Consolidated financial statements
1
3
62
I
LISI 2014FINANCIALREPORT
2.6.5Researchanddevelopmentexpenses
TheLISIGroup'smissionistocarryoutintensiveresearchanddevelopment
activities, both indevelopingnewproducts and inusingnewmaterials.
This research and development activity is carried out at various levels:
either as part of a co-operative venture between research and design
departmentswithinourowndivisionsand thoseofour customers,or to
develop or improve certain components or industrial processes. These
aremainlycomprisedofpersonnel expensesdedicated toR&Dservices.
Staff dedicated to R&D represent in 2014 some 2.0% of the Group’s
employees.
Theexpenses incurred for the last three financial yearsare shown in the
tablebelow:
(In€M)
2014
2013 2012
R&Dexpenses
21.5
18.9 22.7
%of sales revenue
1.7% 1.7% 2.1%
Activatedprojects
0
0
0.2
2.6.6Non-recurringoperatingexpensesandrevenues
Non-recurringoperatingexpensesandrevenuesbreakdownas follows:
(in€'000)
12/31/14
12/31/13
Non-recurringoperatingexpenses
Insurancedeductible
(300)
Industrial reorganizationcosts
(7,580)
(1,437)
Other costs
(38)
(145)
Reserveallowance for industrial reorganizations
(934)
(11,505)
Provisionsallowance for restructurings
Impairmentof B.U.goodwill USAunit
(2,300)
(3,006)
Total
(10,852)
(16,393)
Non-recurringoperatingrevenues
Industrial reorganizationplanprovision reversals
7,336
2,639
Other revenues
722
Total
8,058
2,639
Non-recurringrevenueandexpensesfromoperations
(2,795)
(13,754)
Therulesforthepresentationanddefinitionofnon-recurringincomeand
expensesremainunchangedcomparedtoDecember31,2013.
The amount of € 7.6 M mainly concerns the reorganization of the
Threaded Fasteners BU through the closureof theThiant plant and the
transfer of its business to two other French sites (for € 4.2M) and the
reorganization of the Racing business in the LISI AEROSPACE division
following the transfer of assets of the former Racing USA business to
otherGroupcompanies (up to€2.1M).Thebalance relates to theManoir
Group.
To theCompany'sknowledge, therearenoother litigations, arbitrations
ornon-recurrent facts thathave,orhavehad, asignificant impacton the
financialsituation,earnings,businessorassetsoftheLISIGroup.
