LensCrafters 2011 Annual Report Download - page 245
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| 169 >CONSOLIDATED FINANCIAL STATEMENTS - NOTES
the achievement of specified levels of sales volume. The Group also operates departments
in various host stores, paying occupancy costs solely as a percentage of sales. Certain
agreements which provide for operations of departments in a major retail chain in the
United States contain short-term cancellation clauses.
Total rental expense for each year ended December 31 is as follows:
(thousands of Euro) 2011 2010
Minimum lease payments 328,261 254,958
Additional lease payments 90,876 66,898
Sublease payments (23,005) (26,611)
Total 396,132 295,245
Future rental commitments are as follows:
Years ending December 31 (thousands of Euro)
2012 280,363
2013 241,465
2014 207,930
2015 170,118
2016 131,219
Subsequent years 224,809
Total 1,255,904
OTHER COMMITMENTS
The Group is committed to pay amounts in future periods for endorsement contracts,
supplier purchase and other long-term commitments. Endorsement contracts are entered
into with selected athletes and others who endorse Oakley products. Oakley is often
required to pay specified minimal annual commitments and, in certain cases, additional
amounts based on performance goals. Certain contracts provide additional incentives
based on the achievement of specified goals. Supplier commitments have been entered
into with various suppliers in the normal course of business. Other commitments mainly
include auto, machinery and equipment lease commitments.
Future minimum amounts to be paid for endorsement contracts and supplier purchase
commitments at December 31, 2011 are as follows:
Years ending December 31 (thousands of Euro)
Endorsement
contracts
Supply
commitments
Other
commitments
2012 2,481 4,800 5,721
2013 1,224 4,929 2,597
2014 188 4,720 865
2015 143 4,699 91
Subsequent years 287 27,768 –
Total 4,323 46,916 9,274