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REVIEW OF OPERATIONS (continued) OUTLOOK: (continued)

Nevertheless, the Company is well positioned for the future and expects 2010 to show improved financial and operational performance. It has a land bank of some 9,825 lots under control or management, equivalent to approximately 5 years supply, and whilst operating in the current economic climate,

maintains a conservative approach to managing the business. Additionally, the majority of projects are under development or have development approval and are targeted at the affordable housing segment of the market which has been, and is likely to remain in the short to medium term, the strongest market segment.

The improvement in contract signings in the second half of the financial year ended 30 June 2009 will underpin much of this improvement. However, the timing of projects and getting jobs to site for Contract Building will see most of the accounting outcomes reflected in the second half of the financial year just commenced.

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

The Consolidated Entity’s main banking facilities were due to expire on 30 September 2009. As a result, the borrowings

under these facilities are shown as a current liability on the Consolidated Balance Sheet at 30 June 2009.

As mentioned in the Review of Operations, subsequent to the end of the financial year, the Company has received approval from its bankers to extend its main banking facilities for a further 12 months to 30 September 2010.

There have been no other significant changes in the state of affairs of the Consolidated Entity during the year other than as disclosed in this Report.

Directors’ Report

For the year ended 30 June 2009

MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR

Other than matters relating to funding referred to under Review of Operations, no matter or circumstance has arisen since 30 June 2009 that has significantly affected, or may significantly affect:

  • i.

    the Consolidated Entity’s operations in future financial years; or

  • ii.

    the results of those operations in future financial years; or

  • iii.

    the Consolidated Entity’s state of affairs in future financial years.

FUTURE DEVELOPMENTS, PROSPECTS AND BUSINESS STRATEGIES

Future developments in the operations of the Consolidated Entity and the expected results of those operations have not been included in this Report as the Directors believe that the inclusion of such information would be likely to result in unreasonable prejudice to the Consolidated Entity.

The prospects and business strategies of the Consolidated Entity are discussed on pages 12 to 15 of this Report.

ENVIRONMENTAL REGULATION

The Consolidated Entity’s operations are subject to various environmental regulations under both Commonwealth and State legislation, particularly in relation to its property development activities. The Consolidated Entity’s practice is to ensure that where operations are subject to environmental regulations, those obligations are identified and appropriately

addressed. This includes the obtaining of approvals, consents and requisite licenses from the relevant authorities and complying with their conditions.

The Consolidated Entity is not aware of any breaches of environmental regulations and has not incurred any significant liabilities under any such environmental legislation.

AVJennings Limited ABN 44 004 327 771 15

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