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CONSOLIDATED FINANCIAL STATEMENTS
37
LISI 2015 FINANCIAL REPORT
2
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NOTES
2.1
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GROUP ACTIVITY AND HIGHLIGHTS OF THE YEAR
LISI S.A. (hereinafter called the Company) is a limited-liability
corporation (société anonyme) under French law, listed on the
Paris stock exchange, whose head office is at the following
address: “Le Millenium, 18 rue Albert Camus, CS 70431, 90008
BELFORT cedex, France.”
The consolidated financial statements of the Group for the
financial year ending December 31, 2015 include the Company,
its subsidiaries and affiliates (which are together referred to as
"the Group").
The LISI Group’s main business activity is the manufacturing of
multifunctional fasteners and assembly components for three
business sectors: aerospace, automotive, and medical.
Period highlights:
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Application of IFRIC 21
The Group applies IFRIC 21 as of January 1, 2015 and therefore
recognizes some levies in the first half-year of 2015 instead
of spreading them over the period as in the prior year. The
impacts on the prior financial statements are presented in
Note 2.3 IMPACTOF FIRST APPLICATIONOF IFRIC 21 "LEVIES".
■■
Consolidation of Manoir Aerospace
Consolidation of the financial statements ofManoir Aerospace
(consolidated in the second half of 2014) generated €88million
in additional sales revenue in financial year 2015. Changes
in scope are included in the thresholds recommended by
the supervision authorities. We have not established any
proforma statements.
■■
Governance
At its meeting on October 21, 2015, the Board of Directors
voted to adopt a new structure for its governing bodies that
separates the positions of Chairman of the Board of Directors
and CEO.
The purpose of this new organization is to provide a clear
distinction between the functions of strategic management,
decision-making and control, which fall within the remit
of the Board of Directors, and functions concerned with
implementing Group strategy, executive and operating
functions, which are the responsibility of seniormanagement.
Thus, as fromMarch 1, 2016:
- Gilles Kohler, current Chairman and CEO of the Company,
remains the non-executive Chairman of the Board of
Directors. In this role, he will be in charge of governance of
the Company, contribute to the formulation of strategy and
oversee Group internal control.
- Emmanuel Viellard, current Deputy Chairman, will be in
charge of Group executive management. His main duties
will be to draw up Group strategy and present it to the
Board of Directors for approval, oversee implementation of
strategy once approved by the Board, manage the Company
and its divisions, and ensure its development, cohesion and
sustainability.
- Jean-Philippe Kohler, alongside Emmanuel Viellard, will
retain his current management responsibilities in charge
of Group internal auditing, and his remit is extended to
finance, safety, environment and industrial management.
He will also retain responsibility for managing and
coordinating Group human resources.
2.2
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ACCOUNTING RULES AND METHODS
The financial statements drawn up as at December 31, 2015
were approved by the Board of Directors on February 17, 2016
and will be submitted to the Combined General Meeting on
April 28, 2016.
2.2.1 Background to the preparation of the consolidated
financial statements for the 2015 financial year
In accordance with EU regulation 1606/2002 dated July 19,
2002, the LISI Group’s consolidated financial statements have
been prepared in line with IAS/IFRS international accounting
standards as adopted by the European Union on December 31,
2015.
2.2.1.1 Standards, amendments and interpretations
adopted by the EU and mandatory for reporting periods
beginning on or after January 1, 2015
■■
IFRIC 21 "Levies";
■■
IFRS 3 "Scope exception for joint ventures";
■■
IFRS 13 "Detail concerning the items concerned by the
exclusion of portfolios managed on a net basis";
■■
IAS 40 "Judgment required to determine whether an
acquisition is the acquisition of an asset, a group of assets or a
business combination."
Changes and impacts related to IFRIC 21 are detailed in
paragraph 2.3 "IFRIC 21 "Levies". Other texts applicable on a
mandatory basis from January 1, 2015 have no material impact
on the Group's financial statements.
2.2.1.2 Standards, amendments and interpretations of
IFRS published and applied early by the Group as of January
1, 2015
None.