66
I LISI FINANCIALREPORT2013
COMPANYFINANCIALSTATEMENTS
4
1
| COMPANYACTIVITYFORTHEFINANCIALYEAR,
ANDOUTLOOKFORTHECOMINGYEAR
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.
Morespecifically,LISImanagesthe followingservices for itssubsidiaries:
n
strategicvalidation, externalgrowthprocedure, actionplans, resource
allocation;
n
outliningstrategy inanannualbudgetplan;
n
financialcontroland internalaudit;
n
financialand fiscalconsolidation;
n
financial optimization, centralized cashmanagement for the Group,
managementof investmentsandfinancialliabilities,hedgingofforeign
currenciesand interestrates;
n
insurance coordination, procurement, quality, research and
development, health safety and the environment, human resources
and investments,aswellas industrial improvementplans;
n
managementofstrategicprojects.
EARNINGSATDECEMBER31, 2013
Theremarksbelowrelatetothe incomestatement for2013.
n
In2013,operatingincomeamountedto€9.2m,comparedwith€9.4m
in2012andwasbrokendownasfollows:
–
The sales revenues
of LISI S.A. amounted to €8.6m compared with
€6.8m in2012, an increaseof +25.2%. Theyareessentiallymadeupof
services invoiced to thesubsidiariesofLISIS.A. in respectofassistance,
control andcoordinationof activities. In2013, these invoices impacted
onthesubsidiaries,LISIS.A.’soperatingcosts increasedby10%.
–
Theother operating income
amounted to €0.6m in 2013, compared
with €2.6m in 2012. This amount is due in part to the impact of the
provision reversal regarding the performance share award plans of
+€1.0m, aprovision reversal for environmental risks of +€0.8m, anda
provisionreversal forchargesof€0.2m.
n
Operatingexpenses
amountedto€10.0m in2013,an increaseof42.5%
compared to2012, this ismainlydue to the fees item,which includes
businessacquisitionanddivestment fees for€0.4m, thedevelopment
of a computer software package for €0.3m, a valuation allowance on
theallocationof freeperformanceshares for€1.4mandanadjustment
complementonpayroll taxes for€0.4m.
n
Theoperating result
thereforegrew from+€2.4m in 2012 to+€0.8m
in2013.
n
Thefinancialresult
ispositive, at+€12.8m, ascomparedwith+€13.3m
in 2013. Revenues consist primarily of dividends received from LISI
AEROSPACE for €14.0m, interest onGroup current accounts for €2.3m
andnet capital gainson investments for €1.0m. In termsof expenses,
interest charged on loans and group current accounts amounted to
€4.1m;withthe netexchange impactstabilizingat–€0.4m for2013.
n
Theextraordinaryresult
hasno impacton fiscal2013.
n
Thecorporateincometaxcomprisestaxincome
of+€8.6m, including
again fromthegrouptaxationregimeof€9.2m.
n
Consequently, LISI S.A.’s net profit
was €20.6m, as compared with
€17.1m in2012, i.e.a19.9% increase.
n
Shareholder'snetequity
rose from€184.4m in2012 to€190.3mat the
endof2013. Itwas reducedby thedistributionof thedividendspaid in
May2013,foranamountof€14.7m inrespectofthenet incomefor2012.
n
Thecashandcashequivalents, excludingcurrentaccounts, atyear-
end
amountedto€88.8m, comparedwith€82.2m in2012: thisbalance
sheet item isstillofclassiccomposition,withmoneymarket fundsand
investmentsdenominated ineuros anddollars, and for themost part
guaranteed incapital.Net financialdebt is -€18.7matyearend2013,as
comparedwith -€11.2mat year end2012. This change ismainlydue to
therepaymentofcertain loans.
1.1
|
APPROPRIATIONOFEARNINGS
Weproposethat lastyear’sprofitsof20,550.519beallocatedas follows:
In€
profits for the financial yearof
20,550,519
increasedby retainedearningsof
61,152,213
givingdistributableprofitof
81,702,732
whichweproposebeallocatedas follows:
– to theshareholders,bywayofdividends, thesum
of€1.70per share, i.e.
whichwillbepaidMay7,2014 (*)
18,337,040
–remainder tobecarried forward, fora totalof
63,365,692
(*)After deducting the dividend that would have concerned the own shares held by the
company.
Thedividend foreach shareamounts to€1.70. Thevalueof thedividend
eligible for 40% deduction, as covered by article 158-3-2° of the French
GeneralTaxCode, is€1.70.
