2008 Registration Document - Rexel

14.1.2.2 Statutory auditors’ general report on the annual financial statements of Rexel for the financial yearended December 31, 2008This is a free translation into English of the statutory auditors’report issued in French language and is provided solely forthe convenience of English-speaking readers. This reportincludes information specifically required by French lawin all audit reports, whether qualified or not, and this ispresented below the opinion on the financial statements.This information includes an explanatory paragraphdiscussing the auditors’ assessments of certain significantaccounting matters. These assessments were made for thepurpose of issuing an opinion on the financial statementstaken as a whole and not to provide separate assurance onindividual account captions or on information taken outsidethe annual financial statements. This report also includesinformation relating to the specific verification of informationin the management report.This report should be read in conjunction with and isconstrued in accordance with French law and professionalauditing standards applicable in France.KPMG AuditERNST & YOUNG Audit1, cours Valmy Faubourg de l’Arche92923 Paris-La Défense Cedex 11, allée de l’Arche92037 Paris-La Défense CedexS.A.S. à capital variableCommissaire aux ComptesMembre de la compagnierégionale de VersaillesCommissaire aux ComptesMembre de la compagnierégionale de VersaillesRexel, S.A.For the year ended December 31, 2008Statutory Auditors’ Report on the annual financialstatements(Free translation of a French language original)To the Shareholders,In compliance with the assignment entrusted to us by yourgeneral meetings, we hereby report to you, for the yearended December 31, 2008, on:− the audit of the accompanying annual financial statementsof Rexel,− the justification of our assessments,− the specific verifications and information required by law.These annual financial statements have been approved bythe executive board. Our role is to express an opinion onthese financial statements based on our audit.I. Opinion on the annual financial statementsWe conducted our audit in accordance with professionalstandards applicable in France; those standards requirethat we plan and perform the audit to obtain reasonableassurance about whether the annual financial statementsare free of material misstatement. An audit includesverifying, on a test basis, or other methods of selection,evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessingthe accounting principles used, the significant estimatesmade by management, and the overall financial statementspresentation. We believe that the evidence we have gatheredin order to form our opinion is adequate and relevant.In our opinion, the annual financial statements present fairly,in all material respects, the financial position of the companyat December 31, 2008 and the results of its operations forthe year then ended, in accordance with the accountingrules and principles applicable in France.II. Justification of assessmentsAccounting estimates related to the preparation ofthe financial statements at December 31, 2008 havebeen performed in a specific context where economicperspectives are hardly predictable. In that context, and inaccordance with the requirements of article L.823-9 of theFrench company law (Code de commerce) relating to theREXEL 2008 | PAGE 227