LISI 2012 FINANCIAL REPORT
74
4
COMPANY FINANCIAL STATEMENTS
•
The financial result
is positive, at +€13.3m, as compared with
+€11.4m in 2011. Revenues consist primarily of dividends
received from LISI AEROSPACE for €11.0m, dividends received
from LISI AUTOMOTIVE for €2m, interest on Group current
accounts for €2.0m and net capital gains on investments for
€1.0m. In terms of expenses, interest charged on loans and
group current accounts amounted to €3.5m; with the net
exchange impact stabilizing at – €0.7m for 2012.
•
The extraordinary loss
stands at €-0.1m.
•
The corporate income tax comprises tax income of + €1.6m,
including a gain from the group taxation regime of €2.1m.
•
Consequently, LISI S.A.’s net profit was €17.1m, as compared
with €19.3m in 2011, i.e. a 11.2% drop.
•
Shareholder's net equity
rose from €180.7m in 2011 to
€184.4mat the endof 2012. Itwas reducedby the distribution
of the dividends paid in May 2012, for an amount of €13.5m
in respect of the net income for 2011.
•
The cash and cash equivalents, excluding current accounts,
at year-end
amounted to €82.2m, compared with €66.6m in
2011: this balance sheet item is still of classic composition,
with money market funds and investments denominated in
euros and dollars, and for themost part guaranteed in capital.
Net financial debt is €11.2m at year end 2012, as compared
with €-38.8m at year end 2011. This variation is mainly due to
the disbursement for the acquisition of LISI MEDICAL shares
from LISI AEROSPACE.
1.1 Appropriation of earnings
We propose that last year’s profits of €17,144,076 be allocated
as follows:
In €
profits for the financial year of
17,144,076
increased by retained earnings that stand at
58,682,443
giving distributable profit of
75,826,519
which we propose be allocated as follows:
– to the shareholders, by way of dividends, the
sum of €1.40 per share, being
15,101,092
– remainder to be carried forward, for a total of
60,725,427
The dividend for each share amounts to €1.40. The value of the
dividend eligible for 40% deduction, as covered by article 158-3-
2° of the French General Tax Code, is €1.40.
1
Company activity for
the financial year, and
outlook for the coming
year
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,
• insurance coordination, procurement, quality, research and
development, health safety and the environment, human
resources and investments, as well as industrial improvement
plans.
Earnings at December 31, 2012
The remarks below relate to the income statement for 2012.
•
In 2012, operating income amounted to €9.4m, compared
with €10m in 2011 and was broken down as follows:
– The sales revenues
of LISI S.A. amounted to €6.8m
compared with €6.2m in 2011, an increase of +10.1%.
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 2012, these invoices impacted
on the subsidiaries, LISI S.A.’s operating costs increased by
10%.
– The other operating income
amounted to €2.6m in 2012,
compared with €3.8m in 2011. This amount is due in
part to the impact of the provision reversal regarding the
performance share award plans of +€1.9m, a provision
reversal for environmental risks of +€0.8m, and a provision
reversal for charges of €0.2m.
•
The operating expenses
amounted to €7.0m in 2012,
representing a decrease of 16.8% compared to 2011, mainly
due to the fees item that included the fees for the acquisition
and disposal of companies in N -1.
•
The operating result
therefore grew from +€1.6m in 2011 to
+€2.4m in 2012.
