LensCrafters 2015 Annual Report Download - page 217
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Notes to the separate financial statements as of December 31, 2015 Page 37 of 77
NON-CURRENT LIABILITIES
21. LONG-TERM DEBT
Balance at 12/31/2015
Balance at 12/31/2014
1,092,626,239 1,118,959,755
Long term-debts represent debts to banks for the total amount, details of which can be found in the note on "Long-term
debt" in the Notes to the Consolidated Financial Statements.
The fair value of long-term debt was Euro 1,234.5 million at December 31, 2015 (Euro 1,787.7 million at December 31,
2014). The fair value of debt is equal to the present value of future cash flows, calculated using the market rates
currently available for similar debt, as modified to take account of the Company's credit standing. This fair value does
not include lease liabilities (Euro 0.9 million).
Long-term debt is repayable as follows:
At December 31 Amount
2016
2017 50,617,671
2018 288,943
2019 500,000,000
thereafter 550,000,000
Effect of applying the amortized cost method (8,280,375)
Total 1,092,626,239
The net financial position (calculated on the basis of Consob communication no. 6064293 dated July 28, 2006)
inclusive of intragroup positions, was as follows as of December 31, 2015 and December 31, 2014 (in Euro):
Notes
2015
of which
related parties
2014
of which
related
parties
Change
A Cash on hand 4 3,853
-
5,038
-
(1,185)
B Other liquid assets 4 223,177,287
-
390,567,806
-
(167,390,519)
C Currency hedging instruments 8 1,395,827
12,061
702,604
702,604
693,223
D Availabilties (A) + (B) + (C) 224,576,967
12,061
391,275,448
702,604
(166,698,481)
E Current financial receivables 8-9 390,380,634
390,380,634
10,193,798
10,193,798
380,186,836
F Bank overdrafts 15 796
-
1,262
-
(466)
G Current portion of long-term debt 15 28,221,135
-
26,719,818
26,719,818
1,501,317
H Notes payable 15 -
-
500,000,000
-
(500,000,000)
I Other current financial liabilities 19-20 632,954,524
630,920,240
10,763,542
10,166,313
622,190,982
J Current financial liabilities (F) + (G) + (H)
+ (I)
661,176,455
630,920,240
537,484,622
36,886,131
123,691,833