54
I LISI FINANCIALREPORT2013
CONSOLIDATEDFINANCIALSTATEMENTS
3
Entities
Nature of the
loan
Fixed
rate
Variable rate
Total
amount
In€m
Capital
remaining
due at
12/31/2013
In€m
Maturity
date
Items exist currency
hedgingor in currency
Covenant
LISIS.A
Conventional loan
Euribor3months+margin
10.0
10.0
2014
Coveredbyaswap
[3]
Conventional loan [2]
Euribor3months+margin
20.0
11.0
2016
Coveredbyaswap
[1]
Conventional loan [2]
Euribor3months+margin
10.0
5.5
2016
Partlycoveredbyaswap
[1]
Conventional loan [2]
Euribor3months+margin
25.0
13.8
2016
[1]
Conventional loan [2]
Euribor3months+margin
15.0
9.8
2017
Partlycoveredbyaswap
[1]
Conventional loan [2]
Euribor3months+margin
10.0
6.5
2017
[1]
USPP*
3.64%
56.0
56.0
2023
[4]
CREUZETAERONAUTIQUE
Conventional loan
Euribor1month+margin
3.9
3.2
2020
Coveredbyaswap
[1]
LISIAUTOMOTIVEFORMER
Conventional loan
Euribor3months+margin
7.0
4.0
2017
Coveredbyaswap
LISIAUTOMOTIVEFormas
Conventional loan
Euribor1month+margin
4.7
1.1
2014
Intention letterbyLISI
AUTOMOTIVE
[2]
LISIAUTOMOTIVEKNIPPING
EspanaS.A
Conventional loan
Euribor1year+margin
1.5
0.7
2020
Conventional loan
Euribor1year+margin
5.0
2.0
2018
LISIAUTOMOTIVEKNIPPING
Verbindungstechnik
Conventional loan
1.50%
1.1
0.2
2017
Intention letterbyLISI
AUTOMOTIVE
LISIMEDICALFasteners
Conventional loan
Euribor3months+margin
4.5
4.0
2024
Coveredbyaswap
[1]
Total
173.7
127.8
* USPP:USPrivatePlacement
2.5.6.2Relatedcovenants
TheGrouphasnobank facilitiesbasedon itscredit rating.Thecontracts
entered into include conventional clauses regarding the financial health
of theGroupor its subsidiaries. The definition and levels of ratios, also
called "financial covenants", are set by prospectivemutual agreement
with the credit institutions. Compliance with these ratios is assessed
onceayearonly, at yearend. Failure tocomplywith these ratiosentitles
thecredit institutions to imposeearly repayment (total orpartial)of the
facilitiesgranted.
Forthereader’s information,thefinancial"covenants"relatedtoeachloan
aredescribedbelow:
[1]
n
Consolidatedgearingratio<than1.2 (Netdebt /Shareholders' equity)
n
Consolidated leverageratio>than3.5 (Netdebt /EBITDA)
[2]
n
Entity'sgearingratio<than0.5 (Netdebt /Totalbalancesheet)
n
Entity's leverageratio<than3.0 (Netdebt /EBITDA)
[3]
n
Consolidatedgearingratio<than1.7 (Netdebt /Shareholders' equity)
n
Consolidated leverageratio>than3.5 (Netdebt /EBITDA)
[4]
n
Consolidatedgearingratio<than1.2 (Netdebt /Shareholders' equity)
n
Consolidated leverageratio<than3.5 (Netdebt /EBITDA)
n
Coverage ratio of consolidated interest expense < 4.5 (Net interest
expense /EBITDA).
2.5.7Deferredtaxes
(in€'000)
12/31/13
12/31/12
Deferred taxassets
11,066
14,289
Deferred tax liabilities
(22,763)
(23,511)
Netdeferred taxes
(11,697)
(9,222)
Non-recognizeddeferredtaxassets:
TheCompanydoesnot recognize itsdeferred taxassetswhenever ithas
no sufficient assurance that it will recover carried forwarddeficits and
tax credits. Deferred tax assets are only recognized if their recovery is
