Financial Report 2008 - Leighton Holdings

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Notes to the Financial Statements continuedfor the year ended 30 June 200826. RECONCILIATION OF PROPERTY, PLANT AND EQUIPMENT CARRYING VALUESLand$’000Buildings$’000Leasehold land,buildings &improvements$’000Wastemanagementassets$’000Plant andequipment$’000Total property,plant andequipment$’0002008 ConsolidatedCarrying amount at the beginningof the reporting period 22,830 29,383 46,093 24,994 1,135,319 1,258,619Additions 1,646 21,757 23,965 630 761,847 809,845Additions through acquisition ofcontrolled entities and businesses - - 167 - 58,730 58,897Disposals (6,241) (5,254) (927) - (189,675) (202,097)Depreciation - (1,824) (8,848) (3,330) (428,478) (442,480)Effects of exchange rate fluctuations - - (896) - (20,396) (21,292)Carrying amount at reporting date 18,235 44,062 59,554 22,294 1,317,347 1,461,49227. RECONCILIATION OF PROFIT FOR THE YEAR TO NET CASH FROM OPERATING ACTIVITIESConsolidatedCompanyNote2008$’0002007$’0002008$’0002007$’000Profit for the year 609,091 455,236 328,516 246,214Adjustments for:Depreciation 442,480 426,681 - -Amounts set aside to provisions 296,984 262,307 350 376Share of profits of associates 23,179 (14,734) - -Impairment of investments 142,003 - - -Foreign exchange losses 13,044 3,331 33 52Gains on sale of assets (316,407) (48,493) - (15,101)Non-cash intercompany transactions - - 73,516 55,220Net changes in assets/liabilities:Decrease/(increase) in receivables 4,209 (184,563) 3,750 342Decrease/(increase) in joint ventures (195,730) 21,384 - -Decrease/(increase) in inventories (139,771) (111,036) - -Increase/(decrease) in payables 343,733 581,566 31 39Increase/(decrease) in provisions (249,328) (233,179) - (830)Current and deferred income tax movement (51,026) 42,525 (14,305) (29,379)Net cash from operating activities 922,461 1,201,025 391,891 256,933Leighton Holdings Limited Financial Report 2008 NOTES TO THE FINANCIAL STATEMENTS 32
Notes to the Financial Statements continuedfor the year ended 30 June 200828. ACQUISITIONS AND DISPOSALS OF CONTROLLED ENTITIES AND BUSINESSESDetails of the controlled entities and businesses acquired are contained in the Leighton Holdings Limited and controlled entitiesnote. Goodwill has arisen on these acquisitions as a premium was paid above the acquired net assets for the benefit of theanticipated synergies, gaining entrance to new markets and acquiring skilled workforces. The acquisitions of controlled entitiesand businesses had the following effect on the Group’s assets and liabilities at the respective acquisition dates.Acquisitions2008Carrying amountsbefore acquisition$’000Fair valueadjustments$’000Recognisedvalues$’000Cash and cash equivalents 1,425 - 1,425Trade and other receivables 13,681 - 13,681Inventories 1,020 - 1,020Property, plant and equipment 56,660 237 56,897Intangible assets (50) - (50)Trade and other payables (23,241) - (23,241)Provisions (504) - (504)Net identifiable assets and liabilities 48,991 237 49,228Goodwill on acquisition 40,102Total purchase consideration, including acquisition costs of $0.88 million 89,330Cash acquired (1,375)Net cash outflow 87,9552007Cash and cash equivalents 58 - 58Trade and other receivables 1,156 1,405 2,561Inventories 6,865 - 6,865Deferred tax assets - 109 109Property, plant and equipment 72,815 - 72,815Trade and other payables ( 1,779) - ( 1,779)Provisions ( 640) - ( 640)Net identifiable assets and liabilities 78,475 1,514 79,989Goodwill on acquisition 32,782Total purchase consideration, including acquisition costs of $4.6 million 112,771Cash acquired (58)Net cash outflow 112,713Leighton Holdings Limited Financial Report 2008 NOTES TO THE FINANCIAL STATEMENTS 33
Page 4: Statements of Recognised Income and
Page 8 and 9: Notes to the Financial Statements c
Page 70 and 71: Statutory StatementsDirectors’ De

Financial Report 2008 - Leighton Holdings

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