020.ASX IAW Feb 29 2008 Appendix 4D Half Yearly Reports

INTEGRATEDLEGALHOLDINGSLIMITED
ACN120394194
ASXAppendix4D
For personal use only
RESULTSFORANNOUNCEMENTTOTHEMARKET
Currentreportingperiod:
Previouscorrespondingperiod:
EARNINGS
Revenuefromordinaryactivities
Earningsfromordinaryactivitiesbeforeinterest,
taxation,impairment,depreciationandamortisation
(EBITDA)
Profitfromordinaryactivitiesaftertaxattributable
tomembers
Netprofitfortheperiodattributabletomembers
Halfyearended31December2007
Periodended31December2006
Percentage
change
UP(+)/DOWN()
Amount
$A
n/a
4,510,136
133%
1,412,509
n/a
895,412
n/a
895,412
DIVIDENDS
Nointerimdividendhasbeendeclaredforthisperiod
NETTANGIBLEASSETBACKING
31Dec2007
31Dec2006
Nettangibleassetbackingpersecurity
10.02
0.00
Forthehalfyearended31December2007,theconsolidatedentitygeneratedanetprofit
aftertaxof$895,412(2006:$16,509,998loss).
Againstthesameperiodlastyear,earningsbeforeinterest,tax,impairment,depreciation
andamortisationfromcontinuingoperationsincreasedfromalossof$4,305,901toaprofit
of$1,412,509.
Consolidated operating revenues of $4,510,136 were higher than the previous

correspondinghalfwhichreported$Niloperatingrevenues.
Asat31December2007,theconsolidatedcashholdingsstoodat$5,040,704.
ACN120394194
ASXAppendix4D
RESULTSFORANNOUNCEMENTTOTHEMARKET
Duringtheperiod,theGroup,throughitswhollyownedsubsidiaries,gainedcontrolofthe
followingbusinesses:
EntityName
Datecontrolgained
TalbotOlivier
10August2007
BrettDaviesLawyers
10August2007
LawCentralCoPtyLtd
10August2007
PeterMarksSuccessionLawyers
19September2007
ShayneLeslie
28September2007
Thegroupdoesnothaveanyinterestsinassociatesoutsidethegroup,nordoesithaveany
interestinjointventures.
ACN120394194
(ASX:IAW)
HalfYearFinancialReport
forthehalfyearended31December2007
FINANCIALREPORTFORTHEHALFYEARENDED
31DECEMBER2007
ACN120394194
Contents
Corporateinformation.............................................................................................................1
Directorsreport......................................................................................................................2
Balancesheet...........................................................................................................................4
Incomestatement....................................................................................................................5
Cashflowstatement................................................................................................................6
Statementofchangesinequity...............................................................................................7
Notestoandformingpartofthefinancialreport...................................................................8
Directorsdeclaration............................................................................................................25
Auditorsindependencedeclaration.....................................................................................26
Independentreviewreport....................................................................................................27
31DECEMBER2007
ACN120394194
CorporateInformation
ABN20120394194
Directors
TheHonJohnDawkins,Chairman
AnneTregonning,NonexecutiveDirector
ThomasHenn,ManagingDirector
CompanySecretary
BrettDavies
Registeredoffice
GroundFloor
201AdelaideTerrace
PerthWA6000
Principalplaceofbusiness
GroundFloor
201AdelaideTerrace
PerthWA6000
Tel:(08)94634340
ShareRegister
SecurityTransferRegistrarsPtyLtd
770CanningHighway
ApplecrossWA6153
Tel:(08)93152333
IntegratedLegalHoldingsLimitedsharesarelistedontheAustralianStockExchange.
Solicitors
SteinepreisPaganin
Level4,NextBuilding
16MilliganStreet
PerthWA6000
Bankers
BankofWesternAustraliaLimited
108StGeorgesTerrace
PerthWA6000
Auditors
Ernst&Young
11MountsBayRoad
PerthWA6000
31DECEMBER2007
ACN120394194
DirectorsReport
ThedirectorsofIntegratedLegalHoldingsLimited(theCompany)submittheinterimfinancialreport
forthehalfyearended31December2007.
DIRECTORS
Thenamesofthecompanysdirectorsinofficeduringthehalfyearanduntilthedateofthisreport
aresetoutbelow.Directorswereinofficeforthisentireperiodunlessotherwisestated.
TheHonJohnDawkinsAO(NonexecutiveChairman)
AnneTregonning(NonexecutiveDirector)
ThomasHenn(ManagingDirector)
REVIEWANDRESULTSOFOPERATIONS
On17August2007,theCompanysuccessfullylistedontheAustralianStockExchange(ASX)byway
ofprospectusdated16May2007.Theofferwasoversubscribedand$12,416,660wasraisedasa
result. The success of the initial public offering represents an endorsement of the companys
businessmodelandstrategicplan.
Uponlisting,IntegratedLegalHoldingsLimited,throughitswhollyownedsubsidiaries,acquiredthe
legalpracticesofTalbotOlivierandBrettDaviesLawyers,andtheonlinelegaldocumentproduction
andserviceorganisationknownasLawCentralCoPtyLtd.
DuringSeptember2007,theCompany,throughitswhollyownedsubsidiary,TalbotOlivierPtyLtd,
acquired two further practices which will be income accretive from their first year of acquisition
(botharedetailedinnote10).
Fortheperiodended31December2007,theconsolidatedentitygeneratedanetprofitaftertaxof
$895,412(2006:$16,509,998loss).
Against the same period last year, earnings before interest, tax, impairment, depreciation and
amortisation from continuing operations increased from a loss of $4,305,901 to a profit of
$1,412,509.
Asat31December2007,theconsolidatedcashholdingsstoodat$5,040,704.
31DECEMBER2007
ACN120394194
DirectorsReport(continued)
AUDITORSINDEPENDENCEDECLARATION
Acopyoftheauditorsindependencedeclarationinrelationtotheauditforthehalfyearisprovided
withthisreportonpage26.
Signedinaccordancewitharesolutionofthedirectors.
THenn
Director
Perth,29February2008
31DECEMBER2007
ACN120394194
BalanceSheet
ASSETS
CurrentAssets
Cashandcashequivalents
Tradeandotherreceivables
Capitalisedexpenditure
Workinprogress
TotalCurrentAssets
NoncurrentAssets
Availableforsalefinancialassets
Plantandequipment
Goodwill
Intangibleassets
Deferredtaxassets
TotalNoncurrentAssets
TOTALASSETS
LIABILITIES
CurrentLiabilities
Tradeandotherpayables
Interestbearingloansandborrowings
Incometaxpayable
Provisions
TotalCurrentLiabilities
NoncurrentLiabilities
Provisions
TotalNoncurrentLiabilities
TOTALLIABILITIES
NETASSETS
EQUITY
Contributedequity
Accumulatedlosses
Reserves
TOTALEQUITY
Note
5
6
Consolidated
Asat
31Dec2007
$
5,040,704
1,851,195

