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LISI 2011 —
52
— financial report
Consolidated financial statements
2.5.2.2 Trade and other receivables
(In €’000)
2011
2010
Gross debtors and apportioned accounts
134,300
98,794
Depreciation of trade and other apportioned accounts
(3,795)
(3,582)
Net debtors and apportioned accounts
130,505
95,212
State – Other taxes and duties
16,454
10,950
Social charges & employees
394
609
Accounts payable - advances, debtors
1,387
1,161
Deferred charges
3,343
2,958
Other
6,765
15,831
Other receivables
28,342
31,509
Total trade and other receivables
158,847
126,721
The increase in outstanding accounts receivable is the result of the
high level of activity in the AEROSPACE arm, knowing that the sale
of receivables, which as at December 31, 2011, amounted to €44.8m
versus €43.1m as at December 31, 2010, is deducted from that
item. These disposals took the form of factoring with conventional
subrogation, but without recourse. There are two contracts for
the assignment of receivables, one signed for an indefinite period,
the other for a period of one year, automatically renewable. These
contracts provide for the opportunity to transfer receivables up to an
amount of €87m. The amount of disposals carried out exclusively in
France brings the average payment term down to 60 days.
The newly-consolidated companies contribute to the increase in
accounts payable by €28.2m.
Overdue receivables not covered by provisions mainly concern major
customers with which the Group has annual or pluriannual business
agreements. On the basis of historic observations, the company
considers the risk of non-collection margin, with non-hedged overdue
receivables being mainly within less than one year; the share within
more than one year being totally immaterial.
The position of State-Other taxes and duties, up as at December 31,
2011, reflects the impact of flows of deductible VAT before winding
up.
The “Other” item, down compared to 2010 (€-9.1m) includes
the balance of funds to receive from partners in the context of
reorganization transactions.
Accounts receivable and other debtors are within less than one year.
2.5.2.3 Other short-term financial assets
This item consists mainly of investment securities held by the Group
and in particular monetary SICAV instruments, for a total of €22.4m,
and negotiable security deposits of €27.4m. The latter are recorded at
their fair value, and value adjustments are recorded into the income
statement. These positions are not exposed, the main backing
instruments guaranteeing the capital.
2.5.2.4 Cash and cash equivalents
The cash available as at December 31, 2011 stood at €45.7m. It was
mainly comprised of current bank accounts in euros and currencies.
The impact of the change in working capital on cash is as follows:
(In €’000)
2011
2010
Effect of the change in inventories
(33,562)
(9,870)
Effect of the change in cash flow imbalances of customers and other debtors
8,149
(5,030)
Effect of the change in cash flow imbalances of suppliers and other creditors
5,053
28,984
Effect of the change in cash flow imbalances for taxes
(3,627)
11,826
Change in working capital requirements
(23,986)
25,910
2.5.3 Shareholders’ equity
The Group’s shareholders’ equity stands at €541.1m at December 31,
2011, against €489.5m at December 31, 2010, being an increase of
€51.6m. This change takes into account the following main factors:
• €+58.2 m of income for the period attributable to holders of the
company’s shareholders’ equity,
• €-10.9 million of dividends paid in May 2011,
• €+0.8 million relative to treasury shares and payments in shares,
• €-1,4 million related to a change in the method used for assessing
inventories at the LISI AUTOMOTIVE division,
• €+1.3 million of valuation of the hedging instruments,
• €-0.5 m of miscellaneous restatements,
• €+4.1 m of translation adjustment linked to variations in closing
rates, particularly regarding the depreciation of the dollar.