Financial Report 2009 - Leighton Holdings

LEIGHTON
2009Financial Report
Leighton Holdings Limited ABN 57 004 482 982

LEIGHTON HOLDINGS LIMITED
FINANCIAL REPORT 2009
ABN 57 004 482 982
This publication includes Leighton Holdings Limited’s
Financial Report, Directors’ Declaration and Independent
Auditor’s Report for the financial year ended 30 June
2009.
It should be read in conjunction with the Leighton Holdings
Limited Concise Annual Report 2009 which provides an
overview of the key activities for the year ended 30 June
2009. The Concise Annual Report includes the message
from the Chairman, Chief Executive’s report, Board of
Director’s resumes, Director’s Report, Auditor Independence
Declaration, sections on corporate governance, health and
safety, corporate social responsibility, information for
investors and Australian Securities Exchange information.
The full annual report of Leighton Holdings Limited for the
year ended 30 June 2009 comprises the Financial Report and
the Concise Annual Report, in accordance with the
Corporations Act 2001.
The Concise Annual Report 2009 and the Financial Report
2009 can be found at the Leighton Holdings website:
www.leighton.com.au
Annual General Meeting
Leighton Holdings Limited’s 2009 Annual General Meeting will
be held in Sydney at The Four Seasons Hotel, 199 George
Street, Sydney on 5 November 2009, commencing 10.00am.
Income Statements ...................................................... 2
Statements of Recognised Income and Expense ........ 3
Balance Sheets ............................................................ 4
Statements of Cash Flows ........................................... 5
Notes to the Financial Statements .......................... 6-74
1. Summary of significant accounting policies .............................................. 6
2. Revenue ................................................................................................. 12
3. Expenses................................................................................................ 13
4. Finance Costs......................................................................................... 14
5. Auditor’s remuneration............................................................................ 15
6. Income tax expense................................................................................ 16
7. Cash and cash equivalents..................................................................... 17
8. Trade and other receivables ................................................................... 17
9. Current tax assets .................................................................................. 18
10. Inventories.............................................................................................. 18
11. Investments accounted for using the equity method ............................... 18
12. Other investments .................................................................................. 19
13. Deferred taxes........................................................................................ 19
14. Property, plant and equipment................................................................ 20
15. Goodwill.................................................................................................. 21
16. Trade and other payables....................................................................... 22
17. Current tax liabilities ............................................................................... 22
18. Provisions............................................................................................... 23
19. Interest bearing liabilities ........................................................................ 24
20. Equity ..................................................................................................... 25
21. Reserves ................................................................................................ 26
22. Retained earnings .................................................................................. 27
23. Dividends................................................................................................ 28
24. Earnings per share ................................................................................. 29
25. Associates .............................................................................................. 30
26. Joint venture entities............................................................................... 32
27. Reconciliation of property, plant and equipment carrying values............. 35
28. Reconciliation of profit for the year to net cash from operating activities. 36
29. Acquisitions and disposals of controlled entities ..................................... 37
30. Segment information............................................................................... 39
31. Commitments ......................................................................................... 43
32. Contingent liabilities................................................................................ 45
33. Capital risk management ........................................................................ 46
34. Financial instruments.............................................................................. 46
35. Employee benefits .................................................................................. 53
36. Related party disclosures ....................................................................... 57
37. Leighton Holdings Limited and controlled entities ................................... 64
38. New accounting standards ..................................................................... 72
39. Events subsequent to balance date........................................................ 74
Directors’ Declaration .................................................75
Independent Auditor’s Report to the Members of
Leighton Holdings Limited ..........................................76

Income Statements
for the year ended 30 June 2009
Group
Company
Note
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Revenue 2 13,275,384 10,321,705 419,248 387,452
Expenses 3 (12,909,320) (9,762,643) (82,021) (76,949)
Finance costs 4 (159,639) (134,736) (10,599) (30,102)
Share of profits of associates and joint venture entities 378,828 343,622 - -
Profit before tax 585,253 767,948 326,628 280,401
Income tax (expense)/benefit 6 (146,022) (158,857) 68,311 48,114
Profit for the year 439,231 609,091 394,939 328,515
Attributable to:
Members of the parent entity 22 440,044 607,888 394,939 328,515
Minority interest (813) 1,203 - -
Profit for the year 439,231 609,091 394,939 328,515
Dividends per share - Interim 23 60.0 ¢ 60.0 ¢
- Final 23 55.0 ¢ 85.0 ¢
Basic earnings per share 24 149.5 ¢ 218.6 ¢
Diluted earnings per share 24 149.0 ¢ 216.1 ¢
The income statements are to be read in conjunction with the notes to the financial statements.
Leighton Holdings Limited FINANCIAL REPORT 2009 2

Statements of Recognised Income and Expense
for the year ended 30 June 2009
Group
Company
Note
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Foreign exchange translation differences (net of tax) 21 163,138 (83,998)
Effective portion of changes in fair value of cash flow 21 (18,436) (69,611)
hedges (net of tax)
Change in fair value of available-for-sale assets
21 (17,940) 11,044
(net of tax)
Change in value of associate’s equity 21 1,732 8,855
Net gain/(loss) recognised directly in equity 128,494 (133,710) - -
Profit for the year 439,231 609,091 394,939 328,515
Total recognised income and expense for the year 567,725 475,381 394,939 328,515
Attributable to:
Members of the parent entity 568,538 474,178 394,939 328,515
Minority interest (813) 1,203
Total recognised income and expense for the year 567,725 475,381 394,939 328,515
The statements of recognised income and expense are to be read in conjunction with the notes to the financial statements.
Leighton Holdings Limited FINANCIAL REPORT 2009 3

Balance Sheets
as at 30 June 2009
Group
Company
Note
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Assets
Cash and cash equivalents 7 665,793 686,563 65,576 66,993
Trade and other receivables 8 2,391,573 1,689,092 280,094 193,035
Current tax assets 9 79,471 42,642 41,869 -
Inventories 10 576,504 371,327 - -
Investments accounted for using the equity method 11 1,730,563 1,497,529 - -
Other investments 12 111,826 411,126 1,245,711 1,238,849
Deferred tax assets 13 192,148 184,036 - 880
Property, plant and equipment 14 1,820,158 1,461,492 - -
Goodwill 15 124,278 120,420 - -
Total assets 7,692,314 6,464,227 1,633,250 1,499,757
Liabilities
Trade and other payables 16 3,615,283 2,885,237 217,298 435,776
Current tax liabilities 17 - 162,644 - 129,978
Provisions 18 459,639 393,053 2,160 2,932
Deferred tax liabilities 13 - - 12,102 -
Interest bearing loans 19 621,114 768,411 - -
Interest bearing limited recourse loans 19 657,711 569,668 - -
Leighton Notes 19 - 200,000 - 200,000
Total liabilities 5,353,747 4,979,013 231,560 768,686
Net assets 2,338,567 1,485,214 1,401,690 731,071
Equity
Share capital 20 1,171,826 480,988 1,171,826 480,988
Reserves 21 47,959 (90,632) - -
Retained earnings 22 1,119,521 1,094,635 229,864 250,083
Total equity attributable to equity holders of the parent 2,339,306 1,484,991 1,401,690 731,071
Minority interest (739) 223 - -
Total equity 2,338,567 1,485,214 1,401,690 731,071
The balance sheets are to be read in conjunction with the notes to the financial statements.
Leighton Holdings Limited FINANCIAL REPORT 2009 4

Statements of Cash Flows
for the year ended 30 June 2009
Group
Company
Note
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Cash flows from operating activities
Cash receipts in the course of operations (incl. GST) 14,490,407 11,151,102 - -
Cash payments in the course of operations (incl. GST) (13,188,030) (9,928,392) (8,609) (6,616)
Cash flows from operating activities 1,302,377 1,222,710 (8,609) (6,616)
Dividends received 21,264 25,994 - 379,842
Interest received 15,271 18,593 - 1,334
Finance costs paid (146,468) (134,953) (8,739) (16,478)
Income taxes (paid)/received (316,530) (209,883) (52,962) 33,809
Net cash from operating activities 28 875,914 922,461 (70,310) 391,891
Cash flows from investing activities
Payments for plant and equipment (814,933) (609,962) - -
Payments for plant and equipment - major component
(208,973) (92,812) - -
parts
Payments for other property, plant and equipment (40,355) (34,330) - -
Proceeds from sale of property, plant and equipment 149,295 173,913 - -
Payments for investments in controlled entities and
(16,238) (87,955) (6,862) (474,419)
businesses
Proceeds from sale of investments in controlled entities
- 35,351 - -
and businesses
Payments for other investments (83,805) (1,247,603) - -
Proceeds from sale of other investments 99,310 26,002 - -
Net cash from investing activities (915,699) (1,837,396) (6,862) (474,419)
Cash flows from financing activities
Proceeds from share issues 690,838 - 690,838 -
Proceeds from borrowings 755,991 1,153,725 - -
Repayment of borrowings (1,038,838) - (200,000) -
Net (payments)/proceeds on loans with related entities - - 66 434,089
Distributions to minority interest (149) (5,105) - -
Dividends paid (415,158) (347,611) (415,158) (347,611)
Net cash from financing activities (7,316) 801,009 75,746 86,478
Net increase/(decrease) in cash held (47,101) (113,926) (1,426) 3,950
Net cash at the beginning of the year 686,563 831,372 66,993 63,049
Effects of exchange rate fluctuations on cash held 26,331 (30,883) 9 (6)
Net cash at reporting date 665,793 686,563 65,576 66,993
The statements of cash flows are to be read in conjunction with the notes to the financial statements.
Leighton Holdings Limited FINANCIAL REPORT 2009 5

Notes to the Financial Statements
for the year ended 30 June 2009
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Statement of compliance
Leighton Holdings Limited (the
“Company”) is a company
domiciled in Australia. The
consolidated financial statements
of the Company comprise the
Company and its controlled entities
(the “Consolidated Entity” or
“Group”) and the Consolidated
Entity’s interest in associates and
jointly controlled entities.
The financial report is a general
purpose financial report which has
been prepared in accordance with
Australian Accounting Standards
(“AASB”) adopted by the
Australian Accounting Standards
Board and in accordance with the
Corporations Act 2001.
The financial reports of the
Company and of the
Consolidated Entity also comply
with the International Financial
Reporting Standards (“IFRS”)
adopted by the International
Accounting Standards Board.
The standards, amendments to
standards and interpretations
available for early adoption at
reporting date that have not been
applied in preparing this financial
report are detailed in the note on
new accounting standards.
Basis of preparation
The financial report is presented in
Australian dollars which is the
Company’s functional currency.
The financial report has been
prepared on the historical cost
basis, except for available-for-sale
assets and derivative financial
instruments which are measured at
fair value.
The Company is a company of the
kind referred to in ASIC Class
Order 98/100 dated 10 July 1998
and in accordance with that Class
Order, amounts in the financial
report have been rounded off to
the nearest thousand dollars,
unless otherwise stated.
The significant accounting policies
adopted in the preparation of the
financial report are set out below.
These policies have been applied
consistently to all periods
presented in the financial report.
Certain comparative amounts have
been reclassified to conform with
the current year’s presentation.
Accounting estimates and
judgements
Estimates and judgements are
continually evaluated and are
based on historical experience and
other factors, including
expectations of future events that
may have a financial impact on the
entity and are believed to be
reasonable under the
circumstances. Revisions to
estimates are recognised in the
period in which the estimate is
revised and in any future period
affected.
Judgements made in the
application of AASB that could
have a significant effect on the
financial report and estimates with
a risk of adjustment in the next
year are as follows:
• Construction contracting projects
- determination of stage of
completion;
- estimation of total contract
revenue and contract costs;
• Lease classification and asset
disposals: determination as to
whether the significant risks and
rewards of ownership have
transferred;
• Estimation of the economic life
of property, plant and
equipment;
• Measurement of restoration
provisions;
• Asset impairment testing;
• Assessment of the fair value of
available-for-sale assets; and
• Determination of the fair value of
business combinations.
Basis of consolidation
Results of controlled entities are
included in the consolidated
income statement from the date
control is obtained and excluded
from the date the entity is no
longer controlled. Control exists
when the Company has the power,
directly or indirectly, to govern the
financial and operating policies of
an entity so as to obtain benefits
from its activities. Intragroup
balances and transactions, and
any unrealised gains or losses
arising from intragroup
transactions, are eliminated in
preparing the consolidated
financial statements. Investments
in controlled entities are carried at
their cost of acquisition in the
Company’s financial statements.
Revenue recognition
Revenue from construction
contracting services is recognised
using the percentage complete
method. Stage of completion is
measured by reference to costs
incurred to date as a percentage
of estimated total costs for each
contract.
Where the project result can be
reliably estimated from the outset,
such as with cost reimbursable /
alliance contracts, contract
revenue and expenses are
recognised in the income
statement as incurred. With all
other construction contracts,
profits are deferred during the
establishment and initial stages of
the contract until the result can be
reliably estimated. The difference
between revenue and expenses is
carried forward as either a
contract receivable or contract
payable. Once the contract result
can be reliably estimated, which is
not less than 20% complete by
cost, the profit earned to that point
is recognised immediately.
Leighton Holdings Limited FINANCIAL REPORT 2009 6

Notes continued
for the year ended 30 June 2009
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Revenue from mining contracts is
recognised on the basis of the
value of work completed.
Expected losses are recognised in
full as soon as they become
apparent.
Property development revenue
includes sales of development
properties, rental and fee income.
Revenue from the sale of property
developments and land sales is
recognised when the significant
risks and rewards of ownership
have been transferred. Rental
income is recognised on a straight
line basis over the term of the
lease. Other property
development revenue is
recognised as services are
provided.
Revenue from other services,
including telecommunications,
environmental and utilities
services, is recognised as
services are provided.
Expected losses on all contracts
are recognised in full as soon as
they become apparent.
Interest revenue is recognised on
an accruals basis.
Dividend income is recognised
when the dividend is declared.
Non-derivative financial
instruments
Non-derivative financial
instruments comprise investments
in equity and debt securities, trade
and other receivables, cash and
cash equivalents, loans and
borrowings, and trade and other
payables.
Non-derivative financial
instruments are recognised initially
at fair value. Subsequent to initial
recognition non-derivative financial
instruments are measured at
amortised cost unless specifically
mentioned below.
Cash and cash equivalents
Cash and cash equivalents
include cash on hand, cash at
bank and call deposits. For the
purposes of the statements of
cash flows, net cash includes cash
on hand, at bank and short term
deposits at call, net of bank
overdrafts.
Trade and other receivables
Contract and trade debtors include
all net receivables from
construction and other services,
and property development.
Included in contract debtors is the
progressive valuation of work
completed. The valuation of work
completed is made after bringing
to account a proportion of the
estimated contract profits and
after recognising all known losses.
Where payments received exceed
the revenue recognised, the
difference is recorded as a liability
in the balance sheet.
Other amounts receivable
generally arise from transactions
other than the provision of
services and include amounts in
respect of sales of assets and
taxes receivable. Interest may be
charged at market rates based on
individual debtor arrangements.
Contract and trade debtors are
normally settled within 60 days of
billing. Recoverability is assessed
at reporting date and provision
made for any doubtful debts.
Prepayments represent the future
economic benefits receivable in
respect of economic sacrifices
made in the current or prior
reporting period.
Available-for-sale financial assets
Available-for-sale assets are
initially recognised at cost, being
the fair value of the consideration
given and include acquisition
costs. Subsequently, availablefor-sale
assets are measured at
fair value. Changes in fair value
are recognised as a separate
component of equity in the fair
value reserve. When the asset is
sold, collected or otherwise
disposed, or if the asset is
determined to be impaired, the
cumulative gain or loss previously
reported in equity is recognised in
the income statement.
Interest bearing liabilities
All loans and borrowings are
initially recognised at fair value,
being the amount received less
attributable transaction costs.
After initial recognition, interest
bearing liabilities are stated at
amortised cost with any difference
between cost and redemption
value being recognised in the
income statement over the period
of the borrowings on an effective
interest basis.
Trade and other payables
Liabilities are recognised for
amounts to be paid for goods or
services received. Trade
payables are normally settled
within 60 days.
Derivative financial instruments
Derivative financial instruments are
stated at fair value, with changes
in fair value recognised in the
income statement. Where
derivative financial instruments
qualify for hedge accounting,
recognition of changes in fair value
depends on the nature of the item
being hedged. Hedge accounting
is discontinued when the hedging
relationship is revoked, the
hedging instrument expires, is
sold, terminated, exercised, or no
longer qualifies for hedge
accounting.
Cash flow hedge
Changes in the fair value of
designated and qualifying cash
flow hedges are deferred in
equity. Where it is expected that
all or a portion of a loss
recognised directly in equity will
not be recovered in future
periods, that loss is recognised in
the income statement.
Leighton Holdings Limited FINANCIAL REPORT 2009 7

