2023-09-24 12:52:46
Real time Euronext Paris 17:35:18 09/22/2023 Varia. 5d. Varia. Jan 1 3,940 EUR +1.03% +1.03% -26.36%
September 24, 2023 at 2:52 p.m.
DocuSign Envelope ID: F930C957ACB6CC2-554DCAF–4E0A50-8284BAF5-770D881E3A30F3C-EA4DC7
KPMG S.A.
Mazars
224 rue Carmine
Green Park III
CS 17610
298, avenue du Lac
31676 Labège
31670 Labège
Figeac Aéro SA
Report of the auditors on the consolidated accounts
Financial year ended March 31, 2023
Figeac Aéro SA
ZI de L’Aiguille – 46100 Figeac
KPMG SA, accounting and accounting company
Limited company with advice
Mazars
auditors registered in the Table of the Order of
d’administration
Simplified joint stock company of expertise
chartered accountants of Paris under number 14-30080101 and
The head office :
accounting and auditing
attached to the Regional Company of Commissioners
Tour EQHO
Capital of 4,196,204 euros – RCS Toulouse
accounts of Versailles and the Center.
2 avenue Gambetta
780 138 715
French company member of the KPMG network made up of
CS 60055
independent firms affiliated with KPMG International Limited,
92066 Paris La Défense Cedex
a company incorporated under English law (private company limited by
Capital social : 5 497 100 €
guarantee ).
775 726 417 RCS Nanterre
DocuSign Envelope ID: F930C957ACB6CC2-554DCAF–4E0A50-8284BAF5-770D881-EA4DC7E30A30F3C
Figeac Aéro SA
ZI de L’Aiguille – 46100 Figeac
Report of the auditors on the consolidated accounts
Financial year ended March 31, 2023
At the General Meeting of the company Figeac Aéro SA,
Opinion
In execution of the mission entrusted to us by the General Meeting, we have carried out the audit of the consolidated accounts of the company Figeac Aéro SA relating to the financial year ended March 31, 2023, as attached hereto. report.
We certify that the consolidated accounts are, with regard to the IFRS framework as adopted in the European Union, regular and sincere and give a faithful image of the results of the operations of the past financial year as well as the financial situation and assets, at the end of the financial year, of the group made up of the people and entities included in the consolidation.
The opinion expressed above is consistent with the content of our report to the Audit Committee.
Basis of opinion
Audit framework
We carried out our audit according to the professional standards applicable in France. We believe that the information we have collected is sufficient and appropriate to provide a basis for our opinion.
Our responsibilities under these standards are indicated in the “Responsibilities of the auditors relating to the audit of the consolidated financial statements” section of this report.
Independence
We carried out our audit mission in compliance with the independence rules provided for by the Commercial Code and by the Code of Ethics of the profession of auditor over the period from April 1, 2022 to the date of issue of our report, and in particular we have not provided services prohibited by Article 5(1) of Regulation (EU) No 537/2014.
Observation
Without calling into question the conclusion expressed above, we draw your attention to the note “
1.2 Error correction” of the notes to the consolidated financial statements which describes the technical anomaly identified by the group over the period and its correction by equity in accordance with the IFRS framework.
Figeac Aéro SA
Report of the auditors on the consolidated accounts
Financial year ended March 31, 2023
2
DocuSign Envelope ID: F930C957ACB6CC2-554DCAF–4E0A50-8284BAF5-770D881-EA4DC7E30A30F3C
Justification of assessments – Key points of the audit
In application of the provisions of articles L. 823-9 and R. 823-7 of the Commercial Code relating to the justification of our assessments, we bring to your attention the key points of the audit relating to the risks of significant anomalies which, according to our professional judgment, were the most important for the audit of the consolidated accounts for the financial year, as well as the responses we made to these risks.
The assessments thus made fall within the context of the audit of the consolidated accounts taken as a whole and the formation of our opinion expressed above. We do not express an opinion on elements of these consolidated financial statements taken in isolation.
Recognition of revenue under IFRS 15
Risk identified
The Group’s turnover is generated through several types of construction and delivery contracts for avionics subassemblies, in certain cases integrating development activities and whose duration covers several financial years, or service contracts. .
In accordance with IFRS 15, the Group carries out an analysis of each new contract in its portfolio in order to determine the revenue recognition method to adopt, as indicated in note 1 paragraph H of the appendix to the financial statements. consolidated.
