Read the Registration Document - Guerbet

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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
Our assessments on these matters are part of our audit approach regarding the consolidated financialstatements taken as a whole and contribute to the formation of our unqualified opinion expressed in the firstpart of this report.III. SPECIFIC PROCEDURESWe have also performed specific procedures required by law in accordance with French professionalstandards in respect to the information provided in the management report. We have nothing to report withrespect to the fair presentation of such information and its consistency with the consolidated financialstatements.Paris and Neuilly-sur-Seine, 11 April 2013The Statutory AuditorsFrench original signed by:Horwath Audit FranceDeloitte & AssociésMember of Crowe Horwath InternationalMarc de PrémareJean-Marie Le Guiner112
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CONTENTSCHIEF EXECUTIVE OFFICERS’
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CHIEF EXECUTIVE OFFICERS’ MESSAGE
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THE GUERBET GROUP1) History of the
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3) Business overview3.1 Guerbet is
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3.4 The pathologiesIn Oncology, the
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Guerbet's offering of products is c
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c) Research & development• R&D ob
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• A proactive partnering strategy
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5) Group organisation at 31 Decembe
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e) DistributionGuerbet distribute i
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DirectorsOther offices and director
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There exist no arrangements or unde
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Summary of compensation for Marie-C
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• Stock options granted to non-of
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I - 1Organisation of the work of th
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"Research and Innovation" Committee
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II - Internal control and risk mana
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4) Statutory Auditors’ report pre
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SHAREHOLDER INFORMATION1) The Guerb
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As at 31 December 2010SHARESVOTING
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considered to have automatically re
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10) Provisions of the Articles of A
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c) Earnings highlightsIFRS(in thous
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g) OutlookStrongly focused on the n
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3) Risk factorsThe company conducte
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• Sourcing risksGuerbet has an ex
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• Information technology risksAn
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• Five-year summary of consolidat
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• Other information included in t
Page 62 and 63: • Recruitment and dismissalsGuerb
Page 64 and 65: and employee savings. The goal is s
Page 66 and 67: • Measures adopted to promote emp
Page 68 and 69: ) Pollution and waste managementThe
Page 70 and 71: 3) Societal informationa) Territori
Page 72 and 73: • Consolidated income statementIn
Page 74 and 75: In thousands of euros• Statement
Page 76 and 77: Changes in standards and interpreta
Page 78 and 79: g) Research and development expendi
Page 80 and 81: Held to maturity investmentsHeld-to
Page 82 and 83: creation are recorded under "Other
Page 84 and 85: III) Notes to the financial stateme
Page 86 and 87: Aged trial balance information for
Page 88 and 89: 2.2 - Borrowings by currencyCurrenc
Page 90 and 91: 3.3 - Analysis of the sensitivity o
Page 92 and 93: Revenue2012European companiesfor th
Page 94 and 95: In 2005, the Group acquired for ¥5
Page 96 and 97: 6.2 - Analysis of property, plant a
Page 98 and 99: The change in the net value of inve
Page 100 and 101: 12.2 - Accrued employee benefitsa)
Page 102 and 103: Change in net liabilities of the pe
Page 104 and 105: 14.4 - Personnel by region at year-
Page 106 and 107: Note 22 - Research and development
Page 108 and 109: Note 25 - Related parties25.1 - Rel
Page 110 and 111: Note 27 - Basic earnings per share
Page 114 and 115: 3) Parent company financial stateme
Page 116 and 117: • Income statementIn thousands of
Page 118 and 119: • Statement of cash flowsIn milli
Page 120 and 121: c) Property, plant and equipmentPro
Page 122 and 123: Note 1 - Intangible assets1 - 1 - C
Page 124 and 125: Note 6 - Receivables by maturityCos
Page 126 and 127: Note 9 - Regulated provisionsInvest
Page 128 and 129: Note 13 - Sales by region2012 2011F
Page 130 and 131: Tax income or expense recorded in t
Page 132 and 133: Debt waiver agreements granted to a
Page 134 and 135: Capital lease commitments relative
Page 136 and 137: 4) Auditors' report on the separate
Page 138 and 139: 5) Auditors' special report on rela
Page 140 and 141: ORDINARY AND EXTRAORDINARY GENERAL
Page 142 and 143: RESOLUTION THREE (Special report of
Page 144 and 145: Extraordinary resolutionsRESOLUTION
Page 146 and 147: 3) Report of the Board of Directors
Page 148 and 149: Application of legal provisions gov
Page 150 and 151: • Tenth draft resolution: stock s
Page 152 and 153: 2) The Statutory Auditorsa) Statuto
Page 154 and 155: 6) Articles of association (selecte
Page 156 and 157: 7) 2013 shareholders calendarEventD
Page 158 and 159: ) Annual financial reportInformatio
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