financial report and registration document 2011 - Groupe SEB

5 Statutory
Consolidated fi nancial statements
auditors’ report on the consolidated fi nancial statements
5.5. STATUTORY AUDITORS’ REPORT ON THE
CONSOLIDATED FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2011
To the shareholders,
In compliance with the assignment entrusted to us by your Annual General
Meeting, we hereby report to you, for the year ended 31 December 2011 on:
� the audit of the accompanying consolidated financial statements of
SEB SA;
� the justifi cation of our assessments;
� the specifi c verifi cation required by law.
These consolidated fi nancial statements have been approved by the Board
of Directors. Our role is to express an opinion on these consolidated fi nancial
statements based on our audit.
Opinion on the consolidated fi nancial statements
We conducted our audit in accordance with professional standards
applicable in France; those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the consolidated
fi nancial statements are free of material misstatement. An audit includes
examining, on a test basis or by selection, evidence supporting the amounts
and disclosures in the consolidated fi nancial statements. An audit also
includes assessing the accounting policies used and signifi cant estimates
made by management, as well as evaluating the overall fi nancial statements
Justifi cation of our assessments
In accordance with the requirements of article L. 823-9 of the French
Commercial Code (Code de commerce) relating to the justifi cation of our
assessments, we bring to your attention the following matters:
� at each balance sheet date, the Group assesses whether there is any
indication that non-current assets belonging to various cash-generating
units (CGUs) may be impaired and performs annual impairment tests on
goodwill and assets with indefi nite lives, as described in Notes 1.4.1 and
1.4.3 to the consolidated fi nancial statements.
We have examined the impairment testing methods as well as the cash
fl ow forecasts and assumptions used and we have verifi ed that Notes 6.2
and 10 contain the appropriate disclosures.
presentation. We believe that the audit evidence we have obtained is
suffi cient and appropriate to provide a basis for our audit opinion.
In our opinion, the consolidated fi nancial statements give a true and fair
view of the assets and liabilities and of the fi nancial position of the Group
as at 31 December 2011 and of the results of its operations for the year then
ended in accordance with International Financial Reporting Standards as
adopted by the European Union.
� note 1.4.9 to the consolidated financial statements describes how
deferred tax has been determined and Note 8.4 discloses the amount of
deductible temporary differences and tax losses carried forward without
any corresponding deferred tax assets.
Our work has consisted in the assessment of the data and assumption
retained by the Group for their estimations and in the verifi cation of the
pertinence of disclosures made in the notes to the consolidated fi nancial
statements.
These assessments were made as part of our audit of the consolidated
fi nancial statements taken as a whole, and therefore contributed to the
opinion we formed which is expressed in the fi rst part of this report.
136 GROUPE SEB Financial Report and Registration Document 2011