LensCrafters 2015 Annual Report Download - page 211

Notes to the separate financial statements as of December 31, 2015 Page 31 of 77
13. DEFERRED TAX ASSETS AND LIABILITIES
Balance at 12/31/2015 Balance at 12/31/2014
57,772,185 29,546,880
These originate from deductible and taxable temporary differences between the accounting value of assets and liabilities
and the corresponding value recognized for tax purposes.
The movements in net deferred tax assets during 2015 are shown in the following tables:
Description 12/31/2014
Increases Decreases 12/31/2015
Net deferred tax assets (IRES) 23,001,989 25,776,493 - 48,778,482
Net deferred tax assets (IRAP) 6,544,891 3,533,604 1,084,792 8,993,703
Total 29,546,880 29,310,097 1,084,792 57,772,185
The following table presents the composition of deferred tax assets and liabilities, ignoring any offsetting of balances:
2015 2014
Amount of
temporary
differences
Tax effect
(27.50-33.07%)
(24.00-29.57%)
Amount of
temporary
differences
Tax
effect (27.50-
31.40%)
Deferred tax assets:
Trademark impairment 5,499,553 1,626,218 6,059,013 1,902,530
Inventory write-down 32,105,386 8,828,981 29,257,474 8,045,805
Provisions for risks and other
charges
13,031,719 4,309,589 8,453,973 2,648,067
Trademarks 154,462,208 45,674,476 166,155,348 52,172,779
Severance pay 20,341 4,882 20,341 5,594
Other 25,845,034 7,022,436 13,461,289 3,712,893
Total deferred tax assets 230,964,241 67,466,582 223,407,438 68,487,668
Deferred tax liabilities:
Revaluation investments - - 708,132,663 30,459,373
Trademarks 11,526,673 3,408,437 12,967,507 4,071,797
Finance leases 1,831,558 439,574 1,831,558 503,678
Other 21,268,150 5,846,386 14,203,417 3,905,940
Total deferred tax liabilities 34,626,381 9,694,397 737,135,145 38,940,788
Deferred tax assets
(liabilities), net
196,337,860 57,772,185 (513,727,707) 29,546,880
01/01/2015 29,546,880
Taxes recognized in profit or loss 28,359,914
Taxes recognized in equity (134,609)
12/31/2015 57,772,185