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FINANCIAL SITUATION
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LISI 2015 FINANCIAL REPORT
Activity
In millions of euros
2015
2014
Changes
Sales revenue
929.6
788.1
+18.0%
Current operating profit (EBIT)
124.3
114.1
+8.9%
Operating cash flow
113.9
106.2
+7.3%
Net CAPEX
(69.0)
(51.3)
+34.6%
Free cash flow
1
41.7
43.9
-€2.2M
Registered employees at period end
7,087
6,957
+1.9%
Average full time equivalent headcount
2
7,614
6,800
+12.0%
1 Free cash flow: operating cash flow minus net industrial CAPEX and changes in working capital requirements.
2 Including temporary employees.
Highlights
LISI AEROSPACE continues to show dynamism with an 18.0%
increase in sales revenue in 2015 (of which +5.0% in the fourth
quarter). At €929.6 million, it is the result of the following
elements:
■■
a very positive contribution of the strengthening of the
dollar against the euro throughout the financial year (+€38.1
million), to which can be added the favorable effect of the
Canadian dollar (+€1.3 million) and the British pound (+€5.7
million);
■■
the consolidation over the full financial year of Manoir
Aerospace, which contributed €88.0 million in additional
sales revenue compared to 2014.
At comparable scope and currencies, growth is brought to
+2.0% (+1.8% during the last quarter).
In particular, sales for the Fasteners activity in Europe (+5.9%
in 2015 and +5.2% for the last quarter 2015) benefited from
the good production performance of Airbus. In the USA, sales
revenue recorded an increase of +19.7% over 12 months and
+17.4% over the last quarter, supported by a very significant
dollar effect, and a volume effect, although much more limited
(+1.5% over 2015, +2.6% over the last quarter). Lastly, the sales of
the Structural components activity, which amounted to €336.8
million, showed a slight decrease before the build-up of the
new programs expected for 2017.
Current operating profit reached €124.3 million (€114.1 million
in 2014), an increase of almost €10.2 million thanks to the
significant dollar effect in the Fasteners activity and the
contribution of Manoir Aerospace over 12 months. While the
contribution of Manoir Aerospace for the full year provided €2.6
million of current operating profit, it weighed on the operating
margin for the division which went from 14.5% to 13.4%. High
production enabled the absorption of the still significant
development costs for new structural components.
The current operating profit takes into account the following
elements:
■■
+€5.9 million of net favorable foreign exchange effect of
hedging (average USD/Euro at around 1.18);
■■
-€13.3 million negative effect of the product mix and the
implementation of "series compared to prototype" prices for
developments;
■■
-€4.0 million of extra costs identified in the Structural
components activity;
■■
-€2.4 million of non-recurring costs, in particular the
qualification of the new Titanium plant in Canada;
■■
-€4.6 million increase in depreciation due to the investment
plan.
In addition, it integrates €7.1 million of reversal of provisions
consumed or not used for the financial year.
The financial structure was strengthened by the good level of
operating cash flow (12.3% of sales revenue) at €113.9 million
which largely finances a record investment plan of +€69
million. An increase of nearly 35% compared to 2014, these
investments were mainly devoted to:
■■
the Fasteners activity in Europe (new Villefranche-de-
Rouergue plant, preparation for the new Airbus contract in
Rugby (UK) and Saint-Ouen-l'Aumône (Val d'Oise, France);
■■
in the USA: in California, new plants at City of Industry
(special fasteners) and in Canada (large diameter titanium);
■■
the scope of LISI AEROSPACE Creuzet (development of new
products, in particular in Marmande); and
■■
the modernization of Manoir Aerospace.