765,001
7,656,900
3,883
189,030
6,330,233
154,440
419,588
7,097,174
14,754,074
910,403
20,693
589,996
155,980
1,677,072
164,374
62,017
226,391
1,903,463
12,850,611
30,678,545
(17,827,835)
(99)
12,850,611
Parent
Asat
30Jun2007
$
8,788,735

506,872

9,295,607

9,295,607
9,295,402

9,295,402

9,295,402
205
18,723,452
(18,723,247)

205
31DECEMBER2007
ACN120394194
IncomeStatement
Note
Professionalfeesrevenue
Interestrevenue
Otherrevenue
Totalrevenue
Occupancyexpenses
Salariesandemployeebenefitsexpenses
Depreciationandamortisationexpenses
Impairmentlosses
Officeexpenses
Advertisingandmarketingexpenses
Otherexpenses
Interestexpenses
Profitbeforeincometax
Incometaxexpense
Profitafterincometax
Netprofit/(loss)fortheperiod
Basicanddilutedearnings/(loss)pershareforprofit
attributabletotheordinaryequityholderoftheparent
Consolidated
Halfyear
ended
31Dec2007
$
Parent
Period
ended
31Dec2006
$
4,195,088

237,830

77,218

4,510,136

233,783

1,926,317 4,305,901*
48,831

215,826 12,204,097
594,759

46,814

58,124

11,166

1,374,516 (16,509,998)
479,104

895,412 (16,509,998)
895,412 (16,509,998)
1.57
(73.79)
*Relatestotheexpensingofsharebasedpaymentstodirectorsandcertainemployees.
31DECEMBER2007
ACN120394194
CashFlowStatement
Cashflowsfromoperatingactivities
Receiptsfromcustomers
Paymentstosuppliersandemployees
Interestreceived
Rentreceived
Sundryincome
Interestandothercostsoffinancepaid
Netcashflowsfromoperatingactivities
Cashflowsfrominvestingactivities
Purchaseofplantandequipment
Proceedsfromthedisposalofplantandequipment
Paymentforavailableforsaleinvestments
Paymentforacquisitionofbusinessesnetofcash
acquired
Netcashflowsusedininvestingactivities
Cashflowsfromfinancingactivities
Proceedsfromissueofshares
Paymentsforcapitalraisingcosts
Repaymentoffinanceleaseliabilities
Paymentforthesettlementofliabilityassumedon
acquisitionofLawCentralCoPtyLtd
Netcashflowsfromfinancingactivities
Netdecreaseincashheld
Cashandcashequivalentsatthebeginningofthe
period
Cashandcashequivalentsattheendoftheperiod
Consolidated
Halfyear
ended
31Dec2007
$
Note
Parent
Period
ended
31Dec2006
$
2,556,733
(2,299,115)
212,304
818
1,549
(5,220)
467,069
(9,950)
1,000
(3,982)
(6,652,695)
(6,665,627)
3,628,130
(944,763)
(18,175)
(214,665)
2,450,527
(3,748,031)
8,788,735
5,040,704
31DECEMBER2007
ACN120394194
StatementofChangesinEquity
Issued
Capital
$
PARENT
At26June2006
Lossfortheperiod
Totalincomeandexpensefortheperiod
EquityTransactions:
Sharesissued
At31December2006
CONSOLIDATED
At1July2007
Netfairvaluelossesonavailable
forsaleinvestments
Totalincomeandexpenseforthe
periodrecogniseddirectlyinequity
Profitfortheperiod
Totalincomeandexpenseforthe
period
EquityTransactions:
Sharesissued
Transactioncostsonshareissue
At31December2007
Accumulated
Losses
$

(16,509,998)
(16,509,998)
(16,509,998)
(16,509,998)

(16,509,998)
16,509,998
16,509,998
16,509,998
Issued
Accumulated
Capital
Losses
$
$
18,723,452
(18,723,247)
Total
Equity
$
Net
Unrealised
Gains
Reserve
$
Total
Equity
$
205
(99)
(99)
(99)
(99)
895,412
895,412
895,412
(99)
895,313
(17,827,835)

