LensCrafters 2015 Annual Report Download - page 229
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Notes to the separate financial statements as of December 31, 2015 Page 49 of 77
37. FOREIGN CURRENCY HEDGE AND EXCHANGE DIFFERENCE GAINS/LOSSES
2015
2014
Change
Gains 139,276,469
70,763,007
68,513,462
Losses (140,306,317)
(71,641,856)
(68,664,461)
Total (1,029,848)
(878,849)
(150,999)
Gains realized from entering into currency hedging derivatives with the subsidiary Luxottica Trading and Finance Ltd.
have offset the losses particularly arising on the receipt of foreign currency dividends and the payment of interest
expense in USD.
38. PROVISION FOR INCOME TAXES
2015 2014 Change
(232,011,593) (204,793,492) (27,218,101)
Taxes 2015
2014
Change
Current taxes: (260,371,507)
(202,313,712)
(58,057,795)
Taxes paid abroad (1,439,499)
(508,688)
(930,811)
Taxes relating to prior years (11,308,708)
(298,560)
(11,010,148)
IRES (201,624,151)
(168,327,721)
(33,296,430)
IRAP (45,849,149)
(32,478,743)
(13,370,406)
Taxes on foreign income (150,000)
(700,000)
550,000
Deferred tax assets (liabilities): 28,359,914
(2,479,780)
30,839,694
IRES 25,911,102
(2,219,585)
28,130,687
IRAP 2,448,812
(260,195)
2,709,007
Total (232,011,593)
(204,793,492)
(27,218,101)
The provision for income taxes reflects the tax charge for the year.
With reference to current IRES (Italian corporate income tax), the Company has recognized a charge of Euro
201,624,151. The Company is the head of a tax group under a "National tax consolidation" election, permitted by
Sections 117 et seq. of the Italian Income Tax Code. This election allows the taxable income and tax losses of
participating companies to be offset against one another.
With reference to current IRAP (Italian regional business tax), the charge for the year is Euro 45,849,149, calculated on
the value of net production for the year.
The Company has also recognized Euro 150,000 in taxes under Section 167 of the Italian Income Tax Code.
In terms of deferred tax, the Company has recognized Euro 2,448,812 in deferred tax assets for IRAP and Euro
25,911,102 in deferred tax assets for IRES.