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Management Report /
Statutory Auditor’s Report on the Forecasts
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STATUTORY
AUDITOR’S REPORT ON
THE FORECASTS
COFINIMMO SA/NV
We report on the projected financial information comprising the pro-
jected consolidated income statement and consolidated balance sheet
of Cofinimmo SA/NV (“the Company”) and its subsidiaries (together
“the Group”) for the year ending 31.12.2014 (the “Projected Financial
Information”). The Projected Financial Information, and the material
assumptions upon which it is based are set out on pages 68 to 71 of the
Annual Report (“the 2013 Annual Report”) issued by the Company dated
31.03.2014. This Report is required by Annex XV of Commission Regulation
(EC) No. 809/2004 (the “Prospectus Directive Regulation”) making refer-
ence to Annex I item 13.2 and is given for the purpose of complying with
that rule and for no other purpose.
RESPONSIBILITIES
It is the responsibility of the Directors of the Company (the “Directors”)
to prepare the Projected Financial Information in accordance with the
requirements of the Prospectus Directive Regulation.
It is our responsibility to form an opinion as required by the Prospectus
Directive Regulation as to the proper compilation of the Projected Financial
Information and to report that opinion to you.
Save for any responsibility arising under Article 61 of the Law of 16.06.2006
to any person as and to the extent there provided, to the fullest extent
permitted by Law we do not assume any responsibility and will not accept
any liability to any other person for any loss suffered by any such other
person as a result of, arising out of, or in accordance with this report or
our statement, required by and given solely for the purposes of complying
with Annex XV of the Prospectus Directive Regulation making reference to
Annex I item 23.1, consenting to its inclusion in the registration document.
BASIS OF PREPARATION OF
THE PROJECTED FINANCIAL INFORMATION
The Projected Financial Information has been prepared on the basis stated
on pages 68 to 71 of the 2013 Annual Report and is based on a forecast for
the 12 months to 31.12.2014. The Projected Financial Information is required
to be presented on a basis consistent with the accounting policies of the
Group.
BASIS OF OPINION
We conducted our work in accordance with the International Standard
on Assurance Engagement 3400 “The Examination of Prospective
Financial Information” (“ISAE 3400”) issued by the International Auditing
and Assurance Standards Board (“IAASB”). Our work included evaluat-
ing the basis on which the historical financial information included in
the Projected Financial Information has been prepared and considering
whether the Projected Financial Information has been accurately com-
puted based upon the disclosed assumptions and the accounting policies
of the Group. Whilst the assumptions upon which the Projected Financial
Information are based are solely the responsibility of the Directors, we
considered whether anything came to our attention to indicate that any of
the assumptions adopted by the Directors which, in our opinion, are nec-
essary for a proper understanding of the Projected Financial Information
have not been disclosed or if any material assumption made by the
Directors appears to us to be unrealistic.
We planned and performed our work so as to obtain the information and
explanations we considered necessary in order to provide us with reason-
able assurance that the Projected Financial Information has been properly
compiled on the basis stated.
Since the Projected Financial Information and the assumptions on
which it is based relate to the future and may therefore be affected by
unforeseen events, we can express no opinion as to whether the actual
results reported will correspond to those shown in the Projected Financial
Information and differences may be material.
Our work has not been carried out in accordance with auditing or other
standards and practices generally accepted in jurisdictions outside
Belgium, including the United States of America, and accordingly should
not be relied upon as if it had been carried out in accordance with those
standards and practices.