Notes continued
for the year ended 30 June 2009
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Amounts deferred are included in
the initial measurement of the
cost of the asset or liability where
the forecast transaction being
hedged results in the recognition
of a non-financial asset or a nonfinancial
liability.
Cash flow hedges relating to
operating activities are
recognised in profit or loss in the
same period the hedged item is
recognised in profit or loss. When
a forecast transaction is no longer
expected to occur, the cumulative
gain or loss deferred in equity is
recognised immediately in profit
or loss.
Hedges of net investments in
foreign operations
Gains or losses on the hedging
instrument are recognised in the
foreign currency translation
reserve. Gains and losses
deferred in the foreign currency
translation reserve are
recognised in profit or loss upon
disposal of the foreign operation.
Fair value hedge
Changes in the fair value of
designated and qualifying fair
value hedges are recorded in
profit or loss, together with any
changes in the fair value of the
hedged item that is attributable to
the hedged risk.
When hedge accounting is
discontinued the adjustment to
the carrying amount of the
hedged item arising from the
hedged risk is amortised to profit
or loss from that date.
The gain or loss relating to the
ineffective portion is recognised
immediately in profit or loss as
part of other expenses or other
income.
Share capital
Ordinary share capital
Issued and paid up capital is
recognised at the consideration
received by the Company.
Dividends
Provision is not made for dividends
unless the dividend has been
declared by the Directors on or
before the end of the period and
not distributed at reporting date.
Finance Costs
Finance costs are recognised as
expenses in the period in which
they are incurred, except where
they are included in the costs of
qualifying assets.
The capitalisation rate used to
determine the amount of finance
costs to be capitalised to
qualifying assets is the weighted
average interest rate applicable to
the entity’s outstanding
borrowings during the period.
Finance costs include interest on
bank overdrafts and short-term
and long-term borrowings,
amortisation of discounts or
premiums relating to borrowings,
amortisation of ancillary costs
incurred in connection with the
arrangement of borrowings,
finance lease charges and certain
exchange differences arising from
foreign currency borrowings.
Income Tax
Income tax expense on the profit
or loss for the period comprises
current and deferred tax expense.
Income tax expense is
recognised in the income
statement except to the extent
that it relates to items recognised
directly in equity, in which case it
is recognised in equity. Current
tax expense is the expected tax
payable on the taxable income for
the period, using tax rates
enacted at the reporting date, and
any adjustment to tax payable in
respect of previous years. The
Group adopts the balance sheet
liability method to provide for
temporary differences between
the carrying amounts of assets
and liabilities for financial
reporting purposes and the
amounts used for taxation
purposes.
Temporary differences are not
provided for the initial recognition
of goodwill. The amount of
deferred tax provided is based on
the expected manner of
realisation or settlement of the
carrying amount of assets and
liabilities, using tax rates enacted
at the balance sheet date.
Deferred tax assets are
recognised for deductible
temporary differences and
unused tax losses only if it is
probable that future taxable
amounts will be available to utilise
those temporary differences and
losses.
The Company is the head entity in
the Tax Consolidated Group
comprising the Australian whollyowned
subsidiaries. The head
entity recognises all of the current
tax assets and liabilities and
deferred tax assets in respect of
tax losses of the Tax Consolidated
Group (after elimination of intragroup
transactions). Deferred tax
assets and liabilities in respect of
temporary differences are
recognised in the subsidiaries’
financial statements. The Tax
Consolidated Group has entered
into a tax funding agreement that
requires wholly-owned
subsidiaries to make contributions
to the head entity for current tax
assets and liabilities occurring
after the implementation of tax
consolidation. Under the tax
funding agreement, the
contributions are calculated using
the “group allocation” approach so
that the contributions are
equivalent to the current tax
balances generated by
transactions entered into by
wholly-owned subsidiaries.
Leighton Holdings Limited FINANCIAL REPORT 2009 8

Notes continued
for the year ended 30 June 2009
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
The contributions are payable as
set out in the agreement and
reflect the timing of the head
entity’s obligations to make
payments for tax liabilities to the
relevant tax authorities. The
assets and liabilities arising under
the tax funding agreement are
recognised as intercompany
assets and liabilities with a
consequential adjustment to
current income tax.
Inventories
Inventories are carried at the
lower of cost and net realisable
value. Inventories comprise:
Property developments
Cost includes the costs of
acquisition, development and
holding costs such as rates, taxes
and finance costs. Holding costs
on property developments not
under active development are
expensed as incurred.
Raw materials and consumables
Cost is based on the first-in, firstout
principle and includes
expenditure incurred in acquiring
the inventories and bringing them
to their existing condition and
location.
Investments
Controlled entities
Investments in controlled entities
are carried in the Company’s
financial statements at cost less
impairment.
Equity accounted investments
Investments in entities over which
the Group has the ability to
exercise significant influence but
not control, and jointly controlled
entities are accounted for using
equity accounting principles.
These investments are carried at
cost plus post-acquisition changes
in the net assets of the
investment. The consolidated
income statement reflects the
Group’s share of the result of
these investments. Where there
has been a change recognised
directly in equity, the Group
recognises its share of that
change.
Property, plant and equipment
Property, plant and equipment is
stated at cost less accumulated
depreciation and any impairment in
value.
Depreciation and amortisation
Depreciation and amortisation is
calculated so as to write-off the net
book value of property, plant and
equipment over their estimated
effective useful lives as follows:
• freehold buildings: straight line
method - up to 40 years;
• major plant and equipment:
cumulative number of hours
worked - up to 10 years;
• major plant and equipment -
component parts: cumulative
number of hours worked - up to
10 years;
• leased plant and equipment:
straight line method, over the
terms of the leases - up to 10
years;
• waste management assets:
straight line method, economic
life of the waste operations - up
to 20 years;
• office and other equipment:
diminishing value method - up to
10 years;
• leasehold buildings and
improvements: straight line
method, over the terms of the
leases - up to 40 years.
Subsequent costs
Subsequent costs are included in
the carrying amount of property,
plant and equipment only when it
is probable that the associated
future economic benefits will flow
to the Group. All other costs are
recognised in the income
statement.
Leased assets
Leases under which the Group
assumes substantially all the risks
and benefits of ownership are
classified as finance leases. Other
leases are classified as operating
leases.
Finance leases
A lease asset and a lease liability
equal to the lower of the fair value
of the leased property and the
present value of the minimum
lease payments is recorded at the
inception of the lease. The finance
lease liability is the net present
value of future finance lease
rentals and residuals. Lease
liabilities are reduced by
repayments of principal. The
interest components of the lease
payments are expensed.
Contingent rentals, which are
potential incremental lease
payments not fixed in amount as
they relate to future changes, are
expensed as incurred.
Operating leases
Payments made under operating
leases are expensed on a straight
line basis over the term of the
lease.
Goodwill
Goodwill represents the excess of
the cost of an acquisition over the
fair value of the Group’s share of
the net identifiable assets of the
acquired controlled entity or
business at the date of acquisition.
Goodwill on acquisitions of
associates is included in
investments in associates.
Goodwill acquired in business
combinations is not amortised.
Goodwill is allocated to related
cash-generating units and is tested
for impairment annually or more
frequently if events or changes in
circumstances indicate that it might
be impaired, and is carried at cost
less accumulated impairment
losses.
Leighton Holdings Limited FINANCIAL REPORT 2009 9

Notes continued
for the year ended 30 June 2009
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Negative goodwill arising on an
acquisition is recognised in the
income statement.
Acquisition of assets
Assets acquired are initially
recorded at their cost of acquisition
being the fair value of the
consideration plus incidental costs
directly attributable to the
acquisition.
Impairment
The carrying amounts of the
Group’s assets are reviewed at
each reporting date to determine
whether there is any indication of
impairment.
If any such indication exists, the
asset’s recoverable amount is
estimated. The recoverable
amount of goodwill is reviewed at
each reporting date irrespective of
an indication of impairment.
An impairment loss is recognised
when the carrying amount of an
asset exceeds its recoverable
amount. Recoverable amount is
the greater of fair value less costs
to sell and value in use. In
assessing value in use, the
estimated future cash flows are
discounted to their present value
using a pre-tax discount rate that
reflects current market
assessments of the time value of
money and the risks specific to the
asset. The recoverable amount for
an asset that does not generate
largely independent cash flows is
determined for the cash-generating
unit to which the asset belongs.
Impairment losses are recognised
in the income statement unless
the asset has been previously
revalued, in which case the
impairment loss is recognised as a
reversal to the extent of that
previous revaluation with any
excess recognised in the income
statement.
Reversals of impairment losses
other than in respect of goodwill
and available-for-sale assets, are
recognised in the income
statement. Any increase above
original cost of the asset is treated
as a revaluation increase in equity.
Employee benefits
Liabilities in respect of employee
benefits which are not expected to
be settled within twelve months
are discounted using the rates
attaching to national government
securities at reporting date, which
most closely match the terms of
maturity of the related liabilities.
Wages, salaries, annual and long
service leave
The provision for employee
entitlements to wages, salaries
and annual and long service leave
represents the amount which the
Group has a present obligation to
pay resulting from employees’
services provided up to the
reporting date. Provisions have
been calculated based on
expected wage and salary rates
and include related on-costs. In
determining the liability for these
employee entitlements,
consideration has been given to
estimated future increases in
wage and rates, and the Group’s
experience with staff departures.
Related on-costs have been
included in the liability.
Superannuation
Defined benefit and defined
contribution superannuation plans
exist to provide benefits for eligible
employees or their dependants.
Contributions by the Group are
expensed to the income statement
as incurred. Actuarial gains and
losses may arise in relation to
defined benefit superannuation
plans. To the extent that any
cumulative unrecognised actuarial
gain or loss exceeds 10 per cent
of the greater of the present value
of the defined benefit obligation
and the fair value of fund assets,
that portion of the actuarial gain or
loss is recognised in the income
statement over the expected
average remaining working lives of
the active employees participating
in the fund. Otherwise, the
actuarial gain or loss is not
recognised.
Share-based payment
transactions
Ownership based remuneration is
provided to employees via the
Leighton Senior Executive Share
Option Plan.
These shares are recognised
when the options are exercised
and the proceeds received are
allocated to share capital.
Under the Leighton Management
Share Plan, the Company is
permitted to grant selected
executives shares which the
Company acquires on market.
Under the Leighton Employees
Share Plan, the Company is
permitted to make an annual offer
of shares in the Company to
eligible employees. The maximum
value of shares which may be
offered to any employee in any
one year is $1,000. These share
offers are recognised as an
expense at the time the shares are
granted.
Retention arrangements
Retention arrangements are in
place ranging from three years to
retirement for certain key
employees which are payable
upon completion of the retention
period. The provisions are
accrued on a pro-rata basis during
the retention period and have
been calculated based on current
salary rates, including related oncosts.
Leighton Holdings Limited FINANCIAL REPORT 2009 10

Notes continued
for the year ended 30 June 2009
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Annual bonus and deferred
incentive arrangements
Annual bonuses and deferred
incentives are provided at
reporting date and include related
on-costs. The Group recognises a
provision where there is a
contractual or constructive
obligation.
Restoration provisions
Provisions for restoration
represent restoration obligations in
respect of landfills. The provisions
are the best estimate of the
present value of the expenditure
required to settle the restoration
obligation at reporting date, based
on current legal requirements and
technology. The amount of the
provision for future restoration
costs is capitalised as a waste
management asset and amortised
over the asset life.
Foreign currency translation
Functional and presentation
currency
The consolidated financial
statements are presented in
Australian dollars, which is
Leighton Holdings Limited’s
functional and presentation
currency.
Transactions
Foreign currency transactions are
translated into the functional
currency using the exchange rates
prevailing at the dates of the
transaction. Foreign exchange
gains and losses resulting from
the settlement of such
transactions and from the
translation at period-end exchange
rates of monetary assets and
liabilities denominated in foreign
currencies are recognised in the
income statement. Non-monetary
items that are measured in terms
of historical cost in a foreign
currency are translated using the
exchange rate as at the date of
the initial transaction.
Non-monetary items measured at
fair value in a foreign currency are
translated using the exchange
rates at the date when the fair
value was determined.
Translation of controlled foreign
entities
Assets and liabilities of controlled
foreign entities are translated into
the presentation currency at the
rates of exchange at reporting
date and the income statement is
translated at the rates
approximating foreign exchange
rates ruling at the dates of the
transactions. The resulting
exchange differences are taken
directly to the foreign currency
translation reserve. Exchange
gains and losses on transactions
which form part of the net
investments in foreign controlled
entities together with any related
income tax effect are recognised
in the foreign currency translation
reserve on consolidation. On
disposal of a foreign entity, the
deferred cumulative amount
recognised in equity relating to
that particular foreign entity is
recognised in the income
statement as part of the gain or
loss on sale.
Earnings per share
Basic earnings per share
Basic earnings per share is
determined by dividing profit
attributable to members of the
parent entity, excluding any costs
of servicing equity other than
ordinary shares, by the weighted
average number of ordinary
shares outstanding during the
period, adjusted for bonus
elements in ordinary shares
issued during the period.
Diluted earnings per share
Diluted earnings per share adjusts
the figures used in the
determination of basic earnings
per share to take into account the
after income tax effect of interest
and other financing costs
associated with dilutive potential
ordinary shares and the weighted
average number of shares
assumed to have been issued for
no consideration in relation to
dilutive potential ordinary shares.
Leighton Holdings Limited FINANCIAL REPORT 2009 11

Notes continued
for the year ended 30 June 2009
2. REVENUE
Group
Company
Note
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Construction contracting services 8,006,439 5,708,117
Mining contracting services 4,603,986 3,478,105
Property development revenue 25,069 424,323
Other services revenue 600,054 658,578
Revenue from external customers 13,235,548 10,269,123 - -
Interest
- Related parties 36 39 277 8,378 5,010
- Other parties 18,533 26,311 - 1,334
Dividends/distributions
- Wholly-owned controlled entities 36 - - 408,750 315,000
- Partly-owned controlled entities 36 - - - 64,842
- Other parties 21,264 25,994 - -
Other revenue from related parties 36 - - 2,120 1,266
Other revenue 39,836 52,582 419,248 387,452
Total revenue 13,275,384 10,321,705 419,248 387,452
The Group’s share of revenue from joint ventures and associates is excluded from Revenue noted above and from the income
statements in accordance with Accounting Standards. The delivery of a number of projects by the Group is through various
joint venture and associate arrangements. Details of the Group’s share of joint ventures and associates’ revenue are provided
as additional information below as Revenue - Group, joint ventures and associates. Revenue - joint ventures and associates
represents the Group’s share of the operations of the joint venture or associated entity.
Revenue - Group, joint ventures and associates
Revenue - Group 13,275,384 10,321,705
Revenue - joint ventures and associates 5,039,907 4,220,513
Revenue - Group, joint ventures and associates 18,315,291 14,542,218 - -
Leighton Holdings Limited FINANCIAL REPORT 2009 12

Notes continued
for the year ended 30 June 2009
3. EXPENSES
Group
Company
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Materials 3,533,836 2,545,354 - -
Subcontractors 2,956,026 2,283,902 - -
Plant costs 1,160,508 920,622 - -
Personnel costs 3,402,557 2,623,609 3,019 2,890
Depreciation of property, plant and equipment 642,101 442,480 - -
Operating lease payments - plant and equipment 369,836 249,216 - -
Operating lease payments - other 61,684 64,766 - -
Foreign exchange (gains)/losses (49,094) (2,171) (203) 50
Impairment of goodwill 12,058 - - -
Impairment of investments in equity accounted
62,342 - - -
associates
Impairment of investments in infrastructure toll road
183,400 142,003* - -
companies
Net (gain)/loss on sale of assets (32,054) (315,501) - -
Professional and management fees 228,455 212,258 76,936 71,875
Property development and property joint venture writedowns
49,016 - - -
Property development - cost of goods sold 25,849 328,371 - -
Other expenses 302,800 267,734 2,269 2,134
Total expenses 12,909,320 9,762,643 82,021 76,949
* In 2008 a further impairment loss on investments in infrastructure toll road companies of $91,328 was incurred through our
associate company, JF Infrastructure Pty Ltd, and is included in the share of profits of associates and joint venture entities in
the income statement.
Leighton Holdings Limited FINANCIAL REPORT 2009 13

Notes continued
for the year ended 30 June 2009
3. EXPENSES CONTINUED
Further information in relation to expense items noted on the previous page:
Group
Company
Note
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Depreciation of property, plant and equipment
- Buildings 2,202 1,824
- Plant and equipment 417,563 301,187
- Plant and equipment - major component parts 200,669 127,291
- Leasehold land, buildings and improvements 14,071 8,848
- Waste management assets 7,596 3,330
Total depreciation 642,101 442,480 - -
Net (gain)/loss on sale of assets
- Controlled entities 29 - (210,721)
- Land and buildings 141 (38,401)
- Other investments 2,925 (37,981)
- Plant and equipment (35,120) (28,398)
Total (32,054) (315,501) - -
4. FINANCE COSTS
Related parties 36 2,510 21 3,259 13,542
Other parties 157,129 134,715 7,340 16,560
Total finance costs 159,639 134,736 10,599 30,102
Leighton Holdings Limited FINANCIAL REPORT 2009 14

Notes continued
for the year ended 30 June 2009
5. AUDITOR’S REMUNERATION
Group
Company
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Assurance services - Audit/review of financial reports
Auditors of the Company - KPMG Australia 2,646 2,581
Auditors of the Company - related overseas firms 1,300 885
Audit services - KPMG 3,946 3,466 - -
Other auditors 558 408
Total remuneration for audit services 4,504 3,874 - -
Other services
Auditors of the Company - KPMG Australia
- Due diligence - 137
- Controls assurance services 145 -
- Other services 196 140
Auditors of the Company - related overseas firms 322 479
Other services - KPMG 663 756 - -
Other auditors 504 841
Total remuneration for other assurance services 1,167 1,597 - -
Taxation services
Auditors of the Company - KPMG Australia 3,064 2,637
Auditors of the Company - related overseas firms 123 88
Taxation services - KPMG 3,187 2,725 - -
Other auditors 2,378 1,499
Total remuneration for taxation services 5,565 4,224 - -
The Group may use KPMG on assignments in addition to their statutory audit duties to leverage their experience and expertise
with the Group. These assignments are primarily tax advice and due diligence reporting on acquisitions, or where the
assignment is awarded on a competitive basis.
All amounts payable to the auditors of the Company were paid by a controlled entity of the Company.
Leighton Holdings Limited FINANCIAL REPORT 2009 15

Notes continued
for the year ended 30 June 2009
6. INCOME TAX EXPENSE
Group
Company
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Income tax expense recognised in the income
statements
Current tax expense/(benefit) 160,410 211,295 (81,424) (47,847)
Deferred tax expense/(benefit) (8,112) (44,728) 12,982 (105)
Under/(over) provision in prior years (6,276) (7,710) 131 (162)
Total income tax expense/(benefit) in income statement 146,022 158,857 (68,311) (48,114)
Deferred tax recognised directly in equity
Revaluation of cash flow hedges (8,944) (37,587)
Revaluation of available-for-sale assets (8,613) 3,491
Total deferred tax expense/(benefit) recognised in equity (17,557) (34,096) - -
Reconciliation of prima facie tax to income tax
expense
Profit before tax 585,253 767,948 326,628 280,401
Prima facie income tax expense at 30% (2008: 30%) 175,576 230,384 97,988 84,120
The following items have affected income tax expense for
the year:
- Entertainment and other non-allowable items 7,914 6,394 76 133
- Depreciation and amortisation not allowable for tax 4,339 1,525 - -
- Franked and exempt dividends (5,178) (4,493) (122,625) (113,951)
- Recoupment of losses previously not recognised - (9,378) - (4,972)
- Overseas income tax differential 2,318 (2,325) - -
- Movement in provision for withholding tax on retained
3,771 4,708 - -
earnings of controlled entities
- Research and development credit - - - (13,282)
- Equity-accounted income not subject to tax (52,135) (86,985) - -
- Asset impairments 16,513 27,398 - -
- Head entity tax consolidation - - (43,881) -
- Other (820) (661) - -
Current year income tax expense 152,298 166,567 (68,442) (47,952)
Under/(over) provision in prior year (6,276) (7,710) 131 (162)
Income tax expense/(benefit) 146,022 158,857 (68,311) (48,114)
Leighton Holdings Limited FINANCIAL REPORT 2009 16

Notes continued
for the year ended 30 June 2009
7. CASH AND CASH EQUIVALENTS
Group
Company
Note
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Funds on deposit 387,131 318,099 - -
Cash at bank and on hand 278,662 368,464 65,576 66,993
665,793 686,563 65,576 66,993
8. TRADE AND OTHER RECEIVABLES
Contract debtors 1,873,854 1,152,727 - -
Trade debtors 299,174 351,424 - -
Other amounts receivable 182,531 162,536 2,069 1,255
Prepayments 30,961 20,222 - -
Derivative financial assets 378 1,374 - -
Loans - related parties 36 4,675 809 - -
Amounts receivable from controlled entities 36 - - 278,025 191,780
2,391,573 1,689,092 280,094 193,035
Progressive value of work completed on contracts in
31,006,168 25,919,340
progress at reporting date
Net contract debtors excluding retentions 1,660,819 820,162
Retentions 14,279 5,948
Net contract debtors 1,675,098 826,110 - -
Cash received to date 29,331,070 25,093,230
Total progressive value 31,006,168 25,919,340 - -
Amounts due from customers - contract debtors 1,873,854 1,152,727
Amounts due to customers - trade creditors (198,756) (326,617)
Net contract debtors 1,675,098 826,110 - -
Receivables expected to be realised more than 12 months after reporting date: Group $3,705 (2008: $71,568), Company $nil
(2008: $nil).
Leighton Holdings Limited FINANCIAL REPORT 2009 17

Notes continued
for the year ended 30 June 2009
9. CURRENT TAX ASSETS
The current tax asset for the Group of $79,471 (2008: $42,642) and for the Company of $41,869 (2008: $nil) represents the
amount of income taxes recoverable from the payment of tax in excess of the amounts due to the relevant tax authority.
10. INVENTORIES
Group
Company
Note
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Property developments
Cost of acquisition 263,244 161,421
Development expenses capitalised 129,430 60,954
Rates, taxes, finance and other costs capitalised 6,868 18,254
399,542 240,629 - -
Other inventories
Raw materials and consumables at cost 176,962 130,698
576,504 371,327 - -
Property developments expected to be realised more than 12 months after reporting date: $195,402 (2008: $98,805). Finance
costs capitalised to property developments during the year: $8,268 (2008: $11,850). Property developments pledged as
security for interest bearing liabilities: $127,579 (2008: $6,055) relating to loans drawn to $30,100 at the reporting date.
Property development write-downs during the year: $49,016 (2008: $nil).
11. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
Associates 25 1,545,011 1,181,918
Joint venture entities 26 185,552 315,611
1,730,563 1,497,529 - -
Leighton Holdings Limited FINANCIAL REPORT 2009 18

Notes continued
for the year ended 30 June 2009
12. OTHER INVESTMENTS
Group
Company
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Equity and stapled securities available-for-sale
- Listed 41,565 347,053 - -
- Unlisted 70,261 64,073 - -
Investments in controlled entities - cost - - 1,245,711 1,238,849
111,826 411,126 1,245,711 1,238,849
Investments expected to be realised more than 12 months after reporting date: Group $49,126 (2008: $279,213), Company
$1,245,711 (2008: $1,238,849).
13. DEFERRED TAXES
Group
Company
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Recognised deferred tax assets/(liabilities)
Deferred tax assets are attributed to the following:
- Contract debtors 36,682 27,286 - -
- Property developments (3,749) (11,870) - -
- Other inventories (12,198) (3,805) - -
- Property, plant and equipment 115,116 80,236 - -
- Employee benefits 125,829 109,750 648 880
- Contract profit differential (100,898) (46,300) - -
- Withholding tax on retained earnings of non-resident
(25,537) (14,784) - -
and controlled entities
- Investment revaluations 95,452 37,822 - -
- Foreign exchange (826) (969) - -
- Deferred research and development benefit (75,792) (40,572) - -
- Creditors, accruals and other 38,069 47,242 (12,750) -
192,148 184,036 (12,102) 880
Unrecognised deferred tax assets
Deferred tax assets which have not been recognised in
respect of tax losses
3,726 3,907 - -
Leighton Holdings Limited FINANCIAL REPORT 2009 19

Notes continued
for the year ended 30 June 2009
13. DEFERRED TAXES CONTINUED
Tax losses not recognised: $3,726 (2008: $3,907) include local and overseas losses and capital losses. Unrecognised losses
with no expiry date: $3,430 (2008: $2,946), the balance have a three to five year expiry date. Deferred tax assets have not
been recognised in respect of these tax losses because it is not probable that future taxable profit will be available against
which the Group can utilise the benefits. The benefit of tax losses not recognised will be utilised only if the relevant entities
earn sufficient profit or capital gains in the future, continue to comply with the provisions of the relevant tax legislation relating
to the deduction of carried forward tax losses and there are no changes in tax legislation adversely affecting the Group in
realising the benefit.
The Group is subject to taxation audits and reviews by relevant revenue authorities in each jurisdiction in which it has
operations. In particular, annual tax audits are undertaken in various overseas jurisdictions where the Group claims a refund
of prepaid revenue and withholding taxes. The Australian Tax Office is undertaking a review of the Group’s Australian
operations including deductions relating to research and development (“R&D”). The Group has deferred its current year R&D
credit following the issue by the ATO of a discussion paper challenging the entitlement to R&D concessions for the general
construction industry. The Group has professional advice confirming its entitlement to the R&D concessions to date.
14. PROPERTY, PLANT AND EQUIPMENT
Group
2009
$’000
Company
2009
$’000
Note
2008
$’000
2008
$’000
Land 18,411 18,235 - -
Buildings 66,782 53,471
Accumulated depreciation (11,151) (9,409)
55,631 44,062 - -
Leasehold land, buildings and improvements 100,682 82,808
Accumulated depreciation (37,644) (23,254)
63,038 59,554 - -
Waste management assets 57,734 49,438
Accumulated depreciation (34,741) (27,144)
22,993 22,294 - -
Plant and equipment* 3,290,178 2,647,481
Accumulated depreciation (1,630,093) (1,330,134)
1,660,085 1,317,347 - -
27 1,820,158 1,461,492 - -
* Plant and equipment of $58,152 (2008: $nil) has been classified as held for sale as the carrying value will be recovered
principally through sale. Sale of the plant and equipment, comprising a barge and mining equipment, is expected to be
completed within one year. The plant and equipment is presented within total assets of the Asia segment.
Leighton Holdings Limited FINANCIAL REPORT 2009 20

Notes continued
for the year ended 30 June 2009
15. GOODWILL
Group
Company
Note
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Carrying value
Balance at beginning of reporting period 120,420 87,680
Acquisitions through business combinations 29 3,200 40,102
Adjustments to the fair value of business combinations
12,716 (1,463)
in previous reporting periods
Disposals - (5,899)
Impairment (12,058) -
Balance at reporting date 124,278 120,420 - -
Reconciliation of carrying value
Cost 137,577 121,661
Impairment (13,299) (1,241)
Balance at reporting date 124,278 120,420 - -
Impairment tests for cash-generating units
containing goodwill
The following cash generating units have significant
carrying amounts of goodwill:
- Leighton Asia Group 14,836 14,836
- John Holland Group 25,144 37,202
- Leighton Contractors Group 70,443 57,527
- Thiess Group 9,055 9,055
- Other 4,800 1,800
124,278 120,420 - -
The recoverable amount of all cash-generating units is based on value in use calculations, using 5-year cash flow projections
based on forecast operating results and the Leighton Holdings Group Business Plan. Pre-tax discount rates within a range of
9-11% (2008: 10-12%) have been used in discounting the projected cash flows. The recoverable amount of each cashgenerating
unit exceeds its carrying amount.
The key assumptions and the approach to determining the recoverable amount of all cash-generating units in the current and
previous year are:
Assumption
How determined
Market / segment growth - Economic forecasts, taking into account the Group’s
participation in each market
Commodity price stability
Inflation / CPI rates and foreign currency rates
- Analysis of price forecasts, adjusted for actual experience
- World economic forecasts
Leighton Holdings Limited FINANCIAL REPORT 2009 21

Notes continued
for the year ended 30 June 2009
16. TRADE AND OTHER PAYABLES
Group
Company
Note
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Trade creditors and accruals 3,056,306 2,437,431 380 1,569
Other creditors 178,433 143,840 - -
Derivative financial liabilities 189,767 60,310 - -
Amounts payable to related parties 36 190,777 243,656 - -
Amounts payable to controlled entities 36 - - 216,918 434,207
3,615,283 2,885,237 217,298 435,776
Trade creditors expected to be settled more than 12 months after reporting date: Group $345,958 (2008: $213,954), Company
$210,508 (2008: $434,207).
17. CURRENT TAX LIABILITIES
Income tax provision - 162,644 - 129,978
Income tax provision represents the amounts payable in respect of current and prior periods. The Company’s income tax
payable includes amounts payable on behalf of controlled entities that are part of the tax consolidated group.
Leighton Holdings Limited FINANCIAL REPORT 2009 22

Notes continued
for the year ended 30 June 2009
18. PROVISIONS
Group
Company
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Employee benefits
Balance at beginning of reporting period 373,176 331,372 2,932 2,582
Provisions made during the reporting period 313,153 293,523 - 350
Acquisitions through business combinations 235 504 - -
Provisions used during the reporting period (254,923) (249,328) (772) -
Effect of movements in foreign exchange 5,478 (2,895) - -
Balance at reporting date 437,119 373,176 2,160 2,932
Site restoration
Balance at beginning of reporting period 19,877 14,934
Provisions made during the reporting period 2,643 4,943
Balance at reporting date 22,520 19,877 - -
459,639 393,053 2,160 2,932
Provisions expected to be settled more than 12 months after reporting date: Group $216,058 (2008: $201,823), Company
$2,060 (2008: $2,651). The provision for employee benefits relates to wages and salaries, annual leave, long service leave,
retirement benefits and deferred bonuses. The provision for site restoration represents restoration obligations in respect of
landfills, based on the Group’s best estimate of the present value of the expenditure required to settle the restoration
obligation.
Leighton Holdings Limited FINANCIAL REPORT 2009 23

Notes continued
for the year ended 30 June 2009
19. INTEREST BEARING LIABILITIES
Group
Company
Note
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Interest bearing loans - unsecured 34 621,114 768,411
Limited recourse loans 34 521,909 453,879
Leighton Finance International Notes 34 135,802 115,789
Interest bearing limited recourse loans 657,711 569,668 - -
Leighton Notes 34 - 200,000 - 200,000
Interest bearing liabilities expected to be settled more than 12 months after reporting date: Group $1,133,162 (2008:
$983,868), Company $nil (2008: $nil).
There was no difference between the face values and the carrying values of the interest bearing liabilities other than in respect
of the limited recourse loans where the face value was $662,769 (2008: $572,631).
Leighton Holdings Limited FINANCIAL REPORT 2009 24

Notes continued
for the year ended 30 June 2009
20. EQUITY
Company
2009 2008
Issued and fully paid share capital
Balance at beginning of reporting period 278,088,067 278,088,067
Rights issue* 19,883,769 -
Balance at reporting date 297,971,836 278,088,067
Group
Company
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Share capital
Balance at beginning of reporting period 480,988 480,988 480,988 480,988
Contributions of equity* 690,838 - 690,838 -
Balance at reporting date 1,171,826 480,988 1,171,826 480,988
* On 14 August 2008 the company announced a rights issue of 19,883,769 shares at an issue price of $35.35 per share on the
basis of 1 share for 14 fully paid ordinary shares held, with such shares participating in dividends after 30 June 2008. The
issue was fully subscribed. The amount disclosed above is net of transaction costs of $12.1 million.
Holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per
share at shareholders’ meetings. In the event of winding up of the Company ordinary shareholders rank after creditors and are
fully entitled to any proceeds of liquidation.
Leighton Holdings Limited FINANCIAL REPORT 2009 25

Notes continued
for the year ended 30 June 2009
21. RESERVES
Group
Company
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Foreign currency translation reserve
Balance at beginning of reporting period (135,056) (51,058)
Included in statement of recognised income and expense 163,138 (83,998)
Balance at reporting date 28,082 (135,056) - -
Hedging reserve
Balance at beginning of reporting period (21,097) 48,514
Included in statement of recognised income and expense (18,436) (69,611)
Balance at reporting date (39,533) (21,097) - -
Fair value reserve
Balance at beginning of reporting period 34,875 23,831
Included in statement of recognised income and expense (17,940) 11,044
Balance at reporting date 16,935 34,875 - -
Associates equity reserve
Balance at beginning of reporting period 20,000 11,145
Included in statement of recognised income and expense 1,732 8,855
Balance at reporting date 21,732 20,000 - -
Share based payments reserve
Balance at beginning of reporting period 10,646 2,695
Included in income statement 10,097 7,951
Balance at reporting date 20,743 10,646 - -
Total reserves at reporting date 47,959 (90,632) - -
Nature and purpose of reserves
Foreign currency translation reserve
The foreign currency translation reserve comprises foreign exchange differences arising from the translation of the financial
statements of foreign operations where their functional currency is different to the presentation currency of the Group, as well
as from the translation of liabilities that hedge the Company’s net investment in foreign operations.
Hedging reserve
The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging
instruments relating to future transactions.
Leighton Holdings Limited FINANCIAL REPORT 2009 26

Notes continued
for the year ended 30 June 2009
21. RESERVES CONTINUED
Fair value reserve
The fair value reserve includes the cumulative net change in the fair value of available-for-sale assets until the asset is realised
or impaired.
Associates equity reserve
The associates equity reserve is used to record the Group’s share of the post-acquisition increases in the reserves of
associates.
Share based payments reserve
Share based payments reserve is used to recognise the fair value of options issued to employees.
22. RETAINED EARNINGS
Group
Company
Note 2009
$’000
2008
$’000
2009
$’000
2008
$’000
Balance at beginning of reporting period 1,094,635 834,358 250,083 269,179
Included in statement of recognised income and expense 440,044 607,888 394,939 328,515
Dividends paid 23 (415,158) (347,611) (415,158) (347,611)
Balance at reporting date 1,119,521 1,094,635 229,864 250,083
Leighton Holdings Limited FINANCIAL REPORT 2009 27

Notes continued
for the year ended 30 June 2009
23. DIVIDENDS
Group
Cents per
share $’000
2009 final dividend
Subsequent to reporting date the Company announced a 100%
franked final dividend in respect of the year ended 30 June 2009.
The dividend is payable on 30 September 2009.
This dividend has not been provided for in the balance sheet.
55.0 163,885
Dividends recognised in the reporting period to 30 June 2009
2009 interim ordinary dividend 100% franked paid on 31 March 2009 60.0 178,783
2008 final ordinary dividend 100% franked paid on 30 September 2008 85.0 236,375
415,158
Dividends recognised in the reporting period to 30 June 2008
2008 interim ordinary dividend 50% franked paid on 31 March 2008 60.0 166,854
2007 final ordinary dividend 50% franked paid on 28 September 2007 65.0 180,757
347,611
Company
2009
$’000
2008
$’000
Dividend franking account
Balance of the franking account, adjusted for franking credits/debits
which arise from the payment/refund of income tax provided for in the
financial statements
187,095 233,689
The impact of the 2009 final dividend, declared after reporting date, on the dividend franking account will be a reduction of
$70,236 (2008: $101,304).
Leighton Holdings Limited FINANCIAL REPORT 2009 28

Notes continued
for the year ended 30 June 2009
24. EARNINGS PER SHARE
Group
2009 2008
Basic earnings per share 149.5 ¢ 218.6 ¢
Diluted earnings per share 149.0 ¢ 216.1 ¢
Profit attributable to members of the parent entity used in the calculation of basic and
diluted earnings per share ($000’s)
440,044 607,888
Weighted average number of shares used as the denominator
Weighted average number of ordinary shares used as the denominator in calculating
294,439,213 278,088,067
basic earnings per share
Weighted average effect of share options on issue 848,690 3,246,715
Weighted average effect of share options converted to ordinary shares - -
Weighted average number of ordinary shares and potential ordinary shares used as the
denominator in calculating diluted earnings per share
295,287,903 281,334,782
Leighton Holdings Limited FINANCIAL REPORT 2009 29

