LensCrafters 2015 Annual Report Download - page 140

Notes to the consolidated financial statement as of December 31, 2015 Page 46 di 68
A reconciliation between the net financial position above and the net financial position presented in the Management Report is
as follows:
As of December 31,
(in thousands of Euro) 2015
2014
Net Financial Position, as presented in the Notes 1,005,702
1,016,287
Hedging instruments on foreign exchange rates 2,055 1,008
Hedging instruments on interest rates—ST — —
Hedging instruments on foreign exchange rates (2,173) (4,376)
Hedging instruments on interest rates—LT —
—
Net Financial Position 1,005,584 1,012,918
Our net financial position with respect to related parties is not material.
Long-term debt includes finance lease liabilities of Euro 33.6 million (Euro 25.2 million as of December 31, 2014).
As of December 31,
(in thousands of Euro) 2015
2014
Gross finance lease liabilities:
—no later than 1 year 10,600 5,666
—later than 1 year and no later than 5 years 22,184 17,147
—later than 5 years 3,843 15,303
36,627
38,116
Future finance charges on finance lease liabilities 3,072 12,948
Present values of finance lease liabilities 33,555 25,168
The present value of finance lease liabilities is as follows:
As of December 31,
(in thousands of Euro) 2015
2014
– no later than 1 year 9,467 4,157
– later than 1 year and no later than 5 years 20,414 13,594
– later than 5 years 3,674 7,417
Present values of finance lease liabilities 33,555 25,168
22. EMPLOYEE BENEFITS
Employee benefits amounted to Euro 136.2 million (Euro 138.5 million as of December 31, 2014). The balance mainly
included liabilities for termination indemnities of Euro 47.8 million (Euro 51.2 million as of December 31, 2014) and liabilities
for employee benefits of the U.S. subsidiaries of the Group of Euro 88.4 million (Euro 87.3 million as of December 31, 2014).
The decrease is mainly due to an increase in the discount rates used to calculate the liability offset by the strengthening of the
U.S. dollar compared to the Euro. Actuarial gains recorded in the statement of other comprehensive income which will never
reverse into P&L in future years total Euro 14.2 million.
Liabilities for termination indemnities mainly include post-employment benefits of the Italian companies’ employees
(hereinafter “TFR”), which at December 31, 2015 amounted to Euro 38.0 million (Euro 41.8 million as of
December 31, 2014).
Effective January 1, 2007, the TFR system was reformed, and under the new law, employees are given the ability to choose