French Commercial code
In forceI. - The management report referred to in the second paragraph of Article L. 225-100 includes the following information:
1° An objective and exhaustive analysis of the development of the company's business, results and financial position, in particular its debt situation, with regard to the volume and complexity of its business;
2° To the extent necessary for an understanding of the development of the company's business, results or position, key performance indicators of a financial nature and, where applicable, of a non-financial nature relating to the company's specific business, in particular information relating to environmental and personnel issues;
3° A description of the principal risks and uncertainties facing the company;
4° Where relevant to the assessment of its assets, liabilities, financial position and profit or loss, information about its objectives and policy for hedging each major category of forecast transactions for which hedge accounting is used, and its exposure to price, credit, liquidity and cash flow risks. This information includes the company's use of financial instruments.
The analysis referred to in 1° and 2° contains, where appropriate, cross-references to, and further explanations of, the amounts disclosed in the annual accounts.
II. - Where the company prepares consolidated accounts pursuant to Article L. 233-16, the consolidated management report shall give an account of the information mentioned in this Article for all the companies included in the consolidation.
As regards the information provided for in 5° of I of this article, the consolidated management report shall mention the main features of the internal control and risk management systems for all the companies included in the consolidation.
