BSA LIMITED — Annual Report 2008

Aug 26, 2008

BSA LIMITED

PRELIMINARY FINAL REPORT

for the Year Ended 30 June 2008

ABN 50 088 412 748

PRELIMINARY FINAL REPORT GIVEN TO THE ASX UNDER LISTING RULE 4.3A

Name of entity BSA Limited

ABN or equivalent reference # 50 088 412 748

Reporting period Financial Year Ended 30 June 2008

Previous corresponding period Financial Year Ended 30 June 2007

Contents

Item

Results for announcement to the market		1.
Commentary on Results		2.
Condensed Consolidated Income Statement		3.
- Revenue	3.1
- Other income	3.2
- Expenses	3.3
- Individually Significant Items	3.4
- Amortisation and Impairment Expenses	3.5
- Capitalisation of Borrowing Costs	3.6
- Comparison of Half-Year Profits	3.7
Condensed Consolidated Balance Sheet		4.
- Consolidated Accumulated Losses	4.1
Condensed Consolidated Cash Flow Statement		5.
- Reconciliation of Cash	5.1
- Non-Cash Financing and Investing Activities	5.2
Condensed Consolidated Statement of Changes in Equity		6.
Net tangible assets per ordinary share		7.
Details of subsidiaries		8.
Details of associates and joint venture entities		9.
Dividends		10.
Accounting Standards		11.
Other Information Regarding the Accounts		12.
Other Significant Information		13.

1. RESULTS FOR ANNOUNCEMENT TO THE MARKET

				$'000
Revenue from continuing operations	up	53.4 %	to $	243,882
Profit after income tax from continuing
operations	down	10.7 %	to $	8,020
Net profit for the period attributable to
members	down	10.7 %	to $	8,020
	Amount per share	Franked amount per share at 30% tax
Dividends per Share
Final - FY 2007	1.7 cents	1.7 cents
Interim - FY 2008	3.5 cents	3.5 cents
Final - FY 2008	0.75 cents	0.75 cents
Record date for determining entitlements to dividend		16 September 2008
Payment date of dividend		3 October 2008
Explanations

Refer to Commentary on Results attached.

2. COMMENTARY ON RESULTS

Financial Highlights

BSA Limited’s (ASX: BSA) total revenue for the year grew to $243.9 million (2007: $159.0M) with resultant earnings before interest, tax and depreciation (EBITDA) of $16.1 million (2007: $14.3M).

This is a significant improvement in terms of both revenue and profit margin across the business which can be attributed to the strategic acquisition of the Triple M group of companies, which installs and maintains mechanical and fire services for many of Australia’s largest building projects, and a consistent performance from the Contracting Solutions division.

Net Profit After Income Tax (NPAT) decreased to $8.020 million down from $8.984M in 2007. The reported 2008 result was impacted by a number of nonrecurring abnormal items which included the following;

• Costs associated with the Hills Industries Ltd (ASX Code: HIL) unsuccessful merger and acquisition transaction

• Inventory write offs not previously identified in prior years

• Higher expenditure and lower revenues realised by the business relating to the launch of FOXTEL’s new Subscriber Management System

Interest expense increased by $1.6 million and impacted the NPAT result when compared to last year, the incremental charges were due to the borrowings associated with the acquisition of the Triple M Group of Companies.

Operational Highlights

The Contracting Solutions Division, comprising the telecommunications, subscription and free to air television business units continued to provide solid revenues during a year of consolidation. Having secured 50% of the OPTUS HFC works and a 2 year contract to provide installation and maintenance services to Telstra via SILCAR, all business units now have revenues secured for the immediate future. Operational performance continues to be very strong with all Key Performance Indicators across both sectors exceeding our customer’s expectations.

Overall Tickets of Work (TOW’s) increased by 11% in the 2007/2008 financial year, up by 150,000 from 1,360,000 to 1,510,000. This was a notable achievement following the reduced volumes under the revised contractual arrangements for the installation and maintenance services provided to Telstra, which saw BSA provide these services to Telstra as a subcontractor to SILCAR.

