LensCrafters 2010 Annual Report Download - page 170
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ANNUAL REPORT 2010> 168 |
LEGAL RESERVE
This reserve represents the portion of the Company’s earnings that are not distributable as dividends, in accordance with
Article 2430 of the Italian Civil Code.
ADDITIONAL PAID–IN CAPITAL
This reserve increases with the expensing of options or excess tax benefits from the exercise of options.
RETAINED EARNINGS
These include subsidiaries’ earnings that have not been distributed as dividends and the amount of consolidated
companies’ equities in excess of the corresponding carrying amounts of investments. This item also includes amounts
arising as a result of consolidation adjustments.
TRANSLATION RESERVE
Translation differences are generated by the translation into Euro of financial statements prepared in currencies other
than Euro.
TREASURY RESERVE
Treasury reserve is equal to Euro 112.5 million (Euro 82.7 million as of December 31, 2009). The increase is due to the share
buyback programs approved at the stockholders’ meeting on October 29, 2009 (“2009 Program”), intended to provide the
Company with treasury shares to efficiently manage its share capital and to implement its Performance Share Plan.
Under the 2009 Program, the Company purchased in 2010 on the Milan Stock Exchange’s Mercato Telematico Azionario (MTA)
an aggregate amount of 3,355,726 shares at an average price of Euro 19.85 for an aggregate amount of Euro 66,625,044.
In parallel with the purchases of shares by the Company Arnette Optic Illusions, Inc. (“Arnette”), a U.S. subsidiary, sold on the MTA
3,669,962 Luxottica Group ordinary shares at an average price of Euro 20.12 for an aggregate amount of Euro 73,823,196.
24. NON–CONTROLLING INTERESTS
Equity attributable to non–controlling interests amounts to Euro 13,029 thousand and Euro 16,376 thousand as of
December 31, 2010 and December 31, 2009, respectively. The decrease is primarily due to the payment of dividends of
Euro 9,208 thousand, partially offset by results for the period equal to Euro 5,072 thousand.
25. INFORMATION ON THE CONSOLIDATED STATEMENT OF INCOME
OTHER INCOME/(EXPENSE)
The composition of other income/(expense) is as follows:
Interest expense (thousands of Euro) 2010 2009
Interest expense on bank overdrafts (1,776) (4,620)
Interest expense on loans (99,028) (99,382)
Interest expense on derivatives (3,950) (1,820)
Other interest expense (2,233) (3,310)
Total interest expense (106,987) (109,132)