LISI 2012 FINANCIAL REPORT
60
3
Consolidated financial statements
The increase in payroll expenses was primarily due to the high
level of activity in Europe and the impact of the companies in
the Structural Components segment, consolidated as of July
2011.
2.6.5 Research and development expenses
The LISI Group's mission is to carry out intensive research and
development activities, both in developing new products and
in using newmaterials. This research and development activity
is carried out at various levels: either as part of a co-operative
venture between research and design departments within
our own divisions and those of our customers, or to develop
or improve certain components or industrial processes. These
are mainly comprised of personnel expenses dedicated to R&D
services. Staff dedicated to R&D represent in 2012 some 2.4%
of the Group’s employees.
The expenses incurred for the last three financial years are
shown in the table below:
(In €m)
2012
2011 2010
R&D expenses
22.7 18.9 18.4
% of sales revenue
2.1% 2.0% 2.4%
Activated projects
0.2
0.7
1.0
2.6.6 Non-recurring operating expenses and revenues
Non-recurring operating expenses and revenues break down as follows:
(in €'000)
2012
2011
Non-recurring operating expenses
Disposal of KUT
(196)
Restructuring costs
(23)
Industrial reorganization costs
(37)
(309)
Other costs
(111)
Reserve allowance for industrial reorganizations
(5,500)
(1,000)
Provisions allowance for restructurings
(1,622)
Impairment of B.U. goodwill Clipped fasteners
(3,400)
Total
(9,267)
(2,931)
Non-recurring operating revenues
Gains from the disposal of LISI COSMETICS
9,838
Industrial reorganization plan provision reversals
36
807
Other revenues
11
Total
47
10,645
Non-recurring revenue and expenses from operations
(9,220)
7,714
The rules for the presentation and definition of non-recurring
income and expenses remain unchanged compared to
December 31, 2011.
To the Company's knowledge, there are no other litigations,
arbitrations or non-recurrent facts that have, or have had, a
significant impact on the financial situation, earnings, business
or assets of the LISI Group.
