To the shareholders of PROYCONTEC S.L.
We have carried out an audit on the annual accounts of PROYCONTEC S.L., consisting of the balance sheet at 31st December 2004, the profit and loss account and the annual report corresponding to the accounting period that concludes on that date, the drawing up of which is the responsibility of the Directors of the Company. It is our responsibility to issue a report on those financial statements, based on the work carried out in accordance with generally accepted accounting practice, by means of making random inspections, examining the documentary evidence of the annual accounts, and the assessment of their presentation, of the accounting principles applied and the evaluations made.
In accordance with the legislation governing business companies, as well as the figures for the 2004 financial year, the Directors must present the accounts corresponding to the previous financial period, for the purpose of comparing these with each of the items on the balance sheet, the profit and loss account and the financing schedule. Our opinion refers solely to the annual accounts for the 2004 financial period. On 15th June 2004, we issued our auditors report with respect to the annual accounts for the 2003 financial year, in which we expressed a favourable opinion
In our opinion, the enclosed annual accounts for the 2004 financial year are a true reflection in all significant aspects, of the equity and financial situation of “PROYCONTEC S.L.” at 31st December 2004 and of the outcome of its operations and of the resources obtained and applied during the financial period that finalizes on that date, and they contain the information necessary and sufficient for them to be interpreted and understood correctly, in accordance with generally accepted accounting practice, that were followed in the same manner as those applied in the previous financial period.
The attached management report for the 2004 accounting period contains the explanations that the Directors consider to be pertinent regarding the situation of the Company, the development of its business and other matters, and does not form an integral part of the annual accounts. We have checked that the accounting information containing the mentioned management report agrees with the annual accounts for the 2004 accounting period. Our work as auditors is limited to the checking of the management to the extent as mentioned in this paragraph, and does not include the inspection of information other than that obtained from the book-keeping records of the Company.
Malaga, 15th June 2005
Signed: Rafael Gómez García,
Registered Auditor nº 15.195