LISI 2012 FINANCIAL REPORT
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Financial situation
Deliveries break down into 455 single-aisle aircraft (421 in 2011)
and 103widebody aircraft (87 in 2011), highlighting the success
of the A330 family whose monthly production rates have never
been that significant (9.5 in 2012 and 10 scheduled for spring
2013). The A380 was produced in 30 units (26 in 2011).
Development and industrialization of the A350 XWB are
continuing. The final assembly line is fully operational, and the
first flight is expected during the first half of 2013.
The launch of the A320 NEO is going according to plan and
most packages have been allocated during the year 2012.
The development phase of the A400M ends with more than
300 hours of operation and reliability of tests leading to the
civil and military certification is planned for the first quarter of
2013. The first delivery is scheduled for the second quarter of
2013, with a total of four deliveries by the end of the year (3 for
the French Air Force and for the Turkish army).
Boeing
Boeing ended the year 2012 with historically high performance,
with 1,203 net orders for commercial aircraft (the second best
year in its history) and 601 aircraft delivered, the best year since
1999. Such performance resulted from higher production rates
and for the 737 program, an unprecedented number of orders
(4,373 units) and deliveries:
• 1,124 net orders for the 737 family, with 914 orders for the
737 MAX,
• 46 B787s were delivered during the year,
• the 777 program totaled 83 deliveries,
• 31 aircraft in the Intercontinental and Cargo versions of the
new 747-8 were delivered in 2012.
Other aircraft markets
Thehelicoptermarketwas verywellmaintained, both for civilian
and military programs, with a growing market benefiting from
the acceleration of new programs.
Other markets such as business jets and regional aircraft
remained sluggish during the period, a trend that is expected
to continue in the short term.
Motorists
The aero-engine market was reorganized in 2012 and
competition toughened between the various players. The
market of engines for short-haul aircraft (A320 Neo, B737 Max)
is growing rapidly because of the very large backlog of their
respective manufacturers, Airbus and Boeing.
In this very important market in volume, competition is
organized between Pratt &Whitney with its NGPF Pure Power
engine and the GE-SNECMA alliance with its LEAP engine.
GE with its GP7000, GE90-115 range for widebody aircraft, the
B777 and A380, is continuing its ramp-up.
Activity
In €m
2012
2011**
Changes
Sales revenue
591.7
407.6
+45.1%
EBIT
91.3
51.1
+78.4%
Operating cash flow
87.6
57.0
+53.6%
Net CAPEX
-38.5
-25.0
+54.0%
Registered employees at period end
5,205
4,677
+11.3%
Full time equivalent head count*
5,456
4,141
+31.8%
* Including temporary employees
** The Group anticipated as at January 1, 2012 the implementation of the revised IAS 19. The 2011 statements have been restated accordingly.
In a business with high fixed costs such as the aerospace
components industry, the volume effect is key and may,
when ramp-up conditions are met, generate the expected
margin level to finance large investments and the working
capital requirements. The level of activity between the various
sites is balancing gradually, thereby contributing to a more
harmonious overall result.
Up 78.4% compared to 2011, EBIT reached €91.3 million and
the current operating margin stood at 15.4%, an increase of
2.9 percentage points in one year. This increase reflects the
volume effect mentioned above, a positive exchange rate
effect and hedging on the dollar (+€1.5 million) and a general
improvement in productivity (+€5.5 million). The fact that the
division was prepared since 2010, ahead of cycle, accounts
for the fact that the recovery could be absorbed under such
excellent conditions.
Hiring staff continued, concentrated on the Torrance site in
the United States (+ 100), Izmir - Turkey (+ 80) an in Casablanca
- Morocco (+84 people) to reach 5,456 full-time equivalents in
December 2012.
