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ACN120394194
ASXAppendix4E
RESULTSFORANNOUNCEMENTTOTHEMARKET
Currentreportingperiod:
Previouscorrespondingperiod:
EARNINGS
Revenuefromordinaryactivities
Yearended30June2009
Yearended30June2008
Percentagechange
UP(+)/DOWN()
Amount
$A
59%
16,946,221
Earningsbeforeinterest,tax,depreciation,
amortisationandimpairmentexpense(EBITDA)
32%
1,638,744
Impairmentexpense
(refercommentarybelow)
109%
450,000
Profitfromordinaryactivitiesbeforetax
56%
1,100,685
Profitfromordinaryactivitiesaftertaxattributableto
members
62%
593,875
Netprofitfortheperiodattributabletomembers
(refercommentarybelow)
62%
593,875
DIVIDENDS
Amount
pershare
TheDirectorshavenotproposedadividendfortheyearended30June2009
Previouscorrespondingperiod
2.2cents
NETTANGIBLEASSETBACKING
30Jun2009
Franked
amountper
shareat30%
Australian
taxrate
2.2cents
30Jun2008
Nettangibleassetbackingpersecurity
4.89
11.71
Basicearningspershare
0.89
2.66
Dilutedearningspershare
0.89
2.66
Followingisabriefexplanationofdirectionalandpercentagechangestorevenueandprofit:
Consolidatedoperatingrevenuesof$16,946,221were59%higherthanthepreviousyearwhich
reported $10,688,441 operating revenues. Revenue from ordinary activities increased due to a
combinationoforganicgrowthandacquisitionsofnewmemberfirms.
For the year ended 30 June 2009, the consolidated entity generated a net profit after tax of
$593,875 (4% of operating revenues) compared to the year ended 30 June 2008 of $1,544,303
(14%ofoperatingrevenues).
INTEGRATEDLEGALHOLDINGSLIMITED
ACN120394194
ASXAppendix4E
RESULTSFORANNOUNCEMENTTOTHEMARKET
AfullcommentaryontheresultsforthereportingperiodiscontainedintheASXreleasedated31
August2009.
DIVIDEND
In light of the Companys stated strategy of selectively and incrementally acquiring legal firms,
and as a result of currently available opportunities to grow the Company by acquisition, the
Directorshavedecidedagainstthepaymentofafinaldividend.
Further,inthecurrentchallengingmarketconditions,maintainingourbalancesheetstrengthisa
keypriority.Theretentionofavailablecashatthistimesupportsthispriority.
Whilst the Directors view the continued payment of dividends from the Company as desirable,
theyseetheimmediateprioritiesasinvestinginthebusinessandbalancesheetstrength,andas
suchconsiderthisdividenddecisiontobeinthebestlongterminterestsofshareholders.
AUDITREPORT
Thepreliminaryfinalreportisbasedonaccountswhichareintheprocessofbeingaudited.
INTEGRATEDLEGALHOLDINGSLIMITED
APPENDIX4EPRELIMINARYFINALREPORT
FORTHEYEARENDED30JUNE2009
ACN120394194
BalanceSheet
Note
ASSETS
CurrentAssets
Cashandcashequivalents
Tradeandotherreceivables
Workinprogress
TotalCurrentAssets
NonCurrentAssets
Plantandequipment
Goodwill
Intangibleassets
Deferredtaxassets
Prepayments
Otherassets
TotalNonCurrentAssets
TOTALASSETS
LIABILITIES
CurrentLiabilities
Tradeandotherpayables
Interestbearingloansandborrowings
Incometaxpayable
Provisions
Otherliabilities
TotalCurrentLiabilities
NonCurrentLiabilities
Interestbearingloansandborrowings
Provisions
Otherliabilities
TotalNonCurrentLiabilities
TOTALLIABILITIES
NETASSETS
EQUITY
IssuedCapital
AccumulatedLosses
Reserves
TOTALEQUITY
4
5
CONSOLIDATED
30June
30June
2009
2008
$
$
600,694
5,626,766
5,616,233
2,651,518
1,370,212
1,084,352
7,587,139
9,362,636
691,360
192,836
10,372,263
6,330,233
100,980
136,620
464,147
410,647
63,016
2,677
2,524
11,694,443
7,072,860
19,281,582
16,435,496
1,738,222
1,081,009
1,244,330
169,764
157,011
968,272
459,466
173,111
200,000
3,799,029
2,392,156
1,064,105
18,708
177,620
119,986
378,422
1,620,147
138,694
5,419,176
2,530,850
13,862,406
13,904,646
30,504,813
29,729,975
(16,641,034)
(15,823,844)
(1,373)
(1,485)
13,862,406
13,904,646
TheaboveBalanceSheetshouldbereadinconjunctionwiththeaccompanyingnotes
3
INTEGRATEDLEGALHOLDINGSLIMITED
APPENDIX4EPRELIMINARYFINALREPORT
FORTHEYEARENDED30JUNE2009
ACN120394194
IncomeStatement
Professionalfees
Interestrevenue
Otherrevenue