The recognition of revenue in application of IFRS 15 is a key point of the audit to the extent that the analysis of the different types of contracts which constitute the Group’s revenue requires a significant amount of judgment when:
Identification of the contract within the meaning of IFRS 15, which defines the rights and obligations of the parties;
The identification of distinct performance obligations, in particular on the part of the contracts relating to specific developments; The determination of the rate of recognition of turnover (progressively or at a given moment); The determination of the method of accounting for costs of completion of the contract and in particular the rate of amortization of capitalized costs.
Our answer
Our work consisted in particular of:
Assess the compliance of the accounting methods presented in note 1 paragraph H of the appendix to the consolidated financial statements with IFRS 15; Understand the procedures and identify the key controls put in place by the group concerning the management and monitoring of contracts, the determination of the turnover and costs of the contract; Test the correct accounting of the turnover and the costs of carrying out the contract, with regard to the provisions of the IFRS 15 standard; Assess the appropriateness of the information provided in the note 1 paragraph H of the annex.
Figeac Aéro SA
Report of the auditors on the consolidated accounts
Financial year ended March 31, 2023
3
DocuSign Envelope ID: F930C957ACB6CC2-554DCAF–4E0A50-8284BAF5-770D881E3A30F3C-EA4DC7
Immobilization and amortization of development costs
Risk identified
The development policy of the Figeac Aéro Group is concentrated in the field of new machining systems. As of March 31, 2023, the net book value of capitalized development costs amounts to €57.8 million, excluding development costs relating to the implementation of the new ERP.
The criteria for capitalizing development costs, as well as the criteria linked to their start date and their amortization rate are described in note 1 paragraph I of the appendix to the consolidated accounts.
The analysis of compliance with the various immobilization and amortization criteria requires numerous judgments and estimates and in particular the assessment of how the intangible asset will generate probable future economic benefits over its operating life.
Given the significant nature of capitalized development costs, amortized and not yet amortized, as of March 31, 2023 and the assessment elements linked to the analysis of the different capitalization and amortization criteria, we considered that the capitalization and the amortization of development costs was a key point of the audit.
Our answer
Our work consisted in particular:
Examine the compliance of the methodology applied by the company with the accounting standards in force; Become aware of the internal control procedures put in place to identify development costs respecting the immobilization criteria as well as their start date and their amortization rate ;Test by sample the existence and valuation of expenses relating to the various intangible assets during their development phase;Assess by sample compliance with the various criteria for immobilization and amortization of development costs;Assess by sample any possible indices of loss of value concerning projects being depreciated; Assess the quality of forecasting processes as part of the analysis of probable future economic benefits generated by immobilized projects, in particular by carrying out critical analyzes of forecasts of turnover and profitability of capitalized development costs; Assess by sample the possible indications of loss of value concerning projects being depreciated; Test by sample the amounts of depreciation recorded.
We also verified the appropriateness of the information provided in the notes to the consolidated financial statements.
Figeac Aéro SA
Report of the auditors on the consolidated accounts
Financial year ended March 31, 2023
4
DocuSign Envelope ID: F930C957ACB6CC2-554DCAF–4E0A50-8284BAF5-770D881E3A30F3C-EA4DC7
Impairment of tangible and intangible assets
Risk identified
As indicated in note 1 paragraph L of the appendix, the assets are subject, in accordance with IAS 36, to an annual impairment test on the closing date or as soon as an indication of loss appears. of value, whatever the asset.
The assets are allocated to one or more Cash Generating Units (CGU).
The purpose of the impairment test is to compare the carrying amount of the asset or the CGU Group to its recoverable amount, which corresponds to the higher of the fair value less costs to sell and the value of the asset. utility, determined on the basis of the present value of future cash flows.
The overall impairment test (on the basis of the CGUs) led to the recognition of an additional depreciation of €1.0 million on the FGA North America CGU as of March 31, 2023, i.e. a stock of depreciation of €8.3 million on the FGA North America CGU and a reversal of €7.2 million on the Figeac Aero CGU, i.e. a stock of depreciation of €0.5 million corresponding to the depreciation allocated to goodwill. The assessment of the recoverable value of goodwill and fixed assets requires numerous judgments and estimates on the part of General Management and in particular the reasonable assessment of operational cash flows retained in the budgets and operating plans. medium-term business, the discount rates and growth rates to infinity used in the calculation of recoverable values.
