their equipment in China. Meanwhile sale prices in many markets are in either dollars or euros. Leaving aside the mechanical impact on our revenues and income, this has bolstered our competitive position. ANDRÉ HARARI: This demonstrates that our decision in 2005 to keep production and R&D in France was, ever more so, the right one. So you are optimistic for 2015? ANDRÉ HARARI: Our fundamentals are excellent, and that’s an essential asset. But 2015 looks set to be as unpredictable as 2013 and 2014. Persistent macroeconomic, geopolitical and monetary uncertainty is liable to delay the revival of confidence. These conditions will again weigh heavily on companies’ investment decisions. Given that recurring revenues and margins are ahead of our plan, our main uncertainty concerns the
level of revenues from new systems sales. In view of this limited visibility, we remain cautious. DANIEL HARARI: Our objective is to reach, in 2015, total revenues of approximately €240 million, income from operations before non-recurring items of €29 million, and net income of around €20 million, representing 11% revenues growth and a 30% increase in income from operations before non-recurring items, like-for-like. This would represent a 39% increase in net income at actual exchange rates. These figures are based on December 15, 2014 parities, notably $1.25/€1. Any further fall in the euro against the dollar and the yuan would mechanically boost revenues and income from operations.
“The euro’s fall against the dollar and the yuan was a major event for Lectra. Leaving aside the mechanical impact on our revenues and income, this has bolstered our competitive position.”