LISI AEROSPACE’s business activity benefited from
            
            
              a context that was overall buoyant in 2011. On a
            
            
              macroeconomic scale, passenger traffic grew by 6% over
            
            
              12 months, despite the serious events that occurred in
            
            
              the year, whether political events that took place in the
            
            
              first half in Arab countries or the earthquake that hit
            
            
              northeastern Japan in March 2011. Premium traffic, in
            
            
              other words business and first class passenger traffic,
            
            
              which is key to the profitability of airlines, also gained
            
            
              6% in 2011 (up 9% in 2010). Freight, whose growth has
            
            
              remained flat, suffered from the slowdown of global
            
            
              trade that permits to choose slower, but less expensive,
            
            
              means of shipping.
            
            
              
                Energy savings part of aircraft
              
            
            
              
                manufacturers’ agendas
              
            
            
              In the commercial aircraft segments, where the
            
            
              environment remains highly competitive, airlines
            
            
              seek to lower their operating costs. To meet this
            
            
              continuous constraint, manufacturers are focusing
            
            
              their efforts on reducing fuel consumption. The
            
            
              
                Leap-56
              
            
            
              engine, designed by the CFM consortium and whose
            
            
              consumption is 15% lower than that of current models,
            
            
              triggered a wave of upgrades of motorizations in the
            
            
              single-aisle segment. The
            
            
              
                Leap-56
              
            
            
              will thus equip the
            
            
              C919 single-aisle of Chinese manufacturer AVIC, which
            
            
              is due out in 2017, as well as the Airbus A320
            
            
              
                NEO
              
            
            
              .
            
            
              The latter will also benefit from the new GTF by Pratt
            
            
              &Whitney, which offers the same performance levels.
            
            
              Pursuing the same objectives, Boeing has decided to
            
            
              renew its line of single-aisle aircraft with the B737 Max,
            
            
              which is equipped with the
            
            
              
                Leap-56
              
            
            
              . The A320
            
            
              
                NEO
              
            
            
              and
            
            
              the B737
            
            
              
                Max
              
            
            
              , which have now become more energy-
            
            
              efficient, were the actual order catalysts in 2011.
            
            
              LISI AEROSPACE’s
            
            
              major markets
            
            
              are
            
            
              growing
            
            
              © Boeing
            
            
              2011 was a particularly dynamic year
            
            
              for the aerospace sector.
            
            
              Order levels were sustained, driven
            
            
              by the major programs developed
            
            
              by the world’s leading aircraft
            
            
              manufacturers and increasing
            
            
              production rates.