Consolidated financial statements
1
3
56
I
LISI 2014FINANCIALREPORT
2.5.2.3Cashandcashequivalents
The cash available as at December 31, 2014 stood at €110.8 M. This
item consistsmainly of investment securities heldby theGroup and in
particularmonetarySICAV instruments, foratotalof€74.9M,negotiable
security deposits of €4.9 M and current bank accounts in euros and
foreign currencies. The latter are recorded at their fair value, and value
adjustments are recorded into the income statement. These positions
arenotexposed, themainbacking instrumentsguaranteeingthecapital.
The impactofthechange inworkingcapitaloncash isas follows:
(in€'000)
2014
2013
Effectof thechange in inventories
(8,557)
(12,640)
Effectof thechange incash flow imbalances
of customersandotherdebtors
(5,659)
(14,369)
Effectof thechange incash flow imbalances
of suppliersandother creditors
1,354
10,091
Effectof thechange incash flow imbalances
for taxes
8,327 (9,220)
Change inworkingcapitalrequirements
(4,535)
(26,138)
The freecash flowbrokedownas follows:
(in€'000)
2014
2013
Operatingcash flow
140,770 142,333
NetCAPEX
(90,625)
(87,661)
Change inworkingcapital requirements
(4,535)
(26,138)
FreeCashFlow
45,610 28,534
2.5.3Shareholders'equity
TheGroup's shareholders' equity stoodat€707.7MatDecember 31, 2014,
against€625.2MatDecember 31, 2013, beingan increaseof€82.5M. This
changetakes intoaccountthefollowingmainfactors:
Change in€M
31/12/14
31/12/13
Income for theperiodattributable toholders
of thecompany'sshareholders' equity,
81.4
74.6
Distributionofdividendspaid inMay2014,
(17.8)
(14.7)
Treasurysharesandpayments inshares,
(0.1)
1.6
Actuarialgainsand lossesonemployee
benefits,
(5.2)
2.1
Fairvalueof cash flowhedging instruments,
1.0
(2.7)
Miscellaneous restatements,
(0.1)
(0.7)
Translationdifferences related tochanges in
theclosing rate, including the revaluationof
thedollar.
23.3
(9.7)
82.5
2.5.3.1Capital stock
Capital stock at year-end stands at €21,609,550, broken down into
54,023,875 issuedshareswitha facevalueof€0.40.
Followingadecisionof theExtraordinaryGeneralMeetingheldonApril
23,2014,andthedelegationofauthoritybytheBoardofDirectorsonJuly
24, 2014, the CEO, on September 8, 2014decided that with effect from
September 12, 2014 the nominal value of LISI SA's sharewould go from
€2to€0.40.
The number of shares outstanding increased by 36,362 over the year,
or 181 810additional shares following the split. This isdue to the capital
increaseoperationreserved foremployees:
(in€'000)
12/31/14
12/31/13
Additionalpaid-incapital
54,843
53,062
Contributionpremiums
15,030
15,030
Mergerpremiums
2,711
2,711
Total
72,584
70,803
The increase in sharepremiums relates to the capital increase reserved
foremployeesconducted in2014.
2.5.3.3Capitalmanagement
TheGroup'spolicyconsists inmaintainingrobustcapitalsoastosupport
a highly capitalistic business, preserve the confidence of shareholders
and investors, support growth andwithstandperiods of recession. The
Board of Directors is particularly attentive to capital returns and the
dividendspaidtoshareholders.
Instrumentswhichprovideaccess to thecompany’scapital relate to the
benefitsconferredonmanagersandemployeesundercertainconditions,
assetout inNotes2.7.2and2.7.3.Theyonlyconcernexistingownshares.
2.5.3.4Dividends
The amount of dividends for the 2014 financial year submitted to the
Shareholders’GeneralMeetingonApril22,2015forapprovalbreaksdown
as follows:
Amount in€m
2014
2013
Totalnetdividend
20.0
17.8
The estimated amount for 2014 is calculatedbased on the total number
of shares, i.e. 54,023,875.Theself-heldsharesat thedateofpaymentof the
dividendwillnotbeeligibleforthepaymentofanydividend.
The amount of dividends for the 2014 financial year submitted to the
Shareholders’GeneralMeetingonApril 22, 2014 forapprovalbreaksdown
asfollows:
Dividendpershare in€
2014
2013*
2013 adjusted
Dividendpershare
0.37
1.70
0.34
*beforethe1:5stocksplit.
