Basic HTML Version
LISI 2011 —
55
— financial report
Consolidated financial statements
The following table shows the reconciliation of amounts recognized
in the Group’s consolidated financial statements and the above sums
(in €k):
(In €’000)
2011
2010
Non funded actuarial debt
(26,760)
(21,301)
Deferred actuarial losses (gains)
recorded to the balance sheet
5,226
3,975
Costs of past services not yet
recognized
Liabilities recognized at year end
(21,534)
(17,326)
The expense recognized in the operating income statement by the
Group for 2011 for defined benefits plans came to €2.5m and breaks
down as follows:
(In €’000)
2011
2010
Cost of services rendered during
the year
779
643
Cost of accretion
1,983
1,938
Expected yield from assets
(787)
(1,144)
Actuarial differences recognized
during the year
445
(74)
Cost of past services
Depreciation of transition assets
Limitation of assets
7
Reductions / Wind-ups
(42)
Change in consolidation scope
90
Recognized expense (revenue)
2,517
1,320
Three foreign affiliates of the AEROSPACE division are concerned by
the management of hedging assets. Actual performance of these
assets is variable and ranges between 2% and 5%.
2.5.5 Other long-term liabilities
(In €’000)
2011
2010
Deposits and sureties received
146
25
Other long-term liabilities
23
Employee profit-sharing for the year
4,068
997
Deferred income
1,488
4,808
Total other long-term liabilities
5,725
5,830
2.5.6 Financial debt and financial risk management
The breakdown by accounting category and instrument class for
financial liabilities is given in notes 2.5.1.3.
2.5.6.1 Debt
a) Breakdown by nature
(In €’000)
2011
2010
Non-current share
Mid-term loans
119,864
66,354
Debt related to lease agreements
12,379
459
Employee profit-sharing (frozen
on a current account)
4,166
5,833
Sub-total non-current debt
136,408
72,647
Current share
Banking facilities for operations [B]
29,565
7,923
Mid-term loans
29,689
15,277
Debt related to lease agreements
2,534
970
Employee profit-sharing (frozen
on a current account)
2,001
1,538
Sub-total current debt
63,788
25,709
Total debt
200,196
98,356
The increase in debt is primarily due to new borrowings taken
out during the year in the context of the acquisition of CREUZET
AERONAUTIQUE and INDRAERO SIREN for an amount of €75m and an
increase in bank overdrafts.
b) Breakdown by maturity date
(In €’000)
2011
2010
Borrowings
below one year
29,689
15,277
between two and five years
117,042
63,808
over five years
2,822
2,547
Sub-total borrowings
149,552
81,632
Other financial creditors
below one year
34,099
10,431
between two and five years
11,173
6,292
over five years
5,372
Other debt sub-total
50,642
16,723
Borrowings and debt
200,196
98,356
c) Breakdown by currency
All figures relating to borrowings and debts with credit establishments
are given in euros. The Group’s bank debts therefore do not expose it
to any foreign exchange risk.
d) Breakdown by interest rate category
The table below summarizes loans from credit institutions to the
Group as it studies the principal amounts incurred at fixed and
variable rates.