LensCrafters 2013 Annual Report Download - page 134

(Amounts in thousands of Euro)
Notes
December 31, 2013
audited
December 31, 2012
audited
A Cash and cash equivalents 6 617,995 790,093
B Other availabilities — —
C Hedging instruments on foreign exchange rates 9 6,039 6,048
D Availabilities (A) + (B) + (C) 624,035 796,141
E Current Investments
—
—
F Bank overdrafts 15 44,921 90,284
G Current portion of long-term debt 16 318,100 310,072
H Hedging instruments on foreign exchange rates 20 1,471 681
I Hedging instruments on interest rates 20 — 438
J Current Liabilities (F) + (G) + (H) + (I) 364,492 401,475
K Net Liquidity (J) − (E) − (D) (259,543) (394,666)
L Long-term debt 21 32,440 328,882
M Notes payables 21 1,683,970 1,723,225
N Hedging instruments on interest rates — —
O Total Non-Current Liabilities (L) + (M) + (N) 1,716,410 2,052,107
P Net Financial Position (K) + (O) 1,456,867 1,657,441
A reconciliation between the net financial position above and the net financial position presented in the
Management Report is as follows:
(Amounts in thousands of Euro)
December 31, 2013 December 31, 2012
Net Financial Position, as presented in the Notes 1,456,867 1,657,441
Hedging instruments on foreign exchange rates 6,039 6,048
Hedging instruments on interest rates—ST — (438)
Hedging instruments on foreign exchange rates (1,471) (681)
Hedging instruments on interest rates—LT — —
Net Financial Position 1,461,435 1,662,370
Our net financial position with respect to related parties is not material.
Long-term debt includes finance lease liabilities of Euro 25.6 million (Euro 29.2 million as of December 31,
2012).
(Amounts in thousands of Euro)
2013 2012
Gross finance lease liabilities:
—no later than 1 year 4,967 5,098
—later than 1 year and no later than 5 years 15,109 15,771
—later than 5 years 10,082 13,845
30,158
34,714
Future finance charges on finance lease liabilities 4,568 5,472
Present values of finance lease liabilities 25,590 29,242
The present value of finance lease liabilities is as follows:
(Amounts in thousands of Euro)
2013 2012
– no later than 1 year 3,799 3,546
– later than 1 year and no later than 5 years 12,338 12,703
– later than 5 years 9,453 12,993
25,590
29,242
22. EMPLOYEE BENEFITS
Employee benefits amounted to Euro 76.4 million (Euro 191.7 million as of December 31, 2012). The balance
mainly included liabilities for termination indemnities of Euro 46.8 million (Euro 49.3 million as of December 31,
2012), and liabilities for employee benefits of the U.S. subsidiaries of the Group of Euro 29.6 million (Euro 142.4
million as of December 31, 2012). The reduction is mainly due to the increase of the discount rates used to calculate the
liability.