LensCrafters 2013 Annual Report Download - page 216
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Footnotes to the statutory financial statements as of December 31, 2013 Page 49 of 71
35. FINANCE INCOME
Description
2013 2012 Change
From other non-current assets 1,618,549
2,184,942
(566,393)
From other current assets 2,241,910
6,660,926
(4,419,016)
Cash pooling finance income 17
507
(490)
Derivatives interest income 1,707,838
3,602,284
(1,894,446)
Income other than above 7,082
39,523
(32,441)
Total 5,575,396
12,488,182
(6,912,786)
"Income from other non-current assets" is comprised for Euro 1,362,738 of interest received on the loan to the
subsidiary Luxottica U.S. Holdings Corp. against bank loans (compared with Euro 1,331,798 at December 31,
2012). The guarantees paid by Luxottica U.S. Holdings Corp. at December 31, 2013 are related to the private
placement of bonds.
"Income from Loans held as current assets" consist of interest on bank deposits.
Information about loans given to Group companies by the parent can be found in the notes on "Other non-current
assets" and "Other current assets".
36. FINANCE EXPENSE
2013
2012
Change
69,271,971 85,354,905 (16,082,934)
Description 2013
2012
Change
Bank interest 5,062
2,657
2,405
Cash pooling finance expense 2,308,939
1,859,406
449,533
Finance expense on guarantees 5,803,167
7,534,010
(1,730,843)
Interest on loans from Group companies 8,394
129,727
(121,333)
Loan interest 8,740,860
25,430,532
(16,689,672)
Derivatives interest expense 6,239,007
6,413,970
(174,963)
Other finance expense 38,125,000
34,197,917
3,927,083
Impairment of investments 8,041,542
9,786,686
(1,745,144)
Total 69,271,971
85,354,905
(16,082,934)
"Cash pooling finance expense" reflects the interest paid to the subsidiary Luxottica Trading and Finance Ltd, on the
overdrawn balance on the cash pooling account during the year.
"Finance expense on guarantees" refers to guarantees given by Luxottica S.r.l. and Luxottica U.S. Holdings Corp.,
on loan “Club Deal” and in part on the placement of bonds (for additional information see the note on long-term
debt in the Notes to the consolidated financial statements).
2013
2012
Change
5,575,396 12,488,182 (6,912,786)