Rakon 2010 Annual Report

Page 1

Rakon Limited Annual Report 2010


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Auditors’ Report To the shareholders of Rakon Limited

PricewaterhouseCoopers 188 Quay Street Private Bag 92162 Auckland, New Zealand DX CP24073 www.pwc.com/nz Telephone +64 9 355 8000 Facsimile +64 9 355 8001

We have audited the financial statements on pages 3 to 50. The financial statements provide information about the past financial performance and cash flows of the Company and Group for the year ended 31 March 2010 and their financial position as at that date. This information is stated in accordance with the accounting policies set out on pages 8 to 16. This report is made solely to the Company's shareholders, as a body, in accordance with Section 205 (1) of the Companies Act 1993. Our audit has been undertaken so that we might state to the Company's shareholders those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's shareholders, as a body, for our audit work, for this report or for the opinion we have formed. Directors' Responsibilities The Company’s 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 31 March 2010 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 New Zealand. 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 capacity as auditors and providers of other assurance services.

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Auditors’ Report

5N&Q"@&5KNK&

Rakon Limited

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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 3 to 50: (i)

comply with generally accepted accounting practice in New Zealand;

(ii)

comply with International Financial Reporting Standards; and

(iii)

give a true and fair view of the financial position of the Company and Group as at 31 March 2010 and their financial performance and cash flows for the year ended on that date.

Our audit was completed on 21 May 2010 and our unqualified opinion is expressed as at that date.

Chartered Accountants

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Auckland

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