Estee Lauder 2004 Annual Report Download - page 85

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THE EST{E LAUDER COMPANIES INC.
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The Board of Directors and Stockholders
The Estée Lauder Companies Inc.:
We have audited the accompanying consolidated balance sheets of The Estée Lauder Companies Inc. and subsidiaries as
of June 30, 2004 and 2003, and the related consolidated statements of earnings, stockholders’ equity and comprehensive
income and cash flows for each of the years in the three-year period ended June 30, 2004. These consolidated financial
statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these
consolidated financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial
position of The Estée Lauder Companies Inc. and subsidiaries as of June 30, 2004 and 2003, and the results of their
operations and their cash flows for each of the years in the three-year period ended June 30, 2004, in conformity with
U.S. generally accepted accounting principles.
As discussed in note 2 to the consolidated financial statements, the Company adopted Statement of Financial Accounting
Standards No. 150, “Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity,”
effective July 1, 2003. In addition, as discussed in note 2 to the consolidated financial statements, the Company adopted
Statement of Financial Accounting Standards No. 142, “Goodwill and Other Intangible Assets,” effective July 1, 2001.
New York, New York
August 6, 2004
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