(99)
13,045,708
(1,090,615)
12,850,611
13,045,708
(1,090,615)
30,678,545
31DECEMBER2007
ACN120394194
NotestoandformingpartoftheFinancialReport
1) CORPORATEINFORMATION
ThehalfyearfinancialreportofIntegratedLegalHoldingsLimited(theCompany)forthehalfyear
ended31December2007wasauthorisedforissueinaccordancewitharesolutionoftheDirectors
on29February2008.IntegratedLegalHoldingsLimitedisacompanyincorporatedinAustraliaand
limitedbyshares,whicharepubliclytradedontheAustralianStockExchange(ASX).
2) SUMMARYOFSIGNIFICANTACCOUNTINGPOLICIES
The halfyear financial report does not include all notes of the type normally included within the
annualfinancialreportandthereforecannotbeexpectedtoprovideasfullanunderstandingofthe
financial performance, financial position and financing and investing activities of the consolidated
entityasthefullfinancialreport.
Itisrecommendedthatthehalfyearfinancialreportbereadinconjunctionwiththeannualreport
fortheyearended30June2007andconsideredtogetherwithanypublicannouncementsmadeby
IntegratedLegalHoldingsLimitedanditscontrolledentities(theGroup)duringthehalfyearended
31December2007inaccordancewiththecontinuousdisclosureobligationsundertheCorporations
Act2001.
a) Basisofpreparation
This general purpose condensed financial report for the halfyear ended 31 December 2007 has
been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act
2001.
Apart from the adoption of new accounting policies noted below, the accounting policies and
methodsofcomputationarethesameasthoseadoptedinthemostrecentannualfinancialreport.
ThehalfyearfinancialreportispreparedinAustraliandollarsandonahistoricalcostbasis,except
foravailableforsaleinvestments,whichhavebeenmeasuredatfairvalue.
For the purposes of preparing the halfyear financial report, the halfyear has been treated as a
discretereportingperiod.
b) Significantaccountingpolicies
Theaccountingpoliciesadoptedareconsistentwiththosedisclosedintheannualfinancialreportfor
theperiodended30June2007whichareinaccordancewithaccountingstandardsinplaceatthat
date. The adoption of new and amending standards and interpretations mandatory for annual
periods beginning on or after 1 July 2007 did not have a significant impact on the financial
performanceandpositionoftheGroup.
c) Basisofconsolidation
The halfyear consolidated financial statements comprise the financial statements of Integrated
LegalHoldingsLimitedanditssubsidiariesasat31December2007.
Subsidiariesareallthoseentities(includingspecialpurposeentities)overwhichtheGrouphasthe
power to govern the financial and operating policies so as to obtain benefits from their activities.
Theexistenceandeffectofpotentialvotingrightsthatarecurrentlyexercisableorconvertibleare
consideredwhenassessingwhetheragroupcontrolsanotherentity.
8
31DECEMBER2007
ACN120394194
The financial statements of the subsidiaries are prepared for the same reporting period as the
parentcompany,usingconsistentaccountingpolicies.
In preparing the consolidated financial statements, all intercompany balances and transactions,
income and expenses and profit and losses resulting from intragroup transactions have been
eliminatedinfull.
Subsidiaries are fully consolidated from the date on which control is obtained by the Group and
ceasetobeconsolidatedfromthedateonwhichcontrolistransferredoutoftheGroup.
d) Businesscombinations
Thepurchasemethodofaccountingisusedtoaccountforallbusinesscombinationsregardlessof
whetherequityinstrumentsorotherassetsareacquired.Costismeasuredasthefairvalueofthe
assets given, shares issued or liabilities incurred or assumed at the date of exchange plus costs
directly attributable to the combination. Where equity instruments are issued in a business
combination, the fair value of the instruments is their published market price as at the date of
exchange. Transaction costs arising on the issue of equity instruments are recognised directly in
equity.
Exceptfornoncurrentassetsordisposalgroupsclassifiedasheldforsale(whicharemeasuredat
fair value less costs to sell), all identifiable assets acquired and liabilities and contingent liabilities
assumedinabusinesscombinationaremeasuredinitiallyattheirfairvaluesattheacquisitiondate.
TheexcessofthecostofthebusinesscombinationoverthenetfairvalueoftheGroupsshareofthe
identifiable netassetsacquiredisrecognisedas goodwill.Ifthecostofacquisitionisless than the
Groupsshareofthenetfairvalueoftheidentifiablenetassetsofthesubsidiary,thedifferenceis
recognisedasagainintheincomestatement,butonlyafterareassessmentoftheidentificationand
measurementofthenetassetsacquired.
Where settlement of any part of the consideration is deferred, the amounts payable in the future
are discounted to their present value as at the date of exchange. The discount rate used is the
entitysincrementalborrowingrate,beingtherateatwhichasimilarborrowingcouldbeobtained
fromanindependentfinancierundercomparabletermsandconditions.
e) Tradeandotherreceivables
Trade receivables are initially recognised at the original fee amount. An estimate is made for
doubtfuldebtswhencollectionofthefullamountisnolongerprobable.Baddebtsareincludedin
the income statement when identified. The Groups standard terms for settlement for trade
receivablesare30days.
Collectabilityoftradereceivablesisreviewedonanongoingbasis.Individualdebtsthatareknown
tobeuncollectiblearewrittenoffwhenidentified.Anallowancefordoubtfuldebtsisraisedwhen
thereisobjectiveevidencethattheGroupwillnotbeabletocollectthedebt.
f) Workinprogress
Work in progress represents costs incurred and includes profit recognised to date on the value of
workcompletedonmattersthatareinprogressatbalancedate.Costsincludesbothvariableand
fixedcostsdirectlyrelatedtomatters.
31DECEMBER2007
ACN120394194
Workinprogressisvaluedatnetrealisablevalueafterprovidingforanyforeseeablelosses.
g) Investmentsandotherfinancialassets
FinancialassetsinthescopeofAASB139FinancialInstruments:RecognitionandMeasurementare
classifiedaseitherfinancialassetsatfairvaluethroughprofitorloss,loansandreceivables,heldto
maturity investments or availableforsale financial assets. When financial assets are recognised
initially,theyaremeasuredatfairvalue,plus,inthecaseofinvestmentsnotatfairvaluethrough
profitorloss,directlyattributabletransactioncosts.TheGroupdeterminestheclassificationofits
financial assets upon initial recognition and, when allowed and appropriate, reevaluates this
designationateachfinancialyearend.
Allregularwaypurchasesandsalesoffinancialassetsarerecognisedonthetradedate;iethedate
that the Group commits to purchase the asset. Regular way purchases or sales are purchases or
sales of financial assets under contracts that require delivery of the assets within the period
establishedgenerallybyregulationorconventioninthemarketplace.
i) Availableforsaleinvestments
Availableforsale investments are those nonderivative financial assets that are designated as
availableforsaleorarenotclassifiedasfinancialassetsatfairvaluethroughprofitorloss,loansand
receivables,orheldtomaturityinvestments.Afterinitialrecognitionavailableforsaleinvestments
aremeasuredatfairvaluewithgainsorlossesbeingrecognisedasaseparatecomponentofequity
untiltheinvestmentinderecognisedoruntiltheinvestmentisdeterminetobeimpaired,atwhich
timethecumulativegainorlosspreviouslyreportedinequityisrecognisedinprofitorloss.
Thefairvaluesofinvestmentsthatareactivelytradedinorganisedfinancialmarketsaredetermined
by reference to quoted market bid prices at the close of business on the balance sheet date. For
investments with no active market, fair values are determined using valuation techniques. Such
techniques include: using recent arms length market transactions; reference to current market
valueofanotherinstrumentthatissubstantiallythesame;discountedcashflowanalysisandoption
pricing models making as much use of available and supportable market data as possible and
keepingjudgementalinputstoaminimum.
h) Plantandequipment
Plantandequipmentisstatedathistoricalcostlessaccumulateddepreciationandanyaccumulated
impairmentlosses.Suchcostincludesthecostofreplacingpartsthatareeligibleforcapitalisation
whenthecostofreplacingthepartisincurred.Similarly,wheneachmajorinspectionisperformed,
itscostisrecognisedinthecarryingamountoftheplantandequipmentasareplacementonlyifitis
eligible for capitalisation. All other repairs and maintenance are recognised in profit or loss as
incurred.
10
31DECEMBER2007
ACN120394194
Depreciationratesusedforeachclassofassetsareasfollows:
Classoffixedasset
Useful
Depreciation
Depreciation
life
rates
method
Computerequipmentandsoftware
23years
33.3340.00%
Straightline
Officeplantandequipment
310years
10.0033.33%
Straightline
Officefurniture
315years
6.6733.33%
Straightline
Leaseholdimprovements
Shorterofusefullifeandremaining
Straightline
periodofthelease
Leasedequipment
Termoflease
Straightline
Motorvehicles
5years
20.00%
Straightline
The assets residual values, useful lives and amortisation methods are reviewed, and adjusted if
appropriate,ateachbalancedate.
Anitemofplantandequipmentisderecognisedupondisposalorwhennofurtherfutureeconomic
benefitsareexpectedfromitsuseordisposal.Anygainorlossarisingonderecognitionoftheasset
(calculated as the difference between the net disposal proceeds and the carrying amount of the
asset)isincludedinprofitorlossintheyeartheassetisderecognised.
i) Leases
The determination of whether an arrangement is or contains a lease is based on the substance of
the arrangement and requires an assessment of whether the fulfilment of the arrangement is
dependentontheuseofaspecificassetorassetsandthearrangementconveysarighttousethe
asset.
i) Groupasalessee
Finance leases, which transfer to the Group substantially all the risks and benefits incidental to
ownership of the leased item, are capitalised at the inception of the lease at the fair value of the
leasedassetor,iflower,atthepresentvalueoftheminimumleasepayments.Leasepaymentsare
apportioned between the finance charges and reduction of the lease liability so as to achieve a
constantrateofinterestontheremainingbalanceoftheliability.Financechargesarerecognisedas
anexpenseinprofitorloss.
Capitalisedleasedassetsaredepreciatedovertheshorteroftheestimatedusefullifeoftheasset
andtheleasetermifthereisnoreasonablecertaintythattheGroupwillobtainownershipbythe
endoftheleaseterm.
Operatingleasepaymentsarerecognisedasanexpenseintheincomestatementonastraightline
basisovertheleaseterm.Operatingleaseincentivesarerecognisedasaliabilitywhenreceivedand
subsequently reduced by allocating lease payments between rental expense and reduction of the
liability.
j) Impairmentofnonfinancialassetsotherthangoodwill