The successful launch of the FOXTEL HD+ service offering has exceeded initial expectations and has added an additional revenue stream for the FOXTEL division as customers seek to upgrade their existing service and as new customer’s take up this exceptional product.

A major initiative undertaken during the year was to introduce a trainee program specifically designed to introduce new resources into the telecommunications and

subscription television industry, which over recent years has been in desperate need of a new injection of talent. Utilising BSA Advanced Learning (BAL), our in house Registered Training Organisation, BSA has successfully trained and released over 70 new trainees to the field during the year, providing fresh resources to the industry and improved margins to BSA.

BSA continues to be passionate about the global environment and during the year was awarded its certification to ISO 14001 of Environmental Management. This compliments our already awarded ISO9001 accreditation for Quality Assurance and our ISO4801 accreditation in OH&S. Together, these are the foundation of BSA’s OHS&E policies and procedures.

The Technical Services division continued its strong association with Tellabs across the period, assisting them with the continued growth of their equipment’s presence in the Telstra network. This support encompassed the management of all new equipment coming into the country as well as the 24/7 technical support of the equipment in the Telstra network. Amongst other things, the division developed a world class procedure for the cleaning and commissioning of Optical Ports that was subsequently adopted by Telstra as standard practice. The division has played an important role in Tellabs continued success in Australia.

The Building Services division, comprising the Triple M Group which was acquired in August 2007 had a solid year in its first as a BSA Limited company. Initial focus was placed on the integration of the group into BSA. This was made easier by the cultural alignment of the two companies.

Triple M have also successfully established its WA operations and entered the Fire Services space in the QLD market place. In line with BSA’s ISO 14001 certification of Environmental Management Triple M established a Sustainable Upgrades Division to focus on significant opportunities in sustainable facility services upgrades in existing buildings including Green Star and National Australian Built Environment Rating System (NABERS) and Australian Building Greenhouse Rating (ABGR) refurbishments.

Notable events during the year were

• The strategic acquisition of the Triple M Group of Companies in August 2007 signified a diversification of the business into the facility services sector and added $82.3 million in revenues and $7.2 million in EBITDA contribution to the BSA Group.

• Securing the OPTUS HFC Services contract for the next 2 years which extended BSA’s geographic coverage into Sydney and Melbourne. The contract is expected to generate revenues of approximately $30 million over the term of the contract.

• Securing ongoing Telstra installation and maintenance works for a further 2 years under a “super” subcontractor arrangement with SILCAR, this contract being valued at approximately $70 million in revenue.

• Strengthening of the strategic partnership with FOXTEL, through assuming some of the call centre activities and delivering on the requirements of the FOXTEL HD+ launch.

• In April 2008, Ross Johnston, formerly the Chief Executive Officer, Spotless Australian Services was appointed Chairman of the Board following the retirement of Brian Baldwin.

• Enhanced our capabilities and reputation in the growing Public Private Partnership (PPP) market place with the completion of the Justice Precinct project for Brookfield Multiplex valued at $20M and the awarding of the Mechanical & Fire Services contracts for the Orange Hospital Public Private Partnership with Hansen Yuncken valued at $13M.

• The Building Services division, significantly was the HVAC supplier for Green Square North Tower development. This development was subsequently awarded an environmental rating of 6 Green Star, only 2nd building in QLD to be awarded a 6 Star Green rating.

• Triple M was also awarded contracts with South Western Sydney Area Health Service for the maintenance of Chillers in their hospital portfolio and was successful in renewing the maintenance contracts for Suncorp Metway Stadium in Brisbane and ANZ Stadium in Sydney.

• The MR Group continued to provide solid returns following last year’s review of operations and the subsequent restructure. The focus on operational expenses ensured a solid result prevailed in the 2007/2008 financial year.

• BSA continues to encourage and assist all contractors to convert their vans to gas fuel supporting BSA’s commitment to the environment.

