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NOTES TO THE FINANCIAL STATEMENTS CONTINUED

NOTE 7 — TAXATION (CONTINUED)

Tax effect accounting by members of the tax-consolidated group

Members of the tax-consolidated group have entered into a tax funding arrangement which sets out the funding obligations of the tax-
consolidated group in respect of tax amounts. The tax funding arrangements require payments to/from the Parent Entity as head
entity equal to the current tax liability (asset) assumed by the head entity excluding any tax loss deferred tax asset assumed by the
head entity. The members of the tax-consolidated group have also entered into a valid tax sharing agreement under the tax
consolidation legislation which sets out the allocation of income tax liabilities between the entities should the head entity default on its
tax payment obligations and the treatment of entities leaving the tax-consolidated group. During the year ended 30 June 2007 the
member entity, Pier 26 Pty Limited left the tax-consolidated group and submitted a notice of termination from the tax sharing agreement.

Tax payments under the tax funding agreement are recognised as an increase or decrease in the subsidiaries’ intercompany
accounts with the Parent Entity.

NOTE 8 — DIVIDENDS

Cents
per share
Total
amount Date of payment
Tax rate for
franking credit
Percentage
franked
$’000
Dividends on ordinary shares paid by the
Company during the year are:
2007
Final 2006 dividend paid
Interim 2007 dividend paid
16.0
10.0
20,195
12,793
21 September 2006
15 March 2007
30%
30%
100%
100%
32,988
2006
Final 2005 dividend paid
Interim 2006 dividend paid
11.5
8.0
14,466
10,066
22 September 2005
9 March 2006
30%
30%
100%
100%
24,532
Subsequent events
Since the end of the financial year, the directors
declared the following dividend:
Final 2007 dividend 18.0 23,055 20 September 2007 30% 100%

The financial effect of this final dividend in respect of the year has not been brought to account in the financial statements for the
year ended 30 June 2007 and will be recognised in subsequent financial reports.

There are no shareholders’ dividend plans in operation.

Parent Entity

2007
$’000
2006
$’000
Franking credit balance
The amount of franking credits available are:
Franking account balance as at the beginning of the financial year at 30% (2006: 30%)
Franking credits from the payment of income tax and income tax payable
Franking debits from the payment of dividends
Franking credits from the receipt of dividends
102,250
15,018
(14,137)
7,592
95,320
16,979
(10,514)
465
The amount of franking credits available for future reporting periods 110,723 102,250

The impact on the franking account of dividends proposed or declared before the financial report was authorised for issue but
not recognised as a distribution to equity holders during the period is to reduce the balance by $9,881,000 (2006: $8,655,000).

The ability to utilise franking credits is dependent upon there being sufficient available profits to declare dividends.

In accordance with the tax consolidation legislation, the Parent Entity, as the head entity in the tax-consolidated group, has also

assumed the benefit of the franking credits available.

NOTE 9 — EARNINGS PER SHARE

Classification of securities as potential ordinary shares

Options outstanding under the Management Share Option Plan that have dilutive potential, have been classified as potential
ordinary shares and included in the calculation of diluted earnings per share.

Further details of options are contained in Note 29.

The Group

2007
$’000
2006
$’000
Earnings reconciliation
Profit after tax from continuing operations
Loss/(profit) after tax attributable to minority interest
74,003
24
59,057
(67)
Basic earnings — continuing operations
Basic earnings — discontinued operations
74,027
8,168
58,990
451
Total basic and diluted earnings 82,195 59,441
Number Number
Weighted average number of ordinary shares used as the
denominator number for basic earnings per share
Effect of management share options on issue
127,195,840
568,481
125,875,969
915,815
Number for diluted earnings per share 127,764,321 126,791,784

The Group Parent Entity

Note
2007
$’000
2006
$’000
2007
$’000
2006
$’000
NOTE 10 — CASH AND CASH EQUIVALENTS
Cash at bank and on hand 21,800 22,574 186 220
Details of the amount of interest bearing cash at bank and on hand
and effective interest are disclosed in Note 28.
NOTE 11 — RECEIVABLES
Current
Trade receivables
Less: Impairment of trade receivables
22,742
(1,774)
21,528
(2,937)
—
—
—
—
Other receivables
Receivable from associates
Receivable from partnerships
Short term deposits
Receivable from controlled entities 38
20,968
13,366
99
1,682
—
—
18,591
8,181
189
106
2
—
—
254
—
—
—
5,995
—
184
—
—
—
5,755
36,115 27,069 6,249 5,939
Non-current
Trade receivables
Receivable from associates
Receivable from controlled entities 38
Present value of loans provided under the employee share plan
807
43
—
421
2,378
404
—
471
—
—
338,014
421
—
—
302,701
471
1,271 3,253 338,435 303,172

Trade receivables are non-interest bearing and are generally on 30-90 day terms.
Details regarding effective interest rates and credit risks for receivables are disclosed in Note 28.