LensCrafters 2012 Annual Report Download - page 233

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| 147 >CONSOLIDATED FINANCIAL STATEMENTS - NOTES
Short-term borrowings at December 31, 2012 reflect current account overdrafts with
various banks as well as uncommitted short-term lines of credits with different financial
institutions. The interest rates on these credit lines are floating. The credit lines may be
used, if necessary, to obtain letters of credit.
As of December 31, 2012 and 2011, the Company had unused short-term lines of credit of
approximately Euro700.4 million and Euro747.9 million, respectively.
The Company and its wholly owned Italian subsidiary Luxottica S.r.l. maintain unsecured
lines of credit with primary banks for an aggregate maximum credit of Euro295.5 million.
These lines of credit are renewable annually, can be cancelled at short notice and have no
commitment fees. At December 31, 2012, these credit lines were not utilized.
US Holdings maintains unsecured lines of credit with three separate banks for an
aggregate maximum credit of Euro84.4 million (USD 111.4 million). These lines of credit
are renewable annually, can be cancelled at short notice and have no commitment fees. At
December 31, 2012, there were no amounts borrowed against these lines. However, there
was Euro23.0 million in aggregate face amount of standby letters of credit outstanding
related to guarantees on these lines of credit.
The blended average interest rate on these lines of credit is approximately LIBOR plus
0.10 percent.
The book value of short-term borrowings is approximately equal to their fair value.
This item consists of the current portion of loans granted to the Company, as further
described below in note 21 “Long-term debt”.
Accounts payable were Euro682.6 million (Euro608.3 million as of December 31, 2011)
and consist of invoices received and not yet paid at the reporting date, in addition to
invoices to be received, accounted for on an accrual basis.
The carrying value of accounts payable is approximately equal to their fair value.
The balance of income taxes payable is detailed below:
As of December 31
(thousands of Euro) 2012 2011
Current year income taxes payable 107,377 59,310
Income taxes advance payment (41,027) (19,451)
Total 66,350 39,859
CURRENT LIABILITIES
15. SHORT-TERM
BORROWINGS
16. CURRENT
PORTION OF
LONG-TERM DEBT
17. ACCOUNTS
PAYABLE
18. INCOME TAXES
PAYABLE