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byron bay food and wine festival | post cards & promotional bag
EW\bS` &

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borderline magazine | cover & spread

vivo restaurant | website design
jet shine on tour | press ad
 HIGHLIGHTS
HEADING
07-08

Record revenue $216.4 m +26.4%

EBITDA $14.9 m +77.0%
Net profit after tax $6.4m +111.0%
Resumed dividend 2.5c fully franked
Strong order book $234.0 m
Award of Western Corridor Recycled Water Project with Transfield Services
Market leadership in drilling and coal seam gas services
Establishment of civil engineering capability inside growing Lucas Stuart
Exploration drilling accelerated at Gloucester Basin and ATP 651

14 4-5
-15

FINANCIAL STATEMENTS
STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2008

INCOME STATEMENTS FOR THE YEAR ENDED 30 JUNE 2008

CONSOLIDATED COMPANY
2008 2007 2008 2007
CONSOLIDATED COMPANY $’000 $’000 $’000 $’000
2008 2007 2008 2007 Cash flows from operating activities
$’000 $’000 $’000 $’000 Cash receipts from customers 200,553 162,259 — —
Revenue 216,369 171,232 — — Cash payments to suppliers and employees (187,970) (143,718) (100) (226)
Total revenue 216,369 171,232 — — Cash generated from operations 12,583 18,541 (100) (226)
Interest received 60 32 — —
Sub-contractor costs (75,272) (69,049) — — Income taxes paid (497) (964) — —
Material costs (65,779) (49,296) — — Interest and other costs of finance paid (2,544) (1,888) (1,172) (1,063)
Plant and other construction costs (16,380) (12,843) — — Net cash from operating activities 9,602 15,721 (1,272) (1,289)
Employee expenses (34,707) 24,509) — —
Depreciation and (8,966) (5,305) — — Cash flows from investing activities
amortisation expenses
Proceeds from sale of plant and equipment 457 1,697 — —
Debt recovery and legal costs (3,615) (577) — —
Loans to controlled entities — — — (950)
Impairment of receivables (143) (215) — —
Repayment of loans by controlled entities — — 5,532 —
Impairment of plant and (500) (1,003) — —
equipment Payments for plant and equipment (5,953) (10,434) — —

Impairment of intangible assets (2,779) — (1,786) — Exploration and evaluation expenditure (2,676) (852) — —

Profit on acquisition of business 30 2,723 — — — Loans to related entity (1,608) (2,560) (1,608) (2,560)

Other expenses (5,010) (5,321) (620) (187) Repayment of loan from related entity — 88 — 88

Results from operating activities 5,941 3,114 (2,406) (187) Acquisition of subsidiary net of cash acquired (3,198) (37) — —
Net cash from investing activities (12,978) (12,098) 3,924 (3,422)

Financial income 781 172 386 140

Financial expenses (2,544) (1,966) (1,055) (1,732) Cash flows from financing activities

Net financing costs (1,763) (1,794) (669) (1,592) Proceeds of borrowings 4,004 — — —

Profit/(loss) before income tax 4,178 1,320 (3,075) (1,779) Repayment of borrowings (147) (489) — —

Income tax benefit 2,218 1,710 1,866 297 Proceeds from issue of convertible notes 24,188 — 24,188 —

Profit/(loss) attributable to 6,396 3,030 (1,209) (1,482) Repayment of convertible notes (10,000) — (10,000) —
equity holders of the company Payment of finance lease liabilities (3,521) (2,217) — —
Net cash from financing activities 14,524 (2,706) 14,188 —
Earnings per share: Net increase/(decrease) in cash and cash equivalents 11,148 917 16,840 (4,711)
Basic earnings per share (cents) 11.9 5.9 Cash and cash equivalents at beginning of the year 1,411 494 (3,328) 1,383
Diluted earnings per share (cents) 11.8 5.7 Cash and cash equivalents at end of the year 12,559 1,411 13,512 (3,328)

14 -15

lucas stuart | annual report

John Smith
123 Fake st,
Springfield
QLD, 4000

19/11/2008

Dear Mr. Smith,

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Regards,

Joe Blogs

14 Oxford St
Bulimba QLD 4171
Phone 07 9845 7343
Fax 07 9845 7365
appointments@meridian.com.au

meridian | small business branding

 0402 280 224
Phuong_Le@iinet.net.au