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DOCUMENTS SPECIFIC TO THE SHAREHOLDERS’ GENERAL MEETING
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LISI 2015 FINANCIAL REPORT
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AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS - FINANCIAL
YEAR ENDED DECEMBER 31, 2015
Dear Shareholders,
In accordance with the terms of our appointment by your
Shareholders’ General Meeting, we present our report for the
financial year ended December 31, 2015, on:
■■
the audit of LISI's consolidated financial statements, as
attached to this report;
■■
the justification of our assessment;
■■
the specific verification stipulated under law.
The consolidated financial statements have been approved by
the Board of Directors. Our role is to express an opinion on
these financial statements based on our audit.
I. Opinion on the consolidated statements
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 statements do
not contain any significant anomalies. An audit involves
verifying, through surveys or other selection methods, the
items supporting the figures and information which feature
in the consolidated financial statements. It also involves
assessing those accounting principles followed, the significant
estimates made and the overall presentation of the financial
statements. We consider that the items we have gathered form
both a sufficient and an appropriate basis for our opinion.
We certify that the consolidated financial statements for the
period are, in respect of the IFRS standard as adopted in the
European Union, correct and genuine and present a faithful
account of assets and liabilities, the financial position and the
results of all consolidated companies of the consolidated group.
II. Justification of our assessments
As per Article L. 823-9 of the French Commercial Code
regarding the justification of our assessments, we inform you
of the following:
■■
TheManagement of the LISI Grouphas had tomake judgments
and estimates and to formulate assumptions, which concern
in particular the impairment of assets, provisions, the
valuation of financial instruments, and deferred taxes, as
set out in Notes 2.2.2, 2.2.8.5, 2.2.13, 2.2.6 and 2.2.18.5 to the
consolidated financial statements. For all these estimates,
we have assessed the data and assumptions on which they
are founded, reviewed randomly the calculations made by the
Company, reviewed the available material, and verified that
the notes of the Appendix provide appropriate information
regarding the assumptions retained by the Company.
■■
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 inNotes 2.2.7.1, 2.2.8.5 and 2.6.1.1 to the consolidated
financial statements. We have reviewed the conditions under
which this impairment test was conducted, as well as the cash
flow forecasts and assumptions used, and have verified that
the above-mentioned notes provide appropriate information.
■■
Note 2.2.14 to the consolidated financial statements sets out
themethods for evaluating pension commitments and share-
based staff benefits. These commitments have been subject
to external appraisals. Our work has consisted in reviewing
the data used, in assessing the assumptions retained, in
reviewing the calculations made, and in verifying that
Notes 2.2.14 and 2.6.4.2 of the Appendix provide appropriate
information.
These assessments form part of our task as Auditors of the
consolidated financial statements, taken as a whole, and have
therefore helped us to form our unreserved opinion, as it is
described in the first part of this report.
III. Specific verification
We have also, in accordance with the professional standards
applicable in France, specifically verified, as required by law,
the information provided in the report regarding the Group,
given in the management report.
We have no comments to make on their sincerity and
consistency with the consolidated financial statements.
Exincourt and Paris-La Défense, March 24, 2016
The Auditors
EXCO CAP AUDIT
ERNST & YOUNG et Autres
Philippe Pourcelot
Henri-Pierre Navas