AXWAY_REGISTRATION_DOCUMENT_2017

CORPORATE GOVERNANCE AXWAY GROUP AND ITS BUSINESS ACTIVITIES Statutory Auditors’ report on the consolidated financial statements CORPORATE RESPONSIBILITY

CONSOLIDATED FINANCIAL STATEMENTS

2017 ANNUAL FINANCIAL STATEMENTS

CAPITAL AND AXWAY SOFTWARE STOCK

INFORMATIONS ADMINISTRATIVES ETbJURIDIQUES

COMBINED GENERAL MEETING OFb6bJUNEb2018

4.6 Statutory Auditors’ report on the consolidated financial statements

To the Shareholders of Axway Software,

I Opinion In fulfillment of the assignment entrusted to us by your General Meeting, we audited the consolidated financial statements of Axway Software for the year ended 31 December 2017, as attached to this report. We certify that the consolidated financial statements for the year are, with respect to IFRS as adopted in the European Union,

properly drawn up, fair and provide a faithful presentation of the assets, financial position and earnings of the consolidated entity at the end of the fiscal year under review. The opinion formulated above is consistent with the content of our report to the Audit Committee.

II Basis for our opinion Auditing standards

Independence We conducted our audit in compliance with the rules of independence applicable to us, from 1 January 2017 to the date of issue of our report and, in particular, we have not supplied services prohibited under Article 5, paragraph 1 of Regulation (EU) No. 537/2014 or under the code of ethics governing the Statutory Auditors’ profession.

We performed our audit in accordance with professional standards applicable in France. We believe that the evidence we have been able to gather provides a sufficient and appropriate basis to express our audit opinion. The responsibilities incumbent upon us under those standards are set out in the section entitled “Responsibilities of the Statutory Auditors in auditing the consolidated financial statements” in this report.

III Justification for assessments – Key audit points Pursuant to Articles L. 823-9 and R. 823-7 of the French Commercial Code concerning the justification for our assessments, we draw your attention to the key audit points relating to risks of material misstatement which, in our professional judgment, were the most significant in the audit of the consolidated financial statements for the fiscal year, and our responses to those risks.

Recognition of license revenue (Note 4.1 to the consolidated financial statements)

Risk identified The Group’s activity comprises several business lines including license sales. At 31 December 2017, the Group’s licensing revenue amounted to €65.3 million, representing 21.8% of consolidated revenue. As a rule, licensing revenue is recognized immediately upon delivery, which is considered completed when all contractual obligations have been fulfilled, i.e. when any remaining services to be provided are non-material and not liable to call into question the client’s acceptance of goods supplied.

These assessments form part of our approach in auditing the consolidated financial statements as a whole, and thus contribute to the formulation of our opinion as expressed earlier in this report. We express no opinion on items in these consolidated financial statements taken individually. 

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AXWAY - 2017 REGISTRATION DOCUMENT

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