LensCrafters 2015 Annual Report Download - page 215

Notes to the separate financial statements as of December 31, 2015 Page 35 of 77
18. INCOME TAXES PAYABLE
"Income taxes payable" report only specific, known liabilities for tax, mainly the liability for IRES (Italian corporate
income tax) under the national group tax consolidation, the liability for IRAP (Italian regional business tax) and tax
withheld from employee income.
19. DERIVATIVE FINANCIAL INSTRUMENTS
The balance at December 31, 2015 consists of Euro 1,065,248 for the fair value of 32 swap agreements with third
parties, Euro 748,676 for the fair value of 80 forward contracts with third parties, Euro 19,607 for the fair value of 4
forward contracts with the subsidiary Luxottica S.r.l., Euro 2,053 for the fair value of 4 collar agreements with third
parties and the remainder of Euro 218,307 for the fair value of a fuel swap agreement with third parties.
Additional information can be found in section two of this document entitled "Risk management".
20. OTHER LIABILITIES
Other liabilities are stated at their nominal value and analyzed by maturity as follows:
12/31/2015 Within 12 months
Total
Social security payable 5,757,991
5,757,991
Amounts due to subsidiaries 608,029,006
608,029,006
Other liabilities 51,106,167
51,106,167
Total 664,893,164 664,893,164
12/31/2014 Within 12 months
Total
Social security payable 5,316,423
5,316,423
Amounts due to subsidiaries 6,211,487
6,211,487
Other liabilities 44,948,172
44,948,172
Total 56,476,082 56,476,082
"Social security payable" refers to Euro 3,943,393 in amounts due to INPS (Italian social security agency), with the
remainder mainly comprising amounts owed to alternative pension funds.
"Amounts due to subsidiaries" are analyzed as follows:
Balance at 12/31/2015 Balance at 12/31/2014
44,634,383 45,579,450
Balance at 12/31/2015 Balance at 12/31/2014
2,053,891 5,121,268
Balance at 12/31/2015 Balance at 12/31/2014
664,893,164 56,476,082