STATUTORY AUDIT REPORT AND AUDITORS’ REPORT
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Statutory Audit Report and Auditors’ Report
Report on the audit of the consolidated financial statements
Opinion
We have audited the consolidated financial statements of Ibersol, S.G.P.S., S.A. (the Group), which comprise the
consolidated statement of financial position as at December 31st 2016 (which shows total assets of Euro 423,057,355
and total shareholders’ equity of Euro 152,061,828 including a net profit of Euro 23,387,471), 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 notes to the consolidated financial statements, including a summary
of significant accounting policies.
In our opinion, the accompanying consolidated financial statements present fairly in all material respects, the
consolidated financial position of Ibersol, S.G.P.S., S.A. as at December 31st 2016, and their consolidated financial
performance and their consolidated cash flows for the year then ended in accordance with International Financial
Reporting Standards (IFRS), as adopted by the European Union.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs) and other technical and
ethical standards and recommendations issued by the Institute of Statutory Auditors. Our responsibilities under
those standards are described in the “Auditor’s responsibilities for the audit of the consolidated financial statements”
section below. In accordance with the law we are independent of the entities that are included in the Group and we
have fulfilled our other ethical responsibilities in accordance with the ethics code of the Institute of Statutory Auditors.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the consolidated financial statements of the current year. These matters were addressed in the context of our audit
of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. We have determined the matters described below to be the key audit matters to
be communicated in our report.
(Free translation from the original in Portuguese)
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