Notes to the Financial Statements - Efacec

To the Shareholders,
Report and Opinion of the Statutory Auditor
1. In accordance with the law and the mandate conferred upon us, we herewith present the report on our audit work and our
opinion on the Board of Directors’ Report and the Consolidated and Individual Financial Statements of EFACEC Capital, S.G.P.S.,
S.A., presented by the Board of Directors for the year ended 31st December 2007.
2. During the course of the year we have accompanied the activity of the company, its affi liates and its more signifi cant associated
undertakings, on a periodic basis, and to the extent deemed necessary. We have verifi ed the timeliness and adequacy of the
respective accounting records and supporting documentation as well as ensuring that the law and the statutes have been complied
with.
3. As a result of the legal audit work undertaken, we hereby issue the Legal Certifi cation of the Consolidated and Individual
Accounts, appended hereto, that is addressed to the Board of Directors.
4. Within the scope of our mandate, we have verifi ed that:
I) the Consolidated and Individual Balance Sheets, Profi t and Loss Accounts by nature, Statements of Changes to
Shareholders’ Funds, Cash Flow Statements and corresponding Notes to the Accounts, permit an adequate understanding
of the fi nancial position, the results, changes to Shareholders’ funds and the cash fl ow of the company;
II) the accounting policies and calculation methods applied are appropriate;
III) the Report of the Board of Directors is suffi ciently clear as to the evolution of the business and the position of the
company and the affi liated entities included in the consolidation, and highlights the more signifi cant aspects;
5. On this basis, and taking into account the information received from Board of Directors and the company’s services, together
with the conclusions detailed in Legal Certifi cation of the Consolidated and Individual Accounts, we are of the opinion that:
I) the Report of the Board of Directors be approved;
II) the Consolidated and Individual Financial Statements be approved,
III)the proposal for profi t appropriation be approved.
Porto, 2 April 2008
PricewaterhouseCoopers & Associados, S.R.O.C., Lda.
Represented by:
António Joaquim Brochado Correia, R.O.C.
65
2007 Consolidated and
Individual Financial Statments