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LISI 2011 —
68
— financial report
Company financial statements
.1
Company activity for the financial year, and outlook
for the coming year
– The corporate income tax comprises tax income of €+2m, including
a gain from the group taxation regime of €2.6m.
–
Consequently, the net income
of the company LISI S.A. is a profit of
€19.3m, compared with €7.7m in 2010, up by almost 2.5 times.
–
Shareholder’s net equity
rose from €172.3m in 2010 to €180.7m at
the end of 2011. It was reduced by the distribution of the dividends
paid in May 2011, for an amount of €10.9m in respect of the net
income for 2010.
–
The cash and cash equivalents, excluding current accounts, at
year-end
amounted to €66.6m, compared with €74.0m in 2010: this
balance sheet item is still of classic composition, withmoneymarket
funds and investments denominated in euros and dollars, and for
the most part guaranteed in capital. Net financial debt is €38.8m
at year end 2011, as compared with €-12.7m at year end 2010. This
change ismainly explained by the receipt of the divestiture proceeds
for LISI COSMETICS, by the raising of new loans and by the increase
in the current account assets due from the subsidiaries of LISI S.A.
1.1
Appropriation of earnings
We propose that last year’s profits of €19,308,622 be allocated as
follows:
In €
profits for the financial year of
19,308,622
increased by retained earnings of
52,904,485
giving distributable profit of
72,213,107
which we propose be allocated as follows:
– to the shareholders, by way of dividends, the sum
of €1.30 per share, or
14,022,442
– remainder to be carried forward, for a total of
58,190,665
The dividend for each share amounts to €1.30. The value of the
dividend eligible for 40% deduction, as covered by article 158-3-2° of
the French General Tax Code, is €1.30.
We also note that the dividend payouts per share, in euros, were as
follows:
Face value
of the share
Dividend
per share
Financial year ended
12/31/08
€2.00
€1.20
Financial year ended
12/31/09
€2.00
€0.70
Financial year ended
12/31/10
€2.00
€1.05
The key role of LISI S.A., the parent company of the LISI Group, is
to oversee projects of general interest and co-ordinate company
activity. More specifically, LISI manages the following services for its
subsidiaries:
– strategic validation, external growth procedure, action plans,
resource allocation;
– outlining strategy in an annual budget plan;
– financial control and internal audit;
– financial and fiscal consolidation;
– financial optimization, centralized cash management for the Group,
management of investments and financial liabilities, hedging of
foreign currencies and interest rates,
– co-ordination of: insurance; purchasing; quality; research and
development; health, safety and environment; human resources
and investments.
Earnings at December 31, 2011
The remarks below relate to the income statement for 2011.
– In 2011, operating income amounted to €10.0m, compared with
€6.3m in 2010 and was broken down as follows:
•
The sales revenues
of LISI S.A. amounted to €6.2m compared with
€5.9m in 2010, an increase of 4.7%. They are essentially made up
of services invoiced to the subsidiaries of LISI S.A. in respect of
assistance, control and coordination of activities. In 2011, these
invoices impacted on the subsidiaries, LISI S.A.’s operating costs
increased by 10%.
• The other operating income amounted to €3.8m in 2011,
compared with €0.4m in 2010. This increase was essentially due
to the impact of the release of a provision related to plans for the
award of shares based on performance for €+2.8m and on the
release of a provision for environmental risks of €+0.1m.
–
Operating expenses
amounted to €8.4m in 2011, identical to the
level in 2010.
–
The operating result
therefore grew from €-2.1m in 2010 to €+1.6m
in 2011.
–
The financial result
is positive, at €+11.4m, as compared with
€+11.8m in 2010. This result is principally made up of dividends
received from LISI AEROSPACE €11.0m, interest from group current
accounts for €1.7m and a release of a provision on an investment
of €0.3m. In terms of expenses, interest charged on loans and
group current accounts amounted to €2.7m; with the net exchange
impact stabilizing at €-0.7m for 2011.
–
The non-recurring income
amounts to €4.4m and results from the
divestiture of LISI COSMETICS.