069.ASX IAW Feb 26 2010 11.09 Half Yearly Report and Accounts

INTEGRATEDLEGALHOLDINGSLIMITED
ACN120394194
ASXAppendix4D
RESULTSFORANNOUNCEMENTTOTHEMARKET
Currentreportingperiod:
Previouscorrespondingperiod:
Halfyearended31December2009
Percentage
change
UP(+)/DOWN()
Amount
$A
Revenuefromordinaryactivities
Profitfromordinaryactivitiesaftertaxattributable
tomembers
+53%
21%
11,588,400
711,069
Netprofitfortheperiodattributabletomembers
21%
711,069
Amount
pershare
0.25cents
Frankedamount
pershareat30%
0.25cents
EARNINGS
DIVIDENDS
2010Interimdividend
Correspondingperiod
Recorddatefordeterminingentitlementstothe
2010interimdividend
Paymentdateforthe2010interimdividend
10March2010
9April2010
TheCompanyoperatesadividendreinvestmentplan(DRP).Furtherdetailsaredisclosedin
theinterimdividenddetailssectionofthisreport.
DRPdiscountrate
5%
LastdateforreceiptofDRPelectionnoticesforthe
2010interimdividend
24March2010
NETTANGIBLEASSETBACKING
31Dec2009
31Dec2008
Nettangibleassetbackingpersecurity
5.87
7.36
Consolidated operating revenues of $11,588,400 were 53% higher than the previous
correspondinghalfyearperiodof$7,593,136operatingrevenues.Revenuefromordinary
activities increased due to a combination of organic growth and acquisitions of new
memberfirms.
Inrespectofthepreviouscomparativeperiod,theDirectorshavepreviouslyadvisedthat
expenses have necessarily increased for the Company during the period reflecting a
required change to Foundation Principals remuneration from the artificially low and non
competitive levels established at the time of public listing in August 2007, and from
increasesinWAmemberfirmpremisescostsfollowingbelowmarketrentarrangementsin
2008.
ACN120394194
ASXAppendix4D
RESULTSFORANNOUNCEMENTTOTHEMARKET
The Directors consider the current period to better reflect a more normalised operating
profitabilityandmargin.
Thefollowingtablesummarisesresultsfortheperiod,theFullYear2008/09,andeachof
thehalfyearsof2008/09.
RESULTSSUMMARY
FullYear SecondHalf FirstHalf
FirstHalf
2008/09
2008/09
2008/09
2009/10
$000s
$000s
$000s
$000s
OperatingRevenue
11,588
16,946
9,353
7,593
NetProfit(Loss)afterTax
711
594
(302)
896
Earnings(Loss)perShare
1.03cents
0.89cents (0.49)cents 1.38cents
DividendperShare
0.25cents
Nil
Nil
Nil
OperatingCashFlows(Outflows)
190
(1,652)*
(2,016)*
365
Gearing(Netdebt/Equity)
13%
12%
12%
0%
*Relatestofundingofworkingcapitalfornewacquisitions.
Forthehalfyearended31December2009,theconsolidatedentitygeneratedanetprofit
aftertaxof$711,069comparedtoanetlossaftertaxof$302,828forthehalfyearended
30June2009,afullyear2008/09netprofitaftertaxof$593,875,andahalfyearended31
December2008netprofitaftertaxof$896,703.
Earningspersharefortheperiodwere1.03centspershare,comparedtotheyearended
30June2009of0.89cents(30June2009halfyear:negative0.49cents;31December2008
halfyear:1.38cents).
TheGrouphasdeclaredafullyfrankedinterimdividendof0.25centswithrespecttothe
financialyearended30June2010.Thedividendwillhavearecorddateof10March2010
and a payment date of 9 April 2010. The Group operates a dividend reinvestment plan.
The Directors of Integrated Legal Holdings Limited have advised of their intended full
participationintheinterimdividendreinvestmentplan.
During the period, the Company requested an amendment to its 2008 income tax return
arising from the tax treatment of work in progress. The amendment resulted in a tax
refund of $325,306, constituting a reversal of income tax expense previously disclosed in
theIncomeStatement.Thereversalhasdirectlyincreasedprofitabilityfortheperiod.
Thegroupdoesnothaveanyinterestsinassociatesoutsidethegroup,nordoesithaveany
interestinjointventures.
Further information is included in the Directors Report within the HalfYear Financial
Report.
