Universal Registration Document 2019

43 LISI 2019 UNIVERSAL REGISTRATION DOCUMENT Consolidated financial statements 2 The increase results from the discounting of the goodwill of LISI AUTOMOTIVE Hi-Vol Inc. over the period (€+6.9 million). The decrease is the result of the exit of INDRAERO SIREN and LISI AEROSPACE Creuzet Maroc (€-2.7 million). Changes in currency exchange rate only concern LISI AEROSPACE and result from translation differences on the dollar. The net values of goodwill at December 31, 2019, are broken down as follows: In millions of euros Division LISI AEROSPACE Division LISI AUTOMOTIVE Division LISI MEDICAL TOTAL LISI GROUP NET GOODWILL 135.2 128.6 90.7 354.6 INTANGIBLE FIXED ASSETS with indefinite useful lives None None None None Trademarks None None None None Result of the impairment test No sign of impairment No sign of impairment No sign of impairment The net values of goodwill at December 31, 2018, are broken down as follows: In millions of euros Division LISI AEROSPACE Division LISI AUTOMOTIVE Division LISI MEDICAL TOTAL LISI GROUP NET GOODWILL 137.5 120.6 89.7 347.8 INTANGIBLE FIXED ASSETS with indefinite useful lives None None None None Trademarks None None None None Result of the impairment test No sign of impairment No sign of impairment No sign of impairment In accordance with IAS 36 “Impairment of assets,” goodwill underwent impairment tests on December 31, 2019, taking into account the projections of the 2020‑2023 strategic plan. The flows resulting from the 2020‑2023 strategic plan were discounted by applying the following assumptions, which returned the results below: 12/31/2019 Division LISI AEROSPACE Division LISI AUTOMOTIVE Division LISI MEDICAL TOTAL LISI GROUP KEY ASSUMPTIONS Cash flow within one year Forecasts Forecasts Forecasts Cash flow within four years 4-year strategic plan 4-year strategic plan 4-year strategic plan Discount rate after tax 7.10% 7.93% 6.70% Growth rate of flows not covered by the budget and strategic assumptions 1.60% 1.60% 1.60% 12/31/2018 Division LISI AEROSPACE Division LISI AUTOMOTIVE Division LISI MEDICAL TOTAL LISI GROUP KEY ASSUMPTIONS Cash flow within one year Forecasts Forecasts Forecasts Cash flow within four years 4-year strategic plan 4-year strategic plan 4-year strategic plan Discount rate after tax 7.52% 7.89% 6.80% Growth rate of flows not covered by the budget and strategic assumptions 2.00% 2.00% 2.00%