Notes to the consolidated financial statements - Efacec

Introduction
Report of Statutory Auditors
1. We have audited the consolidated and individual fi nancial statements of EFACEC Capital, SGPS, S.A., comprising the consolidated
and individual balance sheet as at 31 December 2008, (which shows total assets of Euros 655,729,383 and Euros 283,772,677,
respectively, a total consolidated equity of Euros 79,322,337 including total minority interests of Euros 3,386,358, an individual
equity of Euros 75,624,059, and a net consolidated profi t of Euros 24,136,981 and a net individual profi t of Euros 20,080,238),
the consolidated statements of income by nature, the consolidated statement of changes in equity and the consolidated cash
fl ow statement for the year then ended and the corresponding notes to the accounts.
Responsibilities
2. It is the responsibility of the Company’s Management to prepare the Directors’ Report and Consolidated and Individual Financial
Statements that present fairly, in all material respects, the fi nancial position of the company and its subsidiaries, the consolidated
and individual changes in equity, the consolidated and individual result of their operations, and their consolidated and individual
cash fl ows, as well as to adopt appropriate accounting policies and criteria and to maintain adequate systems of internal
accounting controls.
3. Our responsibility is to express an independent and professional opinion on these consolidated and individual fi nancial statements
based on our examination.
Scope
4. Except as discussed in the paragraph 7 below, we conducted our examination in accordance with the Standards and Technical
Recommendations approved by the Institute of Statutory Auditors which require that we plan and perform the examination to
obtain reasonable assurance about whether the consolidated and individual fi nancial statements are free of material misstatement.
Accordingly, our examination included: (i) verifi cation that the subsidiary´s fi nancial statements have been examined
and for the cases where such an examination was not carried out, verifi cation, on a test basis, of the evidence supporting the
amounts and disclosures in the consolidated fi nancial statements, and assessing the reasonableness of the estimates, based on
the judgments and criteria of Management used in the preparation of the consolidated and individual fi nancial statements; (ii)
verifi cation of the consolidation operations and, when applicable, the utilization of the equity method; (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; and (v) evaluating the overall presentation of the consolidated and individual fi nancial
statements.
5. Our audit also covered the verifi cation that the consolidated and individual fi nancial information included in the management
report is in agreement with the consolidated and individual fi nancial statements.
6. We believe that our examination provides a reasonable basis for our opinion.
Qualifi cation
7. The fi nancial statements of the subsidiary, Efacec Brasil, have not been integrated for consolidation purpose, as no fi nancial
information was available at year end. As a result, we cannot determine the effect on Consolidated Financial Statements as at
31 December 2008.
Opinion
8. In our opinion, except for the effects of such adjustments, if any, as might have been determined to be necessary, if the scope
limitations referred to in paragraph nº 7 above had not existed, the consolidated and individual fi nancial statements referred to
above, present fairly in all material respects, the consolidated and individual fi nancial position of EFACEC Capital, SGPS, S.A as
at 31 December 2008, the consolidated and individual results of their operations and their cash fl ows for the year then ended
in accordance with International Financial Reporting Standards as adopted by the EU.
Porto, 3 April 2009
PricewaterhouseCoopers & Associados, S.R.O.C., Lda.
Represented by:
António Joaquim Brochado Correia, R.O.C.
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