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CONSOLIDATED FINANCIAL STATEMENTS
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LISI 2015 FINANCIAL REPORT
The impact of the change in working capital on cash is as
follows:
(in €'000)
2015
2014
Effect of the change in inventories
(18,066)
(8,557)
Effect of the change in cash flow
imbalances of customers and other
debtors
5,363 (5,659)
Effect of the change in cash flow
imbalances of suppliers and other
creditors
31,092
1,354
Effect of the change in cash flow
imbalances for taxes
(21,454)
8,327
Change inworking capital requirements
(3,065)
(4,535)
The free cash flow broke down as follows:
(in €'000)
2015
2014
Operating cash flow
154,153 140,770
Net CAPEX
(111,462) (90,625)
Change in working capital requirements
(3,065)
(4,535)
Free cash flow
39,626 45,610
2.6.3 Shareholders' equity
The Group's shareholders' equity stood at €792.3 million at
December 31, 2015, against €708.9 million at December 31,
2014, being an increase of €83.5 million. This change takes into
account the following main factors:
Change in €M
12/31/2015
Income for the period attributable to holders of
the company's shareholders' equity
81.8
Distribution of dividends paid in May 2015
(19.5)
Treasury shares and payments in shares
2.3
Actuarial gains and losses on employee benefits
4.1
Fair value of cash flow hedging instruments
(2.2)
Miscellaneous restatements
(2.4)
Translation differences related to changes in
the closing rate, including the revaluation of
the dollar
19.4
Total
83.5
2.6.3.1 Share capital
Share capital at year-end stands at €21,609,550, broken down
into 54,023,875 issued shares with a face value of €0.40.
2.6.3.2 Additional paid-in capital
This is due to the capital increase operation reserved for
employees:
Breakdown of additional paid-in
capital (in thousands of euros)
12/31/2015
12/31/2014
Additional paid-in capital
54,843
54,843
Contribution premiums
15,030
15,030
Merger premiums
2,711
2,711
Total
72,584
72,584
2.6.3.3 Capital management
The Group's policy consists in maintaining robust capital
so as to support a highly capitalistic business, preserve the
confidence of shareholders and investors, support growth
and withstand periods of recession. The Board of Directors is
particularly attentive to capital returns and the dividends paid
to shareholders.
Instruments which provide access to the company’s capital
relate to the benefits conferred on managers and employees
under certain conditions, as set out in notes 2.8.2 and 2.8.3.
They only concern existing own shares.
2.6.3.4 Dividends
The amount of dividends for the 2015 financial year submitted
to the Shareholders’ General Meeting on April 27, 2016 for
approval breaks down as follows:
Amount in €M
2015
2014
Total net dividend
21.1
19.5
The estimated amount for 2015 is calculated based on the total
number of shares, i.e. 54,023,875. The self-held shares at the
date of payment of the dividend will not be eligible for the
payment of any dividend.
The amount of dividends for the 2015 financial year submitted
to the Shareholders’ General Meeting on April 27, 2016 for
approval breaks down as follows:
Dividend per share (€)
2015
2014
Dividend per share
0.39
0.37