LISI (EPA:FII) - Q1/2021 Financial Information
Transparency directive : regulatory news
22/04/2021 17:40
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FINANCIAL INFORMATION
The LISI Group achieved sales of EUR 309.4 million in Q1 2021, down - 22.2 %
compared to 2020
Sales for Q1 2021 are down 22.2 % compared to the same period of the previous
fiscal year.
The global COVID-19 pandemic has further weighed on the Group's activity in
varying proportions depending on the divisions:
* LISI AEROSPACE : - 38.5 %, the "Fasteners" business, which had benefited from
a good level of sales in Q1 2020, is the most severely affected
* LISI AUTOMOTIVE : + 2.9 %, in line with the positive trend observed since the
second half of 2020
* LISI MEDICAL : - 15.1 %, although sales are down, the outlook benefited from
well oriented business
In EURm Changes
2021 2020 2021 / 2020 2021 / 2020 on a
like-for-like basis(1)
1st Quarter ended
March 31, 309.4 397.9 - 22.2 % - 18.8 %
At EUR 309.4 million, consolidated sales for Q1 2021 were down 22.2%. It takes
the following factors into account:
* an unfavorable foreign currency effect of - EUR 10.1 million (i.e. - 3.2 % of
sales), linked to the weakening of the US dollar against the euro,
* a scope effect of - EUR 4.5 million (i.e. - 1.5 % of sales) reflecting the
deconsolidation of LISI AUTOMOTIVE Mohr + Friedrich GmbH on June 26, 2020 and
LISI MEDICAL Jeropa in the United States on January 11, 2021,
* an unfavorable basis of comparison compared to Q1 2020 which was marked by
the first effects of the COVID-19 crisis only in March 2020,
On a like-for-like and constant exchange rate basis, consolidated sales
dwindled by - 18.8 % over the first three months of the year.
Quaterly Consolidated Sales
In MEUR
T1 2021 309
T1 2020 398
T2 2020 239
T3 2020 287
T4 2020 307
EBIT* & Net Profit in EURM
EBIT 2018 135,6
2019 155,1
2020 41,5
Net Profit 2018 92,1
2019 69,8
2020 -37,3
* After participation and profit-sharing expenses
(1) The change at constant scope and exchange rates is calculated:
* by converting the sales of the companies whose financial statements are
denominated in foreign currencies at the average rate of the year N-1 or the
month M-1;
* by converting the sales invoiced in currencies other than the local currency
at the average rate of the previous year or previous month M-1;
* by restating the entries into or exits from the scope to ensure comparability
of data
COMMENTS BY BUSINESS LINE
LISI AEROSPACE (45% of the consolidated total)
In EURm Changes
2021 2020 2021 / 2020 2021 / 2020 on a
like-for-like basis(1)
1st Quarter ended
March 31, 139.4 226.7 - 38.5 % - 35.8 %
Global air traffic remains heavily penalized by the effects of the COVID-19
pandemic. However, the domestic traffic statistics of some countries show some
encouraging signs of recovery. Such is the case of the United States, where
they stood at 1.6 million passengers per day at the end of March 2021 against
2.3 million in 2019 and 800,000 at the height of the pandemic in 2020. China,
for its part, returned to its pre-crisis traffic levels as of Q4 2020.
At EUR 139.4 million, the division's sales are down -38.5 % compared to the
same period the previous year with a lesser decline in March (-15.2 %). The
"Fasteners" segment experienced the strongest contraction, with the adverse
effects of an unfavorable basis of comparison. Indeed, Q1 2020 still benefited
from a sustained level of activity.
The "Structural Components" segment, which had been the most severely affected
in Q1 2020, suffered a more moderate decline in this quarter. The month of
March even posted an increase of +18.7 % compared to the same month of the
previous year and the order books show a clear recovery well ahead.
On a like-for-like and constant exchange rate basis, the LISI AEROSPACE
division's sales are down -35.8 % over the first three months of the year.
LISI AUTOMOTIVE (45% of the consolidated total)
In EURm Changes
2021 2020 2021 / 2020 2021 / 2020 on a
like-for-like basis(1)
1st Quarter
ended March 31, 140.3 136.3 + 2.9% + 6.9 %
Up + 21.3 %, global sales of passenger vehicles recorded a significant rebound
compared to Q1 2020 when they had fallen by 22.0 %. The Chinese market
recovered the most (+ 72.8 %), after collapsing by more than 43 % during the
same period last year.
Sales in million euros
AEROSPACE
2020 226,7
2021 139,4
AUTOMOTIVE
2020 136,3
2021 140,3
MEDICAL
2020 35,1
2021 29,8
(2) Source IATA
The NAFTA(2) (10.3 %) and Europe (- 0.7 %) zones, affected later by the effects
of the global pandemic, show contrasting trends. However, it should be noted
that the level of global sales remains - 7.8 % lower than in Q1 2019.
