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LETTER FROM THE MANAGEMENT
In terms of sales revenue, two symbolic thresholds were crossed by our
divisions for the first time in their history in 2017: the EUR 1 billion threshold,
which was reached by the Aerospace Division, and the EUR 500 million
threshold, which was hit by the Automotive Division.
This increase in activity allows the Group’s
Current Operating Income (EBIT)
to increase to a record level of EUR 171 million - an increase of EUR 14 million
over 2016 - corresponding to an Operating Margin (MOP) of 10.4%, up 40 basis
points from one year to the next.
Another reason for satisfaction in the construction of this result: our three
divisions have each contributed to its improvement, in particular our
Automotive Division, which is seeing its performance increase in gross value
as well as in relative value for the 5
th
consecutive year.
On the other hand, the Group’s
consolidated net income,
penalized by
unfavorable exchange rate fluctuations (unlike in 2016), remained stable at
EUR 108 million.
DespiteCAPEX that rose sharply toEUR 140million, or 8.5%of sales, and thanks
in particular to excellent mastery of inventories, consolidated
Free Cash Flow
reached EUR 46 million.
Finally, the Group’s
net financial debt,
which includes the 100% acquisition
cost of TERMAX acquired in November 2017, remains limited to 33% of
shareholders’ equity.
All these figures show that in 2017, the LISI Group continued to create value
that it intends to share with its shareholders by submitting to their approval
a
dividend of EUR 0.48 per share.
“Once again this year,
LISI confirms the strategic
relevance of its model articulated
around its 3 business lines.
The EUR 2 billion sales target
is now in sight.”
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