Intangible assets that have an indefinite useful life are not subject to amortisation and are tested
annuallyforimpairmentormorefrequentlyifeventsorchangesincircumstancesindicatethatthey
might be impaired. Other assets are tested for impairment whenever events or changes in
circumstancesindicatethatthecarryingamountmaynotberecoverable.
11
31DECEMBER2007
ACN120394194
The Group conducts an annual internal review of asset values, which is used as a source of
information to assess for any indicators of impairment. External factors, such as changes in
expected future processes, technology and economic conditions, are also monitored to assess for
indicators of impairment. If any indication of impairment exists, an estimate of the assets
recoverableamountiscalculated.
Animpairmentlossisrecognisedfortheamountbywhichtheassetscarryingamountexceedsits
recoverableamount.Recoverableamountisthehigherofanassetsfairvaluelesscoststoselland
valueinuse.Forthepurposesofassessingimpairment,assetsaregroupedatthelowestlevelsfor
whichthereareseparatelyidentifiablecashinflowsthatarelargelyindependentofthecashinflows
from the other assets or groups of assets (cashgenerating units). Nonfinancial assets other than
goodwill that suffered impairment are tested for possible reversal of the impairment whenever
eventsorchangesincircumstancesindicatethattheimpairmentmayhavereversed.
k) Goodwillandintangibles
Goodwill
Goodwillacquiredinabusinesscombinationisinitiallymeasuredatcostbeingtheexcessofthecost
of the business combination over the Groups interest in the net fair value of the acquirees
identifiableassets,liabilitiesandcontingentliabilities.
Followinginitialrecognition,goodwillismeasuredatcostlessanyaccumulatedimpairmentlosses.
For the purposes of impairment testing, goodwill acquired in a business combination is, from the
acquisition date, allocated to each of the Groups cashgenerating units, or groups of cash
generatingunits,thatareexpectedtobenefitfromthesynergiesofthecombination,irrespectiveof
whetherotherassetsorliabilitiesoftheGroupareassignedtothoseunitsorgroupsofunits.Each
unitorgroupofunitstowhichthegoodwillissoallocated:
representsthelowestlevelwithintheGroupatwhichthegoodwillismonitoredforinternal
managementpurposes;and
isnotlargerthanasegmentbasedoneithertheGroupsprimaryortheGroupssecondary
reportingformatdeterminedinaccordancewithAASB114SegmentReporting.
Impairmentisdeterminedbyassessingtherecoverableamountofthecashgeneratingunit(group
ofcashgeneratingunits),towhichthegoodwillrelates.Whentherecoverableamountofthecash
generatingunit(groupofcashgeneratingunits)islessthanthecarryingamount,animpairmentloss
isrecognised.Recoverableamountisthehigherofanassetsfairvaluelesscoststosellandvaluein
use. When goodwill forms part of a cashgenerating unit (group of cashgenerating units) and an
operationwithinthatunitisdisposedof,thegoodwillassociatedwiththeoperationdisposedofis
includedinthecarryingamountoftheoperationwhendeterminingthegainorlossondisposalof
theoperation.Goodwilldisposedofinthismannerismeasuredbasedontherelativevaluesofthe
operationdisposedofandtheportionofthecashgeneratingunitretained.
Impairmentlossesrecognisedforgoodwillarenotsubsequentlyreversed.
12
31DECEMBER2007
ACN120394194
Intangibles
Intangible assets acquired separately or in a business combination are initially measured at cost.
Thecostofanintangibleassetacquiredinabusinesscombinationisitsfairvalueasatthedateof
acquisition.Followinginitialrecognition,intangibleassetsarecarriedatcostlessanyaccumulated
amortisation and any accumulated impairment losses. Internally generated intangible assets,
excludingcapitaliseddevelopmentcosts,arenotcapitalisedandexpenditureisrecognisedinprofit
orlossintheyearinwhichtheexpenditureisincurred.
Theusefullivesofintangibleassetsareassessedtobeeitherfiniteorindefinite.Intangibleassets
withfinitelivesareamortisedovertheusefullifeandtestedforimpairmentwheneverthereisan
indicationthattheintangibleassetmaybeimpaired.Theamortisationperiodandtheamortisation
methodforanintangibleassetwithafiniteusefullifeisreviewedatleastateachfinancialyearend.
Changes in the expected useful life or the expected pattern of consumption of future economic
benefitsembodiedintheassetareaccountedforprospectivelybychangingtheamortisationperiod
ormethod,asappropriate,whichisachangeinaccountingestimate.Theamortisationexpenseon
intangible assets with finite lives is recognised in profit or loss in the expense category consistent
withthefunctionoftheintangibleasset.
Intangibleassetswithindefiniteusefullivesaretestedforimpairmentannuallyeitherindividuallyor
atthecashgeneratingunitlevelconsistentwiththemethodologyoutlinedforgoodwillabove.Such
intangiblesarenotamortised.Theusefullifeofanintangibleassetwithanindefinitelifeisreviewed
eachreportingperiodtodeterminewhetherindefinitelifeassessmentcontinuestobesupportable.
Ifnot,thechangeintheusefullifeassessmentfromindefinitetofiniteisaccountedforasachange
inanaccountingestimateandisthusaccountedforonaprospectivebasis.
Gains or losses arising from derecognition of an intangible asset are measured as the difference
betweenthenetdisposalproceedsandthecarryingamountoftheassetandarerecognisedinprofit
orlosswhentheassetisderecognised.
l) Interestbearingloansandborrowings
Allloansandborrowingsareinitiallyrecognisedatthefairvalueoftheconsiderationreceivedless
directlyattributabletransactioncosts.
After initial recognition, interestbearing loans and borrowings are subsequently measured at
amortisedcostusingtheeffectiveinterestmethod.Feespaidontheestablishmentofloanfacilities
thatareyieldrelatedareincludedaspartofthecarryingamountoftheloansandborrowings.
BorrowingsareclassifiedascurrentliabilitiesunlesstheGrouphasanunconditionalrighttodefer
settlementoftheliabilityforatleast12monthsafterthebalancesheetdate.
Borrowingcosts
Borrowingcostsarerecognisedasanexpensewhenincurred.
m) Provisionsandemployeeleavebenefits
ProvisionsarerecognisedwhentheGrouphasapresentobligation(legalorconstructive)asaresult
of a past event, it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be made of the amount of the
obligation.
13
31DECEMBER2007
ACN120394194
When the Group expects some or all of a provision to be reimbursed, for example under an
insurance contract, the reimbursement is recognised as a separate asset but only when the
reimbursementisvirtuallycertain.Theexpenserelatingtoanyprovisionispresentedintheincome
statementnetofanyreimbursement.
Provisions are measured at the present value of managements best estimate of the expenditure
requiredtosettlethepresentobligationatthebalancesheetdate.Iftheeffectofthetimevalueof
moneyismaterial,provisionsarediscountedusingacurrentpretaxratethatreflectsthetimevalue
of money and the risks specific to the liability. The increase in the provision resulting from the
passageoftimeisrecognisedinfinancecosts.
Employeeleavebenefits
i) Wages,salaries,annualleaveandsickleave
Liabilities for wages and salaries, including nonmonetary benefits, annual leave and accumulating
sickleaveexpectedtobesettledwithin12monthsofthereportingdatearerecognisedinrespectof
employees services up to the reporting date. They are measured at the amounts expected to be
paidwhentheliabilitiesaresettled.Liabilitiesfornonaccumulatingsickleavearerecognisedwhen
theleaveistakenandaremeasuredattheratespaidorpayable.
ii) Longserviceleave
The liability for long service leave is recognised and measured as the present value of expected
futurepaymentstobemadeinrespectofservicesprovidedbyemployeesuptothereportingdate
usingtheprojectedunitcreditmethod.Considerationisgiventoexpectedfuturewageandsalary
levels, experience of employee departures, and periods of service. Expected future payments are
discountedusingmarketyieldsatthereportingdateonnationalgovernmentbondswithtermsto
maturityandcurrenciesthatmatch,ascloselyaspossible,theestimatedfuturecashoutflows.
n) Revenuerecognition
Revenueisrecognisedandmeasuredatthefairvalueoftheconsiderationreceivedorreceivableto
theextentitisprobablethattheeconomicbenefitswillflowtotheGroupandtherevenuecanbe
reliably measured. The following specific recognition criteria must also be met before revenue is
recognised:
i) Renderingofservices
Revenue from the provision of legal services is recognised on a stage of completion basis in the
periodinwhichthelegalserviceisprovidedandiscalculatedwithreferencetotheprofessionalstaff
hoursincurredoneachmatter.
ii) Onlinelegalandnonlegaldocumentsandpublications
Revenuefromtheprovisionofonlinelegalandnonlegaldocumentsandpublicationsisrecognised
onanaccrualsbasisatthetimeofdeliveryofthedocumentstocustomers.
iii) Subscriptionincome
Revenue from memberships granting the subscriber access to the knowledge base of weekly legal
bulletins,onlinetools,calculatorsandservicesisrecognisedonastraightlinebasiswhichreflects
thetiming,natureandbenefitprovided.Allmembershipshaveasubscriptionperiodofeitherthree
ortwelvemonths.
14
31DECEMBER2007
ACN120394194
iv) Interestincome
Revenueisrecognisedasinterestaccruesusingtheeffectiveinterestmethod.Thisisamethodof
calculating the amortised cost of a financial asset and allocating the interest income over the
relevantperiodusingtheeffectiveinterestrate,whichistheratethatexactlydiscountsestimated
futurecashreceiptsthroughtheexpectedlifeofthefinancialassettothenetcarryingamountofthe
financialasset.
v) Dividends
RevenueisrecognisedwhentheGroupsrighttoreceivethepaymentisestablished.
vi) Rentalrevenue
Rentalrevenuefrominvestment propertiesisaccountedforonastraightlinebasisoverthelease
term.Contingentrentalincomeisrecognizedasincomeintheperiodsinwhichitisearned.Lease
incentivesgrantedarerecognizedasanintegralpartofthetotalrentalincome.
o) Incomeandothertaxes
Current tax assets and liabilities for the current and prior periods are measured at the amount
expected to be recovered from or paid to the taxation authorities based on the current period's
taxableincome.Thetaxratesandtaxlawsusedtocomputetheamountarethosethatareenacted
orsubstantivelyenactedbythebalancesheetdate.
Deferredincometaxisprovidedonalltemporarydifferencesatthebalancesheetdatebetweenthe
taxbasesofassetsandliabilitiesandtheircarryingamountsforfinancialreportingpurposes.
Deferredincometaxliabilitiesarerecognisedforalltaxabletemporarydifferencesexcept:
whenthedeferredincometaxliabilityarisesfromtheinitialrecognitionofgoodwillorofan
assetorliabilityinatransactionthatisnotabusinesscombinationandthat,atthetimeof
thetransaction,affectsneithertheaccountingprofitnortaxableprofitorloss;or
when the taxable temporary difference is associated with investments in subsidiaries,

