MRM - 2018 Registration document

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General information on the issuer and its capital

Statutory Auditors’report on the consolidated financial statements for the year ended 31 December 2018

Valuation of investment properties

Description of risk Taking into account MRM business, the carrying value of investment properties represents 86% of Group assets at 31 December 2018, i.e. €159 million. In accordance with IAS 40, the Group chose the fair value method as a permanent method and accounts for investment properties at fair value. Note 4.4 to the consolidated financial statements specifies that the fair value used does not included expenses in case of a potential sale, determined by independent real estate experts and describes the valuation methods used and the key assumptions retained. As mentioned in notes 2.3 and 4.4, valuation of a real estate assets is a complex estimation and is subject to economic conjuncture and the volatility of certain market factors used (rate, rental market) and depends on several assumptions (holiday periods, maintenance). Therefore, we deemed the valuation of investment properties to be a key element of our audit as there is a high level of estimation and judgement implemented by the Board and according to the importance of the assets in the consolidated Group accounts. • understanding the internal control mechanism and testing the effectiveness of key controls implemented by the Board, regarding the nomination and the rotation of independent experts, the transmission of information and the review of expert valuations; • collecting the engagement letter signed by the real estate expert and assess his/her professional competence, independence and objectiveness; • obtaining property valuation reports and verifying that all property assets were valuated (except exemptions planned by the Company’s procedures); • assessing the relevance of assumptions, information and methods on which the valuation is founded for a defined selection of assets based on quantitative criteria (valuation or valuation variation) and qualitative criteria (rental stake, restructuring), by corroborating them with the Company’s management data (rental situation, maintenance cost) and market data; • taking part in the Audit Committee on valuation and communicating with independent experts; • checking the data on which valuations of assets under construction are founded, by taking into account the expenses still to be committed, the delivery times and the rental perspectives; • reconciling the expert valuations with the valuations booked; • assessing the relevance of the accountancy methods referred to above, of information provided in notes and their correct application; How our audit addressed this risk We carried out the following procedures:

Specific Verifications

We have also performed, in accordance with professional standards applicable in France, the specific verifications required by laws and regulations of the Group’s information given in the management report of the Board of directors. We have no matters to report as to its fair presentation and its consistency with the consolidated financial statements.

Report on Other Legal and Regulatory Requirements

Appointment of the Statutory Auditors We were appointed as Statutory Auditors of M.R.M. company by the Annual General Meeting held on 1 June 2017 for Mazars and RSM Paris. As at 31 December 2018, Mazars and RSM Paris were in their second year of total uninterrupted engagement.

M.R.M. 2018 REGISTRATION DOCUMENT

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