LISI 2012 FINANCIAL REPORT
58
3
Consolidated financial statements
Entities
Nature of the loan Fixed
rate
Variable rate
Total
amount
or not
In €m
Capital remaining
due at 12/31/2012
In €m
Maturity date
Items exist
currency hedging
or in currency
LISI S.A
Syndicated loan [1]
Euribor over the drawing period
35.0
5.0
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 [2]
Euribor 3 months + margin
20.0
15.0
2016 Covered by a swap
Conventional loan [2]
Euribor 3 months + margin
20.0
15.0
2016 Covered by a swap
Conventional loan [2]
Euribor 3 months + margin
10.0
7.5
2016 Covered by a swap
Conventional loan [2]
Euribor 3 months + margin
25.0
18.8
2016 Covered by a swap
Conventional loan [2]
Euribor 3 months + margin
10.0
7.5
2016 Covered by a swap
Conventional loan [2]
Euribor 3 months + margin
15.0
12.8
2017
Conventional loan [2]
Euribor 3 months + margin
10.0
8.5
2017
INDRAERO SIREN
Conventional loan
3.80%
1.0
0.1
2013
CREUZET AERONAUTIQUE
Conventional loan
Euribor 1 month + margin
3.9
3.7
2020
LISI AUTOMOTIVE Former
Conventional loan
Euribor 3 months + margin
7.0
5.0
2017 Intention letter by LISI S.A
LISI AUTOMOTIVE Form as
Conventional loan
Pribor + margin
4.7
2.4
2014 Intention letter by LISI AUTOMOTIVE
LISI AUTOMOTIVE
KNIPPING Espana S.A
Conventional loan
Euribor 3 months + margin
1.5
0.9
2020
LISI AUTOMOTIVE KNIPPING
Espana S.A
Conventional loan
Euribor 3 months + margin
5.0
2.4
2018
LISI AUTOMOTIVE Shanghai
Conventional loan
5.88%
0.6
0.6
2013
LISI AUTOMOTIVE
KNIPPING Verbindungstechnik
Conventional loan
1.50%
1.1
0.2
2017 Intention letter by LISI AUTOMOTIVE
SEIGNOL / HUGUENY
Conventional loan
Euribor 3 months + margin
4.5
4.4
2024
Total
204.3
139.7
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.
Provision of this credit in the formof a revolving credit available
in euros or dollars for a sum equivalent to €35 million.
The total commitment 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 commitment, which will have been repaid. For
this commitment, a draw down right of €35m was exercised
and the remaining capital due on December 31, 2012 was €5m.
• Method used to calculate the margin:
Euribor or Libor + margin
Early redemption:
• Gearing ratio > than 1.2,
• Leverage ratio > than 3.5 (Net debt / EBITDA)
[2] LISI S.A. conventional loan
Early redemption:
• Gearing ratio > than 1.2,
• Leverage ratio > than 3.5 (Net debt / EBITDA)
2.5.7 Deferred taxes
(in €'000)
12/31/2012
12/31/2011
Deferred tax assets
14,289
23,596
Deferred tax liabilities
(23,511)
(38,387)
Net deferred taxes
(9,222)
(14,791)
