LensCrafters 2015 Annual Report Download - page 200

Notes to the separate financial statements as of December 31, 2015 Page 20 of 77
9.3 Tax consolidation receivables from Group companies
This is the matching entry to payables for IRES (Italian corporate income tax) calculated on the taxable income
transferred by Italian subsidiaries under the national group tax consolidation, due to expire on December 31, 2015 and
at the head of which is Luxottica Group S.p.A. In particular, the amount receivable at year end refers to:
• Luxottica S.r.l. for Euro 14,056,009;
• Luxottica Italia S.r.l. for Euro 2,515,236;
• Luxottica International Distribution S.r.l. for Euro 660,892;
• Luxottica Leasing S.r.l. for Euro 527,028;
• Sunglass Direct Italy S.r.l. for Euro 56,299.
9.4 Prepaid expenses
Balance at 12/31/2015 Balance at 12/31/2014
6,530,337 4,995,826
This represents the portion of expenses common to two or more years, recognized in accordance with the accrual basis
of accounting, and whose profit or loss impact occurs after their actual cash payment.
As at December 31, 2015, there are no amounts of accrued income or prepaid expenses that will be recovered after
more than five years.
The above balances are analyzed as follows:
Description 12/31/2015
12/31/2014
Prepaid marketing expenses 2,951,013 967,327
Prepaid royalties 811,733 638,111
Prepaid sponsorships 600,000 600,000
Other prepaid expenses 2,167,591 2,790,388
Total 6,530,337 4,995,826
"Prepaid expenses" refer to costs that will be accounted for in profit or loss in 2016 and 2017.
9.5 Loans to Group companies
These comprise Euro 1,983,673 for the loan to the subsidiary Oakley Japan KK, Euro 1,917,048 for the loan to the
subsidiary Sunglass Hut De Mexico Sapi De CV, Euro 544,996 for the loan to the subsidiary Sunglass Time Europe
Ltd, Euro 520,670 for the loan to the subsidiary Luxottica Norge AS and Euro 351,610 for the loan to the associate
Sunglass Hut Thailand Co Ltd.