LensCrafters 2013 Annual Report Download - page 187
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Footnotes to the statutory financial statements as of December 31, 2013 Page 20 of 71
6. INVENTORY
Balance at 12/31/2013
Balance at 12/31/2012
138,365,305 121,876,232
Inventories are reported net of an obsolescence reserve for Euro 25,914,143.
Description 31/12/2013
31/12/2012
Frames 125.772.836
110.748.529
Spare Parts 6.263.892
7.827.235
Trade Marketing 3.382.394
3.300.467
Packaging materials 2.621.261
-
Total 138.040.383
121.876.231
Inventories of "packaging materials" (zero at 12/31/2012) relate to packaging activities, for which Luxottica Group
S.p.A. became responsible during 2013.
The following represents inventory obsolescence reserve activity during the course of the year:
7. TAXES RECEIVABLE
Balance at 12/31/201
3
Balance at 12/31/201
2
33,084,451
21,087,117
"Taxes receivable" mainly consist of Euro 11,364,415 for the transfer to the Company of Luxottica S.r.l.'s credit for
IRES (Italian corporate income tax) arising on the deduction of IRAP (Italian regional business tax) paid in previous
years in respect of personnel costs (under Section 2, par. 1-quater, Decree no. 201 dated December 6, 2011) and Euro
21,100,389 for sales tax credits, arising from the transfer to the Company of credits by individual Italian subsidiaries
which have elected to settle sales taxes on a group basis through the parent.
Description
Amount
Inventory obsolescence reserve at 12/31/2011
Increase in reserve from demerger 16,983,271
Utilization of reserve (16,773,877)
Net increase during the year 21,462,107
Balance at 12/31/2012 21,671,501
Utilization of reserve (21,195,773)
Net increase during the year 25,438,415
Balance at 12/31/2013 25,914,143