Energy Mad : Consolidated Financial Statements 31 March 2016

Energy Mad Limited 31 March 2016 - Consolidated Financial Statements (250516).pdf Energy Mad Limited

31 March 2016

Consolidated Financial Statements

Energy Mad Limited 2

Consolidated Financial Statements 31 March 2016

Energy Mad Consolidated Financial Statements 2016

CONTENTS

Auditors' Report………………………………………………………………………………. 3 Directors' Responsibilities Statement….…………………………………………………... 5 Statement of Comprehensive Income………………………….…….……………………. 6 Statement of Changes in Equity………………………….….…………………………….. .7 Statement of Financial Position…………………………….…………….………………… 8 Statement of Cash Flows………………………………….…………………….……………9 Notes to the Financial Statements…………………………………………………………..10

Independent Auditors' Report

to the shareholders of Energy Mad Limited

Report on the Consolidated Financial Statements

We have audited the consolidated financial statements of Energy Mad Limited ("the Company") on pages 6 to 37, which comprise the consolidated statement of financial position as at 31 March 2016, the consolidated statement of comprehensive income, the consolidated statement of changes in equity and the consolidated statement 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 for the Group. The Group comprises the Company and the entities it controlled at 31 March 2016 or from time to time during the financial year.

Directors' Responsibility for the Consolidated Financial Statements

The Directors are responsible on behalf of the Company for the preparation and fair presentation of these consolidated financial statements in accordance with New Zealand Equivalents to International Financial Reporting Standards and for such internal controls as the Directors determine are necessary to enable the preparation of consolidated 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 consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing (New Zealand). These standards require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors' judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider the internal controls relevant to the Company's preparation and fair presentation of the consolidated financial statements 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'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 consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

We are independent of the Group. Other than in our capacity as auditors we have no relationship with, or interests in, the Group.

PricewaterhouseCoopers

5 Sir Gil Simpson Drive, Canterbury Technology Park, PO Box 13 244, Christchurch 8053, New Zealand; T: [phone], F: [phone], www.pwc.com/nz

Independent Auditors' Report

Energy Mad Limited

Opinion

In our opinion, the consolidated financial statements on pages 6 to 37 present fairly, in all material respects, the financial position of the Group as at 31 March 2016, and its financial performance and cash flows for the year then ended in accordance with New Zealand Equivalents to International Financial Reporting Standards.

Emphasis of Matter - Fundamental Uncertainty in relation to Going Concern Without modifying our opinion, we draw attention to the disclosures made in Note 3 in the financial statements which indicates that the ability of the Group to continue in operational existence is dependent upon their ability to generate positive cash flows from operations. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Group's ability to continue as a going concern. Restriction on Use of our Report

This report is made solely to the Company's shareholders, as a body, in accordance with the Companies Act 1993. Our audit work has been undertaken so that we might state 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 shareholders, as a body, for our audit work, for this report or for the opinions we have formed.

Chartered Accountants Christchurch

25 May 2016