associates or interests in joint ventures, and the timing of the reversal of the temporary
differencecanbecontrolledanditisprobablethatthetemporarydifferencewillnotreverse
intheforeseeablefuture.
Deferredincometaxassetsarerecognisedforalldeductibletemporarydifferences,carryforwardof
unusedtaxcreditsandunusedtaxlosses,totheextentthatitisprobablethattaxableprofitwillbe
available against which the deductible temporary differences and the carryforward of unused tax
creditsandunusedtaxlossescanbeutilised,except:
whenthedeferredincometaxassetrelatingtothedeductibletemporarydifferencearises
from the initial recognition of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit nor
taxableprofitorloss;or
when the deductible temporary difference is associated with investments in subsidiaries,

associatesorinterestsinjointventures,inwhichcaseadeferredtaxassetisonlyrecognised
totheextentthatitisprobablethatthetemporarydifferencewillreverseintheforeseeable
15
31DECEMBER2007
ACN120394194
future and taxable profit will be available against which the temporary difference can be
utilised.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date and
reducedtotheextentthatitisnolongerprobablethatsufficienttaxableprofitwillbeavailableto
allowallorpartofthedeferredincometaxassettobeutilised.
Unrecognised deferred income tax assets are reassessed at each balance sheet date and are
recognised to the extent that it has become probable that future taxable profit will allow the
deferredtaxassettoberecovered.
Deferredincometaxassetsandliabilitiesaremeasuredatthetaxratesthatareexpectedtoapplyto
theyearwhentheassetisrealisedortheliabilityissettled,basedontaxrates(andtaxlaws)that
havebeenenactedorsubstantivelyenactedatthebalancesheetdate.
Incometaxesrelatingtoitemsrecogniseddirectlyinequityarerecognisedinequityandnotinprofit
orloss.
Deferredtaxassetsanddeferredtaxliabilitiesareoffsetonlyifalegallyenforceablerightexiststo
set off current tax assets against current tax liabilities and the deferred tax assets and liabilities
relatetothesametaxableentityandthesametaxationauthority.
Taxconsolidationlegislation
Integrated Legal Holdings Limited and its whollyowned Australian controlled entities have
implementedthetaxconsolidationlegislationasof10August2007.
Theheadentity,IntegratedLegalHoldingsLimitedandthecontrolledentitiesinthetaxconsolidated
groupcontinuetoaccountfortheirowncurrentanddeferredtaxamounts.TheGrouphasapplied
thegroupallocationapproachindeterminingtheappropriateamountofcurrenttaxesanddeferred
taxestoallocatetomembersofthetaxconsolidatedgroup.
In addition to its own current and deferred tax amounts, Integrated Legal Holdings Limited also
recognisesthecurrenttaxliabilities(orassets)andthedeferredtaxassetsarisingfromunusedtax
lossesandunusedtaxcreditsassumedfromcontrolledentitiesinthetaxconsolidatedgroup.
Assets or liabilities arising under tax funding agreements with the tax consolidated entities are
recognisedasamountsreceivablefromorpayabletootherentitiesintheGroup.
Any difference between the amounts assumed and amounts receivable or payable under the tax
funding agreement are recognised as a contribution to (or distribution form) whollyowned tax
consolidatedentities.
16
31DECEMBER2007
ACN120394194
Othertaxes
Revenues,expensesandassetsarerecognisednetoftheamountofGSTexcept:
when the GST incurred on a purchase of goods and services is not recoverable from the
taxationauthority,inwhichcasetheGSTisrecognisedaspartofthecostofacquisitionof
theassetoraspartoftheexpenseitemasapplicable;and
receivablesandpayables,whicharestatedwiththeamountofGSTincluded.
ThenetamountofGSTrecoverablefrom,orpayableto,thetaxationauthorityisincludedaspartof
receivablesorpayablesinthebalancesheet.
CashflowsareincludedintheCashFlowStatementonagrossbasisandtheGSTcomponentofcash
flows arising from investing and financing activities, which is recoverable from, or payable to, the
taxationauthorityisclassifiedaspartofoperatingcashflows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or
payableto,thetaxationauthority.
3) OTHERREVENUE
Consolidated
Parent
Halfyearended
31Dec2007
$
Rentalrevenue
Disbursementsincome
Sundryincome
4) CASHANDCASHEQUIVALENTS
Forthepurposesofthehalfyearcashflowstatement,cashand
cashequivalentsarecomprisedofthefollowing:
Cashatbankandinhand
Shorttermdeposits
818
74,851
1,549
77,218
Consolidated
At
31Dec2007
$
639,898
4,400,806
5,040,704
Periodended
31Dec2006
$
Parent
At
30Jun2007
$
8,788,735
8,788,735
17
31DECEMBER2007
ACN120394194
5) GOODWILL
At1July2007
Additions
Impairment
Closingbalanceasat31December2007
Consolidated
At
31Dec2007
$

