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CONSOLIDATED FINANCIAL STATEMENTS
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LISI 2015 FINANCIAL REPORT
2.5.2 Liquidity risk
The Group's cash management is centralized: the vast
majority of the cash surpluses or financing requirements of
its subsidiaries, where local legislation permits, is invested or
financed by the parent company on normal market terms. The
central cash management team manages the financing of the
Group, current and forecast, and ensures its capacity tomeet its
financial commitments. For that purpose, it maintains a level
of the available cash and confirmed credit facilities compatible
with its size and the maturities of its debt.
As at December 31, 2015, the Group had available unused bank
overdraft lines of €70 million, and net cash of €125.8 million,
resulting in a total financing capacity of €195.8 million, making
it insensitive to liquidity risk.
The Groups financing contracts provide for compliance with
two main ratio restrictions:
■■
Net debt / Consolidated shareholders’ equity < 1.2
■■
Net debt / Consolidated EBITDA < 3.5
As at December 31, 2015, the former amounted to 0.198 and the
latter to 0.767, comparedwith 0.256 and 0.938, respectively, as at
December 31, 2014. The Group therefore has a very comfortable
margin of safety, confirming its low liquidity risk.
(in €'000)
12/31/2015
12/31/2014
Cash and cash equivalents
125,812
110,818
Cash available [A]
125,812
110,818
Current banking facilities [B]
9,243
10,066
Net cash [A - B]
116,569
100,752
Credits
248,087
255,986
Other financial creditors
25,100
26,001
Net debt [C]
273,187
281,987
Net debt [D = C + A– B]
156,618
181,235
Group equity [E]
792,256
707,657
Debt ratio (expressed as%) [D / E]
19.8% 25.6%
N. B.: 2013 debt ratio as a %: 10.8%.
The cash table for all financial liabilities is as follows:
Financial liabilities recorded on balance sheet
At 12/31/2015
Breakdown of contractual flows not discounted on due date
(in €'000)
Net value
accounting
Within less
than one year
Between 1 and
5 years
Over 5 years
Total
Non-current borrowings
230,145
117,065
113,080
230,145
Other non-current financial liabilities (excl. PCA)
5,015
5,015
5,015
Current borrowings
52,285
52,285
52,285
Trade and other accounts payable
278,181
278,181
278,181
Total financial liabilities
565,626
330,466
122,080
113,080
565,626
Financial liabilities recorded on balance sheet
At 12/31/2014 Breakdown of contractual flows not discounted on due date
(in €'000)
Net value
accounting
Within less
than one year
Between 1 and
5 years
Over 5 years
Total
Non-current borrowings
245,690
179,028
66,662
245,690
Other non-current financial liabilities (excl. PCA)
5,856
5,619
237
5,856
Current borrowings
46,363
46,363
46,363
Trade and other accounts payable
244,261
244,261
244,261
Total financial liabilities
542,170
290,624
184,647
66,899
542,170