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| AUDITORS’ GENERALREPORT
– FINANCIALYEARENDEDDECEMBER31, 2013
Your company setsupprovisions for the impairment of equity interests
when their value inuseappears tobe less than their net book value, as
described inparagraphb "Financial Fixedassets"ofNote3.1 "Accounting
rules andmethods" of the Appendix. Our work consisted in assessing
the data and assumptions on which these estimates rely, reviewing
the company’s calculations, and examining management’s approval
procedures fortheseestimates.
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.Verificationsandspecificinformation
We have also carried out verifications specifically required by law, in
accordancewithFrenchprofessional regulations.
We have no remarks tomake regarding the sincerity and consistency
of the information provided in the Board of Directors’ management
reportand inthedocumentssenttoshareholdersregardingthefinancial
situation and annual financial statements, with that provided in the
annual financialstatements.
With regard to the informationsupplied inapplicationon theprovisions
ofArticleL.225-102-1of theCommercialCodeonpaymentsandbonuses
paid to corporateofficers aswell ason commitments approved in their
favor, wehave checked their consistencywith the accounts orwith the
data used in the drawing-up of these accounts, and, where relevant,
withthe itemsgatheredbyyourcompany fromcompaniescontrollingor
controlledbyyour company.On thebasisof ourwork,wevouch for the
precisionandhonestyofthis information.
Inapplicationof the law,wehavemadesure thatall information relating
to the acquisition of interests or control and to the identity of those
who hold the corresponding capital, has been provided for you in the
managementreport.
DearShareholders,
IncarryingoutthemissionentrustedtousbyyourShareholders’General
Meeting, we hereby present youwith our report for the financial year
endedDecember31,2013, relatingto:
n
theauditoftheannualaccountsofLISI,asattachedtothisreport;
n
the justificationofourassessments;
n
specificverificationsand legallyrequired information.
The annual financial statements have been drawn up by the Board of
Directors.Our role is toexpressanopinionon these financial statements
basedonouraudit.
I.Opinionontheaccounts
We have carried out our work in accordance with the professional
standards in use in France; these standards require due diligence to
ensurewith a reasonable degree of certainty that the accounts do not
contain any significant anomalies. An audit involves verifying, through
surveysorotherselectionmethods, the itemssupportingthefiguresand
informationwhich feature in the consolidatedaccounts. It also involves
assessing thoseaccountingprinciples followed, thesignificantestimates
madeand theoverallpresentationof theaccounts.Weconsider that the
itemswehavegathered frombotha sufficientandanappropriatebasis
forouropinion.
We certify that the accounts complywith French accounting rules and
principles andprovidea trueand fair viewof theearningsderived from
the company’s activityduring the year, aswell as the financial situation
andnetworthofthecompanyattheendofthe financialyear.
II.Justificationofourassessments
AsperArticleL.823-9oftheCommercialCoderegardingthe justification
ofourassessments,we informyouthat:
ExincourtandParisLaDéfense,March26,2014
TheAuditors
EXCOCAPAUDIT
Ernst&Youngetautres
PhilippePourcelot
Henri-PierreNavas
132
I LISI FINANCIALREPORT2013
DOCUMENTSSPECIFICTOTHEANNUALGENERALMEETING
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