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LISI 2016 FINANCIAL REPORT
2.6.4
I
Payroll expenses
(in €’000)
LISI
AEROSPACE
LISI
AUTOMOTIVE
LISI
MEDICAL Other
Eliminations
Total
2016
Total
2015
Temporary workers
27,975
8,622
1,775
26
0 38,398 37,846
Salaries and incentives
244,702
117,360
38,708 2,740
0 403,510 376,484
Layoff pay
1,457
1,144
179
0
0
2,780
2,538
Social contributions and taxes on salaries
93,817
41,263
14,190 3,507
(656)
152,777 146,011
Employee profit-sharing
5,110
0
131
0
0
5,241
4,792
Pensions and long-service medals
984
420
94
281
0
1,779
1,567
TOTAL PAYROLL EXPENSES
374,045
168,809 55,077 6,554
(656)
604,484 569,236
2.6.5
I
Research and development expenses
The LISI Group’s mission is to carry out intensive research and
development activities, both in developing new products and in using
new materials. This research and development activity is carried out
at various levels: either as part of a co-operative venture between
research and design departments within our own divisions and those
of our customers, or to develop or improve certain components
or industrial processes. These are mainly comprised of personnel
expenses dedicated to R&D services. Staff dedicated to R&D
represent in 2016 some 2.2% of the Group’s employees.
The rules for the presentation and definition of non-recurring income
and expenses remain unchanged compared to December 31, 2015.
The non-recurring operating expenses can basically be explained
by the industrial reorganization in progress in the Villefranche-de-
Rouergue plant (–€2.4 million), the Rugby plant for (–€0.9 million) and
The expenses incurred for the last three financial years are shown in
the table below:
In millions of euros
2016
2015 2014
Research and Development
expenditures
26.3
23.8
21.5
% of sales revenues
1.7% 1.6% 1.7%
Activated projects
0
0
0
the Bologne plant (–€1.5 million) and by the provision for disposing of
the Belgian subsidiary Précimétal Fonderie de Précision (–€2 million).
To the Company’s knowledge, there are no other litigation, arbitration
or non-recurrent events that have, or have had, a significant impact on
the financial situation, earnings, business or assets of the LISI Group.
2.6.6
I
Non-recurring operating expenses and revenues
Non-recurring operating expenses and revenues break down as follows:
(in €’000)
12/31/2016
12/31/2015
NON-RECURRING OPERATING EXPENSES
Industrial reorganization costs
(7,732)
(7,842)
Other costs
(248)
(130)
Reserve allowance for industrial reorganizations
(4,970)
(3,176)
TOTAL
(12,950)
(11,148)
Non-recurring operating revenues
Industrial reorganization plan provision reversals
2,222
5,300
Other revenues
752
8
TOTAL
2,974
5,308
Non-recurring revenue and expenses from operations
(9,976)
(5,840)
CONSOLIDATED FINANCIAL STATEMENTS
3