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CONSOLIDATED FINANCIAL STATEMENTS
64
LISI 2015 FINANCIAL REPORT
The table below details the changes, during financial year 2015,
of the actuarial debt, and the market value of the hedging
assets (in €M):
Changes in actuarial debt
2015
2014
Actuarial debt at year start
70,210 52,504
Cost of services
2,191
1,651
Cost of accretion
1,686
2,296
Benefits paid
(3,528)
(3,762)
Discounts
0
(233)
Wind-ups
(86)
0
Change in consolidation scope
0 7,406
Translation differential
2,224
2,482
Actuarial losses (gains)
(6,395)
7,867
Actuarial debt at year end
66,303
70,210
Change in market value of hedging
assets
2015
2014
Opening value
27,771
23,094
Contributions paid by the Group
1,047
2,196
Benefits withheld from fund
(1,594)
(1,969)
Wind-ups
(22)
Expected yield from assets
863
1,113
Translation differential
2,022
2,061
Actuarial gains (losses)
(203)
1,276
Value at year-end
29,884
27,771
The following table shows the reconciliation of amounts
recognized in the Group’s consolidated financial statements
and the above sums (in €M):
(in €'000)
12/31/2015
12/31/2014
Liabilities recognized at year-end
(37,159)
(42,439)
Assets recognized at year-end*
739
Liabilities recognized at year-end
(36,419)
(42,439)
* Assets recognized at year-end concern BLANC AERO INDUSTRIES UK Ltd.
The expense recognized in the operating income statement by
the Group for 2015 for defined benefits plans came to €2.9 M
and breaks down as follows:
(in €'000)
2015
2014
Cost of services
2,191
1,651
Cost of accretion
1,686
2,296
Expected yield from plan assets
(863)
(1,113)
Reductions/Wind-ups
(86)
(233)
Recognized expense (revenue)
2,928
2,600
2.6.5 Other non-current liabilities
(in €'000)
12/31/2015
12/31/2014
Deposits and sureties received
211
237
Employee profit-sharing for the year
4,804
5,619
Deferred income
7,576
3,215
Total other non-current liabilities
12,591
9,071
2.6.6 Financial debt and financial risk management
The breakdown by accounting category and instrument class
for financial liabilities is given in note 2.6.1.3.
2.6.6.1 Debt
a) Breakdown by nature
(in €'000)
12/31/2015
12/31/2014
Non-current share
Mid-term loans
204,333 220,457
Debt related to lease agreements
13,967
16,818
Employee profit-sharing (frozen on a
current account)
11,846
8,414
Subtotal non-current debt
230,145
245,690
Current share
Banking facilities for operations
9,243
10,066
Mid-term loans
42,437
35,523
Debt related to lease agreements
605
140
Employee profit-sharing (frozen on a
current account)
0
634
Subtotal current debt
52,285
46,363
Total debt
282,430 292,053
b) Breakdown by maturity date
(in €'000)
12/31/2015
12/31/2014
Borrowings
due within one year
42,437
35,523
due within two to five years
93,198 126,075
due within over five years
111,134 94,382
Subtotal borrowings
246,770 255,980
Other financial creditors
due within one year
9,848 10,840
due within two to five years
23,867
22,953
due within over five years
1,946
2,279
Other debt subtotal
35,661
36,072
Borrowings and debt
282,430 292,053