Company financial statements
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LISI 2014FINANCIALREPORT
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Companyactivityforthefinancialyear, andoutlook
forthecomingyear
The key role of LISI S.A., the parent company of the LISI Group, is to
oversee projects of general interest and co-ordinate company activity.
Morespecifically,LISImanagesthe followingservices for itssubsidiaries:
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strategicvalidation, external growthprocedure, actionplans, resource
allocation;
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outliningstrategy inanannualbudgetplan;
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financialcontroland internalaudit;
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financialand fiscalconsolidation;
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financial optimization, centralized cashmanagement for the Group,
managementof investmentsandfinancial liabilities,hedgingofforeign
currenciesand interestrates,
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insurance coordination, procurement, quality, research and
development, health safety and the environment, human resources
and investments,aswellas industrial improvementplans.
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Managementofstrategicprojects.
EarningsatDecember 31, 2014
Theremarksbelowrelatetothe incomestatement for2014.
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In2014, operating incomeamounted to€11.3M, comparedwith€9.2M
in2013andwasbrokendownas follows:
–
The sales revenues of LISI S.A. amounted to €8.7M comparedwith
€8.6M in2013, an increaseof +1.8%.
They are essentiallymadeupof
services invoiced to thesubsidiariesofLISIS.A. in respectofassistance,
control andcoordinationof activities. In2014, these invoices impacted
onthesubsidiaries,LISIS.A.’soperatingcosts increasedby4%.
–
The other operating income
amounted to €2.6M in 2014, compared
with€0.6M in2013.This increase ismainlydueto:
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A provision reversal of €1M on the performance share allocation
plansfor2011, forwhichtheshareswerevestedbytheemployees in
2014,
•
Aprovisionreversal forexpensesof€0.3M
•
specific invoicingtosubsidiaries intheamountof€1.2M.
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Operating expenses amounted to € 9.6 M in 2014, down 3.7%
compared to 2013.
This is due in part to a decrease in the provision
allowance fortheperformanceshareplanscomparedto2013.
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Asa result,
theoperatingprofit
rises from -€0.8M in2013 to€2.0M
in2014
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The financial result
ispositiveat+€18M, compared to€12.8M in2013.
Revenuesconsistprimarilyofdividends received fromLISIAEROSPACE
for€20M, interestonGroupcurrentaccountsfor€3.8Mandnetcapital
gainson investments for€0.5M. In termsofexpenses, interestcharged
on loansandgroupcurrentaccountsamountedto€6.2M.
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Exceptional items
amountedto-€0.1M fortheyear2014.
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Thecorporate incometax
comprises tax incomeof+€4.3M, including
again fromthegrouptaxationregimeof+€5.0M.
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Consequently, LISI S.A.’snet profit
was +€24.0M, as comparedwith
€20.6M in2013, i.e.up17.0%.
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Shareholders'equity
increasedfrom€190.3M in2013to€198.3Matthe
endof2014. Itwas reducedby thedistributionof thedividendspaid in
May2014,foranamountof€17.8M inrespectofthenet incomefor2013.
The number of shares outstanding increasedby 36,362 over the year,
that is, 181,810 additional shares following the split. This is due to the
capital increasereserved foremployees intheamountof€1.8M.
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The cash and cash equivalents, excluding current accounts
, at year-
endamountedto€91.2M,comparedwith€88.8M in2013: thisbalance
sheet item isstillofclassiccomposition,withmoneymarket fundsand
investmentsdenominated ineuros anddollars, and for themost part
guaranteed in capital. Net financial debt stood at -€42M at year end
2014,ascomparedwith-€18.7Matyearend2013.Thischange ismainly
due to the cash rising from subsidiaries due to the centralization of
Groupcash.
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Appropriationofearnings
Weproposethat lastyear’sprofitsof€24,037,035beallocatedas follows:
In€
profits for the financial yearof
24,037,035
increasedby retainedearningsof
63,883,102
givingdistributableprofitof
87,920,137
whichweproposebeallocatedas follows:
– to theshareholders,bywayofdividends, thesum
of€0.37per share, that is
whichwillbepaidMay7,2015 (*)
19,988,834
– remainder tobecarried forward, fora totalof
67,931,303
(*) From this amount will be deducted the dividend for the shares heldby the company as
treasuryshares.
Thedividendpershare is€0.37.Thevalueofthedividendeligiblefor40%
deduction, ascoveredbyarticle 158-3-2°of theFrenchGeneral TaxCode,
is€0.37.
