Financial Report 2008 - Leighton Holdings

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Notes to the Financial Statements continuedfor the year ended 30 June 20089. INVENTORIESConsolidatedCompanyNote2008$’0002007$’0002008$’0002007$’000Property developmentsCost of acquisition 161,421 124,405Development expenses capitalised 60,954 11,176Rates, taxes, finance and other costs capitalised 18,254 18,128240,629 153,709 - -Other inventoriesRaw materials and consumables at cost 130,698 78,108371,327 231,817 - -Property developments expected to be realised more than 12 months after reporting date: $98,805 (2007: $107,569). Financecosts capitalised to property developments during the year: $11,850 (2007: $2,846). Property developments pledged assecurity for interest-bearing liabilities $6,055 (2007: $13,555).10. INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHODAssociates 24 1,181,918 137,085Joint venture entities 25 315,611 123,0211,497,529 260,106 - -11. OTHER INVESTMENTSEquity and stapled securities available-for-sale- Listed 347,053 3,636 - -- Unlisted 64,073 176,414 - -Investments in controlled entities - cost - - 1,238,849 764,430411,126 180,050 1,238,849 764,430Investments expected to be realised more than 12 months after reporting date: Group $71,568 (2007: $180,050), Company$1,238,849 (2007: $764,430).Leighton Holdings Limited Financial Report 2008 NOTES TO THE FINANCIAL STATEMENTS 16
Notes to the Financial Statements continuedfor the year ended 30 June 200812. DEFERRED TAX ASSETSConsolidatedCompany2008$’000Note2008$’0002007$’0002007$’000Recognised deferred tax assetsDeferred tax assets are attributed to the following:- Contract debtors 27,286 44,494 - -- Property developments (11,870) (7,868) - -- Other inventories (3,805) (7,784) - -- Property, plant and equipment 80,236 81,107 - -- Employee benefits 109,750 97,412 880 775- Contract profit differential (46,300) (33,354) - -- Withholding tax on retained earnings of non-resident(14,784) (10,076) - -controlled entities- Investment revaluations 37,822 (31,181) - -- Foreign exchange (969) - - -- Deferred research and development benefit (40,572) - - -- Creditors, accruals and other 47,242 6,558 - -184,036 139,308 880 775Unrecognised deferred tax assetsDeferred tax assets which have not been recognised inrespect of tax losses3,907 7,224 - 4,972Tax losses not recognised: $3,907 (2007: $7,224) include overseas losses and capital losses. Unrecognised losses with noexpiry date $2,946 (2007: $6,298), the balance have a three to five year expiry date. Deferred tax assets have not beenrecognised in respect of these tax losses because it is not probable that future taxable profit will be available against which theGroup can utilise the benefits. The benefit of tax losses not recognised will be utilised only if the relevant entities earn sufficientprofit or capital gains in the future, continue to comply with the provisions of the relevant tax legislation relating to the deductionof 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 hasoperations. In particular, annual tax audits are undertaken in various overseas jurisdictions where the Group claims a refund ofprepaid revenue and withholding taxes. The Australian Tax Office is undertaking a review of the Group’s Australian operationsincluding deductions relating to research and development (“R&D”). The Group has deferred its current year R&D creditfollowing the issue by the ATO of a discussion paper challenging the entitlement to R&D concessions for the generalconstruction industry. The Group has professional advice confirming its entitlement to the R&D concessions to date.Leighton Holdings Limited Financial Report 2008 NOTES TO THE FINANCIAL STATEMENTS 17
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Statutory StatementsDirectors’ De
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Financial Report 2008 - Leighton Holdings

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