|
|
 | | | |
- close
- close
- close
- close
| |||||||||
These excerpts taken from the XIDE 10-K filed Jun 4, 2009. REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholders and Board of Directors of
Exide Technologies
In our opinion, the accompanying consolidated balance sheets and
the related consolidated statements of operations,
stockholder’s equity and cash flows present fairly, in all
material respects, the financial position of Exide Technologies
and its subsidiaries at March 31, 2009 and 2008, and the
results of their operations and their cash flows for each of the
three years in the period ended March 31, 2009 in
conformity with accounting principles generally accepted in the
United States of America. In addition, in our opinion, the
financial statement schedule listed in the accompanying index
presents fairly, in all material respects, the information set
forth therein when read in conjunction with the related
consolidated financial statements. Also in our opinion, the
Company maintained, in all material respects, effective internal
control over financial reporting as of March 31, 2009,
based on criteria established in Internal Control —
Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO). The
Company’s management is responsible for these financial
statements and financial statement schedule, for maintaining
effective internal control over financial reporting and for its
assessment of the effectiveness of internal control over
financial reporting, included in Management’s Report on
Internal Control Over Financial Reporting appearing under
Item 9A. Our responsibility is to express opinions on these
financial statements, on the financial statement schedule, and
on the Company’s internal control over financial reporting
based on our integrated 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 audits to obtain reasonable assurance about
whether the financial statements are free of material
misstatement and whether effective internal control over
financial reporting was maintained in all material respects. Our
audits of the financial statements included 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. Our audit of internal
control over financial reporting included obtaining an
understanding of internal control over financial reporting,
assessing the risk that a material weakness exists, and testing
and evaluating the design and operating effectiveness of
internal control based on the assessed risk. Our audits also
included performing such other procedures as we considered
necessary in the circumstances. We believe that our audits
provide a reasonable basis for our opinions.
A company’s internal control over financial reporting is a
process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with
generally accepted accounting principles. A company’s
internal control over financial reporting includes those
policies and procedures that (i) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the
company; (ii) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of
financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of
management and directors of the company; and (iii) provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the
company’s assets that could have a material effect on the
financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.
PricewaterhouseCoopers LLP
Atlanta, Georgia
June 4, 2009
Table of Contents
Table of Contents
This excerpt taken from the XIDE 10-K filed Jun 9, 2008. REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Partners and Board of Directors of
Exide Global Holdings Netherlands C.V.
In our opinion, the accompanying consolidated balance sheets and
the related consolidated statements of operations, equity and
cash flows present fairly, in all material respects, the
financial position of Exide Global Holdings Netherlands C.V., a
wholly-owned subsidiary of Exide Technologies, and its
subsidiaries (the Company) at March 31, 2008 and 2007, and
the results of their operations and cash flows for each of the
three years in the period ended March 31, 2008 in
conformity with accounting principles generally accepted in the
United States of America. 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 of these
statements 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, 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.
PricewaterhouseCoopers LLP
Atlanta, Georgia
June 5, 2008
Table of Contents
This excerpt taken from the XIDE 10-K filed Jun 11, 2007. REPORT OF
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Partners and Board of Directors of
Exide Global Holdings Netherlands C.V.
In our opinion, the accompanying consolidated statements of
operations, equity and cash flows present fairly, in all
material respects, the results of operations and cash flows of
Exide Global Holdings Netherlands C.V., a wholly-owned
subsidiary of Exide Technologies (Exide), and its subsidiaries,
Exide Holding Europe SAS and Exide Holding Asia Pte. Limited,
(Predecessor Company or Company) for the period from
April 1, 2004 to May 5, 2004 in conformity with
accounting principles generally accepted in the United States of
America. 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 audit. We
conducted our audit of these statements 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,
assessing the accounting principles used and significant
estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
As discussed in Note 1 to the consolidated financial
statements, on April 15, 2002, Exide, together with certain
of its U.S. subsidiaries (Debtors), filed voluntary
petitions for reorganization under Chapter 11 of the
federal bankruptcy laws in the United States Court for the
District of Delaware. The Debtor’s Joint Plan of
Reorganization was confirmed by the Bankruptcy Court on
April 21, 2004 and the Debtors declared May 5, 2004 as
the effective date of the Plan as it had substantially
consummated the transactions provided for in the Plan on such
date. Confirmation of the plan resulted in the discharge of
substantially all claims against Exide that arose before
April 15, 2002 and terminated all rights and interests of
equity security holders as provided for in the plan. For
accounting purposes, the Company also recognized Exide’s
emergence from bankruptcy as of May 5, 2004.
