LISI Group (LISI AUTOMOTIVE) Business Report FY2008
|Financial overview||(in million euros)|
|FY2008||FY2007||Rate of change(%)||Factors|
-The production of its 7 top manufacturer customers was adjusted by -25% during the last quarter, for annual business down -4.4% only. These figures should be compared to the changes in its sales figures observed during the last quarter of 2008 and the whole of 2008, -27.8% and -2%, respectively.
-This unprecedented fall has had a similar impact on all of the Group's production sites, in both France and Germany, and those supplying component manufacturers. The Company was thus forced to close down several production plants: most of the division's plants thus stopped running between December 12, 2008 and January 5, 2009. The decline being so sudden and brutal, adjusting capacities and head counts was impossible. After the progression observed during the 1st half-year, the momentum was disrupted by successive cancellations of delivery programs and the 2nd half-year thus displays an operating loss of -1.5m euros.
-In Apr. 2008, Lisi Automotive Shanghai was set up by transferring Yizhong's Fasteners Co. assets dedicated to the manufacturing of threaded fasteners.
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|R&D expenditure||(in million euros)|
|% of sales revenue||1.8||1.8||1.7|
|Capital expenditure||(in million euros)|
Investments outside France
-Lisi Automotive Shanghai was set up by transferring Yizhong's Fasteners Co assets dedicated to the manufacturing of threaded fasteners. The site, which specializes in the manufacture of screws and nuts, shall also be called upon to produce safety components for its component supplier customers with branches in China. With this latest acquisition, the Company now has two factories in China: Lisi Automotive Beijing specialises in clipped fasteners and Lisi Automotive Shanghai. (From a press release on Apr. 30, 2008)