Given the significant nature of the assets and the assessment elements inherent in determining the recoverable value of the CGUs attached to the Group, we considered that the valuation of these assets constituted a key point of the audit.
Our answer
Our work consisted in particular of:
Assess the reasonableness of the cash flow forecasts for the activities of the CGUs concerned established by their operational and financial departments with data and assumptions from business plans and in the economic and financial context in which the Group operates; Assess the reliability of the process of establishing these estimates by carrying out critical analyzes of the discrepancies observed between the operating and investment forecasts of previous years and subsequent achievements; Assess the relevance of the discount rates and growth rates used; Examine the sensitivity analyzes carried out by the Department of the recoverable values of the CGUs, to a variation in the main assumptions used;
Check the completeness of the elements making up the carrying value of the CGUs and assess the consistency of the determination of this value with the way in which the cash flow forecasts were established to determine the value in use;
All of these analyzes were carried out with the help of business valuation experts.
We also verified the appropriateness of the information provided in the notes to the consolidated financial statements.
Figeac Aéro SA
Report of the auditors on the consolidated accounts
Financial year ended March 31, 2023
5
Attachments
Original Link
Original Document
Permalink
Disclaimer
Figeac Aéro SA published this content on 24 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on September 24, 2023 12:51:02 UTC.
Stocks to follow today on the Paris Stock Exchange – Thursday September 7, 2023 07/09 AO Figeac Aéro: 43% growth in turnover in the 1st quarter 07/09 CF Live from the Markets: Airbus, LVMH, Apple, Valneva, Scor, Tod’s, Smurfit Kappa, Nestlé… 07/09 Figeac Aero: To be continued today 07/09 AO A very gloomy start to the school year? 07/09 Stocks to watch tomorrow on the Paris Stock Exchange – Thursday September 7, 2023 06/09 AO Figeac Aéro: 42.8% increase in turnover in the 1st quarter 06/09 AO Stocks to watch today on the Paris Stock Exchange – Wednesday September 6, 2023 06/09 AO Stocks to follow tomorrow on the Paris Stock Exchange – Wednesday September 6, 2023 05/09 AO Not so bad this month of August? 08/30 Stocks to follow today on the Paris Stock Exchange – Wednesday August 30, 2023 08/30 AO Live from the Markets: Kering, TotalEnergies, HP, Apple, Casino, Eramet, Superdry… 08/30 Figeac Aero : To be continued today 08/30 AO Stocks to follow tomorrow on the Paris Stock Exchange – Wednesday August 30, 2023 08/29 AO Figeac Aéro: new deputy general manager of the group 08/29 CF Figeac Aéro: management changes 29 /08 AO Figeac Aéro: increases its sales and reduces its annual losses 05/07 AO Beware of falling knives 05/07 Stocks to follow today on the Paris Stock Exchange – Wednesday July 5, 2023 05/07 AO Live from Markets: resumption of trading for Casino, takeover bid for Boiron, Enel keeps Endesa 05/07 Figeac Aero: To follow today 05/07 AO Stocks to follow tomorrow on the Paris Stock Exchange – Wednesday July 5, 2023 04/07 AO Figeac Aero: achieved all of its objectives 04/07 AO Figeac Aero Société Anonyme publishes its results for the financial year ending March 31, 2023 04/07 CI Stocks to follow today on the Paris Stock Exchange – Tuesday July 4, 2023 04/07 AO
DuréeAuto.2 mois3 mois6 mois9 mois1 an2 ans5 ans10 ansMax.
PeriodDayWeek
More graphics
Figeac Aéro specializes in the production of structural parts in light alloys and hard metals, engine parts, landing gear and sub-assemblies for the aeronautics industry. Turnover by activity is broken down as follows: – production of structural parts for aeronautics (91.3%); – other (8.7%) 61.5% of turnover is generated in France.
More information regarding the VenteAchat company
Average recommendation
ACCUMULATE
Last Closing Course
3,940EUR
Average course objective
6.133EUR
Gap / Average Objective
+55.67%
Consensus
1695560627
#Figeac #Aero #Report #statutory #auditors #consolidated #accounts #September #p.m
