INDEPENDENT AUDITORS’ OPINION
The Management and Shareholders
ELEKEIROZ S/A
1.
We have
examined the individual and consolidated balance sheets of ELEKEIROZ S/A as of
December 31, 2003 and 2002, and the related individual and consolidated
statements of income, of changes in shareholders’ equity and of changes in
financial position, as well as the consolidated cash flow and value-added
statements for the years then ended, all prepared under the responsibility of
the management. Our responsibility is to express an opinion on these financial
statements.
2.
Our
examination was conducted in accordance with Brazilian auditing standards and
included: a) work planning, taking into consideration the Company’s relevant
balances, volume of transaction and accounting and internal control systems; b)
verification, on a test-basis, of evidences and records supporting the amounts
and accounting information disclosed; and c) evaluation of the most significant
accounting practices used, and estimates made, by the management, as well as
the financial statements overall presentation.
3.
In our
opinion, the financial statements referred to above in paragraph 1 present
fairly, in all material respects, the financial position of ELEKEIROZ S/A., both individual and
consolidated, as of December 31, 2003 and 2002, the results of its operations,
the changes in its shareholders’ equity
and financial position, both individual and consolidated for the years then
ended, in accordance with accounting practices applicable in Brazil. The
consolidated cash flow and value-added statements for the years then ended,
subjected to additional auditing procedures, are correctly presented as
supplementary information that is consistent with that used in preparing the
statutory financial statements.
São Paulo, January 16, 2004
BDO DIRECTA AUDITORES S/C
CRC No. 2SP013002/0-3
Clóvis Ailton Madeira
CRC Nº 1SP106895/O-S “BA”