Financial situation
1
2
24
I
LISI 2014FINANCIALREPORT
Capexperdivision
Capex in%
LISI AEROSPACE LISI AUTOMOTIVE LISIMEDICAL
2010
2011
2012
2013
2014
35
39
52
57
60
59
55
35
38
37
6
6
13
5
3
Constructionof2newplantswith theMarmandeextension (newengine
programsandA350)+entirerefurbishmentoftheplantatDasle(carnuts).
LISIAEROSPACE
■■
Thenewprogramsandthe industrializationhavegeneratedover€18M
inCAPEX
■■
TheManoirAerospacearmcontributesupto€3.7M
LISIAUTOMOTIVE
■■
Thespecialprojectsandthereplacementofequipmentstandat€11M
LISIMEDICAL
■■
€4.6million inCAPEXwererecordedovertheperiod
The financial structureof LISI enabled it to finance theacquisitionof the
ManoirGroup,whilemaintaining the solidityof its ratios: after reaching
ahighpoint at June 30, 2014at €215.7M, thenet debt fell in the second
halfto€181.2MatDecember31
st
,namely25.6%ofshareholders' equity.
Thereturnoncapitalemployed,whichstoodat19.2%beforetheentryof
theManoirGroup (slightlyup compared to2013), stoodat 16.6%at year
end.Thecapitalemployed increased invalueby€996M (comparedwith
€776M in2013).
OUTLOOK
The Group should benefit in 2015 from rather solid prospects for its 3
activities,withchallengesupto itsambitions:
■■
To strengthen the tieswith itsmain customers, in linewith2014/ The
salesrevenue fromallmajorcustomers increasedovertheperiod.
■■
Pursue its industrial excellenceefforts, accelerating thedeploymentof
LEAP (LISIExcellenceAchievementProgram).
■■
Alignall the strategicmanagementprocesses (definitionofobjectives,
actionplans,etc.), fromGeneralManagementtothebusinessunit.
2015 should be a new year of growth for the Group. The comparison
with thepreviousyearwillbenefit from theconsolidationof fivemonths
of Manoir Aerospace activity, while all the Group's markets should
remain strong. LISI ismaintaining itsobjectiveof seeinggrowth inall its
management indicatorsexpressed inabsolutevalues (EBITDA, EBIT, net
income)andproducingastillverypositiveFreeCashFlow,whileacapital
investment plan of €100M should enable it to trigger a new phase of
expansion,underoptimalconditionsofquality,productivityandfinancial
independence.
2.2
|
LISI AEROSPACE
SummarizedoverviewoftheactivityofLISIAEROSPACE
Annual sales revenue (€M)
2012
2013
2014
Sales revenue
592
664
788
2012
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2013
2014
ContributionMANOIR
142
151
145
153
173 170
160 161
175 173
216
225
■■
Fastenersat+4%ofwhich+5%growth intheUSAasexpected
■■
GoodprogressionatBoeing (pace40 for theB737, pace 10 for theB787
asofQ22014)
■■
Anticipatedslowdown indemandfortheA350 (Fasteners),stablepaces
forA320 (42),etc.
■■
Motoristsremaindynamic
■■
Helicopterssubjecttoasignificantslowdown inpace (-20%)
■■
Defensestabilizedata low level
Commentsregardingbusinessactivity in2014andoutlook
■■
Theglobalcommercialaerospacemarket isstillverysolid
■■
Consolidation of the Structural Components division with the
integrationofManoirAerospace
■■
High level of capital expendituresmaintained to face a largenumber
ofnewprojects
Market
Passenger air traffic continued to grow, displaying +4.9% growth over
theyear.Cargotrafficrosesharplywith+4.1%comparedto+1.8% in2013.
Theglobalmarket for commercial aviation isstillbuoyant, supportedby
strongdemand: orders increased for the fifthconsecutiveyear, bringing
the backlog to nearly ten years of production. While Airbus remains
behindBoeing in terms of thenumber of aircraft delivered in 2014 (629
versus 723), the European aircraft manufacturer has garnered more
orders (1,456 versus 1,432) net of cancellations. Other aviationmarkets
suffer more: the decline was sharp in the "Defense" and "Helicopters"
segments. Besides, regional aircraft have not been generating any
growth inyears
