63 / 168
each loan are described hereafter:
[1]
■■
Consolidated gearing ratio < 1.2 (Net debt/Shareholders’ equity).
■■
Consolidated Leverage ratio < 3.5 (Net debt/EBITDA).
[2]
■■
Consolidated gearing ratio < 1.2 (Net debt/Shareholders’ equity)
■■
Consolidated Leverage ratio < 3.5 (Net debt/EBITDA).
■■
Coverage ratio of consolidated interest expense < 4.5 (Net interest
expense/EBITDA).
As at the year-end, covenants were respected.
2.5.7
I
Deferred taxes
The deferred taxes of French companies were revalued to take into
account the article of the Finance Act for 2018 for the progressive
reduction of corporate income tax to 25%.
(in €’000)
12/31/2017
12/31/2016
Deferred tax assets
8,568
19,075
Deferred tax liabilities
(40,747)
(33,376)
NET DEFERRED TAXES
(32,179)
(14,301)
Non-recognized deferred tax assets:
The Company does not recognize its deferred tax assets whenever
it has no sufficient assurance that it will recover carried forward
deficits and tax credits. Deferred tax assets are only recognized
if their recovery is probable. The losses brought forward that
were not recognized in the balance sheet as of December 31, 2017
would generate deferred tax assets of €17.9 million, compared to
€18.9 million in 2016.
Deferred tax assets by early recoverability horizon as at December 31,
2017
- 1 year
1 to 5 years
+5 years
Total
1,498
2,929
4,141
8,568
2.6
I
DETAIL OF MAIN INCOME STATEMENT ITEMS
2.6.1
I
Sales revenue
The breakdown of sales revenues by business segment and country is shown in note 2.8.1. “Segment information”.
2.6.2
I
Consumed goods
(in €’000)
LISI
AEROSPACE
LISI
AUTOMOTIVE
LISI
MEDICAL Other
TOTAL
2017
TOTAL
2016
Consumption of goods
6,361
20,399
3,836
(356)
30,240 28,928
Consumption of raw materials
187,692
86,197
17,269
0 291,158 274,416
Tools
41,725
23,484
7,661
(23)
72,847
64,949
Other purchases
29,055
16,832
2,965
20 48,873
46,143
TOTAL CONSUMPTION
264,833
146,912
31,731
(359)
443,119 414,436
2.6.3
I
Other purchases and external expenses
(in €’000)
LISI
AEROSPACE
LISI
AUTOMOTIVE
LISI
MEDICAL
Other
TOTAL
2017
TOTAL
2016
Subcontracting
62,009
42,563
7,815
(4)
112,383 107,763
Maintenance
36,088
21,331
4,656
805
62,880
60,516
Transport
11,742
11,114
1,037
0 23,893
23,019
Energy
18,011
14,818
1,836
12
34,676
34,506
Other purchases and external costs
75,284
27,095
7,334 (5,212)
104,500 100,154
TOTAL OTHER PURCHASES AND EXTERNAL COSTS
203,134
116,921
22,678 (4,399)
338,332 325,957
63
LISI 2017 FINANCIAL REPORT
CONSOLIDATED FINANCIAL STATEMENTS
3