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This excerpt taken from the LUX 20-F filed Jun 25, 2009. Foreign Currency Translation and Transactions — Luxottica Group accounts
for its foreign currency denominated transactions and foreign operations in
accordance with SFAS No. 52, Foreign Currency
Translation. The financial statements of foreign subsidiaries are
translated into Euro, which is the functional currency of the parent company
and the reporting currency of the Company. Assets and liabilities of foreign
subsidiaries, which use the local currency as their functional currency, are
translated at year-end exchange rates. Results of operations are translated
using the average exchange rates prevailing throughout the year. The resulting
cumulative translation adjustments are recorded as a separate component of “Accumulated
other comprehensive income (loss).”
Transactions in foreign currencies are recorded at the exchange rate in effect at the transaction date. Gains or losses from foreign currency transactions, such as those resulting from the settlement of foreign receivables or payables during the year, are recognized in the consolidated statement of income in such year. Aggregate foreign exchange transaction gain/(loss), included in Other Expense - net, for the fiscal years 2008, 2007 and 2006 were Euro (0.3) million, Euro 15.2 million and Euro (19.9) million, respectively.
This excerpt taken from the LUX 6-K filed May 12, 2009. Foreign currency translation and
transactions.
Luxottica Group accounts for its foreign currency denominated transactions and
foreign operations in accordance with SFAS No. 52, Foreign Currency Translation. The
financial statements of foreign subsidiaries are translated into Euro, which is
the functional currency of the parent company and the reporting currency of the
Company. Assets and liabilities of foreign subsidiaries, which use the local
currency as their functional currency, are translated at year-end exchange
rates. Results of operations are translated using the average exchange rates
prevailing throughout the year. The resulting cumulative translation
adjustments are recorded as a separate component of “Accumulated other
comprehensive income (loss).”
Transactions in foreign currencies are recorded at the exchange rate in effect at the transaction date. Gains or losses from foreign currency transactions, such as those resulting from the settlement of foreign receivables or payables during the year, are recognized in the consolidated statement of income in such year. Aggregate foreign exchange transaction gain/(loss), included in Other Expense - net, for the fiscal years 2008, 2007 and 2006 were Euro (0.3) million, Euro 15.2 million and Euro (19.9) million, respectively.
This excerpt taken from the LUX 20-F filed Jun 26, 2008. Foreign Currency Translation and Transactions – Luxottica Group accounts for its foreign currency denominated
transactions and foreign operations in accordance with SFAS No. 52, Foreign Currency Translation. The financial statements of
foreign subsidiaries are translated into Euro, which is the functional currency
of the parent company and the reporting currency of the Company. Assets and
liabilities of foreign subsidiaries, which use the local currency as their
functional currency, are translated at year-end exchange rates. Results of
operations are translated using the average exchange rates prevailing
throughout the year. The resulting cumulative translation adjustments are
recorded as a separate component of “Accumulated other comprehensive income
(loss).”
Transactions in foreign currencies are recorded at the exchange rate in effect at the transaction date. Gains or losses from foreign currency transactions, such as those resulting from the settlement of foreign receivables or payables during the year, are recognized in the consolidated statement of income in such year. Aggregate foreign exchange transaction gain/(loss) for the fiscal years 2007, 2006 and 2005 were Euro 15.2 million, Euro (19.9) million and Euro 9.5 million, respectively.
This excerpt taken from the LUX 6-K filed Jun 4, 2008. Foreign
currency translation and transactions. Luxottica Group
accounts for its foreign currency denominated transactions and foreign
operations in accordance with SFAS No. 52, Foreign Currency Translation.
The financial statements of foreign subsidiaries are translated into Euro,
which is the functional currency of the parent company and the reporting
currency of the Company. Assets and liabilities of foreign subsidiaries, which
use the local currency as their functional currency, are translated at year-end
exchange rates. Results of operations are translated using the average exchange
rates prevailing throughout the year. The resulting cumulative translation
adjustments are recorded as a separate component of “Accumulated other
comprehensive income (loss).”
Transactions in foreign currencies are recorded at the exchange rate in effect at the transaction date. Gains or losses from foreign currency transactions, such as those resulting from the settlement of foreign receivables or payables during the year, are recognized in the consolidated statement of income in such year. Aggregate foreign exchange transaction gain/(loss) for the fiscal years 2007, 2006 and 2005 were Euro 15.2 million, Euro (19.9) million and Euro 9.5 million, respectively.