As discussed in Note 1 to the consolidated financial
statements, on April 14, 2004, the Predecessor Company was
formed by the contribution of ownership of Exide Holding Europe
SAS and Exide Holding Asia Pte. Limited and their subsidiaries
by Exide Technologies to the Predecessor Company. For reporting
purposes, the consolidated financial statements of Exide Holding
Europe SAS and Exide Holding Asia Pte Limited and their
subsidiaries have been presented for periods through
April 14, 2004.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
October 6, 2006
Table of Contents
This excerpt taken from the XIDE 10-K filed Jun 29, 2005. REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Directors of Exide Technologies
In our opinion, the accompanying consolidated balance sheet and the related consolidated statements of operations, shareholders’ equity (deficit) and cash flows present fairly, in all material respects, the financial position of Exide Technologies and its subsidiaries (Predecessor Company) at March 31, 2004 and the results of their operations and their cash flows for the period from April 1, 2004 to May 5, 2004 and for each of the two years in the period ended March 31, 2004 in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedule listed in the accompanying index presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. These financial statements and financial statement schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and financial statement schedule based on our audits. We conducted our audits of these statements 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, 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.
As discussed in Note 7 to the consolidated financial statements, on April 1, 2003, Exide adopted Statement of Financial Accounting Standards (SFAS) No. 143, Accounting for Asset Retirement Obligations.
As discussed in Note 1 to the consolidated financial statements, on April 15, 2002, Exide Technologies, together with certain of its U.S. subsidiaries (Debtors), filed voluntary petitions for reorganization under Chapter 11 of the federal bankruptcy laws in the United States Court for the District of Delaware. The Debtor’s Joint Plan of Reorganization was confirmed by the Bankruptcy Court on April 21, 2004 and the Debtors declared May 5, 2004 as the effective date of the Plan as it had substantially consummated the transactions provided for in the Plan on such date. For accounting purposes the Company also recognized its emergence from bankruptcy as of May 5, 2004. In connection with its emergence from bankruptcy, the Company adopted fresh start accounting as of May 5, 2004.
PricewaterhouseCoopers LLP Philadelphia, Pennsylvania June 28, 2005
F-5
Table of ContentsEXIDE TECHNOLOGIES AND SUBSIDIARIES
This excerpt taken from the XIDE 10-K filed Mar 1, 2005. REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Shareholders and Board of Directors of Exide Technologies
In our opinion, the consolidated financial statements listed in the accompanying index present fairly, in all material respects, the financial position of Exide Technologies and its subsidiaries (Exide) at March 31, 2004 and 2003, and the results of their operations and cash flows for each of the three years in the period ended March 31, 2004 in conformity with accounting principles generally accepted in the United States of America. In addition, in our opinion, the financial statement schedule listed in the accompanying index presents fairly, in all material respects, the information set forth therein when read in conjunction with the related consolidated financial statements. These financial statements and financial statement schedule are the responsibility of Exide’s management. Our responsibility is to express an opinion on these financial statements and financial statement schedule based on our audits. We conducted our audits of these statements 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, assessing the accounting principles 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.
As discussed in Note 30 to the consolidated financial statements, the Company has incurred operating losses since emerging from bankruptcy, which in part have contributed to the Company’s failure to meet certain debt covenants at the end of its second and third quarters of the fiscal year ending March 31, 2005. Bank amendments were obtained for both violations. The Company forecasts it will be in compliance with its covenants through March 31, 2005; however, without the proceeds from the proposed senior notes offering and/or with no easing of the current bank covenants its ability to meet certain covenants at June 30, 2005 and beyond is uncertain. Further, the Company’s forecasted cash flows assume the Internal Revenue Service will grant an extension to the Company’s conditional waiver of its minimum pension contributions to allow the Company adequate time to provide a lien satisfactory to the Pension Benefit Guarantee Corporation and defer $50 million of calendar year 2003 and 2004 contributions. If the bond offering isn’t successful, if the IRS doesn’t permit the Company to defer the $50 million pension contributions or if the Company isn’t able to comply with its debt covenants at June 30, 2005 and beyond, the Company’s liquidity would be adversely affected.
As explained in Note 27 to the consolidated financial statements, the Company has given retroactive effect to the change in reporting segments.
As discussed in Note 6 to the consolidated financial statements, on April 1, 2003, Exide adopted Statement of Financial Accounting Standards (SFAS) No. 143, Accounting for Asset Retirement Obligations. As discussed in Note 7 to the consolidated financial statements, on April 1, 2001, Exide adopted SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities, as amended.
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania June 28, 2004, except for Note 27 and Note 30, as to which the date is February 28, 2005
F-2
Table of ContentsEXIDE TECHNOLOGIES AND SUBSIDIARIES
| EXCERPTS ON THIS PAGE:
|
| |||||||
