Annual Review 2012 - Luxottica

146 |
ANNUAL REPORT 2012
Deferred income tax assets are recognized for tax loss carry-forwards to the extent that the
realization of the related tax benefit through future profit is probable. The Group did not
recognize deferred income tax assets of Euro 37.3 million in respect of losses amounting
to Euro 169.6 million that can be carried forward against future taxable income. Additional
losses of certain subsidiaries amounting to Euro 56.1 million can be indefinitely carriedforwards.
The breakdown of the net operating losses by expiration date is as follows
Years ending December 31 (thousands of Euro)
2013 14,547
2014 22,426
2015 17,930
2016 17,827
2017 21,767
Subsequent years 18,964
Total 113,462
The Company does not provide for an accrual for income taxes on undistributed earnings
of its non-Italian operations to the related Italian parent company, of Euro 2.0 billion
and Euro 1.8 billion in 2012 and 2011 that are intended to be permanently invested. In
connection with the 2012 earnings of certain subsidiaries, the Company has provided for
an accrual for income taxes related to declared dividends of earnings.