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CONSOLIDATED FINANCIAL STATEMENTS
73
LISI 2015 FINANCIAL REPORT
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review, together with both internal and external legal
counsels, of dispute and legal proceedings before the courts,
environmental questions, and the measurement of liabilities
that might arise;
■■
examination of tax inspectors’ reports and reassessment
notices from previous financial years;
■■
examination, together with those in charge of risk
management, insurance brokers and agents of the insurance
companies with which the Group has taken out its insurance
policies to cover risks in respect of contingent liabilities;
■■
examination of transactions with related parties in respect of
guarantees or other commitments given or received;
■■
in general, review of all contracts and contractual
commitments.
2.8.4.1 Commitments given in the context of ordinary
operations
In addition to the operating leases whose annual charges are
presented in note 2.6.1.2, commitments provided as part of
current activities are as follows:
In €'000
2015
2014
Balance of investment orders
74,819
53,270
Training entitlements
0
6,645
Guarantees and deposits
283
76
Commitments made
75,102
59,991
Rate swap
76,265
90,128
Foreign exchange hedging
462,969 157,150
Reciprocal commitments
539,234 247,278
Individual right to training was closed out on December 31,
2015 following the outsourcing of management of these rights
in 2015.
Reciprocal commitments:
Reciprocal commitments are interest rate swaps to hedge variable rate loans (see note 2.6.6.1. Financial Debt) taken out to fund
external growth.
As at December 31, 2015, the features of the swap contracts were as follows:
Notional at 12/31/2015
Face value
(in €'000)
Departure
date
Maturity date Paying rate
Receiving rate
Market value
(NPV) (in €'000)
LISI S.A.
5,000 09/30/2011
09/30/2016
1.5900% 3-month Euribor
20
LISI S.A.
15,000 09/30/2011
09/30/2016
2.0730% 3-month Euribor
18
LISI S.A.
4,750 12/30/2011
12/30/2016
1.3925% 3-month Euribor
34
LISI S.A.
15,000 05/31/2012
05/31/2017
1.0700% 2-month Euribor
8
LISI S.A.
9,500 06/29/2012
03/31/2017
1.0750% 3-month Euribor
81
LISI S.A.
5,000 06/10/2014 06/10/2021
0.9400% 3-month Euribor
107
LISI S.A.
5,000 06/10/2014 06/10/2021
0.9400% 3-month Euribor
6
LISI S.A.
10,000 06/10/2014 06/10/2021
0.9700% 3-month Euribor
(8)
LISI S.A.
5,000 06/10/2014 06/10/2021
0.9525% 3-month Euribor
19
LISI S.A.
5,000 06/10/2014 06/10/2021
0.9675% 3-month Euribor
9
LISI S.A.
25,000 06/30/2014 05/30/2019
0.4500% 3-month Euribor
9
LISI AUTOMOTIVE Former
7,000 12/31/2010 12/29/2017
1.7450% 3-month Euribor
38
LISI MEDICAL Fasteners
4,500 09/28/2012 09/30/2024
1.3000% 3-month Euribor
26
Creuzet Aéronautique
3,900 07/31/2012 07/31/2020
0.7750% 1-month Euribor
9
Total
375