Consolidated financial statements
1
3
42
I
LISI 2014FINANCIALREPORT
2.3
|
CONSOLIDATION SCOPE
2.3.1Changesintheconsolidationscopeinthefinancialyear2014
Acquisitionof theManoirAerospaceGroup
On June 5, 2014, LISI AEROSPACE Creuzet acquired a 100% stake in
AirmonHoldings1SAS foranamountof€126.4M (excludingacquisition
costs and related items). Airmon Holdings 1 SAS and its subsidiaries
(ManoirAerospaceSAS, ForgesdeBologneSAS, Précimétal Fonderiede
PrécisionandPrécimétalOutillagedePrécision)are fullyconsolidated.
ThetakeoverdateoftheManoirGroup isJune5,2014,which isthedateon
whichtheManoirGroupenteredtheLISIconsolidationscope.
OnDecember31, 2014, thepreliminaryallocationof theacquisitionprice
wasas follows:
(in€'000)
Fair value recognized
on the acquisition date
Fixedassets
28,715
Othernet short-termassetsand liabilities
2,620
Net inventories
43,773
Netdebt
(27,332)
Taxesandprovisions
(10,372)
Cashandcashequivalents
8,841
Totalnetworth
46,245
%of thevalueof theassets takenover
100,00%
Shareofnetworthacquired
46,245
Acquisitionprice
126,445
Goodwill
80,200
TheLISIGroupproceeded,onDecember31
st
, toapreliminaryestimateof
theallocationof thegoodwill onacquisition leading toanadjustednet
positionoftheacquiredgroupof€46.2Mandtherecognitionofan initial
goodwillof€80.2M. In linewith the revised IFRS3standardonbusiness
combinations, theLISIGrouphas 12months from thedateofacquisition
to determine a definitive acquisition price and to definitively calculate
goodwill. Accordingly, theamounts recognizedas atDecember 31, 2014
as part of the acquisition of theManoir Aerospace Groupwill likely be
reviewedatsubsequentyearends.
Changes in scope are included in the thresholds recommended by
the supervision authorities. We have not established any proforma
statements.
ThecontributiontoGroupresults fortheyear2014 isas follows:
(in€'000)
2014
Sales revenue
94,752
EBIT
3,669
AcquisitionofLISIminority interests inLISI JiehuaAutomotiveCo. Ltd
On January 30, 2014 LISI AUTOMOTIVE SAS acquired the minority
interests of LISI JiehuaAutomotive Co. Ltd. forHKD 13.3M, i.e. € 1.2M.
Following thisacquisition, LISIGroup's interest inLISI JiehuaAutomotive
Co.Ltdrose from75%to100%.The impactonequitywas€1.2M.
Change in the integrationmethodofAnkitFastenersPvtLtd
Inaccordancewith IFRS11 "JointArrangements",ANKITFastenersPvtLtd
has been consolidatedby the equitymethod since January 1, 2014. The
impactontheconsolidated financialstatements isnotsignificant.
AbsorptionofA1Technologies Inc.byHi-ShearCorp.
On july31,2014Hi-ShearCorp.absorbedA1Technologies Inc.
2.3.2Consolidationscopeatyearend
Companies
HeadOffice
Country
% of control
% interests
Holdingcompany
LISIS.A.
Belfort (90)
France
Parent company
LISIAEROSPACE
LISIAEROSPACESAS
Paris12
e
(75)
France
100.00
100.00
BLANCAERO INDUSTRIESSAS
Paris12
e
(75)
France
100.00
100.00
BLANCAERO INDUSTRIESGmbH
Hamburg
Germany
100.00
100.00
FastenerTecnologyBağlantı Elemanları San.Tic.A.Ş.
Izmir
Turkey
100.00
100.00
BLANCAEROTECHNOLOGIESSAS
Paris12
e
(75)
France
100.00
100.00
LISIAEROSPACES.L.
Madrid
Spain
100.00
100.00
HI-SHEARCORPORATION (B)
Torrance (California)
USA
100.00
100.00
TheMONADNOCKCompany
Cityof Industry (California)
USA
100.00
100.00
BLANCAERO INDUSTRIESUKLtd
Rugby
UK
100.00
100.00
LISIAEROSPACENorthAmerica, Inc
Torrance (California)
USA
100.00
100.00
HI-SHEARHoldingsLLC
Torrance (California)
USA
100.00
100.00
LISIAEROSPACECanadaCorp
Dorval
Canada
100.00
100.00
