Vilmorin & Cie - Annual report 2017-2018

5 ANNUAL REPORT Vilmorin & Cie 217 2017-2018 5.2. Corporate Financial Statements Financial INFORMATION This analysis is based on a multi-criteria approach taking into account: first the contribution of each subsidiary to the consolidated financial statements of the group; then, where applicable, the economic value determined by reference to future cash flows, taking into account the activity developed and the outlook for the future. In addition, for listed securities, the value in use is determined by taking into account the stock market price. In this context and in view of the uncertainties inherent in certain elements, and in particular the likelihood that forecasts will be made, we considered the correct valuation of equity shares to be a key point of the audit. Audit procedures implemented to address identified risks In order to assess the reasonable nature of the estimate of the value in use of equity shares, based on the information provided to us, our work consisted mainly in verifying that the estimate of these values determined by Management is based on an appropriate justification of the valuation method and the figures used and, depending on the securities concerned, to: For assessments based on historical items: verify that the shareholders’ equity used is consistent with the financial statements of the entities audited or subject to analytical procedures and that any adjustments made to the shareholders’ equity are based on supporting documentation; verify the stock market price used for the shares of Seed Co Limited. For assessments based on forecast items: obtain the cash flow and operating forecasts of the activities of the entities concerned prepared by their operating departments and assess their consistency with the forecast data prepared under the supervision of their General Management for each of these activities; verify that the assumptions used are consistent with the economic environment at the date of close and preparation of the financial statements; verify that the value resulting from cash flow forecasts has been adjusted by the amount of the indebtedness of the entity under consideration. Verification of the management report and any other documents provided to the shareholders We have also performed the specific verifications required by law, and in accordance with professional standards applicable in France. Information given in the management report and in the other documents provided to the shareholders on the financial position and the annual financial statements We have nothing to report on the fairness and consistency with the annual financial statements of the information given in the Board of Directors’ management report and in the other documents sent to shareholders on the financial position and the annual financial statements. We certify that the information relating to payment periods mentioned in article D.441-4 of the French Commercial Code is true and fair and consistent with the annual financial statements. Report on the corporate governance We attest to the existence, in the Board of Directors’ management report on corporate governance, of the information required by articles L.225-37-3 and L.225-37-4 of the French Commercial Code. Concerning information provided pursuant to the provisions of article L.225-37-3 of the French Commercial Code on compensation and benefits paid to corporate officers and commitments granted to them, we have verified their consistency with the financial statements or with the data used in the preparation of these financial statements and, where applicable, with the information collected by your Company from companies controlling or controlled by your Company. On the basis of this work, we certify the accuracy and fairness of this information. Other information In accordance with the law, we have verified that the various disclosures relating the identity of holders of share capital or voting rights have been disclosed to you in the management report.