Annual Review 2012 - Luxottica

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108 | ANNUAL REPORT <strong>2012</strong> (b) Trademarks and other intangible assets Separately acquired trademarks and licenses are shown at historical cost. Trademarks, licenses and other intangible assets, including distribution networks and franchisee agreements, acquired in a business combination are recognized at fair value at the acquisition date. Trademarks and licenses have a finite useful life and are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is calculated using the straight-line method to allocate the cost of trademarks and licenses over their estimated useful lives. Contractual customer relationships acquired in a business combination are recognized at fair value at the acquisition date. The contractual customer relations have a finite useful life and are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized over the expected life of the customer relationship. All intangible assets are subject to impairment tests, as required by IAS 36 - Impairment of Assets, if there are indications that the assets may be impaired. Trademarks are amortized on a straight-line basis over periods ranging between 20 and 25 years. Distributor network, customer relation contracts and lists are amortized on a straight-line basis or on an accelerated basis (projecting diminishing cash flows) over periods ranging between 3 and 25 years. Other intangible assets are amortized on a straight-line basis over periods ranging between 3 and 7 years. Impairment of assets Intangible assets with an indefinite useful life, for example goodwill, are not subject to amortization and are tested at least annually for impairment. Tangible assets and intangible assets with a definite useful life are subject to amortization and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, tangible and intangible assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Intangible assets other than goodwill are reviewed at each reporting date to assess whether there is an indication that an impairment loss recognized in prior periods may no longer exist or has decreased. If such an indication exists, the loss is reversed and the carrying amount of the asset is increased to its recoverable amount, which may not exceed the carrying amount that would have been determined if no impairment loss had been recorded. The reversal of an impairment loss is recorded in the consolidated statement of income. Financial assets The financial assets of the Group may fall into the following categories: (a) Financial assets at fair value through profit and loss
Consolidated financial statements - NOTES | 109 > Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short-term. Derivatives are also categorized as held for trading unless they are designated as hedges. Assets in this category are classified as current or noncurrent assets based on their maturity. Transaction costs are immediately recognized in the consolidated statement of income. After initial recognition, financial assets at fair value through profit and loss are measured at their fair value each reporting period. Gains and losses deriving from changes in fair value are recorded in the consolidated statement of income in the period in which they occur. Dividend income from financial assets at fair value through profit or loss is recognized in the consolidated statement of income as part of other income when the Group’s right to receive payments is established. (b) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities greater than 12 months or which are not expected to be repaid within 12 months after the end of the reporting period. These are classified as non-current assets. The Group’s loans and receivables are comprised of trade and other receivables. Loans and receivables are initially measured at their fair value plus transaction costs. After initial recognition, loans and receivables are measured at amortized cost, using the effective interest method. (c) Financial assets available for sale Available-for-sale financial assets are non-derivative financial assets that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless the investment matures or management intends to dispose of it within 12 months of the end of the reporting period. Financial assets available for sale are initially measured at their fair value plus transaction costs. After initial recognition, financial assets available for sale are carried at fair value. Any changes in fair value are recognized in other comprehensive income. Dividend income from financial assets held for sale is recognized in the consolidated statement of income as part of other income when the Group’s right to receive payments is established. A regular way purchase or sale of financial assets is recognized using the settlement date. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. The fair value of listed financial instruments is based on the quoted price on an active
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Annual Review 2012
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All pictures in this Annual Review
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7 Letter to shareholders Dear Share
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9 1 Financial highlights 2008 2009
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13 2.1 Profile Luxottica is a marke
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17 2.2 Mission and strategy VERTICA
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2.2 MISSION AND STRATEGY 19 develop
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2.2 MISSION AND STRATEGY 21 Luxotti
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A first-class brand portfolio ACQUI
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27 2.4 From design to logistics Des
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30 ANNUAL REview 2012 its manufactu
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32 ANNUAL REview 2012 introduces ne
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35 2.5 Brand portfolio Proprietary
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2.5 BRAND PORTFOLIO 37 Vogue eyewea
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2.5 BRAND PORTFOLIO 39 under licens
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2.5 BRAND PORTFOLIO 41 Prada Group
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44 ANNUAL REview 2012 Luxottica a w
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46 ANNUAL REview 2012 Customers of
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50 ANNUAL REview 2012 Retail licens
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52 ANNUAL REview 2012 SUN AND LUXUR
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55 2.7 Giving back through OneSight
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58 ANNUAL REview 2012 Canada 7,342
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61 3 A long way to grow In 2013 Lux
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3 A long way to grow 63 The concent
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66 ANNUAL REview 2012 Net sales in
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69 5 Human resources Group headcoun
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5 HUMAN RESOURCES 71 For the retail
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75 Other information 2000-2012 EVOL
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Other information 77 share Capital
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Other information 79 1990 1991 1992
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www.luxottica.com
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ANNUAL REPORT 2012 Fiscal year ende
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MANAGEMENT REPORT | 5 > Management
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MANAGEMENT REPORT | 7 > 2011. In 20
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MANAGEMENT REPORT | 9 > As a result
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MANAGEMENT REPORT | 11 > of Coach,
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MANAGEMENT REPORT | 13 > Please fin
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MANAGEMENT REPORT | 15 > Adjusted n
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MANAGEMENT REPORT | 17 > The income
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MANAGEMENT REPORT | 19 > Operating
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MANAGEMENT REPORT | 21 > Other Inco
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MANAGEMENT REPORT | 23 > Cash used
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MANAGEMENT REPORT | 25 > As of Dece
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MANAGEMENT REPORT | 27 > Capital ex
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MANAGEMENT REPORT | 29 > Implementa
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MANAGEMENT REPORT | 31 > consequent
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MANAGEMENT REPORT | 33 > Risks Rela
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MANAGEMENT REPORT | 35 > 31, 2012 a
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MANAGEMENT REPORT | 37 > n) If we w
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MANAGEMENT REPORT | 39 > of the U.S
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MANAGEMENT REPORT | 41 > growing at
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MANAGEMENT REPORT - APPENDIX | 43 >
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REPORT ON CORPORATE GOVERNANCE AND
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REPORT ON CORPORATE GOVERNANCE AND
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Annual Review 2012 - Luxottica

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