LensCrafters 2015 Annual Report Download - page 228

Notes to the separate financial statements as of December 31, 2015 Page 48 of 77
"Income from other current assets" consists of interest earned on bank deposits.
More information about loans given to Group companies by the parent can be found in the notes on "Other non-current
assets" and "Other current assets".
36. FINANCE EXPENSE
2015 2014 Change
73,627,929 76,885,701 (3,257,772)
Description 2015
2014 Change
Bank interest 4,885 3,297 1,588
Cash pooling finance expense 1,489,110 1,503,751 (14,641)
Finance expense on joint guarantees 5,640,072 5,905,389 (265,317)
Interest on loans from subsidiaries 18,741 15,548 3,193
Loan interest 2,672,023 6,558,525 (3,886,502)
Derivatives interest expense 6,597,920 4,585,695 2,012,225
Interest on bonds 48,416,667 49,828,125 (1,411,458)
Other finance expense 8,788,511 8,485,371 303,140
Total 73,627,929 76,885,701 (3,257,772)
"Cash pooling finance expense" reflects the interest paid to the subsidiary Luxottica Trading and Finance Ltd. on
overdrawn balances on the cash pooling account during the year.
"Finance expense on joint guarantees" refers to guarantees given by Luxottica S.r.l. and Luxottica U.S. Holdings Corp.
on the "club deal" loan and in part on the placement of bonds (for additional information see the note on long-term debt
in the Notes to the consolidated financial statements).
"Interest on loans from subsidiaries" relates to loans from the subsidiary Luxottica U.S. Holdings to the parent
company.
"Other finance expense" mostly comprises Euro 227,436 (Euro 628,488 in 2014) in interest expense on lease payments
to the subsidiary Luxottica Leasing S.r.l. for the OPSM trademarks, and Euro 4,000,000 (Euro 4,000,000 also in 2014)
in interest expense on corporate bonds.