ANNUAL REPORT 2004 - Luxottica Group

Since fiscal year 2004, for income tax purposes, the
Company and its Italian subsidiaries file tax returns on
consolidated basis.
In thousands of Euro
At December 31
Current portion
Inventory
Insurance and other reserves
Recorded reserves
Net operating loss carryforwards
Loss on investments
Dividends
Trade name
Right of return reserve
Asset held for sale - Pearle Europe
Deferred revenue - extended warranty contracts
Other, net
Valuation allowance
Net current deferred tax assets
Non-current portion
Difference in basis of fixed assets
Net operating loss carryforwards
Recorded reserves
Occupancy reserves
Depreciation
Employee-related reserves (including minimum pension
liability)
Trade name
Other intangibles
Trade mark accelerated amortization
Other, net
Valuation allowance
Net non-current deferred tax liabilities
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The deferred tax assets and liabilities as of December
31, 2003 and 2004, respectively, were comprised of:
2003
Deferred tax
Asset/(Liability)
29,733
13,551
17,340
71,429
5,452
(13,112)
(5,506)
1,456
-
-
14,458
(10,350)
124,451
(53,003)
81,724
5,142
4,040
(3,529)
19,042
(121,108)
(10,734)
(68,255)
11,658
(26,079)
(161,102)
2004
Deferred tax
Asset/(Liability)
47,424
27,212
10,248
47,101
3,930
(6,092)
(5,179)
10,572
(55,448)
10,508
14,232
-
104,508
(126,324)
70,071
14,305
15,558
(2,843)
28,503
(108,833)
(19,917)
(74,341)
10,767
(22,837)
(215,891)
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