Auditors' Report
AUDITORS’ REPORT Paper recycled without chlorine 49 50 INFORME DE AUDITORÍA EN INGLÉS 51 52 CORPORACION FINANCIERA ALBA, S.A. AND DEPENDENT COMPANIES 2003 Consolidated Financial Statements and Management Report together with Auditors’ Report Translation of reports and consolidated financial statements originally issued in Spanish and prepared in accordance with generally accepted accounting principles in Spain (see Note 23). In the event of a discrepancy, the Spanish-language version prevails. 2003 CONSOLIDATED ANNUAL ACCOUNTS 53 CORPORACION FINANCIERA ALBA, S.A. AND DEPENDENT COMPANIES 2003 Consolidated Financial Statements and Management Report together with Auditors’ Report Translation of reports and consolidated financial statements originally issued in Spanish and prepared in accordance with generally accepted accounting principles in Spain (see Note 23). In the event of a discrepancy, the Spanish-language version prevails. CONSOLIDATED BALANCE SHEETS AT DECEMBER 31, 2002 AND 2003 ASSETS (000s of €) 2002 2003 FIXED ASSETS ……………………………… 866,696 876,899 Intangible fixed assets ………………………… 24 30 Tangible fixed assets (Note 7) ………………… 161,732 154,749 Land and properties …………………………… 192,162 188,274 Machinery and installations …………………… 2,891 3,025 Other tangible fixed assets …………………… 1,959 1,954 Depreciation ………………………………… (35,280) (38,504) Investments …………………………………… 704,940 722,120 Holdings in companies consolidated by the equity method (Note 8) …………………… 606,585 641,706 Long-term securities (Note 9b) ………………… 162,609 144,551 Other investments
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