Company financial statements
1
4
LISI 2014FINANCIALREPORT
I
83
3.2.6Provisionsforrisksandcharges
(in€'000)
Amount at
year start for
the period
Provisions
for the
period
Reversals for
the period
used
Reversals for
the period
unused
Amount at
year end for
the period
Provision for longservicemedals
8
5
13
Provisions for charges
228
293
(234)
287
Provisions for taxes
320
320
Provision for stockoptionsand theallocationof freeshares
1,902
661
(1,044)
1,519
Total
2,138
1,279
(1,278)
2,139
Provisions forchargesmainlycoverthesettingupofaprojectdesignedtoreducethenumberofaccidentsatwork..
3.3
|
Detailofmain income statement items
3.3.1Financialincomefrominvestments
(in€'000)
Amounts
Dividends received fromsubsidiaries
20,006
Dividends receivedoutside thegroup
–
Interest from loans tosubsidiaries
3,810
Total
23,816
3.3.2Breakdownofcorporationtax
(in€'000)
Profit
(loss)
current
Profit
(loss) non-
recurring
Profit (loss)
accounting
Pre-taxearnings
20,116
(429)
19,687
Income tax
(264)
60
(204)
Taxcredits, IFA&
miscellaneous
46
46
Additional contribution
to thecorporate income
taxon theamount
distributed
(535)
(535)
Tax integration taxes
5,042
5,042
Netearnings
24,405
(369)
24,037
TheLISIGroupbenefits from the tax integration regime,whichcoversall
itsFrenchsubsidiaries.The tax integrationagreementstipulates that tax
gainsshouldberetainedattheparentcompanylevel.Theoverallamount
ofcorporate incometaxatDecember31,2014 isatax income.
3.4
|
Financialcommitments
Financialguaranteesgiven
LISI S.A. has signed letters of intent with banks relating to the
commitments made by some of the Group’s subsidiaries. Moreover,
its agreements with some partners require compliance with financial
covenants.
Commitments given under the terms of the transaction for the
divestitureof LISICOSMETICS:
Commitment forcompensationgranted in favorof thebuyerconcerning
any reassessments from the taxorenvironmentalauthorities, subject to
adeductibleof€500k,toexceedingaminimumthresholdof€35kandto
anupper limitof€6M.
Financialderivatives:
LISI SA uses derivative financial instruments to hedge its exposure
to foreign exchange risk, and occasionally to hedge its interest rate
risks resulting from its financial activities. In accordance with its cash
management policy, LISI S.A. neither holds nor issues derivatives for
tradingpurposes.
The currencyhedges areunderwrittenby LISI SA to cover all of the LISI
Group'sneeds.
