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LISI 2011 —
57
— financial report
Consolidated financial statements
[3] 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.
[4] LISI AUTOMOTIVE conventional loan
– Method used to calculate the margin according to gearing:
1. <= 0.50: 0.40% per annum,
2. > 0.50 and < 0.75: 0.45% per annum,
3. >= 0.75: 0.50% per annum.
Early redemption:
– Consolidated net debt / Consolidated shareholders’ equity > 1.20,
– Net consolidated financial debt/ consolidated cash flow > 3.5 years.
[5] LISI S.A. conventional loan
Early redemption:
– Gearing ratio > than 1,
– Leverage ratio > than 3 (Net debt / EBITDA).
[6] LISI S.A. conventional loan
Early redemption:
– Gearing ratio > than 1.2
– Leverage ratio > than 3.5 (Net debt / EBITDA)
[7] LISI S.A. conventional loan
Early redemption:
– Gearing ratio > than 1.2
– Leverage ratio > than 3.5 (Net debt / EBITDA)
[8] LISI S.A. conventional loan
Early redemption:
– Gearing ratio > than 1
– Leverage ratio > than 3 (Net debt / EBITDA)
[9] LISI S.A. conventional loan
Early redemption:
– Gearing ratio > than 1.2
– Leverage ratio > than 3.5 (Net debt / EBITDA).
2.5.6.3 Actual sureties
In €m
Capital remaining due
as at December 31, 2011
Guarantees and deposits
2.6
Mortgages and pledged assets
–
Total
2.6
The guarantees and deposits granted by the Group to cover loans
taken out from credit institutions are mainly comprised of:
Letters of intention delivered by the Group to banks for €26.8m as
part of:
– The acquisition of the KNIPPING Group by LISI AUTOMOTIVE for
€18.9m in 2005; the capital outstanding at December 31, 2011
being €2.6m.
2.5.7 Deferred taxes
(In €’000)
2011
2010
Deferred tax assets
23,596
16,146
Deferred tax liabilities
(38,387)
(34,859)
Net deferred taxes
(14,791)
(18,713)
Non-recognized deferred tax assets:
The Company does not recognize its deferred tax assets whenever
it has no sufficient assurance that it will recover carried forward
deficits and tax credits. Deferred tax assets are only recognized if their
recovery is probable. Loss carrybacks not recognized in the balance
sheet at December 31, 2011, would generate deferred tax assets for
€7.1m.
Deferred tax assets by due date (in €'000)
– 1 year
1 to 5 years
+ 5 years
Total
11,689
6,567
5,340
23,596