Vilmorin & Cie - Annual report 2017-2018

Financial INFORMATION 5 ANNUAL REPORT Vilmorin & Cie 216 2017-2018 5.2.4. Statutory Auditors’ report on the annual financial statements Fiscal year closing June 30, 2018 To the Shareholders of the Company Vilmorin & Cie SA, Opinion In compliance with the assignment entrusted to us by your Shareholders’ Annual General Meeting, we have conducted the audit of the annual corporate financial statements of the Company Vilmorin & Cie S.A. concerning the fiscal year closing on June 30, 2018 as they are appended to this report. We certify that the annual financial statements give a true and fair view of the results of operations for the year ended June 30, 2018 and of the financial position and assets and liabilities at the end of the fiscal year, with respect to French accounting rules and principles. The opinion expressed above is consistent with the content of our report to the Audit and Risk Management Committee. Basis of opinion Audit standards We have conducted our audit in accordance with the professional standards applicable in France. We believe that the information we have gathered is sufficient and appropriate to form our opinion. Our responsibilities under these standards are set out in the “Statutory Auditors’ Responsibilities relating to the audit of the annual financial statements” section of this report. Independence We have carried out our audit mission in compliance with the independence rules applicable to us, over the period from July 1, 2017 to the date of issue of our report, and in particular we have not provided services prohibited by article 5, paragraph 1, of regulation (EU) No. 537/2014 or by the code of ethics of the auditing profession. Observation Without calling into question the opinion expressed above, we draw your attention to the point presented in Note 2 “Accounting methods and principles” and Note 25 “Off balance sheet commitments” of the Notes to the annual corporate financial statements concerning the application, as of July 1, 2017, of regulation ANC 2015-05 on financial instruments. Justification of assessments - Key audit points In accordance with the requirements of Articles L.823-9 and R.823-7 of the French Commercial Code relating to the justification of our assessments, we bring to your attention the key points of the audit relating to the risks of material misstatement which, in our professional judgment, were the most significant for the audit of the annual financial statements for the fiscal year, as well as the answers that we have provided with regard to these risks. These assessments were made in the context of the audit of the annual financial statements taken as a whole and the formation of our opinion expressed above. We do not express an opinion on individual items in these annual financial statements. Valuation of equity shares Risk identified Equity shares, shown in the balance sheet on June 30, 2018 for a net amount of 1,008 million euros, when considering the balance sheet total of 1,578 million euros, represent one of the most important items of the assets. They are recorded on their date of entry at acquisition cost, and amortized on the basis of their value in use, representing what the company would agree to pay for them if it had to acquire them. As indicated in Note 2 to the annual financial statements, at each close of the fiscal year, the company estimates the value in use of each of its stakes to determine whether this value in use is less than the net book value. 5.2. Corporate Financial Statements