Panera Bread 2003 Annual Report Download - page 32

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REPORT OF INDEPENDENT AUDITORS
To the Board of Directors and Stockholders of Panera Bread Company:
In our opinion, the consolidated Ñnancial statements listed in the accompanying index present fairly, in all
material respects, the Ñnancial position of Panera Bread Company and its subsidiaries at December 27, 2003
and December 28, 2002, and the results of their operations and their cash Öows for each of the three Ñscal
years in the period ended December 27, 2003, in conformity with accounting principles generally accepted in
the United States of America. In addition, in our opinion, the Ñnancial statement schedule listed in the
accompanying index presents fairly, in all material respects, the information set forth therein when read in
conjunction with the related consolidated Ñnancial statements. These Ñnancial statements and Ñnancial
statement schedule are the responsibility of the Company's management; our responsibility is to express an
opinion on these Ñnancial statements and Ñnancial statement schedule based on our audits. We conducted our
audits of these statements in accordance with auditing standards generally accepted in the United States of
America which require that we plan and perform the audit to obtain reasonable assurance about whether the
Ñnancial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the Ñnancial statements, assessing the accounting principles used
and signiÑcant estimates made by management, and evaluating the overall Ñnancial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
As discussed in Note 2 to the consolidated Ñnancial statements, in 2003 the Company changed its
method of accounting for obligations associated with the retirement of tangible long-lived assets and the
associated asset retirement costs to conform to Statement of Financial Accounting Standards No. 143.
As discussed in Note 2 to the consolidated Ñnancial statements, in 2002 the Company changed its
method of accounting for goodwill to conform to Statement of Financial Accounting Standards No. 142.
/s/ P
RICEWATERHOUSE
C
OOPERS
LLP
St. Louis, Missouri
March 9, 2004
28