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LISI 2011 —
21
— financial report
Financial situation
Environmental information (Art. R 225-105)
For several years, LISI has adopted a responsible attitude vis-à-vis the
environment. This vision has naturally led to the ambition to obtain
ISO 14001 certification of all of the Group's production facilities. In late
2011, excluding sites recently acquired such as Creuzet - Indraero in
Poland and Morocco, all of the LISI Group's sites were certified to that
international environmental standard.
Moreover, at the LISI Group level, environmental indicators are
monitored semi-annually to assess the impact of the production
facilities on the environment.
2011 Indicators
LISI AEROSPACE LISI AUTOMOTIVE LISI MEDICAL
Groupe LISI
Change
2011
2010
2011
2010
2011
2010
2011
2010
Water consumption in m
3
/ €k production
0.37 0.44 0.29
0.38 0.35 0.24 0.32 0.40 - 19%
Energy consumption in MWh / €k production
0.20 0.25 0.36 0.40 0.08 0.06 0.29 0.33 - 14%
Hazadous products consumption in Kg /
€k production
0.24 0.28 0.09 0.11 0.00 0.21 0.15 0.18 - 16%
Waste production in Kg / €k production
9.9 12.6 31.2 42.1 1.4
5.1 23.5 28.4 - 17%
Data on a like-for-like basis: excluding La Ferté Fresnel – Dreux - Caen.
(3) The calculation was based on data available at the ADEME, on the scope of energy efficiency alone.
The fair use of resources is part of the actions put in place that have
reduced the environmental footprint in terms of water consumption
(-19% between 2010 and 2011), as well as energy consumption (-14%
between 2010 and 2011).
On this last point, the carbon footprint resulting directly from
energy consumption increased by 6% between 2010 and 2011, with
an increase of 700 tons of CO
2
3
. However, in proportion to activity
levels, and all sites taken together, the production of CO
2
per €k of
production improved by 17%, confirming the improved control of
energy consumption.
Moreover, the LISI Group monitors the groundwater quality of its
oldest, most risky sites in terms of pollution. In this area, the LISI
Group observes strict compliance with local regulations. Thus, some
industrial areas require regular monitoring of underground water
quality.
To prevent any chronic pollution and in accordance with applicable
regulations, the production sites dump their hazardous products on
appropriate retentions and seek, to the extent possible, to replace
them with other, less harmful products.
The reduction of the use of natural resources has already been
subjected to specific actions taken by the sites in the past years.
What matters now is to maintain the good performance level. For
the coming years, the LISI Group intends to make the waste issue a
priority to always reduce the impact of production facilities on the
environment. For this reason, a new indicator was introduced in
2011 - the share of separated waste - while keeping the indicator for
monitoring waste generation relative to production.
OUTLOOK
Acceleration in the LISI AEROSPACE Division, progress in the
LISI AUTOMOTIVE and LISI MEDICAL Divisions.
After a crisis year in 2010 for the Aerospace Division, and the
outstanding recovery of the Automotive Division, performances in
2011 have fully validated the Group's ambitious growth policy in terms
of capital expenditure, innovation and gaining market share.
These performances were achieved in amixed economic environment:
it has been very positive for the aerospace market, which has fully
recovered in Europe, but a little more uncertain for the medical and
automotive markets. While remaining solid, the latter has slowed
down in a volatile context: with too much activity at the beginning
of the financial year, followed by a sudden contraction towards the
end of the year. Despite objectives generally being reached, the
consolidated operating margin is still not at the normative level that
the Group considers to be 10%.
The LISI Group has thus completed another step towards its objective
of a two-figure consolidated operating margin, while at the same time
maintaining a substantially positive Free Cash Flow.
All of the divisions will be called upon to contribute:
– The LISI AEROSPACE Division has the potential for significant growth,
mainly in the United States. The requirements of the large 2012 -
2022 contract obtained from Boeing, the start of the B787 and an
increase in production rates should result in a larger contribution
from the American platform. The Creuzet group's contribution over
twelve months should also be significant, given that Indraero Siren
should improve its performance.
– Several problems related to the LISI AUTOMOTIVE Division's activity
should be eliminated, notably in Germany, and it should benefit
from investments and organizational initiatives (LAPS) undertaken
in 2011. The potential for the operating margin to recover remains
intact, so long as the volatility of demand from LISI AUTOMOTIVE's
large customers does not disrupt the complex production line.
– Theperformances of the LISIMEDICALDivision's two "Fasteners" sites
(in Lyon and Escondido in the United States) should see a significant
improvement compared to 2011, while the "Orthopaedics" plant (in
Caen) should develop a substantial volume of new products. 2012
will therefore be a key year in the consolidation of the LISI MEDICAL
division.