LensCrafters 2011 Annual Report Download - page 242

ANNUAL REPORT 2011> 166 |
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 117.4 million (Euro 112.5 million as of December 31,
2010). 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 US 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.
Under the same 2009 Program, the Company purchased in 2011 on the Milan Stock
Exchange’s Mercato Telematico Azionario (MTA) an aggregate amount of 466,204 shares
at an average price of Euro 22.45 for an aggregate amount of Euro 10,467,358.89.
As part of the celebrations marking Luxottica’s 50th anniversary, on August 31, 2011, the
Board of Directors of Luxottica approved the gifting of free treasury shares to certain
employees of the Group. The transaction which was finalized on October 10, 2011 involved
over 7 thousand employees and an aggregate amount of 313,575 Luxottica treasury
shares. As a result of the grant, the Group has reduced the treasury share reserve by Euro
5,583,677 million. Under accounting principles the gifting was accounted for as a share-
based payment under IFRS 2 based on which the Group has recorded a total expense of
Euro 6.3 million.
Equity attributable to non-controlling interests amounts to Euro 12,192 thousand and
Euro 13,029 thousand as of December 31, 2011 and December 31, 2010, respectively.
The decrease is primarily due to the payment of dividends of Euro 4,092 thousand, the
acquisition of the remaining 50 percent interest in the subsidiary Luxottica South East
Asia for Euro 2,911 thousand, partially offset by results for the period equal to Euro 5,957
thousand.
25. NON-
CONTROLLING
INTERESTS