Financial situation
1
2
LISI 2014FINANCIALREPORT
I
23
Environmental information(Art.R225-105)
For several years, the LISI Group was fully engaged in placing
environmental issuesat theheartof itscorporateculture inorder to turn
them into intrinsicvalues.
Thepolicy andorganizationput inplacearebasedon the international
standard ISO 14001 (international standardgoverning themanagement
systemoftheenvironment).
Headcount
As at December 31, 2014, the LISI Group employed 10,701 employees,
an increase of the total workforce of 1,462 people, which represents an
improvementof+16%comparedto2013.
Thisprogressionresults from:
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astrong increasewithinLISIAEROSPACE (1,353employeesmore than in
2013, +24%)which integrated thework forceof theMANOIRGroup in
June2014(1,169people).Onaconstantheadcountbasis, itstandsat184,
being+3.3%comparedtoDecember31,2013.
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recruitments at LISI MEDICAL (64 people) and LISI AUTOMOTIVE
(43people).
HeadcountattheendofDecember:
2014
2013 DifferenceN/N-1
LISIAEROSPACE
6,957 5,604
+24% 1,353
LISIAUTOMOTIVE
3,186 3,143
+1%
43
LISIMEDICAL
538
474
+14%
64
LISIHolding
20
18
+11%
2
Grouptotal
10,701
9,239
+16% 1,462
Temporaryworkers
803
546
FinancialResults2014
In linewiththepreviousyears,LISIAEROSPACEwasthemaincontributor
totheGroup'sresults.Asexpected, theLISIAUTOMOTIVEdivisionbegan
itsrecoverybyreapingthebenefitsof the firstmajorreorganizationplan
initiated in2012.LISIMEDICALconfirmed itsreturntogrowth.
Themainmanagement indicatorsareup.Grossoperatingprofitwasup
8.0%to€193.2M(versus€178.9Min2013),whichis14.8%ofsalesrevenues.
Hence, EBITgrewby +2.2% and amounted to€131.7M (comparedwith
€128.9M in2013).Thedecline inoperatingmarginwas limitedto1.1point
comparedtothepreviousyear. It isduetothetemporarydrop incalls for
fastenersontheA350programandtothedilutiveeffective followingthe
consolidationoftheManoirGroup. Itamountedto10.1%and istherefore
in linewiththeGroup'snormativeobjectivesof10%.
The levelofEBITfellverysignificantlyto€2.8M,followingtheparticularly
high level in2013 (-€13.8M).
The financial net income of - €4.8M comprises, on the one hand, the
cost of financing for - €4.6M - namely an average cost of debt of 2%
- up compared to 2013 due to the raising of credit lines following the
acquisition of theManoir Group and, on the other hand, the effect of
currency variations. Over the year, they generated a gain of +€2.2 M,
comparedwitha lossof-€1.7M in2013.
The tax burden, calculated on the basis of the corporation tax as a
percentageof thenet incomebefore taxes, reflectsaneffectiveaverage
rateoftaxof34.4%, slightlyupcomparedwith2013 (33.2%).
At€81.4Mthenet income isupby+9.0% incomparisonwith2013.
The net earnings per share amounted to€1.55, comparedwith€1.42 €
1
in2013.
Thefinancialstructureisstrengthenedafterasignificant
investmenteffort
TheconsolidatedWorkingCapitalwasup,at90days(79days in2013)due
inparticulartotheentryoftheManoirgroup intotheconsolidationscope
duringtheyear.
Withagood levelofcash flowat€140.8M, thecapital investmentswere
easilyfinanced,whileatthesametimeproducinganoperatingcashflow
surplus ("FreeCashFlow")of€45.6M,sharplyup incomparisonwith2013
(€28.5M).
2010
2011
2012
2013
2014
2015
Capex in€M
in%ofsales
6.5%
50.6
64.9
78.4
87.7
90.6
7.0%
7.3%
7.6%
6.9%
1Earningspersharerestatedafterdividingthe facevalueby5 in2014.
