LensCrafters 2015 Annual Report Download - page 161

Notes to the consolidated financial statement as of December 31, 2015 Page 67 di 68
35. DIVIDENDS
In May 2015, the Company distributed aggregate dividends to its stockholders of Euro 689.7 million equal to Euro 1.44 per
ordinary share. Dividends distributed to non-controlling interests totaled Euro 2.1 million. During 2014, the Company
distributed aggregate dividends to its stockholders of Euro 308.3 million equal to Euro 0.65 per ordinary share. Dividends
distributed to non-controlling interests totaled Euro 3.7 million.
36. CAPITAL MANAGEMENT
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue, as a going concern, to provide
returns to shareholders and benefit to other stockholders and to maintain an optimal capital structure to reduce the cost
of capital.
Consistent with others in the industry, the Group also monitors capital on the basis of a gearing ratio that is calculated as net
financial position divided by total capital. Net financial position is calculated as total borrowings (including short-term
borrowings and current and non-current portions of long-term debt) less cash and cash equivalents. Total capital is calculated as
equity, as shown in the consolidated statement of financial position, plus net financial position.
The table below provides the Group’s gearing ratio for 2015 and 2014 as follows:
(in million of Euro except percentages) 2015
2014
Total borrowings (notes 15 and 21) 1,870.4 2,466.5
Less cash and cash equivalents (864.9)
(1,453.6)
Net financial position 1,005.6 1,012.9
Total equity 5,417.7
4,928.8
Capital 6,423.3
5,941.7
Gearing ratio 15.7% 17.0%
37. SUBSEQUENT EVENTS
On January 29, 2016, Mr. Adil Mehboob-Khan ceased as Director of the Company and as the Group’s CEO for Markets and
from his other administrative roles effective February 29, 2016. Pursuant to his termination agreement, Luxottica paid Mr.
Mehboob-Khan Euro 6.8 million in addition to severance pay linked to the termination of his employment relationship. In
addition, Luxottica paid Mr. Khan Euro 0.2 million in connection with a settlement and novation agreement as consideration
for his waiver of any claims or rights that he may have that are connected or related to his employment and administration
relationships with the Group or any other associated entity and any resolution thereof. No sums were awarded in connection
with Mr. Mehboob-Khan’s termination from the position of director and CEO for Markets of Luxottica Group S.p.A. At the
same time, the Board of Directors approved a modification to our governance structure by assigning 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. Massimo Vian continues in his role as CEO for Product &
Operations and will assist the Executive Chairman.