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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, 2017.
3.7
I
AWARD OF PERFORMANCE SHARES
Acting on the recommendation of the Compensation Committee,
LISI’s Board of Directors decided, on October 23, 2014, 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 2015, 2016 and 2017 to the extent
that at the meetings of December 17, 2015, December 20, 2016 and
December 13, 2017, the Board of Directors renewed the opening of new
plans subject to similar conditions.
The 2014 plan vested in 2017.
The fair value of the benefits thus granted is recognized in 2017 as
provision for an amount of €1.0 million for the employees of the French
companies for the 2015 plan and for the French and foreign employees
for the 2016 and 2017 plans. 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 2014 plan in May 2017 resulted in a provision
reversal of €0.9 million.
Plans that impacted LISI S.A.’s financial statements in 2017:
Plan for 2014 Plan for 2015
Plan for 2016
Plan for 2017
Total
Allocation date
10/23/2014
12/17/2015
12/20/2016
12/13/2017
Vesting date
February 2017 February 2018 February 2019 February 2020
Value in thousands of euros as at 12/31/2017
-
541
430
46
1,017
Net expenses in thousands of euros on the income
statement of LISI S.A. at 12/31/2017 (excluding social security
contributions)
864
(197)
(384)
(46)
237
Number of allocated shares remaining at 12/31/2017
-
129,200
170,440
154,610
Since 2016, it was decided also to allocate performance shares to
foreign employees of the LISI Group. Previously, they benefited fromthis
advantage, meeting the same criteria for the allocation of performance
shares to the French employees, in the formof 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 €1,035,614 for 2017
(compensation net of social security contributions, including the
variable element).
■■
The overall compensation paid to the 5 highest-paid individuals totaled
€1,645,598.
■■
Headcount as of December 31, 2017 was 25 individuals.
■■
Retirement commitments are not specified as the amount is
insignificant.
■■
The Company does not have any financial leasing agreements.
■■
Fees recognized for the year ended December 31, 2017 concerning our
statutory auditors, Ernst & Young and EXCO and Associés amounted
to €68,187 for the certification of the financial statements and €19,867
for other due diligence.
LISI 2017 FINANCIAL REPORT
COMPANY FINANCIAL STATEMENTS
4