro 45.4 million (Euro 44.6 million as of December 31, 2009).
This item primarily includes the liabilities related to the post–employment benefits of the Italian companies’ employees
(hereinafter “TFR”), accounted for in accordance with Article 2120 of the Italian Civil Code.
Effective January 1, 2007, the TFR system was reformed, and under the new law, employees are given the ability to choose
where the TFR compensation is invested, whereas such compensation otherwise would be directed to the National Social
Security Institute or Pension Funds. As a result, contributions under the reformed TFR system are accounted for as a
defined contribution plan. The liability accrued until December 31, 2006 continues to be considered a defined benefit
plan. Therefore, each year, the Group adjusts its accrual based upon headcount and inflation, excluding changes in
compensation level.
The liabilities as of December 31, 2010 amounted to Euro 37.8 million (Euro 37.8 million as of December 31, 2009).
Contribution expense was Euro 16.2 million and Euro 15.0 million for the years 2010 and 2009, respectively.