LensCrafters 2013 Annual Report Download - page 99

Luxottica Group S.p.A.
Registered office at Via C. Cantù 2—20123 Milan
Share capital € 28,653,640.38
Authorized and issued
Notes to the
CONSOLIDATED FINANCIAL STATEMENTS
As of DECEMBER 31, 2013
GENERAL INFORMATION
Luxottica Group S.p.A. (the “Company”) is a corporation with a registered office in Milan, Italy, at Via C.
Cantù 2.
The Company and its subsidiaries (collectively, the “Group”) operate in two industry segments:
(1) manufacturing and wholesale distribution; and (2) retail distribution.
Through its manufacturing and wholesale distribution operations, the Group is engaged in the design,
manufacturing, wholesale distribution and marketing of proprietary brands and designer lines of mid- to
premium-priced prescription frames and sunglasses, as well as of performance optics products.
Through its retail operations, as of December 31, 2013, the Company owned and operated 6,472 retail
locations worldwide and franchised an additional 579 locations principally through its subsidiaries Luxottica Retail
North America, Inc., Sunglass Hut Trading, LLC, OPSM Group Limited, Oakley, Inc. (“Oakley”) and Multiópticas
Internacional S.L.
In line with prior years, the retail division’s fiscal year is a 52- or 53-week period ending on the Saturday
nearest December 31. The accompanying consolidated financial statements include the operations of all retail divisions
for the 52-week periods for fiscal years 2013 and 2012. The use of a calendar fiscal year by these entities would not
have had a material impact on the consolidated financial statements.
The Company is controlled by Delfin S.à r.l., a company subject to Luxembourg law.
These consolidated financial statements were authorized to be issued by the Board of Directors of the
Company at its meeting on February 27, 2014.
BASIS OF PREPARATION
The consolidated financial statements as of December 31, 2013 have been prepared in accordance with the
Legislative Decree No. 38 of February 28, 2005, “Exercise of the options of art. 5 of the European Regulation n.
1606/2002 and in compliance with the International Financial Reporting Standards (“IFRS”) issued by the International
Accounting Standards Board (“IASB”) and endorsed by the European Union, as of the date of approval of these
consolidated financial statements by the Board of Directors of the Company.
IFRS are all the international accounting standards (“IAS”) and all the interpretations of the International
Financial Reporting Interpretations Committee (“IFRIC”), previously named “Standing interpretation Committee”
(SIC).
The Group also applied the CONSOB resolution n. 15519 of July 19, 2006 and the CONSOB communication
n. 6064293 of July 28, 2006. During 2009 and 2010, Consob, in agreement with the Bank of Italy and ISVAP issued
two documents (no. 2 and 4), "Information to be provided in financial reports about business continuity, financial risks,
checks for the reduction in value of assets and uncertainties regarding the use of estimates" and "Disclosure in financial
reports on long lived asset impairment tests, terms of borrowing agreements, debt restructurings and the "fair value
hierarchy" for which applicable disclosures have been included in this document.
The principles and standards utilized in preparing these consolidated financial statements have been
consistently applied through all periods presented.
Prior year amounts were restated following the adoption of IAS 19 R. See note 2 for additional information.