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LISI 2016 FINANCIAL REPORT
3.3
I
DETAIL OF MAIN INCOME
STATEMENT ITEMS
3.3.1
I
Financial income from investments
(in €’000)
Amount
Dividends received from subsidiaries
22,001
Dividends received outside the Group
Interest from loans to subsidiaries
4,335
TOTAL
26,336
3.3.2
I
Breakdown of corporation tax
(in €’000)
Current profit
(loss)
Non operating
profit (loss)
Accounting
result
Pre-tax earnings
33,919
(75)
33,844
Income tax
(3,744)
(10)
(3,754)
Tax credits, IFA &
miscellaneous
61
61
Additional
contribution to the
corporate income
tax on the amount
distributed
(619)
(619)
Tax integration
taxes
3,490
3,490
NET EARNINGS
33,108
(85)
33,022
The LISI Group benefits from the tax integration regime, which covers
all its French subsidiaries. The tax integration agreement stipulates that
tax gains should be retained at the parent company level. The overall
amount of corporate income tax at December 31, 2016 is a tax income.
3.4
I
FINANCIAL COMMITMENTS
Financial guarantees given:
LISI S.A. has signed letters of intent with banks relating to the commitments
made by some of the Group’s subsidiaries. Moreover, its agreements with
some partners require compliance with financial covenants.
Commitments given under the terms of the transaction for the
divestiture of LISI COSMETICS:
Commitment for compensation granted in favor of the buyer concerning
any reassessments from the tax or environmental authorities, subject
to a deductible of €500,000, to exceeding a minimum threshold of
€35,000 and to an upper limit of €6 million.
Financial derivatives:
LISI S.A. uses derivative financial instruments to hedge its exposure
to foreign exchange risk, and occasionally to hedge its interest rate
risks resulting from its financial activities. In accordance with its cash
management policy, LISI S.A. neither holds nor issues derivatives for
trading purposes.
The currency hedges are underwritten by LISI S.A. to cover all of the
LISI Group’s needs.
The details at December 31, 2016 are as follows:
12/31/2016
12/31/2015
Fair
value
(1)
Notional
amount
(2)
< 1 year
Between
1 and
5 years
More
than
5 years
Fair
value
(1)
Notional
amount
(2)
< 1 year
Between
1 and
5 years
More
than
5 years
Long position of GBP
against USD
(7.2)
35.0
21.8
13.2
0.0
(1.4)
27.4
27.4
0.0
0.0
Long position of CAD
against USD
(1.5)
39.6
33.6
6.0
0.0
(4.1)
57.6
24.0
33.6
0.0
Long position of TRY
against EUR
(0.2)
18.7
18.7
0.0
0.0
(0.3)
34.1
34.1
0.0
0.0
Long position of PLN
against USD
(0.3)
20.4
20.4
0.0
0.0
(0.1)
20.4
20.4
0.0
0.0
Short position of USD
against EUR
(14.1)
335.2 120.3 215.0
(6.1)
405.1 129.8 275.3
0.0
(23.3)
(11.9)
(1) Fair value amounts are expressed in millions of euros.
(2) Maximum notional amounts are expressed in millions of currencies.
COMPANY FINANCIAL STATEMENTS
4