• BSA continued its support for Young Care Limited, an organisation dedicated to providing accommodation for young people with high care needs.

Events occurring after the end of the financial year (30 June 2008)

There were no significant events that occurred after the end of the financial year.

2009 Outlook

The outlook for the new financial year is positive and BSA fully expects to deliver sustainable Revenues of $250 million and an EBITDA margin in line with the 2008 financial year.

• A key change leading up to the new financial year has been the appointment of our new Chairman Ross Johnston. Mr Johnston is an extremely experienced executive having been engaged nationally and internationally for major corporations including, Lend Lease and Spotless Group Limited. Mr Johnston has commenced a strategic review of all operations which will determine the future direction of the Group and drive the delivery of our growth expectations. It is intended to update the market in late September, early October 2008 with the outcomes as more detailed strategic plans are finalised.

• Whilst BSA enjoys secure long term contracts in the telecommunications and subscription television divisions, a permanent tightening however in margins through competitive tender processes and pressure on costs has resulted in BSA being in line with its competitors in terms of EBITDA margin performance. This

being said, volumes continue to be strong and focus on increased productivity is the key to a successful year.

• BSA will continue to competitively bid for new opportunities in the telecommunications/volume contracting space. Being viewed in the market as one of the leaders in the provision of these services, it is important for BSA to remain competitive and secure opportunities as they are presented. This will assist our strategy of driving organic growth.

• Further enhancing the relationship with FOXTEL and growing the range of services provided is an ongoing objective. The push for further work of this type supports the objective of driving volatility of earnings out of BSA.

• The Building Services division (Triple M) similarly seeks to capitalise on its strong “order book” and grow the business organically in existing markets and through expansion into other geographic regions. Additionally, BSA continues to identify potential strategic acquisitions in this space that will compliment the overall growth strategy.

• In summary, as stated earlier, BSA will update the market in late September, early October 2008 with the outcomes of the strategic review as the plans are finalised with the key areas of focus being;

• Management driving productivity in our core capability of volume contracting;

• Determining the acquisition strategy, ensuring acquisitions are accretive and provide annuity type earnings

• Finalisation of the dividend policy;

• Growth of the Building Services division

2. COMMENTARY ON RESULTS

Earnings Per Share

Earnings per share for profit from continuing operations: Basic earnings per share Diluted earnings per share (a) ` Basic Earnings Per Share Profit Net profit attributable to outside equity interests Earnings used to calculate basic EPS and dilutive EPS (b) Weighted average number of ordinary shares outstanding during the year used in calculating basic EPS Weighted average number of options outstanding Weighted average number of ordinary shares outstanding during the year used in calculating dilutive EPS Reconciliation of earnings to profit	2008 $'000 4.41 cents 4.41 cents 8,020 - 8,020 No. 181,878,289 206,609 182,084,898 Consolidated	2007 $'000 5.83 cents 5.68 cents 8,984 - 8,984 No. 154,170,944 3,921,125 158,092,069

(c) Information concerning the classification of securities

Options

Options granted to employees under the BSA Limited Employee Option Plan are considered to be potential ordinary shares and have been included in the determination of diluted earnings per share to the extent to which they are dilutive. The options have not been included in the determination of basic earnings per share.

Dividends

(a) Ordinary Shares Final dividend for the year ending 30 June 2007 of 1.7 cents (2006:0.5 cents) per fully paid share paid 3 October 2007 Fully franked based on tax paid @ 30% Interim dividend for the year ending 30 June 2008 of 3.5 cents (2007:1.5 cents) per fully paid share paid 15 April 2008 Fully franked based on tax paid @ 30% Total dividends provided for or paid (b) Dividends not recognised at year end In addition to the above dividends, since year end the directors have recommended the payment of a final dividend of 0.75 cents per fully paid ordinary share, (2007: 1.7 cents) fully franked based on tax paid at 30%. The aggregate amount of the proposed dividend expected to be paid on 3 October 2008 out of retained profits at 30 June 2008, but not recognised as a liability at year end, is	2008 $'000 3,060 6,464 9,524 1,415 Consolidated	2007 $'000 757 2,316
		3,073
		3,081

(c) Franked dividends

The franked portions of the final dividends recommended after 30 June 2008 will be franked out of existing franking credits or out of franking credits arising from the payment of income tax in the year ending 30 June 2008.

