Safeway 2002 Annual Report Download - page 53

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SAFEWAY INC. 2002 ANNUAL REPORT 51
THE BOARD OF DIRECTORS AND
STOCKHOLDERS OF SAFEWAY INC:
We have audited the accompanying consolidated balance
sheets of Safeway Inc. and subsidiaries as of December 28,
2002 and December 29, 2001, and the related consolidated
statements of operations, stockholders’ equity and cash
flows for each of the three fiscal years in the period ended
December 28, 2002. These financial statements are the
responsibility of the Company’s management. Our respon-
sibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in accordance with auditing
standards generally accepted in the United States of
America. Those standards require that we plan and per-
form the audit to obtain reasonable assurance about
whether the financial statements are free of material mis-
statement. An audit includes examining, on a test basis, evi-
dence 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, such consolidated financial statements
present fairly, in all material respects, the financial position
of Safeway Inc. and subsidiaries as of December 28, 2002
and December 29, 2001, and the results of their operations
and their cash flows for each of the three fiscal years in the
period ended December 28, 2002 in conformity with
accounting principles generally accepted in the United
States of America.
As discussed in Note A to the consolidated financial state-
ments, in fiscal 2002 the Company changed its method of
accounting for goodwill and other intangible assets to con-
form to Statement of Financial Accounting Standards No.
142, “Goodwill and Other Intangible Assets.”
San Francisco, California
March 21, 2003
INDEPENDENT AUDITORS’ REPORT
SAFEWAY INC. AND SUBSIDIARIES