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3Risk managementInternal control and risk management proceduresStatutory Auditors’ report, prepared in accordance withArticle L. 225-235 of the French Commercial Code, on the reportprepared by the Chairman of the Board of Directors of SequanaFor the year ended 31 December 2012This is a free translation into English of the Statutory Auditors’ special report on related-party agreements and commitments issued in French and is provided solely for theconvenience of English speaking readers. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standardsapplicable in France.Sequana8, rue de Seine92100 Boulogne-BillancourtFranceTo the Shareholders,In our capacity as Statutory Auditors of Sequana and in accordancewith Article L. 225-235 of the French Commercial Code(Code de commerce), we hereby report to you on the report preparedby the Chairman of your Company in accordance withArticle L. 225-37 of the French Commercial Code for the yearended 31 December 2012.It is the Chairman’s responsibility to prepare, and submit to theBoard of Directors for approval, a report describing the internalcontrol and risk management procedures implementedby the Company and providing other information required byArticle L. 225-37 of the French Commercial Code in particularrelating to corporate governance.It is our responsibility:■■to report to you on the information set out in the Chairman’sreport on internal control and risk management proceduresrelating to the preparation and processing of financial andaccounting information; and■■to attest that the report sets out the other information requiredby Article L. 225-37 of the French Commercial Code, it beingspecified that it is not our responsibility to assess the fairness ofthis information.We conducted our work in accordance with professional standardsapplicable in France.Information concerning the internal controland risk management procedures relatingto the preparation and processing of financialand accounting informationThe professional standards require that we perform proceduresto assess the fairness of the information on internal control andrisk management procedures relating to the preparation and processingof financial and accounting information set out in theChairman’s report. These procedures mainly consisted of:■■obtaining an understanding of the internal control and riskmanagement procedures relating to the preparation and processingof financial and accounting information on which theinformation presented in the Chairman’s report is based, and ofthe existing documentation;■■obtaining an understanding of the work performed to supportthe information given in the report and of the existingdocumentation;■■determining if any material weaknesses in the internal controlprocedures relating to the preparation and processing of financialand accounting information that we may have identified inthe course of our work are properly described in the Chairman’sreport.On the basis of our work, we have no matters to report on theinformation given on internal control and risk management proceduresrelating to the preparation and processing of financial andaccounting information, set out in the Chairman of the Board ofDirector’s report, prepared in accordance with Article L. 225-37of the French Commercial Code.Other informationWe attest that the Chairman’s report sets out the other informationrequired by Article L. 225-37 of the French Commercial Code.Neuilly-sur-Seine, 30 April 2013The Statutory AuditorsPricewaterhouseCoopers AuditCatherine SabouretConstantin AssociésMember of Deloitte Touche Tohmatsu LimitedJean-Paul Séguret90 | Sequana | 2012 Document de référence (English version)
Chapter 4FINANCIAL POSITION – RESULTSOverview of the Group’s financial positionat 31 December 2012 92Consolidated results 92Parent company results 93Consolidated financial statementsfor the year ended 31 December 2012 94Consolidated statement of financial position 94Consolidated income statement 95Consolidated statement of comprehensive income 96Statement of changes in consolidated equity 96Consolidated statement of cash flows 97Notes to the consolidated financial statements 98Statutory Auditors’ report on the consolidatedfinancial statements 163Parent company financial statementsfor the year ended 31 December 2012 164Statement of financial position 164Income statement 165Notes to the parent company financial statements 166Notes to the statement of financial position 169Other disclosures 172Securities portfolio at 31 December 2012 177Five-year financial summary 177Statutory Auditors’ reporton the financial statements 178Statutory Auditors’ special reporton related-party agreements and commitments 179Proposed allocation of net loss 181~Sequana | 2012 Document de référence (English version) | 91
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8, rue de Seine92100 Boulogne-Billa
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