Totalrevenue
Occupancyexpenses
Salariesandemployeebenefitsexpenses
Depreciationandamortisationexpenses
Advertisingandmarketingexpenses
Administrativeexpenses
Otherexpenses
Financecosts
Impairmentloss
Sharebasedpaymentsexpense
Totalexpenses
Profitbeforeincometax
Incometaxexpense
Profitafterincometax
NetprofitattributabletomembersoftheParent
Basicearningspershare(cents)
Dilutedearningspershare(cents)
Note
2(a)
2(b)
2(c)
2(d)
2(e)
CONSOLIDATED
2009
2008
$
$
16,388,522
10,175,930
158,585
429,609
399,114
82,902
16,946,221
10,688,441
(1,619,855)
(622,545)
(10,167,466)
(5,031,511)
(189,496)
(122,799)
(209,481)
(122,592)
(2,602,316)
(1,495,523)
(534,936)
(159,092)
(57,148)
(25,029)
(450,000)
(215,826)
(14,838)
(406,530)
(15,845,536)
(8,201,447)
1,100,685
2,486,994
(506,810)
(942,691)
593,875
1,544,303
593,875
1,544,303
0.89
2.66
0.89
2.66
TheaboveIncomeStatementshouldbereadinconjunctionwiththeaccompanyingnotes
4
INTEGRATEDLEGALHOLDINGSLIMITED
APPENDIX4EPRELIMINARYFINALREPORT
FORTHEYEARENDED30JUNE2009
ACN120394194
CashFlowStatement
Cashflowsfromoperatingactivities
Receiptsfromcustomers
Interestreceived
Otherrevenue
Paymentstosuppliersandemployees
Interestandothercostsoffinancepaid
Incometaxpaid
Netcashflowsfrom/(usedin)operatingactivities
Cashflowsfrominvestingactivities
Purchaseofplantandequipment
Proceedsfromthedisposalofplantandequipment
Paymentforavailableforsaleinvestments
Paymentfortheacquisitionofbusinessesnetof
cashacquired
Netcashflowsfrom/(usedin)investingactivities
Cashflowsfromfinancingactivities
Proceedsfromloansreceived
Repaymentofborrowings
Dividendspaid
Paymentforsettlementofliabilityassumedon
acquisitionofLawCentralCoPtyLtd
Proceedsfromissueofshares
Paymentsforshareissueexpenses
Netcashflowsfrom/(usedin)financingactivities
Netincrease/(decrease)incashheld
Cashandcashequivalentsatthebeginningofthe
financialyear
Cashandcashequivalentsattheendofthefinancial
year
Note
CONSOLIDATED
2009
2008
$
$
14,744,556
8,002,981
159,533
428,661
399,073
82,902
(15,623,517)
(7,303,805)
(23,832)
(14,937)
(1,308,557)
(76,371)
(1,652,745)
1,119,431
(180,612)
(80,826)
2,326
1,000
(4,009)
(3,731,403)
(3,909,689)
2,199,372
(386,764)
(1,411,065)
(6,652,695)
(6,736,530)
401,543
(5,160,891)
(214,665)
3,628,130
(1,007,703)
2,455,130
(3,161,969)
5,626,766
8,788,735
465,875
5,626,766
232,057
(182,689)
TheaboveCashFlowStatementshouldbereadinconjunctionwiththeaccompanyingnotes
5
INTEGRATEDLEGALHOLDINGSLIMITED
APPENDIX4EPRELIMINARYFINALREPORT
FORTHEYEARENDED30JUNE2009
ACN120394194
StatementofChangesinEquity
CONSOLIDATED
Balanceasat1July2007
Netfairvaluelossesonavailableforsale
investments
Issued
Capital
Accumulated
Losses
17,368,352
(17,368,147)
Total
Equity
205
(1,485)
(1,485)
1,544,303
1,544,303
13,045,708
13,045,708
406,530
406,530
Transactioncostsonshareissues
Incometaxonitemstakendirectlytoor
transferredfromequity
(1,514,575)
(1,514,575)
423,960
423,960
Balanceasat30June2008
29,729,975
(1,485)
13,904,646
Profitfortheyear
Issueofshares
Sharebasedpayment
Net
Unrealised
Gains/(Losses)
Reserve
(15,823,844)
CONSOLIDATED
Balanceasat1July2008
Netfairvaluegainsonavailableforsale
investments
Issued
Capital
Accumulated
Losses
29,729,975
(15,823,844)
Total
Equity
(1,485)
13,904,646
112
112
Profitfortheyear
593,875
593,875
Dividendspaid
(1,411,065)
(1,411,065)
774,838
(1,373)
13,862,406
Issueofshares
Balanceasat30June2009
774,838
30,504,813
Net
Unrealised
Gains/(Losses)
Reserve
(16,641,034)
TheaboveStatementofChangesinEquityshouldbereadinconjunctionwiththeaccompanyingnotes
6
INTEGRATEDLEGALHOLDINGSLIMITED
APPENDIX4EPRELIMINARYFINALREPORT
FORTHEYEARENDED30JUNE2009
ACN120394194
NotestotheFinancialStatements
1) SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES
ThesepreliminaryconsolidatedfinancialstatementsrelatetoIntegratedLegalHoldingsLimitedand
theentitiesitcontrolledduringtheyearended30June2009.Theaccountingpoliciesadoptedare
consistentwiththosedisclosedinitsmostcurrentfinancialstatements.
