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CONSOLIDATED FINANCIAL STATEMENTS
65
LISI 2015 FINANCIAL REPORT
c) Breakdown by currency
All figures relating to borrowings and debts with credit
establishments are given in euros. The Group’s bank debts
therefore do not expose it to any foreign exchange risk.
d) Breakdown by interest rate category
The table below summarizes loans from credit institutions to
the Group as it studies the principal amounts incurred at fixed
and variable rates.
Entities
Nature
of the loan
Fixed rate
Variable rate
Total
amount in
€M
Capital
remaining
due at
12/31/2015
in €M
Maturity
date
Existence or not
of interest rate or
currency hedges
Covenant
LISI S.A.
Conventional
loan
Euribor 3 months
+ margin
30.0
18.0
2019 Partly covered
by a SWAP
[1]
Conventional
loan
Euribor 3 months
+ margin
30.0
21.0
2019 Partly covered
by a SWAP
[1]
Conventional
loan
Euribor 3 months
+ margin
30.0
21.0
2019 Partly covered
by a SWAP
[1]
Conventional
loan
Euribor 3 months
+ margin
30.0
18.0
2019 Partly covered
by a SWAP
[1]
Conventional
loan
Euribor 3 months
+ margin
30.0
18.0
2019 Partly covered
by a SWAP
[1]
Conventional
loan
Euribor 3 months
+ margin
20.0
13.0
2019
[1]
Conventional
loan
Euribor 3 months
+ margin
30.0
30.0
2021
USPP*
3.64%
56.0
56.0
2023
[2]
USPP*
1.82%
20.0
20.0
2025
[2]
CREUZET
AERONAUTIQUE
Conventional
loan
Euribor 1 month +
margin
3.9
2.2
2020 Covered
by a SWAP
[1]
LISI AUTOMOTIVE
Former
Conventional
loan
Euribor 3 months
+ margin
7.0
2.0
2017 Covered
by a SWAP
6.0
4.8
2021
3.0
2.7
2024
[1]
3.0
2.8
2024
[1]
LISI AUTOMOTIVE
KNIPPING Espana
S.A
Conventional
loan
Euribor 1 year +
margin
6.5
1.6
2019
LISI AUTOMOTIVE
KNIPPING
Verbindungstechnik
Conventional
loan
1.50%
1.1
0.1
2017 Intention letter
by LISI
AUTOMOTIVE
LISI MEDICAL
Fasteners
Conventional
loan
Euribor 3 months
+ margin
4.5
3.3
2024 Covered
by a SWAP
[1]
Total
311.0
234.5
* USPP: US Private Placement.
2.6.6.2
Related covenants
The Group has no bank facilities based on its credit rating. The
contracts entered into include conventional clauses regarding
the financial health of the Group or its subsidiaries. The
definition and levels of ratios, also called "financial covenants",
are set by prospective mutual agreement with the credit
institutions. Compliance with these ratios is assessed once
a year only, at year end. Failure to comply with these ratios
entitles the credit institutions to impose early repayment (total
or partial) of the facilities granted.