LensCrafters 2011 Annual Report Download - page 205

| 129 >CONSOLIDATED FINANCIAL STATEMENTS - NOTES
• is not subject to significant concentrations of liquidity risk, both from the perspective
of financial assets as well as in terms of financing sources;
• utilizes different sources of bank financing but also a liquidity reserve in order to
promptly meet any cash requirements;
• implements systems to concentrate and manage the cash liquidity (Cash Pooling)
in order to more efficiently manage the Group financial flows, thereby avoiding the
dispersal of liquid funds and minimizing financial charges;
• monitors, through the Treasury Department, forecasts on the utilization of liquidity
reserves of the Group based on expected cash flows.
The following tables include a summary, by maturity date, of assets and liabilities at
December 31, 2011 and December 31, 2010. The reported balances are contractual and
undiscounted figures. With regards to forward foreign currency contracts, the tables
relating to assets report the flows relative to only receivables. These amounts will be
counterbalanced by the payables, as reported in the tables relating to liabilities. With
regard to interest rate swaps, the cash flows include the settlement of the interest
spread, both positive and negative, which expire during different periods. The various
maturity date categories represent the period of time between the date of the financial
statements and the contractual maturity date of the obligations, whether receivable or
payable.
(thousands of Euro)
Less than 1
year
From 1 to 3
years
From 3 to 5
years
Beyond 5
years
As of December 31, 2011
Cash and cash equivalents 905,100 – – –
Derivatives receivable 1,307 – – –
Accounts receivable 714,033 – – –
Other current assets 59,973 – – –
(thousands of Euro)
Less than 1
year
From 1 to 3
years
From 3 to 5
years
Beyond 5
years
As of December 31, 2010
Cash and cash equivalents 679,852 – – –
Derivatives receivable 2,183 – – –
Accounts receivable 655,892 – – –
Other current assets 63,327 – – –
(thousands of Euro)
Less than 1
year
From 1 to 3
years
From 3 to 5
years
Beyond 5
years
As of December 31, 2011
Debt owed to banks and other
financial institutions 776,519 1,135,223 660,935 688,962
Derivatives payable 28,403 372 – –
Accounts payable 608,327 – – –
Other current liabilities 523,075 – – –