forvis mazars
S.O.E**
Head office Bota – Limbe P.O Box 305
Republic of Cameroon
**Report of the Statutory auditor on the annual
financial statements**
Period Ended 31$^{st}$ December 2025
CAMEROON DEVELOPMENT CORPORATION (CDC) S.O.E
State Owned Enterprise with a Capital of 67,522,516,146 CFAF
Head office Bota – Limbe P O Box 305
TPPCR N°: TPPRR/RC/LBE/2016/B/0155/M2/025/2021/M2/2026/005
Report of the Statutory auditor on the annual financial statements
Period ended 31st December 2025
N/Réf: 063.RAP/FM/2026/DLA.CMR
To the Shareholders,
1. Opinion
In the execution of our mandate as statutory auditor which was entrusted to us by your General Assembly of the 1st December 2020, we have carried out the audit of the annual financial statements of the State Owned Entity Cameroon Development Corporation which comprise the balance sheet, the income statement, the cash flow statement, the notes to the financial statements and the accounting principles for the year ended 31st December 2025 as attached to the current report. The accounts present an equity of CFAF 3 203 600 936 which is inclusive of a net loss for the period of CFAF 20 039 724 379.
In our opinion, the accompanying financial statements present fairly in all material respects, the financial position of the company on 31st December 2025 and of its financial performance for the year then ended in accordance with the accounting rules and principles of the OHADA Accounting System.
2. Basis of our opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of ethics applicable to the audit of financial statements in Cameroon, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
3. Emphasis of matter
We draw your attention to:
- Note 3A of the financial statements: several estates and industrial units were either not operational or only partially operational during the year, mainly due to the socio-political crisis, and that certain projects were closed. As a result, fixed asset counts could not be fully performed in some locations, and a significant portion of the related assets remained
Statutory audit report, Audit
Forvis Mazars
unproductive during the year. The net book value of fixed assets concerned, as disclosed in Note 3 to the financial statements, amounts to CFAF 10,476,116,735 as at 31 December 2025, relating to Malende RE, Mukonje RE, Mbonge RE, Meanja RE, Manyu Project, Mukonje Industrial Unit and Illoani Industrial Unit.