ACN120394194
(ASX:IAW)
HalfYearFinancialReport
forthehalfyearended31December2009
FINANCIALREPORTFORTHEHALFYEARENDED
31DECEMBER2009
ACN120394194
Contents
Corporateinformation.............................................................................................................1
Directorsreport......................................................................................................................2
Consolidatedstatementoffinancialposition..........................................................................6
Consolidatedstatementofcomprehensiveincome................................................................7
Consolidatedstatementofchangesinequity.........................................................................8
Consolidatedstatementofcashflows.....................................................................................9
Notestoandformingpartofthefinancialreport.................................................................10
Directorsdeclaration............................................................................................................24
Auditorsindependencedeclaration.....................................................................................25
Independentauditorsreviewreport....................................................................................26
31DECEMBER2009
ACN120394194
CorporateInformation
ABN20120394194
Directors
TheHonJohnDawkins,Chairman
AnneTregonning,NonexecutiveDirector
GraemeFowler,ManagingDirector
CompanySecretary
JeanMarieRudd
Registeredoffice
Level8,WesfarmersHouse
40TheEsplanade
PerthWA6000
Principalplaceofbusiness
HeadOffice
Level22
1MarketStreet
SydneyNSW2000
Tel:(02)82636601
ShareRegister
ComputershareInvestorServicesPtyLimited
Level2,45StGeorgesTerrace
PerthWA6000
Tel:(08)93232000
IntegratedLegalHoldingsLimitedsharesarelistedontheAustralianStockExchange.
Solicitors
TalbotOlivier
Level8,WesfarmersHouse
40TheEsplanade
PerthWA6000
Bankers
NationalAustraliaBankLimited
100StGeorgesTerrace
PerthWA6000
Auditors
Ernst&Young
11MountsBayRoad
PerthWA6000
31DECEMBER2009
ACN120394194
DirectorsReport
The directors of Integrated Legal Holdings Limited (the Company) submit the halfyear financial
reportforthehalfyearended31December2009.
DIRECTORS
ThenamesoftheCompanysdirectorsinofficeduringthehalfyearanduntilthedateofthisreport
aresetoutbelow.Directorswereinofficeforthisentireperiodunlessotherwisestated.
TheHonJohnDawkinsAO(NonexecutiveChairman)
AnneTregonning(NonexecutiveDirector)
GraemeFowler(ManagingDirector)
REVIEWANDRESULTSOFOPERATIONS
Consolidatedoperatingrevenuesof$11,588,400were53%higherthanthepreviouscorresponding
halfyearperiodof$7,593,136operatingrevenues.Revenuefromordinaryactivitiesincreaseddue
toacombinationoforganicgrowthandacquisitionsofnewmemberfirms.
Forthehalfyearended31December2009,theconsolidatedentitygeneratedanetprofitaftertax
of$711,069comparedtoanetlossaftertaxof$302,828forthehalfyearended30June2009,a
fullyear2008/09netprofitaftertaxof$593,875,andahalfyearended31December2008netprofit
aftertaxof$896,703.
Earningsper sharefortheperiodwere1.03centspershare,comparedtotheyearended30June
2009of0.89cents(30June2009halfyear:negative0.49cents;31December2008halfyear:1.38
cents).
Operating cash flows for the period were positive at $190,142, compared with operating cash
outflows (negative) for the full year 2008/09 (as the working capital requirements of new
acquisitionswereabsorbed).
RESULTSSUMMARY
FirstHalf
FullYear SecondHalf FirstHalf
2009/10
2008/09
2008/09
2008/09
$000s
$000s
$000s
$000s
OperatingRevenue
11,588
16,946
9,353
7,593
NetProfit(Loss)afterTax
711
594
(302)
896
Earnings(Loss)perShare
1.03cents
0.89cents (0.49)cents 1.38cents
DividendperShare
0.25cents
Nil
Nil
Nil
OperatingCashFlows(Outflows)
190
(1,652)*
(2,016)*
365
Gearing(Netdebt/Equity)
13%
12%
12%
0%
*Relatestofundingofworkingcapitalfornewacquisitions.
Inrespectofthepreviouscomparativeperiods,theDirectorshavepreviouslyadvisedthatexpenses
have necessarily increased for the Company during the period, reflecting a required change to
FoundationPrincipalsremunerationfromtheartificiallylowandnoncompetitivelevelsestablished
atthetimeofpubliclistinginAugust2007,andanincreaseinWApremisesrentalfollowingbelow
marketrentin2008.
31DECEMBER2009
ACN120394194
DirectorsReport
TheDirectorsconsiderthecurrentperiodtobetterreflectamorenormalisedoperatingprofitability
andmargin.
The Company has maintained a strong balance sheet with bank loans of $1.85m at 31 December
2009.Thisrepresentsagearinglevelof12%.TheCompanysexistingworkingcapitalbankfacility
hasalimitofupto$3.35m.
Duringtheperiod,theCompanyrequestedanamendmenttoits2008incometaxreturnarisingfrom
the tax treatment of work in progress. The amendment resulted in a tax refund of $325,306,
constituting a reversal of income tax expense previously disclosed in the Income Statement. The
reversalhasdirectlyincreasedprofitabilityfortheperiod.
TheGrouphasdeclaredafullyfrankedinterimdividendof0.25centswithrespecttothefinancial
yearended30June2010.The dividendwillhavearecorddate of10March 2010andapayment
dateof9April2010.TheGroupoperatesadividendreinvestmentplan.TheDirectorsofIntegrated
Legal Holdings Limited have advised of their intended full participation in the interim dividend
reinvestmentplan.
