AJ Lucas Group annual report 2007-08

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16. Other INTANGIBLE ASSETS (cont) Goodwill $’000 Company Pipeline rights $’000 Cost Balance at 1 July 2006 2,061 1,786 3,847 Balance at 30 June 2007 2,061 1,786 3,847 Balance at 30 June 2008 2,061 1,786 3,847 Amortisation and impairment losses Balance at 1 July 2006 — — — Impairment loss — 1,786 1,786 Balance at 30 June 2007 — 1,786 1,786 Balance at 30 June 2008 — 1,786 1,786 Carrying amounts At 1 July 2006 2,061 1,786 3,847 At 30 June 2007 2,061 — 2,061 At 1 July 2007 2,061 — 2,061 At 30 June 2008 2,061 — 2,061 Total $’000 Impairment tests for cash generating units containing goodwill For the purpose of impairment testing, goodwill is allocated to the Group’s operating divisions which represent the lowest level within the Group at which the goodwill is monitored for internal management purposes. The aggregate carrying amounts allocated to each unit are: Consolidated Company 2008 2007 2008 2007 $’000 $’000 $’000 $’000 Drilling 2,559 — — — Construction and infrastructure 3,832 3,832 2,061 2,061 6,391 3,832 2,061 2,061 The recoverable amount of the cash generating unit is based on value in use calculations using cash flow projections based on the following year’s budget and plan extended over a period of 5 years. A pre-tax discount rate of 12.5% is applied adjusted for the risk of the industry in which each unit operates. 17. DEFERRED TAX ASSETS AND LIABILITIES Recognised deferred tax assets and liabilities Deferred tax assets and liabilities are attributable to the following: Assets Liabilities Net 2008 $’000 2007 $’000 2008 $’000 2007 $’000 2008 $’000 Consolidated Construction work in progress — — (9,502) (6,110) (9,502) (6,110) Intangibles — — (266) (631) (266) (631) Intangible development costs — — (254) (274) (254) (274) Exploration, evaluation and development expenditure — — (5,118) (2,082) (5,118) (2,082) Convertible note issue cost — — (5) (244) (5) (244) Property, plant and equipment — 15 — — — 15 Impairment of trade debtors 2,180 2,177 — — 2,180 2,177 Provisions for employee benefits 1,650 974 — — 1,650 974 Trade creditors 1,225 971 — — 1,225 971 Other creditors and accruals 224 192 — — 224 192 Unrealised foreign exchange differences 301 310 — — 301 310 Tax value of loss carry-forwards recognised 8,344 10,304 — — 8,344 10,304 Tax assets/(liabilities) 13,924 14,943 (15,145) (9,341) (1,221) 5,602 Set off of tax (13,924) (9,341) 13,924 9,341 — — Net tax assets/(liabilities) — 5,602 (1,221) — (1,221) 5,602 2007 $’000 46 LUCAS group
Assets Liabilities Net 2008 $’000 2007 $’000 2008 $’000 2007 $’000 2008 $’000 Company Convertible note issue cost — — (5) (244) (5) (244) Unrealised foreign exchange differences 276 276 — — 276 276 Tax value of loss carry-forwards recognised 8,134 10,094 — — 8,134 10,094 Tax assets/(liabilities) 8,410 10,370 (5) (244) 8,405 10,126 Set off of tax (5) (244) 5 244 — — Net tax assets/(liabilities 8,405 10,126 — — 8,405 10,126 2007 $’000 Movement in temporary differences during the year: Balance 01 Jul 07 $’000 Recognised in income $’000 Consolidated Utilisation of c/f tax losses $’000 Balance 30 Jun 08 $’000 Balance 01 Jul 07 $’000 Recognised in income $’000 Company Utilisation of c/f tax losses $’000 Balance 30 Jun 08 $’000 2008 Construction work in progress (6,110) (3,392) — (9,502) — — — — Intangibles (631) 365 — (266) — — — — Intangible development costs (274) 20 — (254) — — — Exploration, evaluation and development expenditure (2,082) (3,036) — (5,118) — — — — Convertible note issue cost (244) 239 — (5) (244) 239 — (5) Property, plant and equipment 15 (15) — — — — — — Doubtful debts impairment recognised 2,177 3 — 2,180 — — — — Provisions for employee benefits 974 676 — 1,650 — — — — Trade creditors 971 254 — 1,225 — — — — Other creditors and accruals 192 32 — 224 — — — — Unrealised foreign exchange differences 310 (9) — 301 276 — — 276 Value of carried forward income tax losses recognised 10,304 — (1,960) 8,344 10,094 — (1,960) 8,134 5,602 (4,863) (1,960) (1,221) 10,126 239 (1,960) 8,405 Balance 01 Jul 06 $’000 Acquired in business combinations $’000 Consolidated Recognised in income $’000 Balance 30 Jun 07 $’000 Balance 01 Jul 06 $’000 Company Recognised in income $’000 Balance 30 Jun 07 $’000 2007 Construction work in progress (3,679) — (2,431) (6,110) — — — Intangibles — (1,167) 536 (631) — — — Intangible development costs (314) — 40 (274) — — — Exploration, evaluation and development (962) — (1,120) (2,082) — — — expenditure Convertible note issue cost (61) — (183) (244) (61) (183) (244) Plant and equipment 392 — (377) 15 — — — Doubtful debts impairment recognised 2,137 — 40 2,177 — — — Provisions for employee benefits 584 — 390 974 — — — Trade creditors 795 — 176 971 — — — Other creditors and accruals 58 — 134 192 — — — Unrealised foreign exchange differences 452 — (142) 310 276 — 276 Tax value of loss carry-forwards recognised 5,199 — 5,105 10,304 4,989 5,105 10,094 4,601 (1,167) 2,168 5,602 5,204 4,922 10,126 Unrecognised deferred tax assets As at 30 June 2008, the Group had not recognised deferred tax assets of $1,117,811 (2007: $116,565) in relation to foreign income tax losses. The Company did not have any unrecognised deferred tax assets. a year of milestones 47
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 and 44: Secondary reporting—geographical
Page 45 and 46: 2008 Number 2007 Number Weighted av
Page 47: 15. Intangible Development assets G
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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