LensCrafters 2011 Annual Report Download - page 243

| 167 >CONSOLIDATED FINANCIAL STATEMENTS - NOTES
OTHER INCOME/(EXPENSE)
The composition of other income/(expense) is as follows:
Interest expense (thousands of Euro) 2011 2010
Interest expense on bank overdrafts (2,024) (1,776)
Interest expense on loans (110,343) (99,028)
Interest expense on derivatives (6,541) (3,950)
Other interest expense (2,159) (2,233)
Total interest expense (121,067) (106,987)
Interest income (thousands of Euro) 2011 2010
Interest income on bank accounts 8,496 4,231
Interest income on securities – 829
Interest on derivatives 1,481 1,536
Interest income on loans 2,495 1,898
Total interest income 12,472 8,494
Other – net from derivative financial instruments and translation
differences 752 (3,287)
Other – net (4,025) (4,843)
Total other – net (3,273) (8,130)
PROVISION FOR INCOME TAXES
The income tax provision is as follows:
Income tax provision (thousands of Euro) 2011 2010
Current taxes (273,633) (217,772)
Deferred taxes 661 (447)
Total income tax provision (236,972) (218,219)
The reconciliation between the Italian Statutory tax rate and the effective rate is shown
below:
 As of December 31,
 2011 2010
Italian Statutory tax rate 31.4% 31.4%
Aggregate effect of different tax rates in foreign jurisdictions 2.4% 1.4%
Non-deductible impairment loss – 1.1%
Aggregate other effects 0.3% 2.1%
Effective rate 34.1% 36.0%
26. INFORMATION
ON THE
CONSOLIDATED
STATEMENT
OF INCOME