LensCrafters 2010 Annual Report Download - page 163
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|161 >
NOTES TO THE
CONSOLIDATED
FINANCIAL
STATEMENTS
In application of Accounting Principle IAS 19, the valuation of TFR liability accrued as of December 31, 2006 was based on
Projected Unit Credit Cost method. The main assumptions utilized are reported below:
2010 2009
Economic assumptions
Discount rate 4.60% 5.10%
Annual TFR increase rate 3.00% 3.00%
Death probability:
Those determined by
the General Accounting
Department of the
Italian Government,
named RG48
Those determined by
the General Accounting
Department of the
Italian Government,
named RG48
Retirement probability:
assuming the attainment
of the first of the
retirement requirements
applicable for the
Assicurazione Generale
Obbligatoria (General
Mandatory Insurance)
assuming the attainment
of the first of the
retirement requirements
applicable for the
Assicurazione Generale
Obbligatoria (General
Mandatory Insurance)
Movements in liabilities during the course of the year are detailed in the following table:
(thousands of Euro) 2010 2009
Liabilities at the beginning of the period 37,829 39,712
Expenses for interests 1,929 2,090
Actuarial loss (income) 1,575 (819)
Benefits paid (3,495) (3,154)
Liabilities at the end of the period 37,838 37,829
21. DEFERRED TAX LIABILITIES
Deferred tax liabilities amounted to Euro 429.8 million and Euro 396.0 million, respectively, as of December 31, 2010 and
December 31, 2009.
(thousands of Euro)
As of December 31,
2010 2009
Dividends 5,689 10,813
Trade name 236,346 225,678
Fixed assets 76,940 51,642
Other intangibles 91,357 98,811
Other 19,516 9,105
Total 429,848 396,048
Deferred tax liabilities primarily refer to temporary differences between the tax base and the book value of intangible and
fixed assets.