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178
ANNUAL FINANCIAL STATEMENTS
Statutory Auditors’ Report on the annual fi nancial statements
Statutory Auditors’ Report on the annual
financial statements
Fiscal year ended December 31, 2009
ANF
32, rue de Monceau
75008 Paris
Dear shareholders,
In performance of 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 annual fi nancial statements;
• the basis for our assessment;
• the specifi c checks and disclosures required by law.
The separate 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 separate fi nancial statements
We carried out our audit on the basis of 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 annual 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 annual 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 annual fi nancial statements are, with respect to French GAAP, reasonable and accurate and that they give a true and fair
view of the operating performance during the past fi scal year, as well as of the fi nancial position and assets and liabilities of the Company at
the end of said year.
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 matter:
• as indicated in Note 1 “Non-current assets” of Section 1.6 “Additional information” of the notes, the real estate assets, Haussmann-style
and hotel properties, were appraised by two independent appraisers at the closing date. Our work consisted of reviewing the information
and assumptions used as well as the resulting valuations.
These assessments form part of our audit of the annual fi nancial statements, as a whole, and thereby contributed to forming our opinion, as
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