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LISI 2016 FINANCIAL REPORT
45
purpose, it maintains a level of the available cash and confirmed credit
facilities compatible with its size and the maturities of its debt.
As at December 31, 2016, the Group had available unused bank
overdraft lines of €70 million, and net cash of €141.7 million, resulting
in a total financing capacity of €211.7 million, making it insensitive to
liquidity risk.
The Groups financing contracts provide for compliance with two main
ratio restrictions:
–
–
Net debt/Consolidated shareholders’ equity < 1.2;
–
–
Net debt/Consolidated EBITDA < 3.5.
As at December 31, 2016, the former amounted to 0.254 and the latter to
0.9201, compared with 0.198 and 0.767, respectively, as at December 31,
2015. The Group therefore has a very comfortable margin of safety,
confirming its low liquidity risk.
(in €’000)
12/31/2016
12/31/2015
Cash and cash equivalents
141,719
125,812
Cash available [A]
141,719
125,812
Current banking facilities [B]
15,984
9,243
Net cash [A-B]
125,735
116,569
Credits
315,351
248,087
Other financial creditors
28,559
25,100
Net debt [C]
343,910
273,187
Net debt
[D=C+A-B]
218,175
156,618
Group equity [E]
860,258
792,256
Debt ratio (expressed as %) [D/E]
25.4%
19.8%
N. B.: 2014 debt ratio as a %: 25.6%
The cash table for all financial liabilities is as follows:
At 12/31/2016
Breakdown of contractual flows not discounted on due date
FINANCIAL LIABILITIES RECORDED ON BALANCE SHEET
(in €’000)
Net value
accounting
At less
than 1 year
Between
1 and 5 years
Over
5 years
Total
Non-current borrowings
253,856
92,449
161,407
253,856
Other non-current financial liabilities (excl. PCA)
5,365
5,365
5,365
Current borrowings
106,037
106,037
106,037
Trade and other accounts payable
304,492
304,492
304,492
TOTAL FINANCIAL LIABILITIES
669,750
410,529
97,814
161,407
669,750
At 12/31/2015
Breakdown of contractual flows not discounted on due date
FINANCIAL LIABILITIES RECORDED ON BALANCE SHEET
(in €’000)
Net value
accounting
at less
than 1 year
Between
1 and 5 years
Over
5 years
Total
Non-current borrowings
230,145
117,065
113,080
230,145
Other non-current financial liabilities (excl. PCA)
5,015
5,015
5,015
Current borrowings
52,285
52,285
52,285
Trade and other accounts payable
278,181
278,181
278,181
TOTAL FINANCIAL LIABILITIES
565,626
330,466
122,080
113,080
565,626
CONSOLIDATED FINANCIAL STATEMENTS
3