6,546,059
(215,826)
6,330,233
Parent
At
30Jun2007
$
a) DescriptionsoftheGroupsgoodwill
After initial recognition, goodwill acquired in a business combination is measured at cost less any
accumulatedimpairmentlosses.Goodwillisnotamortisedbutissubjecttoimpairmenttestingon
anannualbasisorwheneverthereisanindicationofimpairment.
b) Impairmentlossesrecognised
An impairment loss of $215,826 on goodwill was recognised during the period in relation to the
acquisition of businesses. This amount relates to the difference between goodwill recognised on
acquisition and the independent valuation of the fair value of the acquired businesses. The
impairmentlosshasbeenrecognisedintheincomestatementinthelineitemimpairmentlosses.
The cash generating units consist of the legal practices of Talbot Olivier and Brett DaviesLawyers,
andtheonlinedocumentsproductionandservicebusinessofLawCentralCoPtyLtd.
Thefollowingkeyassumptionshavebeenmadebytheindependentvaluerinthedeterminationof
thefairvalueofeachofthecashgeneratingunits:
Existingpartnersarelockedinto,andwillserveatleast,atwoyearterm;
Growthbeyondthoseassetsinexistenceatthedateofacquisitionon10August2007has
notbeenconsidered;
Theentitiesbeingacquiredwillcontinuetooperateseparatelyastheyhaveinthepast;and
Taxiscalculatedatthenotionaltaxrateof30%ofthenormalisedprofitbeforetaxamount
to reflect the appropriate tax rate that would be payable if the entities were treated as
companiesratherthanpartnerships.
6) INTANGIBLEASSETS
Consolidated
Parent
At1July2007
Additions
AccumulatedAmortisation
Closingbalanceasat31December2007
At
31Dec2007
$

163,254
(8,814)
154,440
At
30Jun2007
$
18
31DECEMBER2007
ACN120394194
a) DescriptionsoftheGroupsotherintangibleassets
Otherintangiblesrepresentthevalueofleasedpremisesacquiredupontheacquisitionofthelegal
practice of Peter Marks (see note 10) and is carried at cost less accumulated amortisation. This
intangible asset has been assessed as having a finite life and is amortised using the straight line
methodovertheremainingtermofthelease.Theamortistionhasbeenrecognisedintheincome
statementinthelineitemdepreciationandamortisationexpenses.
7) ISSUEDCAPITAL
a) Ordinaryshares
Consolidated
Parent
31Dec2007
30Jun2007
$
$
63,538,320ordinaryfullypaidshares
30,678,545
18,723,452
b) Movementsinordinarysharecapital
Consolidated
Shares
$
Openingbalanceat1July2007
37,446,904
18,723,452
Issueofsharesatavalueof50centspershare
on17August2007:
Shareissueforinitialpublicoffering
24,833,320
12,416,660
Sharesissuedforacquisitionofsubsidiary
1,258,096
629,048
Capitalraisingcosts,netofrelatedincometaxbenefits

