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COMPANY FINANCIAL STATEMENTS
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LISI 2015 FINANCIAL REPORT
1
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COMPANY ACTIVITY DURING THE FINANCIAL YEAR AND OUTLOOK FOR THE COMING YEAR
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. More specifically, LISI manages the following
services for its subsidiaries:
■■
strategic validation, external growth procedure, action plans,
resource allocation;
■■
outlining strategy in an annual budget plan;
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financial control and internal audit;
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financial and fiscal consolidation;
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financial optimization, centralized cash management for the
Group, management of investments and financial liabilities,
hedging of foreign currencies and interest rates;
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insurance coordination, procurement, quality, research and
development, health, safety and the environment, human
resources and investments, as well as industrial improvement
plans;
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management of strategic projects.
EARNINGS AT DECEMBER 31, 2015
The remarks below relate to the income statement for 2015.
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In 2015, operating income amounted to €10.5 million,
compared with €11.3 million in 2014 and was broken down as
follows:
–
the sales revenues
of LISI S.A. amounted to €8.5 million
compared with €8.7 million in 2014, down 3.1%. They are
essentially made up of services invoiced to the subsidiaries
of LISI S.A. in respect of assistance, control and coordination
of activities. These invoices pass on the operating expenses
of LISI S.A. to the subsidiaries in 2015, with a 10% margin;
–
the other operating income
amounted to €2.1 million in
2015, compared with €2.6 million in 2014. This item mainly
consists of:
• a provision reversal of €1 million on the performance share
allocation plans for 2012, for which the shares were vested
by the employees in 2015,
• a provision reversal for expenses of €0.3 million,
• a provision reversal for tax of €0.3 million,
• specific invoicing to subsidiaries in the amount of
€0.3 million.
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Operating expenses
amounted to €8.1 million in 2015, down
12.3% compared to 2014. This was mainly due to the decrease
in fees compared to 2014 as well as the decrease in social
contributions due to a change in the French Social Security
Code in 2015 whereby employer contributions on performance
shares plans are now payable on the plan allocation date
rather than on the plan implementation date.
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As a result, operating profit rose from €2.0 million in 2014 to
€2.4 million in 2015, an increase of 19%.
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The financial result is positive at €16.0 million, compared to
€18.1 million in 2014. Revenues consist primarily of dividends
received from LISI AEROSPACE for €21.0 million, interest on
Group current accounts for €4.1 million and net capital gains
on investments for €0.8million. In terms of expenses, interest
charged on loans and group current accounts amounted to
-€6.7 million.
The foreign exchange loss
of €3.0millionwas due to currency
fluctuations on an investment and on the current accounts of
foreign subsidiaries.
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Exceptional items
amounted to -€0.2 million for the year
2015.
■■
Corporate income tax
comprises tax income of +€11.8million,
including a gain from the Group taxation regime of
+€12.2 million for 2015.
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Consequently, LISI S.A.’s net profit
was €30.0 million, as
compared with €24.0 million in 2014, i.e. up 25.0%.
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Shareholders' equity
increased from €198.3 million in 2014
to €208.8 million at the end of 2015. It was reduced by the
distribution of the dividends paid in May 2015, for an amount
of -€19.5 million in respect of the 2014 profit and increased by
the year's net earnings of €30.0 million.
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Cash and cash equivalents, excluding current accounts,
at year-end
amounted to €75.9 million, compared with
€91.2 million in 2014: this balance sheet item is still of classic
composition, with money market funds and investments
denominated in euros and dollars, and for the most part
guaranteedincapital.Netfinancialdebtstoodat-€43.8million
at year-end 2015, as compared with -€42.7 million at year-end
2014.
1.1
/ APPROPRIATION
OF EARNINGS
We propose that last year’s profits of €30,037,487 be allocated
as follows:
In €
profits for the financial year of
30,037,487
plus retained earnings in the amount of
68,452,749
giving distributable profit
of which we propose be allocated as follows:
98,490,236
– to the legal reserve
3,656
– as dividends to shareholders €0.39 per share,
i.e.tobe paid on May 9, 2016(*)
21,069,311
– remainder to be carried forward, for a total of
77,417,269
(*) From this amount will be deducted the dividend for the shares held by the
Company as treasury shares.