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LISI 2011 —
18
— financial report
Financial situation
.2
Group activity for the financial year, and outlook for the
coming year
– The contribution of LISI MEDICAL (€74.0m) particularly due to its
"Orthopaedics" branch, which more than compensated up for the
disposal of LISI COSMETICS, which was sold in April 2011 (€52.8m in
2010).
At constant scope and exchange rates, organic growth was 13.8%,
compared to 3.5% in 2010. It gradually slowed down during the year,
before being boosted by external growth with the integration of the
Creuzet group; this acquisition alone accounted for approximately 12%
of instantaneous growth in the second half of the year.
2.1
LISI Consolidated
The LISI Group achieved record high consolidated sales of €925.1m in
fiscal 2011, up 19.1% over the previous year.
This increase reflects the following changes:
– The dynamism of the aerospace division in Europe, of which LISI
AEROSPACE has benefited (€407.6m, +44.7%);
– The acquisition of the Creuzet group consisting of Creuzet
Aéronautique and Indraero Siren, which brought in €58.9 million;
– The solid performance of LISI AUTOMOTIVE (€446.3m, +11.2%);
12 months ended December 31,
2011
2010
Change
Key elements of the income statement
Sales revenue
€m 925.1
776.7
+ 19.1 %
EBITDA
€m 122.1
95.7
+ 27.6 %
EBITDA margin
%
13.2
12.3
+ 0.9 pts
EBIT
€m
76.6
49.5
+ 54.9 %
Current operating margin
%
8.3
6.4
+ 1.9 pts
Income for the period attributable to holders of the company's shareholders'
equity
€m
58.2
32.9
+ 76.8 %
Earnings per share
€
5.61
3.19
+ 75.9 %
Main elements of cash flows
Operating cash flow
€m
95.3
79.5
+ 19.9 %
Net CAPEX
€m - 64.9
- 50.6
+ 28.2 %
Operating free cash flow (FCF)
€m
6.4
54.8
- 88.3 %
Main elements of the financial situation
Net debt
€m 102.6
17.5
n.a.
Ratio of net debt to equity
18.9 %
3.6 % + 15.3 pts
The respective divisions’ contributions are as follows:
LISI AEROSPACE
LISI AUTOMOTIVE
LISI MEDICAL
LISI Consolidated
Q1
16.3%
28.4%
297.0%
23.7%
Q2
16.7%
10.2%
246.4%
11.5%
Q3
69.9%
9.1%
51.3%
25.4%
Q4
77.5%
-1.4%
-22.7%
16.8%
2011
44.7%
11.2%
73.3%
19.1%
The Group's activities are nowmore evenly balanced: LISI AEROSPACE accounts for 44% of consolidated sales, LISI AUTOMOTIVE for 48% and LISI
MEDICAL for 8%.
(In €m)
LISI AEROSPACE
LISI AUTOMOTIVE
LISI MEDICAL
LISI Consolidated
Q4
€126.9m
52% €102.3m
41%
€16.3m
7%
€245.0m
100%
Fiscal 2011
€407.6m
44% €446.3m
48%
€74.0m
8%
€925.1m
100%