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After the acquisition of ACUMENT’s clipped automotive fasteners,
followed by that of STRYKER’s site for the production of orthopaedic
implants, both completed in 2010, strategic operations were
pursued intensely in 2011, with the disposal of our Fragrance &
Cosmetics division in April, followed by the acquisition of aerospace
group CREUZET-INDRAERO in July.
The deconsolidation of LISI COSMETICS, the first of these
transactions, has enabled our company to refocus entirely on its
core business as a manufacturer of fasteners and mechanical
components. The acquisition of CREUZET-INDRAERO, one of
the world’s leading manufacturers of structural components,
is a major event for the Group. It strengthens significantly its
aerospace arm, placing LISI among the leading “Materials”
suppliers of customers such as AIRBUS or SAFRAN.
If we add up the sales of those companies that were acquired
or sold, the Group regenerated nearly one quarter of its sales
revenue in slightly more than twelve months. As such, 2011 will be
remembered as one of the major years for the transformation of
LISI’s strategic profile in the past two decades.
LISI AEROSPACE, with its two “Business Units” – Fasteners and
Structural Components – thus becomes the largest division of the
LISI Group, with nearly 48% of the consolidated sales on a full-year
basis, ahead of Automotive (45%) and Medical (7%).
Operating results oriented upwards
The acquisition of CREUZET-INDRAERO, which took several
months to prepare, took place under the best circumstances,
and was completed at the exact moment when the aerospace
market began to pick up, at least in Europe. Propelled to a market
revitalized by the Airbus A350, LISI AEROSPACE has thus returned
to strong organic growth and very satisfactory profitability levels.
On the contrary, LISI AUTOMOTIVE and LISI MEDICAL, faced with
operational difficulties in some of their units, have not achieved
the expected performance targets despite the growth of their
businesses.
Despite these contrasts, which are clearly identified and measured,
the Group saw its sales increase by 19% in 2011, with record sales of
€925 million. EBIT, at €77 million, indicates an operating margin of
Gilles KOHLER
(1)
Chairman and Chief Executive Officer of LISI
Emmanuel VIELLARD
(2)
Deputy Chief Executive Officer of LISI
2011
A strategic
year
Message from the Management
2