LensCrafters 2013 Annual Report Download - page 189

Footnotes to the statutory financial statements as of December 31, 2013 Page 22 of 71
- Luxottica S.r.l. for Euro 8,732,023;
- Luxottica Italia S.r.l. for Euro 12,699,987;
- Luxottica Leasing S.r.l. for Euro 945,156;
- Collezione Rathschuler S.r.l. for Euro 122,519;
- Sunglass Direct Italy, for Euro 120,815.
9.2 Sales tax transferred by subsidiaries
This refers to sales taxes payable by subsidiaries that have been transferred to the Company for settlement on a
group basis. The balance at December 31, 2013 is reported to:
• Luxottica S.r.l. for Euro 3,408,973;
• Luxottica Italia S.r.l. for Euro 96,736;
• Luxottica Leasing S.r.l. for Euro 1,328,668;
• Collezione Rathschuler S.r.l. for Euro 2,912.
9.3 Sundry advances
Sundry advances mostly comprise Euro 30,606,906 in advances on royalties (for payments relating to subsequent
years), Euro 2,978,627 in advances to employees and Euro 3,406,529 in advances to suppliers.
9.4 Accrued income and prepaid expenses
Balance at 12/31/201
3
Balance at 12/31/201
2
4,093,492
4,121,442
This represents the portion of the revenues and expenses spanning two or more years, recognized in accordance with
the matching principle, and whose impact on profit or loss comes before or after their actual cash payment. The
principles adopted to account for and translate balances in foreign currency are described in the present additional
note.
At December 31, 2013 there are no amounts of accrued income or prepaid expenses that will be recovered after more
than five years.
The above balances are analyzed as follows:
Description Balance at 12/31/2013 Balance at 12/31/2012
Prepaid insurance expenses 3,936 238,663
Accrued bank interest income 37,019 65,538
Other prepaid expenses 4,052,537 3,817,241
Total 4,093,492 4,121,442
"Other prepaid expenses" include Euro 983,814 in finance expense, with the remainder of this balance relating to
costs, mainly for sports sponsorship and advertising contracts, that will be expensed to income in 2014 and 2015.