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independent auditors’ report
to the shareholder of Tainui group holdings Limited
Report on the Financial Statements
We have audited the financial statements of Tainui Group Holdings Limited on pages 45 to 75, which comprise the statements
of financial position as at 31 March 2013, the statements of comprehensive income and statements of changes in equity
and statements of cash flows for the year then ended, and the notes to the financial statements that include a summary of
significant accounting policies and other explanatory information.
Directors’ Responsibility for the Financial Statements
The Directors are responsible for the preparation of these financial statements in accordance with generally accepted
accounting practice in New Zealand and that give a true and fair view of the matters to which they relate and for such internal
controls as the Directors determine are necessary to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in
accordance with International Standards on Auditing (New Zealand) and International Standards on Auditing. These standards
require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial
statements. The procedures selected depend on the auditors’ judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors
consider the internal controls relevant to the Company and the Group’s preparation of financial statements that give a true and
fair view of the matters to which they relate, in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on the effectiveness of the Company and the Group’s internal control. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates, as
well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Other than in our capacity as auditors, tax advisor, and providers of other assurance services, we have no relationship with,
or interests in, Tainui Group Holdings Limited or any of its subsidiaries. These services have not impaired our independence as
auditors of the Company and the Group.
Opinion
In our opinion, the financial statements on pages 45 to 75:
(i) comply with generally accepted accounting practice in New Zealand; and
(ii) give a true and fair view of the financial position of the Company and the Group as at 31 March 2013, and their financial
performance and cash flows for the year then ended.
Report on Other Legal and Regulatory Requirements
We also report in accordance with Sections 16(1)(d) and 16(1)(e) of the Financial Reporting Act 1993. In relation to our audit of
the financial statements for the year ended 31 March 2013:
(i) we have obtained all the information and explanations that we have required; and
(ii) in our opinion, proper accounting records have been kept by the Company and the Group as far as appears from an
examination of those records.
Restriction on Distribution or Use
This report is made solely to the Company’s Shareholder, as a body, in accordance with Section 205(1) of the Companies Act
1993. Our audit work has been undertaken so that we might state to the Company’s Shareholder those matters which 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 Shareholder, as a body, for our audit
work, for this report or for the opinions we have formed.
Chartered Accountants
Auckland
18 June 2013
