financial report and registration document 2011 - Groupe SEB

6.4. STATUTORY AUDITORS’ REPORT
ON THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2011
To the Shareholders,
In accordance with our appointment as statutory auditors at your
Annual General Meeting, we hereby report to you for the year ended
31 December 2011 on:
� the audit of the accompanying fi nancial statements of SEB SA,
I. Opinion on the fi nancial statements
We conducted our audit in accordance with professional standards applicable
in France. These standards require that we plan and perform the audit to
obtain reasonable assurance about whether the fi nancial statements are free
of material misstatement. An audit includes examining, using sample testing
techniques or other selection methods, evidence supporting the amounts
and disclosures in the fi nancial statements. An audit also includes assessing
the accounting principles used and signifi cant estimates made, as well as
II. Justifi cation of our assessments
Pursuant to the requirements of Article L. 823-9 of the French Commercial
Code (Code de Commerce) on the justifi cation of our assessments, we draw
your attention to the following matter:
As indicated in Note 1.3 to the fi nancial statements, the Company records
provisions for impairment of its equity investments when their carrying value
falls below their historical cost. Provisions are determined based on the
share of equity held, the market value of the securities, when it can be
Financial Report and Registration Document 2011
6
Company fi nancial statements
Statutory auditors’ report on the fi nancial statements
� the justifi cation of our assessments,
� the specifi c verifi cations and disclosures required by law.
The fi nancial statements have been approved by the Board of Directors.
Our role is to express an opinion on these fi nancial statements, based on
our audit.
evaluating the overall fi nancial statement presentation. We believe that the
audit evidence we have obtained is suffi cient and appropriate to provide a
reasonable basis for our opinion.
In our opinion, the fi nancial statements give a true and fair view of the
financial position and the assets and liabilities of the Company as of
31 December 2011 and the results of its operations for the year then ended
in accordance with accounting principles generally accepted in France.
known and the medium and long-term profi tability outlook of the equity
investments concerned. Our procedures consisted in assessing the data
and assumptions on which such provisions are based and verifying the
Company’s calculations.
These assessments were made as part of our audit of the fi nancial statements
taken as a whole, and therefore contributed to the opinion expressed in the
fi rst part of this report.
GROUPE SEB
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