EXEL Industries // 2020 Universal registration document

Consolidated fi nancial statements 5

Statutory Auditors’ report on the consolidated fi nancial statements

 the Statutory Auditor assesses the appropriate nature of the accounting methods used and the reasonable nature of the accounting estimations made by the Management as well as the information on them supplied in the consolidated fi nancial statements;  the Statutory Auditor assesses the appropriate nature of the Management’s application of the going concern accounting convention and, based on the information collected, whether or not there is signi fi cant uncertainty connected to events or circumstances which are liable to a ff ect the Company’s capacity to continue operating. This assessment is based on the information which is collected up until the date of the Statutory Auditor’s report, with the proviso however, that subsequent circumstances or events could create doubts over the Company’s future as a going concern. If the Statutory Auditor concludes that a signi fi cant uncertainty exists, he or she will draw the reader’s attention in the report to the information supplied in the consolidated fi nancial statements relating to this uncertainty, or if this information is not supplied, or is not relevant, the Statutory Auditor will issue a certi fi cate with reserves or refuse to certify;  the StatutoryAuditor assesses the presentation of the consolidated fi nancial statements as a whole and whether they re fl ect the underlying events and operations in order to give a true picture;  the StatutoryAuditor collects the fi nancial information from the people or entities within the scope of consolidationwhich he or she considers is su ffi cient and appropriate for expressing an opinion on the consolidated fi nancial statements. The Statutory Auditor is responsible to the Management for supervising and performing the audit of the consolidated fi nancial statements and for expressing an opinion on these fi nancial statements. Report to the Audit Committee We submit a report to the Audit Committee describing the extent of the auditing services, thework program implemented and our conclusions. If necessary we also inform it of any signi fi cant weaknesses in the internal control we have identi fi ed for preparing and processing the accounting and fi nancial information. The report to the Audit Committee highlights what we consider posed the highest risks for material misstatements for the audit of the consolidated fi nancial statements for the fi scal year, and which are therefore the key points of the audit which it is our responsibility to describe in this opinion. We also supply theAudit Committeewith the declaration stipulated inArticle 6 of the Regulation (EU) No. 537-2014 con fi rming our independence under the rules applicable in France which are stipulated by Articles L.822-10 to L.822-14 of the French Commercial Code and the Code of Ethics of the Statutory Auditors’ profession. As necessary, we discuss with the Committee the risks weighing on our independence and the protective measures implemented.

Courbevoie and Paris-La Défense, January 11, 2021

The Statutory Auditors

Mazars

Deloitte & Associés

Jean-Maurice EL NOUCHI

Alain GUINOT

EXEL Industries group I 2020 Universal Registration Document

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