Financial Statements
 

PricewaterhouseCoopers 188 Quay Street Private Bag 92162 Auckland, New Zealand DX CP24073 Telephone Facsimile

AUDITORS REPORT
To the shareholders of SKYCITY Entertainment Group Limited

We have audited the financial statements on pages 41 to 74.The financial statements provide information about the past financial performance and cash flows of the Company and Group for the year ended 30 June 2004 and their financial position as at that date. This information is stated in accordance with the accounting policies set out on pages 46 to 49.

Directors Responsibilities
The Companys Directors are responsible for the preparation and presentation of the financial statements which give a true and fair view of the financial position of the Company and Group as at 30 June 2004 and their financial performance and cash flows for the year ended on that date.

Auditors 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 are appropriate to the circumstances of the Company and Group,consistently applied and adequately disclosed.

We conducted our audit in accordance with generally accepted auditing standards in NewZealand. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary 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 or any of its subsidiaries other than in our capacities as auditors under the Companies Act 1993, internal auditors, tax and accounting advisers.

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 as far as appears from our examination of those records; and

(b) the financial statements on pages 41 to 74:

(i)	comply with generally accepted accounting practice in NewZealand; and
(ii)	give a true and fair view of the financial position of the Company and Group as at 30 June 2004 and their financial performance and cash flows for the year ended on that date.

Our audit was completed on 24 August 2004 and our unqualified opinion is expressed as at that date.

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