Ryanair 2016 Annual Report Download - page 39

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39
Independent Auditor’s Report to the Members of Ryanair Holdings plc
Opinions and conclusions arising from our audit
1 Our opinion on the financial statements is unmodified
We have audited the financial statements of Ryanair Holdings plc for the year ended March 31, 2016, 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. The financial reporting framework that has been applied in
their preparation is Irish law and International Financial Reporting Standards (“IFRS”) as adopted by the European Union,
and, as regards the Company financial statements, as applied in accordance with the provisions of the Companies Act
2014. Our audit was conducted in accordance with International Standards on Auditing (“ISAs”) (U.K. & Ireland).
In our opinion:
the consolidated financial statements give a true and fair view of the assets, liabilities and financial position of
the group as at 31 March 2016 and of its profit for the year then ended;
the Company balance sheet gives a true and fair view of the assets, liabilities and financial position of the
Company as at 31 March 2016;
the consolidated financial statements have been properly prepared in accordance with IFRS as adopted by the
European Union;
the Company financial statements have been properly prepared in accordance with IFRS as adopted by the
European Union, as applied in accordance with the provisions of the Companies Act 2014; and
the consolidated financial statements and the Company financial statements have been properly prepared in
accordance with the requirements of the Companies Act 2014 and, as regards the consolidated financial
statements, Article 4 of the IAS Regulation.
2 Our separate opinion in relation to IFRS as issued by the IASB is unmodified
As explained in Note 1 on page 150 of the consolidated financial statements, the Group, in addition to complying with its
legal obligation to comply with IFRS as adopted by the E.U., has also prepared its consolidated financial statements in
compliance with IFRS as issued by the International Accounting Standards Board (IASB). In our opinion:
the consolidated financial statements give a true and fair view of the assets, liabilities and financial position of
the Group as at 31 March 2016 and of its profit for the year then ended; and
the consolidated financial statements have been properly prepared in accordance with IFRS as issued by the IASB.
3 Our assessment of risks of material misstatement
The risks of material misstatement detailed in this section of this report are those risks that we have deemed, in our
professional judgement, to have had the greatest effect on: the overall audit strategy; the allocation of resources in our
audit; and directing the efforts of the engagement team. Our audit procedures relating to these risks were designed in the
context of our audit of the financial statements as a whole. Our opinion on the financial statements is not modified with
respect to any of these risks, and we do not express an opinion on these individual risks.
In arriving at our audit opinion above on the consolidated financial statements the risks of material misstatement that had
the greatest effect on our Group audit were as follows: