20Financial information concerning the asset base,the financial condition and the results of the issuer20.2. HISTORICAL FINANCIAL INFORMATION20.2.3. Statutory auditors' report on the consolidated financial statementsYear ended 31 December, 2009To the Shareholders,In compliance with the assignment entrusted to usby the shareholders in general meeting, we herebypresent our report to you, for the year ended 31December 2009, on :• the audit of the accompanying consolidated financialstatements of <strong>Vicat</strong> S.A. ;• the justification of our assessments ;• the specific verification required by law.These consolidated financial statements have beenapproved by the Board of directors. Our role is to expressan opinion on these financial statements basedon our audit.1. Opinion on the consolidated financial statementsWe conducted our audit in accordance with professionalstandards applicable in France. Those standardsrequire that we plan and perform the audit toobtain reasonable assurance about whether theconsolidated financial statements are free of materialmisstatement. An audit includes examining, ona test basis, evidence supporting the amounts anddisclosures in the financial statements. An audit alsoincludes assessing the appropriateness of accountingprinciples used and the reasonableness of significantaccounting estimates made by the management, aswell as evaluating the overall financial statementspresentation. We believe that the audit evidence wehave obtained is sufficient and provides a reasonablebasis for our opinion.In our opinion, the consolidated financial statementsgive a true and fair view, in accordance with IFRSsas adopted by the EU, of the assets, liabilities, andfinancial position of the consolidated group of entitiesas at 31 December 2009 and of the results of itsoperations for the year then ended.Paris La Défense, March 5, 2010KPMG AuditA division of KPMG SAJean-Marc DeclétyPartner2. Justification of our assessmentsIn accordance with the requirements of articleL.823-9 of the French Commercial Code relating tothe justification of our assessments, we bring to yourattention the following matters :• At each reporting date, the company tests for impairmentany goodwill acquired in a business combinationand the assets with indefinite useful lives,and also assesses whether there is any indicationthat non-current assets may be impaired, using themethodology disclosed in notes 1.4.1.11. and 3 ofthe financial statements. The accounting estimatesmade for the purpose of impairment testing as of31 December 2009 were prepared at a time whenthere is a lack of visibility in respect of future economicconditions. It is in such a context that wehave examined the procedures for the performanceof the impairment testing, and the expected futurecash flows and related assumptions. We havealso verified that the related disclosures in notes1.4.1.11. and 3 provide appropriate information.• Notes 1-15 and 14 specify the methods of evaluationof post-employment benefits and other longtermemployee benefits. These obligations havebeen evaluated by independent actuaries. Thework we performed consisted of examining underlyingdata used in the calculations, assessing theassumptions, and verifying that the disclosurescontained in notes 1-15 and 14 provide appropriateinformation.These assessments were made in the context of ouraudit of the consolidated financial statements, takenas a whole, and therefore contributed to the formationof the opinion expressed in the first part of thisreport.3. Specific verificationAs required by law, and in accordance with professionalstandards applicable in France, we have alsoverified the information relating to the group which isgiven in the management report. We have no mattersto report regarding its fair presentation and consistencywith the consolidated financial statements.Chamalières, March 5, 2010Wolff & Associés S.A.S.Grégory WolffPartner170 VICAT - 2009 registration document
Financial information concerning the asset base,the financial condition and the results of the issuer20.3. FINANCIAL STATEMENTS AT DECEMBER 31, 20092020.3. FINANCIAL STATEMENTS AT DECEMBER 31, 200920.3.1. Balance sheet at December 31, 2009ASSETS 2009 2008(in thousands of euros)Gross amountAmortizationand depreciation Net NetNON-CURRENT ASSETSIntangible assetsConcessions, patents and similar rights 27,417 8,756 18,661 6,785Goodwill 1,163 1,163Other intangible assets 674 422 252 289Property, plant and equipmentLand 88,218 15,017 73,201 68,889Buildings 159,878 106,708 53,170 56,222Plant, machinery and equipment 499,617 375,853 123,764 124,441Other tangible assets 26,338 20,721 5,617 4,784Tangible assets under construction 6,359 6,359 9,183Advances and payments on account 33 33 74Financial investmentsEquity in affiliated companies 1,219,861 609 1,219,252 1,093,289Other long-term investments 85 64 21 21Loans 67 67 67Other financial assets 77,568 22,500 55,068 37,464Total non-current assets 2,107,278 551,813 1,555,465 1,401,508CURRENT ASSETSInventories and work-in-progressRaw materials and other supplies 55,649 55,649 53,935Work-in-progress 9,229 9,229 9,762Semi-finished and finished products 10,286 10,286 10,689Goods for sale 158 158 114Advances and payments on accounton orders 1,380 1,380 1,080ReceivablesTrade receivables and related accounts 123,235 147 123,088 132,452Other receivables 127,752 445 127,307 88,577Short-term financial investments :- treasury shares 15,900 1,511 14,389 14,838- marketable securities 12,062 12,062 4,502Cash 4,055 4,055 4,126Accrued expenses 1,609 1,609 1,151Total current assets 361,315 2,103 359,212 321,226Expenses to be allocated 3,790 3,790 630Translation adjustments – assets 14 14 17TOTAL 2,472,397 553,916 1,918,481 1,723,3812009 registration document - VICAT 171