Notes continued
for the year ended 30 June 2009
25. ASSOCIATES
The Group has the following investments in associates:
Group
Ownership Interest
Name of associate Principal activity Country 2009 % 2008 %
Al Habtoor Engineering Enterprises LLC* Construction UAE 45 45
Brisbane Motorway Services Pty Limited Facilities management Australia 50 50
Defence Maintenance Management Pty Limited Maintenance Australia - 50
Devine Limited Property development Australia 44 42
Dunsborough Lakes Village Syndicate Property development Australia 20 20
Gateway Motorway Services Pty Limited Facilities management Australia 50 50
James Fielding Infrastructure Pty Limited Investing Australia 50 50
Leighton Construction India Pvt Limited Construction India 50 50
Macmahon Holdings Limited**
Construction / contract Australia 19 -
mining
Ngarda Civil and Mining Pty Limited Mining Australia 50 50
Oriental Pathways (Agra) Pvt Limited Investing India 49 -
Oriental Pathways (Indore) Pvt Limited Investing India 49 -
Praeco Holdings Limited Property development Australia - 50
Promet Engineers Pty Limited Design Australia 50 50
Sedgman Limited Design Australia 36 36
Silcar Pty Limited Telecommunications Australia 50 50
Thiess Kentz Pty Limited Construction Australia 50 50
Westlink Services Pty Limited Facilities management Australia 50 50
All associates have a reporting date of 30 June with the following exceptions:
* entities have a 31 December reporting date.
** The Group’s 19% investment in Macmahon Holdings Limited (“MAH”) has been equity accounted as a result of the Group’s
active participation on the MAH Board and operation of a Memorandum of Understanding.
Leighton Holdings Limited FINANCIAL REPORT 2009 30

Notes continued
for the year ended 30 June 2009
25. ASSOCIATES CONTINUED
The Group’s share of associates’ results, assets and liabilities is as follows:
2009
$’000
Group
2008
$’000
Revenue 2,246,736 1,362,769
Expenses (2,061,854) (1,347,983)
Profit before tax 184,882 14,786
Income tax expense (7,594) (13,478)
Profit for the year 177,288 1,308
Assets 2,967,653 2,406,885
Liabilities (1,422,642) (1,224,967)
Equity accounted associates at end of reporting period 1,545,011 1,181,918
Investments in listed associates for which there are published price quotations had a market value at reporting date of:
$169,693 (2008: $270,261).
Impairment of investments in associates of $62,342 arose due to a decline in the recoverable amount of the investments. The
recoverable amount of the investments is based on value in use calculations. Pre-tax discount rates within a range of 17-20%
have been used in these calculations.
Leighton Holdings Limited FINANCIAL REPORT 2009 31

Notes continued
for the year ended 30 June 2009
26. JOINT VENTURE ENTITIES
Group
Ownership Interest
Name of entity Principal activity Country 2009 % 2008 %
21 Harris Street Pyrmont Unit Trust Property development Australia 50 -
145 Ann Street Trust Property development Australia 50 50
400 George Street Partnership Property development Australia 50 50
Aspire Schools Financing (Qld) Pty Limited Financing Australia 50 -
Aspire Schools Holdings (Qld) Pty Limited Investing Australia 50 -
Auckland Road Maintenance Alliance (West) Maintenance Australia 50 -
Management JV
Bac Devco Pty Limited Property development Australia 33 33
Bayview Noosa partnership Property development Australia 50 50
Beenyup Alliance Construction Australia 47 47
BJB joint venture* Maintenance Australia 38 38
China State - Leighton joint venture Construction Hong Kong 50 50
Cockatoo Iron Ore joint venture Mining Australia 50 50
Complete joint venture Construction Australia 50 50
Cotter Googong Bulk Transfer joint venture Construction Australia 50 50
Dam Improvement Services joint venture Construction Australia 40 40
Devine Hamilton Unit Trust Property development Australia 50 50
Folkestone/Leighton JV Pty Limited Property development Australia 50 50
Hassall Street Trust Property development Australia 50 50
Hazell Brothers John Holland joint venture Construction Australia 50 -
Holland York joint venture Construction Australia 50 50
HPAL Freehold Pty Limited Property development Australia 50 50
Infocus Infrastructure Management Pty Limited Facilities management Australia 50 50
JM joint venture Construction Australia 50 50
JM JV SIA joint venture Construction Australia 80 80
John Holland Abigroup Contractors joint venture Construction Australia 50 -
(Bulk Water)
John Holland Abigroup Contractors joint venture Construction Australia 50 50
(Coffs infrastructure)
John Holland Asia Limited/Namprasert
Process engineering Thailand 50 50
Construction Company Limited joint venture*
John Holland Barclay Mowlem joint venture* Construction Australia 50 50
John Holland BRW joint venture Construction Australia 50 50
John Holland Coleman Rail joint venture Construction Australia 50 -
John Holland Colin Joss joint venture Construction Australia 50 50
John Holland Downer EDI joint venture Construction Australia 60 60
John Holland Downer EDI Engineering Power joint Construction Australia 65 65
venture
John Holland Downes Graderway joint venture Construction Australia 50 50
Leighton Holdings Limited FINANCIAL REPORT 2009 32

Notes continued
for the year ended 30 June 2009
26. JOINT VENTURE ENTITIES CONTINUED
Group
Ownership Interest
Name of entity Principal activity Country 2009 % 2008 %
John Holland Fairbrother joint venture Construction Australia 50 50
John Holland Fulton Hogan joint venture Construction Australia 50 50
John Holland Laing O’Rourke joint venture Construction Australia 50 -
John Holland Lahey joint venture Construction Australia - 50
John Holland Macmahon joint venture (Bell Bay) Construction Australia 80 80
John Holland Macmahon joint venture
Construction Australia 50 50
(Roe and Tonkin Highways)
John Holland Macmahon joint venture
Construction Australia 50 50
(Ross River Dam)
John Holland McConnell Dowell joint venture Construction Australia 50 50
John Holland MVM joint venture Construction Australia 50 50
John Holland Tenix Alliance joint venture Construction Australia 50 50
John Holland Thames Water joint venture Construction Australia 50 50
John Holland United Group Infrastructure joint Construction Australia 47 47
venture
John Holland Veolia Water Australia joint venture Construction Australia 65 65
(Gold Coast Desalination Plant)
John Holland Veolia Water Australia joint venture Construction Australia 63 63
(Blue Water)
Leighton Abigroup joint venture Construction Australia 50 50
Leighton China State John Holland joint venture Construction Macau 70 70
(City of Dreams)
Leighton China State joint venture (Wynn Resort) Construction Macau 50 50
Leighton-China State-Van Oord joint venture Construction Hong Kong 45 45
Leighton Contractors & Baulderstone Hornibrook Construction Australia 50 50
Bilfinger Berger joint venture
Leighton Hsin Chong joint venture Construction Hong Kong 50 50
Leighton-Kier joint venture Construction UAE 50 50
Leighton Kumagai joint venture Construction Australia 55 55
Leighton Kumagai joint venture (Route 9-Eagle’s Construction Hong Kong 51 51
Nest Tunnel)
Leighton Kumagai joint venture
Construction Hong Kong 51 51
(Wanchai East & North Point Trunk Sewers)
Leighton-Oriental Structural Engineers joint Construction India 50 50
venture
Link 200 joint venture Construction Hong Kong 48 48
Link 200 Station joint venture Construction Hong Kong 60 60
Link 200 Tunnel joint venture Construction Hong Kong 60 60
Macmahon Leighton joint venture Construction Australia 50 -
Manukau Motorway Construction New Zealand 50 50
Leighton Holdings Limited FINANCIAL REPORT 2009 33

Notes continued
for the year ended 30 June 2009
26. JOINT VENTURE ENTITIES CONTINUED
Group
Ownership Interest
Name of entity Principal activity Country 2009 % 2008 %
Ngarda Civil and Mining Pty Limited and
Construction Australia 50 50
Leighton Contractors Pty Limited
Northern Gateway Alliance Construction New Zealand 50 50
Norton Street Investments Pty Ltd Property development Australia 45 45
Rail Link joint venture Construction Australia 65 65
River Links Unincorporated joint venture Construction Australia 18 18
Roche Thiess Linfox joint venture Mobile plant/earthmoving Australia 44 44
Safelink Alliance Construction Australia 50 50
Section 63 Trust Property development Australia 50 50
Southern Gateway Alliance Construction Australia 70 70
St Ives Gold Project joint venture Construction Australia 50 50
Taiwan Track Partners joint venture* Construction Taiwan 28 28
Thiess Alstom joint venture Construction Australia 50 50
Thiess Black and Veatch joint venture Construction Australia 50 50
Thiess Downer EDI Works joint venture Construction Australia 75 -
Thiess Hochtief joint venture Construction Australia 50 50
Thiess Sedgman joint venture Construction Australia 50 50
Thiess Services Middle East LLC Services UAE 50 -
Thiess United Group joint venture Construction Australia 50 50
Townsville City Project Trust Property development Australia 50 50
Universal Portfolio Services Pty Limited Property development Australia 50 50
Viridian Noosa Pty Limited Property development Australia 50 50
Viridian Noosa Trust Property development Australia 50 50
Wedgwood Road Hallam Trust Property development Australia 50 50
All joint venture entities have a reporting date of 30 June with the following exceptions:
* entities have a 31 December reporting date.
These entities have different reporting dates to the Group as they are aligned with the joint venture partners’ reporting date
and/or the reporting date is prescribed by local statutory requirements.
Where the Group has an ownership interest in a joint venture entity greater than 50% but does not have the power to govern
the joint venture’s financial and operating policies, the joint venture is not consolidated.
Leighton Holdings Limited FINANCIAL REPORT 2009 34

Notes continued
for the year ended 30 June 2009
26. JOINT VENTURE ENTITIES CONTINUED
The Group’s share of joint venture entities’ results, assets and liabilities is as follows:
Group
2009
$’000
2008
$’000
Revenue 2,793,171 2,857,744
Expenses (2,591,631) (2,515,430)
Profit before tax 201,540 342,314
Income tax expense - -
Profit for the year 201,540 342,314
Current assets 191,520 879,220
Non-current assets 354,135 182,682
Total assets 545,655 1,061,902
Current liabilities 282,996 708,435
Non-current liabilities 77,107 37,856
Total liabilities 360,103 746,291
The Group’s share of joint ventures’ net assets 185,552 315,611
27. RECONCILIATION OF PROPERTY, PLANT AND EQUIPMENT CARRYING VALUES
Land
$’000
Buildings
$’000
Leasehold land,
buildings and
improvements
$’000
Waste
management
assets
$’000
Plant and
equipment
$’000
Total property,
plant and
equipment
$’000
2009 Group
Carrying amount at the beginning 18,235 44,062 59,554 22,294 1,317,347 1,461,492
of the reporting period
Additions 176 15,099 16,578 8,295 1,057,254 1,097,402
Additions through acquisition of
- - - - 68 68
controlled entities and businesses
Disposals - (1,328) (132) - (126,413) (127,873)
Depreciation - (2,202) (14,071) (7,596) (618,232) (642,101)
Effects of exchange rate fluctuations - - 1,109 - 30,061 31,170
Carrying amount at reporting date 18,411 55,631 63,038 22,993 1,660,085 1,820,158
Leighton Holdings Limited FINANCIAL REPORT 2009 35

Notes continued
for the year ended 30 June 2009
28. RECONCILIATION OF PROFIT FOR THE YEAR TO NET CASH FROM OPERATING ACTIVITIES
Group
Company
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Profit for the year 439,231 609,091 394,939 328,515
Adjustments for non-cash items:
- Depreciation of property plant and equipment 642,101 442,480 - -
- Net amounts set aside to provisions 317,495 296,984 - 350
- Share of profits of associates (115,751) 23,179 -
- Property development and property joint venture write-downs 49,016 - - -
- Foreign exchange (gains)/losses 8,409 13,044 (212) 33
- Impairment of goodwill 12,058 - - -
- Impairment of investments in equity accounted associates 62,342 - - -
- Impairment of investments in infrastructure toll road
183,400 142,003 - -
companies
- Net (gain)/loss on sale of assets (32,054) (316,407) - -
- Share based payments 10,097 7,950 - -
- Non-cash intercompany transactions - - (340,990) 73,516
Net changes in assets/liabilities:
- Decrease/(increase) in receivables (267,943) 4,209 (814) 3,751
- Decrease/(increase) in joint ventures (177,295) (195,730) - -
- Decrease/(increase) in inventories (228,732) (139,771) - -
- Increase/(decrease) in payables 423,415 335,783 (1,189) 31
- Increase/(decrease) in provisions (251,231) (249,328) (772) -
- Current and deferred income tax movement (198,644) (51,026) (121,272) (14,305)
Net cash from operating activities 875,914 922,461 (70,310) 391,891
Leighton Holdings Limited FINANCIAL REPORT 2009 36

Notes continued
for the year ended 30 June 2009
29. ACQUISITIONS AND DISPOSALS OF CONTROLLED ENTITIES AND BUSINESSES
Details of the controlled entities and businesses acquired and disposed are contained in the Leighton Holdings Limited and
controlled entities note. Goodwill has arisen on acquisitions as a premium was paid above the acquired net assets for the
benefit of the anticipated synergies, gaining entrance to new markets and acquiring skilled workforces. The acquisitions of
controlled entities and businesses had the following effect on the Group’s assets and liabilities at the respective acquisition
dates.
Acquisitions
Carrying
amounts before
acquisition
$’000
Fair value
adjustments
$’000
Recognised
values
$’000
2009
Cash and cash equivalents 127 - 127
Trade and other receivables 667 - 667
Inventories - - -
Property, plant and equipment 68 - 68
Intangible assets - - -
Trade and other payables (178) - (178)
Provisions (235) - (235)
Net identifiable assets and liabilities 449 - 449
Goodwill on acquisition 3,200
Total purchase consideration 3,649
Cash acquired (127)
Net cash outflow 3,522
2008
Cash and cash equivalents 1,425 - 1,425
Trade and other receivables 13,681 - 13,681
Inventories 1,020 - 1,020
Property, plant and equipment 56,660 237 56,897
Intangible assets (50) - (50)
Trade and other payables (23,241) - (23,241)
Provisions (504) - (504)
Net identifiable assets and liabilities 48,991 237 49,228
Goodwill on acquisition 40,102
Total purchase consideration, including acquisition costs of $0.88 million 89,330
Cash acquired (1,375)
Net cash outflow 87,955
Leighton Holdings Limited FINANCIAL REPORT 2009 37

Notes continued
for the year ended 30 June 2009
29. ACQUISITIONS AND DISPOSALS OF CONTROLLED ENTITIES AND BUSINESSES CONTINUED
Disposals
There were no disposals of controlled entities in 2009.
In 2008, disposals of controlled entities and businesses had the following effect on the Group’s assets and liabilities:
Group
Company
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Consideration received
Cash consideration 36,371
Non-cash consideration 198,819
Carrying amount on disposal (24,469)
Gain on disposal - 210,721 - -
Carrying value of net assets of entities and
businesses disposed
Cash and cash equivalents 1,020
Receivables 123,149
Deferred tax assets 1,038
Other assets 14,662
Payables and provisions (4,021)
Financial liabilities (111,379)
Net assets disposed - 24,469 - -
Cash flows resulting from sale
Cash consideration 36,371
Cash disposed (1,020)
Net inflows of cash - 35,351 - -
Leighton Holdings Limited FINANCIAL REPORT 2009 38

Notes continued
for the year ended 30 June 2009
30. SEGMENT INFORMATION
Geographical segments
The Group comprises the following significant geographical segments based on its management reporting system:
• Australia/Pacific - operations throughout Australia, New Zealand and the Pacific region in all business segments.
• Asia - operations predominantly in Hong Kong and Macau, Indonesia, Malaysia, India, the Gulf, Mongolia and the
Philippines. The principal activities undertaken in this region are construction, contract mining, property development and
other services (including environmental, telecommunications and operations and maintenance).
Segment revenues, expenses, assets and liabilities are based on the geographical location of the assets.
Business segments
The Group operates in the infrastructure, resources and property markets. These markets represent the business segments of
the Group. The property market includes building construction and property development.
Details of total revenue including the Group’s share of joint ventures and associates revenue are provided as additional
information.
All transactions with related parties are made on normal commercial terms and conditions and the aggregate of related party
transactions are not material in the overall operations of the Group.
The allocation of the profit for the year and assets and liabilities into business and geographic segments has been ascertained
by reference to direct identification of assets and revenue/cost centres. Other expenses, assets and liabilities which cannot be
allocated to a business segment are reported as unallocated.
Leighton Holdings Limited FINANCIAL REPORT 2009 39

