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Five Year Summary
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Directors Report
Remuneration Report
Auditors Independence Declaration
Corporate Governance Statement
Income Statement
Balance Sheet
Statement of Changes in Equity
Statement of Cash Flows
Notes to the Financial Statements
Directors Declaration
Independent Audit Report
Shareholder Information
Table of Important Dates
CONSOLIDATED PARENT ENTITY
NOTE 31 JULY 08 31 JULY 07 31 JULY 08 31 JULY 07
$000 $000 $000 $000
NOTE 3: EXPENSES (cont.)
(a) Specific expense disclosures (cont.)
Employee benefit expense 138,461 135,900 - -
Defined contribution superannuation expense 7,940 7,622 - -
Research and development expenditure 1,074 1,511 - -
Bad and doubtful debts - trade debtors 1,554 (603) - -
Write down of inventories to net realisable value 985 501 - -
(b) Significant Revenues and Expenses
The following items are relevant in explaining the financial performance for the year:
Profit from sale of land held for resale 9,136 31,885 - -
Development profits from joint ventures 15,368 2,095 - -
Fair value adjustment on completion of developments 23,137 2,659 - -
Fair value adjustment of properties 7,685 - - -
Property trust rental profits 1,607 591 - -
Total profits from Property Trusts 29 47,797 5,345 - -
Share of associates profit from discontinued operations (5,652) 9,121 - -
Additional profit / (loss) due to significant one-off
transactions of Washington H Soul Pattinson & Co Ltd (9,563) 13,892 - -
One-off decommissioning costs - 3,499 - -
NOTE 4: INCOME TAX EXPENSE
(a) Current Tax 32,429 25,025 (8,138) (4,797)
Deferred Tax 795 1,106 87 -
Under / (over) provided in prior years (3,489) 2,310 (3,622) 192
29,735 28,441 (11,673) (4,605)
(b) Reconciliation of income tax expense to prima
facie tax payable
Prima facie tax payable on profit / (loss) before
income tax at 30% 39,364 40,793 (1,214) 5,779
Adjust for tax effect of:
- difference in foreign tax rates 2 34 - -
- non-allowable PAVERS dividend 3,250 3,251 3,250 3,251
- rebateable dividends (9,781) (13,828) (9,781) (13,827)
- capital losses recognised during year - (3,622) - -
- share of net profits of associates (1,010) (771) - -
- amortisation of intangibles 86 86 - -
- other non-allowable items 289 188 (306) -
- deferred tax items derecognised - 5,021 - -
- overprovision for income tax in prior year (2,465) (2,711) (3,622) 192
Income tax expense / (benefit) attributable to
profit / (loss) 29,735 28,441 (11,673) (4,605)
(c) Aggregate current and deferred tax arising in the
reporting period and not recognised in net profit or loss
Current tax - debited / (credited) directly to equity (209) 358 - -
Deferred tax - debited / (credited) directly to equity (8,510) 19,280 (362) 508
(8,719) 19,638 (362) 508
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