Ryanair 2011 Annual Report Download - page 31

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Independent Auditor’s Report to the members of Ryanair Holdings plc
We have audited the consolidated and Company financial statements (“financial statements”) of
Ryanair Holdings plc for the year ended March 31, 2011, which comprise the consolidated and Company
balance sheets, the consolidated income statement, the consolidated statement of comprehensive income, the
consolidated and Company statements of changes in shareholders’ equity, the consolidated and Company
statements of cash flows and the related notes. These financial statements have been prepared under the
accounting policies set out therein.
This report is made solely to the Company’s members, as a body, in accordance with Section 193 of the
Companies Act, 1990 and in respect of the separate opinion in relation to International Financial Reporting
Standards (IFRSs) as issued by the International Accounting Standards Board (IASB), on terms that have been
agreed. Our audit work has been undertaken so that we might state to the Company’s members those matters
we are required to state to them in an auditor’s report and in respect of the separate opinion in relation to
IFRSs, as issued by the IASB, those matters that we have agreed to state to them in our report, and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions
we have formed.
Respective responsibilities of directors and auditor
The directors’ responsibilities for preparing the Annual Report and the financial statements in
accordance with applicable law and IFRSs as adopted by the European Union (EU), and their separate
responsibilities for electing to prepare the consolidated financial statements in accordance with IFRSs as
issued by the IASB, are set out in the Statement of Directors Responsibilities on pages 27 to 28.
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 as issued by the IASB and, have been properly prepared in
accordance with the Companies Acts, 1963 to 2009 and, in the case of the consolidated financial statements,
Article 4 of the IAS Regulation.
We also report to you, whether, in our opinion; 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 are required by law to report to you our opinion as to whether the description of the main features
of the internal control and risk management systems in relation to the process for preparing the consolidated
group financial statements, set out in the annual Corporate Governance Statement is consistent with the
consolidated financial statements. In addition, we review whether the Corporate Governance Statement
reflects the Company’s compliance with the nine provisions of the 2008 Financial Reporting Council
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 Company’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 Reports; the Corporate Governance Report; the Operating and Financial Review; Principle Risks
and Uncertainties; Critical Accounting Policies; Directors, Senior Management and Employees; Major
Shareholders and Related Parties; and the Directors’ Report. 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.