Federal Express 2000 Annual Report Download - page 35

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FedEx
Corp.
33
To the Stockholders of FedEx Corporation:
We have audited the accompanying consolidated
balance sheets of FedEx Corporation (a Delaware
corporation) and subsidiaries as of May 31, 2000
and 1999, and the related consolidated statem ents
of income, changes in stockholders’ investm ent
and comprehensive incom e and cash flows for each
of the three years in the period ended May 31,
2000. These financial statem ents are the responsi-
bility of FedEx’s m anagement. Our responsibility
is to express an opinion on these financial state-
m ents based on our audits.
We conducted our audits in accordance with audit-
ing 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 statem ents are free
of material misstatement. An audit includes exam -
ining, on a test basis, evidence supporting the
am ounts and disclosures in the financial state-
m ents. An audit also includes assessing the
accounting principles used and significant esti-
m ates 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 statem ents referred
to above present fairly, in all m aterial respects,
the financial position of FedEx Corporation as of
May 31, 2000 and 1999, and the results of its opera-
tions and its cash flows for each of the three years in
the period ended May 31, 2000, in conform ity with
accounting principles generally accepted in the
United States.
Mem phis, Tennessee
June 27, 2000
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS