Universal Registration Document 2019

RECEIVABLES (in thousands of euros) Gross amount at the end of the financial year Less than 1 year 1 to 5 years More than 5 years Customers 1,168 1,168 Income tax 12,322 12,322 Tax integration current accounts 7,083 7,083 Subsidiaries’ current accounts 507,642 507,642 Other debtors 4,967 4,967 TOTAL 533,182 533,182 0 0 DEBT (in thousands of euros) Gross amount at the end of the financial year 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 29 29 at more than 1 year when contracted 265,700 25,732 210,564 29,405 Sundry loans and financial debts 102,015 102,015 Accounts payable and apportioned accounts 1,667 1,667 Debt on fixed assets and apportioned accounts 5 5 Tax and statutory payments 1,947 1,947 Income tax Tax integration current accounts 389 389 Subsidiaries’ current accounts 339,397 339,397 Other creditors TOTAL 711,150 471,181 210,564 29,405 On December 31, 2019, the item “Loans and debts from credit 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 €32 million, on March 20, 2015 for an amount of €17 million and on March 4, 2016 for an amount of €40 million. “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, 2019, these covenants were respected. As of December 31, 2019, the balance of the item “Borrowings and debt” included the drawdown of commercial paper (NEU CP) issued on the debt money market for an amount of €102 million. 3.2.5  /  Marketable securities and cash Marketable securities Marketable securities are valued at their purchase price, excluding the costs incurred in their acquisition. They may be depreciated in line with the average price or the year-end price. Treasury shares Treasury stock is held as marketable securities. These latter are valued at their lowest acquisition price or market value (average stock market price for December) for treasury stocks purchased under price regulation or equity not allocated to staff stock option or share allocation plans. For shares allocated to plans, CNC notice no. 2008‑17 applies. 3.2.5.1 - Marketable securities As at December 31, 2019, marketable securities were as follows: (in thousands of euros) 880,256 LISI shares* 6,936 SICAV and deposit certificates 94,025 GIVING A GROSS TOTAL OF 100,961 * 880,256 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 the market making agreement. The item “Marketable securities” essentially comprises money market funds for €80.6 million and guaranteed-capital investments for €13.4 million. The total net asset value of marketable securities stood at €80.6 million as at December 31, 2019. 3.2.5.2 - Cash This item is solely composed of bank balances. 86 LISI 2019 UNIVERSAL REGISTRATION DOCUMENT Company financial statements 3