Financial Report 2008 - Leighton Holdings

Notes to the Financial Statements continuedfor the year ended 30 June 200824. ASSOCIATESThe Group has the following investments in associates:ConsolidatedOwnership InterestPrincipal Activity Country 2008 % 2007 %Al Habtoor Engineering Enterprises LLC Construction UAE 45 -Brisbane Motorway Services Pty Limited Facilities management Australia 50 50Defence Maintenance Management Pty Limited Maintenance Australia 50 50Devine Limited Property development Australia 42 40Gateway Motorway Services Pty Limited Facilities management Australia 50 50James Fielding Infrastructure Pty Limited Infrastructure Australia 50 50Newood Holdings Pty Limited Timber processing Australia - 50Ngarda Civil and Mining Pty Limited Mining Australia 50 50Praeco Holdings Limited Property development Australia 50 50Promet Engineers Pty Limited Design Australia 50 50Sedgman Limited Design Australia 38 38Silcar Pty Limited Telecommunications Australia 50 50Thiess Kentz Pty Limited Construction Australia 50 50Thiess Leighton India Pvt Ltd Construction India 50 -Westlink Services Pty Limited Facilities management Australia 50 50Where the Group has an ownership interest in an associate of greater than 50% but does not have the power to govern theassociate’s financial and operating policies, the associate is not consolidated.The Group’s share of associates’ results, assets and liabilities is as follows:Consolidated2008$’0002007$’000Revenue 1,362,769 382,486Expenses (1,347,983) (358,586)Profit before tax 14,786 23,900Income tax expense (13,478) (7,218)Profit for the year 1,308 16,682Assets 2,406,885 436,550Liabilities (1,224,967) (299,465)Equity accounted associates at end of reporting period 1,181,918 137,085All associates have a reporting date of 30 June. The fair value of investments in associates for which there are published pricequotations at reporting date was $270,261 (2007: $340,088).Leighton Holdings Limited Financial Report 2008 NOTES TO THE FINANCIAL STATEMENTS 27