AJ Lucas Group annual report 2007-08

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Independent auditor’s report to the members of aj lucas group limited Report on the financial report We have audited the accompanying financial report of AJ Lucas Group Limited (the Company), which comprises the balance sheets as at 30 June 2008, and the income statements, statements of recognised income and expense and cash flow statements for the year ended on that date, a description of significant accounting policies and other explanatory notes 1 to 34 set out on pages 30 to 66 and the Directors’ Declaration set out on page 67 of the Group comprising the Company and the entities it controlled at year 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 control 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, 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 control 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 control. 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 Group’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 AJ Lucas Group Limited is in accordance with the Corporations Act 2001, including: (i) giving a true and fair view of the Company’s and the Group’s financial position as at 30 June 2008 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. Report on the Remuneration Report We have audited the Remuneration Report included within the Directors’ Report set out on pages 23 to 28 for the year ended 30 June 2008. The directors of the Company are responsible for the preparation and presentation of the Remuneration Report in accordance with Section 300A of the Corporations Act 2001. Our responsibility is to express an opinion on the Remuneration Report, based on our audit conducted in accordance with auditing standards. Auditor’s opinion In our opinion, the Remuneration Report of AJ Lucas Group Limited for the year ended 30 June 2008, complies with Section 300A of the Corporations Act 2001. KPMG Neil Cameron Smith Partner Sydney, 25 September 2008 68 LUCAS group
AUSTRALIAN Securities EXCHANGE ADDITIONAL INFORMATION a) Distribution of ordinary shareholders (as at 31 August 2008) Number of Security Holders Redeemable Securities held Ordinary Shares convertible notes 1 - 1,000 870 — 1,001 - 5,000 1,482 — 5,001 - 10,000 500 — 10,001 - 100,000 434 — 100,001 and over 55 2 Total 3,341 2 32 shareholders held less than a marketable parcel of ordinary shares. b) Twenty largest ordinary shareholders Name Number of Ordinary Shares held % of Issued Shares Andial Holdings Pty Limited 13,990,000 20.72 HSBC Custody Nominees (Australia) Limited 8,149,250 12.07 National Nominees Limited 4,292,879 6.36 Mitchell Drilling Contractors Pty Limited Trustee of Tanson Account 2,645,503 3.92 Amalgamated Dairies Limited 2,154,000 3.19 Forty Traders Limited 1,976,348 2.93 Citicorp Nominees Pty Limited 1,453,617 2.15 Viewjet Pty Limited 952,100 1.41 Citycorp Nominees Pty Limited CFS Future Leaders Fund A/C 949,810 1.41 Michael & Beverley McDermott 939,166 1.39 Gwynvill Trading Pty Limited 809,363 1.20 JP Morgan Nominees Australia Limited 779,082 1.18 MLEQ Nominees Pty Limited Unpaid1 A/C 558,152 0.83 Morgan Stanley Australia Securities (Nominee) Pty Limited No.1 A/C 504,546 0.75 ANZ Nominees Limited 479,635 0.71 Bond Street Custodians Limited Macquarie Smaller Companies A/C 456,695 0.68 UBS Wealth Management Australia Nominees Pty Limited 395,390 0.59 Fortis Clearing Nominees Pty Limited Settlement A/C 317,792 0.47 Aust Executor Trustees NSW Limited Patriot Aust Share Fund A/C 300,000 0.44 NZ Guardian Trust Company Limited 01035700 A/C 290,950 0.43 Total 42,394,278 62.83 c) Substantial shareholders Name Number of Ordinary Shares held % of Issued Shares Andial Holdings Pty Limited 17,490,000 25.91 Amalgamated Dairies Group 4,230,438 6.27 On-market buy back There is no current on-market buy back. Unquoted equity securities As at 31 August 2008, there were 2,921,429 rights over unissued ordinary shares in the Company. Redeemable convertible notes The following entities hold more than 20% of the redeemable convertible notes on issue. Name Number of Notes held % of Notes Auckland Medical Research Foundation 593,541 79.8 C&N Hoffman 150,000 20.2 Voting rights Ordinary shares - Refer to Note 24. Redeemable convertible notes - Refer to Note 19. Options and rights - Refer to Note 23. a year of milestones 69
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AJ Lucas Group Limited Annual Repor
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50 Years of Milestones Page 16 Fina
Page 5 and 6:
Chairman’s letter What a year! Lu
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2.5 +220% 8.0 Construction & infras
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The Brooklyn—Lara Gas Pipeline (l
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Left: A coal seam gas well at Glouc
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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 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: DIRECTORS’ DECLARATION 157 Church
Page 73 and 74: a year of milestones 71
Page 75 and 76: credits Writing & management Ad Ver
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AJ Lucas Group annual report 2007-08

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