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LISI 2018 FINANCIAL REPORT
COMPANY FINANCIAL STATEMENTS
4
3.3.2
I
Breakdown of corporation tax
(in thousands of euros)
Current profit
(loss)
Non operating
profit (loss)
Accounting
result
Pre-tax earnings
41,247
(206)
41,041
Income tax
(1,995)
71
(1,924)
Tax credits, IFA &miscellaneous
20
20
Additional contribution to corporation tax on the distributed amounts
(291)
(291)
Tax integration taxes
3,451
3,451
Net earnings
42,432
(135)
42,296
The LISI Group benefits from the tax integration regime, which covers all its French subsidiaries. The tax integration agreement stipulates that tax
gains should be retained at the parent company level. The overall amount of corporation tax at December 31, 2018 is a tax income.
3.4
I
Financial commitments
Financial guarantees given:
LISI S.A. has signed letters of intent with banks relating to the
commitments made by some of the Group’s subsidiaries. Moreover, its
agreements with some partners require compliance with financial
covenants.
Financial derivatives:
LISI S.A. uses derivative financial instruments to hedge its exposure to
foreign exchange risk, and occasionally to hedge its interest rate risks
resulting from its financial activities. In accordance with its cash
management policy, LISI S.A. neither holds nor issues derivatives for
trading purposes.
The currency hedges are underwritten by LISI S.A. to cover all of the
LISI Group’s needs.
The details at December 31, 2018 are as follows:
12/31/2018
12/31/2017
Fair
value
(1)
Notional
amount
(2)
< 1 year
from 1 to
5 years
more
than
5 years
Fair
value
(1)
Notional
amount
(2)
< 1 year
from 1 to
5 years
more
than
5 years
Long position of GBP
against USD
-2.1
32.4
20.4
12.0
0.0
0.1
32.4
25.2
7.2
0.0
Long position of CAD
against USD
-0.5
36.0
24.0
12.0
0.0
1.7
57.6
33.6
24.0
0.0
Long position of TRY
against EUR
-0.5
21.4
21.4
0.0
0.0
-0.6
32.8
32.8
0.0
0.0
Long position of PLN
against USD
0.0
16.8
16.8
0.0
0.0
0.1
16.8
16.8
0.0
0.0
Long position of CZK
against EUR
0.1
240.0
240.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Long position EUR
against USD
2.8
178.9
111.9
67.0
0.0
13.5
214.9
116.0
98.9
0.0
-0.2
14.7
(1) Fair value amounts are expressed inmillions of euros.
(2) Maximumnotional amounts are expressed inmillions 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, 2018 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
2,500
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