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ANNUAL REPORT 2011
PricewaterhouseCoopers & Associados - Sociedade de Revisores Oficiais de Contas, Lda.
o�Porto Bessa Leite Complex, Rua António Bessa Leite, 1430 - 5º, 4150-074 Porto, Portugal
Tel +351 225 433 000 Fax +351 225 433 499, www.pwc.com/pt
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Audit Report for Statutory and Stock Exchange Regulatory
Purposes on the Consolidated Financial Information
(Free translation from the original version in Portuguese)
Introduction
1
As required by law, we present the Audit Report for Statutory and Stock Exchange Regulatory
Purposes on the Financial Information included in the consolidated Directors’ Report and in the
consolidated financial statements of
Ibersol, S.G.P.S., S.A.
, comprising the consolidated balance
sheet as at 31 December 2011, (which shows total assets of Euros 227,749,580, a total shareholder's
equity of Euros 114,845,206, which includes non-controlling interests of Euros 4,449,991 and a net
profit of Euros 6,125,138), the consolidated statement of comprehensive income, the consolidated
statement of changes in equity and the consolidated statement of cash flows for the year then ended
and the corresponding notes to the accounts.
Responsibilities
2
It is the responsibility of the Company’s Board of Directors (i) to prepare the consolidated
Directors’ Report and consolidated financial statements which present fairly, in all material respects,
the financial position of the company and its subsidiaries, the consolidated comprehensive income of
their operations, the changes in consolidated equity and the consolidated cash flows; (ii) to prepare
historic financial information in accordance with International Financial Reporting Standards as
adopted by the European Union and which is complete, true, up-to-date, clear, objective and lawful, as
required by the Portuguese Securities Market Code; (iii) to adopt adequate accounting policies and
criteria; (iv) to maintain appropriate systems of internal control; and (v) to disclose any significant
matters which have influenced the activity, the financial position or results of the company and its
subsidiaries.
3
Our responsibility is to verify the financial information included in the financial statements
referred to above, namely if it is complete, true, up-to-date, clear, objective and lawful, as required by
the Portuguese Securities Market Code, for the purpose of issuing an independent and professional
report based on our audit.
Scope
4
We conducted our audit in accordance with the Standards and Technical Recommendations
issued by the Institute of Statutory Auditors which require that we plan and perform the audit to
obtain reasonable assurance about whether the consolidated financial statements are free of material
misstatement. Accordingly, our audit included: (i) verification that the Company and subsidiary’s
financial statements have been properly examined and for the cases where such an audit was not
carried out, verification, on a sample basis, of the evidence supporting the amounts and disclosures in
the consolidated financial statements, and assessing the reasonableness of the estimates, based on the
judgements and criteria of Board of Directors used in the preparation of the consolidated financial
statements; (ii) verification of the consolidation operations; (iii) assessing the appropriateness and
consistency of the accounting principles used and their disclosure, as applicable; (iv) assessing the
applicability of the going concern basis of accounting; (v) assessing the overall presentation of the
consolidated financial statements; and (vi) assessing the completeness, truthfulness, accuracy, clarity,
objectivity and lawfulness of the consolidated financial information.