LISI 2012 FINANCIAL REPORT
140
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DOCUMENTS SPECIFIC TO THE ORDINARY GENERAL MEETING
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Auditors’ report on the consolidated financial statements -
Financial year ended December 31, 2012
The Management of the LISI Group has had tomake 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 alsomeasures 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.
These assessments form part of our task as Auditors 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 management report.
We have no comments to make on their sincerity and
consistency with the consolidated financial statements.
To Shareholders,
In compliance with the terms of our appointment by your
General Meeting, we hereby present our report for the year
ended December 31, 2012, 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 standards as adopted in 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:
Exincourt and Paris-La Défense, March 28, 2013
The Auditors
EXCO CAP AUDIT
ERNST & YOUNG ET AUTRES
Serge Clerc
Henri-Pierre Navas
Partner
Partner
