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o’Porto Bessa Leite Complex - Rua António Bessa Leite, 1430 - 5.° - 4150-074 Porto - Portugal
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Audit Report
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 theAudit Report for Statutory and Stock ExchangeRegulatory 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 2015, (which shows total
assets of Euros 241,316,543, a total shareholder’s equity of Euros 135,046,003 which includes non-controlling
interests of Euros 5,121,687 and a net profit of Euros 10,582,266), 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
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