Consolidated financial statements
1
3
LISI 2014FINANCIALREPORT
I
35
2
|
Notes
2.1
|
GROUPACTIVITYANDKEYHIGHLIGHTS
OF THEYEAR
The company LISI S.A. (hereinafter "theCompany"), is a limited-liability
corporation inFrench law, listedontheParisstockexchange,whosehead
office is at the following address: "LeMillenium, 18 rue Albert Camus,
CS70431,90008BELFORTCedex".
The consolidated accounts of the Group for the fiscal year ending
December 31, 2014 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:
■■
On June5,2014,LISIAEROSPACECREUZETacquired100%of theshares
of theManoir AerospaceGroup for € 126.4M. TheManoir Aerospace
Groupspecializesmainlyintheforgingofmetalcomponentsexclusively
formotor or aeronautical structureapplications. LISI AEROSPACE thus
combines "Fasteners"and "StructuralComponents",whichnowconsists
ofLISIAEROSPACECREUZET,specializing instructuralcomponentsand
technicalassemblies,andtheManoirAerospaceGroup.
■■
FollowingadecisionoftheExtraordinaryGeneralMeetingheldonApril
23, 2014, and thedelegationof authorityby theBoardofDirectors on
July 24, 2014, theCEO, on September 8, 2014decided thatwith effect
fromSeptember 12, 2014 thenominal valueof LISI SA's sharewouldgo
from € 2 to € 0.40. The company’s capital will accordingly consist of
54,023,875sharesatanominalvalueof€0.40each.Thesolepurposeof
thisoperation is to improve theshare's liquidityand tomake the share
moreaccessibleto individualshareholders.
2.2
|
ACCOUNTINGRULESANDMETHODS
The financial statements drawn up as at December 31, 2014 were
approved by the Board of Directors on February 18, 2015 and will be
submittedtotheCombinedGeneralMeetingonApril22,2015.
2.2.1Backgroundtothepreparationoftheconsolidatedfinancial
statementsforthe2014financialyear
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
EuropeanUniononDecember31,2014.
2.2.1.1 Standards, amendments and interpretations adopted
by theEUandmandatory forreportingperiodsbeginningonorafter
January 1, 2014
- IFRS10 "Consolidated financialstatements"
- IFRS11 "JointArrangements"
- IFRS12 "Disclosureof interests inotherentities"
-Revised IAS27 "Separate financialstatements"
-Revised IAS28 "Investments inassociates"
-Amendment to IAS 36 "Impairment of Assets" - Recoverable Amount
Disclosures forNon-FinancialAssets
-Amendment to IAS 39 – Financial instruments: Recognition and
Measurement"
Changes and impacts related to IFRS 11 are detailed in paragraph 2.3.1.
"Changesintheconsolidationscopeinthefinancialyear2014".Othertexts
applicableonamandatorybasis from January 1, 2014havenomaterial
impactontheGroup's financialstatements.
2.2.1.2Standards,amendmentsandinterpretationsofIFRSstandards
publishedandappliedearlyby theGroupasof January 1,2014
None
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:
■■
durationsofdepreciationof fixedassets (notes2.2.7.3and2.2.8.4).
■■
evaluationsretained for impairmenttests (note2.2.8.5),
■■
evaluation of pension provisions and obligations (notes 2.2.13 and
2.2.14),
■■
valuation of financial assets at fair market value (notes 2.2.6, 2.2.8.6,
2.2.11and2.2.12),
■■
valuationofpayments inequities (note2.2.14.2),
■■
recognitionofdeferredtaxassets (note2.2.18.5).
