Universal Registration Document 2019

5  /  Statutory Auditors’ Report on the individual financial statements - Financial year ended December 31, 2019 Opinion Pursuant to the assignment entrusted to us by the Shareholders’ General Meeting, we have conducted the audit of the annual financial statements of the company LISI regarding the financial year ended December 31, 2019, as appended to this report. These statements were approved by the Board of Directors on February 19, 2020 on the basis of the information available at that date against the changing backdrop of the health crisis caused by Covid-19. We certify that the Company financial statements 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. The opinion expressed above ‑is consistent with the content of our report to the Audit Committee. Basis of our opinion Audit repository We have carried out our audit in accordance with the professional standards in use in France. We consider that the items we have gathered form both a sufficient and an appropriate basis for our opinion. Our responsibilities under these standards are specified in the section “Responsibilities of Auditors relating to the audit of the Company financial statements” of this report. Independence We have conducted our audit in compliance with the rules of independence applicable to us, for the period running from January 1, 2019 to the date of issue of this report, andwe have not provided services prohibited under Article 5, paragraph 1, of Regulation (EU) No. 537/2014 or under the French Code of Ethics for Auditors. Justification of our assessments - Key audit matters Pursuant to the provisions of Articles L. 823‑9 and R. 823‑7 of the French Commercial Code on the justification of our assessments, we inform you of the key audit matters relating to the risk of material misstatementswhich, in our professional judgment, have been more significant for the audit of the consolidated financial statements of the financial year, and how we tackled these risks. These assessments form part of our task as Auditors of the annual financial statements, taken as a whole, and approved in the circumstances described previously, and have helped us to formour opinion, as it is described above.We do not express an opinion on elements of these Company financial statements taken separately. Valuation of Equity Interests Risk identified How we tackled it Equity interests, shown in the assets at December 31, 2019 for a net amount of €236,466 are the largest item of the balance sheet. As specified in Note 3.2.2 of the notes to the financial statements, they aremeasured at the cost at which they were acquired, excluding the costs incurred for their acquisition or, if applicable, their value in use. The value in use is appraised based on a number of criteria including net assets and the profitability outlook. Considering the weight of equity interests in the bal-ance sheet and their sensitivity to variations in data and in the assumptions onwhich estimates of theprofitability outlook arebased, we have considered themeasurement of the value in use of equity interests as a key audit matter. To appraise the estimate of the value in use of equity interests, based on information provided to us, our work included: • analyzing the justification provided by the Man-agement of the choice of assessment method and the figures used to determine these values; • compare for a sample the data taken into account for the impairment testing of equity inter-ests with source data by entity, taking into consid-eration the results of the audit of the significant subsidiaries held; • checking, using sample testing techniques, the mathematical correctness of the calculation of values in use used by the company. Specific verifications We have also carried out, in accordance with French professional regulations, the specific verifications specifically required by the laws and regulations in force. Information provided in the management report and in other documents sent to shareholders on the financial situation and the Company financial statements We have no comments to make concerning the sincerity and consistency with the consolidated financial statements of the information provided in the Board of Directors’ management report approved on February 19, 2020 or the other documents sent to the shareholders on the financial position and financial statements. Concerning subsequent events and the information that has emerged after the date on which the 92 LISI 2019 UNIVERSAL REGISTRATION DOCUMENT Company financial statements 3