LensCrafters 2012 Annual Report Download - page 111

| 25 >MANAGEMENT REPORT
As of December 31, 2012, total assets increased by Euro67.9 million to Euro8,442.2 million,
compared to Euro8,374.3 million as of December 31, 2011.
In 2012, non-current assets increased by Euro94.7 million, due to increases in tangible
assets of Euro 33.0 million, to increases in intangible assets (including goodwill)
of Euro 53.0 million, to increases in investments of Euro 3.0 million, to increases in
deferred tax assets of Euro16.0 million, partially offset by a decrease of other assets
of Euro10.2 million.
The increase in intangible assets was primarily due to 2012 additions of Euro 117.0
million and to current year business acquisitions of Euro152.1 million, partially offset by
depreciation of Euro145.3 million and the negative effects of foreign currency fluctuations
from December 2011 to December 2012 of Euro63.2 million.
The increase in tangible assets was primarily due to 2012 currency fluctuation effects of
Euro13.8 million, additions of Euro269.4 million, including financial leases of Euro 7.9
million, current year business acquisitions of Euro12.5 million, which were partially offset
by the depreciation of Euro213.0 million and disposals of Euro29.0 million.
As of December 31, 2012, as compared to December 31, 2011:
• accounts receivable increased by Euro30.5 million, mainly due to the increase in net
sales during 2012, partially offset by the improvement in collection;
• inventory increased by Euro79.3 million. The growth is due to the acquisition of Tecnol
and to an increase in relation to an implementation of SAP in our Italian manufacturing
facilities at the beginning of 2013;
• other current assets decreased by Euro21.6 million. The reduction is mainly due to
utilization, in 2012, of the tax receivable balance as of December 31, 2011 (approximately
Euro12.4 million) and to the decrease in prepayments related to royalties by certain of
our Italian subsidiaries (approximately Euro11.6 million);
• accounts payable increased by Euro74.3 million. This increase is mainly due to better
payment conditions, which were negotiated by the Group in 2011;
• current taxes payable increased by Euro26.5 million mainly due to the timing of tax
payments made by the Group in various jurisdictions;
• current liabilities increased by Euro55.9 million mainly due to an increase in salary
payables related to North American retail store personnel (Euro18.4 million) and to
the increase of other liabilities in North America subsidiaries (Euro21.6 million);
• long-term provisions for risks increased by Euro 39.2 million mainly due to the
acquisition of Tecnol;
• other non-current liabilities decreased by Euro14.1 million mainly due to the expiration
date of interest rate derivatives (Euro8.3 million).