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LISI 2016 FINANCIAL REPORT
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–
–
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.
2.7.4.1 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)
2016
2015
Balance of investment orders
109,962 74,819
Guarantees and deposits
0
283
Commitments made
109,962 75,102
Rate swap
73,660 76,265
Foreign exchange hedging
397,213 462,969
Reciprocal commitments
470,873 539,234
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, 2016, the features of the SWAP contracts were as follows:
Notional at 12/31/2016
Face value
(in €’000)
Departure
date
Maturity
date
Paying
rate Receiving rate
Market value
(NPV)
(in €’000)
LISI S.A.
15,000 5/31/2012 5/31/2017 1.070% 2 month-Euribors
192
LISI S.A.
9,500 6/29/2012 3/31/2017 1.0750% 3 month-Euribor
22
LISI S.A.
5,000 6/10/2014 6/10/2021 0.940% 3 month-Euribor
(54)
LISI S.A.
5,000 6/10/2014 6/10/2021 0.940% 3 month-Euribor
(53)
LISI S.A.
10,000 6/10/2014 6/10/2021 0.970% 3 month-Euribor
(108)
LISI S.A.
5,000 6/10/2014 6/10/2021 0.953% 3 month-Euribor
(58)
LISI S.A.
5,000 6/10/2014 6/10/2021 0.968% 3 month-Euribor
(51)
LISI S.A.
25,000 6/30/2014 5/30/2019 0.450% 3 month-Euribor
55
LISI AUTOMOTIVE Former
7,000 12/31/2010 12/29/2017 1.745% 3 month-Euribor
25
LISI MEDICAL Fasteners
4,500 9/28/2012 9/30/2024 1.300% 3 month-Euribor
(11)
BLANC AERO INDUSTRIES SAS
4,983
2/1/2016 1/15/2031 0.829% 3 month-Euribor
(89)
BLANC AERO INDUSTRIES SAS
4,983
2/1/2016 1/15/2031 0.830% 3 month-Euribor
(89)
Creuzet Aéronautique
3,900 7/31/2012 7/31/2012 0.775% 1 month-Euribor
12
TOTAL
(168)
The currency hedging instruments at December 31, 2016 are as follows:
Notional at 12/31/2016
Notional at 12/31/2015
Currency
EUR
Currency
EUR
GBP
34,980
40,856
27,384
37,310
CAD
39,600
27,911
57,600
38,105
TRY
18,650
5,871
34,050
10,719
PLN
20,400
4,626
20,400
4,784
USD
335,151
317,950
405,051
372,050
TOTAL
397,213
462,969
CONSOLIDATED FINANCIAL STATEMENTS
3