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LISI 2016 FINANCIAL REPORT
The impact of the expenses relating to the awards of free performance
shares is included in the payroll expenses for employees of LISI S.A. only.
f) Loans and receivables
Receivables are valued at their face value. A depreciation provision
is recorded when the recoverable value is less than the book value.
g) Provisions for risks and charges
Provisions for risks and charges are recognized in line with the CRC
regulation 2000-06 on liabilities, dated December 7, 2000.
This regulation stipulates that a liability is recognized when a
company has an obligation to a third party and it is probable or certain
that this obligation will necessitate an outflow of resources to the third
party, with no equivalent or larger payment in return. The obligation
must exist at the closing of accounts in order to be recognized.
Provisions are calculated with help from the Group’s lawyers and
consultants, based on current protocol and an assessment of the
risks at the date of closing of accounts.
h) Financial instruments
Results relating to financial instruments used in hedging operations
are calculated and recognized in such a way as to balance the income
and expenses relating to the hedged elements.
i) Income tax
LISI S.A. benefits from the tax integration regime enacted by the law
of December 31, 1987. This regime allows the taxable results of profit-
making companies to be offset by the deficits of other companies,
under certain conditions.
Each company covered by the tax integration regime calculates and
recognizes its tax payable as if it were taxed individually.
LISI S.A. recognizes the savings or additional tax burden resulting from
the difference between the tax owed by the subsidiaries covered by the
regime, and the tax resulting from the calculation of the joint result.
The tax integration agreement stipulates that tax gains generated by
loss-making subsidiaries should be retained at the parent company level.
3.2
I
DETAIL OF THE BALANCE SHEET ITEMS
3.2.1
I
Gross tangible and intangible fixed assets
(in €'000)
At 12/31/2015
Acquisitions
Disposals/
Deconsolidations
At 12/31/2016
Start-up and development costs
Other intangible fixed asset items
402
72
474
Total 1 Intangible assets
402
72
474
Land
156
39
117
Buildings on freehold land
364
364
Buildings on non-freehold land
Buildings, installations, fixtures and fittings
General installations, fixtures and fittings
531
531
Office and IT equipment, furniture
493
8
501
Total 2 Tangible assets
1,544
8
39
1,513
Tangible assets in progress
9
125
134
Total 3 Tangible assets in progress
9
125
134
TOTAL
1,955
205
39
2,121
The item “Tangible assets in progress” is comprised of expenses committed to the future relocation of the LISI S.A. head office.
COMPANY FINANCIAL STATEMENTS
4