2) REVENUEANDEXPENSES
Consolidated
2009
2008
$
$
Revenueandexpensesfromcontinuingoperations
a) Otherrevenue
Rentreceived
251,931
81,157
Compensationreceived
139,000
Dividendsreceived
85
Sundryincome
8,098
1,745
399,114
82,902
b) Depreciationandamortisationexpenses
Depreciationofplantandequipment
151,427
92,951
Amortisationof:
o Equipmentunderfinancelease
2,429
3,214
o Identifiedintangibleassets
35,640
26,634
189,496
122,799
c) Otherexpenses
Authorroyaltyfees
76,816
82,694
Donations
9,220
100
Debtcollectionfees
2,139
Badanddoubtfuldebts
359,678
16,111
Bankfees
65,225
34,033
Otherexpenses
21,858
26,154
534,936
159,092
d) Financecosts
Interestotherentities
48,839
25,029
Interestaccretion
8,309
57,148
25,029
e) Impairmentloss
LawCentral
450,000
96,164
BrettDaviesLawyers
119,662
450,000
215,826
INTEGRATEDLEGALHOLDINGSLIMITED
APPENDIX4EPRELIMINARYFINALREPORT
FORTHEYEARENDED30JUNE2009
ACN120394194
NotestotheFinancialStatements
3) DIVIDENDSDECLARED
2009
4) ISSUEDCAPITAL
a) Ordinaryshares
Fullypaidshares
Partlypaidshares(1)
Consolidated
2009
Shares
69,014,511
331,667
69,346,178
2008
Cents
pershare
Total
$
Cents
pershare
Total
$
0.00
2.2
1,397,843
Consolidated
2008
Shares
Consolidated
2009
$
63,538,320
63,538,320
30,489,975
14,838
30,504,813
Consolidated
2008
$
29,729,975
29,729,975
(1) DeferredEmployeeSharePlan.
b) Movementsinordinarysharecapital
Openingbalanceasat1July2007
Issueofsharestosubscribersofinitialpublicofferingon17August
2007at50centspershare
Issueofsharesatadeemedvalueof15centspersharetoGFowler
on21April2008onhisappointment asManaging Director/CEOof
theCompanysharebasedpayments
Costsassociatedwiththecapitalraising
Incometaxoncapitalraisingcoststakendirectlytoequity
Balanceasat30June2008
Openingbalanceasat1July2008
IssueofsharesundertheDeferredEmployeeSharePlan
Shares
34,736,704
$
17,368,352
24,833,320
12,416,660
1,258,096
629,048
2,710,200
63,538,320
406,530
(1,514,575)
423,960
29,729,975
Shares
63,538,320
$
29,729,975
4,142,857
331,667
580,000
14,838
INTEGRATEDLEGALHOLDINGSLIMITED
APPENDIX4EPRELIMINARYFINALREPORT
FORTHEYEARENDED30JUNE2009
ACN120394194
NotestotheFinancialStatements
Issueofsharesat13.5centspersharetovendorofmdalawyerson
13March2009
Balanceasat30June2009
5) ACCUMULATEDLOSSES
1,333,334
69,346,178
180,000
30,504,813
Consolidated
2009
2008
$
$
Accumulatedlosses
(16,641,034) (15,823,844)
Balanceatbeginningofyear
(15,823,844) (17,368,147)
Netprofitfortheyear
593,875
1,544,303
Dividendspaid
(1,411,065)
Balanceatendoftheyear
(16,641,034) (15,823,844)
6) ACQUIREDBUSINESSES
Duringtheyear,theGroup,throughitswhollyownedsubsidiaries,gainedcontrolofthefollowing
businesses:
EntityName
Datecontrol
gained
Contributionto
NetProfitbeforeTax
(fromthedateof
acquisition)
01/11/2008
ArgyleLawyersPtyLtd
$35,092
Incorporating:
13/03/2009
mdalawyers
Thegroupdoesnothaveanyinterestsinassociatesoutsidethegroup,nordoesithaveanyinterest
injointventures.