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The details at December 31, 2017 are as follows:
12/31/2017
12/31/2016
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
0.1
32.4
25.2
7.2
0.0
(7.2)
35.0
21.8
13.2
0.0
Long position of CAD
against USD
1.7
57.6
33.6
24.0
0.0
(1.5)
39.6
33.6
6.0
0.0
Long position of TRY
against EUR
(0.6)
32.8
32.8
0.0
0.0
(0.2)
18.7
18.7
0.0
0.0
Long position of PLN
against USD
0.1
16.8
16.8
0.0
0.0
(0.3)
20.4
20.4
0.0
0.0
Long position EUR
against USD
13.5
214.9
116.0
98.9
0.0
(14.1)
335.2
0.0
335.2
0.0
14.7
(23.3)
(1) Fair value amounts are expressed in millions of euros.
(2) Maximum notional amounts are expressed in millions of currencies.
Reciprocal commitments corresponding to interest rate swaps:
LISI S.A. has contracted interest rate swaps intended to hedge it against an increase in interest rates on variable rate loans. The details at
December 31, 2017 are as follows:
Face value
(in thousands
of euros)
Capital remaining due
(in thousands of euros)
Fixed rate
Maturity date
Variable rate vs. fixed rate
5,000
5,000
0.9400%
June-21
Variable rate vs. fixed rate
5,000
5,000
0.9400%
June-21
Variable rate vs. fixed rate
25,000
7,500
0.4500%
June-19
Variable rate vs. fixed rate
10,000
10,000
0.9700%
June-21
Variable rate vs. fixed rate
5,000
5,000
0.9525%
June-21
Variable rate vs. fixed rate
5,000
5,000
0.9675%
June-21
Financial Instruments ANC Regulation 2015-05 respecting Financial
Futures and Hedging
The new 2015-05 ANC Regulation, which came into force on January 1,
2017, applies to forward financial instruments, imposes at the level
of hedging transactions the symmetrical recognition in the income
statement of the hedged risk and the effects of hedging, and recognition
of the fair value of unrecognized derivatives in the balance sheet, except
where necessary to ensure symmetry of transactions or to reflect a risk
taken by the company. Accordingly, the symmetric recognition rules in
the income statement for the effects of hedging and hedged risk remain
unchanged for simple non-speculative transactions.
In French accounting rules, there is a presumption that derivatives are
underwritten for hedging purposes. Recognition of the fair value of
derivatives is therefore not necessary, except to allow the symmetrical
recognition of the impacts of the hedged risk and the effects of the
hedge or to reflect the negative effect of the risks taken by the company.
In LISI SA’s financial statements, this regulation has no impact as LISI SA
does not subscribe to speculative instruments and does not have a
hedging agreement with symmetry in the income statement. In fact,
hedges are subscribed as part of the centralization of cash on behalf of
its subsidiaries.
LISI 2017 FINANCIAL REPORT
COMPANY FINANCIAL STATEMENTS
4