Notes continued
for the year ended 30 June 2009
30. SEGMENT INFORMATION CONTINUED
2009
Primary segment - geographical
Australia/Pacific
$’000
Asia
$’000
Eliminations
$’000
Total
$’000
Revenue - Group, joint ventures and associates 14,414,848 3,900,443 - 18,315,291
Segment revenue 11,397,817 1,858,995 - 13,256,812
Interest revenue 18,572
Revenue 13,275,384
Segment result 520,902 84,312 - 605,214
Property development and joint venture write-downs (49,016) - - (49,016)
Foreign exchange gains 49,094 - - 49,094
Share of profit of associates and joint venture entities 207,477 171,351 - 378,828
Impairment of goodwill (12,058) - - (12,058)
Impairment of investments in equity accounted associates (62,342) - - (62,342)
Impairment of investments in infrastructure toll road companies (183,400) - - (183,400)
470,657 255,663 - 726,320
Interest revenue 18,572
Finance costs (159,639)
Profit before tax 585,253
Income tax expense (146,022)
Profit for the year 439,231
Depreciation of property, plant and equipment 453,347 188,754 - 642,101
Other non-cash expenses 270,763 36,833 - 307,596
Segment assets 5,459,873 1,543,203 (1,312,944) 5,690,132
Eliminations (1,312,944) - 1,312,944 -
Segment assets after eliminations 4,146,929 1,543,203 - 5,690,132
Investments accounted for using the equity method 371,271 1,359,292 - 1,730,563
Current tax assets 79,471
Deferred tax assets 192,148
Total assets 7,692,314
Acquisition of segment assets 743,520 365,871 - 1,109,391
Segment liabilities 3,177,183 1,984,594 (1,086,855) 4,074,922
Eliminations - (1,086,855) 1,086,855 -
Segment liabilities after eliminations 3,177,183 897,739 - 4,074,922
Interest bearing loans and limited recourse loans 1,278,825
Current tax liabilities -
Total liabilities 5,353,747
Leighton Holdings Limited FINANCIAL REPORT 2009 40

Notes continued
for the year ended 30 June 2009
30. SEGMENT INFORMATION CONTINUED
2008
Primary segment - geographical
Australia/Pacific
$’000
Asia
$’000
Eliminations
$’000
Total
$’000
Revenue - Group, joint ventures and associates 12,381,913 2,160,305 - 14,542,218
Segment revenue 9,219,037 1,076,080 - 10,295,117
Interest revenue 26,588
Revenue 10,321,705
Segment result 420,322 43,434 - 463,756
Share of profit of associates and joint venture entities 251,912 91,710 - 343,622
Impairment of investments in infrastructure toll road companies (142,003) - - (142,003)
Gain on sale of controlled entities - 210,721 - 210,721
530,231 345,865 - 876,096
Interest revenue 26,588
Finance costs (134,736)
Profit before tax 767,948
Income tax expense (158,857)
Profit for the year 609,091
Depreciation of property, plant and equipment 354,793 87,687 - 442,480
Other non-cash expenses 259,064 24,876 - 283,940
Segment assets 4,516,798 751,058 (527,836) 4,740,020
Eliminations (527,836) - 527,836 -
Segment assets after eliminations 3,988,962 751,058 - 4,740,020
Investments accounted for using the equity method 502,214 995,315 - 1,497,529
Current tax assets 42,642
Deferred tax assets 184,036
Total assets 6,464,227
Acquisition of segment assets 744,522 138,674 - 883,196
Segment liabilities 2,694,802 897,630 (314,142) 3,278,290
Eliminations - (314,142) 314,142 -
Segment liabilities after eliminations 2,694,802 583,488 - 3,278,290
Interest bearing loans, Notes and limited recourse loans 1,538,079
Current tax liabilities 162,644
Total liabilities 4,979,013
Leighton Holdings Limited FINANCIAL REPORT 2009 41

Notes continued
for the year ended 30 June 2009
30. SEGMENT INFORMATION CONTINUED
Secondary Segment - Business
Infrastructure
$’000
Resources
$’000
Property
$’000
Unallocated
$’000
Total
$’000
2009
Revenue - Group, joint ventures and associates 10,433,415 4,962,053 2,919,823 - 18,315,291
Segment revenue 6,668,675 4,658,653 1,929,484 - 13,256,812
Segment assets 2,979,463 1,909,987 479,867 320,815 5,690,132
Acquisition of segment assets 483,275 509,592 94,142 22,382 1,109,391
2008
Revenue - Group, joint ventures and associates 8,156,146 3,675,274 2,710,798 - 14,542,218
Segment revenue 4,683,922 3,485,881 2,125,314 - 10,295,117
Segment assets 2,394,690 1,491,961 513,524 339,845 4,740,020
Acquisition of segment assets 405,440 377,616 79,884 20,256 883,196
Leighton Holdings Limited FINANCIAL REPORT 2009 42

Notes continued
for the year ended 30 June 2009
31. COMMITMENTS
Operating leases
The Group leases plant and equipment used in contract mining and civil engineering activities and property for the purposes of
office accommodation under operating leases. Operating leases generally provide the Group with a right of renewal. Under
certain property operating leases, contingent rentals may be payable for periodic rent reviews. The Group’s leasing
arrangements impose no restrictions on any of its financial arrangements.
Group
Company
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Expenditure commitments in relation to operating leases
contracted at the reporting date but not recognised as
liabilities, are payable as follows:
- within one year 466,197 325,837
- later than one year but not later than five years 1,048,463 714,271
- later than five years 157,429 110,795
1,672,089 1,150,903 - -
Representing:
Cancellable operating leases
Plant and equipment 1,082,118 808,254
Property 110,215 84,827
Non-cancellable operating leases
Plant and equipment
- within one year 99,169 41,396
- later than one year but not later than five years 166,494 53,105
- later than five years 30,677 -
Property
- within one year 40,351 32,768
- later than one year but not later than five years 104,384 88,311
- later than five years 38,681 42,242
1,672,089 1,150,903 - -
Leighton Holdings Limited FINANCIAL REPORT 2009 43

Notes continued
for the year ended 30 June 2009
31. COMMITMENTS CONTINUED
Capital commitments
Capital expenditure contracted for at reporting date but not recognised as liabilities is as follows:
Group
Company
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Property, plant and equipment
Payable:
- within one year 241,691 1,110,114
- later than one year but not later than five years 5,754 123,173
- later than five years - -
247,445 1,233,287 - -
Investments
Payable:
- within one year 127,100 -
- later than one year but not later than five years - 117,500
- later than five years 200,000 -
327,100 117,500 - -
Joint venture commitments - property, plant and
equipment
Payable:
- within one year 17,295 651
- later than one year but not later than five years - -
- later than five years - -
17,295 651 - -
Share of associates’ commitments - property, plant and
equipment
Payable:
- within one year 13,238 -
- later than one year but not later than five years - -
- later than five years - -
13,238 - - -
Leighton Holdings Limited FINANCIAL REPORT 2009 44

Notes continued
for the year ended 30 June 2009
32. CONTINGENT LIABILITIES
Bank guarantees, insurance bonds and letters of credit
Contingent liabilities under indemnities given on behalf of controlled entities in respect of:
Group
Company
2009
$’000
2009
$’000
2008
$’000
2008
$’000
Bank guarantees 2,337,371 2,241,780 2,337,371 2,241,780
Insurance, performance and payment bonds 172,379 64,870 172,379 64,870
Letters of credit 481,885 304,838 481,885 304,838
Letters of credit include those provided for the Group’s capital commitments totalling $327,100 (2008: $117,500).
Other contingencies
i) The Company is called upon to give, in the ordinary course of business, guarantees and indemnities in respect of the
performance by controlled entities, associates and related parties of their contractual and financial obligations. The value
of these guarantees and indemnities is indeterminable in amount.
ii)
There exists in some members of the Group the normal design liability in relation to completed design and construction
projects.
iii) Certain members of the Group have the normal contractor’s liability in relation to construction contracts. This liability may
include litigation by or against the Group and/or joint venture arrangements in which the Group has an interest. It is not
possible to estimate the financial effect of these claims should they be successful. The Directors are of the opinion that
adequate allowance has been made and that disclosure of any further information about the claims would be prejudicial to
the interests of the Group.
iv) Controlled entities have entered into joint venture arrangements under which the controlled entity may be jointly and
severally liable for the liabilities of the joint venture arrangement.
v) Under the terms of the Class Order described in the note on Leighton Holdings Limited and controlled entities, the
Company has entered into approved deeds of indemnity for the cross-guarantee of liabilities with participating Australian
subsidiary companies.
Leighton Holdings Limited FINANCIAL REPORT 2009 45

Notes continued
for the year ended 30 June 2009
33. CAPITAL RISK MANAGEMENT
Capital planning forms part of the business and strategic plans of the Group. Decisions relating to obtaining and investing
capital are made following consideration of the Group’s key financial objectives including, return on revenue, return on equity,
earnings growth, liquidity and borrowing capacity. The Group has access to numerous sources of capital both domestically
and internationally, including cash balances, equity, bank debt, capital markets, insurance and lease facilities.
• There were no changes in the Group’s approach to capital management during the year.
• The Group is not subject to any externally imposed capital requirements.
34. FINANCIAL INSTRUMENTS
The Group operates across the Asia Pacific region in the infrastructure, resources and property markets. The activities of the
Group comprise mainly construction, contract mining, services and property development. The activities of the Group result in
exposure to credit, liquidity and market risk (equity price, interest rate and foreign currency risk).
a) Credit Risk
Credit risk represents the risk that a counterparty will not complete its obligations under a financial instrument resulting in a
financial loss to the Group. The Group has a credit policy in place and exposure to credit risk is monitored on an ongoing
basis. The Group minimises concentrations of credit risk by undertaking transactions with a large number of customers in
various countries. Derivative counterparties are limited to investment grade financial institutions. At the reporting date there
were no significant concentrations of credit risk. The Group’s maximum exposure to credit risk is represented by the carrying
amount of each financial asset, including derivate financial instruments, in the balance sheet. The Group’s maximum exposure
to credit risk for receivables at the reporting date by geographic region was: Australia Pacific $1,479,293 (2008: $1,240,131)
Asia $881,318 (2008: $428,739). The Company’s maximum exposure to credit risk for receivables at the reporting date by
geographic region was: Australia Pacific $280,094 (2008: $193,035).
The ageing of the Group’s receivables at the reporting date was: not past due: $1,865,470 (2008: $1,414,397); past due:
$169,147 (2008: $254,473). Past due is defined under AASB to mean any amount outstanding for one or more days after the
contractual due date. Past due receivables aged greater than 90 days: 8% (2008: 6%). The Company has no receivables
considered past due (2008: nil).
Group
2009
$’000
Company
2009
$’000
2008
$’000
2008
$’000
Provision for impairment of receivables
Balance at beginning of reporting period (6,657) (3,971)
Provided during the reporting period (752) (2,686)
Balance at reporting date (7,409) (6,657) - -
The impairment provision relates to specific loans and receivables identified as being impaired. The Group did not obtain
financial or non-financial assets as collateral during the period as a result of default by a counterparty (2008: $nil).
Leighton Holdings Limited FINANCIAL REPORT 2009 46

Notes continued
for the year ended 30 June 2009
34. FINANCIAL INSTRUMENTS CONTINUED
b) Liquidity Risk
Liquidity risk is the risk of having insufficient funds to settle financial liabilities as and when they fall due. This includes having
insufficient levels of committed credit facilities. The Group’s objective is to maintain efficient use of cash and debt facilities in
order to balance the cost of borrowing and while ensuring sufficient availability of credit facilities, to meet forecast. The Group
adopts a prudent approach to cash management which ensures sufficient levels of cash are maintained to meet working
capital requirements. Liquidity is reviewed continually by the Group’s treasury departments through daily cash monitoring,
review of available credit facilities and forecasting and matching of cash flows.
Contractual maturities of financial liabilities as at 30 June 2009:
Group $’000
2009
Carrying
amount
Contractual
cash flows
Less than
1 Year 1-5 years
More than
5 years
Non-derivative financial liabilities
Interest bearing loans - unsecured 621,114 (804,889) (112,272) (441,593) (251,024)
Limited recourse loans 521,909 (648,140) (112,281) (535,859) -
Leighton Finance International Notes 135,802 (155,844) (10,694) (145,150) -
Trade and other payables 3,425,516 (3,425,516) (3,188,242) (237,274) -
Derivative financial liabilities
Forward exchange contracts used for foreign
currency hedging:
- Outflow 11,279 (53,579) (52,640) (939) -
- Inflow (378) 9,371 8,311 1,060 -
Other cash flow hedges:
- Outflow 178,488 (184,730) (73,683) (111,047) -
4,893,730 (5,263,327) (3,541,501) (1,470,802) (251,024)
Leighton Holdings Limited FINANCIAL REPORT 2009 47

Notes continued
for the year ended 30 June 2009
34. FINANCIAL INSTRUMENTS CONTINUED
Contractual maturities of financial liabilities as at 30 June 2008:
Group $’000
2008
Carrying
amount
Contractual
cash flows
Less than
1 Year 1-5 years
More than
5 years
Non-derivative financial liabilities
Loans - secured (non-recourse) 4,591 (4,761) (4,761) - -
Interest bearing loans - unsecured 768,411 (836,533) (314,664) (521,869) -
Limited recourse loans 449,288 (590,392) (132,451) (457,941) -
Leighton Finance International Notes 115,789 (141,871) (8,994) (132,877) -
Leighton Notes 200,000 (1,816,900) (17,020) (68,080) (1,731,800)
Trade and other payables 2,824,927 (2,824,927) (2,610,973) (213,954) -
Derivative financial liabilities
Forward exchange contracts used for foreign currency
hedging:
- Outflow 6,395 (51,510) (45,553) (5,957) -
- Inflow (1,374) 47,002 46,131 871 -
Other cash flow hedges:
- Outflow 53,915 (53,915) - (53,915) -
4,421,942 (6,273,807) (3,088,285) (1,453,722) (1,731,800)
Contractual maturities of financial liabilities - Company:
Trade and other payables - carrying amount and contracted cash flows less than 1 year: $380 (2008: $1,569).
c) Equity Price Risk
Equity price risk is the risk that the fair value of either a listed or unlisted equity investment, derivative equity instrument, or a
portfolio of such financial instruments decreases in the future. The Group invests in equity investments though its participation
in major public private partnership infrastructure projects. Investments may also be made as part of its strategic plans to form
alliances or to invest in specialised but complementary businesses to access specialised skills, markets, or additional capacity.
Equity investments are not made for trading or speculative purposes. The Group also enters cash flow hedges relating to
capital commitments for equity investments.
The fair values of listed investments are determined on an active market valuation basis using observable market data such as
current bid prices.
The fair values of unlisted investments are determined by the use of internal valuation techniques using discounted cash flows.
Where practical the valuations incorporate observable market data. Assumptions are generally required with regard to future
expected revenues and discount rates.
Leighton Holdings Limited FINANCIAL REPORT 2009 48

Notes continued
for the year ended 30 June 2009
34. FINANCIAL INSTRUMENTS CONTINUED
Sensitivity Analysis - Consolidated
Listed investments
Change in value of listed investments (other than associates) in relation to a 5% change in the value of the ASX 200 index:
$1,894 (2008: $14,646).
Unlisted Investments
Change in value of unlisted investments due to a movement in discount rates of 5%: $2,950 (2008: $2,406). Change in value
of unlisted investments due to a 5% movement in revenue forecasts: $5,122 (2008: $6,822).
The Company has no listed or unlisted investments other than controlled entities.
d) Foreign Currency Risk
Foreign currency risk is the risk that the value of a financial commitment, a recognised asset or liability will fluctuate due to
changes in foreign currency rates. The Group’s foreign currency risk arises primarily from net investments in foreign
operations. The Group uses non-derivative financial instruments, such as borrowings in the foreign currencies, to hedge its
investments in foreign operations. Foreign currency gains and losses arising from translation of net investments in foreign
operations are recognised in the Foreign Currency Translation Reserve until realised.
Members of the Group are exposed to foreign currency risk on project receipts and expenditure on plant and equipment
denominated in currencies other than their functional currency. Where this foreign currency risk is considered to be significant,
members of the Group enter into forward exchange contracts to hedge their foreign currency risk. These hedges are classified
as cash flow hedges and measured at fair value.
Cash Flow Hedges
The Group’s cash flow hedges protect against foreign exchange rate fluctuations on highly probable forecast transactions
using foreign exchange forward contracts. As at reporting date the fair value of these outstanding designated derivatives
recognised in equity is $10,902 (2008: $5,021). It is expected that the current hedged forecast transactions will occur during
the financial year ending 2010 and will affect the income statement in the same period. There are no gains or losses
recognised in the income statement during the period due to hedge ineffectiveness.
Exposure to foreign currency risk
The most significant foreign currency the Group is exposed to is the United States dollar (USD) or currencies pegged to the
USD. The Group's exposure to foreign currency risk at balance date was: Assets USD2,351,021 (2008: USD1,659,054);
liabilities USD1,607,521 (2008: USD852,748).
Sensitivity analysis
A movement in the Australian dollar (AUD) against the United States dollar at reporting date would have increased
(decreased) equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular
interest rates, remain constant. The analysis is performed on the same basis for 2008.
Equity
Income Statement
2009
$’000
2009
$’000
2008
$’000
2008
$’000
30 June
USD +5% (52,715) (33,999) (10,957) (14,822)
USD -5% 58,264 37,578 12,110 16,382
Leighton Holdings Limited FINANCIAL REPORT 2009 49

