17 NOVEMBER 2006
NEW ZEALAND GAZETTE, No. 141
4095

Deloitte

AUDIT REPORT

TO THE READERS OF THE FINANCIAL STATEMENTS OF MAINPOWER NEW ZEALAND LIMITED

We have audited the accompanying financial statements of MainPower New Zealand Limited. The financial statements provide information about the past financial performance of MainPower New Zealand Limited and its financial position as at 31 March 2006. This information is stated in accordance with the accounting policies set out on pages 1 and 2.

Directors' Responsibilities

The Commerce Commission’s Electricity Information Disclosure Requirements 2004 made under section 57T of the Commerce Act 1986 require the Directors to prepare financial statements which give a true and fair view of the financial position of MainPower New Zealand Limited as at 31 March 2006, and results of operations and cash flows for the year then ended.

Auditors' Responsibilities

It is our responsibility to express to you an independent opinion on the financial statements presented by the Directors.

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 MainPower New Zealand Limited's 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. We obtained sufficient evidence to obtain 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 and the provision of financial advice, we have no relationship with or interests in MainPower New Zealand Limited.

Unqualified Opinion

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

In our opinion:

• proper accounting records have been maintained by MainPower New Zealand Limited as far as appears from our examination of those records; and
• the financial statements referred to above:
  • comply with generally accepted accounting practice; and
  • give a true and fair view of the financial position of MainPower New Zealand Limited as at 31 March 2006 and the results of its operations and cash flows for the year then ended; and
  • comply with the Electricity Information Disclosure Requirements 2004.

Our audit was completed on 30 October 2006 and our unqualified opinion is expressed as at that date.

Deloitte

Chartered Accountants
Christchurch, New Zealand.

This audit report relates to the financial statements of MainPower New Zealand Limited prepared in accordance with the Electricity Information Disclosure Requirements 2004 for the year ended 31 March 2006 included on MainPower New Zealand’s website. MainPower New Zealand’s Directors are responsible for the maintenance and integrity of MainPower New Zealand’s website. We have not been engaged to report on the integrity of MainPower New Zealand’s website. We accept no responsibility for any changes that may have occurred to the financial statements since they were initially presented on the website. The audit report refers only to the financial statements named above. It does not provide an opinion on any other information which may have been hyperlinked to/from these financial statements. If readers of this report are concerned with the inherent risks arising from electronic data communication they should refer to the hard copy of the audited financial statements and related audit report dated 30 October 2006 to confirm the information included in the audited financial statements presented on this website. Legislation in New Zealand governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.