7.1. The Statutory Audit Committee conducted its activity in order to verify the financial, accounting, administrative and management aspects and to subsequently issue an opinion on the report and accounts, in accordance with the ICP's statutes and, additionally, those applicable to public undertakings;
7.2. The Management Report and the Annual Report and Accounts for 2001 submitted by the Board of Administration clearly define the macroeconomic and sectorial context in which the ICP's action is developed. They also define its activities, the evolution of human and material resources and the economic and financial situation for the fiscal year ending on 31 December 2001;
7.3. The financial statements and accounting system on which they are based are entirely in keeping with the Official Accounting Plan and appropriately and substantively reflect the net worth of the ICP on 31 December 2001, as well as the results of its operations in the fiscal year ending on that date.
The various accounting criteria adopted are in keeping with those used in the previous fiscal year;
7.4. As per notes 3 and 31 of the Annex to the Balance Sheet and Statement of Results, the ICP established on 1 October 1996 an independent pension fund to cover and finance liabilities for the payment of pensions for staff co-opted from the former CTT - Correios e Telecomunicações, E.P.
According to the actuarial study carried out by the Pension Fund management company - BPI-Pensões - the current value of the ICP's liabilities is EUR 10,902,115 and was fully covered on 31 December 2001.
We must emphasize that the liabilities for services rendered prior to the date of integration in the ICP of the respective beneficiaries, which are the responsibility of the former CTT and on the order of EUR 8,712,962, are not covered. This sum is included in the Balance Sheet for 31 December 2001 under the item "Other Debtors and Creditors", pending payment by the former CTT. At the date of this report, we are not in a position to reach any conclusion as to whether this sum can be recovered;
7.5. According to Accounting Directive no. 19 of the Accounting Standardisation Commission, and following the procedure adopted in 2000, the ICP opted to recognise all liabilities for healthcare with respect to retired and active staff, and charged to the 2001 results the sum of EUR 76,251;
7.6. We note that in this fiscal year the ICP registered a sum of EUR 846,748 in shares, co-shares, costs and sundry expenses (according to note 51 in the Balance Sheet and Statement of Results), under terms of the protocol signed with the Fundação Portuguesa das Comunicações (Portuguese Communications Foundation);
7.7. In accordance with Joint Order no. 264/2001 of 23 March of the Ministers of Social Infrastructure and Finances, all goods and real property located in the district of Glória do Ribatejo (delivered by Raret in February 1999) were attributed to CTT-Correios de Portugal and the expenses envisaged in paragraph 5 of the said order were invoiced to the CTT.
The accounting regularizations in the fixed assets and amortizations accounts were effected by contra entry with respect to the "Reserves by Transfers of Fixed Assets" account; the expenses charged to the CTT were recognised as supplementary and extraordinary operating income, as per their respective year;
7.8. Decree-Law no. 299/2001 of 22 November determined the allocation of a percentage of the ICP's 2000 management balance to the State Budget.
On 11 December, by Order of the Minister of Finances, that percentage was fixed at 96.6%, i.e., EUR 54,797,857.
The ICP effected the bank transfer of that amount to an account of the Directorate-General of the Treasury, accounting for the exit of funds by debiting the "Investment Reserves" account.
