REGISTRATION DOCUMENT AND FINANCIAL REPORT - Iliad

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20. FINANCIAL INFORMATION CONCERNING THE COMPANY’S ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES 20.1 CONSOLIDATED FINANCIAL STATEMENTS FOR 2007, 2006 AND 2005 PricewaterhouseCoopers Audit 63, rue de Villiers 92208 Neuilly-sur-Seine Cedex France STATUTORY AUDITORS’ REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS (Year ended December 31, 2007) Boissière Expertise Audit 57, Rue Boissière 75116 Paris France This is a free translation into English of the Statutory Auditors’ report and is provided solely for the convenience of English speaking readers. The Statutory Auditors’ report includes information specifically required by French law in all audit reports, whether qualified or not, and this is presented below the opinion on the consolidated financial statements. This information includes an explanatory paragraph discussing the auditors’ assessments of significant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the consolidated financial statements taken as a whole and not to provide separate assurance on individual accounting captions or on information taken outside of the consolidated financial statements. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France. Iliad 8, rue de la Ville l’Evêque 75008 Paris To the Shareholders, In compliance with the assignment entrusted to us by your Shareholders’ Meeting, we have audited the accompanying consolidated financial statements of Iliad for the year ended December 31, 2007. The consolidated financial statements have been approved by the Board of Directors. Our role is to express an opinion on these consolidated financial statements based on our audit. I – Opinion on the consolidated financial 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 financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position of the Group at December 31, 2007, and of the results of its operations for the year then ended, in accordance with IFRS as adopted for use in the European Union. II – Justification of our assessments In accordance with the requirements of article L. 823-9 of the French Commercial Code (Code de commerce) relating to the justification of our assessments, we bring to your attention the following matters: - Note 3 to the consolidated financial statements describes the significant accounting estimates and judgments made by management. Our work consisted of assessing the data and assumptions on which these accounting estimates were based; reviewing, on a test basis, the calculations performed by the Company; comparing the accounting estimates made in prior periods with actual results; examining management’s procedures for approving these estimates; and verifying that the notes to the consolidated financial statements contain the appropriate disclosures as regards the assumptions and options applied by the Company. As part of our assessments, we verified whether these estimates were reasonable. 156 - Iliad – Registration Document 2007
20. FINANCIAL INFORMATION CONCERNING THE COMPANY’S ASSETS AND LIABILITIES, FINANCIAL POSITION AND PROFITS AND LOSSES 20.1 CONSOLIDATED FINANCIAL STATEMENTS FOR 2007, 2006 AND 2005 - Your Company has tested goodwill and its Wimax license, which has not yet been brought into commercial use, for impairment in accordance with the methods described in notes 18 and 19 to the consolidated financial statements. We reviewed the methods used to carry out these impairment tests and to determine the recoverable amounts of the Broadband Internet cash-generating unit and the Wimax license. We also examined the underlying documentation and assessed the consistency of the data used. These assessments were made in the context of our audit of the consolidated financial statements taken as a whole, and therefore contributed to the opinion we formed which is expressed in the first part of this report. III – Specific verifications In accordance with professional standards applicable in France, we have also verified the information given in the Group’s Management Report. We have no matters to report as to its fair presentation and its consistency with the consolidated financial statements. Neuilly-sur-Seine and Paris, April 7, 2008 The Statutory Auditors PricewaterhouseCoopers Audit Boissière Expertise Audit Xavier Cauchois Tita A. Zeïtoun Iliad – Registration Document 2007 - 157
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Société anonyme. Share capital:
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TABLE OF CONTENTS GENERAL COMMENTS
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16.2 SERVICE CONTRACTS ENTERED INTO
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1. PERSONS RESPONSIBLE 1.1 PERSON R
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3. SELECTED FINANCIAL INFORMATION 3
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4. RISK FACTORS 4.1 RISKS RELATING
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4. RISK FACTORS 4.3 FINANCIAL RISKS
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4.4 LEGAL RISKS 4.4.1 Risks relatin
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4. RISK FACTORS 4.4 LEGAL RISKS The
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5. INFORMATION ABOUT THE COMPANY AN
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2007 • Sale of Kertel (February 2
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Considering acquisition opportuniti
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The Group’s network has been deve
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Réseau International CTI (Centre d
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6. OVERVIEW OF THE GROUP’S BUSINE
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The following tables give details o
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6.2 PRINCIPAL MARKETS 6.2.1 Interne
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Local loop unbundling 6. OVERVIEW O
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6.6.2 Regulation of the content of
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7.2 ORGANIZATION CHART At March 31,
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9.1 KEY CONSOLIDATED FINANCIAL DATA
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9. OPERATING AND FINANCIAL REVIEW 9
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9.1.2 ADDITIONAL INFORMATION 9.1.2.
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11. RESEARCH AND DEVELOPMENT, PATEN
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13. PROFIT FORECASTS OR ESTIMATES T
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14. ADMINISTRATIVE, MANAGEMENT AND
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15. COMPENSATION AND BENEFITS 15.2
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16. FUNCTIONING OF THE COMPANY’S
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17.1 HUMAN RESOURCES 17. EMPLOYEES
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18.1 IDENTIFICATION OF SHAREHOLDERS
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GLOSSARY Broadband ARPU (Average Re
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GLOSSARY IP (Internet Protocol): te
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GLOSSARY Spamming: the bulk mailing
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RR Donnelley : 01 53 45 19 00
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REGISTRATION DOCUMENT AND FINANCIAL REPORT - Iliad

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