Annual Report - Orascom Development
Annual Report - Orascom Development
Annual Report - Orascom Development
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40 | consolidated financial statements | OHD <strong>Annual</strong> <strong>Report</strong> 2006<br />
Auditor’s <strong>Report</strong><br />
To the shareholders of <strong>Orascom</strong> Hotels and <strong>Development</strong> S.A.E<br />
We have audited the accompanying consolidated financial statements of <strong>Orascom</strong> Hotels and <strong>Development</strong> S.A.E. which are comprised of the<br />
consolidated balance sheet as of 31 December 2006, and the related consolidated statements of income, cash flows and consolidated statement<br />
of changes in shareholders’ equity for the year then ended. These consolidated financial statements are the responsibility of the company’s<br />
management; our responsibility is to express an opinion on these consolidated financial statements based on our audit.<br />
We conducted our audit in accordance with Egyptian Auditing Standards and in light of the provisions of the prevailing Egyptian laws and regulations.<br />
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are<br />
free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated<br />
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as<br />
evaluating the overall consolidated financial statements presentation. We have obtained all information and explanations, which we considered<br />
necessary for our audit. We believe that our audit provides reasonable basis for our opinion on these consolidated financial statement.<br />
In our opinion, the consolidated financial statements referred to above and the notes thereto, present fairly in all material respects the<br />
consolidated financial position of <strong>Orascom</strong> Hotels and <strong>Development</strong> S.A.E. as of 31 December 2006 and the results of its consolidated operations<br />
and consolidated cash flows for the year then ended in conformity with the Egyptian Accounting Standards and in the light of the related applicable<br />
Egyptian laws and regulations.<br />
Cairo, 29 March 2007<br />
PMG Hazem Hassan<br />
Public Accountants & Consultants<br />
Deloitte Saleh, Barsoum & Abdel Aziz
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