Annual Report 2010 - AdP

Auditors’ Report
(Consolidated Financial Statements)
Ernst & Young
Introduction
Auditors’ Report
(Consolidated 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 consolidated financial statements of AdP – Águas de Portugal, SGPS, S.A., which
include the Consolidated Financial Position Statement on 31 December 2010 (with a total of 7,213,396,361
euros, total equity of 928,470,145 euros, and a net income attributable to the company’s shareholders of
79,459,018 euros), the Consolidated Income Statement by Nature, the Consolidated Comprehensive Income
Statement, the Changes in Consolidated Total Equity Statement and the Consolidated Cash Flow Statement for
the period ending on this date, together with the Notes to the Consolidated Financial Statements.
Responsibilities
2. It is the Board of Directors’ responsibility to prepare consolidated financial statements that truly and adequately
represent the financial position of the companies included in the consolidation, the consolidated result and
comprehensive income of their operations, consolidated changes in total equity and consolidated cash flow, as
well as the adoption of appropriate accounting policies and criteria and the maintenance of appropriate internal
control systems.
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
consolidated financial statements are free of material misstatements. To this end, the aforementioned audit included:
- verifying that the financial statements of the companies included in the consolidation were properly audited,
and in significant cases where they were not, verifying the support, through sampling, for the amounts and
disclosures contained therein and assessing the estimates used in their preparation, as based on judgments and
criteria defined by the Board of Directors;
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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