Notes continued
for the year ended 30 June 2009
34. FINANCIAL INSTRUMENTS CONTINUED
e) Interest Rate
Interest rate risk is the risk that the value of a financial instrument or cash flow associated with the instrument will fluctuate due
to changes in the market interest rates. The Group uses derivative financial instruments to assist in managing its interest rate
exposure. Speculative trading is not undertaken. The Group’s interest rate risk arises from the interest receivable on ’Cash
and cash equivalents’ and interest payable on the ‘interest bearing limited recourse loans’. As a result of this, the Group was
required by the lead arrangers and the facility agent of one of its loans to obtain swaps that will cover at least 75% of interest
rate exposures until maturity of the loans.
At reporting date it is estimated that an increase of one percentage point in floating interest rates would have increased the
Group’s profit after tax and retained earnings by $2,203 (2008: decreased by $4,565). A one percentage point decrease in
interest rates would have an equal and opposite effect. The Group’s exposure to interest rate risk and the effective weighted
average interest rate for classes of financial assets and financial liabilities are set out below:
Fixed rate, maturing in:
Weighted
average
rate
%
Floating
rate
$’000
1 year
or less
$’000
Over 1
year to
5 years
$’000
More
than
5 years
$’000
Noninterest
bearing
$’000
Total
$’000
2009 Group
Financial assets
Cash and cash equivalents 2.78 665,793 - - - - 665,793
Trade and other receivables 6.25 2,500 - - - 2,389,073 2,391,573
Other investments - - - - - 111,826 111,826
668,293 - - - 2,500,899 3,169,192
Financial liabilities
Trade and other payables - - - - - 3,615,283 3,615,283
Interest bearing loans - unsecured 6.66 275,435 - 137,037 208,642 - 621,114
Limited recourse loans 6.53 172,533 28,683 320,693 - - 521,909
Leighton Finance International Notes 7.88 - - 135,802 - - 135,802
447,968 28,683 593,532 208,642 3,615,283 4,894,108
2008 Group
Financial assets
Cash and cash equivalents 5.11 686,563 - - - - 686,563
Trade and other receivables 7.70 3,402 - - - 1,685,690 1,689,092
Other investments - - - - - 411,126 411,126
689,965 - - - 2,096,816 2,786,781
Financial liabilities
Trade and other payables - - - - - 2,885,237 2,885,237
Interest bearing loans - unsecured 8.17 750,473 - 22,529 - - 773,002
Limited recourse loans 7.67 - 104,211 460,866 - - 565,077
Leighton Notes 8.51 200,000 - - - - 200,000
950,473 104,211 483,395 - 2,885,237 4,423,316
Leighton Holdings Limited FINANCIAL REPORT 2009 50

Notes continued
for the year ended 30 June 2009
34. FINANCIAL INSTRUMENTS CONTINUED
f) Net fair values of financial assets and liabilities
Group
Leighton Finance International Notes fair value: $120,185 carrying value: $135,802 (2008: fair value: $118,117; carrying value:
$115,789). The carrying amounts of other financial assets and liabilities in the Group’s balance sheet approximate fair values.
Company
The carrying amounts of financial assets and liabilities in the Company’s balance sheet approximate fair values.
g) Interest bearing loans - unsecured
Syndicated Loan
On 10 October 2008, Leighton Finance Limited, a wholly-owned subsidiary of the Company, entered into a syndicated bank
facility for $520 million, maturing on 10 October 2011. $200 million was outstanding under this agreement as at 30 June 2009.
Guaranteed Senior Notes
On 15 October 2008, Leighton Finance Limited, a wholly-owned subsidiary of the Company, issued a total of US$280 million
Guaranteed Senior Notes in three series:
• Series A Notes: US$111 million Guaranteed Senior Notes at the rate of 6.91% maturing on 15 October 2013
• Series B Notes: US$90 million Guaranteed Senior Notes at the rate of 7.19% maturing on 15 October 2015
• Series C Notes: US$79 million Guaranteed Senior Notes at the rate of 7.66% maturing on 15 October 2018
$345 million was outstanding as at 30 June 2009. Interest on the above notes will be paid semi-annually on the 15th day of
April and October in each year.
Other unsecured loans outstanding as at 30 June 2009 totalled $76 million.
h) Interest bearing limited recourse loans
On 14 September 2007 LMENA No.1 Pty Limited, a wholly owned subsidiary of the Company, entered into a syndicated bank
loan for US$434 million loan maturing on 30 September 2012 to finance its investment in Al Habtoor Engineering Enterprises
LLC. The loan is recourse only to the investment in Al Habtoor Engineering Enterprises LLC. US$399 million ($492 million)
was outstanding as at 30 June 2009. Repayment instalments totalling US$33 million are due within 12 months of the reporting
date.
On the same date, the Company entered into an interest rate swap transaction, the design of which is to reduce the
Company’s interest rate exposure and hedge at least 75% of interest payments. The swap is expected to be highly effective
from the inception of the hedge and throughout the life of the hedge relationship.
The Group has limited recourse property development loans of $30 million as at 30 June 2009 secured against certain
property development assets of the Group.
Leighton Holdings Limited FINANCIAL REPORT 2009 51

Notes continued
for the year ended 30 June 2009
34. FINANCIAL INSTRUMENTS CONTINUED
i) Leighton Finance International Notes
On 16 May 2006, Leighton Finance International Limited (the “Issuer”), a wholly-owned subsidiary of the Company, issued
US$110 million of 5-Year Fixed-Rate Guaranteed Notes (“Leighton Finance International Notes”).
Leighton Finance International Notes bear interest from 16 May 2006 at the rate of 7.875% pa, payable semi-annually in
arrears on 16 May and 16 November each year, commencing on 16 November 2006. Payments of interest will be made in US
Dollars without deduction for or on account of taxes imposed or levied by Australia or Indonesia.
Leighton Finance International Notes will mature on 16 May 2011 unless previously redeemed or purchased and cancelled
and are subject to redemption in whole at their principal amount at the option of the Issuer at any time in the event of certain
changes affecting taxation in Australia or Indonesia.
Leighton Finance International Notes are listed and quoted on the Official List of the Singapore Exchange Securities Trading
Limited (SGX-ST) and are traded on the SGX-ST in minimum board lot size of S$200,000 (or the equivalent in foreign
currencies).
Leighton Finance International Notes are in registered form in the denomination of US$100,000 and may be held and
transferred in the principal amount of US$100,000 and integral multiples of US$1,000 in excess thereof.
PT Thiess Contractors Indonesia and PT Leighton Contractors Indonesia, both wholly-owned subsidiaries of the Company,
jointly and severally guarantee the obligations of Leighton Finance International Limited and Noteholders have no recourse to
other Group companies.
For the purpose of determining Noteholders entitlements to the payment of interest on 16 November 2009, only those persons
who are registered as Noteholders at the opening of business on 30 October 2009 (“Record Date”) shall be entitled to receive
the payment.
j) Leighton Notes
2,000,000 Convertible Unsecured Subordinated Resettable Notes of $100 each were repaid to the Noteholders on 1
December 2008.
Leighton Holdings Limited FINANCIAL REPORT 2009 52

Notes continued
for the year ended 30 June 2009
35. EMPLOYEE BENEFITS
Defined contribution superannuation funds
During the year, the Group recognised $192,673 of defined contribution expenses. The Company recognised $204 of defined
contribution expenses.
Defined benefit superannuation funds
The Group makes contributions to the Leighton Superannuation Plan and the AMEC Superannuation Fund. These funds
provide defined benefits to employee members upon retirement.
Group
Company
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Defined benefit obligations
Present value of wholly unfunded obligations - -
Present value of funded obligations (21,903) (24,167)
Fair value of fund assets - funded 21,741 26,089
Present value of net obligations - surplus/(deficit) (162) 1,922 - -
Less unrecognised actuarial (gains)/losses 10,898 3,185
Asset/(liability) for defined benefit obligations 10,736 5,107 - -
Movements in the net asset/(liability) for defined benefit
obligations recognised in the balance sheet
Net asset/(liability) for defined benefit obligations at 1 July 5,107 116
Contributions paid 5,328 4,366
Income/(expense) recognised in the income statement 301 625
Net asset/(liability) for defined benefit obligations at 30 June 10,736 5,107 - -
Changes in the present value of the defined benefit
obligation
Opening defined benefit obligation (24,167) (30,633)
Service cost (1,397) (1,379)
Interest cost (393) (700)
Contributions by plan participants (235) (378)
Actuarial gains/ (losses) (932) (1,448)
Benefits paid 4,798 8,606
Past service cost 423 -
Settlements - 1,765
Closing defined benefit obligation (21,903) (24,167) - -
Leighton Holdings Limited FINANCIAL REPORT 2009 53

Notes continued
for the year ended 30 June 2009
35. EMPLOYEE BENEFITS CONTINUED
Group
Company
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Changes in the fair value of fund assets
Opening fair value of fund assets 26,089 32,758
Expected return 2,179 2,492
Contributions by employer 5,093 3,988
Contributions by plan participants 235 378
Actuarial gains/(losses) (6,869) (3,669)
Settlements - (1,630)
Benefits paid (4,986) (8,228)
Closing fair value of fund assets 21,741 26,089 - -
Experience adjustments on fund liabilities - gains/(losses) (2,006) (1,668)
Experience adjustments on fund assets - gains/(losses) (6,869) (3,669)
Major categories of fund assets as a percentage of total
fund assets
Equity securities 46.6% 54.7%
Debt securities 12.6% 15.0%
Property securities 25.5% 30.3%
Other securities 15.3% -
Amounts recognised in the Income Statement
Current service costs (1,397) (1,379)
Interest on obligation (393) (700)
Recognised actuarial (gain)/loss (88) 40
Expected return on fund assets 2,179 2,492
Income/(expense) recognised in the Income Statement 301 453 - -
Actual return/(loss) on fund assets (4,690) (1,173)
The expected long term rate of return on assets of 7.1% is based on the portfolio of assets as a whole.
The Group expects to contribute $1,105 (2009: $1,500) to its defined benefit superannuation funds in the 2010 reporting
period.
Principal actuarial assumptions at reporting date
Discount rate (net of tax) 5.6% 5.6%
Expected return on fund assets (net of tax) 7.1% 8.3%
Future salary increases Nil 4.0%
Leighton Holdings Limited FINANCIAL REPORT 2009 54

Notes continued
for the year ended 30 June 2009
35. EMPLOYEE BENEFITS CONTINUED
Share based payments
a) Share plans
Leighton Employee Share Plan
Shareholder approval was obtained at the Annual General Meeting on 5 November 1998 to establish the Leighton Employees
Share Plan (“LESP”). Subject to certain eligibility criteria, all permanent employees of the Group are entitled to participate in
LESP. The rules of LESP permit the Company to make an annual offer of shares in the Company to eligible employees. The
maximum value of shares which may be offered to any employee in any one year is $1,000. During the year, the Company
purchased 246,658 shares on-market and offered these shares to employees (2008: 81,690). No new shares were issued
under LESP during the year (2008: nil). Expense recognised during the year: $6,465 (2008: $5,263).
Leighton Management Share Plan
Shareholder approval was obtained at the Annual General Meeting on 9 November 2006 to establish the Leighton
Management Share Plan (“LMSP”). The rules of LMSP allow the Company to grant selected executives shares which the
Company acquires on market should the Group achieve an increase in profit during the preceding reporting period in excess of
specified thresholds. Recipients under the LMSP forfeit their shares if they do not remain in employment with the Group for at
least 3 years from date of grant. During the year the Company purchased nil shares on market (2008: 76,025). Expense
recognised during the year: $nil (2008: $3,328).
b) Option plans
Leighton Senior Executive Share Option Plan
Shareholder approval was obtained at the Annual General Meeting on 9 November 2006 to establish the Leighton Senior
Executive Share Option Plan (“LSESOP”). The rules of LSESOP allow the Company to offer selected executives options over
unissued ordinary shares in the Company. All options issued expire on the earlier of their expiry date or termination of the
individual’s employment except in certain special circumstances. Not more than 50% of the options may be exercised before
the fourth anniversary of the date of grant. 100% of options must be exercised before the fifth anniversary of the date of grant.
In addition to a continuing employment service condition, the ability to exercise options is conditional on the Group achieving
Total Shareholder Return (“TSR”) (i.e. growth in share price plus dividends reinvested) or Earnings Per Share (“EPS”) (i.e. as
defined in AASB 133) performance hurdles, as follows:
• 50% of each grant of options will be subject to a TSR performance hurdle (parcel A). The TSR hurdle requires total
shareholder return of the Company compared to the ASX 100 over the performance period (from grant date to test date)
to be at least at the 50 th percentile before any parcel A options are exercisable (50% exercisable at threshold) and at the
75 th percentile before all parcel A options are exercisable; and
• 50% of each grant of options will be subject to an EPS hurdle (parcel B). Annual compound earnings per share growth
over the performance period must be at least 8% per annum before any parcel B options are exercisable (20%
exercisable at threshold) and at 12% per annum before all parcel B options are exercisable.
Expense recognised during the year: $10,097 (2008: $7,951).
Leighton Holdings Limited FINANCIAL REPORT 2009 55

Notes continued
for the year ended 30 June 2009
35. EMPLOYEE BENEFITS CONTINUED
Leighton Senior Executive Option Plan Grant
2006 2008 2009
Date of grant 15 Dec 2006 25 Jan 2008 4 May 2009
Date of expiry 15 Dec 2011 25 Jan 2013 4 May 2014
Exercise price* $19.89 $45.53 $19.49
Original grant 5,410,000 1,461,000 4,843,500
2008
Opening unexercised 5,410,000 - -
Granted - 1,461,000 -
Exercised - - -
Lapsed - - -
Balance 30 June 2008 5,410,000 1,461,000 -
2009
Granted - - 4,843,500
Exercised - - -
Lapsed (105,000) - -
Balance 30 June 2009 5,305,000 1,461,000 4,843,500
Exercisable at 30 June 2009** 200,000 - -
* Exercise price of 2006 and 2008 grants has been amended following the rights issue (see Note 20) in accordance with ASX
Listing Rule 6.22.2. The original exercise prices were 2006: $20.42, 2008: $46.06.
** Accelerated vesting is due to special circumstance under terms and conditions of the Plan rules.
Leighton Holdings Limited FINANCIAL REPORT 2009 56

Notes continued
for the year ended 30 June 2009
35. EMPLOYEE BENEFITS CONTINUED
Fair value of options granted
The fair value at grant date of options granted during the year was independently determined using the following models and
inputs to take account of different performance hurdles. Expected volatility was based on the historic volatility adjusted for any
expected changes to future volatility due to publicly available information.
Parcel A
TSR hurdle
Parcel B
EPS hurdle
Fair value at grant date $5.00 $5.09
Model used Monte-Carlo simulation Binominal Tree
Share price $21.07 $21.07
Expected volatility 36% 36%
Expected option life 4.1 years 4.0 years
Expected dividend yield 5.5% 5.5%
Risk-free interest rate 3.8% 3.8%
c) Other information
All offers under the LESP, LSESOP and LMSP plans are at the discretion of the Company.
All offers under the LSESOP and LMSP plans are subject to pre-conditions of issue and achieving certain performance hurdles
prior to exercise of options which are contained in the Plan rules.
36. RELATED PARTY DISCLOSURES
Key management personnel
Key management personnel compensation included in personnel costs:
Group
Company
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Short-term employee benefits 27,767 31,600 2,945 2,290
Post-employment benefits 1,253 1,219 505 470
Long-term benefits 5,715 11,741 - -
Termination benefits - - - -
Share-based payments 2,468 2,144 - -
37,203 46,704 3,450 2,760
Loans to key management personnel
There were no loans to key management personnel in the current or prior year.
Leighton Holdings Limited FINANCIAL REPORT 2009 57

Notes continued
for the year ended 30 June 2009
36. RELATED PARTY DISCLOSURES CONTINUED
Equity holdings and transactions
a) Shareholdings
The movement during the year in the number of ordinary shares of the Company held, directly, indirectly or beneficially, by
each Director or Specified Executive, including their personally-related entities is as follows:
2009 Held at
1 July 2008 Purchases
Received
on exercise
of options Sales Gift shares
Held at
30 June 2009
Directors
D Adamsas 267,860 19,134 (110,000) 176,994
A Drescher 6,000 429 6,429
P Gregg 1,200 2,086 3,286
R Humphris 10,000 715 10,715
W King 126,960 9,072 (29,048) 106,984
B Lohr* 1,672 1,672
H Lütkestratkötter* 1,000 72 1,072
I Macfarlane 3,000 1,215 4,215
D Mortimer 26,000 1,859 27,859
P Noé* 2,305 165 2,470
W Osborn 2,000 2,000
D Robinson 1,250 90 1,340
Specified Executives
S Charlton 115 9 38 162
M Gray 307 22 38 367
P McMorrow 124 9 38 171
D Savage 124 124
D Saxelby 98,307 7,023 (17,000) 38 88,368
D Stewart 307 22 38 367
H Tyrwhitt 15 38 53
W Wild 307 22 38 367
547,181 43,616 - (156,048) 266 435,015
* Held on behalf of HOCHTIEF Australia Holdings Limited
Leighton Holdings Limited FINANCIAL REPORT 2009 58

Notes continued
for the year ended 30 June 2009
36. RELATED PARTY DISCLOSURES CONTINUED
The movement during the prior year in the number of ordinary shares of the Company held, directly, indirectly or beneficially,
by each Director or Specified Executive, including their personally-related entities is as follows:
2008 Held at
1 July 2007 Purchases
Received
on exercise
of options
Sales
Gift
shares
Held at
30 June 2008
Directors
D Adamsas 327,860 (60,000) 267,860
M Albrecht 190,000 190,000
A Drescher 6,000 6,000
P Gregg 1,200 1,200
R Humphris 6,500 3,500 10,000
H-P Keitel* 1,560 1,560
W King 226,960 (100,000) 126,960
H Lütkestratkötter* 1,000 1,000
I Macfarlane 2,000 1,000 3,000
D Mortimer 26,000 26,000
P Noé* 2,305 2,305
D Robinson 1,250 1,250
Specified Executives
S Charlton 100 15 115
J Dujmovic 109 15 124
M Gray 292 15 307
P McMorrow 1,109 (1,000) 15 124
D Savage 109 15 124
D Saxelby 98,342 (50) 15 98,307
D Stewart 292 15 307
H Tyrwhitt - 15 15
W Wild 242 65 307
893,230 4,500 - (161,050) 185 736,865
* Held on behalf of HOCHTIEF Australia Holdings Limited
Leighton Holdings Limited FINANCIAL REPORT 2009 59

