LensCrafters 2013 Annual Report Download - page 195
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Footnotes to the statutory financial statements as of December 31, 2013 Page 28 of 71
With reference to the OPSM trademarks, the Company has leased them from Luxottica Leasing S.r.l., the current
owner of these trademarks, and licensed them to Luxottica Retail Australia PTY Ltd, the sole user of the trademarks
in question.
The lease agreement has been accounted for as a finance lease (IAS 17); the difference between the present value of
the lease payments and their nominal value is not regarded as significant.
Increases in software consist of:
- Euro 8,637,146 for general software;
- Euro 671,529 for PLM software (Product Life Cycle Management);
- Euro 955,578 for Business Intelligence software;
- Euro 344,450 for agents software;
- Euro 614,759 for B2B software being amortized over 5 years;
- Euro 12,382,873 in SAP software being amortized over 7 years.
"Other transfers" relate to the reversal of "Assets under development" reported at the end of the previous year and
mainly refer to unfinished software projects.
Increases in "Other" intangible assets mainly refer to the entry fee due to Alain Mikli International relating to the
royalty agreement for the Alain Mikli licenses.
Historical cost at the start of the year is comprised as follows:
Description Historical cost Acc. amortization Net carrying amount
Software 86,776,233
(35,160,228)
51,616,005
Trademarks 548,726,512
(308,003,522)
240,722,990
Assets under development 13,949,850
13,949,850
Other 11,000,000
11,000,000
Total 660,452,595
(343,163,750)
317,288,845
Software is amortized over a period of between three and seven years, while trademarks are amortized on a straight-
line basis over their remaining useful lives. In particular, the OPSM trademarks are being amortized over 22 years,
while other house brands are being amortized over a period of between 6 and 20 years.
No borrowing costs have been capitalized (since none were incurred) and there are no intangible assets with indefinite
useful lives.