At EUR140.3 million, the LISI AUTOMOTIVE division's sales rose by + 2.9 %
compared to the same period the previous year. This increase takes into account
the scope effect linked to the sale of its German subsidiary LISI AUTOMOTIVE
Mohr + Friedrich GmbH on June 26, 2020. The "Clipped Solutions" and " Safety
Mechanical Components" segments are displaying the most sustained growth. These
are benefiting from the ramp-up of new products as well as the upturn in
activity in China and sustained demand in Germany.
On the other hand, the "Threaded Fasteners" segment suffers from the gradual
decrease in combustion engines, which has not yet been fully compensated by the
ramp-up of new products currently being industrialized (multi-material
assemblies, electric motor drive screws, etc.). Nevertheless, these are
gradually asserting themselves as a real source of growth for this activity.
On a like-for-like and constant exchange rate basis, the division's sales
increased by + 6.9 % over the first three months of the year. Sales to the
North American or Asian continent show a more marked recovery than in Europe.
These performance results are supported by the high added value segments
"Clipped Solutions" and " Safety Mechanical Components". Their level is higher
than that of world production over the same period (+ 2.5 %), once again
demonstrating the dynamic momentum of the division in terms of market share
gains.
LISI MEDICAL (10% of the consolidated total)
In EURm Changes
2021 2020 2021 / 2020 2021 / 2020 on a
like-for-like
basis(1)
1st Quarter ended
March 31, 29.8 35.1 - 15.1 % - 6.0 %
At EUR 29.8 million, sales for the quarter were up +15.1 % compared to the same
period the previous year. The decline is due to an unfavorable base effect with
Q1 2020 little impacted by the COVID- 19 crisis and by the scope effect linked
to the sale of LISI MEDICAL Jeropa in the United States on January 11, 2021.
On a like-for-like and constant exchange rate basis, the LISI MEDICAL
division's sales are down - 6.0 % over the first three months of the year.
% Sales Variation per division / N-1
OUTLOOK AND COMMENTS ON THE FINANCIAL IMPACT OF BUSINESS
LISI AEROSPACE
The recovery of the global aviation market will be to a large extent
conditioned by the success of national vaccination strategies. While it is
still too early to confirm the first signs of strengthening in the "Structural
Components" business and more specifically in the engines segment, the
"Fasteners" business seems to have reached a low point in terms of order intake
over the quarter. In this context, the division will maintain the adjustment
measures initiated at the start of the crisis to tailor the cost structure to
market conditions. Nonetheless, projects for development towards the industry
of the future, approval of innovative products and CSR development are
maintained.
LISI AUTOMOTIVE
In order to continue to benefit from the strong upturn that began in the second
half of 2020, the LISI AUTOMOTIVE division continues to prioritize the
management of production flexibility. At the same time, it ensures the strict
adaptation of the cost structure at the activity level as well as the support
for the ramp-up of new programs intended for electric, hybrid and plug-in
hybrid vehicles. The level of order intake for new products has reached a
record, thus proving the relevance of the strategic orientation towards an
offer tailored for new vehicles.
At the same time, the division remains very attentive to the consequences of
shortages in the supply of semiconductors to its main manufacturer customers
and to the uncertainties linked to the increase in prices and the shortage of
raw materials (steel and plastics).
LISI MEDICAL
The LISI MEDICAL division continues to adapt, with some success, to variations
in demand from its main customers. It is also implementing the necessary means
to secure the development and ramp-up of its new products in the fields of
reconstruction and orthopedic implants as well as minimally invasive surgery.
The satisfactory level of the order book allows us to hope for a year of
accelerated activity.
LISI CONSOLIDATED
It is still too early to show any certainty as to the expected recovery, but
the upturn in order books in certain aeronautical activities, as well as strong
commercial activity in the automotive and medical divisions, are encouraging
first signs.
As previously announced, and barring a relapse in the global economic context,
the LISI Group confirms its objectives of achieving current operating income in
2021 at least equal to that of 2020, positive net income and a good level of
Free Cash Flow(3).
CONTACT
Emmanuel VIELLARD
CEO
Mail: emmanuel.viellard@lisi-group.com
Tel: +33 3 84 57 00 77 - Fax : +33 3 84 57 02 00
Website: www.lisi-group.com
(3) Free Cash Flow : capacité d'autofinancement diminuée des investissements
industriels nets et des variations des BFR
TRADING AGREEMENT: ODDO BHF CORPORATE - +33 (0)1 44 51 86 80