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–
–
review of sureties and guarantees as well as loan agreements and
any other banking commitments, in conjunction with the banks and
financial institutions;
–
–
review, together with both internal and external legal counsels, of
dispute and legal proceedings before the courts, environmental
questions, and the measurement of liabilities that might arise;
–
–
examination of tax inspectors’ reports and reassessment notices
from previous financial years;
–
–
examination, together with those in charge of risk management,
insurance brokers and agents of the insurance companies with
which the Group has taken out its insurance policies to cover risks
in respect of contingent liabilities;
–
–
examination of transactions with related parties in respect of
guarantees or other commitments given or received;
–
–
in general, review of all contracts and contractual commitments.
2.7.4.1 Commitments given in the context of ordinary operations
In addition to the operating leases whose annual charges are
presented in note 2.6.1.2, commitments provided as part of current
activities are as follows:
(in €’000)
2017
2016
Balance of investment orders
108,951
109,962
Guarantees and deposits
0
0
COMMITMENTS MADE 108,951
109,962
Rate swap
66,797
73,660
Foreign exchange hedging
268,350 397,213
RECIPROCAL COMMITMENTS 335,147 470,873
Reciprocal commitments:
Reciprocal commitments are interest rate swaps to hedge variable
rate loans (see note 2.6.6.1. Financial Debt) taken out to fund external
growth.
As at December 31, 2017, the features of the SWAP contracts were as follows:
Notional at 12/31/2017
Nominal value
(in €’000)
Departure
date
Maturity
date
Paying
rate
Receiving rate
Market value (NPV)
(in €’000)
LISI S.A.
15,000
5/31/2012
5/31/2017
1.070% 2-month Euribor
70
LISI S.A.
9,500
6/29/2012
3/31/2017
1.0750% 3-month Euribor
2
LISI S.A.
5,000
6/10/2014
6/10/2021
0.940% 3-month Euribor
77
LISI S.A.
5,000
6/10/2014
6/10/2021
0.940% 3-month Euribor
77
LISI S.A.
10,000
6/10/2014
6/10/2021
0.970% 3-month Euribor
156
LISI S.A.
5,000
6/10/2014
6/10/2021
0.9525% 3-month Euribor
80
LISI S.A.
5,000
6/10/2014
6/10/2021
0.9675% 3-month Euribor
74
LISI S.A.
25,000
6/30/2014
5/30/2019
0.450% 3-month Euribor
77
LISI AUTOMOTIVE Former
7,000 12/31/2010 12/29/2017
1.745% 3-month Euribor
13
LISI MEDICAL Fasteners
4,500
9/28/2012
9/30/2024
1.300% 3-month Euribor
52
BLANC AERO INDUSTRIES
4,983
2/1/2016
1/15/2031
0.829% 3-month Euribor
26
BLANC AERO INDUSTRIES
4,983
2/1/2016
1/15/2031
0.830% 3-month Euribor
25
Creuzet Aéronautique
3,900
7/31/2012
7/31/2020 0.775% 1-month Euribor
18
TOTAL
747
The currency hedging instruments at December 31, 2017 are as follows:
Notional at 12/31/2017
Notional at 12/31/2016
Currency
EUR
Currency
EUR
GBP
32,400
36,518
34,980
40,856
CAD
57,600
38,300
39,600
27,911
TRY
32,785
10,321
18,650
5,871
PLN
16,800
4,022
20,400
4,626
USD
214,901
179,189
335,151
317,950
TOTAL
268,350
397,213
71
LISI 2017 FINANCIAL REPORT
CONSOLIDATED FINANCIAL STATEMENTS
3