Garmin 2002 Annual Report Download - page 39

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Report of Independent Auditors
The Board of Directors and Stockholders
Garmin Ltd.
We have audited the accompanying consolidated balance sheets of Garmin Ltd. and subsidiaries (the Company) as of December
28, 2002 and December 29, 2001, and the related consolidated statements of income, stockholders’ equity, and cash flows for
each of the three years in the period ended December 28, 2002. Our audits also included the financial statement schedule listed
in the index at Item 15(a)(2). These financial statements and schedule are the responsibility of the Company’s management. Our
responsibility is to express an opinion on these financial statements and schedule based on our audits.
We conducted our audits in accordance with auditing 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 statements are free of material
misstatement. 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 significant estimates 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 statements referred to above present fairly, in all material respects, the consolidated financial
position of Garmin Ltd. and subsidiaries at December 28, 2002 and December 29, 2001, and the consolidated results of their
operations and their cash flows for each of the three years in the period ended December 28, 2002, in conformity with
accounting principles generally accepted in the United States. Also, in our opinion, the related financial statement schedule,
when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the
information set forth therein.
Kansas City, Missouri /s/ Ernst & Young LLP
January 31, 2003 Ernst & Young LLP
38