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LISI 2011 —
96
— financial report
Information regarding the Company and corporate governance
Data with related companies are as follows:
(In €’000)
Amount concerning...
related companies
companies with which the company
has an ownership relationship
ASSETS:
Receivables related to equity holdings
14,760
–
Debtors and apportioned accounts
2,032
–
Cash advances to subsidiaries
149,655
–
Tax integration current account
9,678
–
LIABILITIES:
Subsidiaries’ financial assistance
53,036
–
Tax integration current account
1,913
–
Suppliers
61
–
INCOME STATEMENT:
IT maintenance
13
–
Reserves for equity interests
566
–
Sales revenue with subsidiaries
6,164
–
Revenues from subsidiaries’ loans and current accounts
1,756
–
Revenues from equity interest
10,993
–
Significant intra-group items include:
• On the assets side:
– receivables relating to equity interests: LISI S.A. advanced, as a
mid-term loan, €25m to its subsidiary LISI AUTOMOTIVE. A loan
contract of €10 million which was entered into on July 15, 2005
for a period of seven years, redeemable on or after July 15, 2011
for a full refund on April 1, 2016, allowed it to partially finance the
acquisition in July 2005 of the German KNIPPING. A loan contract
for €5 million which was entered into on April 2, 2007 for a period
of 5 years, repayable quarterly, allowed the company to finance a
number of these industrial investments. The capital outstanding
at December 31, 2011 being €0.3 million. A €10 million loan was
taken out in April 2008 for a period of 7 years, amortizable, with
2 years’ deferred repayment to face its growing working capital
requirements. The capital outstanding at December 31, 2011
being €6 million,
– cash advances to group subsidiaries as part of the Group’s cash
agreement,
– the current accounts for the fiscal integration of tax receivables of
the companies consolidated within the group.
• On the liabilities side:
– cash granted to group subsidiaries within the group cash
management agreement,
– the current accounts for the fiscal integration of tax receivables of
the companies integrated within the group.
• On the income statement:
– invoices for services and management fees from LISI S.A. to its
various subsidiaries,
– dividends received by LISI S.A. during the financial year 2011.
These transactions are entered into under normal market conditions;
in particular, they take into account costs that were actually incurred
and are billed back.
1.5
Auditors’ fees
The table below lists the fees paid to the Auditors appointed for
certifying the Group’s financial and consolidated statements. These
fees pay for services rendered and are recorded as expenses for
fiscal 2011 in the financial statement of LISI S.A. and its subsidiaries
whose income statements for the period and balance sheets are fully
consolidated.