LensCrafters 2013 Annual Report Download - page 206
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Footnotes to the statutory financial statements as of December 31, 2013 Page 39 of 71
22. PROVISIONS FOR RISK
Balance at 12/31/2013
Balance at 12/31/2012
558,000 550,000
The balance at 12.31.2013 consists of a provision as a result of actions which may result in future liabilities.
23. LIABILITY FOR TERMINATION INDEMNITIES
Balance at 12/31/2013
Balance at 12/31/2012
6,945,263 5,536,460
The change over the year reflects:
Balance at 12/31/2011 1,126,618
Interests 44,272
Actuarial increase/decrease 4,347
Transfers of staff to other Group companies 4,689,584
Utilizations in year (328,361)
Balance at 12/31/2012 5,536,460
Interests 175,040
Actuarial increase/decrease (115,876)
Transfers of staff to other Group companies 1,200,850
Utilizations in year (301,211)
Balance at 12/31/2013 6,495,263
The "Liability for termination indemnities" at December 31, 2013 reflects the amount matured through December
31, 2006 by employees at that date, net of any advances paid.
The increase is due to this liability's annual inflation related adjustment and movements for staff transferred to other
Group companies. The decrease reflects payments to staff that left the Company during 2011 and the transfer of
indemnities maturing in 2013 to alternative pension funds or to INPS (Italian social security agency) in accordance
with the requirements of Italian pension reforms.
The liability of Euro 6,495,263 at December 31, 2013 represents the estimated obligation to pay such indemnities to
employees upon termination of employment; this obligation has been calculated using actuarial techniques which