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| AUDITORS’ REPORTONTHECONSOLIDATEDFINANCIALSTATEMENTS
- FINANCIALYEARENDEDDECEMBER31, 2013
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TheManagement of the LISI Group has had tomake judgments and
estimates and to formulate assumptions, which concern inparticular
depreciationof assets, provisions anddeferred taxes, the valuationof
financial instrumentsanddeferred taxes, stated inNotes2.2.2, 2.2.8.5,
2.2.13, 2.2.6 and 2.2.18.5 of the Appendix. For all these estimates, we
have assessed thedata and assumptions onwhich they are founded,
reviewed randomly the calculationsmade by the company, reviewed
the available material, and verified that the notes of the Appendix
provide appropriate information regarding the assumptions retained
bythecompany.
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At eachyear-end theCompany regularlyperformsan impairment test
forgoodwillandassetswithoutadefineduseful life,andalsomeasures
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 of
the Appendix. We have reviewed the conditions under which this
impairment testwasconducted, aswellas thecash flow forecastsand
assumptionsused, andhave verified that theabove-mentionednotes
provideappropriate information.
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Note 2.2.14 of the Appendix sets out the methods for evaluating
pensions and share-based staff benefits. These commitments have
been subject to external and internal assessments. Our work has
consisted in reviewing the data used, in assessing the assumptions
retained, inreviewingthecalculationsmade,and inverifyingthatNotes
2.2.14and2.5.4.2oftheAppendixprovideappropriate information.
Theseassessments formpartofour taskasAuditorsof theconsolidated
financial statements, takenasawhole, andhave thereforehelpedus to
form our unreserved opinion, as it is described in the first part of this
report.
III.Specificverification
Wehavealso, inaccordancewiththeprofessionalstandardsapplicable in
France,conductedthespecificverificationsrequiredbythe lawonGroup
information,asprovided inthemanagementreport.
Wehaveno comments tomakeon their sincerity and consistencywith
theconsolidated financialstatements.
DearShareholders,
IncarryingoutthemissionentrustedtousbyyourShareholders’General
Meeting, we hereby present youwith our report for the financial year
endedDecember31,2013, relatingto:
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theverificationof LISI’sconsolidated financial statements, asattached
tothisreport;
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justifications forourassessments;
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thespecificverificationstipulatedunder law.
The consolidated financial statements have been approved by the
Board of Directors. Our role is to express an opinion on these financial
statementsbasedonouraudit.
I.Opinionontheconsolidatedstatements
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 statementsdonot containany significant anomalies. Anaudit
involvesverifying, throughsurveysorotherselectionmethods, the items
supportingthefiguresand informationwhichfeature intheconsolidated
accounts. Italso involvesassessing thoseaccountingprinciples followed,
the significant estimates made and the overall presentation of the
accounts. We consider that the items we have gathered form both a
sufficientandanappropriatebasis forouropinion.
We certify that the consolidated financial statements for the period
are, in regards to the IFRS standards as adopted by the European
Union, honest and sincere, andprovide a reliable picture of the assets,
the financial health, and theperformanceof thegroupmadeupof the
physicaland legalentitiescomprised intheconsolidationscope.
II.Justificationofourassessments
AsperArticleL.823-9oftheCommercialCoderegardingthe justification
ofourassessments,we informyouthat:
ExincourtandParisLaDéfense,March26,2014
TheAuditors
EXCOCAPAUDIT
Ernst&Youngetautres
PhilippePourcelot
Henri-PierreNavas
LISI FINANCIALREPORT2013 I
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DOCUMENTSSPECIFICTOTHEANNUALGENERALMEETING
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