LensCrafters 2015 Annual Report Download - page 120

Notes to the consolidated financial statement as of December 31, 2015 Page 26 di 68
acquired was provisionally recorded as goodwill of Euro 18.3 million. The goodwill is tax deductible and primarily reflects the
synergies that the Group estimates it will derive from the acquisition.
At December 31, 2015, the valuation was concluded. The following table summarizes the consideration paid and the fair value
of the assets acquired and liabilities assumed at the acquisition date for SGW (in thousands of Euro):
(In thousands of Euro)
Total consideration 21,017
Recognized amount of identifiable assets and liabilities assumed
Inventory 1,877
Fixed assets 826
Total net identifiable assets 2,703
Goodwill 18,314
Total 21,017
On an unaudited pro forma basis, had the acquisition occurred at the beginning of the year, net sales contributed by SGW would
have been Euro 14.8 million.
5. SEGMENT INFORMATION
In accordance with IFRS 8—Operating segments, the Group operates in two operating segments: (1) Manufacturing and
Wholesale Distribution (“Wholesale”) and (2) Retail Distribution (“Retail”).
The criteria applied to identify the operating segments are consistent with the way the Group is managed. In particular, the
disclosures are consistent with the information regularly reviewed by the Group’s Chief Executive Officers, in their roles as
Chief Operating Decision Makers, to make decisions about resources to be allocated to the segments and assess their
performance.
Total assets and liabilities for each operating segment are no longer disclosed as they are not regularly reviewed by the
CODMs.
In January 2016, our Board of Directors approved a modification to our governance by assigning executive responsibility for
Markets, a role formerly held by Mr. Adil Mehboob-Khan, to Mr. Leonardo Del Vecchio, the Company’s Chairman of the
Board of Directors and majority shareholder, as Executive Chairman. Due to the this change in the governance structure, the
Executive Chairman became the CODM assisted in his role by the CEO of Products and Operations. This change did not impact
the operating segments as the information provided and reviewed by the CODM has not changed.