Consolidated financial statements
1
3
LISI 2014FINANCIALREPORT
I
59
Thetablebelowdetailsthechanges,duringfinancial2014,oftheactuarial
debt,andthemarketvalueofthehedgingassets (in€m):
Changes in actuarial debt
2014
2013
Actuarialdebtatyearstart
52,504
54,647
Costof services
1,651
1,232
Costofaccretion
2,296
1,766
Benefitspaid
(3,762)
(2,893)
Discounts
(233)
0
Wind-ups
0
0
Change inconsolidationscope
7,406
0
Translationdifferential
2,482
(731)
Actuarial losses (gains)
7,867
(1,518)
Actuarialdebtatyearend
70,210
52,504
Change inmarket value
of hedging assets
2014
2013
Openingvalue
23,094
22,312
Contributionspaidby theGroup
2,196
273
Benefitswithheld from fund
(1,969)
(970)
Expectedyield fromassets
1,113
833
Translationdifferential
2,061
(553)
Actuarialgains (losses)
1,276
1,200
Valueatyearend
27,771
23,094
The following table shows the reconciliation of amounts recognized in
theGroup’sconsolidated financialstatementsandtheabovesums:
(in€'000)
12/31/14
12/31/13
Liabilitiesrecognizedatyearend
(42,439)
(29,410)
Theexpenserecognized intheoperating incomestatementbytheGroup
for 2014 for definedbenefitsplans came to€2.6Mandbreaksdownas
follows:
(in€'000)
2014
2013
Costof services
1,651
1,232
Costofaccretion
2,296
1,766
Expectedyield fromassets
(1,113)
(833)
Reductions /Wind-ups
(233)
0
Recognizedexpense (revenue)
2,600
2,165
Two foreign affiliates of the LISI AEROSPACE division are concerned by
themanagement of hedging assets. The actual return on these assets
isvariableand is intheaverageoftheequitybondportfolios'markets.
2.5.5Otherlong-termliabilities
(in€'000)
2014
2013
Depositsandsureties received
237
192
Employeeprofit-shorting for theyear
5,619
5,440
Deferred income
3,215
2,094
Totalother long-term liabilities
9,071
7,726
2.5.6Financialdebtandfinancialriskmanagement
Thebreakdownbyaccountingcategoryand instrumentclassforfinancial
liabilities isgiven inNotes2.5.1.3.
2.5.6.1Debt
a)Breakdownbynature
(in€'000)
12/31/14
12/31/13
Non-currentshare
Mid-term loans
220,457 104,046
Debt related to leaseagreements
16,818
8,853
Employeeprofit-sharing (frozenonacurrent
account)
8,414
5,740
Subtotalnon-currentdebt
245,690 118,640
Currentshare
Banking facilities foroperations [B]
10,066
8,224
Mid-term loans
35,523
30,618
Debt related to leaseagreements
140
3,135
Employeeprofit-sharing (frozenonacurrent
account)
634
1,202
Subtotalcurrentdebt
46,363
43,178
Totaldebt
292,053
161,818
b)Breakdownbymaturitydate
(in€'000)
12/31/14
12/31/13
Borrowings
duewithinoneyear
35,523
30,618
duewithin two to fiveyears
126,075
44,837
duewithinover fiveyears
94,382
59,208
Subtotalborrowings
255,980 134,663
Otherfinancialcreditors
duewithinoneyear
10,840
12,560
duewithin two to fiveyears
22,953
11,321
duewithinover fiveyears
2,279
3,273
Otherdebtsubtotal
36,072
27,153
Borrowingsanddebt
292,053
161,818
c)Breakdownbycurrency
All figures relating toborrowings anddebtswith credit establishments
aregiven ineuros. TheGroup’sbankdebts thereforedonot expose it to
any foreignexchangerisk.
