CTI LOGISTICS LIMITED — Annual Report 2004

Sep 28, 2004

CTI Logistics Limited

ABN 69 008 778 925

Circumstances affecting Appendix 4E Preliminary final report

For the year ended 30 June 2004

As previously advised, CTI Logistics Limited has undertaken a review of the impact of tax consolidation legislation on the consolidated group. On the basis of this review, CTI Logistics Limited and the controlled entities have decided to implement the tax consolidation legislation as of 1 July 2003. The Australian Taxation office has not yet been notified of this decision.

At the time of issuing the Preliminary Final Report, it was not possible to accurately quantify the impact of the possible implementation. The review has now progressed to a stage that allows the benefits of entering the tax consolidation regime to be quantified in the financial statements.

The impact of the implementation of the tax consolidation regime will result in an uplift in the tax cost bases of the consolidated group and has given rise to a deferred income tax credit of \$1,136,291 being recognised in the statement of financial performance for the year ended 30 June 2004. As a result the net profit attributable to members of the Company has increased from \$1,711,076 to \$2,847,367. In addition, the net assets of the consolidated group have risen from \$22,258,286 to \$23,394,577.

The amended and previously reported statement of financial performance and financial position are set out as follows.

By order of the board

tif Ør

Jonathan D Elbery

29 September 2004

Consolidated statement of financial performance

		Current period (amended)	Current period (as previously
		\$A'000	reported) SA'000
1.1	Revenue from ordinary activities	74,302	74,302
1.2	Borrowing costs expense	1,092	1,092
1.3	Other expenses from ordinary activities	71,200	71,200
1.4	Profit from ordinary activities before income tax expense	2.010	2.010
1.5	Income tax expense/(benefit)	(837)	299
1.6	Net profit attributable to members of the Company	2,847	1,711
		Cents	Cents
	Earnings per share	11.24	6.76
	Consolidated statement of retained profits
1.7	Retained profits at the beginning of the financial period	1,009	1,009
1.8	Adjustment resulting from change in accounting policy for providing for dividends
1.9	Net profits attributable to members (item 1.6)	2,847	1,711
1.10	Dividends paid or payable	(506)	(506)

$1.10$ Dividends paid or payable $1.11$ Retained profits at end of financial period

3,350

$2,214$

Consolidated statement of financial position

	At end of current period (amended)	At end of current period (as previously reported)
Current assets	SA'000	SA' 000
Cash assets	453	453
Receivables	13,610	12,636
Inventories	1,453	1,453
Tax assets		1,275
Other assets	2,561	2,561
Total current assets	18,077	18,378
Non-current assets
Receivables	1,579	1,579
Other financial assets	257	257
Property, plant and equipment	20,945	20,945
Tax assets	717 404	237 404
Intangible assets Other assets	2	2
Total non-current assets	23,904	23,424
Total assets	41,981	41,802
Current liabilities
Payables	6,770	6,770
Interest bearing liabilities	2,828	2,828
Tax liabilities		233
Provisions	1,214	1,214
Total current liabilities	10,812	11,045
Non-current liabilities
Payables	83	83
Interest bearing liabilities	6,475	6,475
Tax liabilities Provisions	681 536	1,405 536
Total non-current liabilities	7,775	8.499
Total liabilities	18,587	19,544
	23,394	22,258
Net assets
Equity
Contributed equity	20,044	20,044
Retained profits	3,350	2,214
Total equity	23,394	22,258