LISI group is a leading world fastener and assembly components aerospace and automotive manufacturer, and has served healthcare customers since 2007. LISI is an acronym for LInk Solutions for Industry.
Stake in LISI
The Peugeot family has held an interest in Compagnie Industrielle de Delle (CID), LISI’s largest shareholder, since 1977. In 1996, FFP received a 25% stake in CID as asset transfer from another Peugeot family group company.
In 2002, FFP took a direct 5% holding in LISI.
At 31 December 2019, FFP group (via wholly-owned subsidiary FFP invest) directly and indirectly owned 19% of LISI.
FFP Invest has signed an agreement with CID’s main shareholders regarding CID equity liquidity.
The Net Asset Value of the shareholding is based on the 31 December 2019 share price. LISI and CID are treated as an associate for consolidation purposes.
Christian Peugeot, Thierry Peugeot and Xavier Peugeot are directors of CID. FFP Invest, represented by Christian Peugeot, is a director of LISI and Strategy Committee member. CID, represented by Thierry Peugeot, is a director of LISI, a Remuneration Committee member and chairs its Appointments Committee. Marie- Hélène Peugeot-Roncoroni is a director of LISI and an Appointments Committee member and Governance Committee member.
LISI Aerospace division (58% of group revenues) 2019 revenue totalled €997 million, up 6.7% like for like. The division was buoyed by an upturn in the European fasteners market segment and sustained US noncommercial aviation business (business jets, military aviation and helicopters). During the year, LISI also announced the sale of Indraero Siren and LISI Aerospace Creuzet Maroc.
LISI Automotive division (34% of group revenues) 2019 revenues came in up 1.2%, boosted by the 2018 acquisition of US-based Hi-Vol and despite the division’s 2019 sale of its chassis screws, studs and steering ball pins business. While the global automotive market did contract, LISI fared better than the industry as a whole and automotive division revenue amounted to €588 million (down 3.3% like for like).
LISI Medical division (8% of group revenues) turned in €146 million revenue, up 8.8%. The aerospace division continued to account for most of LISI’s underlying operating profit (80% of the total), with the automotive business accounting for 14% (down from 25% in 2018) and the medical business 5%.
Overall, LISI’s revenue rose 3.3% to €1,730 million.
Operating margin was 9.0%, a 0.8bp increase. LISI’s financial position is solid, with net debt of €332 million at the end of 2019, a year-on-year reduction.
2019 operational margin