Registration Document - Pernod Ricard

4 Statutory
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ANNUAL CONSOLIDATED FINANCIAL STATEMENTS
Auditors’ R eport on the consolidated fi nancial statements
Statutory Auditors’ R eport on the
consolidated financial statements
For the financial year ended 30 June 2009
To the shareholders,
In our capacity as Statutory Auditors, we hereby present our report
for the financial year ending 30 June 2009, on:
◆ the audit of Pernod Ricard’s consolidated financial statements, as
attached to this report;
◆ the justification of our assessments;
◆
the specific verification required by law.
These consolidated financial statements have been approved by the
Board of Directors. Our role is to express an opinion on these financial
statements based on our audit.
I – Opinion on the
consolidated financial
statements
We conducted our audit in accordance with the professional standards
applicable in France. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free of material misstatement.
An audit includes verifying, on a test basis or by other selective
methods, the evidence supporting the amounts and disclosures
contained in the financial statements. An audit also includes assessing
the accounting policies used and significant estimates made by the
management as well as the overall presentation of the financial
statements. We consider that the information that we have obtained
provides a sufficient and appropriate basis for our opinion.
In our opinion, the consolidated financial statements give a true and
fair view of the assets, liabilities, financial position and results of the
consolidated group of entities in accordance with IFRS as adopted by
the European Union.
II – Justification
of assessments
The accounting estimates used in preparing the financial statements
at 30 June 2009 were made under conditions of economic and
PERNOD RICARD
Neuilly-sur-Seine and Courbevoie, 3 September 2009.
The Statutory Auditors
financial crisis, which meant it was difficult to forecast the economic
outlook. These conditions are described in Note 1.5 to the consolidated
accounts, “Principal uncertainties arising from the use of estimates
and judgment by Management”. The same note also states that
certain circumstances could lead to changes in these estimates and
that actual outcomes could be different.
It is in this context that, in accordance with the provisions of article
L. 823-9 of the French Commercial Code relating to the justification of
our assessments, we bring to your attention the following matters:
◆ at each balance sheet date the company systematically carries
out impairment tests on its goodwill and intangible assets with
an indefinite useful life. It also assesses whether there are any
indications of an impairment in the value of non-current assets,
as detailed in Notes 1.5, 1.7 and 1.9 to the consolidated financial
statements. We assessed the data and assumptions on which the
estimates are based, particularly the cash flow forecasts prepared
by the Company’s operational management teams, reviewed the
calculations performed by the Company, evaluated the principles
and methods used to determine fair values, compared the
accounting estimates made in prior years with corresponding
outcomes and verified that Note 11 to the consolidated financial
statements gives appropriate information;
◆ the company has recognised provisions for pensions and other
post-employment benefits, deferred tax liabilities and other
provisions, as described in Note 1.5 to the consolidated financial
statements. We have assessed the bases on which these provisions
were recognised and reviewed the disclosures concerning risks in
Notes 16 and 24 to the consolidated financial statements;
◆ the assessments were thus made in the context of the performance
of our audit of the consolidated financial statements taken as a
whole and therefore contributed to the formation of our audit
opinion expressed in the first part of this report.
III – Specific verification
We also carried out the specific verifications required by law of the
information contained in the Group management report.
We have no matters to report regarding its fair presentation and
conformity with the consolidated financial statements.
Deloitte & Associés Mazars
Alain Penanguer Loïc Wallaert
I REFERENCE DOCUMENT 2008/2009 I