FFP_REGISTRATION_DOCUMENT_2017

5

FINANCIAL STATEMENTS

Consolidated financial statements

The full amount of obligations, without distinguishing actuarial gains and losses, is recognised under “Non-current liabilities” after deduction of the value of financial assets transferred to external funds. If those financial assets exceed the obligations, a receivable is recognised under “Other non-current assets”. 1.11 BONUS SHARE PLANS Bonus shares are granted to certain senior managers and employees of the Group. In accordance with IFRS 2 “Share-Based Payment”, the fair value of the bonus shares granted to beneficiaries on the grant date is expensed with a balancing entry under consolidated equity. This expense is spread over the vesting period. 1.12 TREASURY SHARES Treasury shares are either intended to be cancelled or purchased under a liquidity agreement. They are recognised at cost as a deduction from equity.

The proceeds from selling treasury shares are taken directly to equity, and disposal gains and losses do not affect profit for the year.

1.13 REVENUE RECOGNITION Income from the investment property mainly comprises rent, which is invoiced quarterly in advance and recognised in the corresponding quarter. Dividends from available-for-sale securities are recognised following the dividend payment decisions taken in the companies’ Agms. As regards the winemaking business, revenue is recognised when the wine is delivered. This principle also applies to “en primeur” sales: part of the wine made from grapes harvested in year N is offered to the market in year N+1. Pre-orders are not recognised as revenue and deposit payments are recognised as liabilities on the balance sheet under “Other liabilities”. Pre-ordered wine is delivered in year N+3, and the revenue is recognised at that point.

NOTE 2

SCOPE OF CONSOLIDATION

2.1

SCOPE OF CONSOLIDATION AT 31/12/2017

The scope of consolidation consists of:

Fully consolidated companies The parent company FFP:  W FFP INVEST

% control

% interest

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 74.49% 100.00%

100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 74.49% 74.49% 46.67% 45.00% 29.94% 29.94% 23.26% 25.25% 5.09%

 W FFP Investment UK

 W FFP US-1  W FFP US-CC  W FFP US-2

 W FFP US SRL Inc.

 W FFP-Les Grésillons (private partnership)

 W Financière Guiraud (SAS)

 W Château Guiraud (private farming partnership) Companies accounted for under the equity method:  W Zéphyr Investissement

 W LDAP

 W Redford USA II Holdings

 W Certares Redford EU II Holdings

 W OPCI Lapillus

 W Compagnie Industrielle de Delle (CID)

 W LISI

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FFP

2017 REGISTRATION DOCUMENT