Afcon Book.indd - Afcons Infrastructure Ltd.

AFCONS MADAGASCAR OVERSEAS S.A.R.LAUDITOR’S REPORT ON THE REVIEWOF THE FINANCIAL STATEMENTSFOR THE PERIOD ENDED ON DECEMBER 31, 2009TO THE SHAREHOLDERS OF AFCONS MADAGASCAR OVERSEAS S.A.R.L.Dear Sirs,By carrying out the auditor’s review which you had entrusted us, we are pleased to present our auditor’s report as at December 31st 2009 ofAfcons Madagascar Overseas S.A.R.L.; including the balance sheet (table A), the profit and loss (table B), the cash flow statement (table C), andthe statement of change and equity (table D) on that period.Our opinion is based on the financial statements proposed by the directors presenting net profit of mga 8 048 330 069,71 for the end of the year2009 (2008 – 2 042 769 558,88). Those financial statements are the responsibility of the company’s management. Our responsibility is to expressan opinion on these financial statements based on our audit.We conducted our audit in accordance with International Standards on Auditing (IFAC). The financial statements have been prepared inaccordance with Malagasy accounting standards PCG 2005.Our audit includes an examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includesan assessment of the significant estimates and judgments made by the directors in the preparation of the financial statements, and of whether theaccounting policies are appropriate to the company’s circumstances, consistently applied and adequately disclosed. We planned and performedour audit so as to obtain all the information and explanations, which we considered necessary in order to provide us with sufficient evidence togive reasonable assurance that the financial statements are free from material misstatements. In forming our opinion we also evaluated the overalladequacy of the presentation of information in the financial statements. We believe that our audit provides a reasonable basis for our opinion.In our opinion, the financial statements, in the tables A B C D and notes, present fairly, in all material respects, the financial position of AfconsMadagascar overseas sarl as at December 31st 2009 and the result of its operations and its cash flow for the year then ended in accordance withMalagasy generally accepted accounting principles.The chartered accountantAntananarivo, MadagascarFebruary 6, 2010Bruno RazananirinaExpert Comptable et Financier85