Document wq9zw9bdzv2GnEMxxOyO1L5ZD

MAFCO CONSOLIDATED GROUP INC (Form 10-K, Received. 03/28/1997 00.00:0... Page 55 of 116 MAFCO CONSOLIDATED GROUP INC. AND SUBSIDIARIES ITEM 8, ITEM 14 (A)(1) AND (2) AND (D) INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULE YEAR ENDED DECEMBER 31,1996 The following consolidated financial statements of Mafco Consolidated Grouj Inc. and Subsidiaries are included m Item 8. Report of Independent Auditors .................................................................................................................................................. Consolidated Balance Sheets as of December 31, 1996 and 1995.................................................................... Consolidated Statements of Earnings for the years ended December 31, 1996, 1995 and 1994................................................................. Consolidated Statements of Stockholders' Equity (Deficit) for the years ended December 31, 1996, 1995 and 1994. .. ...................................... Consolidated Statements of Cash Flows for the years ended December 31, 1996, 1995 and 1994.............................................................. Notes to Consolidated Financial Statements................................................................ ....................................... The following financial statement schedule of Mafco Consolidated Group Inc included in Item 14(d) Schedule II- Valuation and Qualifying Accounts .................................................................................................... All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange Commission are not required under the related instructions or are inapplicable and, therefore, have been omitted F-l REPORT OF INDEPENDENT AUDITORS The Board of Directors and Stockholders Mafco Consolidated Group Inc We have audited the accompanying consolidated balance sheets of Mafco Consohdated Group Inc. and subsidiaries as of December 31, 1996 and 1995, and the related consolidated statements of earnings, stockholders' equity (deficit) and cash flows for each of the three years m the period ended December 31, 1996 Our audits also included the financial statement schedule listed in the Index at Item 14(a) These financial statements and schedule are the responsibility of the Company's management Our responsibility is to express an opimon on these financial statements and schedule based on our audits The 1995 financial statements of Power Control Technologies Inc (a corporation m which the Company has a 29% common equity interest), have been audited by other auditors whose report has been furnished to us, insofar as our opinion on the 1995 consohdated financial statements relates to data http //www.edgarpro.com/EFX_dll/EDGARpro.dlUFetchFihngHTMLl7ID=969943&Ses... 10/19/2003