ANNUAL REPORT 2004 - Luxottica Group

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
F) OTHER ACQUISITIONS AND ESTABLISHMENTS
During 2002 the Company acquired six retail
companies for an aggregate amount of Euro 35.0
million (US$ 33.5 million). All tangible assets and
liabilities assumed were insignificant individually and
in the aggregate and, accordingly, substantially the
entire purchase price was allocated to goodwill. No
pro forma financial information is presented, as the
acquisitions were not material to the Company’s
consolidated financial statements. One of these
companies is accounted for under the equity
method.
In 2003, Luxottica Holland B.V., a wholly-owned
In thousands of Euro
Land and buildings, including leasehold improvements
Machinery and equipment
Aircraft
Other equipment
Building, held under capital lease
Less: accumulated depreciation and amortization
Total
Depreciation and amortization expense relating to
property, plant and equipment for the years ended
December 31, 2002, 2003 and 2004 was Euro 103.8
million, Euro 92.2 million and Euro 101.1 million,
118
subsidiary, acquired the remaining interest in Mirari
Japan, a wholesale distributor, for aggregate cash
consideration of Euro 18 million. The subsidiary has
been accounted for as a step acquisition and the
Company has recorded goodwill of approximately
Euro 16.9 million in connection therewith.
5. PROPERTY, PLANT
AND EQUIPMENT - NET
Property, plant and equipment - net consisted of the
following:
2003
416,752
428,644
25,908
268,138
2,332
1,141,774
644,339
497,435
2004
475,605
458,578
25,908
320,077
2,332
1,282,500
683,255
599,245
respectively. Included in “Other equipment” is
approximately Euro 16.5 million and Euro 26.6 million
of construction in progress as of December 31, 2003
and 2004, respectively.