Vilmorin & Cie - Annual report 2017-2018

Financial INFORMATION 5 ANNUAL REPORT Vilmorin & Cie 212 2017-2018 Audit procedures implemented to address identified risks We have examined the methods used to implement these impairment tests. In particular, among the goodwill and germplasm recognized by the group, we paid special attention to the Cash Generating Unit “Field Seeds” due to past achievements and expected growth prospects. We assessed the reasonable nature of key estimates, including cash flow forecasts, long-term growth rates and discount rates used. We also analyzed the consistency of cash flow forecasts with past performances, market prospects and the forecast data presented to the Company’s Board of Directors and reviewed the sensitivity analyses on impairment tests. Finally, we also verified the appropriateness of the information provided in the notes to the consolidated financial statements. Verification of the information on the group provided in the management report We also performed the specific verification, required by law and in accordance with professional standards applicable in France, of information relating to the group, as provided for in the Board of Directors’ management report. We have no comments as to its fair presentation and conformity with the consolidated financial statements. Information resulting from other legal and regulatory obligations Designation of the Statutory Auditors We were appointed Statutory Auditors for the Company Vilmorin & Cie, representing KPMG S.A., by the General Meeting of Shareholders of March 2, 1990, and representing Visas 4 Commissariat by the General Meeting of Shareholders of February 21, 1995. On June 30, 2018, KPMG S.A. was in its 28 th uninterrupted year of mission, and Visas 4 Commissariat in its 23 rd year, and respectively the 25 th and 24 th year since the shares of the Company were admitted for trading on a regulated market. Responsibilities of Management and those charged with governance relating to the consolidated financial statements It is the responsibility of Management to prepare consolidated financial statements that present a true and fair view in accordance with IFRS standards as adopted by the European Union, and to establish such internal control as it deems necessary for the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. When preparing the consolidated financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, for disclosing in these financial statements, if applicable, the necessary information relating to the going concern and for applying the going concern accounting policy, unless it is planned to liquidate the Company or cease operations. The Audit and Risk Management Committee is responsible for monitoring the financial reporting process and the effectiveness of the internal control and risk management systems, as well as, where applicable, internal audit, with respect to the procedures relating to the preparation and processing of accounting and financial information. The consolidated financial statements were closed by the Board of Directors. Statutory Auditors’ Responsibilities relating to the audit of the consolidated financial statements Audit objective and approach It is our responsibility to prepare a report on the consolidated financial statements. Our objective is to obtain reasonable assurance that the consolidated financial statements taken as a whole are free from material misstatement. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with professional practice standards will always detect any significant material misstatement. Such misstatements may be fraudulent or error-related and are considered material when they can reasonably be expected to influence, either individually or cumulatively, the economic decisions that account users make based on them. 5.1. Consolidated Financial Statements