Annual Report - Li Ning

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68 Li Ning Company Limited • Annual Report 2006 Report of the Directors (Continued) AUDITORS PricewaterhouseCoopers will retire as auditors of the Company and, being eligible, offer themselves for re-appointment. A resolution for the re-appointment of PricewaterhouseCoopers as auditors of the Company will be proposed at the forthcoming annual general meeting. By order of the Board LI Ning Chairman Hong Kong, 20 March 2007
Independent Auditor’s Report To the shareholders of Li Ning Company Limited (Incorporated in Cayman Islands with limited liability) We have audited the consolidated financial statements of Li Ning Company Limited (the ‘‘Company’’) and its subsidiaries (together, the ‘‘Group’’) set out on pages 70 to 109, which comprise the consolidated and company balance sheets as at 31 December 2006, and the consolidated income statement, the consolidated statement of changes in equity and the consolidated cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory notes. DIRECTORS’ RESPONSIBILITY FOR THE FINANCIAL STATEMENTS The directors are responsible for the preparation and the true and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards and the disclosure requirements of the Hong Kong Companies Ordinance. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and the true and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. AUDITOR’S RESPONSIBILITY Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and true and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. OPINION In our opinion, the consolidated financial statements give a true and fair view of the state of affairs of the Company and of the Group as at 31 December 2006 and of the Group’s profit and cash flows for the year then ended in accordance with International Financial Reporting Standards and have been properly prepared in accordance with the disclosure requirements of the Hong Kong Companies Ordinance. OTHER MATTERS This report, including the opinion, has been prepared for and only for you, as a body, and for no other purpose. We do not assume responsibility towards or accept liability to any person for the contents of this report. PricewaterhouseCoopers Certified Public Accountants Hong Kong, 20 March 2007 69 >
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Li Ning Company Limited ! ! (Incorp
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Five-year Financial Highlights (Con
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Chairman’s Statement (Continued)
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Chairman’s Statement (Continued)
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Li Ning Company Limited • Annual
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16 Li Li Ning Ning Company Company
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Page 23 and 24: Management Discussion and Analysis
Page 33 and 34: Corporate Governance Report Geared
Page 35 and 36: Corporate Governance Report (Contin
Page 45 and 46: Investor Relations Report (Continue
Page 47 and 48: Investor Relations Report (Continue
Page 49: Steadfast Perseverance
Page 58 and 59: 56 Li Ning Company Limited • Annu
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Page 69: Report of the Directors (Continued)
Page 73 and 74: Balance Sheet (All amounts in RMB t
Page 75 and 76: Consolidated Statement of Changes i
Page 77 and 78: Notes to the Consolidated Financial
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Annual Report - Li Ning

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