LISI GROUP - 2018 Financial report

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DEBT (in thousands of euros)
Gross amount
year-end
Less than
1 year
1 to
5 years
More than
5 years
Loans and debts from credit institutions:
at a maximum of 1 year when contracted 11,120 11,120
at more than 1 year when contracted 230,486 24,550 181,995 23,941
Sundry loans and financial debts 101,502 101,502
Accounts payable and apportioned accounts 1,880 1,880
Debt on fixed assets and apportioned accounts 61 61
Tax and statutory payments 1,897 1,897
Income tax
Tax integration current accounts 18,642 18,642
Subsidiaries’ current accounts 249,880 249,880
Other creditors
TOTAL 615,468 409,532 181,995 23,941
OnDecember31,2018,the item“Loansanddebtsfromcredit institutions”
includes the issuance of unsecured notes on the US private placement
market (USPP: US private placement) on October 17, 2013 for an amount
of €40 million, on March 20, 2015 for an amount of €20 million and on
March 4, 2016 for an amount of €40million.
“Financial covenants” related to this debt are:
■■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 of December 31, 2018, the balance of the item “Borrowings and debt”
includes the drawdown of commercial paper (NEUCP) issued on the debt
money market for an amount of €101 million.
3.2.6 IMarketable securities and cash
3.2.6.1 - Marketable securities
As at December 31, 2018, marketable securities were as follows:
(in thousands of euros)
914,553 LISI shares* 7,676
SICAV and deposit certificates 95,940
Giving a gross total of 103,616
* 914,553 shares held, under the delegation for the purpose of buying back the
Company’s own shares up to a limit of 10%, including those held under themarket-
making contract.
The item “Marketable securities” essentially comprises money market
funds for €82.5 million and guaranteed-capital investments for
€13.4million.
The total net asset value of marketable securities stood at €82.5 million
as at December 31, 2018.
3.2.6.2 - Cash
This item is solely composed of bank balances.
3.2.6.3 - Cash and Net debt
(in thousands of euros) 2018 2017 2016
Subsidiaries’ current accounts 481,950 395,058 399,705
Marketable securities 103,616 133,194 101,350
Cash 14,314 42,500 22,453
Cash available [A] 599,880 570,752 523,508
Subsidiaries’ current accounts [B] 249,880 270,781 220,007
Banking facilities for operations [B] 11,092 24
Net cash [A - B] 338,908 299,947 303,501
Borrowings and debt 343,108 352,016 286,748
Debt [C] 343,108 352,016 352,016
Net debt [D = C + B - A] 4,200 52,069 (16,753)