SFIL Annual financial report 2018

3 I Consolidated financial statements in accordance with IFRS 108 SFIL Annual Financial Report 2018 Statutory Auditors' report on the consolidated financial statements For the year ended December 31, 2018 To the Annual General Meeting of SFIL, Opinion In compliance with the engagement entrusted to us by your annual general meeting, we have audited the accompanying consolidated financial statements of SFIL for the year ended December 31, 2018. In our opinion, the consolidated financial statements give a true and fair view of the assets and liabilities and of the financial position of the Group as at December 31, 2018 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. The audit opinion expressed above is consistent with our report to the Audit Committee Basis for Opinion Audit Framework We conducted our audit in accordance with professional standards applicable in France. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our responsibilities under those standards are further described in the Statutory Auditors' Responsibilities for the Audit of the Consolidated Financial Statements section of our report. Independence We conducted our audit engagement in compliance with independence rules applicable to us, for the period from Jan- uary, 1 2018 to the date of our report and specifically we did not provide any prohibited non-audit services referred to in Article 5(1) of Regulation (EU) No 537/2014 or in the French Code of ethics ( Code de déontologie ) for Statutory Auditors. Observation Without qualifying the above conclusion, we draw your attention to the changes in accounting method regarding the application of new standards IFRS 9 “Financial Instru- ments” and IFRS 15 “Revenue from contracts with custom- ers” set out in Note 1 “Accounting policies and valuation methods” and in the other notes presenting figures relating to the first-time adoption of IFRS 9. Justification of Assessments - Key Audit Matters In accordance with the requirements of Articles L.823-9 and R.823-7 of the French Commercial Code ( Code de commerce ) relating to the justification of our assessments, we inform you of the key audit matters relating to risks of material misstatement that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period, as well as how we addressed those risks. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a sep- arate opinion on specific items of the consolidated financial statements. This is a translation into English of the statutory auditors’ report on the financial statements of the Company, issued in French and it is provided solely for the convenience of English speaking users. This statutory auditors’ report includes information required by European regulation and French law, such as information about the appointment of the statutory auditors or verifcation of the management report and other documents provided to shareholders. This report should be read in conjunction with, and construed in accordance with, French law and professional auditing standards applicable in France.