2001-12-31_REPORT - M2002004 - Laserfiche WebLink

Home Browse Search

Tottie9boddHddas d Cbt Cbr"wi os dm(3HF% la&%^ SA deG1L arrJ 9.6WcLa'im We have audited the accompanying consolidated balance sheets of Grupo Cementos de Chihuahua, S.A. de C.V. and Subsidiaries as of December 31, 2001 and 2ooo, and the related consolidated statements of income, changes in stockholders' equity and changes in financial position for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. The financial statements of some of the subsidiaries were examined by other independent public accountants. The financial statements of these subsidiaries reflect total assets and operating income that represent 39.8% and 41.5% in 2001 and 20.2% and 30.9% in 2000, respectively, of the related consolidated amounts. OUT opinion, insofar as it relates to the total amounts reported by these subsidiaries, is based solely on the reports of the other independent public accountants. We conducted our audits in accordance with auditing standards generally accepted in Mexico. Those standards require that we plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatement and are prepared in conformity with accounting principles generally accepted in Mexico. An audit includes examining, on a test basis, evidence supporting the amounts and the disclosures in the financial statements. An audit also includes assessing the accounting principles used and the 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, based on our examinations and on the reports of the other independent public accountants, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Grupo Cementos de Chihuahua, S.A. de C.V. and Subsidiaries at December 31, 2oo1 and 2000, and the consolidated results of their operations, changes in their stockholders' equity and changes in their financial position for the years then ended, in conformity with accounting principles generally accepted in Mexico. As mentioned in Note 1k to the accompanying financial statements, effective January 1, 2000, the Company adopted the requirements of the new Mexican accounting Bulletin D-4, Accounting for Income Tax, Asset Tax and Employee Profit Sharing, issued by the Mexican Institute of Public Accountants, with the effects described In the Note 13. Mancera, S.C. A Member Practice of Ernst E Young Global la Paz de la Garza Chihuahua, Chihuahua, Mexico February 25, 2002