Garmin 2001 Annual Report Download - page 34

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Report of Independent Auditors
The Board of Directors and Stockholders
Garmin Ltd.
We have audited the accompanying consolidated balance sheets of Garmin Ltd. and subsidiaries (the Company) as of December
29, 2001 and December 30, 2000, and the related consolidated statements of income, stockholders’ equity, and cash flows for each
of the three years in the period ended December 29, 2001. Our audits also included the financial statement schedule listed in the
index at Item 14(a)(2). These financial statements and schedule are the responsibility of the Company’s management. Our responsibility
is to express an opinion on these financial statements and schedule based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require
that we plan and perform the audit 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 financial statements referred to above present fairly, in all material respects, the consolidated financial position
of Garmin Ltd. and subsidiaries at December 29, 2001 and December 30, 2000, and the consolidated results of their operations
and their cash flows for each of the three years in the period ended December 29, 2001, in conformity with accounting principles
generally accepted in the United States. Also, in our opinion, the related financial statement schedule, when considered in relation
to the basic financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.
Kansas City, Missouri /s/ Ernst & Young LLP
February 1, 2002 Ernst & Young LLP
33