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CONSOLIDATED FINANCIAL STATEMENTS
66
LISI 2015 FINANCIAL REPORT
For the reader’s information, the “financial covenants" related
to each loan are described below:
[1]
■■
Consolidated gearing ratio < 1.2 (Net debt/Shareholders'
equity)
■■
Consolidated leverage ratio < 3.5 (Net debt/EBITDA)
[2]
■■
Consolidated gearing ratio < 1.2 (Net debt/Shareholders'
equity)
■■
Consolidated leverage ratio < 3.5 (Net debt/EBITDA)
■■
Coverage ratio of consolidated interest expense < 4.5 (Net
interest expense/EBITDA)
As at the year-end, covenants were respected.
2.6.7 Deferred taxes
(in €'000)
12/31/2015
12/31/2014
Deferred tax assets
19,838
23,012
Deferred tax liabilities
(31,527)
(21,607)
Net deferred taxes
(11,689)
1,408
Non-recognized deferred tax assets:
TheCompany does not recognize its deferred tax assetswhenever
it has no sufficient assurance that it will recover carried forward
deficits and tax credits. Deferred tax assets are only recognized
if their recovery is probable. For the reader's information, loss
carrybacks not recognized in the balance sheet at December 31,
2015, would generate deferred tax assets for €18.5 million.
Deferred tax assets by early recoverability horizon as at
December 31, 2015
-1 year
1 to 5 years
+5 years
Total
776
17,548
1,514
19,838
2.7
/
DETAIL OF MAIN INCOME STATEMENT ITEMS
2.7.1 Sales revenue
The breakdown of sales revenues by business segment and country is shown in note 2.8.1. "Segment information".
2.7.2 Consumed goods
(in €'000)
LISI
AEROSPACE
LISI
AUTOMOTIVE
LISI
MEDICAL
Other
TOTAL
2015
TOTAL
2014
Consumption of goods
7,601
21,073
3,351
(533)
31,492
25,955
Consumption of raw materials
164,367
81,623
12,437
(49)
258,379 224,243
Tools
38,744
21,967
2,841
(36)
63,517
57,816
Other purchases
27,001
16,014
1,794
14
44,825
36,598
Total consumption
237,713
140,677
20,423
(604)
398,213
344,613
2.7.3 Other purchases and external expenses
(in €'000)
LISI
AEROSPACE
LISI
AUTOMOTIVE
LISI
MEDICAL
Other
TOTAL
2015
TOTAL
2014
Subcontracting
50,705
38,598
4,118
(4)
93,416 80,929
Maintenance
35,962
19,258
2,345
521
58,086 49,299
Transport
11,225
12,483
502
0
24,211
23,762
Energy
18,720
16,002
1,146
11
35,879
31,705
Other purchases and external costs
76,355
23,044
4,413
(6,989)
96,824
79,383
Total other purchases and external costs
192,967
109,385
12,524
(6,461)
308,415
265,077