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Notes to the Financial Statements

For the year ended 30 June 2009

  • 33.

    RELATED PARTY DISCLOSURES

    • (a)

      Ultimate parent

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

(b) Share and share option transactions with Directors and Director-related entities

The aggregate number of shares and options held at the reporting date either directly or indirectly or beneficially by the Directors or by an entity related to those Directors of AVJennings Limited are as follows:

Owned by Directors directly, or indirectly or beneficially

Otherwise owned in which the Director was deemed to have an interest

2009

2008

Number

Number

2009 Numbe

r

2008 Number

Fully paid ordinary shares

137,669,557

131,354,566

137,669,557

131,354,566

Directors and Director-related entities received normal dividends on these ordinary shares.

(c) Entity with significant influence over AVJennings Limited

137,370,023 ordinary shares equating to 50.03% of the total ordinary shares on issue (2008: 130,481,150 & 48.94% respectively) were held by SC Global Developments Limited and its associates in the Parent Entity at 30 June 2009. Certain Directors of SC Global Developments Limited are also Directors of AVJennings Limited. Details of Directors’ interests in the shares of the Parent Entity are set out in the Directors’ Report.

(d) Parent Entity amounts receivable from and payable to controlled entities

2009 $’000

Parent

2008 $’000

Current receivables due from subsidiary companies Current payables due to subsidiary companies

31,382 18,811

31,382 22,831

At 30 June 2009, the Parent Entity has not set up any provisions against debts owed by related parties as recoverability is considered probable (2008: $NIL). An impairment assessment is undertaken each financial year-end to determine whether there is objective evidence that a related party receivable is impaired. If evidence of impairment exists, the impairment loss is recognised immediately.

76 AVJennings Limited ABN 44 004 327 771

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