CFM INDOSUEZ Wealth Management - 2019 annual report

45 Dear Shareholders, In accordance with the provisions of Article 25 of the Law No. 408 of 20 January 1945, we present you with our report on the general and ongoing assignment that you entrusted to us under the provisions of Article 8 of the aforesaid law, by decision of the Ordinary General Meeting of 18 May 2017 for the fiscal years 2017, 2018 and 2019. The financial statements and the accompanying notes were approved by the Board of Directors based on the information available, against a backdrop of changing circumstances related to the Covid-19 crisis. - The balance sheet total amounted to € 6,026,467,000 - The income statement showed a net profit of € 57,069,000 Our assignment requires us to issue an opinion on the financial statements. To do this, we applied the procedures we considered necessary based on professional practice, and reviewed the transactions performed by your Company during the 2019 financial year, the balance sheet at 31 December 2019, the income statement for the twelve-month period and the notes to the financial statements, closed at this date and presented in accordance with banking regulations. These documents were drawn up in the same format and using the same accounting methods as in the previous financial year, and were approved in the circumstances described above. We have verified the various items included in the assets and liabilities as well as the methods used for their valuation and for the discrimination of expenses and income recorded in the income statement. Our review was performed in accordance with generally accepted accounting audit standards, which require that our work be planned and performed so as to obtain reasonable assurance that the annual accounts do not contain any material misstatements. An accounting review includes the examination, by testing, of evidence of the amounts and information contained in the annual accounts, an assessment of their overall presentation as well as a review of the accounting policies used and the main estimates made by management. We believe that the reviews we performed support our opinion. In our opinion, the balance sheet at 31 December 2019, the income statement for the 2019 financial year and the notes to the financial statements, submitted for your approval, give a true and fair view, in accordance with legal requirements and professional practice, of the assets and liabilities of your Company as of 31 December 2019 and the transactions and results of the twelve-month period ending on such date. We have no observations to make regarding the information provided in the report of the Board of Directors on the accounts. The proposed allocation of income observes legal requirements and the Company’s articles of association. Our review found no breaches of legal and statutory provisions governing the functioning of your Company’s management bodies. Without prejudice to the opinion expressed above, we draw your attention to the fact that your company has been affected by the Covid-19 health crisis as a post-closing event; information about this is provided in the Notes to the financial statements and in the report of your Board of Directors. The economic impact of the crisis for your company remains uncertain and cannot be measured accurately at this stage. Monaco, 15 May 2020 Financial year ending 31 December 2019 G E N E R A L R E P O R T O F T H E S T A T U T O R Y A U D I T O R S D i d i e r Mek i es Statutory Auditor Sandr i ne Arc in Statutory Auditor Annual Financial Statements 2019