LensCrafters 2013 Annual Report Download - page 142

27. INFORMATION ON THE CONSOLIDATED STATEMENT OF INCOME
OTHER INCOME/(EXPENSE)
The composition of other income/(expense) is as follows (amounts in thousands of Euro):
INTEREST EXPENSE 2013 2012
Interest expense on bank overdrafts (213) (2,869)
Interest expense on loans (87,650) (121,049)
Financial expense on derivatives (7,548) (7,684)
Other interest expense (6,721)
(6,539)
Total interest expense (102,132)
(138,140)
INTEREST INCOME 2013 2012
Interest income on bank accounts 6,449 14,928
Financial income on derivatives 1,070 1,689
Interest income on loans 2,553
2,293
Total interest income 10,072
18,910
OTHER—NET 2013 2012
Other—net from derivative financial instruments and translation differences (7,951) (1,109)
Other—net 704
(5,354)
Total other—net (7,247)
(6,463)
PROVISION FOR INCOME TAXES
The income tax provision is as follows:
INCOME TAX PROVISION
(Amounts in thousands of Euro)
2013 2012
Current taxes (420,668) (334,801)
Deferred taxes 13,164
28,910
Total income tax provision (407,505)
(305,891)
The reconciliation between the Italian statutory tax rate and the effective rate is shown below:
As of
December 31,
2013 2012
Italian statutory tax rate 31.4% 31.4%
Aggregate effect of different tax rates in foreign jurisdictions 5.0% 3.3%
Accrual for tax audit of Luxottica S.r.l. (fiscal years 2007 and subsequent periods) 7.0% 1.2%
Aggregate other effects (0.8)%
0.4%
Effective rate 42.6% 36.3%