Document EvRnQ22d8q96XbMnvzwDxEn3V

MAFCO CONSOLIDATED GROUP INC (Form: 10-K, Received. 03/28/1997 00 00 0.. Page 56 of 116 included for Power Control Technologies Inc., it is based solely on their report. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement An audit includes examining, on a test basis, evidence supporting the amounts and disclosures m the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation We believe that our audits and the report of other auditors provide a reasonable basis for our opinion. In our opimon, based on our audits and the report of other auditors, the consolidated financial statements referred to above present fairly, m all material respects, the consolidated financial position of Mafco Consolidated Group Inc and subsidiaries at December 31, 1996 and 1995 and the consolidated results of their operations and their consolidated cash flows for each of the three years in the penod ended December 31, 1996, m conformity with generally accepted accounting principles. Also, m our opimon, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly m all matenal respects, the information set forth therein. Ernst & Young LLP New York, New York February 11, 1997 F-2 MAFCO CONSOLIDATED GROUP INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT PER SHARE DATA) ASSETS Current assets: Cash and cash equivalents Trading securities Notes and trade receivables, Inventories Prepaid expenses and other net Total current assets Property, plant and equipment, net Pension asset Investment in PCT preferred and common stock Trademarks, net Intangible assets related to businesses acquired, Other assets net 1996 DECEIT $ 6,222 409,605 19,498 45,957 25,396 506,678 37,277 62,738 12,996 31,155 59,723 58,934 $ 769,501 httpV/www edgarpro.com/EFX_dll/EDGARpro.dll?FetchFihngHTMLPID=969943&Ses . 10/19/2003