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CONSOLIDATED FINANCIAL STATEMENTS
Statutory Auditors’ Report on the consolidated fi nancial statements
Statutory Auditors’ Report on the consolidated
financial statements
Fiscal year ended December 31, 2009
ANF
32, rue de Monceau
75008 Paris
Dear shareholders,
In carrying out the responsibilities entrusted to us by your Shareholders’ Meeting, we hereby present our report on the fi scal year ended
December 31, 2009 on:
• the audit of the accompanying ANF consolidated fi nancial statements;
• the basis for our assessment;
• the specifi c checks and disclosures required by law.
The consolidated fi nancial statements were approved by the Executive Board. It is our duty to express an opinion on these fi nancial statements
on the basis of our audit.
I – Opinion on the consolidated fi nancial statements
We carried out our audit in accordance with professional standards applicable in France. These standards require us to carry out the audit in
such a manner as to obtain reasonable assurance that the consolidated fi nancial statements do not contain any material misstatements. An
audit consists of checking, by sampling or other means of selection, the items underlying the amounts and information in the consolidated
fi nancial statements. It also consists of assessing the accounting policies applied, the material estimates used and the overall presentation of
the fi nancial statements. We consider that the audit evidence we obtained provides a suffi cient and appropriate basis for our opinion.
We certify that the consolidated fi nancial statements are, with respect to the IFRS accounting basis as adopted by the European Union,
reasonable and accurate and that they give a true and fair view of the assets and liabilities, fi nancial position and earnings of the Group
consisting of the companies and entities within the scope of consolidation.
Without qualifying the above opinion, we would draw attention to Note 2.4 “Consolidation principles and methods” which sets out the nonmaterial
impact of the new standards mandatory from January 1, 2009.
II – Basis for our assessment
The economic crisis that continued throughout 2009 impacted companies in a number of ways. The accounting estimates used to prepare
the fi nancial statements at December 31, 2009 were drawn up against this diffi cult background as regards assessing the economic outlook.
Against this background, and in accordance with Article L. 823-9 of the French Commercial Code on the basis for our assessment, we would
draw attention to the following matters:
• as indicated in Note 2.4.5 a) “Investment property (IAS 40)”, the real estate assets are appraised at each balance sheet date by two
independent real estate appraisers the manner described in Note 1 “Non-current assets” of Note 3 on additional information. Our work
primarily consisted of reviewing the information and assumptions used as well as the resulting valuations. We also satisfi ed ourselves that
the fair value of the investment property as presented in the consolidated balance sheet was determined on the basis of these appraisals;
• as indicated in Note 2.4.11 “Financial instruments (IAS 39)”, the ANF Group has recourse to fi nancial instruments recognised at fair value in
the consolidated balance sheet. In order to determine this fair value, the Group uses measurement methods based on market criteria. We
assessed the information and assumptions underlying these estimates and reviewed the calculations performed by the Group.
The above assessments were made in the course of our audit of the consolidated fi nancial statements, as a whole, and thereby contributed
to forming our opinion expressed in the fi rst part of this report.
ANF • 2009 ANNUAL REPORT
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Contents
OTHER GENERAL INFORMATION PRO FORMA FINANCIAL INFORMATION ANNUAL FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS INFORMATION ABOUT ANF DESCRIPTION OF THE BUSINESS