LISI 2012 FINANCIAL REPORT
23
2
Financial situation
lead to an improved contribution by the American platform.
The subsidiaries Creuzet Aéronautique and Indraero Siren
also ought to improve their contributions. On the other hand,
Fasteners in Europe will no longer benefit from the volumes
generated by setting up the A350 production line, which was
significant in 2011 and 2012.
• The automotive division is ready to enter 2013 under
difficult conditions, with business still lifeless at French car
manufacturers and a situation of launching new products
that is weighing on productivity. This division's ability to
recover must be judged in the long-term, with performance
remaining very low compared with historic figures.
• Business in the LISI MEDICAL division should become
consolidated with the launch of several projects and the
Group's desire to redeploy towards customers and segments
that offer middle- and long-term growth.
At the same consolidation scope, the economic uncertainties
do not allow us to hope for levels of growth in 2013 as dynamic
as those in 2011 and 2012.
The Group has the advantage of a solid financial situation,
which will allow it to grasp opportunities that might occur in
the aerospace or medical fields and to continue its ambitious
industrial investments plan in its three divisions. LISI is in this
way demonstrating the validity of its long-term strategy model
that is based on areas with quite different business cycles.
Continued growth will remain balanced between internal and
external growth, together with constant management efforts.
2.2 LISI AEROSPACE
In 2012, LISI AEROSPACE achieved sales revenue of €591.7m, up
45.1% compared to 2011.
The division's three strategic units have contributed to such
strong growth:
• Kickoff of the Boeing Commercial Aircraft contract: the
resulting growth acceleration of the US "Fasteners" platform
was particularly noticeable in the second half (+26%).
• In Europe, strong business development and delivery of
components for the A350. Representing more than the
equivalent of a dozen chipsets, however, it slowed down
gradually in the second half of the year (+20% in H2 and +12%
in Q4).
• Consolidation and integration of the "Structural components"
Business Unit which produces positive effects (business
growth of +18% during H2 2012). In contrast, the fire at the
Colomiers (Haute-Garonne) site disrupted activity and added
complexity to the integration of Indraero Siren into the Group.
In addition, the division gained medium-term visibility with
the completion of major contracts on platform structuring
programs such as the A320 NEO and the A350 or the B787
or equipment such as GENX or LEAP engines. In 2012, Airbus
was the division's top customer, although it was considerably
caught up by Boeing (up 50% over last year), which now
represents directly and indirectly about 20% of LISI AEROSPACE
sales.
Market
EXPANSION OF THE AEROSPACE MARKET
The economic situation was very favorable, driven by aircraft
of 100+ seats:
• increased rates on all of the range's aircraft both at Airbus
and Boeing;
• acceleration of the new A380, B787 programs, despite the
technical difficulties encountered by manufacturers;
• strong business development related to the A350, the A320
NEO, and the B737 MAX.
Upstream, the global air passenger traffic remains strong with
an increase over the period of the same order of magnitude as
in 2011, or 6% (source: IATA November 2012) and a fill factor of
companies of 79% (against 78.1% in 2011). 31% of world traffic
was carried out in Asia, as in previous years.
Airbus
For the 11
th
consecutive year, Airbus increased its production
and delivered to 89 customers (of which 17 new ones) a record
588 units, up 10% compared to 2011 (534). The manufacturer
exceeded its goal of 650 orders, capturing 914 gross orders.
Its order book sets a new record with 4,682 units worth over
$638 billion.
