LensCrafters 2015 Annual Report Download - page 198
Download and view the complete annual report
Please find page 198 of the 2015 LensCrafters annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188 -
189 -
190 -
191 -
192 -
193 -
194 -
195 -
196 -
197 -
198 -
199 -
200 -
201 -
202 -
203 -
204 -
205 -
206 -
207 -
208 -
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
-
224
-
225
-
226
-
227
-
228
-
229
-
230
-
231
-
232
-
233
-
234
-
235
-
236
-
237
-
238
-
239
-
240
-
241
-
242
-
243
-
244
-
245
-
246
-
247
-
248
-
249
-
250
-
251
-
252
-
253
-
254
-
255
-
256
-
257
-
258
-
259
-
260
-
261
-
262
-
263
-
264
-
265
-
266
-
267
-
268
-
269
-
270
 |
 |
Notes to the separate financial statements as of December 31, 2015 Page 18 of 77
6. INVENTORY
Balance at 12/31/2015 Balance at 12/31/2014
156,727,632 121,184,479
Inventories are reported net of an obsolescence reserve for Euro 32,105,386.
Description 12/31/2015
12/31/2014
Frames 142,769,942
109,498,625
Spare parts 9,013,363
6,197,600
Packaging material 3,491,339
2,727,470
Advertising material 1,452,988
2,760,784
Total 156,727,632
121,184,479
The inventory obsolescence reserve reported the following movements during the course of the year:
Description Amount
Inventory obsolescence reserve at 12/31/2013 25,914,143
Utilization of reserve for scrapping (24,111,575)
Increase in reserve during the year 27,454,906
Inventory obsolescence reserve at 12/31/2014 29,257,474
Utilization of reserve for scrapping (29,404,550)
Increase in reserve during the year 32,252,462
Inventory obsolescence reserve at 12/31/2015 32,105,386
7. TAXES RECEIVABLE
Balance at 12/31/2015 Balance at 12/31/2014
18,529,406 20,556,876
"Taxes receivable" mainly consist of Euro 11,825,332 for the transfer to the Company of Luxottica S.r.l.'s credit for
IRES (Italian corporate income tax) arising on the deduction of IRAP (Italian regional business tax) paid in previous
years in respect of personnel costs (under Section 2, par. 1-quater, Italian Legislative Decree no. 201 dated December 6,
2011) and Euro 6,012,728 for sales tax credits, mainly arising from the transfer to the Company of credits by individual
Italian subsidiaries which have elected to settle sales taxes on a group basis through the parent.