ANNUAL REPORT 2004 - Luxottica Group
ANNUAL REPORT 2004 - Luxottica Group
ANNUAL REPORT 2004 - Luxottica Group
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INDEPENDENT AUDITORS’ <strong>REPORT</strong><br />
STATEMENTS OF CONSOLIDATED CASH FLOWS FOR THE YEARS<br />
ENDED DECEMBER 31, 2002, 2003 AND <strong>2004</strong><br />
Cash flows from operating<br />
activities<br />
Net income<br />
Adjustments to reconcile net income<br />
to net cash provided by operating<br />
activities<br />
Minority interest in income of<br />
consolidated subsidiaries<br />
Depreciation and amortization<br />
(Benefit) provision for deferred income<br />
taxes<br />
Gain on disposals of fixed assets - net<br />
Unrealized foreign exchange gain<br />
Termination indemnities matured during<br />
the year - net<br />
Changes in operating assets and<br />
liabilities, net of acquisition of businesses<br />
Accounts receivable<br />
Prepaid expenses and other<br />
Inventories<br />
Accounts payable<br />
Accrued expenses and other<br />
Accrual for customers’ right of return<br />
Income taxes payable<br />
Total adjustments<br />
Cash provided by operating<br />
activities<br />
Cash flows from investing<br />
activities<br />
Property, plant and equipment:<br />
- Additions<br />
- Disposals<br />
Purchases of businesses net of cash<br />
acquired<br />
Increase in investments<br />
Additions (disposals) of intangible<br />
assets - net<br />
Cash used in investing activities<br />
98<br />
2002<br />
(Euro thousands)<br />
372,077<br />
4,669<br />
145,980<br />
(7,785)<br />
(1,212)<br />
-<br />
5,977<br />
(17,522)<br />
56,339<br />
(58,573)<br />
8,926<br />
(78,611)<br />
(3,147)<br />
9,161<br />
64,202<br />
436,279<br />
(173,330)<br />
4,646<br />
(27,428)<br />
(7,611)<br />
28,611<br />
(175,112)<br />
2003<br />
(Euro thousands)<br />
267,343<br />
5,122<br />
134,840<br />
12,865<br />
(124)<br />
-<br />
2,403<br />
23,888<br />
(43,556)<br />
17,120<br />
(45,029)<br />
(39,857)<br />
(249)<br />
(7,294)<br />
59,929<br />
327,272<br />
(81,288)<br />
3,839<br />
(342,432)<br />
(501)<br />
(48,177)<br />
(468,559)<br />
<strong>2004</strong><br />
(Euro thousands)<br />
286,874<br />
8,614<br />
152,751<br />
45,414<br />
-<br />
(13,445)<br />
6,768<br />
(15,819)<br />
749<br />
64,467<br />
7,062<br />
(14,724)<br />
727<br />
(1,555)<br />
241,009<br />
527,883<br />
(117,420)<br />
198<br />
(362,978)<br />
-<br />
(301)<br />
(480,501)<br />
<strong>2004</strong><br />
(US$ thousands) (1)<br />
388,371<br />
11,662<br />
206,794<br />
61,481<br />
-<br />
(18,202)<br />
9,163<br />
(21,416)<br />
1,014<br />
87,275<br />
9,561<br />
(19,934)<br />
984<br />
(2,105)<br />
326,277<br />
714,648<br />
(158,963)<br />
268<br />
(491,400)<br />
-<br />
(407)<br />
(650,502)<br />
In accordance with U.S. GAAP<br />
(1) Translated for convenience at<br />
the New York City Noon Buying<br />
Rate as determined in Note 1.
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