Ryanair 2006 Annual Report Download - page 27

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Independent Auditor’s Report to the Members of Ryanair Holdings plc 27
ANNUAL REPORT & FINANCIAL STATEMENTS 2006
Respective Responsibilities of Directors
and Auditors
The directors responsibilities for preparing the Annual Report and the
financial statements in accordance with applicable law and
International Financial Reporting Standards (IFRSs) as adopted by the
EU, are set out in the Statement of Directors Responsibilities on page
26.
Our responsibility is to audit the financial statements in accordance
with relevant legal and regulatory requirements and International
Standards on Auditing (United Kingdom and Ireland).
We report to you our opinion as to: whether the financial statements
give a true and fair view in accordance with IFRSs as adopted by the
EU, and in the case of the company as applied in accordance with the
provisions of the Companies Acts 1963 to 2005, and have been properly
prepared in accordance with the Companies Acts 1963 to 2005 and
Article 4 of the IAS Regulation.
We also report to you, in our opinion as to whether; proper books of
account have been kept by the company; whether at the balance sheet
date there exists a financial situation requiring the convening of an
extraordinary general meeting of the company under section 40 (1) of
the Companies (Amendment) Act 1983; and whether the information
given in the Directors’ Report is consistent with the financial
statements. In addition we state whether we have obtained all the
information and explanations necessary for the purposes of our audit,
and whether the company balance sheet is in agreement with the
books of account.
We also report to you if, in our opinion, any information specified by law
or the Listing Rules of the Irish Stock Exchange regarding directors’
remuneration and transactions is not disclosed and where practicable,
include such information in our report.
We review whether the corporate governance statement reflects the
company’s compliance with the nine provisions of the 2003 Combined
Code specified for our review by the Listing Rules of the Irish Stock
Exchange, and we report if it does not. We are not required to consider
whether the Board’s statements on internal control cover all risks and
controls, or form an opinion on the effectiveness of the group’s
corporate governance procedures or its risk and control procedures.
We read the other information contained in the Annual Report, and
consider whether it is consistent with the audited financial statements.
The other information comprises only the Chairman’s and Chief
Executive’s report, the Operating and Financial review, the Directors
Report, the Social, Environmental and Ethical report and the Report of
the Remuneration Committee. We consider the implications for our
report if we become aware of any apparent misstatements or material
inconsistencies with the financial statements. Our responsibilities do
not extend to any other information.
Basis of Audit Opinion
We conducted our audit in accordance with International Standards on
Accounting (United Kingdom and Ireland) issued by the Auditing
Practices Board. An audit includes examination, on a test basis, of
evidence relevant to the amounts and disclosures in the financial
statements. It also includes an assessment of the significant estimates
and judgements made by the directors in the preparation of the
financial statements, and of whether the accounting policies are
appropriate to the group’s and company’s circumstances, consistently
applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information
and explanations which we considered necessary in order to provide us
with sufficient evidence to give reasonable assurance that the financial
statements are free from material misstatement whether caused by
fraud or other irregularity or error. In forming our opinion we also
evaluated the overall adequacy of the presentation of information in
the financial statements.
Opinion
In our opinion:
• The group financial statements give a true and fair view, in
accordance with IFRSs as adopted by the EU, of the state of affairs
of the group as at March 31, 2006 and of its profit for the year then
ended;
• The company financial statements give a true and fair view, in
accordance with IFRSs as adopted by the EU and as applied in
accordance with the provisions of the Companies Acts, 1963 to 2005
of the state of the company’s affairs as at March 31, 2006; and
• The financial statements have been properly prepared in accordance
with the Companies Acts, 1963 to 2005 and Article 4 of the IAS
Regulation.
We have obtained all the information and explanations which we
considered necessary for the purposes of our audit. In our opinion,
proper books of account have been kept by the company. The
company balance sheet is in agreement with the books of account.
In our opinion, the information given in the directors’ report is
consistent with the financial statements.
The net assets of the company as stated in the company balance sheet
on page 39 are more than half of the amount of its called up share
capital, and, in our opinion, on that basis, there did not exist at March
31, 2006, a financial situation which, under Section 40(1) of the
Companies (Amendment) Act 1983, would require the convening of an
extraordinary general meeting of the company.
Chartered Accountants
Registered Auditor, Dublin, Ireland
August 21, 2006