VINCI - 2008 annual report

Report of the Statutory Auditors
on the parent company fi nancial statements
Year ended 31 December 2008
To the Shareholders,
Parent company fi nancial statements
In accordance with our appointment as Statutory Auditors by your Shareholders’ General Meeting, we hereby report to you for the year ended
31 December 2008 on:
– the audit of the accompanying fi nancial statements of VINCI;
– the justifi cation of our assessments; and
– the specifi c verifi cations and information 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.
1. Opinion on the annual fi nancial statements
We conducted our audit in accordance with the professional standards applicable in France. Those standards require that we plan and
perform the audit in such a way as to obtain reasonable assurance that the fi nancial statements are free of material misstatement. An audit
consists in examining, by sampling or other selection methods, evidence supporting the amounts and disclosures in the annual fi nancial
statements. An audit also consists in assessing the accounting principles used, signifi cant estimates made and the overall presentation of the
fi nancial statements. We believe that the information that we have collected provides a suffi cient and appropriate basis for our opinion.
In our opinion, the fi nancial statements give a true and fair view of your Company’s fi nancial position, its assets and liabilities as of 31
December 2008 and the results of its operations for the year then ended, in accordance with accounting principles generally accepted in
France. Without qualifying the opinion expressed above, we draw your attention to Note B to the parent company fi nancial statements, which
describes a change of accounting policy relating to the accounting treatment of share purchase and subscription option plans and free share
plans benefi tting employees.
2. Justifi cation of our assessments
As required by Article L.823-9 of the French Commercial Code relating to the justifi cation of our assessments, we inform you of the
following:
– as disclosed in Note B.3 to the fi nancial statements presenting the accounting rules and methods relating to shares in subsidiaries and
affi liates, your Company provides for impairment of investments in subsidiaries and affi liates whenever the cost of acquisition of the shares
exceeds their value in use. We have examined the method of application and the assumptions used;
– as mentioned in the fi rst part of this report, Note B to the fi nancial statements describes a change of accounting policy relating to the
accounting treatment of share purchase and subscription option plans and free share plans benefi tting employees. In assessing the accounting
rules and principles adopted by your company, we have satisfi ed ourselves that the change was justifi ed and appropriately presented.
These assessments were made as part of our audit of the annual fi nancial statements taken as a whole and have therefore contributed to the
formation of our opinion, given in the fi rst part of this report.
3. Specifi c verifi cations and information
We have also carried out the specifi c verifi cations required by law.
We have no comment to make as to:
– the fair presentation and consistency with the annual fi nancial statements of the information given in the report of the Board of
Directors and in the documents addressed to the shareholders, with respect to the fi nancial position and the annual fi nancial statements;
– the fair presentation of the information given in the report of the Board of Directors on the remuneration and benefi ts paid to company offi cers
and on the commitments made in their favour at the time of commencement, modifi cation or cessation of their duties or afterwards.
In accordance with French law, we have ascertained that the appropriate disclosures have been provided in the Board of Directors’ report with
regard to the identity of shareholders and holders of voting rights.
KPMG Audit
Department of KPMG S.A.
Patrick-Hubert Petit Philippe Bourhis
Paris La Défense and Neuilly-sur-Seine, 23 March 2009
The Statutory Auditors
Deloitte & Associés
Jean-Paul Picard Mansour Belhiba
This is a free translation into English of the statutory auditors’ report issued in French and is provided solely for the convenience of English speaking users.
This report should be read in conjunction whith, and is construed in accordance with, French law and professional auditing standarts applicable in France.
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