LISI FINANCIALREPORT2013 I
31
CONSOLIDATEDFINANCIALSTATEMENTS
3
2
| NOTES
2.1
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GROUPACTIVITYANDKEYHIGHLIGHTS
OFTHEYEAR
The company LISI S.A. (hereinafter "theCompany"), is a limited-liability
corporation inFrench law, listedontheParisstockexchange,whosehead
office isat the followingaddress: "LeMillenium, 18 rueAlbertCamus,CS
70431,90008BELFORTCedex".
The consolidated accounts of the Group for the fiscal year ending
December 31, 2013 include the Company, its subsidiaries and affiliates
(whicharetogetherreferredtoas "theGroup").
The LISI Group’s main business activity is the manufacturing of
multifunctional fasteners andassembly components for threebusiness
sectors:aerospace,automotive,andmedical.
Periodhighlights:
No significant change in the scope occurred during the financial year.
TheGroup isrollingoutanambitiouscapital investmentplan inthethree
divisions.
2.2
|
ACCOUNTINGRULESANDMETHODS
The financial statements for year ending December 31, 2013 were
approved by the Board of Directors on February 20, 2014 and will be
submittedtotheCombinedGeneralMeetingonApril23,2014.
2.2.1Backgroundtothepreparationoftheconsolidatedfinancial
statementsforthe2013financialyear
InaccordancewithEU regulation 1606/2002dated July 19, 2002, theLISI
Group’s consolidated financial statements have been prepared in line
with IAS/IFRS international accounting standards as adopted by the
EuropeanUniononDecember31,2013.
2.2.1.1 Standards, amendments and interpretations adopted by
theEUandmandatory for reportingperiodsbeginningonorafter
January 1, 2013
On January 1, 2013, the LISI group applied the following standards and
amendments, forwhichapplication isobligatory in2013:
– Amendments to IAS 19: theGroupopted for early applicationof the
revised IAS19at January1,2012.
– IFRS13, "FairValueMeasurement":Theapplicationofthisamendment
has no material impact on the Group's consolidated financial
statementsasatDecember31,2013.
– Amendmentto IAS1 "Presentationofothercomprehensive income"
– Amendments to IAS 12 "Income Taxes - Deferred Tax: Recovery
of Underlying Assets": The application of this amendment has no
material impact on theGroup's consolidated financial statementsas
atDecember31,2013.
The following amendments are not applicable in the Group, therefore
they have no impact on the Group's consolidated financial statements
for fiscal2013:
– Amendment to IFRS7 "Financial Instruments:disclosures– transfers
of financialassets"
– Amendment to IFRS 1 "IFRS 1 First Time Adoption of International
FinancialReportingStandards-GovernmentLoans".
2.2.1.2Standards,amendmentsand interpretationsnotmandatory
forreportingperiodsbeginningonorafter January1,2013but that
maybeanticipatedby theGroup
TheGrouphas not opted for theearly implementationof the following
standards,amendmentsand interpretationsasof January1,2013:
– IFRS 10 "Consolidated Financial Statements", IFRS 11 "Joint
Arrangements", IFRS 12 "Disclosureof Interests inOther Entities", IAS
28 "Investments inAssociates"
– Amendment to IAS 39 – Financial instruments: “Recognition and
Measurement"
2.2.2Basisforthepreparationofthefinancialstatements
Financial statements are given in thousands of euros, except where
otherwise indicated.
Theyarepreparedon thebasisof historical costs,with theexceptionof
the following assets and liabilities which have been evaluated at their
fair value: financial derivatives, financial instruments held for trading
purposesorclassifiedasheld for sale, liabilities fromcash-settledshare-
basedpaymenttransactions.
Non-currentassetsheld for saleareevaluatedat the lowerof theirbook
valueandthe fairvalue lesscostsofdisposal.
According to IFRS standards, certain accounting options involve taking
positions based on judgment of assumptions that have an impact on
the amounts of assets or liabilities, income or expenses, particularly
regardingthe followingelements:
n
durationsofdepreciationof fixedassets (notes2.2.7.3and2.2.8.4).
n
evaluationsretained for impairmenttests (note2.2.8.5),
n
evaluation of pension provisions and obligations (notes 2.2.14 and
2.2.15.1),
n
valuation of financial assets at fairmarket value (notes 2.2.6, 2.2.8.6,
2.2.11and2.2.12),
n
valuationofpayments inequities (note2.2.15.2),
n
recognitionofdeferredtaxassets (note2.2.19.5).
