LISI 2014
6
Outlookand challenges for 2015
For thewholeof2014, LISI clearedagrossoperating income (EBIT)
of €132 million, an increase of +2.2% in comparison with 2013,
corresponding to an operational margin of 10.1%, conforming to
theobjectives fixedby theGroup.Net consolidatedprofits rose to
€81million,anetmarginof6.2%%,upby+9%onthepreviousyear.
After record investmentsof €91million, equal to6.9%of turnover,
and good management of working capital requirement, the
consolidated free cash flow reached €45million; 1.5 times that of
2013.
Expecteddevelopments in theGroup’s principal markets in 2015
remainstrong,aswitnessedbytheremarkable leveloforderstaken
in2014byAIRBUSandBOEING,worldwideautomotivemarketsand
theEuropeanproductionof our construction customerswhich is
displayinganewdynamism.
These encouraging results and prospects have led the Board of
Directors topropose to thenext General Meetingan increase the
dividendto€0.37pershare, an increaseof+8.8%overthatof2013.
In this favorableclimate, theLISIGroup is resolutelycommitted to
pursuing a strategy of strengthening safety at work, total quality
and reliability of delivery times and continued efforts to improve
productivity–growthdriverswhichareconstantlyexpanding–such
assecuringanddevelopingthe industrializationofnewproducts in
alldivisions.
Theseoptimizationdecisionsofour industrial resourcesarebased
onour internalHSEandLEAPExcellenceprograms operated fully
across all sites within the Group.; Strengthening bonds with our
customers for a more mutually productive partnership. Finally,
the constant task of motivating and enhancing the skills of our
workforce, ourmost important asset, gives us confidence to face
themajorchallengesofthe future.
1The dividend paid in respect of 2013 was €1.70
before division of shares by 5 on September 12,
2014,
2
HSE
: Health, Safety and Environment, programs
aimedat improvements inSafetyat theworkplace
andat reducing theenvironmental footprintofour
industrialactivities.
LEAP: LISI Excellence Achievement Program,
programs aimed at improvingour performance in
allareasof thebusinessof thecompany.
LETTERFROMTHEMANAGEMENT
