LISI 2012 FINANCIAL REPORT
66
3
Consolidated financial statements
that deal with contractual commitments, disputes and
authorizations for the purchase or disposal of assets;
• Review of sureties and guarantees as well as loan agreements
and any other banking commitments, in conjunction with the
banks and financial institutions;
• Review, together with both internal and external legal
counsels, of dispute and legal proceedings before the courts,
environmental questions, and the measurement of liabilities
that might arise;
• Examination of tax inspectors’ reports and reassessment
notices from previous financial years;
• Examination, together with those in charge of risk
management, insurance brokers and agents of the insurance
companies with which the Group has taken out its insurance
policies to cover risks in respect of contingent liabilities;
• Examination of transactions with related parties in respect of
guarantees or other commitments given or received;
• In general, review of all contracts and contractual
commitments.
2.7.4.1 COMMITMENTS GIVEN IN THE CONTEXT OF ORDINARY
OPERATIONS
In addition to the actual sureties stated in the note to this
document (cf. Note 2.5.6.3), and the operating leases whose
annual charges are presented in Note 2.5.1.2, commitments
provided as part of current activities are as follows:
In €'000
2012
Miscellaneous guarantees
174
Training entitlements
5,533
Balance of investment orders
50,557
Commitments made
56,264
Rate swap
79,400
Foreign exchange hedging
79,717
Reciprocal commitments
159,117
Reciprocal commitments:
Reciprocal commitments are interest rate swaps to hedge
variable rate loans (cf. Note 2.5.6.1. Financial Debt) taken out to
fund external growth. At December 31, 2012, the features of
the swap contracts were as follows:
Notional at 12/31/2012
Face value In
€'000
Departure date Maturity date Paying rate Receiving rate
Net present value
in €'000
LISI S.A.
10,000
02/06/2009 02/06/2014
2.7800% Euribor 3 months
(328)
LISI S.A.
10,000
04/08/2009 10/08/2013
2.4900% Euribor 3 months
(234)
LISI S.A.
15,000
09/30/2011 09/30/2016
2.0730% Euribor 3 months
(403)
LISI S.A.
4,750
09/30/2011 09/30/2016
1.5900% Euribor 3 months
(98)
LISI S.A.
4,750
12/30/2011 12/30/2016
1.3925% Euribor 3 months
(83)
LISI S.A.
4,500
03/31/2012 06/30/2016
1.0750% Euribor 3 months
(143)
LISI S.A.
15,000
05/31/2012 05/31/2017
1.0700% Euribor 2 months
(384)
LISI AUTOMOTIVE Former
7,000
12/31/2010 12/29/2017
1.7450% Euribor 3 months
(179)
Seignol Hugueny
4,500
09/28/2012 09/30/2014
1.3000% Euribor 3 months
(60)
Creuzet Aeronautique
3,900
07/31/2012 07/31/2020
0.7750% Euribor 1 month
(32)
Total
(1,944)
2.7.4.2 COMMITMENTS RECEIVED AS PART OF ACQUISITIONS OF
COMPANIES
LISI AUTOMOTIVE:
• In the context of the takeover of the sites of Acument La
Ferté Fresnel, LISI AUTOMOTIVE was awarded by TEXTRON a
guarantee to cover environmental risks likely to threaten a site
with no industrial activity to date.
• As a liabilities hedging instrument, LISI AUTOMOTIVE enjoys
a hedging instrument for any unrealized liabilities discovered
over a two-year period as of the acquisition date.
2.7.4.3 GUARANTEES GIVEN AS PART OF THE DIVESTITURE OF
LISI COSMETICS
As part of the divestiture of LISI COSMETICS, a commitment for
compensation was granted in favor of the buyer concerning
any reassessments from the tax or environmental authorities
