AJ Lucas Group annual report 2007-08

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6. INCOME TAX Consolidated Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Recognised in the income statement Current tax expense/(benefit) Current year 940 (2,731) (561) (242) Foreign tax losses not recognised in current year 1,019 — — — Prior years adjustments 75 (347) — (2) 2,034 (3,078) (561) (244) Deferred tax expense/(benefit) Origination and reversal of temporary differences 4,906 2,664 (238) 182 Utilisation of previously unrecognised tax losses — (1,804) — (1,804) 4,906 860 (238) (1,622) Total income tax expense/(benefit) in income statement 6,940 (2,218) (799) (1,866) Numerical reconciliation between tax benefit and pre-tax net profit/(loss) Profit/(loss) before tax 20,408 4,178 2,920 (3,075) Prima facie income tax expense/(benefit) calculated at 30% (2007:30%) 6,122 1,253 876 (923) Equity settled share based payments 446 — — — Non-deductible accounting interest on deferred purchase 99 — — — Non-deductible expenses 43 140 — 24 Amortisation of customer contracts - non deductible 411 — — — Impairment of intangibles — 298 — — Impairment of pipeline rights — 536 — 536 Foreign income taxable in Australia — — 257 226 Expenses deductible in foreign country only at lower tax rate 323 49 — — Write-off of non-collectible intercompany loans — — — 77 Foreign tax loss not carried forward 1,020 49 — — Research and development allowance (1,317) (1,576) — — Gain on acquisition — (816) — — Dividend received from subsidiaries not assessable — — (1,650) — Acquisition cost deductible for tax purposes (282) — (282) — Recognition of previously unrecognised tax losses — (1,804) — (1,804) 6,865 (1,871) (799) (1,864) Income tax under/(over) provided in prior year 75 (347) — (2) Income tax expense/(benefit) attributable to operating profit 6,940 (2,218) (799) (1,866) 7. EARNINGS PER SHARE Basic earnings per share The calculation of basic earnings per share at 30 June 2008 was based on the profit attributable to ordinary shareholders of $13,468,000 (2007: $6,396,000) and a weighted average number of shares outstanding of 54,892,487 calculated as follows: Consolidated 2008 Number 2007 Number Weighted average number of ordinary shares (basic) Issued ordinary shares at 1 July 54,200,536 51,981,937 Effect of shares issued 520,679 1,519,239 Effect of exercise of management rights 171,272 169,291 Weighted average number of ordinary shares (basic) at 30 June 54,892,487 53,670,467 Diluted earnings per share The calculation of diluted earnings per share at 30 June 2008 was based on the profit attributable to ordinary shareholders of $15,655,000 (2007: $6,396,000) and a weighted average number of shares outstanding of 65,195,367 calculated as follows: Consolidated Profit attributable to ordinary shareholders (diluted) Profit attributable to ordinary shareholders 13,468 6,396 Interest expense on convertible notes, net of tax 2,187 — Profit attributable to ordinary shareholders (diluted) for the year ended 30 June 15,655 6,396 2008 $’000 2007 $’000 42 LUCAS group
2008 Number 2007 Number Weighted average number of ordinary shares (diluted) Weighted average number of ordinary shares (basic) 54,892,487 53,670,467 Effect of conversion of convertible notes 7,732,764 — Effect of share options on issue 2,570,116 646,993 Weighted average number of ordinary shares (diluted) at 30 June 65,195,367 54,317,460 The average market value of the Company’s shares for the purposes of calculating the dilutive effect of convertible notes was based on quoted market prices for the period that the notes were outstanding. 8. CASH AND CASH EQUIVALENTS Consolidated 2008 $’000 2007 $’000 Company 2008 $’000 Bank balances 16,612 18,222 5,519 13,512 2007 $’000 9. TRADE AND OTHER RECEIVABLES Consolidated Company 2008 2007 2008 2007 Note $’000 $’000 $’000 $’000 Current Trade debtors (net of impairment losses) 24 50,158 22,954 — 66 Retentions 66 — — — Other receivables 163 755 — — Other loans 6,789 6,789 — — Impairment loss on other loans (6,789) (6,789) _ — Sundry debtors 461 429 _ — Loan to related entity 31 6,064 4,123 6,064 4,123 56,912 28,261 6,064 4,189 Non-current Loans to controlled entities 32 — — 49,889 31,795 The amounts receivable from wholly owned entities are unsecured, interest free and payable on demand. The loan to the related party comprises a loan made to Mr Campbell, the Company’s Chairman of the Board of Directors and Chief Executive Officer (see note 31). 10. Construction Work In Progress Consolidated 2008 $’000 2007 $’000 Company 2008 $’000 Construction work in progress 40,685 53,418 — — Construction work in progress comprises: Contract costs incurred to date 585,528 296,367 — — Profit recognised to date 61,218 38,570 — — 646,746 334,937 — — Less: progress billings (606,061) (281,519) — — Net construction work in progress 40,685 53,418 — — 2007 $’000 11. OTHER CURRENT ASSETS Consolidated Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Prepayments 1,717 435 184 — a year of milestones 43
Page 1 and 2: AJ Lucas Group Limited Annual Repor
Page 3 and 4: 50 Years of Milestones Page 16 Fina
Page 5 and 6: Chairman’s letter What a year! Lu
Page 7 and 8: 2.5 +220% 8.0 Construction & infras
Page 9 and 10: The Brooklyn—Lara Gas Pipeline (l
Page 11 and 12: Left: A coal seam gas well at Glouc
Page 13 and 14: a year of milestones 11
Page 15 and 16: Hyundai Australia’s new HQ has an
Page 17 and 18: Three pipes this size in a trench i
Page 19 and 20: aj lucas group ltd financial report
Page 21 and 22: Company secretary Mr Nicholas Swan
Page 23 and 24: The Group has now appointed a numbe
Page 25 and 26: Indemnification and insurance of of
Page 27 and 28: Total $ Proportion of remuneration
Page 29 and 30: Analysis of share-based payments gr
Page 31 and 32: Lead auditor’s independence decla
Page 33 and 34: Statements of recognised income and
Page 35 and 36: statements of cash flows for the ye
Page 37 and 38: policies. Significant influence is
Page 39 and 40: Any subsequent period adjustments t
Page 41 and 42: The recoverable amount of an asset
Page 43: Secondary reporting—geographical
Page 47 and 48: 15. Intangible Development assets G
Page 49 and 50: Assets Liabilities Net 2008 $’000
Page 51 and 52: (b) Bond facilities provided by sur
Page 53 and 54: 21. PROVISIONS Consolidated Company
Page 55 and 56: c) Employee share acquisition plan:
Page 57 and 58: Risk management policies are establ
Page 59 and 60: Market risk Market risk is the risk
Page 61 and 62: Carrying amount $’000 Consolidate
Page 63 and 64: Guarantees and surety bonds Bank gu
Page 65 and 66: 31. KEY MANAGEMENT PERSONNEL DISCLO
Page 67 and 68: Options and rights over equity inst
Page 69 and 70: DIRECTORS’ DECLARATION 157 Church
Page 71 and 72: AUSTRALIAN Securities EXCHANGE ADDI
Page 73 and 74: a year of milestones 71
Page 75 and 76: credits Writing & management Ad Ver

AJ Lucas Group annual report 2007-08

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