Page 212 - 2012 Annual Report

212 VIVENDI l 2012 l Annual Report
FINANCIAL REPORT – CONSOLIDATED FINANCIAL STATEMENTS – STATUTORY AUDITORS’ REPORT ON THE
CONSOLIDATED FINANCIAL STATEMENTS – STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS –
STATUTORY FINANCIAL STATEMENTS 4
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III - CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2012
STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
III - Consolidated Financial Statements for the year
ended December 31, 2012
STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
To the Shareholders,
In compliance with the assignment entrusted to us by your Annual General
Shareholders’ Meetings, we hereby report to you for the year ended
December 31, 2012 on:
✱ the audit of the accompanying Consolidated Financial Statements of
Vivendi SA, hereinafter referred to as “the Company”;
✱ the justification of our assessments; and
✱ the specific verifications required by law.
These Consolidated Financial Statements have been approved by your
Management Board. Our role is to express an opinion on the 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
significant 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
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.
II. Justification of our assessments
In accordance with the requirements of Article L.823-9 of the French
Commercial Code (Code de Commerce) relating to the justification of our
assessments, we bring to your attention the following matters:
In connection with our assessment of the accounting principles applied
by your Company:
✱ Note 1.3.6 to the Consolidated Financial Statements describes the
applicable criteria for classifying and accounting for discontinued
operations or assets held for sale in accordance with IFRS 5. We
verified the correct application of this accounting principle and we
ensured that Note 2.6 to the Consolidated Financial Statements
provides appropriate disclosures with respect to management’s
position as of December 31, 2012.
✱ At each financial year end, your Company systematically performs
impairment tests of goodwill and assets with indefinite useful lives,
and also assesses whether there is any indication of impairment
of other tangible and intangible assets, according to the methods
described in Note 1.3.5.7 to the Consolidated Financial Statements.
We examined the methods used to perform these impairment tests,
as well as the main assumptions and estimates, and ensured that
Notes 1.3.5.7 and 9 to the Consolidated Financial Statements provide
appropriate disclosures thereon.
✱ Note 1.3.9 to the Consolidated Financial Statements describes the
accounting principles applicable to deferred tax and Note 1.3.8
describes the methods used to assess and recognize provisions.
We verified the correct application of these accounting principles
and also examined the assumptions underlying the positions as of
December 31, 2012. We ensured Note 6 to the Consolidated Financial
Statements gives appropriate information on tax assets and liabilities
and on your company’s tax positions.
✱ Notes 1.3.8 and 27 to the Consolidated Financial Statements describe
the methods used to assess and recognize provisions for litigation.
We examined the methods used within your group to identify,
calculate, and determine the accounting for such litigations. We
also examined the assumptions and data underlying the estimates
made by the Company. As stated in Note 1.3.1 to the Consolidated
Financial Statements, facts and circumstances may lead to changes
in estimates and assumptions which could have an impact upon the
reported amount of provisions.
Our assessments were made as part of our audit of the Consolidated
Financial Statements taken as a whole, and therefore contributed to the
opinion we formed which is expressed in the first part of this report.