Annual Report 2010 - AdP

5. We believe that the audit we performed provides an acceptable basis for expressing our opinion.
Opinion
6. In our opinion, the above-mentioned financial statements truly and adequately represent, in every material aspect,
the financial position of AdP - Águas de Portugal, SGPS, S.A. on 31 December 2010, the results and comprehensive
income of its operations, the changes to its total equity and its cash flow for the year ending on this date, in
accordance with the international financial reporting standards adopted by the European Union.
Remarks
7. Without prejudice to our opinion expressed in the above paragraph, we wish to add that, for the first time,
this year the company prepared its financial statements in accordance with international accounting standards,
as adopted by the European Union. The impacts of the transition compared to prior rules are described in
Note 5 to the Financial Statements.
Lisbon, 08 April 2011
Ernst & Young Audit & Associados - SROC, S.A.
Statutory Auditing Firm (no. 178)
Represented by:
Rui Abel Serra Martins (Statutory Auditor no. 1119)