Annual Review 2012 - Luxottica
Annual Review 2012 - Luxottica
Annual Review 2012 - Luxottica
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ANNUAL REPORT <strong>2012</strong><br />
Other financial assets include receivables from foreign currency derivatives amounting to<br />
Euro 6.0 million as of December 31, <strong>2012</strong> (Euro 0.7 million as of December 31, 2011), as<br />
well as other financial assets of the North America retail division totaling Euro 13.2 million<br />
as of December 31, <strong>2012</strong> and 2011.<br />
The reduction of the income tax receivable is mainly due to certain US-based subsidiaries<br />
which in <strong>2012</strong> utilized some of the receivables created in 2011.<br />
Other assets include the short-term portion of advance payments made to certain designers<br />
for future contracted minimum royalties totaling Euro 18.2 million as of December 31, <strong>2012</strong><br />
(Euro 29.7 million as of December 31, 2011).<br />
Prepaid expenses mainly relate to the timing of payments of monthly rental expenses<br />
incurred by the Group’s North America and Asia-Pacific retail divisions.<br />
The net book value of financial assets is approximately equal to their fair value and this<br />
value also corresponds to the maximum exposure of the credit risk. The Group has no<br />
guarantees or other instruments to manage credit risk.