Statu Tory Au Di Tors' Report on the Consolidated Financial Statements

Statu Tory Au Di Tors' Report on the Consolidated Financial Statements

~-- r. u UII KPMG Audit Praxor Audit le Belvédère 23 rue Clapeyron 1 Cours Valmy 75008 Paris cs 50034 France 92923 Pans la Défense Cedex France Tarkett Statu tory au di tors' report on the consolidated financial statements Year ended 31 December 20 t 3 Tarkett 2, rue de I'Egalité - 92748 Nanterre This report contains 61 pages - --··.JI 1 KPMGAudit Praxor Audit Le Belvédère 23 rue Clapeyron 1 Cours Valmy 75008 Paris cs 50034 France 92923 Paris La Défense Cedex France This is a free translation into English ofthe statuto ry auditors' report on the consolidated financial statements issued in French and is provided solely for the convenience ofEnglish-speaking users. The statutory auditors' report includes information specifically required by French law in such reports, whether modijied or not. This information is presented below the audit opinion on the consolidated financial statements and includes an explanatory paragraph discussing the auditors' assessments of certain significant accounting and auditing matters. These assessments were considered for the purpose of issuing an audit opinion on the consolidated financial statements taken as a whole and not to provide separate assurance on individual account balances, transactions, or disclosures. This report also includes infonnation relating to the specifie verification of infonnatioll given in the Group's management report. This report should be read in conjunction witlt, and construed i11 accorda11ce with, Fl'ellclr law and professional auditing standards applicable in France. Tarkett Registered office: 2, rue de I'Egalité- 92748 Nanterre Share capital: €.318 613 480 Statutory auditors' report on the consolidated financial statements Y ear ended 31 December 2013 To the Shareholders, In compliance with the assignment entrusted to us by your annual general meeting, we hereby report to you, for the year ended 31 December 2013, on: • the audit of the accompanying consolidated financial statements of Tarkett; • the justification of our assessments; • the specifie verification required by law. These consolidated financial statements have been approved by the Management Board. Our rote is to express an opinion on these consolidated financial statements based on our audit. 1 Opinion on the consolidated financial statements We conducted our audit in accordance with professional standards applicable in France; those standards require that we plan and perfonn the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit involves performing procedures, using sampling techniques or other methods of selection, to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made, as weil as the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Tarkett Statutory auditors' report on the consolidated financial statements 3 Specifie verification As required by law we have also verified, in accordance with professional standards applicable in France, the information relative to the Group, given in the parent cornpany's management report. We have no matters to report asto its fair presentation and its consistency with the consolidated financial statements. The statutory auditors, Paris La Défense and Paris on the 17 February 2014 KPMG Audit Praxor Audit Department of KPMG S.A. Philippe Grandclerc Florent Gesbert Partner Partner 4 Tarkett Statutory• auditors' refJOrt 011 the conso/idated financial statements In our opinion, the consolidated financial statements give a true and fair view of the assets and liabiJities and of the financial position of the Group as at 31 December 2013 and of the results of its operations for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union. Without qualifying our opinion, we draw attention to the notes ''1.2.1 Accounting policies" and "1 .5.24 Reconciliation of early adoption of IFRS 11 and reclassifications" to the consolidated financial statements, describing the changes in accounting policies implemented as at ts• January 2013 and their impacts on bath the consolidated financial statements and the comparative financial information. 2 Justification of our assessments In accordance with the requirements of article L.823-9 of the French Commercial Code ("Code de commerce"), we bring to your attention the following matters: • Accounting estimates: Notes "1.2.2 Use of estimates andjudgments" and "26 Other contingencies" to the consolidated financial statements disclose the assessments and significant estimates made by Tarkett' s management. In connection with our audit, we considered that those assessments and estimates related mainly to intangible and tangible assets (note 1.5.10, 1.5.11, 1.5.15, 8 and 9), deferred tax assets (notes 1.5.22, 7 and 19), provisions (notes 1.5.20 and 20) and employee benefits (notes 1.5.18 and 21). For these accounts, our work consisted in assessing the data and assumptions underlying the assessments and estimates, reviewing on a sample basis, the calculations performed by the Company, comparing prior years accounting estimates with the corresponding actual results, reviewing management' s approval procedures for such estimates and reviewing that the disclosures relating to these estimates in the notes to the financial statements are appropriate. These assessments were made as part of our audit of the consolidated financial statements taken as a whole, and therefore contributed ta the opinion we formed which is expressed in the first part of this report. 3 Tarkett Consolidated financial statements Year ended December 31, 2013 Ali figures are presented in million of Euros, except if mentioned otherwise. Tarkett CONSOLIDAlED FIN AN CIAL ST ATEMENTS CONTENT CONSOLIDATED INCOME STA TEMENT ..... ........... ........ .. .. .. ........... ......... ................ ....... ...................................... ..... 3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME ............... .............. " .............................................. 4 CONSOLIDATED STATEMEf'.IT OF FINANCIAL POSIT!ON ....................................................................................... 5 CONSOU DATEO STATEM ENT OF CASH FLOWS ........................................................................................... ......... 6 CONSOU DATEO STATEMENT OF CHANGES IN EQUJTY .................................... .................................... ..... .......... 7 GENERAL INFORMATION ............... .. .... ........... ............................ .......... .................... ........... .. .................... .. ... ... ........ 8 NOTE 1 - SIGNiftcANT ACCOUNTING PRINCIPl ES ....... .... .............. ...... .. ...... ........... ..... .. ........... .. ... ..................... 8 NOTE 2 - CONSOltDATION SCOPE .. ................................................. ................................ ... ...... ............. ............. .. 27 NOTE 3 - ADJUST ED EBITDA .......................................... ........................ .......................................... ... ......... .......... 30 NOTE 4 - SEGMENT INFORMATION .. ...................................................... ................................................................ 32 NOTE 5 - OTHER OPERATING tNCOME - OTHER OPERAT ING EXPENSES ......................................... .. .......... 33 NOTE 6 - FINANCIAL RESULT .......... ....................... .............................. ............. .............................. ...... .... ............. 33 NOTE 7 - INCOME. T AX ........................... ........ ... .. ...................... .... .................. ............. ..... .. ............ .. .. .... ..... .. ...... .... 34 NOTE 8 - GOOOWllL ..... ............ ............... .... .. ...... ........ ...... .. .......... ............. .......... ................... ............. ............... .... 34 NOTE 9 - INTANGIBLE, TANGIBLE AND FINANCIAL ASSETS ..... ., ......................................... ....................... ....... 35 NOTE 10 - INVENTORIES ................................................. ......................................................... ............................... 38 NOTE 11 - TRAOE RECEIVABLES ....................................................................................... .................................... 38 NOTE 12 - OTHER RECEIVABLES ......... ........................ ....................................... .......................................... ........ 39 NOTE 13 - SHARE CAPJTAL .................... .......................... ....................... ................................ .. ..... ......................... 39 NOTE 14 - EARNINGS PER SHARE. ...................... ...... ................... ...................... .. ......... ......... .. ............................. 39 NOTE 15 - NET DEBT - INTEREST~ BEAR t NG LOANS AND BORROWINGS .............. ....................................... ..40 NOTE 16 - OTHER FINANCtAL LIABILITIES ..................................................................................... ...................... 42 NOTE 17 - TRAOE PAY ABLES ..................................... ............................................................................................

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