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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 2014, (which shows total assets of Euros 219.506.084, a total
shareholder’s equity of Euros 126,313,585, which includes non-controlling interests of Euros 4,976,886 and a net profit of Euros
7,756,088), 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.
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