NEW ZEALAND GAZETTE

No. 104

AUDIT REPORT

To the readers of the attached financial statements of Marlborough Lines Limited

We have audited the accompanying financial statements of Marlborough Lines Limited prepared in accordance with the Electricity (Information Disclosure) Regulations 1999 and the Electricity (Information Disclosure) Amendment Regulations 2000. The financial statements provide information about the past financial performance of Marlborough Lines Limited and its financial position as at 31 March 2000. This information is stated in accordance with the accounting policies set out on page 3.

Directors' Responsibilities

The Electricity (Information Disclosure) Regulations 1999 and Electricity (Information Disclosure) Amendment Regulations 2000 require the Directors to prepare financial statements, which give a true and fair view of the financial position of Marlborough Lines Limited as at 31 March 2000 and of the results of operations and cash flows for the year then ended.

Auditors' Responsibilities

It is our responsibility to express an independent opinion on the financial statements presented by the Directors and report 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:

• the significant estimates and judgements made by the Directors in the preparation of the financial statements, and
• whether the accounting policies are appropriate to Marlborough Lines Limited circumstances, 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 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.

Other than in our capacity as auditor we have no relationship with or interests in Marlborough Lines Limited.

Unqualified Opinion

We have obtained all the information and explanations we have required.

In our opinion proper accounting records have been kept by Marlborough Lines Limited as far as appears from our examination of those records.

In our opinion, the financial statements of Marlborough Lines Limited on pages 1 to 8, prepared in accordance with the Electricity (Information Disclosure) Regulations 1999 and Electricity (Information Disclosure) Amendment Regulations 2000:

• comply with generally accepted accounting practice; and
• give a true and fair view of the financial position of Marlborough Lines Limited as at 31 March 2000 and the results of its operations and cash flows for the year ended on that date; and
• comply with the Electricity (Information Disclosure) Regulations 1999 and Electricity (Information Disclosure) Amendment Regulations 2000.

Our audit was completed on 15 August 2000 and our unqualified opinion is expressed as at that date.

G R Mitchell
Deloitte Touche Tohmatsu, Wellington New Zealand
On behalf of the Controller and Auditor-General

Deloitte

Touche Tohmatsu