This excerpt taken from the LUX 20-F filed Jun 29, 2007. Foreign
Currency Translation and Transactions – Luxottica Group
accounts for its foreign currency denominated transactions and foreign operations
in accordance with SFAS No. 52, Foreign Currency
Translation. The financial statements of foreign subsidiaries are
translated into Euro, which is the functional currency of the parent company
and the reporting currency of the Company. Assets and liabilities of foreign
subsidiaries, which use the local currency as their functional currency, are
translated at year-end exchange rates. Results of operations are translated
using the average exchange rates prevailing throughout the year. The resulting
cumulative translation adjustments have been recorded as a separate component
of “Accumulated Other Comprehensive Income (Loss).”
Transactions in foreign currencies are recorded at the exchange rate in effect at the transaction date. Gains or losses from foreign currency transactions, such as those resulting from the settlement of foreign receivables or payables during the year, are recognized in consolidated income in such year. Aggregate transaction gain/(loss) for the years ended December 31, 2004, 2005 and 2006, were Euro 12.5 million, Euro 9.5 million and Euro (19.9) million, respectively. This excerpt taken from the LUX 6-K filed May 25, 2007. Foreign
currency translation and transactions - Luxottica Group
accounts for its foreign currency denominated transactions and foreign
operations in accordance with SFAS no. 52, Foreign Currency Translation. The
financial statements of foreign subsidiaries are translated into Euro, which is
the functional currency of the parent company and the reporting currency of the
Company. Assets and liabilities of foreign subsidiaries, which use the local
currency as their functional currency, are translated at year-end exchange
rates. Results of operations are translated using the average exchange rates
prevailing throughout the year. The resulting cumulative translation
adjustments have been recorded as a separate component of “Accumulated Other
Comprehensive Income (Loss).”
Transactions in foreign currencies are recorded at the exchange rate in effect at the transaction date. Gains or losses from foreign currency transactions, such as those resulting from the settlement of foreign receivables or payables during the year, are recognized in consolidated income in such year. Aggregate transaction gain/(loss) for the years ended December 31, 2004, 2005 and 2006, were Euro 12.5 million, Euro 9.5 million and Euro (19.9) million, respectively. This excerpt taken from the LUX 20-F filed Jun 28, 2006. Foreign
Currency Translation and Transactions—Luxottica Group accounts for its foreign currency denominated
transactions and foreign operations in accordance with Statement of Financial
Accounting Standards (“SFAS”) No. 52, Foreign
Currency Translation. The financial statements of foreign
subsidiaries are translated into Euro, which is the functional currency of the
parent company and the reporting currency of the Company. Assets and
liabilities of foreign subsidiaries, which use the local currency as their
functional currency, are translated at year-end exchange rates. Results of
operations are translated using the average exchange rates prevailing
throughout the year. The resulting cumulative translation adjustments have been
recorded as a separate component of “Accumulated Other Comprehensive Income
(Loss).”
The Company has one subsidiary in a highly inflationary country. The operations of such subsidiary are currently not material to the Company’s consolidated financial statements. Transactions in foreign currencies are recorded at the exchange rate in effect at the transaction date. Gains or losses from foreign currency transactions, such as those resulting from the settlement of foreign receivables or payables during the year, are recognized in consolidated income in such year. Aggregate transaction gain/(loss) for the years ended December 31, 2003, 2004 and 2005, were Euro 1.3 million, Euro 12.5 million and Euro 9.5 million, respectively. This excerpt taken from the LUX 20-F filed Jun 29, 2005. Foreign Currency Translation and Transactions—Luxottica
Group accounts for its foreign currency denominated transactions and foreign
operations in accordance with Statement of Financial Accounting Standards (“SFAS”)
No. 52, Foreign Currency Translation. The
financial statements of foreign subsidiaries are translated into Euro, which is
the functional currency of the parent company and the reporting currency of the
Company. Assets and liabilities of foreign subsidiaries, which use the local
currency as their functional currency, are translated at year-end exchange
rates. Results of operations are translated using the average exchange rates
prevailing throughout the year. The resulting cumulative translation
adjustments have been recorded as a separate component of accumulated other
comprehensive income (loss).
The Company has one subsidiary in a highly inflationary country. However, the operations of such subsidiary are currently not material to the Company’s consolidated financial statements.
F-9
Transactions in foreign currencies are recorded at the exchange rate in effect at the transaction date. Gains or losses from foreign currency transactions, such as those resulting from the settlement of foreign receivables or payables during the year, are recognized in consolidated income in such year.
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