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LISI 2016 FINANCIAL REPORT
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, 2016, on:
–
–
the audit of LISI’s consolidated financial statements, as attached
to this report;
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the justification of our assessment;
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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 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 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:
■■
The Management of the LISI Group has had to make 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 in Notes 2.2.7.1, 2.2.8.5
and 2.5.1.1 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 the
methods 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 2.5.4.2 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 on the management of the Group.
We have no comments to make on their sincerity and consistency with
the consolidated financial statements.
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I
AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL
STATEMENTS – FINANCIAL YEAR ENDED DECEMBER 31, 2016
Exincourt and Paris-La Défense, March 28, 2017
The Auditors
EXCO CAP AUDIT
ERNST & YOUNG et Autres
Philippe Pourcelot
Henri-Pierre Navas
Documents specific to the Shareholders General Meeting
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