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Notes to the Financial Statements

For the year ended 30 June 2009

  • 19.

    CONTROLLED ENTITIES (continued)

    • (b)

      Ultimate parent

AVJennings Limited is the ultimate Australian Parent Entity. SC Global Developments Limited is the ultimate Parent Entity.

(c) Deeds of cross guarantee

Certain entities within the Group are parties to deeds of cross guarantee under which each controlled entity guarantees the debts of the others. By entering into these deeds, the controlled entities are relieved from the requirement to prepare Financial

Statements and Directors’ Reports under Class Order 98/1418 (as amended by Class Orders 98/2017, 00/321, 01/1087, 02/248, 02/1017, 04/663, 04/682, 04/1624, 05/542, 06/51, 08/11, 08/255 and 08/618) issued by the Australian Securities and Investments Commission (ASIC). Those entities included in the Closed Group are listed in note 19(a). These entities represent a “Closed Group” for the purposes of the Class Order, and as there are no other parties to the deeds of cross guarantee that are controlled

by AVJennings Limited, they also represent the “Extended Closed Group”.

(d) Class order closed group

Certain controlled entities were granted relief by ASIC (under provisions of Class Orders) from the requirement to prepare separate audited financial statements, where deeds of indemnity have been entered into between the Parent Entity and the

Controlled Entities to meet their liabilities as required (refer note 19(c)).

The Extended Closed Group referred to in the Directors’ Declaration therefore comprises all of the entities within the Class Order. Certain entities falling outside of the Extended Closed Group are listed in note 19(a), and are therefore required to prepare

separate annual financial statements.

The Income Statement for those controlled entities which are party to the deed is as follows:

Closed Group

2009 $’000

2008 $’000

485,917

480,184

(419,669)

(390,539)

(89,251)

(78,836)

Income Statement Revenues

Cost of sales Other expenses

(23,003)

10,809

6,058

(2,244)

8,565

(Loss) / profit before income tax Income tax credit / (expense)

Net (loss) / profit attributable to members of the parent

(16,945)

58 AVJennings Limited ABN 44 004 327 771

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