Annual Review 2012 - Luxottica

Consolidated financial statements - NOTES
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On July 31, 2012, the Group successfully completed the acquisition of more than 120 Sun
Planet branded sun specialty stores in Spain and Portugal from Multiopticas Internacional.
In 2011, Luxottica acquired the Sun Planet retail chain in Latin America from the same
seller. The consideration paid was Euro 23.8 million. Sun Planet operates approximately
90 sunglass retail locations in Spain and 30 in Portugal, mainly in select malls and tourist
destinations.
The goodwill of Euro 15.3 million arising on the 2012 acquisition is mainly due to market
share gained by Sun Planet.
The Company uses various methods to calculate the fair value of the Sun Planet assets
acquired and the liabilities assumed. Sun Planet assets and liabilities have been calculated
on an estimated basis, since, as of the date of this consolidated financial statements
were authorized for issuance, certain valuation processes have not been concluded. The
difference between the consideration paid and the net asset acquired was provisionally
recorded as goodwill and intangible assets. In accordance with IFRS 3, the fair value of the
net assets and liabilities assumed will be defined within 12 months from the acquisition
date.
The following table summarizes the consideration paid, the fair value of assets acquired
and liabilities assumed at the acquisition date:
(thousands of Euro)
Cash paid for the share capital of Sun Planet 23,839
Total consideration 23,839
Recognized amount of identifiable assets and liabilities assumed
Cash and cash equivalents 1,893
Accounts receivable - net 325
Inventory 2,186
Other current receivables 252
Fixed assets 2,660
Trademarks and other intangible assets 6,656
Other long-term receivables 733
Accounts payable (3,303)
Other current liabilities (1,016)
Deferred income tax payable (1,883)
Advances for income tax payable 70
Total net identifiable assets 8,573
Non - controlling interest (8)
Goodwill 15,274
Total 23,839