(1,090,615)
Balanceat31December2007
63,538,320
30,678,545
Effective1July1998,theCorporationslegislationabolishedtheconceptsofauthorisedcapitaland
parvalueshares.Accordingly,thecompanydoesnothaveauthorisedcapitalorparvalueinrespect
ofitsissuedcapital.
Fullypaidordinarysharescarryonevotepershareandcarrytherighttodividends.
8) SEGMENTINFORMATION
The company operates predominantly in one business and geographical segment, being the
identification,acquisitionandintegrationoflawfirmsandinformationtechnologyorganisationsto
provideanetworkedservicetoclients.
9) CONTINGENTLIABILITIESANDCONTINGENTASSETS
Therearenocontingentliabilitiesorassetsasat31December2007.
10) BUSINESSCOMBINATIONS
Accountingforthefollowingacquisitionofbusinessesremainsprovisionallydeterminedbecauseall
circumstancesandfactorsaffectingfairvaluesoftheidentifiablenetassetsacquiredhaveyettobe
finalisedattheendoftheperiod.
19
31DECEMBER2007
ACN120394194
Thefactorscontributingtogoodwillrecognisedrelatetothesynergiesexistingwithintheacquired
businessesanditscombinedprofessionalworkforce.
AcquisitionofTalbotOlivier
On 11 January 2006, the company (through its agent, Law Central Co Pty Ltd) and the foundation
partnersofTalbotOlivierenteredintoanOptionAgreementwherebyanoptionwasgrantedtothe
company,exercisablethroughitswhollyownedsubsidiaryTalbotOlivierPtyLtd,toacquire100%of
theTalbotOlivierbusinessassets.Thisagreementwassubsequentlyvariedbyanagreementdated
19September2006and wasfurther amendedby agreements betweenthesamepartiesdated12
March2007and15May2007.
Theoptionwasexercisedon10August2007andthepurchasepriceagreedtobepaidincashupon
theexerciseoftheoptionwas$3,194,648.
TalbotOlivierPtyLtd,tradingasTalbotOlivier,wasincorporatedon10August2007andisawholly
ownedsubsidiaryofIntegratedLegalHoldingsLimited.
Thefollowingconstitutesthecalculationoftheconsiderationgivenandthefairvalueofnetassets
acquiredinTalbotOlivier:
Consideration
Cash
Directcostsrelatingtotheacquisition
Totalcashconsideration
Totalacquisitioncost
Netassetsacquired
Assets
Plantandequipment
Workinprogress
Prepayments
Totalassetsacquired
Liabilities
Provisionforinsurancepremium
Totalliabilitiesacquired
Netassetsacquired
Goodwillonacquisition
Fair
Value
$
130,866
200,000
164,079
494,945
134,136
134,136
360,809
3,001,233
3,194,648
167,394
3,362,042
3,362,042
Carrying
Amount
$
130,866
200,000
164,079
494,945
134,136
134,136
360,809
Fromthedateofacquisition,TalbotOlivierhascontributed$977,572tothenetprofitaftertaxof
theGroup.
If the combination had taken place at the beginning of the year, the profit from continuing
operations for the Group would have been $1,144,133 and revenue from continuing operations
wouldhavebeen$5,604,590.
20
31DECEMBER2007
ACN120394194
Thecashoutflowonacquisitionisasfollows:
Netcashacquiredwiththebusiness
Cashpaid
Netconsolidatedcashoutflow

3,194,648
3,194,648
BrettDaviesLawyers
On30March2007,thecompany(throughitsagent,LawCentralCoPtyLtd)andBrettDavies,owner
oftheBrettDaviesLawyersbusinessassets,enteredintoanOptionAgreementwherebyanoption
wasgrantedtothecompany,exercisablethroughitswhollyownedsubsidiaryTaxLawyersAustralia
PtyLtd,toacquire100%oftheBrettDaviesLawyersbusinessassets.
Theoptionwasexercisedon10August2007andthepurchasepriceagreedtobepaidincashupon
theexerciseoftheoptionwas$804,000.
TaxLawyersAustraliaPtyLtd,tradingasBrettDaviesLawyers,wasincorporatedon8August2007
andisawhollyownedsubsidiaryofIntegratedLegalHoldingsLimited.
acquiredinBrettDaviesLawyers:
Consideration
Cash
Netassetsacquired
Assets
Plantandequipment
Totalassetsacquired
Netassetsacquired
Fair
Value
$
17,454
17,454
17,454
823,662
804,000
37,116
841,116
841,116
Carrying
Amount
$
17,454
17,454
17,454
Thegoodwilldisclosedabove,beingtheexcessofthecostoftheacquisitionovertheidentifiablenet
assetsacquired,isnotfullysupportedbytheresultsofindependentvaluationsandhasbeenwritten
down to the independent valuation amount of $704,000. The impairment expense that has been
recognisedintheincomestatementis$119,662.
Fromthedateofacquisition,BrettDaviesLawyershasincurredalossof$53,494.Thislossincludes
theimpairmentexpenseof$119,662.
operationsfortheGroupwouldhavebeen$929,435andrevenuefromcontinuingoperationswould
havebeen$4,652,359.
21
31DECEMBER2007
ACN120394194
Cashpaid

804,000
804,000
AcquisitionofLawCentralCoPtyLtd
UnderthetermsoftheProspectusdated16May2007,thecompanyofferedtoacquire100%ofthe
fullypaidordinarysharesinthecapitalofLawCentralCoPtyLtd.Theofferwasconditionalupon
theacceptanceoftheofferbyatleast90%oftheLawCentralCoPtyLtdshareholdersby15August
2007.
Thisconditionwassatisfiedinfulland100%oftheLawCentralCoPtyLtdshareholdersacceptedthe
offer.
The consideration offered by Integrated Legal Holdings Limited was 0.105028 fully paid ordinary
sharesinthecompanytogetherwithacashpaymentof$0.04736011forevery1LawCentralCoPty
Ltdshare.Settlementtookplaceon10August2007andIntegratedLegalHoldingsLimitedissued
1,258,096sharesinthecompanyandpaid$2,700,000incashtothevendors.
acquiredinLawCentralCoPtyLtd:
Consideration
Cash
Sharesissuedatfairvalue
Netassetsacquired
Assets
Cashandcashequivalents
Tradeandotherreceivables
Property,plantandequipment
Deferredtaxassets
Liabilities
Tradeandotherpayables
Incometaxpayable
Provisions
Netassetsacquired
Fair
Value
$
220,953
995,879
37,173
14,684
1,268,689
200,031
15,060
80,972
259,742
555,805
712,884
2,616,164
2,700,000
2,700,000
629,048
3,329,048
Carrying
Amount
$
220,953
995,879
37,173
14,684
1,268,689
200,031
15,060
80,972
259,742
555,805
712,884
Thegoodwilldisclosedabove,beingtheexcessofthecostoftheacquisitionovertheidentifiablenet
assetsacquired,isnotfullysupportedbytheresultsofindependentvaluationsandhasbeenwritten
22
31DECEMBER2007
ACN120394194
downtotheindependentvaluationamountof$2,520,000.Theimpairmentexpensethathasbeen
recognisedintheincomestatementis$96,164.
Fromthedateofacquisition,LawCentralCoPtyLtdhascontributed$95,048tothenetprofitofthe
Group.
operationsfortheGroupwouldhavebeen$891,714andrevenuefromcontinuingoperationswould
havebeen$4,611,480.
$
220,953
Cashpaid
2,700,000
2,479,047
PeterMarksSuccessionLawyers
On 19 September 2007, the company, through its wholly owned subsidiary Talbot Olivier Pty Ltd,
acquired 100% of the legal practice of the late Peter Marks trading as Peter Marks Succession
Lawyers. This acquisition was merged into the existing practice of Talbot Olivier. The acquisition
promotes the companys business strategy which encourages acquired practices to enhance their
owngrowthaspirationsviatheacquisitionofcomplementarypractices.
The assets purchased include goodwill and business assets excluding all work in progress and
outstandingdebtors.
acquiredinthepracticeofPeterMarksSuccessionLawyers:
Consideration
Cash
Deferredcashconsideration
Netassetsacquired
Assets
Plantandequipment
Intangibleassets
Totalassetsacquired
Liabilities
Deferredtaxliability
Netassetsacquired
Fair
Value
$
10,722
163,254
173,976
48,976
48,976
125,000
50,000
75,000
125,000
125,000
Carrying
Amount
$
10,722
163,254
173,976
48,976
48,976
125,000
23
31DECEMBER2007
ACN120394194
ItisimpracticabletodisclosePeterMarksSuccessionLawyersprofitandrevenuefromcontinuing
operations for the Group prior to acquisition as the information is not available. The acquirees
contribution to the net profit of the Group cannot be determined as this business has been
incorporatedintotheTalbotOlivierbusiness.
$

