Sky City Limited

1998 Annual Report

Auditor's Report to the Shareholders of Sky City Limited

We have audited the financial statements on pages 34 to 54. The financial statements provide information about the past financial performance and cash flows of the company and group for the year ended 30 June 1998 and their financial position as at that date. This information is stated in accordance with the accounting policies set out on pages 39 to 41.

Directors' Responsibilities

The company's directors are responsible for the preparation and presentation of financial statements which give a true and fair view of the financial position of the company and group as at 30 June 1998 and their financial performance and cash flows for the year ended on that date.

Auditor's Responsibilities

We are responsible for expressing an independent opinion on the financial statements presented by the directors and reporting our opinion to you.

Basis of Opinion

An audit includes examining, on a test basis, evidence relevant to the amounts and disclosures in the financial statements. It also includes assessing:

(a) the significant estimates and judgements made by the directors in the preparation of the financial statements; and

(b) whether the accounting policies used and described on pages 39 to 41 are appropriate to the circumstances of the company and group, consistently applied and adequately disclosed.

We have conducted our audit in accordance with generally accepted auditing standards in New Zealand. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatements, whether caused by fraud or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

We have no relationship with or interests in the company and group other than in our capacity as auditors, internal auditors, tax advisers and risk management consultancy.

Unqualified Opinion

We have obtained all the information and explanations we have required. In our opinion:

(a) proper accounting records have been kept by the company and group as far as appears from our examination of those records; and

(b) the financial statements on pages 34 to 54:

(i) comply with generally accepted accounting practice; and

(ii) give a true and fair view of the financial position of the company and group as at 30 June 1998 and their financial performance and cash flows for the year ended on that date.

Our audit was completed on 24 August 1998 and our unqualified opinion is expressed as at that date.

Chartered Accountants                    Auckland

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