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Notes to the Financial Statements

For the year ended 30 June 2009

31. CONTINGENCIES

Unsecured

Cross guarantees

The Parent Entity has entered into deeds of cross guarantee in respect of the debts of certain of its controlled entities as described in note 19.

Banking facilities

The Parent Entity has entered into a cross deed of covenant with various controlled entities to guarantee the obligations of those entities in relation to the banking facilities. Details of these entities are set out in note 19.

32. EVENTS AFTER THE BALANCE SHEET DATE

Other than funding matters detailed in note 24(a) and 24(c), no matter or circumstance has arisen since 30 June 2009 that has significantly affected, or may significantly affect:

  • a)

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

  • b)

    the results of those operations in future financial years; or

  • c)

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

Legal issues

From time to time a controlled entity defends actions served on it in respect of rectification of building faults and other issues. It is not practicable to estimate the amount, if any, which the

entity could be liable for in this respect. The Directors anticipate that the resolution of any such matters currently outstanding will not have a material effect on the Consolidated Entity’s results.

Secured

Performance guarantees

Contingent liabilities in respect of certain performance guarantees, granted by controlled entities in the normal course of business to unrelated parties, at 30 June 2009, amounted to $29,393,000 (2008: $34,709,000). No liability is expected

to arise.

Financial guarantees

Financial guarantees granted by the Consolidated Entity’s bankers to unrelated parties in the normal course of business at 30 June 2009, amounted to $968,000 (2008: $4,273,000). No liability is expected to arise.

AVJennings Limited ABN 44 004 327 771 75

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