CMA CGM ANNUAL CONSOLIDATED FINANCIAL STATEMENTS December 31, 2012 - PDF document

CMA CGM ANNUAL CONSOLIDATED FINANCIAL STATEMENTS December 31, 2012

PricewaterhouseCoopers Audit KPMG Audit Les Docks – Atrium 10.1 480 Avenue du Prado 10 Place de la Joliette – BP 81525 13272 Marseille Cedex 08 13567 Marseille Cedex 2 France France CMA CGM S.A. Special purpose Statutory auditors' report on the consolidated financial statements For the year ended December 31, 2012 To the Board of Directors of CMA CGM S.A. In our capacity as Statutory Auditors of CMA CGM S.A. and in compliance with your request, we have audited the accompanying consolidated financial statements of CMA CGM S.A. for the year ended December 31, 2012. The consolidated financial statements have been approved by the Board of Directors on March 18, 2013. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with professional standards applicable in France. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures, on a test basis or by other means of selection, to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting policies used and significant estimates made by management, as well as evaluating 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. In our opinion, the consolidated financial statements give a true and fair view of the financial position and assets and liabilities of CMA CGM S.A. and its subsidiaries as of December 31, 2012, and of the results of their operations for the year then ended in accordance with International Financial Reporting Standards as adopted in the European Union. This special purpose report does not constitute the Statutory Auditors' report on the consolidated financial statements which includes specific information required by French law This report has been prepared for your attention and is not to be used, circulated, quoted or otherwise referred to for any other purposes. We accept no liability with regard to any third party to whom this report is distributed or into whose hands it may fall. This report shall be governed by, and construed in accordance with French law. The Courts of France shall have exclusive jurisdiction in relation to any claim, dispute or difference concerning the engagement letter or this report, and any matter arising from them. Each party irrevocably waives any right it may have to object to an action being brought in any of those Courts, to claim that the action has been brought in an inconvenient forum or to claim that those Courts do not have jurisdiction. Marseille, France, March 18, 2013 The Statutory Auditors PricewaterhouseCoopers Audit KPMG Audit A division of KPMG S.A. PricewaterhouseCoopers is represented by Georges Maregiano Partner PricewaterhouseCoopers Audit, 10, place de la Joliette, BP 81525, 13567 Marseille France

CMA CGM 2 Consolidated financial statements - Year ended December 31, 2012 CONSOLIDATED FINANCIAL STATEMENTS 1. Corporate information ..................................................................................................................9 2. Accounting policies ........................................................................................................................9 3. Financial risk management objectives & policies.....................................................................27 4. Significant events during the presented periods .......................................................................34 5. Operating segments......................................................................................................................37 6. Operating expenses ......................................................................................................................39 7. Employee benefits ........................................................................................................................39 8. Gains on disposal of property and equipment and subsidiaries..............................................40 9. Other income and expense ..........................................................................................................40 10. NPV benefits related to assets...................................................................................................40 11. Cost of net debt...........................................................................................................................41 12. Other financial items .................................................................................................................42 13. Discontinued operations ............................................................................................................42 14. Income tax...................................................................................................................................44 15. Goodwill......................................................................................................................................45 16. Other Intangible assets ..............................................................................................................46 17. Property and equipment............................................................................................................48 18. Deferred taxes.............................................................................................................................50 19. Investments in associates and joint ventures...........................................................................51 20. Derivative financial instruments...............................................................................................52 21. Other financial assets.................................................................................................................53 22. Classification of financial assets and liabilities........................................................................55 23. Inventories ..................................................................................................................................56 24. Trade and other receivables and payables ..............................................................................56 25. Financial assets at fair value through Profit and Loss ...........................................................57 26. Cash and cash equivalents.........................................................................................................58 27. Prepaid expenses and deferred income....................................................................................58 28. Non-current assets held-for-sale and related liabilities..........................................................59 29. Share capital and other reserves...............................................................................................60 30. Financial debts............................................................................................................................61 31. Provisions and retirement benefit obligations.........................................................................62 32. Commitments .............................................................................................................................65 33. Related party transactions ........................................................................................................68 34. Scope of consolidation................................................................................................................72 35. Post balance sheet events...........................................................................................................78