Franking credits available for subsequent financial years based on a tax rate of 30% (2007 - 30%)	2008 $'000 Consolidated 14,891	2007 $'000 7,618

The above amounts represent the balance of the franking account as at the end of the financial year, adjusted for:

(a) franking credits that will arise from the payment of the amount of the provision for income tax

(b) franking debits that will arise from the payment of dividends recognised as a liability at the reporting date, and

(d) franking credits that will arise from the receipt of dividends recognised as receivables at the reporting date.

The impact on the franking account of the dividend recommended by the directors since year end, but not recognised as a liability at year end, will be a reduction in the franking account of $607,000 (2007: $1,320,000)

Segment Results

Business and Geographic Segments

Business segments

The consolidated entity is organised into the following industry segments

Contracting Solutions

Provides contracting services to the telecommunications, subscription television and communication industries. The contracting services include the delivery of bundled services over hybrid fibre coax network, the installation of subscription television, the installation of free to air television antennas and security systems.

Building Services

Provides the designs, installation and maintenance of building services for commercial and industrial buildings including: mechanical services, air conditioning, heating and ventilation, refrigeration and fire services.

Geographic segments

The consolidated entity currently operates in one geographic segment, being Australia.

Primary reporting - Business segments

2008 Sales to external customers Other revenue Total segment revenue Segment result Income tax expense Net profit Segment assets	Contracting Solutions Building Services $'000 $'000 161,575 82,307 255 310	Consolidated $'000 243,882 565
	161,830 82,617 -	244,447
	7,442 4,294	11,736 (3,716)
		8,020
	82,433 25,258	107,691

Segment liabilities Acquisition of property, plant and equipment, intangibles and other non current segment assets Depreciation and amortisation expenses Other non-cash expenses 2007 Sales to external customers Other revenue Total segment revenue Segment result Income tax expense Net profit Segment assets Segment liabilities Acquisition of property, plant and equipment, intangibles and other non current segment assets Depreciation and amortisation expenses Other non-cash expenses S d i G hi l Primary reporting - Business segments econ ary report ng - eograp ca segments	38,773 15,603	54,376
	2,633 734	3,367
	2,247 780	3,027
	48 -	48
	Contracting Solutions Building Services $'000 $'000 158,973 - 312 -	Consolidated $'000 158,973 312
	159,285 -	159,285
	12,923 -	12,923 (3,939)
		8,984
	52,195 -	52,195
	16,782 -	16,782
	2,129 -	2,129
	1,371 -	1,371
	201 -	201
Australia	2008 2007 2008 2007 2008 2007 $'000 $'000 $'000 $'000 $'000 $'000 243,882 158,973 107,691 52,195 3,367 2,129 Segment Revenues Carrying Amount of Segment Assets Acquisitions of Non- current Segment Assets

S d i econ ary report ng - segments	G hi l eograp ca
	Segment	Revenues	Carrying Amount of Segment Assets	Acquisitions of Non- current Segment Assets
	2008	2007	2008 2007	2008 2007
	$'000	$'000	$'000 $'000	$'000 $'000
Australia	243,882	158,973	107,691 52,195	3,367 2,129

Accounting Policies

Segment revenues and expenses are those directly attributable to the segments and include any joint revenue and expenses where a reasonable basis of allocation exists. Segment assets include all assets used by a segment and consist principally of cash, receivables, inventories, intangibles and property, plant and equipment, net of allowances and accumulated depreciation and amortisation. While most assets can be directly attributed to individual segments, the carrying amount of certain assets used jointly by two or more segments is allocated to segments on a reasonable basis. Segment liabilities consist principally of payables, employee benefits, accrued expenses, provisions and borrowings.

