LensCrafters 2015 Annual Report Download - page 210

Notes to the separate financial statements as of December 31, 2015 Page 30 of 77
12.1 Investments in subsidiaries
Balance at 12/31/2015 Balance at 12/31/2014
3,480,317,231 3,454,216,848
Balance at 12/31/2014 3,454,216,848
Increases in year for capitalizations/acquisitions 82,913,030
Increases for stock options (IFRS 2) 25,511,889
Decreases (10,535,604)
Impairment (71,788,932)
Balance at 12/31/2015 3,480,317,231
Investments in subsidiaries represent long-term, strategic investments by the Company and are recognized at purchase
or subscription cost, as required by IAS 27 - Consolidated and Separate Financial Statements.
The increase in "Investments in subsidiaries" mainly refers to:
• Euro 20,050,000 for the formation of Oakley Sport International S.r.l.;
• Euro 20,000,589 for capitalizing Luxottica Brasil Produtos Oticos e Esportivos LTDA;
• Euro 18,990,331 for capitalizing Luxottica Nederland BV;
• Euro 13,370,428 for capitalizing SGH Brasil Comerci de Oculos LTDA;
• Euro 3,600,000 for the formation of Sunglass Hut France Sa Su;
• Euro 3,514,541 for capitalizing Sunglass Hut de Mexico SA de CV;
• Euro 1,262,262 for the formation of Luxottica Colombia SAS.
The increases and decreases for stock options recognized in "Investments in subsidiaries" reflect adjustments to the
value of investments in subsidiaries in accordance with IFRS 2.
The impairment test has revealed the need to write down the investment in Luxottica Leasing S.r.l. to its realizable
value after this company sold its assets and then started winding-up procedures, and the investments in Sunglass Hut
Brasil Comercio de Oculos Ltda and Luxottica Brasil Produtos Oticos e Esportivos Ltda, both partially impaired since
their future cash flow forecasts reflect values below their carrying amounts.
12.2 Investments in associates
This balance reflects Euro 45,000,000 for the 36.8% equity interest held in Salmoiraghi & Viganò S.p.A. and Euro
561,463 for the 46% equity interest held in Sunglass Hut Thailand Co Ltd.
Balance at 12/31/2015 Balance at 12/31/2014
45,561,463 45,000,000