LISI GROUP - 2018 Financial report

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Withregardtothe informationsupplied inapplicationoftheprovisionsof
Article L. 225‑37‑3 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.
Withrespecttothe informationrelatingtothefactorsthatyourcompany
consider likelytohaveanimpactintheeventofapublicofferforpurchase
or exchange, provided in application of the provisions of Article
L. 225‑37‑5 of the French Commercial Code, we have verified their
conformitywiththedocumentfromwhichtheywereextractedandwhich
was provided to us. On the basis of this work, we have no comments to
make regarding this information.
Additional information
Pursuant to the law, we have ensured that the information on the identity
of holders of the capital or of voting rights have been provided to you in
themanagement report.
Disclosures arising fromother legal and regulatory obligations
Auditors appointment
We were appointed as Auditors of LISI by your Shareholders’ General
Meeting in 1993 for EXCO ET ASSOCIES and of April 27, 2011 for ERNST &
YOUNG et Autres.
At December 31, 2018, the firmEXCOET ASSOCIESwas in the 26th year of
itsengagement,withoutinterruption,andERNST&YOUNGetAutresinits
eighth year.
Responsibilities of management and of those charged with
corporate governance in relation to the Company financial
statements
It is management’s responsibility to draw up the Company financial
statements giving a true and fair view in accordance with the French
accounting rules and principles and to put in place the internal control
thatitdeemsnecessaryfordrawinguptheCompanyfinancialstatements
free of material misstatements, whether due to fraud or error.
WhendrawinguptheCompanyfinancialstatements,itistheresponsibility
of management to assess the company’s capacity to continue its
operations, to present in these financial statements, if applicable, the
necessary informationonthegoingconcernassumptionandtoapplythe
going concern principle, unless it is planned to wind up the company or
discontinue its operation.
It is the responsibility of the Audit Committee tomonitor the process for
preparationof the financial information and the effectiveness of internal
control and risk management systems, and, if applicable, the internal
audit systems, as regards the procedures relating to the preparation and
processing of accounting and financial information.
The financial statements were approved by the Board of Directors.
Responsibilities of Auditors relating to the audit of the Company
financial statements
Audit objective and approach
It is our responsibility to prepare a report on the Company financial
statements. Our objective is to obtain a reasonable assurance that the
Company financial statements, taken as a whole, are free of material
misstatements. Reasonable assurance is a high level of assurance,
without however guaranteeing that an audit conducted in accordance
with professional standards systematically ensures that any material
misstatement is detected. Misstatementsmay be due to frauds or errors
and are considered asmaterial where it is reasonable to expect that they
can, taken separately or together, influence the economic decisions that
users of the financial statements take based on them.
As set out inArticleL.823‑10‑of theFrenchCommercial Code, our task of
certifying the financial statements does not consist in guaranteeing the
viability or the quality of themanagement of your company.
As part of our audit conducted in accordance with the professional
standards applicable in France, the Auditor exercises his professional
judgment throughout this audit. Furthermore:
■■theAuditor identifiesandassessestherisksthattheCompanyfinancial
statements contain material misstatements, whether due to fraud or
error, defines and implements audit procedures to tackle these risks,
and gathers the information that he deems sufficient and relevant to
form his/her opinion. The risk of non-detection of a material
misstatement arising from a fraud is higher than that of a material
misstatement arising from an error, since fraud may involve collusion,
forgery,deliberateomissions,misrepresentationsorthecircumvention
of internal control;
■■he/she reviews the internal control relevant to the audit in order to
defineappropriateauditprocedures inthecircumstances,andnotwith
the objective of expressing an opinion on the effectiveness of the
internal control;
■■he/she assesses the appropriateness of the accounting policies used
and the reasonableness of the accounting estimates made by
management, as well as the disclosures provided in the Company
financial statements;
■■he/sheassessestheappropriatenessoftheapplicationbymanagement
of the accounting principle of going concern and, based on the
information gathered, the existence or non-existence of a significant
uncertaintyrelatingtoeventsorcircumstances likelytounderminethe
company’s ability to continue its operation. This assessment is based
on information compiled up to the date of his/her report, it being
specified however that subsequent circumstances or events may
undermine the company’s ability to continue as a going concern. If he/
she concludes that there is a significant uncertainty, he/she draws the
attentionofreadersofhis/herreportonthe informationprovided inthe
Company financial statements regarding this uncertainty or, if such
information is not provided or is not relevant, he/she issues a qualified
opinion or refuses to certify;