FINANCE
CHIEF FINANCIAL OFFICER’S REPORT
GHD’s growth and financial performance in the 2008 financial year has been very strong by any standards. Global revenue increased by 39 percent to AUD939 million, with the growth relatively well distributed across all geographical areas of the business.
Profitability and cash flow remained strong. The Group’s balance sheet was further strengthened and is well funded, with net assets increasing by 43 percent to AUD110.8 million. Of particular note are the low levels of intangible assets and conservative gearing, providing a firm platform for the company going forward.
Despite current tightening credit conditions, funding arrangements with Westpac and HSBC have been further strengthened during the year.
GHD’s revenue has now grown at an average compound rate of 25 percent per annum for the past eight years, while retaining 100 percent ownership by our staff.
John Lau
Chief Financial Officer
AUDITOR’S STATEMENT
Scope
We have audited the Financial Report (”Report”) of GHD Group Pty Ltd for the year ended 30 June 2008, in accordance with Australian Auditing Standards. Our audit procedures included examination on a test basis of evidence supporting the amounts, discussion, analyses and other disclosures, in the Report.
Independence
In conducting our audit, we have complied with the independence requirements of the Corporations Act 2001.
Opinion
The amounts on the summary consolidated balance sheet are in agreement with the GHD Group Pty Ltd 30 June 2008 Report. An unqualified audit opinion has been issued in respect of the Report.
PE Bull
Partner
PKF East Coast Practice
18 September 2008
PKF East Coast Practice is a member of PKF International, an association of legally independent
