Documents specifictotheAnnualGeneralMeeting
8
LISI 2014FINANCIALREPORT
I
147
DearShareholders,
In accordance with the terms of our appointment by your general
meeting,wepresentourreportfortheyearendedDecember31,2014,on:
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theauditofconsolidatedaccountsofLISI,asattachedtothisreport;
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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.
Wecertifythattheconsolidatedaccountsfortheperiodare, inrespectof
theIFRSstandardasadopted intheEuropeanUnion,correctandgenuine
and present a faithful account of assets and liabilities, the financial
positionandtheresultsofallconsolidatedcompaniesoftheconsolidated
group.
II.Justificationofourassessments
AsperarticleL.823-9of theCommercialCode regarding the justification
ofourassessments,we informyouofthe following:
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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.
■■
At each year-end the Company regularly performs an impairment
test for goodwill and assets without a defined useful life, and also
measures 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 theAppendix.Wehave reviewed the conditionsunderwhich
this impairment testwasconducted, aswell as thecash flow forecasts
and assumptions used, and have verified that the above-mentioned
notesprovideappropriate information.
■■
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,andinverifyingthatNotes
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, specificallyverified,as requiredby law, the informationprovided
inthereportregardingtheGroup,given inthemanagementreport.
Wehaveno comments tomakeon their sincerity and consistencywith
theconsolidated financialstatements.
4
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Auditors’ reportontheconsolidatedfinancialstatements -
FinancialyearendedDecember 31, 2014
ExincourtandParis-LaDéfense,onMarch24,2015
TheAuditors
EXCOCAPAUDIT
ERNST&YOUNGetAutres
PhilippePourcelot
Henri-PierreNavas
