Ryanair 2012 Annual Report Download - page 30

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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, 2012, 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 28 to 29.
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 2012 and, in the case of the consolidated financial statements, Article 4 of the IAS
Regulation.
We also report to you, in our opinion; 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 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 UK Corporate Governance Code and two provisions of the Irish
Corporate Governance annex 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 Party Transactions; 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.