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LISI 2011 —
20
— financial report
Financial situation
LISI AEROSPACE benefited from€25.0million in capital expenditures in
2011. Examples include:
– the development of future programs such as the A350 or the Leap
56 for €3.5m in Marmande (Lot-et-Garonne), €8.4m in Saint-Ouen-
l'Aumône (Seine-et-Oise) and Villefranche-de-Rouergue (Aveyron)
– the preparation of the escalation of the production rates in the
United States for an amount of €4.7 million.
LISI MEDICAL's capital expenditures were focused on the Caen site for
a total of €2.9 million.
After taking all of these elements into account, the Free Cash Flow
remained positive, rising to €6.4m (+€54.8m in 2010).
The acquisition of the Creuzet group, for a net amount of €68.1m, was
financed by the proceeds of the disposal of LISI COSMETICS and €75m
using the medium term credit lines available to LISI.
At €102.6m, net debt remains below 20% of equity capital (18.9%).
This represents 0.84 of the EBITDA, substantially below the prudential
ratios required by the banks. Furthermore, available cash flow has
virtually remained stable, at €68m on December 31, 2011, compared
to €73m on December 31, 2010.
The capital employed increased from €561m to €707m, taking into
account the consolidation excess allocated to acquisitions. The return
on capital employed before tax improved to 13.3% compared to 10%
in 2010.
Social and societal information (Art. R 225-105)
During 2011, the LISI Group subsidiaries compliedwith their regulatory
obligations by implementing labor agreements or appropriate action
plans: seniors, hardship, psychosocial risks, gender equality, profit
sharing bonus.
Determined to eliminate as quickly as possible accidents at work
whatever their nature, the LISI Group implements a very strict
monitoring of accident frequency and severity, on a monthly and per
site basis. To mobilize the Group around this issue, incentive contracts
were revised to establish performance criteria relating to accidents,
namely the TF0 and TF1:
– the TF0 represents the number of workplace accidents involving
work stoppage involving a LISI employee, per million hours worked,
– the TF1 represents the number of workplace accidents with or
without work stoppage involving a LISI employee, per million hours
worked.
These indicators improved dramatically in 2011: the TF0 stood at 9.1
and the TF1 at 17.4. These constitute the best results achieved since
2005, when these statistics were first consolidated for the entire
Group.
Finally, complementary remuneration tools have enabled some
employees, depending on the social or taxation opportunities
available, to benefit from supplementary pension schemes, company
savings plans, the performance share allocation scheme and the
profit-sharing bonus. The LISI Group paid nearly €3.0 million to its
employees as part of these complementary remuneration tools in
2011. In addition, bonuses paid or allocated in 2011 under profit-
sharing and participation agreements amounted to over €9.5 million.
Head count by division
The number of registered employees increased substantially over
the year with the entry of 1,411 employees from the Creuzet group,
but also with the integration of 267 people recruited by the LISI
AEROSPACE Fasteners sub-division. The sale of LISI COSMETICS has
led to a rundown of 417 people. The temporary employees are mainly
used by LISI AEROSPACE.
Head count at year end
2011
2010
Difference N/N-1
LISI AEROSPACE
4,677
2,988
1,689
57%
LISI MEDICAL
508
483
25
5%
LISI AUTOMOTIVE
3,312
3,200
112
4%
LISI COSMETICS
417
-417
-100%
Holding company
15
13
2
15%
Group total
8,512
7,101
1,411
20%
Temporary staff engaged
627
425
202
48%