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LISI 2016 FINANCIAL REPORT
55
(in €’000)
2016
2015
Effect of the change in inventories
2,504
(18,066)
Effect of the change in cash flow imbalances of customers and other debtors
(36,011)
5,363
Effect of the change in cash flow imbalances of suppliers and other creditors
12,282
31,092
Effect of the change in cash flow imbalances for taxes
18,578
(21,454)
CHANGE IN WORKING CAPITAL REQUIREMENTS
(2,647)
(3,065)
The
free cash flow
broke down as follows:
(in €’000)
2016
2015
Operating cash flow
195,805
154,153
Net CAPEX
(119,614)
(111,462)
Change in working capital requirements
(2,647)
(3,065)
FREE CASH FLOW
73,544
39,626
2.5.3
I
Shareholders’ equity
The Group’s shareholders’ equity stood at €860.3million at December 31,
2016, against €792.3 million at December 31, 2015, being an increase of
€68 million. This change takes into account the following main factors:
CHANGE IN €M
(in €’000)
12/31/2016
12/31/2015
Income for the period attributable
to equity holders of parent
107.0
81.8
Distribution of dividends paid
in May 2016
(20.6)
(19.5)
Treasury shares and payments
in shares
1.8
2.3
Actuarial gains and losses
on employee benefits
(3.5)
4.1
Fair value of cash flow
hedging instruments
(9.0)
(2.2)
Miscellaneous restatements
(4.9)
(2.4)
Translation differences related to
changes in the closing rate, including
the revaluation of the dollar
(2.9)
19.4
TOTAL
68.0
83.5
2.5.3.1 Share capital
Share capital at year-end stands at €21,609,550, broken down into
54,023,875 issued shares with a face value of €0.40.
2.5.3.2 Additional paid-in capital
This is due to the capital increase operation reserved for employees:
BREAKDOWN OF ADDITIONAL
PAID-IN CAPITAL
(in €’000)
12/31/2016
12/31/2015
Additional paid-in capital
54,843
54,843
Contribution premiums
15,030
15,030
Merger premiums
2,711
2,711
TOTAL
72,584
72,584
2.5.3.3 Capital management
The Group’s policy consists in maintaining robust capital so as to
support a highly capitalistic business, preserve the confidence of
shareholders and investors, support growth and withstand periods
of recession. The Board of Directors is particularly attentive to capital
returns and the dividends paid to shareholders.
Instruments which provide access to the company’s capital relate to
the benefits conferred on managers and employees under certain
conditions, as set out in notes 2.8.2 and 2.8.3. They only concern
existing own shares.
and in particular monetary Sicav instruments and negotiable security
deposits in the amount of €93.7 million and current bank accounts
in euros and foreign currencies. The latter are recorded at their fair
value, and value adjustments are recorded into the income statement.
These positions are not exposed, the main backing instruments
guaranteeing the capital.
The impact of the change in working capital on cash is as follows:
CONSOLIDATED FINANCIAL STATEMENTS
3