LensCrafters 2015 Annual Report Download - page 116

Notes to the consolidated financial statement as of December 31, 2015 Page 22 di 68
(in thousands of Euro)
Less than
1 year
From 1 to
3 years
From 3 to
5 years
Beyond
5 years
As of December 31, 2015
Cash and cash equivalents 864,852 — — —
Derivatives receivable 2,055 — — —
Accounts receivable 858,053 — — —
Other current assets 93,316 — — —
(in thousands of Euro)
Less than
1 year
From 1 to
3 years
From 3 to
5 years
Beyond
5 years
As of December 31, 2014
Cash and cash equivalents 1,453,587 — — —
Derivatives receivable 1,008 — — —
Accounts receivable 754,306 — — —
Other current assets 89,882 — — —
(in thousands of Euro)
Less than
1 year
From 1 to
3 years
From 3 to
5 years
Beyond
5 years
As of December
31,
2015
Debt owed to banks and other financial institutions 44,882 226,556 672,588 825,153
(*)
Derivatives payable 2,173 — — —
Accounts
payable
9
27,186
—
—
—
Other current liabilities
60
1
,
572
—
—
—
(in thousands of Euro)
Less than
1 year
From 1 to
3 years
From 3 to
5 years
Beyond
5 years
As of December 31, 2014
Debt owed to banks and other financial institutions 626,788 115,027 683,884 889,504
Derivatives payable 4,376 — — —
Accounts payable 744,272 — — —
Other current liabilities 572,962 — — —
(*) Excludes the balance of the amortized costs of Euro (9.2) million.
Interest rate risk
The interest rate risk to which the Group is exposed primarily originates from long-term debt. Such debt accrues interest at both
fixed and floating rates.
With regard to the risk arising from fixed-rate debt, the Group does not apply specific hedging policies since it does not deem
the risk to be material.
Floating-rate debt exposes the Group to a risk from the volatility of the interest rates (cash flow risk). In relation to this risk, and
for the purposes of the related hedging, the Group utilized derivate contracts, specifically Interest Rate Swap (IRS) agreements,
which exchange the floating rate for a fixed rate, thereby reducing the risk from interest rate volatility.
On the basis of various scenarios, the Group calculates the impact of rate changes on the consolidated statement of income. For
each scenario, the same interest rate change is utilized for all currencies. The various scenarios only include those liabilities at
floating rates that are not hedged with fixed interest rate swaps. As of December 31, 2015 there was no floating-rate debt
outstanding. On the basis of these scenarios, the impact as of December 31, 2014 and net of tax effect of an increase/decrease of
100 basis points on net income, in a situation with all other variables unchanged, would have been a maximum decrease of
Euro 2.0 million or a maximum increase of Euro 2.0 million.