2007 Interactive Registration Document - Renault

07 STATUTORY
FINANCIAL STATEMENTS
AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
7.1 STATUTORY AUDITORS’ REPORT ON
THE CONSOLIDATED FINANCIAL STATEMENTS
Renault
Year ended December 31, 2007
Statutory Auditors’ report on the consolidated fi nancial statements
(Free translation of a French language original)
This is a free translation into English of the statutory auditors’ report issued in the
French language and is provided solely for the convenience of English speaking
readers. This report includes information specifi cally required by French law in
all audit reports, whether qualifi ed or not, and this is presented below the opinion
on the consolidated fi nancial statements. This information includes explanatory
paragraphs discussing the auditors’ assessments of certain signifi cant accounting
matters. These assessments were made for the purpose of issuing an opinion on
the fi nancial statements taken as a whole and not to provide separate assurance
on individual account captions or on information taken outside of the consolidated
fi nancial statements. The report also includes information relating to the specifi c
verifi cation of information in the group management report. ✦
This report should be read in conjunction with, and is construed in accordance
with French law and professional auditing standards applicable in France.
To the s hareholders,
In accordance with our appointment as statutory auditors by your Annual General
Meeting, we have audited the accompanying consolidated fi nancial statements
of Renault for the year ended December 31, 2007.
These consolidated fi nancial statements have been approved by the Board
of Directors. Our role is to express an opinion on these fi nancial statements
based on our audit.
I. OPINION ON THE CONSOLIDATED FINANCIAL STATEMENTS
We conducted our audit in accordance with the professional standards applicable
in France; those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated fi nancial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the consolidated fi nancial
statements. An audit also includes assessing the accounting principles used
and signifi cant estimates made by the management, as well as evaluating the
overall consolidated fi nancial statements presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the consolidated fi nancial statements give a true and fair view
of the assets and liabilities and of the fi nancial position of the Group as at
December 31, 2007 and results of its operations, for the year then ended in
accordance with the IFRSs as adopted by the European Union.
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Without qualifying our opinion, we draw your attention to the matter discussed
in note 2-A to the fi nancial statements relating to the changes in accounting
methods introduced during the year 2007.
II. JUSTIFICATION OF ASSESSMENTS
In accordance with the requirements of article L. 823-9 of French Company
Law (Code de commerce) relating to the justifi cation of our assessments, we
bring to your attention the following matters:
n As disclosed in note 13-A to the consolidated fi nancial statements, the Group
accounts for its investments in Nissan under the equity method; our audit of the
consolidation scope included a review of the factual and legal aspects of the
Alliance which serve as the underlying basis for this accounting method.
n As part of our assessment of the accounting methods applied by the Group,
we have reviewed the methodology used for the capitalization of development
costs as intangible assets, their depreciation and the verifi cation of their
recoverable value and we satisfi ed ourselves that these methods were
properly disclosed in notes 2-J, 2-L and 11-C.
n For the purpose of preparing the consolidated fi nancial statements, Renault
group management makes certain estimates and assumptions concerning
primarily the impairment of tangible and intangible fi xed assets, sales
fi nancing receivables, deferred taxes and provisions – in particular the
warranty provisions and pensions and other long-term employee benefi t
obligations. As regards to non current assets, Renault group used planning
tools and multi-annual fi nancial plans, the various components of which (cashfl
ows and forecasted taxable income, in particular) are used to ascertain the
recoverable value of tangible and intangible fi xed assets. In order to estimate
provisions, Renault used internal or external expert reports, particularly in
respect of warranties, which are based on statistics concerning technical
incidents. For all such estimates, we reviewed the available documentation
and we assessed the reasonable nature of the assessments made.
The assessments were thus made in the context of the performance of our audit of
the consolidated fi nancial statements taken as a whole and therefore contributed
to the formation of our audit opinion expressed in the fi rst part of this report.
III. SPECIFIC VERIFICATION
In accordance with professional standards applicable in France, we have also
verifi ed the information given in the group’s management report. We have
no matters to report regarding its fair presentation and conformity with the
consolidated fi nancial statements.
Neuilly-sur-Seine and Paris-La Défense, February 13, 2008
The Statutory Auditors
French original signed by
Deloitte & Associés Ernst & Young Audit
Amadou Raimi Pascale Chastaing-Doblin Daniel Mary-Dauphin Aymeric de la Morandière
180 Registration Document Renault 2007
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