LensCrafters 2015 Annual Report Download - page 137

Notes to the consolidated financial statement as of December 31, 2015 Page 43 di 68
NON-CURRENT LIABILITIES
21. LONG-TERM DEBT
Long-term debt was Euro 1,760.0 million (including Euro 44.9 millon due in 2016) and Euro 2,315.2 million (Euro 626.8
million due in 2015) as of December 31, 2015 and 2014, respectively.
The roll-forward of long-term debt as of December 31, 2015 and 2014, is as follows (amounts in thousands of Euro):
(in thousands of Euro)
Luxottica
Group S.p.A.
credit
agreement with
various financial
institutions
Senior
unsecured
guaranteed
notes
Other loans with
banks and other
third parties,
interest at
various rates,
payable in
installments
through 2015
Total
Balance as of January 1, 2015
— 2,271,171 44,032 2,315,203
Proceeds from new and existing loans/leases — — 14,410 14,410
Repayments — (614,465) (28,502) (642,967)
Amortization of fees and interests
—
(3,609)
—
(3,609)
Translation difference —
72,870 4,079 76,949
Balance as of December 31, 2015 —
1,725,967 34,019 1,759,986
(in thousands of Euro)
Luxottica
Group S.p.A.
credit
agreement with
various financial
institutions
Senior
unsecured
guaranteed
notes
Other loans with
banks and other
third parties,
interest at
various rates,
payable in
installments
through 2015
Total
Balance as of January 1, 2014 298,478
1,683,970 52,061 2,034,510
Proceeds from new and existing loans/leases — 494,655 5,398 500,053
Repayments (300,000) — (18,500) (318,500)
Loans assumed in business combinations
—
—
—
—
Amortization of fees and interests 1,521 14,521 — 16,043
Translation difference —
78,025 5,072 83,098
Balance as of December 31, 2014 —
2,271,171 44,032 2,315,203
The Group uses debt financing to raise financial resources for long-term business operations and to finance acquisitions. The
Group continues to seek debt refinancing at favorable market rates and actively monitors the debt capital markets in order to
take action to issue debt, when appropriate. The Group’s debt agreements contain certain covenants, including covenants that
limit its ability to incur additional indebtedness (for more details see Note 3(f)—Default risk: negative pledges and financial
covenants). As of December 31, 2015, the Group was in compliance with these financial covenants.
The table below summarizes the Group’s long-term debt as of December 31, 2015.