LensCrafters 2013 Annual Report Download - page 217

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Footnotes to the statutory financial statements as of December 31, 2013 Page 50 of 71
“Financing expense on loans from subsidiaries” relates to financing expenses paid to the Luxottica U.S. Holdings
subsidiary.
"Other finance expense" mostly comprises Euro 959,096 (Euro 1,779,072 in 2012) in interest expense on lease
payments to the subsidiary Luxottica Leasing S.r.l. in respect of the OPSM trademarks, and Euro 4,000,000 (Euro
4,000,000 also in 2012) in interest expense on corporate bonds.
37. GAINS/(LOSSES) ON CURRENCY HEDGES AND FOREIGN CURRENCY EXCHANGE
2013
2012 Change
Gains 59,283,464 55,708,992 3,574,472
Losses (56,091,736) (54,806,594) (1,285,142)
Total 3,191,728 902,398 2,289,330
Gains realized from entering exchange rate hedging derivatives, both with financial counterparties and the subsidiary
Luxottica Trading and Finance Ltd., offset the losses associated particularly with the receipt of foreign currency
dividends and the payment of interest expense in USD.
38. PROVISION FOR INCOME TAXES
2013
2012 Change
(166,442,995) (139,556,664) (26,886,331)
Taxes 2013 2012 Change
Current taxes: (164,082,778) (146,602,088) (17,480,690)
Taxes paid abroad (2,439) (397,318) 394,879
Taxes relating to prior years 27,056 (2,641,993) 2,669,049
IRES (137,689,609) (120,359,710) (17,329,899)
IRES Section 188, par, 4 Italian Tax Code - - -
IRAP (26,167,786) (23,033,067) (3,134,719)
Taxes on foreign income (250,000) (170,000) (80,000)
Deferred tax liabilities (assets): (2,360,217) 7,045,424 (9,405,641)
IRES (1,848,341) 6,700,844 (8,549,185)
IRAP (511,876) 344,580 (856,456)
Total (166,442,995) (139,556,664) (26,886,331)