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LISI 2011 —
43
— financial report
Consolidated financial statements
Companies
Head Office
Country
% of control
% interests
LISI MEDICAL Division
LISI MEDICAL JEROPA INC.
Escondido (California)
USA
100.00
100.00
LISI MEDICAL
Neyron (01)
France
100.00
100.00
SEIGNOL / HUGUENY
Neyron (01)
France
100.00
100.00
LIXUS Industrie
Tangiers
Morocco
100.00
100.00
LISI MEDICAL Orthopaedics
Hérouville Saint-Clair (14)
France
100.00
100.00
The following company was deconsolidated:
As at January 1, 2011: LISI COSMETICS following its sale to the Pochet
Group on April 6, 2011.
The following companies were newly-consolidated:
July 1, 2011:
CREUZET AERONAUTIQUE
INDRAERO SIREN
CREUZET Morocco
INDRAERO Morocco
CREUZET Poland, pursuant to the acquisition of the
CREUZET AERONAUTIQUE arm on July 22, 2011.
May 2, 2011:
Creation of LISI AEROSPACE CREUZET
2.3.4 Acquisitions of subsidiaries
In line with the revised IFRS 3 standard on business combinations, the
LISI Group has 12 months from the date of acquisition to determine
a definitive acquisition price and to definitively calculate goodwill.
Accordingly, the amounts recognized at December 31, 2011 as part
of the acquisition of the CREUZET AERONAUTIQUE arm will likely be
reviewed at subsequent year ends. The determination of goodwill
achieved during 2010 through the acquisition of LISI AUTOMOTIVE
Nomel and Société Nouvelle Bonneuil (ACUMENT Group companies)
and the acquisition of LISI MEDICAL Orthopaedics have not been
subject to discount in 2011.
CREUZET AERONAUTIQUE and INDRAERO SIREN
– on July 22, 2011, LISI AEROSPACE CREUZET acquired 100% of the
capital of CREUZET AERONAUTIQUE and INDRAERO SIREN for an
amount of €100 million (excluding acquisition costs and ancillary
costs);
– these companies, wholly-owned by LISI AEROSPACE CREUZET, are
consolidated using the full consolidation method.
The impact of these acquisitions on the Group’s consolidated balance
sheet breaks down as follows:
(In €’000)
Fair value
recognized on the
acquisition date
Notes
Fixed assets
47,840
2.5.1
Other net short-term assets and
liabilities
9,152
Net inventories
34,122 2.5.2.1
Net debt
(17,924)
Taxes and provisions
(14,403)
Cash and cash equivalents
5,489
Total net position of the newly-
consolidated companies
64,275
% of the value of the assets taken over
100.00%
Minority interests
(792)
Share of net worth acquired
by LISI AEROSPACE CREUZET
63,483
Acquisition price
100,000
Goodwill
36,517
The amounts allocated to each class of assets, liabilities and contingent
liabilities for the acquired entity can not be reconciled on the basis
of consolidated financial statements prior to the acquisition, the
transferor group failing to produce a consolidated set of accounts.
As some companies do not follow a repository in accordance with
IFRS and require adjustments difficult to make retroactively, the
contribution to revenues and earnings at January 1, 2011 can not be
reflected in this document.