LensCrafters 2011 Annual Report Download - page 99

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| 23 >MANAGEMENT REPORT
(thousands of Euro) December 31, 2011 December 31, 2010
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
CURRENT LIABILITIES:
Short-term borrowings 193,834 158,648
Current portion of long-term debt 498,295 197,566
Accounts payable 608,327 537,742
Income taxes payable 39,859 60,067
Other liabilities 632,932 549,280
Total current liabilities 1,973,247 1,503,303

NON-CURRENT LIABILITIES:
Long-term debt 2,244,583 2,435,071
Liability for termination indemnity 45,286 45,363
Deferred tax liabilities 456,375 429,848
Other liabilities 299,545 310,590
Total non-current liabilities 3,045,789 3,220,872

STOCKHOLDERS’ EQUITY:
Luxottica Group stockholders’ equity 3,612,928 3,256,375
Non-controlling interests 12,192 13,029
Total stockholders’ equity 3,625,120 3,269,404

TOTAL LIABILITIES AND STOCKHOLDERS’EQUITY 8,644,156 7,993,579
As of December 31, 2011, total assets increased by Euro 650.6 million to Euro 8,644.2
million, compared to Euro 7,993.6 million as of December 31, 2010.
In 2011, non-current assets increased by Euro 303.6 million, due to increases in net intangible
assets including goodwill of Euro 263.2 million, property, plant and equipment – net of Euro
72.9 million, deferred tax assets of Euro 13.4 million. The above increase was offset by the
decrease in investments of Euro 45.3 million and other assets of Euro 0.5 million.
The increase in net intangible assets (including goodwill) was primarily due to (i) the
acquisition of new businesses in the period for Euro 164.3 million, (ii) to the additions of
the period for Euro 107.6 million, especially related to software, (iii) to the positive effects
of foreign currency fluctuations of Euro 106.4 million, partially offset by the amortization for
the period of Euro 127.9 million.
The increase in property, plant and equipment was primarily due to positive currency
fluctuation effects of Euro 24.8 million, to the additions during the period of Euro
254.2 million (inclusive of approximately Euro 25.6 million related to capital leases and
approximately Euro 25 million related to the acquisition of a new building) and to the
acquisition of new businesses for Euro 20.1 million, partially offset by depreciation of Euro
196.0 million for the period.