DERICHEBOURG - Universal registration document 2019-2020

4

Financial statements Parent company financial statements at September 30, 2020

Independent auditors' report on thfienancial statements 4.2.4

To the Derichebourgshareholders’meeting,

Opinion In performanceof the mission entrusted to us by your shareholders’meetings, we have conducted an audit of the Derichebourgannual financial statements for the fiscal year ended September 30, 2020, as attached to this report. These financial statements were approved by the Board of directorson December3, 2020, on the basis of the informationavailableon that date in the evolvingcontext of the COVID-19crisis and difficultiesin understandingits impact and future outlook. In our opinion the annual financial statementsgive a true and fair view of the earnings, assets and liabilities and financial position of the Company over the period as well as of the financial position and assets and liabilities of the Companyat year-end, in accordancewith French accountingrules and principles. The opinionexpressedabove is consistentwith the contentof our report to the Audit Committee. Basis of the opinion Auditing framework We conducted our audit in accordancewith professional standards applicable in France. We believe that the audit evidence we have obtained is sufficientand appropriateto providea basis for our audit opinion. Our responsibilitiesunder these standardsare set out in the “Responsibilitiesof the independentauditors related to the audit of the annual financial statements”section ofthis report. Independence We conductedour audit mission in accordancewith the independencerules applicableto us, fromOctober 1,2019 to the date of our report, and we did not, in particular, provide any services prohibited by Article 5 (1) of regulation (EU) No. 537/2014or the code of ethics for the independent auditorprofession.

Justification ofour assessments– Key points ofthe audit

In accordancewith the provisions of Articles L. 823-9and R. 823-7 of the French CommercialCode relating to the justificationof our assessments, please note the key points of the audit relating to the risks of material misstatement,which, in our professional judgment,were the largest for the audit of the annual financial statementsfor the fiscal year, as well as the responseswe providedto those risks. The assessmentsthus made fall within the context of the audit of the annual financial statementstaken as a whole, whichwere drawn up under the conditionsset out previously,and the formationand the formationof our opinion expressedabove. We do not express an opinion on items in these annual financial statementsin isolation.

Measurementof investment securities

As of September 30, 2020, the gross value of investment securities totaled €624 million and the net value €306 million, compared with a total balance sheet of €1,009 million. The Company performs impairment tests on these financial assets, the terms of which are described in note 2.4 to the financial statements "Financial assets". When the value in use is lower than the net book value, a provision for depreciation is recognized. Value in use is determined primarily by applying the discounted futured forecast cashflow method net of net financial debt. The implementation of this method requires the use of assumptions by management. We therefore considered that the valuation of investment securities is a key point in the audit given their significant nature and the fact that it is based on estimates. We examined the procedures put in place by the Company for impairment testing of equity interests. Our audit team included specialists to assess the discount rate, as well as the growth rate to infinity used. We also analyzed the consistency of cash flow forecasts with past performance and market outlooks, including any potential impacts of the Covid-19 crisis.

Audit risk

Audit procedures in response to this risk

DERICHEBOURG p 2019/2020 Universal Registration Document 209