FY21 Statutory Accounts With Auditors Report Attached

1
Independent Auditor’s Report

To the Shareholders of Vulcan Steel Limited

Opinion We have audited the consolidated financial statements of Vulcan Steel Limited and
its subsidiaries (the ‘Group’), which comprise the consolidated balance sheet as at
30 June 2021, and the consolidated statement of profit or loss and other
comprehensive income, consolidated statement of changes in equity and
consolidated statement of cash flows for the year then ended, and notes to the
consolidated financial statements, including a summary of significant accounting
policies.
In our opinion, the accompanying consolidated financial statements, on pages 1 to
23, present fairly, in all material respects, the consolidated financial position of the
Group as at 30 June 2021, and its consolidated financial performance and cash
flows for the year then ended in accordance with New Zealand Equivalents to
International Financial Reporting Standards (‘NZ IFRS’) and International Financial
Reporting Standards (‘IFRS’).
Basis for opinion We conducted our audit in accordance with International Standards on Auditing
(‘ISAs’) and International Standards on Auditing (New Zealand) (‘ISAs (NZ)’). Our
responsibilities under those standards are further described in the Auditor’s
Responsibilities for the Audit of the Consolidated Financial Statements section of
our report.
We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.
We are independent of the Company in accordance with Professional and Ethical
Standard 1 International Code of Ethics for Assurance Practitioners (including
International Independence Standards) (New Zealand) issued by the New Zealand
Auditing and Assurance Standards Board and the International Ethics Standards
Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards), and we have fulfilled our other
ethical responsibilities in accordance with these requirements.
Other than in our capacity as auditor and the provision of taxation advice, we have
no relationship with or interests in the Company or any of its subsidiaries. These
services have not impaired our independence as auditor of the Company and
Group.
Directors’ responsibilities for
the consolidated financial
statements
The directors are responsible on behalf of the Group for the preparation and fair
presentation of the consolidated financial statements in accordance with NZ IFRS,
and for such internal control as the directors determine is necessary to enable the
preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible on
behalf of the Group for assessing the Group’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the directors either intend to liquidate the
Group or to cease operations, or have no realistic alternative but to do so.

2
Auditor’s responsibilities for
the audit of the consolidated
financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated
financial statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAs and ISAs (NZ) will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these
financial statements.
A further description of our responsibilities for the audit of the financial statements
is located on at the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards-for-assurance-practitioners/auditors-
responsibilities/audit-report-7
This description forms part of our auditor’s report.
Restriction on use

This report is made solely to the Company’s shareholders, as a body, in accordance
with Section 207B 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 auditor’s 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’s shareholders as a body, for our audit work, for this
report, or for the opinions we have formed.



Auckland, New Zealand
13 August 2021







This audit report relates to the consolidated financial statements of Vulcan Steel Limited (the ‘Company’) for the
year ended 30 June 2021 included on the Company’s website. The Directors are responsible for the maintenance
and integrity of the Company’s website. We have not been engaged to report on the integrity of the Company’s
website. We accept no responsibility for any changes that may have occurred to the consolidated financial
statements since they were initially presented on the website. The audit report refers only to the consolidated
financial statements named above. It does not provide an opinion on any other information which may have been
hyperlinked to/from these consolidated financial statements. If readers of this report are concerned with the
inherent risks arising from electronic data communication they should refer to the published hard copy of the
audited consolidated financial statements and related audit report dated 13 August 2021 to confirm the
information included in the audited consolidated financial statements presented on this website.