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CONSOLIDATED FINANCIAL STATEMENTS
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LISI 2015 FINANCIAL REPORT
The currency hedging instruments at December 31, 2015 are as
follows:
Notional at 12/31/2015
Notional at 12/31/2014
(in
thousands)
Currency
EUR
Currency
EUR
GBP
27,384
37,310 28,785
36,956
CAD
57,600 38,105
32,500 28,058
TRY
34,050 10,719 29,500 10,417
PLN
20,400
4,784 18,000
5,114
CZK
192,000
6,923
USD
405,051
372,050 84,601
69,682
462,969
157,150
2.8.4.1 Commitments received as part of acquisitions of
companies
LISI AUTOMOTIVE
In the context of the takeover of the sites of Acument La
Ferté Fresnel, LISI AUTOMOTIVE was awarded by TEXTRON a
guarantee to cover environmental risks likely to threaten a site
with no industrial activity to date.
LISI AEROSPACE
As part of the acquisition of the Manoir Aerospace group in June
2014, LISI AEROSPACE received a commitment from the seller
to cover up to €3 million of the HSE compliance risks up until
2019. This commitment is covered by an escrow account in the
same amount managed by a third party.
Additionally, the company received a guarantee of €5 million
to cover potential tax liabilities and labor-related risks up until
2019.
2.8.4.2 Guarantees given as part of the divestiture of LISI
COSMETICS
As part of the divestiture of LISI COSMETICS, a commitment
for compensation was granted in favor of the buyer concerning
any reassessments from the tax or environmental authorities
during a period of two years with effect from the date of
divestiture, subject to a deductible of €500 k, to exceeding a
minimum threshold of €35 k and to an upper limit of €6million.
2.8.4.3 Other commitments
No other commitment has been given or received.
2.9
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CURRENCY EXCHANGE RATES APPLIED BY FOREIGN SUBSIDIARIES
12/31/2015
12/31/2014
Closing rate
Average rate
Closing rate
Average rate
US dollar
USD
1.0887
1.1046
1.2141
1.3211
Sterling
GBP
0.7340
0.7242
0.7789
0.8031
Yuan
CNY
7.0608
6.9471
7.5358
8.1543
Canadian dollar
CAD
1.5116
1.4251
1.4063
1.4636
Zloty
PLN
4.2639
4.1841
4.2732
4.1939
Czech crown
CZK
27.0230
27.2695
27.7350
27.5513
Moroccan Dirham
MAD
10.7771
10.7961
10.9681
11.1570
Indian rupee
INR
72.0215
71.0095
76.7190
80.7010
Hong Kong Dollar
HKD
8.4376
8.5622
9.4170
10.2465
2.10
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POST YEAR-END EVENTS: INFORMATION ON TRENDS
On March 2, 2016, LISI AEROSPACE signed an agreement with Mr. Ankit Patel to become the majority shareholder in ANKIT
Fasteners Pvt Ltd, a company in which it previously held a 49.06% stake.