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Company Financial Statements as of December 31, 2015
Statutory Auditors' report on the annual Financial Statements
Statutory Auditors' report on the annual
6.5
Financial Statements
Year-ended December 31, 2015
Company as of December
31, 2015 and of the results of its operations
for the year then ended, in accordance with French accounting
This is a free translation into English of the Statutory Auditors’ report on
principles.
the financial statements issued in French and it is provided solely for
the convenience of English-speaking users. The Statutory Auditors’
Without qualifying our opinion, we draw your attention to the matter
report includes information specifically required by French law in such
set out in the paragraphs of Notes
1 and 2.5 to the financial
reports, whether modified or not. This information is presented below
statements regarding pension obligations, disclosing the change in
the audit opinion on the financial statements and includes an
accounting method of pension obligations following the first-time
explanatory paragraph discussing the auditors’ assessments of certain
application of ANC recommendation n°2013-02 issued by the French
significant accounting and auditing matters. These assessments were
Accounting Standards Body.
considered for the purpose of issuing an audit opinion on the financial
Justification of assessments
2.
statements taken as a whole and not to provide separate assurance on
individual account balances, transactions, or disclosures.
In accordance with the requirements of Article
L.
823-9 of the French
This report also includes information relating to the specific verification
commercial code (
Code de commerce
), we bring to your attention the
of information given in the management report and in the documents
following matters.
addressed to shareholders.
As stated in Note
1 to the financial statements, intangible assets,
This report should be read in conjunction with, and construed in
composed mainly of goodwill (
Malis de fusion
), for which forecast
accordance with, French law and professional auditing standards
future cash flows no longer allow the carrying amount to be recovered,
applicable in France.
are impaired. This impairment is determined by comparing the
To the shareholders,
carrying amount to the recoverable amount, which is the higher of the
In compliance with the assignment entrusted to us by your
asset’s value in use and its market value.
Shareholders’ Meetings, we hereby report to you, for the year ended As stated in Note
1 to the financial statements, equity investments are
December 31, 2015, on:
subject to impairment by comparing their carrying amount to their
the audit of the accompanying annual financial statements of
●
market value or their value in use; value in use was estimated by the
Carrefour;
Company based on the value of shareholders' equity, future cash flows
or revalued net assets.
the justification of our assessments;
●
We assessed the information and assumptions underlying the
the specific verifications and information required by French law.
●
calculation of values in use and, in particular cash flow forecasts
The annual financial statements have been approved by the Board of
prepared by your Company’s Management. We reviewed the
Directors. Our role is to express an opinion on these financial
calculations performed by your Company, compared previous periods’
statements based on our audit.
accounting estimates with actual results and reviewed the
Opinion on the annual financial
1.
Management approval process for these estimates. We would remind
you, however, that these estimates are based on forecasts which by
statements
nature are uncertain and as such actual results may differ from the
current estimates.
We conducted our audit in accordance with professional standards
The
paragraphs
“Pension
benefit
obligations”,
“Retirement
applicable in France; those standards require that we plan and perform
obligations” and “Supplementary pension plan” of Note
1 to the
the audit to obtain reasonable assurance about whether the financial
financial statements, Note
2.5 “Change in the accounting method for
statements are free of material misstatement. An audit involves
pension benefit obligations” and Note
7 “Provisions and impairment”
performing procedures, using sampling techniques or other methods
describe the valuation method and accounting treatment of long-term
of selection, to obtain audit evidence about the amounts and
employee benefit obligations. In the context of our assessment of the
disclosures in the financial statements. An audit also includes
significant estimates used to prepare the financial statements, we
evaluating the appropriateness of accounting policies used and the
reviewed the calculation basis and the calculation methods as well as
reasonableness of accounting estimates made, as well as the overall
the appropriateness of the information disclosed in the notes to the
presentation of the financial statements. We believe that the audit
financial statements.
evidence we have obtained is sufficient and appropriate to provide a
These assessments were made as part of our audit of the annual
basis for our audit opinion.
financial statements, taken as a whole, and therefore contributed to
In our opinion, the annual financial statements give a true and fair
the opinion we formed which is expressed in the first part of this
view of the assets and liabilities and of the financial position of the
report.
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2015 REGISTRATION DOCUMENT