Annual Report 2017

In Control Statement

The Management Board manages the company and is responsible for achieving its strategy, objectives, goals and results, and for taking appropriate measures in relation to the design and operation of the internal risk management and control systems in a way that is consistent with GrandVision’s business. These systems have been designed to identify opportunities and risks in a timely manner, manage significant risks, facilitate the realization of the company’s strategic, operational and financial objectives, safeguard the reliability of the company’s financial reporting and comply with the applicable laws and regulations. To fulfill these responsibilities, GrandVision systematically reviewed and, where necessary, enhanced the company’s internal risk management and control processes with regards to its strategic, operational, compliance and financial risks (including risks related to financial reporting) during the year 2017. The results of these reviews, including changes and planned improvements, have been discussed with the Audit Committee and the Supervisory Board.

It should be noted that the above does not imply that these systems and procedures, however well-designed and intended to optimally control risks, provide absolute assurance as to the realization of operational and strategic objectives, or that they can prevent all misstatements, inaccuracies, errors, fraud and non-compliance with legislation, rules and regulations.

Based on the approach described above and in accordance with best practice provision 1.4.3 of the Dutch Governance Code, the Management Board believes that, with respect to financial reporting, the internal risk management and control systems have performed satisfactorily during the year 2017 and provided a reasonable assurance that the financial reporting does not contain any errors of material importance. Based on the current state of affairs it is justified that the financial reporting is prepared on a going concern basis and this report states those material risks and uncertainties that are relevant to the expectation of the Company’s continuity for the period of twelve months after the preparation of the report.