Impairment Losses

There was no impairment loss relating to goodwill recognised as an expense (2007: Nil).

Share-based Payment Expense

A share-based payment expense amounting to $48,329 (2007: $201,359) relating to options granted to certain employees was recognised as an expense.

3. CONDENSED CONSOLIDATED INCOME STATEMENT

Revenue from continuing operations - refer 3.1 below Other income - refer 3.2 below Expenses - refer 3.3 below Finance costs Profit before income tax Income tax expense Profit for the year from continuing operations Profit for the year Profit for the year attributable to members Basic Earnings Per Share Diluted Earnings Per Share Dividends Per Share	Current Period A$'000	Previous corresponding period A$'000
	243,882 565 (230,830) (1,881)	158,973 312 (146,083) (279)
	11,736 (3,716)	12,923 (3,939)
	8,020	8,984
	8,020	8,984
	8,020	8,984
	4.41 cents 5.83 cents 4.41 cents 5.68 cents 5.20 cents 2.00 cents

NOTES TO THE CONDENSED CONSOLIDATED INCOME STATEMENT

3.1 Revenue from continuing operations

Revenue from Sales Revenue from Services Contract Revenue	Current Period A$'000	Previous corresponding period A$'000
	16,150 145,425 82,307	16,062 142,911 -
	243,882	158,973

3.2 Other income

Net gain on disposal of property, plant and equipment Net gains on foreign exchange Interest Revenue - other persons	Current Period A$'000	Previous corresponding period A$'000
	34 - 531	68 2 242
	565	312

3.3[Expenses]

Expenses
Changes in inventories of finished goods and WIP Raw materials and consumables used Employee benefits expense Depreciation and amortisation expense (including intangibles) Occupancy Other Expenses	Current Period A$'000	Previous corresponding period A$'000
	(740) 192,289 23,032 3,027 1,948 11,274	526 118,217 16,950 1,371 1,206 7,813
	230,830	146,083

3.4 Individually Significant Items

Unsuccessful merger and acquisition transaction Inventory write off Share-based payments expense	Current Period A$'000	Previous corresponding period A$'000
	412 1,279 48	- - 201
	1,739	201

3.5 Amortisation and Impairment Expenses

Impairment of goodwill Total impairment write-downs	Consolidated - Current period	Consolidated - Current period	Consolidated - Current period	Consolidated - Current period
	Before tax A$'000	Related tax A$'000	Related outside equity interests A$'000	Amount (after tax) attributable to members A$'000
	-	-	-	-
	-	-	-	-

3.6 Capitalisation of Borrowing Costs

Borrowing costs capitalised that are not included in finance cost expenses disclosed above include:

Interest costs capitalised in asset values Interest costs capitalised in intangibles (unless arising from an acquisition of a business)	Current Period A$'000	Previous corresponding period A$'000
	- -	- -
	-	-

3.7[Comparison of Half-Year Profits]

Comparison of Half-Year Profits
Consolidated profit after tax attributable to members reported for the 1st half yearly report Consolidated profit(loss) after tax attributable to members for the 2nd half year	Current Period A$'000	Previous corresponding period A$'000
	6,378	4,495
	1,642	4,489

4. CONDENSED CONSOLIDATED BALANCE SHEET

Current Assets Cash and cash equivalents Trade and other receivables Inventories Total Current Assets Non-Current Assets Trade and other receivables Property, plant and equipment Intangible assets Deferred tax assets Total Non-Current Assets TOTAL ASSETS Current Liabilities Trade and other payables Borrowings Current tax liabilities Total Current Liabilities Non-Current Liabilities Borrowings Deferred tax liabilities Provisions Total Non-Current Liabilities TOTAL LIABILITIES NET ASSETS Equity Contributed Equity Reserves Accumulated Losses Parent entity interest Total Equity	Current Period A$'000	Previous corresponding period A$'000
	4,336 38,827 2,885	3,422 28,121 3,626
	46,048	35,169
	2,461 7,681 50,092 1,409	1,103 3,744 11,490 689
	61,643	17,026
	107,691	52,195
	27,949 5,539 258	12,311 375 2,644
	33,746	15,330
	19,730 225 675	974 122 356
	20,630	1,452
	54,376	16,782
	53,315	35,413
	68,835 1,194 (16,714)	49,477 1,146 (15,210)
	53,315	35,413
	53,315	35,413

