FFP_REGISTRATION_DOCUMENT_2017

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FINANCIAL STATEMENTS

Statutory Auditors’ report on the parent-company financial statements

Statutory Auditors’ report on the parent-company financial statements

Financial year ended 31 December 2017

To the Shareholders,

Opinion In accordance with our appointment as Statutory Auditors by your Shareholders’ General Meeting, we have audited the accompanying parent-company financial statements of FFP for the year ended 31 December 2017. In our opinion, the parent-company financial statements give a true and fair view of the assets and liabilities and of the financial position of the Company as at 31 December 2017 and of the results of its operations for the year in accordance with French accounting principles. The opinion formulated above is consistent with the content of our report to the Audit Committee.

Basis of our opinion

AUDIT We conducted our audit in accordance with professional standards applicable in France. We believe that the information that we collected provides a sufficient and appropriate basis for our opinion. Our responsibilities under those standards are stated in the “Responsibilities of the Statutory Auditors in relation to auditing the parent- company financial statements” section of this report. INDEPENDENCE We conducted our audit in accordance with the independence rules applicable to us between 1 January 2017 and the date on which we issued our report, and in particular we did not provide any services forbidden by article 5, paragraph 1 of Regulation (EU) No. 537/2014 or by the code of conduct of the Statutory Auditors’ profession in France. Justification of our assessments – Key points of the audit As required by articles L. 823-9 and R. 823-7 of the French Commercial Code relating to the justification of our assessments, we inform you of the key points of the audit, relating to what were, in our professional judgment, the main risks of material misstatement in relation to our audit of the year’s parent-company financial statements, and our responses to those risks. Those assessments were made in the context of our audit of the parent-company financial statements taken as a whole and in the formation of our opinion stated above. We express no opinion on items of the parent-company financial statements taken in isolation. O Measurement of unlisted equity securities. Notes 10 and 11 to the parent-company financial statements RISK IDENTIFIED AND MAIN JUDGMENTS As part of its investment activity, FFP holds a large amount of securities on its balance sheet. These assets are recognised at their historical value. They are recorded under the “Equity securities” and “Portfolio Investment Securities” items. The French Commercial Code provides that the current value of these assets must be checked on a regular basis and at least once per year. The techniques used by management to measure the current value of these securities, as described in Note 1.B above, rely significantly on judgment in terms of the choice of methods and parameters used. Those securities (including receivables related to them) had a value of €1,743 million (net of impairment), of which €1,322 million related to unlisted securities at 31 December 2017 among which unlisted equity securities represented €916 million. We took the view that the unlisted equity securities were a key point of the audit because they represented material exposures and because judgment was required to determine their current value.

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FFP

2017 REGISTRATION DOCUMENT