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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 ANNUAL 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 the annual financial statements of LISI, as
attached to this report;
■■
the justification of our assessment;
■■
specific verifications and legally required information.
The financial statements were 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 financial statements
Wehavecarriedout ourwork inaccordancewiththeprofessional
standards in use in France; these standards require us to apply
due diligence in obtaining reasonable assurance that the annual
financial statements do not contain significant anomalies. An
audit involves verifying, through surveys or other selection
methods, the items supporting the figures and information
which feature in the annual financial statements. It further
involves an assessment of the accounting principles used, any
significant estimates made and the overall presentation of the
annual 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 accounts comply with French accounting
rules and principles and provide a true and fair view of the
earnings derived from the Company’s activity during the year,
as well as the financial situation and net worth at the end of the
financial year.
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:
Your Company sets up provisions for the impairment of equity
interests when their value in use appears to be less than
their net book value, as described in paragraph b "Financial
fixed assets" of Note 3.1 to the annual financial statements
"Accounting rules and methods". 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 for these estimates.
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. Verifications and specific information
We have also carried out verifications specifically required by
law, in accordance with French professional regulations.
We have no comments tomake on the sincerity and consistency
with the consolidated financial statements of the information
provided in the management report of the Board or the
documents sent to the shareholders on the financial position
and the financial statements.
With regard to the information supplied in application on the
provisions of Article L. 225-102-1 of the French Commercial
Code on payments and bonuses paid to corporate officers as well
as on commitments approved in their favor, we have checked
their consistency with the accounts or with the data used in the
drawing-up of these accounts, and, where relevant, with the
items gathered by your Company from companies controlling or
controlled by your Company. On the basis of our work, we vouch
for the precision and honesty of this information.
In accordance with French law, we have verified that the
required information concerning acquisitions of equity stakes
or controlling interests and the identities of the shareholders
have been disclosed to you in the management report.
Exincourt and Paris-La Défense, March 24, 2016
The Auditors
EXCO CAP AUDIT
ERNST & YOUNG et Autres
Philippe Pourcelot
Henri-Pierre Navas