Cashpaid
125,000
125,000
ShayneLeslie
On 28 September 2007, the company, through its wholly owned subsidiary, Talbot Olivier Pty Ltd,
acquiredthelegalpracticeofShayneLeslie.Thisacquisitionwasmergedintotheexistingpracticeof
TalbotOlivier.
Theconsiderationforthepurchaseiscashonly.
acquiredinthepracticeofShayneLeslie:
Consideration
Cash
Netassetsacquired
Fair
Value
$
105,000
50,000
55,000
105,000
105,000
Carrying
Amount
$
ItisimpracticabletodiscloseShayneLesliesprofitandrevenuefromcontinuingoperationsforthe
Grouppriortoacquisitionastheinformationisnotavailable.Theacquireescontributiontothenet
profit of the Group cannot be determined as this business has been incorporated into the Talbot
Olivierbusiness.
$

Cashpaid
50,000
50,000
24
31DECEMBER2007
ACN120394194
DirectorsDeclaration
InaccordancewitharesolutionofthedirectorsofIntegratedLegalHoldingsLimited,Istatethat:
1. Intheopinionofthedirectors:
a. Thefinancialstatementsandnotestothefinancialstatementsoftheconsolidatedentity
areinaccordancewiththeCorporationsAct2001,including:
i. givingatrueandfairviewofthecompanysfinancialpositionasat31December
2007 and the performance for the halfyear ended on that date of the
consolidatedentity;and
ii. complying with Australian Accounting Standard AASB 134 Interim Financial
ReportingandtheCorporationsRegulations2001;and
b. therearereasonablegroundstobelievethatthecompanywillbeabletopayitsdebtsas
andwhentheybecomedueandpayable.
OnbehalfoftheBoard,
THenn
Director
Perth,29February2008
25
Auditors Independence Declaration to the Directors of Integrated Legal Holdings Limited

In relation to our review of the financial report of Integrated Legal Holdings Limited for the half-year ended
31 December 2007, to the best of my knowledge and belief, there have been no contraventions of the
auditor independence requirements of the Corporations Act 2001 or any applicable code of professional
conduct.
Ernst & Young
G H Meyerowitz
Partner
Perth
29 February 2008
Liability limited by a scheme approved under

Professional Standards Legislation.
GHM:NR:ILH:016
26
To the members of Integrated Legal Holdings Limited

Report on the Condensed Half-Year Financial Report
We have reviewed the accompanying half-year condensed financial report of Integrated Legal Holdings
Limited, which comprises the consolidated balance sheet as at 31 December 2007, and the consolidated
income statement, consolidated statement of changes in equity and consolidated cash flow statement for the
half-year ended on that date, other selected explanatory notes and the Directors Declaration of the
consolidated entity comprising the company and the entities it controlled at the half-year end or from time
to time during the half-year.
Directors Responsibility for the Half- Year Financial Report
The directors of the company are responsible for the preparation and fair presentation of the half-year
financial report in accordance with Australian Accounting Standards (including the Australian Accounting
Interpretations) and the Corporations Act 2001. This responsibility includes establishing and maintaining
internal controls relevant to the preparation and fair presentation of the half-year financial report that is free
from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting
policies; and making accounting estimates that are reasonable in the circumstances.
Auditors Responsibility
Our responsibility is to express a conclusion on the half-year financial report based on our review.
We conducted our review in accordance with Auditing Standard on Review Engagements (ASRE) 2410
Review of an Interim Financial Report Performed by the Independent Auditor of the Entity, in order to state
whether, on the basis of the procedures described, we have become aware of any matter that makes us
believe that the financial report is not in accordance with the Corporations Act 2001 including: giving a true
and fair view of the consolidated entitys financial position as at 31 December 2007 and its performance for
the half-year ended on that date; and complying with Accounting Standard AASB 134 Interim Financial
Reporting and the Corporations Regulations 2001 and other mandatory financial reporting requirements in
Australia. As the auditor of Integrated Legal Holdings Limited and the entities it controlled during the halfyear, ASRE 2410 requires that we comply with the ethical requirements relevant to the audit of the annual
financial report.
A review of a half-year financial report consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and
consequently does not enable us to obtain assurance that we would become aware of all significant matters
that might be identified in an audit. Accordingly, we do not express an audit opinion.
Independence
In conducting our review, we have complied with the independence requirements of the Corporations Act
2001. We have given to the directors of the company a written Auditors Independence Declaration, a copy
of which is included in the financial report.
Liability limited by a scheme approved under

Professional Standards Legislation.
GHM:NR:ILH:015
27
Conclusion
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe
that the interim financial report of Integrated Legal Holdings Limited is not in accordance with the
Corporations Act 2001, including:
(i)
(ii)
giving a true and fair view of the consolidated entitys financial position as at 31 December
2007 and of its performance for the half-year ended on that date; and
complying with Accounting Standard AASB 134 Interim Financial Reporting and the
Corporations Regulations 2001.
Ernst & Young
G H Meyerowitz
Partner
Perth
29 February 2008
GHM:NR:ILH:015
28

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Consolidated operating revenues of $4,510,136 were higher than the previous

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Auditors Independence Declaration to the Directors of Integrated Legal Holdings Limited

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