14
LISI 2012
T
hanks to the excellent state of the Aeronau-
tical market the full year consolidation of the
Creuzet Aéronautique - Indraero Siren Group,
2012 saw both the activity and profitability of the LISI
Group grow significantly:
Hence the sales revenues of the group exceeded for the
first time the symbolic billion euro barrier at €1.08 bn;
The EBIT exceeded €100m and the operating margin in
the second half of 2012 reached 10%;
The Free Cash Flow amounted to €39m after a record
level of capital investments of €78m, or 7.3% of sales;
Financial debt fell by almost 6 points to 13% of
shareholders’ equity.
Markets with particularly
contrasting performances in 2012
However, the 2012 financial year saw considerable accen-
tuation of the contrasts which appeared at the end of
2011 in the trends in the group’s endmarkets; but also the
performances of the three divisions operating on these
markets diverged considerably.
Hence, driven by the remarkable growth at its aircraft
manufacturer customers Airbus and Boeing which beat
a new record in 2012 for delivery of aircraft with more
than 100 seats, with 1,189 aircraft, but also boosted by
the full year consolidation of the Creuzet Aéronautique
- Indraero Siren group acquired in mid-2011, the LISI
AEROSPACE division exceeded its objectives with sales of
€592m, up by 26% on a like-for-like basis, leading to an
operating margin of more than 15%.
With this performance, this business represented 55%
of the consolidated sales of the Group in 2012, more
than 90% of its EBIT and the entirety of its Free Cash
Flow.
On the downside, the LISI AUTOMOTIVE division fell back
due to the combined effects of the fall in themarket and
in production in Europe to which it is principally related
and the first internal restructuring measures which
were taken. Its sales of €427m fell by more than 4% over
the year, its production fell by €32m to use up the stocks
created in 2011 and its fixed costs, of which the payroll
expense and the depreciation charge account for two
thirds, remained stable. Finally, the EBIT remained fairly
positive at 0.5% over the financial year and the Free
Cash Flow became negative at €4m.
The LISI MEDICAL division, badly hit during the first
half of the 2012 financial year by specific unfavorable
effects, saw its performance recover in the second part
of the year: Sales amounted to €65m, the EBIT exceeded
4% of sales and the Free Cash Flow was sharply positive
before the property transaction for the purchase of the
plant and land in Lyons.
LETTER FROM THE MANAGEMENT
Consolidated results which
are continuing to grow