Notes continued
for the year ended 30 June 2009
36. RELATED PARTY DISCLOSURES CONTINUED
b) Options
The movement during the year in the number of options held, directly, indirectly or beneficially, by each Director or Specified
Executive, including their personally-related entities is as follows:
2009
Held at
1 July 2008 Granted Exercised Lapsed
Held at
30 June 2009
Directors
D Adamsas 400,000 400,000
W King 600,000 600,000
Specified Executives
S Charlton 150,000 60,000 210,000
M Gray 150,000 35,000 185,000
P McMorrow 200,000 50,000 250,000
D Savage 150,000 37,500 187,500
D Saxelby 200,000 50,000 250,000
D Stewart 200,000 50,000 250,000
H Tyrwhitt 70,000 80,000 150,000
W Wild 250,000 50,000 300,000
2,370,000 412,500 - - 2,782,500
The movement during the prior year in the number of options held, directly, indirectly or beneficially, by each Director or
Specified Executive, including their personally-related entities is as follows:
2008
Held at
1 July 2007 Granted Exercised Lapsed
Held at
30 June 2008
Directors
D Adamsas 400,000 400,000
W King 600,000 600,000
Specified Executives
S Charlton 100,000 50,000 150,000
M Gray 125,000 25,000 150,000
P McMorrow 200,000 200,000
D Savage 150,000 150,000
D Saxelby 125,000 75,000 200,000
D Stewart 200,000 200,000
H Tyrwhitt 20,000 50,000 70,000
W Wild 250,000 250,000
2,170,000 200,000 - - 2,370,000
All options are not exercisable at the end of the year.
Leighton Holdings Limited FINANCIAL REPORT 2009 60

Notes continued
for the year ended 30 June 2009
36. RELATED PARTY DISCLOSURES CONTINUED
c) Directors’ transactions
The terms and conditions of transactions with Directors and their Director-related entities were no more favourable than those
available, or which might reasonably be expected to be available, on similar transactions to non-Director related entities on an
arm’s length basis.
During the year dividends were paid to Directors on their shareholdings on the same basis as other shareholders.
DS Adamsas is the principal of Frenjune Pty Limited which provided the Group with strategic consultancy services during the
period at a cost of $3,560,994 (2008: $1,828,978). Following advice received from independent expert consultants, the terms
of the consulting contract were approved by the Board as reasonable in the circumstances and no more favourable than if the
Company and Mr Adamsas were dealing at arm’s length.
DP Robinson is a principal in the firm of chartered accountants, Harveys, which receives fees from HOCHTIEF Australia
Holdings Limited for services provided to that company, which is a related party.
R Seidler is a partner in the law firm Blake Dawson Waldron which provided legal services to the Company in relation to
remuneration and employment conditions and in relation to Mr Seidler's membership of Board committees. Fees totalling
$48,261 (2008: $58,008) were billed based on normal market rates for such services and, in relation to membership of
committees, an amount equivalent to fees paid to other committee members was charged. Fees were due and payable under
normal payment terms.
Leighton Holdings Limited FINANCIAL REPORT 2009 61

Notes continued
for the year ended 30 June 2009
36. RELATED PARTY DISCLOSURES CONTINUED
Transactions with other related parties
Transactions with other related parties are made on normal commercial terms and conditions. The aggregate of the related
party transactions was not material in the overall operations of the Group, other than in 2008 the sale of the Leighton Gulf
operations to associate company Al Habtoor Engineering LLC.
Group
Company
2009
$’000
2008
$’000
2009
$’000
2008
$’000
Aggregate amounts receivable from related parties
at reporting date
Associates 4,675 809 - -
Wholly-owned controlled entities - - 278,025 191,780
Aggregate amounts payable to related parties at
reporting date
Associates 4,001 10,731 - -
Joint venture entities 186,776 232,925 - -
Wholly-owned controlled entities - - 216,918 434,207
Interest received / receivable from related parties
Associates 39 277 - -
Wholly-owned controlled entities - - 8,378 5,010
Interest paid / payable to related parties
Joint venture entities 2,510 21 - -
Wholly owned controlled entities - - 3,259 13,542
Other
Fees charged to wholly-owned controlled entities - - 2,120 1,266
Dividends from wholly-owned controlled entities - - 408,750 315,000
Dividends from partly-owned controlled entities - - - 64,842
Sale of controlled entities to an associate company - 198,819 - -
Other expenses
Fees paid to wholly-owned controlled entities - - 75,000 70,000
Number of employees
Number of employees at reporting date 39,327 37,112 11 10
Leighton Holdings Limited FINANCIAL REPORT 2009 62

Notes continued
for the year ended 30 June 2009
36. RELATED PARTY DISCLOSURES CONTINUED
Company information
Leighton Holdings Limited is domiciled in Australia and is a company listed on the Australian Stock Exchange. The Company
was incorporated in Victoria, Australia. The address of the registered office is 472 Pacific Highway, St Leonards, NSW,
Australia, 2065. The Group operates in the infrastructure, resources and property markets. Principal activities of the Group
within these markets are construction, contract mining, property development and other services (including environmental,
telecommunications and operations and maintenance).
Ultimate parent entity
The ultimate Australian parent entity is HOCHTIEF Australia Holdings Limited and the ultimate parent entity is HOCHTIEF AG,
incorporated in Germany. Leighton Holdings Limited Directors H Lütkestratkötter, P Noé, and D Robinson were also Directors
of HOCHTIEF Australia Holdings Limited during the year.
During the year HOCHTIEF Australia Holdings Limited acquired 10,922,628 shares in the Company (2008: nil) giving a
shareholding at reporting date of 163,839,412 shares (2008: 152,916,784).
Leighton Holdings Limited FINANCIAL REPORT 2009 63

Notes continued
for the year ended 30 June 2009
37. LEIGHTON HOLDINGS LIMITED AND CONTROLLED ENTITIES
Name of entity
Interest
held
Place of
incorporation
Leighton Holdings Limited* # (4) Vic
A.C.N. 126 130 738 Pty Ltd 100% Vic
Adelaide Terrace Investments Pty Ltd (4) 100% SA
Ausindo Holdings Pte Ltd 100% Singapore
BOS Australia Pty Ltd (4) 100% WA
Broad Construction Services (NSW/Vic) Pty Ltd 90% WA
Broad Construction Services (NT) Pty Ltd 90% WA
Broad Construction Services (QLD) Pty Ltd 90% Qld
Broad Construction Services (SA) Pty Ltd 90% SA
Broad Construction Services (VIC) Pty Ltd 90% WA
Broad Construction Services (WA) Pty Ltd 90% WA
Broad Group Holdings Pty Ltd 90% WA
Ewenissa Pty Ltd (4) 100% ACT
Giddens Investment Ltd 100% Hong Kong
Green Construction Company 100% USA
GridComm Pty Ltd (4) 100% Vic
Hong Kong Telecommunications Holdings (Australia) Pty Ltd 100% Vic
Hunter Valley Earthmoving Co Pty Ltd (4) 100% NSW
HWE Cockatoo Pty Ltd # (4) 100% NT
HWE Maintenance Services Pty Ltd* # (4) 100% WA
HWE Mining Pty Ltd* # (4) 100% Vic
HWE Newman Assets Pty Ltd* # (4) 100% Vic
HWE Newman Mining Pty Ltd* # (4) 100% Vic
HWE Newman Services Pty Ltd* # (4) 100% Vic
Industrial & Technical Services Pty Ltd (4) 100% Qld
Infoplex Pty Ltd # (4) 100% NSW
ITS Holdings Pty Ltd (4) 100% Qld
ITS Lube Services Pty Ltd (4) 100% Qld
Jarrah Wood Pty Ltd 90% WA
JH Rail Holdings Pty Ltd 59% Vic
JH Rail Investments Pty Limited 59% Vic
JH Rail Operations Pty Limited 59% Vic
JHG Mutual Limited (2) 100% NSW
Joetel Pty Limited (2) 59% ACT
John Holland AD Holdings Pty Ltd (4) 100% Vic
John Holland AD Investments Pty Ltd (4) 100% Vic
John Holland AD Operations Pty Ltd (4) 100% Vic
John Holland Aviation Services Pty Ltd (4) 100% Vic
John Holland Development & Investment Pty Ltd (4) 100% Vic
Leighton Holdings Limited FINANCIAL REPORT 2009 64

Notes continued
for the year ended 30 June 2009
37. LEIGHTON HOLDINGS LIMITED AND CONTROLLED ENTITIES CONTINUED
Name of entity
Interest
held
Place of
incorporation
John Holland Engineering Pty Ltd (4) 100% Vic
John Holland Group Pty Ltd (4) 100% Vic
John Holland Infrastructure Nominees Pty Ltd (3),(4) 100% Vic
John Holland Infrastructure Pty Ltd (4) 100% Vic
John Holland Infrastructure Trust 100% N/A
John Holland Investment Pty Ltd (4) 100% Vic
John Holland Melbourne Rail Franchise Pty Ltd (2) 100% Vic
John Holland Mining Pty Ltd (4) 100% ACT
John Holland (NZ) Ltd (4) 100% New Zealand
John Holland Pty Ltd (4) 100% Vic
John Holland Queensland Pty Ltd (2) 100% Vic
John Holland Rail Pty Ltd* (4) 100% WA
John Holland Services Pty Ltd (4) 100% Vic
John Holland Services No. 1 Pty Ltd (4) 100% Vic
Kingscliff Resort Trust 100% Qld
Leighton Admin Services Pty Ltd* # (4) 100% NSW
Leighton Arranging Pty Ltd (2),(4) 100% NSW
Leighton Asia (China) Ltd 100% Hong Kong
Leighton Asia (Hong Kong) Holdings (No. 2) Limited 100% Hong Kong
Leighton Asia Ltd 100% Hong Kong
Leighton Asia Southern Pte Ltd 100% Singapore
LMENA Pty Ltd (4) 100% Vic
LMENA No. 1 Pty Ltd (4) 100% Vic
Leighton Contractors Asia (Vietnam) Ltd 100% Vietnam
Leighton Contractors (Asia) Ltd 100% Hong Kong
Leighton Contractors (China) Ltd 100% Hong Kong
Leighton Contractors Inc. 100% USA
Leighton Contractors (India) Private Ltd 100% India
Leighton Contractors (Indo-China) Ltd 100% Hong Kong
Leighton Contractors Infrastructure Nominees Pty Ltd # (3),(4) 100% Vic
Leighton Contractors Infrastructure Pty Ltd # (4) 100% Vic
Leighton Contractors Lanka (Private) Ltd 100% Sri Lanka
Leighton Contractors (Laos) Co Ltd 100% Laos
Leighton Contractors (Malaysia) Sdn Bhd 80% Malaysia
Leighton Contractors (Mauritius) Ltd 100% Mauritius
Leighton Contractors (Philippines) Inc 100% Philippines
Leighton Contractors Pty Ltd* # (4) 100% NSW
Leighton Contractors (Singapore) Pte Ltd 100% Singapore
Leighton Contractors Asia (Cambodia) Co Ltd 100% Cambodia
Leighton Holdings Limited FINANCIAL REPORT 2009 65

Notes continued
for the year ended 30 June 2009
37. LEIGHTON HOLDINGS LIMITED AND CONTROLLED ENTITIES CONTINUED
Name of entity
Interest
held
Place of
incorporation
Leighton Finance Ltd* # (4) 100% NSW
Leighton Finance International Ltd (4) 100% NSW
Leighton Finance (USA) Pty Ltd (4) 100% NSW
Leighton Foundation Engineering (Asia) Ltd 100% Hong Kong
Leighton Funds Management Pty Ltd # (4) 100% Qld
Leighton Geotech Ltd (1) 100% Thailand
Leighton Holdings Infrastructure Nominees Pty Ltd # (3),(4) 100% Vic
Leighton Holdings Infrastructure Pty Ltd # (4) 100% Vic
Leighton Holdings Infrastructure Trust 100% N/A
Leighton Holdings Investments Pty Ltd (4) 100% Vic
Leighton India and South East Asia Sdn Bhd 100% Malaysia
Leighton Industrial Services Pty Ltd (4) 100% Qld
Leighton Infrastructure Investments Pty Ltd # (4) 100% NSW
Leighton International (Australia) Pty Ltd (4) 100% Vic
Leighton International FZ LLC 100% UAE
Leighton International Ltd 100% Cayman Islands
Leighton Investments Mauritius Ltd 100% Mauritius
Leighton Investments Mauritius Ltd No. 2 100% Mauritius
Leighton Korea Limited 100% Korea
Leighton LLC 100% Mongolia
Leighton Motorway Investments No. 2 Pty Ltd (4) 100% Vic
Leighton Office Trust 100% Vic
Leighton Pacific St Leonards Pty Ltd (2),(3),(4) 100% Vic
Leighton Portfolio Services Pty Ltd (4) 100% ACT
Leighton Projects Consulting (Shanghai) Limited 100% China
Leighton Project Management Sdn Bhd 80% Malaysia
Leighton Properties (Brisbane) Pty Ltd* # (4) 100% Qld
Leighton Properties Pty Ltd* # (4) 100% Qld
Leighton Properties (Vic) Pty Ltd* # (4) 100% Vic
Leighton Properties (WA) Pty Ltd (2),(4) 100% NSW
Leighton Property Development Pty Ltd # (4) 100% NSW
Leighton Property Funds Management Limited # (4) 100% ACT
Leighton Property Management Pty Ltd # (4) 100% NSW
Leighton Railway Street Pty Ltd (2),(3) 100% NSW
Leighton Residential Investments Pty Ltd (4) 100% Vic
Leighton Services Australia Pty Ltd (4) 100% NSW
Leighton Staff Shares Pty Ltd (4) 100% Vic
Leighton Superannuation Pty Ltd (4) 100% NSW
Lewis Scott Enterprises Pty Ltd (4) 100% NSW
Leighton Holdings Limited FINANCIAL REPORT 2009 66

Notes continued
for the year ended 30 June 2009
37. LEIGHTON HOLDINGS LIMITED AND CONTROLLED ENTITIES CONTINUED
Name of entity
Interest
held
Place of
incorporation
Leighton USA Inc. 100% USA
London Circuit No. 1 Trust 100% N/A
LSE Antenna Services Pty Ltd (4) 51% Qld
LSE Technology (Australia) Pty Ltd # (4) 100% NSW
LSE Technology Pty Ltd (4) 51% NSW
Lucon Pty Ltd (4) 100% Vic
Makamatta Pty Ltd (3),(4) 100% NSW
Martox Pty Limited 59% NSW
Mayfield Engineering Pty Ltd # (4) 100% NSW
Menette Pty Ltd 100% Vic
Metro Developments Australia Pty Ltd 90% WA
Metronode Pty Ltd (4) 100% Vic
Moorabbin Trust (4) 100% N/A
Nestdeen Pty Ltd (4) 100% Qld
Nextgen Networks Pty Ltd 100% ACT
Nextgen Pure Data Pty Ltd 100% Vic
Nexus Point Hong Kong Company Ltd (2) 100% Vic
Nexus Point Solutions Pty Ltd (4) 100% NSW
Onopthic Pty Ltd (4) 100% NSW
Opal Insurance (Singapore) Pte Ltd 100% Singapore
Oz Solar Power Pty Ltd (2) 100% Vic
Plant & Equipment Leasing Pty Ltd (4) 100% NSW
Portside Fabrication Pty Ltd # (4) 100% Vic
PT Cinere Serpong Jaya 80% Indonesia
PT Leighton Contractors Indonesia 95% Indonesia
PT Ngawi Kentosono Jaya 80% Indonesia
PT Thiess Contractors Indonesia 100% Indonesia
Quintelgic Pty Ltd 100% NSW
Ridgewood Development Pty Ltd (4) 100% Qld
SA Health Partnership Pty Ltd (2) 100% Vic
Silk Telecom Pty Limited 100% Vic
Silk Telecom (WA) Pty Ltd 100% WA
Silverton Group (Aust) Pty Ltd 90% WA
Silverton Group Pty Ltd 90% WA
SMgP Construction Services Pty Ltd (4) 100% NSW
Swan Water Services Pty Ltd* (4) 100% NSW
Technical Resources Pty Ltd (4) 100% NSW
Telecommunication Infrastructure Pty Ltd (4) 100% Vic
Tensacciai Pty Ltd (4) 100% WA
Leighton Holdings Limited FINANCIAL REPORT 2009 67

