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20.1 Consolidated financial statements for the year ended December 31, 2016
FINANCIAL INFORMATION CONCERNING ASSETS,
FINANCIAL POSITION AND FINANCIAL PERFORMANCE
20
20.1.
CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2016
20.1.1.
STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
This is a free translation into English of the statutory auditors’ report on the consolidated financial statements issued in French and it is provided solely for the
convenience of English-speaking users.
The statutory auditors’ report includes information specifically required by French law in such reports, whether modified or not. This information is presented
below the audit opinion on the consolidated financial statements and includes an explanatory paragraph discussing the auditors’ assessments of certain
significant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the consolidated financial
statements taken as a whole and not to provide separate assurance on individual account balances, transactions or disclosures.
This report also includes information relating to the specific verification of information given in the group’s management report.
This report should be read in conjunction with and construed in accordance with French law and professional auditing standards applicable in France.
To the Shareholders,
In compliance with the assignment entrusted to us by your General Meeting of Shareholders, we hereby report to you, for the year ended 31 December 2016, on:
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the audit of the accompanying consolidated financial statements of AREVA;
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justification of our assessments;
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the specific verification required by law.
These consolidated financial statements have been approved by the Board of Directors. Our role is to express an opinion on these consolidated financial statements
based on our audit.
I - OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTS
We conducted our audit in accordance with professional standards applicable in France; those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the consolidated financial statements are free of material misstatement. An audit involves performing procedures, using sampling techniques
or other methods of selection, to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. An audit also includes evaluating
the appropriateness of accounting policies used and the reasonableness of accounting estimates made, as well as the overall presentation of the consolidated financial
statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position of the group as at 31 December
2016 and of the results of its operations for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union.
Without qualifying our opinion, we draw your attention to the matters set out in the following notes to the consolidated financial statements:
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Notes 1.1, 25 and 31, which set out the liquidity situation and the information relating to the application of the going concern principle;
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Note 1.1, which sets out the context of the closing, the implementation of the group’s restructuring project, the quality issues impacting the AREVA NP sites and the
signature of the share purchase agreement with EDF fixing the terms and conditions for the sale of New NP;
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Notes 1.1, 1.3.1.1, 3 and 37, which set out the accounting treatment and effects of the discontinued operations, in particular the transaction expected with EDF for the
sale of New NP, and the entry of the French State into the capital of NewCo, leading to the loss of AREVA SA’s control of NewCo;
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Note 24, which sets out the reasons which led AREVA, as from the second half of 2013, to apply paragraph 32 of IAS 11, and the methods of recognition applicable to
the Olkiluoto 3 (“OL3”) EPR construction agreement. In addition, this note specifies the conditions of completion of this agreement, in particular for the end-of-construction
and testing until the reactor is put into service, the uncertainties which remain as to the end of the project and the legal risks related to the arbitration in progress;
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Notes 1.3.17 and 13, which set out the methods for valuation of the provisions for end-of-cycle operations, and their sensitivity to the assumptions used in terms of
technical procedures, costs, outflow schedules and inflation and discount rates;
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Note 9, which sets out the valuation of the deferred tax assets of AREVA Inc., subject to the effective implementation of a legal restructuring within the framework of
the sale of New NP to EDF.
2016 AREVA
REFERENCE DOCUMENT
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