LensCrafters 2015 Annual Report Download - page 230
Download and view the complete annual report
Please find page 230 of the 2015 LensCrafters annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220 -
221 -
222 -
223 -
224 -
225 -
226 -
227 -
228 -
229 -
230 -
231 -
232 -
233 -
234 -
235 -
236 -
237 -
238 -
239 -
240 -
241
-
242
-
243
-
244
-
245
-
246
-
247
-
248
-
249
-
250
-
251
-
252
-
253
-
254
-
255
-
256
-
257
-
258
-
259
-
260
-
261
-
262
-
263
-
264
-
265
-
266
-
267
-
268
-
269
-
270
 |
 |
Notes to the separate financial statements as of December 31, 2015 Page 50 of 77
Reconciliation between reported tax charge and theoretical tax charge (IRES)
December 31
2015
2014
Theoretical tax charge applying in Italy 27.5%
27.5%
Effect of dividends (3.09)%
(3.75)%
Other permanent differences (1.33)%
(0.89)%
Effective tax rate 23.08%
22.86%
Reconciliation between reported tax charge and theoretical tax charge (IRAP)
December 31
2015 2014
Theoretical tax charge applying in Italy 5.57% 3.90%
Effect of dividends (0.66)% (0.56)%
Effect of rate adjustment 0.95% 0%
Other permanent differences 1.07% 1.00%
Effective tax rate 6.93% 4.34%
39. COMMITMENTS, RISKS, GUARANTEES, CONTINGENT LIABILITIES AND OTHER
PROCEEDINGS
Description 2015
2014
Risks assumed by the company for sureties 1,194,091,692
1,179,319,690
Minimum royalties and advertising contributions 901,463,834
527,211,379
Purchase commitments 18,108,711
23,802,985
Total 2,113,664,237
1,730,334,054
The following table summarizes commitments for minimum royalties according to maturity:
Less than 1 year From 1 to 5 years More than 5 years
104,208,493 447,746,107 349,509,234
It is also noted that the Company has to make future payments of Euro 18.1 million in respect of certain supplier
contracts. The following table summarizes these commitments according to maturity:
2016 2017 2018
6,640,930 6,445,948 5,021,833
Risks assumed by the company for sureties
These are intended to guarantee loans used by subsidiaries; most of the remunerated guarantees given, jointly with the
subsidiary Luxottica S.r.l., refer to debt obligations of the subsidiary Luxottica U.S. Holdings Corp. relating to the
Cole National Group acquisition, to a private bond placement of USD 128 million (about Euro 117.6 million), to a
private bond placement of USD 175 million (about Euro 160.7 million) and to a new private bond placement of USD
350 million (about Euro 321.5 million).