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LISI 2011 —
56
— financial report
Consolidated financial statements
Entities
Nature of the loan
Fixed
rate
Variable rate
Total
amount
or not
in €m
Capital
remaining
due at
31/12/2011
in €m
Maturity
date
Items exist currency hedging
or in currency
LISI S.A.
Syndicated loan [1] “A”
Euribor over the drawing period + margin
35.0
10.0
2013
Conventional loan
Euribor 3 months + margin
10.0
10.0
2013 Covered by a swap
Conventional loan
Euribor 3 months + margin
10.0
10.0
2013
Conventional loan
Euribor 3 months + margin
10.0
10.0
2014 Covered by a swap
Conventional loan [8]
Euribor 3 months + margin
20.0
19.0
2016 Covered by a swap
Conventional loan [9]
Euribor 3 months + margin
20.0
19.0
2016 Covered by a swap
Conventional loan [5]
Euribor 3 months + margin
10.0
9.5
2016 Covered by a swap
Conventional loan [6]
Euribor 3 months + margin
25.0
25.0
2016 Covered by a swap
Conventional loan [7]
Euribor 3 months + margin
10.0
9.5
2016 Covered by a swap
INDRAERO SIREN
Conventional loan
3.80%
0.4
0.3
2013
CREUZET AERONAUTIQUE
Conventional loan
3.80%
1.7
1.1
2012
LISI AUTOMOTIVE Former
Conventional loan
Euribor 3 months + margin
7.0
6.0
2017 Intention letter by LISI S.A.
LISI AUTOMOTIVE Form as
Conventional loan
Pribor + margin
4.7
3.5
2014 Intention letter by LISI AUTOMOTIVE
LISI AUTOMOTIVE
Conventional loan [2]
Euribor 6 months + margin
4.0
0.6
2012 Intention letter by LISI S.A.
Conventional loan [3]
Euribor 3 months + margin
4.0
0.4
2012 Intention letter by LISI S.A.
Conventional loan [4]
Euribor 3 months + margin
4.0
0.8
2012 Intention letter by LISI S.A.
Conventional loan
Euribor 3 months + margin
4.0
0.8
2012 Intention letter by LISI S.A.
KNIPPING Espana S.A.
Conventional loan
Euribor 3 months + margin
6.5
3.8
2020
LISI AUTOMOTIVE Shanghai
Conventional loan
4.86%
0.6
0.6
2012
KNIPPING Verbindungstechnik GmbH Conventional loan
1.50%
1.1
0.3
2017 Intention letter by LISI AUTOMOTIVE
Conventional loan
Euribor 3 months + margin
3.0
0.6
2012 Intention letter by LISI AUTOMOTIVE
Total
191.0
140.7
2.5.6.2 Related covenants
The Group has no bank facilities based on its credit rating. The
contracts entered into include conventional clauses regarding the
financial health of the Group or its subsidiaries. The definition and
levels of ratios, also called “financial covenants”, are set by prospective
mutual agreement with the credit institutions. Compliance with these
ratios is assessed once a year only, at year end. Failure to comply with
these ratios entitles the credit institutions to impose early repayment
(total or partial) of the facilities granted.
For the reader’s information, the financial “covenants” related to each
loan are described below:
[1] LISI S.A. syndicated loan
Availability of this loan as a revolving credit that can be drawn down in
euros or dollars for a sum equivalent to €35 million (“A” commitment),
and a revolving credit that can be drawn down in euros or dollars for
a sum equivalent to €35m (“B” commitment, as yet not drawn down).
The total for commitment “A” will be automatically reduced on a
straight line basis, in accordance with the depreciation table for
August 7 of 2007 to 2013. LISI will not be able to draw again on all
or part of the “A” commitment, which will have been repaid. For this
commitment, a draw down right of €35m was requested and the
remaining capital due on December 31, 2011 was €10m.
With regard to the “B” commitment, any repaid advance may be the
subject of a new draw down as per the conditions stipulated in the
agreement, as the rights for this loan expire on August 7, 2013 at the
latest.
– Method used to calculate the margin for commitments “A” and “B”:
Euribor or Libor + margin
Early redemption:
– Gearing ratio > than 1.20,
– Leverage ratio > than 3.5 (Net debt / EBITDA).
[2] LISI AUTOMOTIVE conventional loan
– Method used to calculate the margin according to gearing:
1. < 0.25: 0.25% per annum.
2. >= 0.25 and < 0.40: 0.30% per annum,
3. >= 0.40 and < 0.80: 0.375% per annum,
4. >= 0.80 and < 1.00: 0.475% per annum,
5. >= 1.00 and < 1.20: 0.60% per annum.
Early redemption:
– Net debt / Shareholders’ equity > 1.20,
– Net debt > than 3.5 years of EBITDA.