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LISI 2011 —
117
— financial report
Documents specific to the Ordinary General Meeting
.4
Auditors’ report on the consolidated financial statements –
Financial year ended December 31, 2011
To Shareholders,
In compliance with the terms of our appointment by your general
meeting, we hereby present our report for the year ended on
December 31, 2011, on:
• the control of the consolidated accounts of the LISI company, as
attached to this report;
• justifications for our assessments;
• the specific verification stipulated under law.
The consolidated financial statements have been approved by the
Board of Directors. Our role is to express an opinion on these financial
statements based on our audit.
I. Opinion on the consolidated statements
We have carried out our work in accordance with the professional
standards in use in France; these standards require due diligence to
ensure with a reasonable degree of certainty that the consolidated
financial statements do not contain any significant anomalies. An
audit involves verifying, through surveys or other selection methods,
the items supporting the figures and information which feature in
the consolidated accounts. It also involves assessing those accounting
principles followed, the significant estimates made and the overall
presentation of the accounts. We consider that the items we have
gathered form both a sufficient and an appropriate basis for our
opinion.
We certify that the consolidated financial statements for the period
are, in regards to the IFRS rules as adopted by the European Union,
honest and sincere, and provide a reliable picture of the assets, the
financial health, and the performance of the group made up of the
physical and legal entities comprised in the consolidation scope.
II. Justification of our assessments
In accordance with the requirements of article L.823-9 of the French
Commercial Code relating to the justification of our assessments, we
bring to your attention the following matters:
The Management of the LISI Group has had to make judgments and
estimates and to formulate assumptions, which concern in particular
depreciation of assets, provisions and deferred taxes, the valuation of
financial instruments and deferred taxes, stated in Notes 2.2.2, 2.2.8.5,
2.2.14, 2.2.6 and 2.2.19.5 in the appendix. For all these estimates, we
have assessed the data and assumptions on which they are founded,
reviewed randomly the calculations made by the company, reviewed
the available material, and verified that the notes to the annex provide
appropriate information regarding the assumptions retained by the
company.
At each year-end the Company regularly performs an impairment
test for goodwill and assets without a defined useful life, and also
measures if there is an index of loss of value of long-term assets, in
accordance with the methods described in Notes 2.2.7.1, 2.2.8.5 and
2.5.1.1 to the financial statements. We have reviewed the conditions
under which this impairment test was conducted, as well as the cash
flow forecasts and assumptions used, and have verified that the
above-mentioned notes provide appropriate information.
Note 2.2.15 stipulates the methods for evaluating pensions and
share-based staff benefits. These commitments have been subject
to external assessments. Our work has consisted in reviewing the
data used, in assessing the assumptions retained, in reviewing the
calculations made, and in verifying that Notes 2.2.15 and 2.5.4.2 to the
Appendix to consolidated financial statements provide appropriate
information.
Theseassessments formpart of our task asAuditors of the consolidated
financial statements, taken as a whole, and have therefore helped us
to form our unreserved opinion, as it is described in the first part of
this report.
III. Specific verification
We have also, in accordance with the professional standards applicable
in France, specifically verified, as required by law, the information
provided in the report on Group management, provided in the
management report.
We have no comments tomake on their sincerity and consistency with
the consolidated financial statements.
Exincourt and Paris-La Défense, April 2, 2012
The Auditors
EXCO CAP AUDIT
ERNST & YOUNG ET AUTRES
Pierre Burnel
Henri-Pierre Navas
Partner
Partner