LensCrafters 2003 Annual Report Download - page 42

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We have audited the accompanying consolidated balance sheets of Luxottica Group S.p.A. (an
Italian corporation) and Subsidiaries (collectively, "the Company") as of December 31, 2002 and
2003 and the related statements of consolidated income, shareholders' equity and cash flows for
each of the three years in the period ended December 31, 2003. These financial statements are
the responsibility of the Company's management. Our responsibility is to express an opinion on
these financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United
States of America. Those standards require that we plan and perform the audit to obtain reaso-
nable assurance about whether the financial statements are free of material misstatements. 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 signi-
ficant estimates made by management, as well as evaluating the overall financial statement pre-
sentation. We believe 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 Luxottica Group S.p.A. and Subsidiaries as of December 31,
2002 and 2003 and the results of their operations and their cash flows for each of the three years
in the period ended December 31, 2003, in conformity with accounting principles generally
accepted in the United States of America.
Our audits comprehended the translation of Euro amounts into U.S. dollar amounts and, in our
opinion, such translation has been made in conformity with the basis stated in Note 1. Such U.S.
dollar amounts are presented solely for the convenience of international readers.
As described in Note 1 to the consolidated financial statements; effective as of January 1, 2002,
the Company adopted Statement of Financial Accounting Standards No. 142, which established
new accounting and reporting standards for the recording, amortization and impairment of
goodwill and other intangible assets.
Treviso, Italy
March 15, 2004
(April 19, 2004, as to Note 15)
LUXOTTICA GROUP S.P.A.
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
82 83