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LISI 2016 FINANCIAL REPORT
3.5.2
I
Subsidiaries and holdings (company data in €)
Companies Share capital
Shareholders’
equity and
minority
interests
Share of
capital held
(%)
Gross book
value of
securities
held
Provisions
on securities
held
Net book
value of
securities
held
Loans,
advances
granted by the
company not
yet repaid
Loans,
advances
received by
the company
not yet repaid
Amount of
guarantees
given by the
company
Sales revenue
excl. VAT
of the last
financial year
Net income or
net loss of the
last financial
year
Dividends
received by
the parent
company
during the last
financial year
LISIAUTOMOTIVE
31,690,000 106,563,001
100.00% 93,636,481
93,636,481
53,690,223
26,846,055
6,905,664
LISIAEROSPACE
2,475,200 111,271,156
100.00% 30,863,816
30,863,816
53,443,030
372,928,951
20,708,527
22,001,053
LISIMEDICAL
33,337,000
27,482,048
100.00% 33,337,000
33,337,000
28,246,641
3,266,368
2,871,427
3.6
I
IDENTITY OF THE CONSOLIDATING
COMPANY
Compagnie Industrielle de Delle
(CID)
Limited company with share capital of €3,189,900
Head Office: 28 Faubourg de Belfort – BP 19 – 90101 DELLE Cedex
Compagnie Industrielle de Delle
held 54.87% of the capital of LISI S.A.
as at December 31, 2016.
3.7
I
ALLOCATION OF PERFORMANCE SHARES
Acting on the recommendation of the Compensation Committee,
LISI’s Board of Directors decided, on October 24, 2013, to allocate
performance shares to members of the Executive Committee and
to members of the main Management Committees for the three
LISI Group divisions, subject to their meeting certain performance
targets. This was also the case for 2014, 2015 and 2016 to the extent
that at the meetings of October 23, 2014, December 17, 2015 and
December 20, 2016, the Board of Directors renewed the opening of
new plans subject to similar conditions.
The 2013 plan was definitively acquired in 2016.
The fair value of the benefits thus granted is recognized in 2016
as provision for an amount of €1.3 million for the employees of the
French companies for the 2014 and 2015 plans and for the French
and foreign employees for the 2016 plan. This cost was not allocated
to divisions, and remains an expense at the LISI S.A. level until the
definitive realization of the plan. 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.
The maturity of the 2013 plan in May 2016 resulted in a provision
reversal of €0.8 million.
Plans that impacted LISI S.A.’s accounts in 2016:
Plan for 2013 Plan for 2014 Plan for 2015 Plan for 2016
Total
Allocation date
10/24/2013 10/23/2014 12/17/2015 12/20/2016
Acquisition date
February 2016 February 2017 February 2018 February 2019
Value in thousands of euros as at 12/31/2016
-
864
344
46
1,254
Net expenses in thousands of euros on
the income statement of LISI S.A. at 12/31/2016
(excluding social security contributions)
769
(420)
(308)
(46)
(5)
Number of allocated shares remaining at 12/31/2016
103,894
153,150
134,800
185,260
In 2016, it was decided also to allocate performance shares to foreign
employees of the LISI Group. Previously, they benefited from this
advantage, meeting the same criteria for the allocation of performance
shares to the French employees, in the form of a bonus payment directly
recognized in the financial statements of the foreign subsidiaries.
3.8
I
MISCELLANEOUS INFORMATION
■■
The Company directors and executives have not been given any
advances or credits.
■■
Compensation of executives stood at €1,440,687 for the year 2016
(compensation net of social security contributions, including the
variable element and attendance fees).
■■
The overall compensation paid to the 5 highest-paid individuals
totaled €2,051,878.
■■
Headcount as of December 31, 2016 was 21 individuals.
■■
Retirement commitments amounted to €374,453. They were
calculated taking into account a discount rate of 1.48% and an
inflation rate of 1.10%, on the basis of the 2016 DADS (annual social
security return).
■■
The Company does not have any financial leasing agreements.
■■
The fees recognized for the financial year ending December 31,
2016 for our auditors Ernst & Young and EXCO CAP AUDIT totaled
€68,052.
COMPANY FINANCIAL STATEMENTS
4