Read the Registration Document - Guerbet

4) Auditors' report on the separate annual financial statementsThis is a free translation into English of the statutory auditors’ report issued in the French language and is provided solely for the convenience ofEnglish speaking readers. The statutory auditors’ report includes information specifically required by French law in all audit reports, whetherqualified or not, and this is presented below the opinion on the financial statements. This information includes an explanatory paragraphdiscussing the auditors’ assessments of certain significant accounting and auditing matters. These assessments were considered for thepurpose of issuing an audit opinion on the financial statements taken as a whole and not to provide separate assurance on individual accountcaptions or on information taken outside of the financial statements. This report should be read in conjunction with, and construed inaccordance with, French law and professional auditing standards applicable in France.-------------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 financial statements of Guerbet;- The justification of our assessments;- Specific procedures and disclosures required by law.These annual financial statements were adopted by the Board of Directors. Our responsibility is to expressan opinion on these financial statements based on our audit.I. Opinion on the financial statementsWe conducted our audit in accordance with professional standards applicable in France. These 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 the annualfinancial statements. An audit also includes assessing the accounting principles used and significantestimates made, as well as evaluating the overall financial statement presentation. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our opinion.In our opinion, the annual financial statements give a true and fair view of the financial position and theassets and liabilities of the company as of 31 December 2012 and the results of its operations for the yearthen ended in accordance with accounting principles generally accepted in France.II. Justification of our assessmentsPursuant to the provisions of article L.823-9 of the French commercial code on the justification of ourassessments, we draw your attention to the following:- The company assesses every year the carrying value of its investments and other non-currentassets according to the method described in Note d) of the annual financial statements describingsignificant accounting policies. Our work has consisted in evaluating the data on which theseestimations have been based, reviewing the calculations made by the company and the proceduresfor approval of these estimations by management. On this basis, we have assessed the reasonablenature of these estimations.Our assessments on these matters are part of our audit approach regarding the annual financial statementstaken as a whole and contribute to the formation of our unqualified opinion expressed in the first part of thisreport.135