Notes continued
for the year ended 30 June 2009
37. LEIGHTON HOLDINGS LIMITED AND CONTROLLED ENTITIES CONTINUED
Name of entity
Interest
held
Place of
incorporation
Thai Leighton Ltd (1) 100% Thailand
Thiess Contractors (Malaysia) Sdn Bhd 100% Malaysia
Thiess Contractors (PNG) Ltd 100% Papua New Guinea
Thiess India Pvt Ltd 100% India
Thiess Infraco Pty Ltd (4) 100% Qld
Thiess Infrastructure Nominees Pty Ltd (3),(4) 100% Vic
Thiess Infrastructure Pty Ltd (4) 100% Vic
Thiess Infrastructure Trust 100% N/A
Thiess Investments Pty Ltd (4) 100% Qld
Thiess John Holland joint venture (Airport Link) 100% Vic
Thiess John Holland joint venture (EastLink) 100% Vic
Thiess John Holland joint venture (Lane Cove Tunnel) 100% NSW
Thiess John Holland Motorway Services 100% Qld
Thiess Mauritius Pty Ltd 100% Mauritius
Thiess Mines India Pvt Ltd 90% India
Thiess NC 100% New Caledonia
Thiess NZ Ltd 100% New Zealand
Thiess Pty Ltd (4) 100% Qld
Thiess Services Ltd 100% New Zealand
Thiess Services Pty Ltd (4) 100% Qld
Thiess Southland Pty Ltd (4) 100% NSW
Think Consulting Group Pty Ltd 100% Vic
Victorian Wave Partners Pty Ltd (2) 100% Vic
Vision Hold Pty Ltd* # (4) 100% NSW
Visionstream Australia Pty Ltd # (4) 100% NSW
Visionstream Pty Ltd* # (4) 100% Qld
Visionstream Services Pty Ltd # (4) 100% NSW
Vytel Admin Pty Ltd (4) 100% NSW
Vytel Investments Pty Ltd (4) 100% NSW
Vytel Pty Ltd* # (4) 100% NSW
Yandina Ethanol Pty Ltd (4) 100% Vic
Yifta Pty Ltd (4) 100% ACT
Yoltax Pty Limited (2) 59% NSW
Zangofile Trust (4) 100% N/A
Zangofile Pty Ltd (3) 100% NSW
Zelmex Pty Ltd (2) 59% ACT
21 Harris Street Pyrmont Pty Ltd (2),(3) 100% NSW
512 Wickham Street Pty Ltd (1),(4) 100% NSW
512 Wickham Street Trust (4) 100% N/A
Leighton Holdings Limited FINANCIAL REPORT 2009 68

Notes continued
for the year ended 30 June 2009
37. LEIGHTON HOLDINGS LIMITED AND CONTROLLED ENTITIES CONTINUED
* These companies (Leighton Holdings Limited (LHL) Class Order Companies) have the benefit of an ASIC Class Order
98/1418.
# These companies are parties to the Deed of Cross Guarantee but do not have the benefit of ASIC Class Order 98/1418 at
30 June 2009, as they are small proprietary companies.
(1) Entities controlled under shareholder agreements
(2) Incorporated/established in 2009 reporting period
(3) Trustee company
(4) Entities included in Tax Consolidated Group
a) Acquisition of Controlled Entities
During the reporting period to 30 June 2009 the Group made the following acquisition - proportion acquired 100%:
• Menette Pty Limited
On 1 July 2008 the Group acquired all the shares in Menette Pty Limited for $3.5 million in cash including acquisition
costs. In the twelve months to 30 June 2009, Menette contributed a net loss after tax of $1.8 million to the consolidated
net profit for the year.
Details of acquisitions for the reporting period ended 30 June 2008:
• Australian Mine Services Pty Ltd
On 1 February 2008 the Group acquired all the shares in Australian Mine Services Pty Ltd (AMS) for $12.7 million in cash
including acquisition costs. In the five months to 30 June 2008, AMS contributed a net profit after tax of $0.7 million to the
consolidated net profit for the year.
• Silk Telecom Pty Ltd
On 1 June 2008 the Group acquired all the shares in Silk Telecom Pty Ltd (Silk) for $53.5 million in cash, including
acquisition costs. In the one month to 30 June 2008, Silk contributed a net profit after tax of $0.3 million to the
consolidated net profit for the year.
• IMS Innsol
On 1 April 2008 the Group acquired selected assets and liabilities of IMS Innsol for $2.4 million in cash, including
acquisition costs. In the three months to 30 June 2008, IMS Innsol contributed a net profit after tax of $0.05 million to the
consolidated net profit for the year.
• Southwest Energy
On 3 September 2007 the Group acquired selected assets and liabilities of Southwest Energy for $4.9 million in cash,
including acquisition costs. It is impracticable to determine the net profit or loss that Southwest Energy contributed to the
consolidated net profit for the year. The acquired business is not segregated and was integrated into an existing operating
unit. It is impracticable to determine the consolidated net profit and revenue if the combination had taken place on 1 July
2007.
• Minipickers
On 3 September 2007 the Group acquired selected assets and liabilities of Minipickers for $4.7 million in cash, including
acquisition costs. In the ten months to 30 June 2008, Minipickers contributed a net loss after tax of $0.2 million to the
consolidated net profit for the year.
Leighton Holdings Limited FINANCIAL REPORT 2009 69

Notes continued
for the year ended 30 June 2009
37. LEIGHTON HOLDINGS LIMITED AND CONTROLLED ENTITIES CONTINUED
• Champ Constructions
On 1 October 2007 the Group acquired selected assets and liabilities of Champ Constructions for $5.7 million in cash,
including acquisition costs. In the nine months to 30 June 2008, Champ Constructions contributed a net profit after tax of
$0.1 million to the consolidated net profit for the year.
• Ozbore
On 7 April 2008 the Group acquired selected assets and liabilities of Ozbore for $5.3 million in cash, including acquisition
costs. In the three months to 30 June 2008, Ozbore contributed a net profit after tax of $0.1 million to the consolidated net
profit for the year.
As some of the businesses acquired by the Group were in administration, it is not practicable to determine the Group’s
revenue and profit had the acquisitions occurred on 1 July 2007.
b) Disposals of Controlled Entities
There were no disposals of controlled entities during the year to 30 June 2009.
The Group disposed of the following controlled entities during the reporting period ended 30 June 2008:
• Gulf Leighton LLC
• Leighton Contracting (Abu Dhabi) LLC
• Leighton Contracting (Qatar) WLL
• Metlabs Pty Limited
c) Deed of Cross Guarantee
Pursuant to ASIC Class Order 98/1418 dated 13 August 1998, relief was granted to the LHL Class Order Companies from the
Corporations Act 2001 requirements for preparation, audit and publication of financial statements. The Company and each of
the LHL Class Order Companies are party to a Deed of Cross Guarantee dated 10 June 2008. The effect of the Deed is that
the Company guarantees to each creditor payment in full of any debt of a LHL Class Order Company in the event of its
winding up under certain provisions of the Corporations Act 2001. If a winding up occurs under other provisions of the Law,
the Company will only be liable in the event that after six months any creditor has not been paid in full. The LHL Class Order
Companies have also given similar guarantees in the event that the Company or other LHL Class Order Companies party to
the Deed of Cross Guarantee are wound up.
Leighton Holdings Limited FINANCIAL REPORT 2009 70

Notes continued
for the year ended 30 June 2009
37. LEIGHTON HOLDINGS LIMITED AND CONTROLLED ENTITIES CONTINUED
A consolidated income statement and balance sheet, comprising the Company and controlled entities which are a party to the
Deed, after eliminating all transactions between parties to the Deed of Cross Guarantee, at 30 June 2009 is set out below:
2009
$’000
2008
$’000
Income statement
Profit before tax 600,716 536,908
Income tax (expense)/benefit (13,156) (16,996)
Profit for the year 587,560 519,912
Retained earnings b/fwd 474,383 345,311
Retained earnings b/fwd - adjustment for new entities party to the deed of Cross Guarantee 225,617 (43,230)
Dividends provided for or paid (415,158) (347,610)
Retained earnings at reporting date 872,402 474,383
Balance sheet
Assets
Cash and cash equivalents 178,948 (244,400)
Trade and other receivables 1,931,158 1,305,454
Current tax assets - 8,563
Inventories 320,935 336,482
Investments accounted for using the equity method 414,558 183,389
Other investments 1,167,348 1,244,583
Deferred tax assets 263,293 103,686
Property, plant and equipment 611,551 482,665
Goodwill 38,196 -
Total assets 4,925,987 3,420,422
Liabilities
Trade and other payables 1,962,087 1,259,064
Provisions 202,960 166,531
Interest bearing loans 697,394 801,244
Leighton Notes - 200,000
Total liabilities 2,862,441 2,426,839
Net assets 2,063,546 993,583
Equity
Share capital 1,171,826 480,988
Reserves 19,318 38,212
Retained earnings 872,402 474,383
Total equity 2,063,546 993,583
Leighton Holdings Limited FINANCIAL REPORT 2009 71

Notes continued
for the year ended 30 June 2009
38. NEW ACCOUNTING STANDARDS
The following standards, amendments to standards and interpretations have been identified as those which may impact the
Group in the period of initial application. They are available for early adoption at 30 June 2009, but have not been applied in
preparing this finance report. The Group’s assessment of these new standards and interpretations is set out below:
• Revised AASB 3 ‘Business Combinations’
Key changes include the immediate expensing of all transactions costs; measurement of contingent consideration at
acquisition date with subsequent changes through the income statement; measurement of non-controlling (minority)
interests at full fair value or the proportionate share of the fair value of the underlying net assets.
The revised standard becomes mandatory for the Group’s 30 June 2010 financial statements. As the revised standard
will be applied prospectively there will be no impact on prior periods in the Group’s 30 June 2010 financial statements.
• AASB 8 ‘Operating Segments’
This standard replaces the presentation requirements of segment reporting in AASB 114 ‘Segment Reporting’ and may
result in different segments, segment results and different types of information being reported and will become mandatory
for the Group’s 30 June 2010 financial statements and will involve representation of 30 June 2009 segment disclosures.
This standard only affects disclosure in the financial report and as such will not impact the financial results of the Group.
• Revised AASB 101 ‘Presentation of Financial Statements’ (September 2007)
This standard introduces the statement of comprehensive income and makes changes to the statement of changes in
equity and will become mandatory for the Group’s 30 June 2010 financial statements. The Group plans to provide a
separate statement of comprehensive income in the Group’s 30 June 2010 financial statements. This standard only
affects disclosure in the financial report and as such will not impact the financial results of the Group.
• Revised AASB 123 ‘Borrowing Costs’
This standard removes the option to expense borrowing costs and require borrowing costs directly attributable to the
acquisition, construction or production of a qualifying asset to be capitalised will become mandatory for the Group’s 30
June 2010 financial statements. As the revised standard will be applied prospectively there will be no impact on prior
periods in the Group’s 30 June 2010 financial statements.
• Revised AASB 127 ‘Consolidated and Separate Financial Statements’
This standard requires accounting for changes in ownership interests of the Group in controlled entities to be recognised
as an equity transaction. Where there is a loss of control, the ownership interest retained is measured at fair value with
any resulting gain or loss recognised in profit or loss. This standard will be become mandatory for the Group’s 30 June
2010 financial statements and is not expected to have a significant impact on the financial results of the Group.
• Revised AASB 2008-1 ‘Amendments to Australian Accounting Standard - Share-based Payments: Vesting Conditions and
Cancellations’
The standard changes the measurement of share-based payments that contain non-vesting conditions will become
mandatory for the Group’s 30 June 2010 financial statements. The potential effect of this standard on the Group’s financial
results is yet to be determined.
Leighton Holdings Limited FINANCIAL REPORT 2009 72

Notes continued
for the year ended 30 June 2009
38. NEW ACCOUNTING STANDARDS CONTINUED
• AASB 2008-5 ‘Amendments to Australian Accounting Standards arsing from the Annual Improvements Process and 2008-
6 ‘Further Amendments to Australian Accounting Standards arising from the Annual Improvements Process’
The standards affect various AASBs resulting in minor changes for presentation, disclosure, recognition and
measurement purposes. The amendments will become mandatory for the Group’s 30 June 2010 financial statements and
are not expected to have a significant impact on the financial results of the Group.
• AASB 2008-7 ‘Amendments to Accounting Standards - Cost of an Investment in a Subsidiary, Jointly Controlled Entity or
Associate’
This standard changes the recognition and measurement of dividend receipts as income. The amendments will become
mandatory for the Group’s 30 June 2010 financial statements. The potential effect of this standard on the Group’s financial
statements is yet to be determined.
• AASB 2008-8 ‘Amendments to Accounting Standard - Eligible Hedged Items’
This standard clarifies the effect of using options as hedging instruments and the circumstances in which inflation risk can
be hedged. The amendments will become mandatory for the Group’s 30 June 2010 financial statements. The potential
effect of this standard on the Group’s financial statements is yet to be determined.
• AASB Interpretation 15 ‘Agreements for the Construction of Real Estate’
This interpretation provides guidance on the accounting for the construction of real estate by the seller and the timing of
revenue recognition. The interpretation will become mandatory for the Group’s 30 June 2010 financial statements. The
potential effect of this standard on the Group’s financial statements is yet to be determined.
• AASB Interpretation 16 ‘Hedges of a Net Investment in a Foreign Operation’
This interpretation clarifies that net investment hedging can only be applied when the net assets of the foreign operation
are recognised in the consolidated financial statements. The interpretation will become mandatory for the Group’s 30
June 2010 financial statements. The potential effect of this standard on the Group’s financial statements is yet to be
determined.
• AASB Interpretation 17 ‘Distribution of Non-Cash Assets to Owners’
This interpretation applies where an entity pays dividends by distributing non-cash assets to its shareholders. The
interpretation will become mandatory for the Group’s 30 June 2010 financial statements and it is not expected to have any
impact on the financial result of the Group.
• AASB Interpretation 18 ‘Transfers of Assets from Customers’
This interpretation provides guidance on accounting for contributions from customers in form of transfers of property, plant
and equipment. The interpretation will become mandatory for the Group’s 30 June 2010 financial statements. The
potential effect of this standard on the Group’s financial statements is yet to be determined.
Leighton Holdings Limited FINANCIAL REPORT 2009 73

Notes continued
for the year ended 30 June 2009
39. EVENTS SUBSEQUENT TO BALANCE DATE
Subsequent to reporting date:
• The Group declared a final dividend of 55 cents 100% franked.
• Leighton Finance Limited, a wholly-owned subsidiary of the Company, issued a total of $280 million Medium Term Notes
at the rate of 9.5% maturing on 28 July 2014, on the following dates:
- 28 July 2009: $230 million
- 12 August 2009: $50 million
The Directors approved the financial report on 7 September 2009.
Leighton Holdings Limited FINANCIAL REPORT 2009 74

Statutory Statements
DIRECTORS’ DECLARATION
1. In the opinion of the Directors of Leighton Holdings Limited:
a) The financial statements and notes, set out on pages 1 to 74 are in accordance with the Corporations Act 2001,
including:
i) giving a true and fair view of the financial position of the Company and Consolidated Entity as at 30 June 2009
and of their performance, as represented by the results of their operations and their cash flows, for the year
ended on that date; and
ii)
complying with Australian Accounting Standards (including the Australian Accounting Interpretations), the
Corporations Regulations 2001 and other mandatory professional reporting requirements;
b) the financial report also complies with International Financial Reporting Standards as disclosed in note 1; and
c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become
due and payable.
2. As at the date of this declaration, there are reasonable grounds to believe that the Company and the controlled entities
identified in note 37 will be able to meet any obligations or liabilities to which they are or may become subject by virtue of
the Deed of Cross Guarantee between the Company and those controlled entities pursuant to ASIC Class Order 98/1418.
3. The Directors have been given the declarations required by Section 295A of the Corporations Act 2001 from the Chief
Executive Officer and Chief Financial Officer for the year ended 30 June 2009.
Dated at Sydney this 7th day of September 2009.
Signed for and on behalf of the Board in accordance with a resolution of the Directors:
D A Mortimer AO
Chairman
W M King AO
Chief Executive Officer
Leighton Holdings Limited FINANCIAL REPORT 2009 75

Statutory Statements continued
INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF LEIGHTON HOLDINGS LIMITED
Report on the financial report
We have audited the accompanying financial report of Leighton Holdings Limited (“the Company”) and Leighton Holdings
Limited and its controlled entities (the “Consolidated Entity”), which comprises the balance sheets as at 30 June 2009, and the
income statements, statements of recognised income and expense and statements of cash flows for the year ended on that
date, a summary of significant accounting policies and other explanatory notes 1 to 39 and the directors’ declaration set out on
pages 2 to 75 of the Consolidated Entity comprising the Company and the entities it controlled at the year’s end or from time to
time during the financial year.
Directors’ responsibility for the financial report
The directors of the Company are responsible for the preparation and fair presentation of the financial report in accordance
with Australian Accounting Standards (including the Australian Accounting Interpretations) and the Corporations Act 2001. This
responsibility includes establishing and maintaining internal controls relevant to the preparation and fair presentation of the
financial report that is free from material misstatement, whether due to fraud or error; selecting and applying appropriate
accounting policies; and making accounting estimates that are reasonable in the circumstances. In note 1, the directors also
state, in accordance with Australian Accounting Standard AASB 101 Presentation of Financial Statements, that the financial
report of the Company and Consolidated Entity, comprising the financial statements and notes, complies with International
Financial Reporting Standards.
Auditor’s responsibility
Our responsibility is to express an opinion on the financial report based on our audit. We conducted our audit in accordance
with Australian Auditing Standards. These Auditing Standards require that we comply with relevant ethical requirements
relating to audit engagements and plan and perform the audit to obtain reasonable assurance whether the financial report is
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial report.
The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of
the financial report, whether due to fraud or error. In making those risk assessments, the auditor considers internal controls
relevant to the entity’s preparation and fair presentation of the financial report 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 entity’s internal
controls. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by the directors, as well as evaluating the overall presentation of the financial report.
We performed the procedures to assess whether in all material respects the financial report presents fairly, in accordance with
the Corporations Act 2001 and Australian Accounting Standards (including the Australian Accounting Interpretations), a view
which is consistent with our understanding of the Company’s and the Consolidated Entity’s financial position and of their
performance.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Independence
In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001.
Auditor’s opinion
In our opinion:
a) the financial report of Leighton Holdings Limited is in accordance with the Corporations Act 2001, including:
i) giving a true and fair view of the Company’s and the Consolidated Entity’s financial position as at 30 June 2009 and
of their performance for the year ended on that date; and
ii) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) and the
Corporations Regulations 2001.
b) the financial report also complies with International Financial Reporting Standards as disclosed in note 1.
KPMG
Sydney, 7th September 2009
S A Gatt
Partner
Leighton Holdings Limited FINANCIAL REPORT 2009 76