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2.6.7
I
Financial result (income)
(in €’000)
12/31/2017
12/31/2016
FINANCING EXPENSES AND REVENUE ON CASH
Revenue on cash
2,697
813
Impact of the change in fair value of positive interest rate hedges
747
333
Impact of the change in fair value of negative interest rate hedges
0
(501)
Financing expenses
(5,866)
(5,065)
SUBTOTAL INCOME FROM CASH AND CASH EQUIVALENTS
(2,421)
(4,420)
OTHER INTEREST REVENUE AND EXPENSES
Foreign exchange gains
46,980
54,490
Foreign exchange losses
(79,390)
(37,000)
Impact of the change in fair value of positive LISI SA currency hedges
13,872
919
Other
(628)
(639)
FINANCIAL INCOME AND EXPENSES
(19,166)
17,770
FINANCIAL RESULT (INCOME)
(21,587)
13,350
The strongly negative impact of the financial result (-€21.6 million)
compared to 2016 (€+13.3 million) can be explained by the following
main items:
–
–
financial expenses, which correspond to the cost of long-term net
debt, totaled €-5.9 million (€-5.1 million in 2016), an average fixed
rate of 2.01% (1.70% in 2016). This rate increase was offset by gains
on current cash investments (€+2.8 million versus €+0.8 million in
2016);
–
–
the revaluation of debts and receivables denominated mainly
in US dollars (€-32.4 million, compared to €+17.5 million in
2016). Receivables and investments in foreign currencies were
automatically affected by the sharp decline of that currency
against the euro;
–
–
the positive impact of the valuations of the currency hedging
instruments (€+13.9 million versus €+0.9 million in 2016).
2.6.8
I
Income tax
2.6.8.1 Income tax breakdown
BREAKDOWN
(in €’000)
Pre-tax
earnings
Tax*
Profit (loss)
after tax
Current profit (loss)
153,627
(34,392)
119,234
Non-recurring operating expenses and revenues
(3,680)
1,258
(2,423)
Employee profit-sharing
(3,814)
1,312
(2,502)
Tax credits
85
85
CVAE (Tax on companies’ added value)
(7,445)
(7,445)
PROFIT (LOSS) FOR THE PERIOD
146,133
(39,182)
106,951
* of which taxes due: €-19,471 thousand
of which deferred taxes: €–10,334 thousand
of which withholding tax on profits received from abroad: €-2,016 thousand
of which tax credits: €+85 thousand
of which CVAE (Tax on companies’ added value) : €-7,445 thousand
65
LISI 2017 FINANCIAL REPORT
CONSOLIDATED FINANCIAL STATEMENTS
3