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LISI 2011 —
40
— financial report
Consolidated financial statements
The examination of the recoverability of brought forward losses
is subject to particular scrutiny and shall only be recoverable if the
subsidiary in question or its consolidation scope makes profits in the
near future.
Regarding French companies, pursuant to the removal of the
professional tax and its replacement by the CET and CVAE as of 2010,
the Group has decided to consider the CVAE in the context of the IAS
12 standard. This decision will thus lead to the posting of this tax as
“Taxes” in the income statement.
2.2.19.6 Earnings per share
Net earnings per share (before dilution) are calculated on the ratio
between the net profit for the period and the weighted number of
shares in circulation during the period, after deduction of shares held
by the Group (treasury shares). Net diluted earnings per share are
calculated by including financial instruments that provide deferred
access to the Group’s capital (stock options, share warrants).
Treasury shares are deducted from the weighted average number of
shares in circulation, which acts as a basis on which to calculate the
net earnings per share (before and after dilution).
2.2.20 Cash flow statement
The Group has opted to present its consolidated cash flow statement
in accordance with the IFRS model.
2.2.21 Segment information
The LISI Group presents its segment information in accordance with
the criteria defined by IFRS 8.
A segment is a distinct component of the Group that is involved either
in the supply of related products or services (business segment),
being the supply of products or services in a particular economic
context (geographical area) and that is exposed to different risks and
profitability than other segments.
The Group’s activities in 2011 are spread over three business segments,
in which the three divisions operate:
– The LISI AEROSPACE Division, which brings together all activities in
the aerospace market,
– The LISI AUTOMOTIVE division brings together all activities in the
automotive market,
– The LISI MEDICAL division which, since 2011, has been representing
a segment per se, brings together the activities for the medical
market.
Other activities mainly include the activities of the Group’s main
company.