Annual Report 2010 - AdP

Auditors’ Report
(Individual Financial Statements)
Ernst & Young
Introduction
Auditors’ Report
(Individual Financial Statements)
Ernst & Young
Audit & Associados - SROC, S.A.
Avenida da República, 90 6°
1600-206 Lisbon
Portugal
Telephone: +351 217 912 000
Fax: +351 217 957 586
www.ey.com
1. We have audited the attached financial statements of AdP - Águas de Portugal, SGPS, S.A., which include the
Financial Position Statement on 31 December 2010 (with a total of 1,156,487,540 euros, total shareholder
equity of 518,607,244 euros, and a net income of 27,343,552 euros), the Income Statement, the Comprehensive
Income Statement, the Changes in Total Equity Statement and the Cash Flow Statement for the period ending
on this date, together with the corresponding Notes.
Responsibilities
2. It is the Board of Directors’ responsibility to prepare financial statements that truly and adequately represent
the financial position of the company, the result and comprehensive income of its operations, changes in
shareholder equity and cash flow, as well as the adoption of appropriate accounting policies and criteria and
the maintenance of an appropriate internal control system.
3. Our responsibility is to express a professional and independent opinion based on our audit of these financial
statements.
Scope
4. The audit we carried out was performed according to the Technical Standards and Revision/Audit Guidelines of
the Ordem dos Revisores Oficiais de Contas (Portuguese Institute of Statutory Auditors), which require that
audits be planned and performed for the purpose of determining, with an acceptable degree of safety, whether
the financial statements are free of material misstatements. To this end, the aforementioned audit included:
- verifying the support, through sampling, for the amounts and disclosures contained in the Financial statements
and assessing the estimates used in their preparation, as based on judgements and criteria defined by the Board
of Directors;
- evaluating whether the adopted accounting policies and their disclosure are appropriate under the circumstances;
- verifying the applicability of the going concern principle; and
- evaluating whether the presentation of the financial statements is appropriate, in overall terms.
Limited liability company / Share capital: 1,105,000 euros / Registry no. 178 in the Statutory Auditors’ Association / Registry no. 9011 with the Securities Market Commission
Taxpayer ID 505 988 286 / Registered under the same number in the Lisbon Commercial Companies Registry / A member firm of Ernst & Young Global Limited
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