Summary Earnings Statements

The summary earnings before income and tax statements by location have been prepared to show the key features of the operating performance achieved by each major business unit within the Group. This presentation differs from the financial statements in that interest received and gains on financial transactions which relate to the companys debt funding arrangements have been included in funding costs. In the financial statements, interest received and some foreign exchange gains/losses are included in other income. Funding costs and tax are included in the consolidated income statements on page 54 of this annual report.

SKYCITY Auckland includes corporate costs.

FY05 has been restated to comply with NZ IFRS.