Read the Registration Document - Guerbet

2) Auditors’ report on the consolidated financial statementsThis is a free translation into English of the statutory auditors’ report issued in the French language and is provided solely for theconvenience of English speaking readers. The statutory auditors’ report includes information specifically required by French law in allaudit reports, whether qualified or not, and this is presented below the opinion on the financial statements. This information includes anexplanatory paragraph discussing the auditors’ assessments of certain significant accounting and auditing matters. Theseassessments were considered for the purpose of issuing an audit opinion on the financial statements taken as a whole and not toprovide separate assurance on individual account captions or on information taken outside of the financial statements. This reportshould be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable inFrance.-----------To the shareholdersIn accordance with our appointment as auditors at your annual general meeting, we hereby report to you forthe year ended 31 December 2012 on:- the audit of the accompanying consolidated financial statements of Guerbet;- the justification of our assessments;- specific procedures required by law.These consolidated financial statements were prepared by the Board of Directors. Our responsibility is toexpress an opinion on these financial statements based on our audit.I. Opinion on the consolidated financial statementsWe conducted our audit in accordance with professional standards applicable in France. Those standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether the consolidatedfinancial statements are free of material misstatement. An audit includes examining, using sample testingtechniques or other selection methods, evidence supporting the amounts and disclosures in theconsolidated financial statements. An audit also includes assessing the accounting principles used andsignificant estimates made, as well as evaluating the overall financial statement presentation. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilitiesand of the financial position of the Group as at 31December 2008 and of the results of its operations for theyear then ended in accordance with the IFRSs as adopted by the European Union.II. Justification of our assessmentsPursuant to the provisions of article L. 823-9 of the French commercial code defining our obligation toexplain our assessments, we draw your attention to the following:- The company conducts impairment tests at the end of each period for indefinite life tangible assets andalso determines if there exists an indication of impairment for long-lived assets, according to theprocedures described in Note I. i) of the financial statements. We have reviewed the proceduresimplemented for these impairment tests as well as the forecasted cash flows and assumptions appliedand have verified that Note 5 to the financial statements provides the appropriate disclosures.- The company records deferred taxes on losses according to the procedures presented in Note I. v) ofthe financial statements. Our work has consisted in evaluating the data and assumptions on whichthese estimations have been based, reviewing the calculations made by the company and theprocedures for approval of these estimations by management. On this basis, we have assessed thereasonable nature of these estimations and have verified that Note 8 to the financial statementsprovides the appropriate disclosures.111