DERICHEBOURG - Universal registration document 2018-2019

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Financial statements Parent company financial statements as at September 30, 2019

Statutory Auditors’ report on the parent company financial statements 4.2.4

To the Derichebourg shareholders’ meeting,

Opinion In performance of the mission entrusted to us by your shareholders’ meetings, we have conducted an audit of the Derichebourg SA annual financial statements for the fiscal year ended September 30, 2019, as attached to this report. In our opinion the annual financial statements give a true and fair view of the earnings, assets and liabilities and financial position of the Company over the period as well as of the financial position and assets and liabilities of the Company at year-end, in accordance with French accounting rules and principles. The opinion expressed above is consistent with the content of our report to the Audit Committee. Basis of the opinion Auditing framework We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Our responsibilities under these standards are set out in the “Responsibilities of the Statutory Auditors in the auditing of the annual financial statements” section of this report. Independence We conducted our audit mission in accordance with the independence rules applicable to us, from October 1, 2018 to the date of our report, and we did not, in particular, provide any services prohibited by Article 5 (1) of regulation (EU) No. 537/2014 or the Code of ethics for the Statutory Auditor profession. Justification of our assessments – Key points of the audit In accordance with the provisions of Articles L. 823-9 and R. 823-7 of the French Commercial Code relating to the justification of our assessments, please note the key points of the audit relating to the risks of material misstatement, which, in our professional judgment, were the largest for the audit of the annual financial statements for the fiscal year, as well as the responses we provided to those risks. The assessments thus made fall within 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 items in these annual financial statements in isolation.

Measurement of investment securities

As of September 30, 2018, the gross value of investment securities totaled €626 million and the net value €329 million,compared with a total balance sheet of €713 million. The Company performs impairment tests on these financial assets, theterms of which are described in note 2.4 to the financial statements. When the value in use is lower than the net bookvalue, a provision for depreciation is recognized. Value in use is determined primarily by applying the discounted future cashflow method net of net financial debt. The implementation of this method requires the use of assumptions. We therefore considered that the valuation ofinvestment securities is a key point in the audit given their significant nature and the fact that it is based on estimates. We examined the procedures put in place by the Company for impairment tests. We included valuation specialists in ouraudit team to help us assess the discount rate, as well as the growth rate to infinity used. We also analyzed the consistencyof cash flow forecasts with past performance and market outlooks.

Audit risk

Audit procedures in response to this risk

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