Consolidated financial statements
1
3
48
I
LISI 2014FINANCIALREPORT
2.5
|
DETAILOFBALANCE SHEET ITEMS
2.5.1Non-currentassets
2.5.1.1 Intangibleassets
a)Goodwill
(in€'000)
Goodwill
GrossgoodwillatDecember31,2013
177,774
impairmentoverfiscal2013
(3,006)
NetgoodwillatDecember31,2013
174,768
Increase
80,200
Decrease
(212)
Changes in foreignexchange rates
4,056
GrossgoodwillatDecember31,2014
258,812
Impairmentoverfiscal2014
(2,300)
NetgoodwillatDecember31,2014
256,511
The€80.2M increase relates to theacquisitionof theManoirAerospace
Group in June2014.
Changes in currency exchange rate only concern LISI AEROSPACE and
result fromtranslationdifferentialsonthedollar.
The€0.2Mdecrease relates to theuse, in2014,of theequitymethod for
AnkitFastenersPvtLtd,whichwasuntilthenconsolidatedproportionally.
The €2.3 M impairment recognized concerns the USA CGU of the LISI
AEROSPACE Division following the transfer of assets from the former
RacingUSAbusiness toother companiesof theGroup foravalueof less
thanthenetbookvalue.
AsatDecember31,2014, thenetvalueofgoodwillbrokedownas follows:
LISI AEROSPACEDivision
(In€M)
EuropeB.U.
Engines
and critical
parts
EuropeB.U.
USAB.U.
Engines
and critical
parts North
America
B.U.
Special
products
B.U.
Extrusion
Forming
and Sheet
Metal B.U.
Forging
&Casting
B.U.
Total
Netgoodwill
0.8
4.5
14.7
NA
8.2
38.9
80.2
147.3
Intangiblefixedassets
withanundetermineduseful life
None
None
None
None
None
None
None
Resultofthe impairmenttest
Nosignof
impairment
Nosignof
impairment
Impairment
€2.3M
NA
Nosignof
impairment
Nosignof
impairment
Nosignof
impairment
Keyassumptions
Cash flowwithinoneyear
Forecasts
Forecasts
Forecasts
Forecasts
Forecasts
Forecasts
Cash flowwithin fouryears
4-year
strategic
plan
4-year
strategic
plan
4-year
strategic
plan
4-year
strategic
plan
4-year
strategic
plan
4-year
strategic
plan
Discount rateafter tax
7.42% 7.42% 7.42%
7.42% 7.42% 7.42%
Growth rateof flowsnot covered
by thebudgetandstrategic
assumptions
2.00% 2.00% 2.00%
2.00% 2.00% 2.00%
