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5
LISI 2015
Results were up and continued value
creation
The year 2015 saw a slowdown in the growth
of the
group’s main markets
, particularly that of commercial
aerospace, concluding the end of the post “subprime
crisis” bull market before the expected rebound for
2017 of a new round led by the program for the Airbus
A350, the re-engined single-aisle or even the increase in
power of the LEAP engines.
Despite the weaker activity of its markets, the LISI
Group saw its
sales
increase by 11.6% compared to 2014,
including organic growth of + 1.6% to reach the amount
of € 1.458 million.
It should be emphasized that the group’s three divisions
all exceeded their previous sales record in 2015, thus
confirming their ability to gain market share.
In parallel with this increase in business activity,
management efforts and the streamlining of production
facilities and productivity have resulted in
Current
Operating Income (COI)
of € 146 million, higher by € 15
million from one year to the next and corresponding to
an Operating Margin (MOP) of 10%.
After a volume of industrial investment, there again a
record, of € 111 million, the Free Cash Flow amounted
to € 40 million, i.e. 2.7% of sales revenue; therefore,
the consolidated Net Financial Debt decreased by
€ 25 million to € 157 million, corresponding to a gearing
of 20% and an EBITDA ratio of 0.8 well below the group’s
banking covenants.
Ultimately, the group has continued in 2015 to advance
its goal of value creation that is symbolized by the
increase of nearly € 500 million of its equity capital over
the past 10 years compared with an increase in the Net
Financial Debt of € 20 million over the same period.
Increase in development projects
However, the most striking item of fiscal year 2015
comes back to the very large number of structural
development projects for the future that the group has
generated in each of its divisions. Among them:
●●
On the commercial front
, the aerospace division’s
signing of contracts with Airbus valued at $ 1 billion
over 5 years, SNECMA and even in the automotive
world with TRW; they consolidate the sales growth in
2015 with the group’s largest customers and provide
high visibility over the medium term.
●●
On the industrial side
, the extensions of the
Aerospace Fasteners sites in Europe - Villefranche-
de-Rouergue, Rugby (UK) and Saint-Ouen l’Aumone
- allow us to anticipate the increase in Airbus’ needs
like, in North America, the new plants in the City of
Industry, California and Dorval in Canada respond to