Financial Report 2009 - Leighton Holdings

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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
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Statutory Statements continued INDE
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Financial Report 2009 - Leighton Holdings

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