Total Non-Current Liabilities

TOTAL LIABILITIES

NET ASSETS

Equity

Contributed Equity Reserves Accumulated Losses

Parent entity interest

Total Equity

NOTES TO THE CONDENSED CONSOLIDATED BALANCE SHEET

4.1 Consolidated Accumulated Losses

Accumulated Losses at the beginning of the financial year Net profit attributable to members Dividends and other equity distributions paid or payable Accumulated Losses at the end of the financial year	Current Period A$'000	Previous corresponding period A$'000
	(15,210) 8,020 (9,524)	(21,121) 8,984 (3,073)
	(16,714)	(15,210)

5. CONDENSED CONSOLIDATED CASH FLOW STATEMENT

Cash flows related to operating activities Receipts from customers Payments to suppliers and employees Interest received Interest and other costs of finance paid Income tax refund Income taxes paid Other taxes paid Net operating cash flows Cash flows related to investing activities Payments for purchases of property, plant and equipment Proceeds from sale of property, plant and equipment Payments for purchases of equity investments Other (Cash acquired on acquisition of subsidiary / net of acquisition cost paid) Net investing cash flows Cash flows related to financing activities Proceeds from issues of shares Proceeds from borrowings Repayment of borrowings Dividends paid Share issue costs Net financing cash flows Net increase (decrease) in cash held Cash at beginning of year -refer 5.1 below Cash at end of year -refer 5.1 below	Current Period A$'000	Previous corresponding period A$'000
	270,782 (243,437) 383 (1,623) 205 (6,886) (5,973)	168,353 (156,226) 242 (279) 106 (1,464) (3,673)
	13,451	7,059
	(1,898) 179 (28,369) 1,936	(1,412) 298 - -
	(28,152)	(1,114)
	260 60,000 (38,500) (6,115) (28)	252 9,500 (11,070) (1,606) (13)
	15,617	(2,937)
	916 3,420	3,008 412
	4,336	3,420

NOTES TO THE CONDENSED CONSOLIDATED CASH FLOW STATEMENT

5.1 Reconciliation of Cash

Reconciliation of Cash
Cash on hand and at bank Bank overdraft Total cash at end of year	Current Period A$'000	Previous corresponding period A$'000
	4,336 -	3,422 (2)
	4,336	3,420

5.2 Non-Cash Financing and Investing Activities

(i) During the year the economic entity acquired plant and equipment with an aggregate value of $1,470,000 (2007 : $717,000) by means of finance leases. These acquisitions are not reflected in the cash flow statement.

(ii) During the year the economic entity issued shares under the Executive Securities Plan with a value of $1,366,951 (2007 : $133,059) by means of a loan. This issue is not reflected in the cash flow statement.

(iii) During the year the economic entity paid a dividend and certain holders of ordinary shares elected to have all or part of their dividend entitlements satisfied by the issue of new ordinary shares rather than by being paid in cash, with a value of $3,408,688 (2007 : $1,466,331).

(iv) During the year the economic entity issued shares as part of the purchase consideration for the Triple M group of companies with a value of $14,350,599 (2007 : Nil). This issue is not reflected in the cash flow statement.

6. CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

As at 1 July 2006 Profit for the year Shares issued during year Dividends paid Share-based payment expense As at 30 June 2007 Profit for the year Dividends paid Shares issued during year Share-based payments expense As at 30 June 2008	Issued capital Accumulated losses Share-based payment Reserve Total equity $'000 $'000 $'000 $'000 47,601 (21,121) 945 27,425 - 8,984 - 8,984 1,876 - - 1,876 - (3,073) - (3,073) - - 201 201
	49,477 (15,210) 1,146 35,413 - 8,020 - 8,020 - (9,524) - (9,524) 19,358 - - 19,358 - - 48 48
	68,835 (16,714) 1,194 53,315

OTHER NOTES TO THE CONDENSED FINANCIAL STATEMENTS

7. NET TANGIBLE ASSETS PER ORDINARY SHARE (NTA backing)

Previous Current Period corresponding period 0.96 cents 14.83 cents

8. DETAILS OF SUBSIDIARIES

• 8.1 Control Gained Over Entities During the Period

Name of entity

Date control acquired, i.e. date from which profit(loss) has been calculated

Profit (loss) of the subsidiary (or group of entities) during the current period since the date on which control was acquired

Profit (loss) of the subsidiary (or group of entities) for

the whole of the previous corresponding period

	Triple Mgroup of companies
	1 August 2007
	$4,521,987		$		$
	$4,124,321		$		$

• 8.2 Loss of Control of Entities During the Period

Name of entity

Date of loss of control, i e. . date until which profit(loss) has been calculated

Profit (loss) from the subsidiary (or group of entities) during the current period to the date on which control was lost

Profit (loss) from the subsidiary (or group of entities)

for the whole of the previous corresponding period

Contribution to consolidated profit (loss) from sale of interest leading to loss of control

$		$		$
$		$		$
$		$		$

9. DETAILS OF ASSOCIATES AND JOINT VENTURE ENTITIES

9.1	Equity Accounted Associates and Joint Venture Entities	%Ownership Interest	%Ownership Interest		Contribution to Net Profit	Contribution to Net Profit
		Current Period %	Previous Corresponding Period %		Current Period A$ '000	Previous Corresponding Period A$ '000

9.2 Aggregate Share of Profits(Losses) of Associates and Joint Venture Entities

Group's Share of Associates and Joint Venture Entities: Profit(Loss) before income tax Income tax expense Net profit(loss) Adjustments	Current Period A$ '000	Previous Corresponding Period A$ '000
	- -	- -
	- -	- -
Share of net profit(loss) of associates and joint venture entities
	-	-

10. DIVIDENDS

Dividends Paid per Share Final - current period - previous corresponding period Interim - current period - previous corresponding period	Amount per share	Franked amount per share at 30% tax	Amount per share of foreign source dividend
	0.75 cents 1.70 cents	0.75 cents 1.70 cents	- cents - cents
	3.50 cents 1.50 cents	3.50 cents 1.50 cents	- cents - cents

10.1 Dividends Paid per Share

10.2 Total Dividends Previous Current Period Corresponding A$ '000 Period A$ '000 Interim - paid on 15 April 2008 6,464 2,316 Final - paid on 3 October 2007 3,060 757 9,524 3,073 The final dividend for FY 2007 of $3,060k was paid during the year. The interim dividend for FY 2008 of $6,464k was also paid during the year. The final dividend for FY 2008 of $1,415k was declared on 27 August 2008. 10.3 Dividend Reinvestment Plans The company has established a dividend reinvestment plan under which holders of ordinary shares may elect to have all or part of their dividend entitlements satisfied by the issue of new ordinary shares rather than by being paid in cash. Shares are issued under the plan at a 5% discount to the average market price. The last date for receipt of election notices for participation in any dividend reinvestment plans 16 September 2008 11. ACCOUNTING STANDARDS Australian accounting standards have been used.

• 12, OTHER INFORMATION REGARDING THE ACCOUNTS 12.1 The information contained in this Appendix 4E is based on accounts which (choose one): - have been audited - are in the process of being audited - have not yet been audited

• 12.2 Audit Disputes or Qualifications If the accounts have not yet been audited and are likely to be subject to dispute or qualification, include a description of the dispute or qualification: Not Applicable

• If the accounts have been audited and are subject to dispute or qualification, include a description of the dispute or qualification Not Applicable

• 13. OTHER SIGNIFICANT INFORMATION

Nil