To the general meeting of Actelion Ltd Allschwil
As auditors of the group, we have audited the accompanying consolidated financial statements of Actelion Ltd and its subsidiaries, consisting of the consolidated balance sheets as of December 31, 2005 and 2004, the consolidated statements of operations, of cash flows, of changes in shareholders’ equity for the years ended December 31, 2005 and 2004 and the notes to the consolidated financial statements.
These consolidated financial statements are the responsibility of the Board of Directors of Actelion Ltd. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We confirm that we meet the Swiss legal requirements concerning professional qualification and independence.
Our audit was conducted in accordance with auditing standards promulgated by the Swiss profession and auditing standards generally accepted in the United States of America, which require that an audit be planned and performed to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. We have examined on a test basis evidence supporting the amounts and disclosures in the consolidated financial statements. We have also assessed the accounting principles used, significant estimates made and the overall consolidated financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
As discussed in Notes 1 and 20 to the consolidated financial statements, Actelion Ltd and its subsidiaries adopted the provisions of Statement of Financial Accounting Standards No. 123 (revised 2004), Share Based Payment, as of July 1, 2005.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Actelion Ltd and its subsidiaries at December 31, 2005 and 2004 and the results of their operations and their cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America and comply with Swiss law.
We recommend that the consolidated financial statements submitted to you be approved.
PricewaterhouseCoopers AG
Clive Bellingham James Rymer
Basel, February 17, 2006
These consolidated financial statements are the responsibility of the Board of Directors of Actelion Ltd. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We confirm that we meet the Swiss legal requirements concerning professional qualification and independence.
Our audit was conducted in accordance with auditing standards promulgated by the Swiss profession and auditing standards generally accepted in the United States of America, which require that an audit be planned and performed to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. We have examined on a test basis evidence supporting the amounts and disclosures in the consolidated financial statements. We have also assessed the accounting principles used, significant estimates made and the overall consolidated financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
As discussed in Notes 1 and 20 to the consolidated financial statements, Actelion Ltd and its subsidiaries adopted the provisions of Statement of Financial Accounting Standards No. 123 (revised 2004), Share Based Payment, as of July 1, 2005.
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Actelion Ltd and its subsidiaries at December 31, 2005 and 2004 and the results of their operations and their cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America and comply with Swiss law.
We recommend that the consolidated financial statements submitted to you be approved.
PricewaterhouseCoopers AG
Clive Bellingham James Rymer
Basel, February 17, 2006
