ANNUAL REPORT ‘12
AUDIT REPORTS AND OPINIONS
257
ment carried on the books in 2011 for ANA, S.A.’s
holding in NAER and the subsequent winding up of this
company in 2012.
Thus, and despite the difficult economic climate, in
Portugal and throughout Europe, the ANA Group in
general, and ANA, S.A. in particular, produced results in
2012 that were generally positive.
TheManagement Report also provides a detailed chapter
about the Corporate Governance, explaining how ANA
has fulfilled most of the principles of good governance
required of public companies, in conformance with
Cabinet Resolutions no. 49/2007, of 28 March, and
no. 70/2008, of April 22. It also highlights ANA’s
commitment to satisfying the recommendations of
the General Directorate of the Treasury and Finances
and of Parpública.
Also worthy of special mention in the area of Corporate
Governance is the fact that the company carried out a
full review of its Risk Control and Management System.
ANA is now part of the GestãoTransparente.Org project
– a practical guide on corruption risk management for
organisations.
All legal provisions were also fully complied with, includ-
ing the rationalisation of the goods and services
purchasing policy, the implementation of the principle
of gender equality and the costs reduction plan.
In the light of the analysis carried out, the Board of
Auditors believes that theManagement Report conforms
to the legal applicable requirements, suitably revealing
the evolution of ANA’s activities.
The other accounts documents were audited by the
Statutory Auditor, which issued the respective Legal
Certification of Accounts, with whose contents this
Board agrees, in conformance with the dispositions of
paragraph 2 of article 452 of the Commercial Com-
panies Code.
Finally, the Board of Auditors would like to express its
thanks to the Board of Directors of ANA, to the head
of the Financial Department and to ANA staff, as well
as to the Statutory Auditor and the External Auditors,
for their collaboration and the support provided during
the course of its activities.
In the light of the above, we are of the opinion that the
shareholders should:
(a) Approve theManagement Report as well as the other
individual and consolidated accounting statements
pertaining to the financial year 2012, presented by
the Board of Directors;
(b) Decide on the proposal for allocation of the results
presented by the Board of Directors in the Manage-
ment Report;
(c) Proceed to carry out a general assessment of the
Company Management and Auditing under the
terms of article 455 of the Commercial Companies
Code.
Lisbon, 10 May 2013
THE BOARD OF AUDITORS
António Farinha Simão
President
Bernardo Xavier Alabaça
Member of the Board
