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AYR » Topics » Page No.

This excerpt taken from the AYR 10-K filed Feb 28, 2008.
Page No.
Consolidated Financial Statements 
Report of Independent Registered Public Accounting FirmF-2
Consolidated Balance Sheets at December 31, 2006 and 2007F-3
Consolidated Statements of Income for the years ended December 31, 2005, 2006 and 2007F-4
Consolidated Statements of Cash Flows for the years ended December 31, 2005, 2006 and 2007F-5
Consolidated Statements of Changes in Shareholders’ Equity and Comprehensive Income (Loss) for the years ended December 31, 2005, 2006 and 2007F-6
Notes to Consolidated Financial StatementsF-7



F-1















Table of Contents


Report of Independent Registered Public Accounting Firm



The Board of Directors and Shareholders


Aircastle Limited



We have audited the accompanying consolidated balance sheets of Aircastle Limited and subsidiaries as of December 31, 2006 and 2007, and the related consolidated statements of income, changes in shareholders’ equity and comprehensive income (loss) and cash flows for each of the three years in the period ended December 31, 2007. 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.



We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and 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, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Aircastle Limited and subsidiaries at December 31, 2006 and 2007 and the consolidated results of their operations and their cash flows for each of the three years in the period ended December 31, 2007, in conformity with U.S. generally accepted accounting principles.




We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Aircastle Limited and subsidiaries internal control over financial reporting as of December 31, 2007, based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 27, 2008 expressed an unqualified opinion thereon.









/s/ Ernst & Young LLP



New York, New York


February 27, 2008


F-2









Table of Contents


Aircastle Limited and Subsidiaries


Consolidated Balance Sheets


This excerpt taken from the AYR 10-K filed Mar 22, 2007.
Page Consolidated Financial Statements — December 31, 2004, 2005 and 2006   Report of Independent Registered Public Accounting Firm F-2 Consolidated Balance Sheets at December 31, 2005 and 2005 F-3 Consolidated Statements of Operations for the Period from October 29, 2004 (Commencement of Operations) to December 31, 2004 and for the years ended December 31, 2005 and 2006 F-4 Consolidated Statements of Cash Flows for the Period from October 29, 2004 (Commencement of Operations) to December 31, 2004 and for the years ended December 31, 2005 and 2006 F-5 Consolidated Statements of Shareholders’ Equity for the Period from October 29, 2004 (Commencement of Operations) to December 31, 2004 and for the years ended December 31, 2005 and 2006 F-6 Notes to Consolidated Financial Statements F-7

F-1



Table of Contents

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders
Aircastle Limited

We have audited the accompanying consolidated balance sheets of Aircastle Limited and subsidiaries as of December 31, 2005 and 2006, and the related consolidated statements of operations, cash flows and shareholders’ equity for the period October 29, 2004 (commencement of operation) through December 31, 2004, and each of the two years in the period ended December 31, 2006. 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.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Company’s internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Aircastle Limited and subsidiaries at December 31, 2005 and 2006 and the consolidated results of their operations and their cash flows for the period October 29, 2004 (commencement of operations) through December 31, 2004 and each of the two years in the period ended December 31, 2006, in conformity with U.S. generally accepted accounting principles.

/s/ Ernst & Young LLP

New York, New York
March 19, 2007

F-2



Table of Contents

Aircastle Limited and Subsidiaries
Consolidated Balance Sheets
(Dollars in thousands, except share data)


  December 31,
2005		 December 31,
2006

EXCERPTS ON THIS PAGE:

10-K
Feb 28, 2008
10-K
Mar 22, 2007

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