LensCrafters 2013 Annual Report Download - page 202

Footnotes to the statutory financial statements as of December 31, 2013 Page 35 of 71
17. ACCOUNTS PAYABLE
Accounts payable are stated at their nominal value, and summarized by maturity as follows.
12/31/2013 Within
12 months
Beyond
12 months
Beyond
5 years
Total
Subsidiaries 130,798,704 130,798,704
Suppliers 98,862,447 98,862,447
Total 229,661,151 229,661,151
"Accounts payable to subsidiaries" mostly comprise Euro 7.4 million owing to Luxottica Leasing S.r.l., Euro 52.5
million owing to Luxottica S.r.l., Euro 21.5 million owing to Luxottica Trading & Finance, Euro 4.2 million owing to
Alain Mikli International, and Euro 1.5 million owing to Luxottica Retail North America. The remainder consists of
invoices to be received from OPSM for Euro 8.3 million, from Luxottica Trading & Finance for Euro 5.8 million,
from Luxottica U.S. Holdings for Euro 1.4 million, from Alain Mikli International for Euro 9.7 million, and from
Oliver People for Euro 1.5 million.
"Accounts payable to suppliers" are presented net of trade discounts and consist of Euro 103 million in payables to
Italian suppliers, Euro 20 million in payables to foreign suppliers, Euro 5 million in credit notes receivable and the
remainder in invoices to be received from Italian and foreign suppliers. The increase is mainly attributable to the
commission agreement entered into with the subsidiary Luxottica S.r.l., discussed in the introductory part of these
notes.
Foreign currency accounts payable are adjusted to year-end exchange rates and the resulting gains and losses are
recognized in the statement of income as "Gains/losses on currency hedges and foreign currency exchange".
The Company does not have any accounts payable relating to transactions in which substantially all the risks and
rewards of ownership are not transferred
.
Balance at 12/31/2013 Balance at 12/31/2012
292,330,580 229,661,151