Consolidated financial statements
1
3
60
I
LISI 2014FINANCIALREPORT
d)Breakdownby interestratecategory
Thetablebelowsummarizes loans fromcredit institutionstotheGroupas itstudiestheprincipalamounts incurredat fixedandvariablerates.
Entities
Nature
of the loan
Fixed
rate
Variable rate
Total
amount
in€M
Capital
remaining
due at
12/31/2014
In€M
Maturity
date
Items exist
currency
hedging
or in currency
Covenant
LISIS.A
Conventional loan
Euribor3months+margin 30.0
27.0
2019 Partlycovered
byaswap
[1]
Conventional
loan [2]
Euribor3months+margin 30.0
27.0
2019 Partlycovered
byaswap
[1]
Conventional
loan [2]
Euribor3months+margin 30.0
27.0
2019 Partlycovered
byaswap
[1]
Conventional
loan [2]
Euribor3months+margin 30.0
27.0
2019 Partlycovered
byaswap
[1]
Conventional
loan [2]
Euribor3months+margin 30.0
27.0
2019 Partlycovered
byaswap
[1]
30.0
30.0
2021
USPP*
3.64%
56.0
56.0
2023
[2]
CREUZETAERONAUTIQUE Conventional loan
Euribor1month+margin
3.9
2.7
2020 Coveredbyaswap
[1]
LISIAUTOMOTIVEFORMER Conventional loan
Euribor3months+margin
7.0
3.0
2017 Coveredbyaswap
6.0
5.6
2021
3.0
3.0
2024
[1]
3.0
3.0
2024
[1]
LISIAUTOMOTIVEKNIPPING
EspanaS.A
Conventional loan
Euribor1year+margin
1.5
0.6
2020
Conventional loan
Euribor1year+margin
5.0
1.5
2018
LISIAUTOMOTIVEKNIPPING
Verbindungstechnik
Conventional loan 1.50%
1.1
0.1
2017 Intention letterby
LISIAUTOMOTIVE
LISIMEDICALFasteners
Conventional loan
Euribor3months+margin
4.5
3.7
2024 Coveredbyaswap
[1]
Total
271.0
244.2
* 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]
■■
Consolidatedgearingratio<than1.2 (Netdebt /Shareholders' equity)
■■
Consolidated leverageratio<than3.5 (Netdebt /EBITDA)
[2]
■■
Consolidatedgearingratio<than1.2 (Netdebt /Shareholders' equity)
■■
Consolidated leverageratio<than3.5 (Netdebt /EBITDA)
■■
Coverage ratio of consolidated interest expense < 4.5 (Net interest
expense /EBITDA)
2.5.7Deferredtaxes
(in€'000)
12/31/14
12/31/13
Deferred taxassets
22,992
11,066
Deferred tax liabilities
(21,584)
(22,763)
Netdeferred taxes
1,408
(11,697)
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