TheDirectorsarepleasedwiththefirsthalfresultsandwiththecontinuedoperationalprogressthat
hasbeenmade.
Theperiodwashighlightedbyoperationalconsolidation,followingthestrongorganicandacquisition
growthexperiencedbytheCompanyovertheprevious18months.TheCompanysacquisitionsin
2009wereverylargerelativetotheexistingbusiness.
TheDirectorsarepleasedtoreportthatthese2009acquisitionsareperformingwell.
TheArgyleLawyersbusinessinSydneyandMelbourne,andthemdalawyerstuckinacquisition,are
proving to be good businesses. Growth in Argyle Lawyers has been solid including several high
qualitynewstaffappointmentsin thefirsthalf.ThisincludesthereturnofformerArgyleLawyers
PartnerandInsolvencyandCorporateRecoverylawyer,MarkPetrucco.
TheDirectorsalsoreportthattheCompanyhasexperiencedsomeimprovedperformanceinitsLaw
Centralbusiness,followingthesignificantdropindemandforservicesinthe2008/09financialyear
asaresultoftheGlobalFinancialCrisis(GFC).
LawCentralisaninternetbasedcustomisedlegaldocumentpublishingandinformationservice.
The effects of the GFC did however continue for the Company during the period. Conditions
remainedchallengingin partsofthe businessandsomeserviceswerebehindexpectationsforthe
firsthalf,andthishascontinuedintotheearlymonthsofthesecondhalf.
Our Perth businesses in particular underperformed against expectations in some service lines and
thiswilltempertheCompanysperformanceinthe2009/10year.
Wearealsocontinuingtoexperiencesomebaddebtsfromclientbankruptcies,andsuspectthismay
continueforawhilelonger.
31DECEMBER2009
ACN120394194
DirectorsReport
OUTLOOK
TheDirectorsnotetheirexpectationofcontinuedoperationalimprovementfrommemberfirmsin
theperiodsahead.
In particular, the Directors believe that there is significant room for improvement in cash flow
managementinmemberfirmswhichwouldhavetheeffectofloweringthecarryingvalueofworkin
progressanddebtors,andincreasingcashresources.
TheDirectorsconsidertheCompanytobewellplacedforthefuture,inparticularnoting:
TheCompanyhasgoodbusinesseswithstrongmarketpositionsandgrowthprospects.
The Company is successfully building a strong culture of likeminded people with common
aspirationsforabovemarketgrowth,businessimprovementandworkingtogether.
The Company has demonstrated an ability to achieve strong and consistent revenue growth.
IntegratedLegalHoldingsLimitedwasnominatedthefastestgrowinglegalfirmbyfeeincomein
Australiain2009byAustralasianLegalBusiness(December2009).
Scopeforbusinessperformanceimprovementinallmemberfirms,providinganopportunityfor
theCompanytoincreaseprofitabilityovertime.
OrganicandacquisitiongrowthopportunitiesfortheGroupandformemberfirms.
Opportunitytoincreaseprofitabilitybyachievingincreasedscale:
- Atagrouplevelthismeanssecuringadditionalmemberfirmstosharethefixedoverheadof
Corporate;and
- Atamemberfirmlevel,thismeansachievingorganicandacquisitiongrowthtomorefully
utiliseexistingpremises,andtoshareinfrastructurecostsofthefirms.
Lawfirmrevenueisgenerallynotrecurringin natureanddemandin certainservices,business

and locations will fluctuate over time. The Group is currently reliant on a small number of
businesses and as such can be exposed to the underperformance of any one of them. The
creationofamorediversifiedportfolioofbusinessesbytheCompanyovertimewillultimately
havetheeffectofprovidingimprovedearningsconsistency.
The Directors advise that the delivery of the Companys stated strategy of developing a national
network of leading medium sized law firms will take time. The Company remains focused on
incrementallyandselectivelybuyinggoodbusinesses,andworkingwiththemtowardsabovemarket
growth,businessimprovementandGroupsynergies.
Progress forthe Company has been slowed by the economic events of the last two years, but the
DirectorsbelievetheCompanyhasmadeprogressandhasgoodmediumtolongertermprospects.
The Directors have previously advised that they expect Company revenue for 2009/10 of at least
$21m,andgrowthinNetProfitafterTaxandearningspershare.
4
31DECEMBER2009
ACN120394194
DirectorsReport
TheDirectorsareoftheviewthattheCompanyiswellplacedtocontinuegrowthbothorganically
and by acquisition by capitalising on the significant opportunity afforded by prevailing industry
issues.LongtermcompetitiveadvantagecanbeachievedbytheCompanyinsupportingmember
firmsindevelopingscaletounderpinfuturegrowthandprofitability.
The Directors are confident in the longer term outlook of the Company given the strength and
underlyingqualityoftheexistingmemberfirms,thesignificantpotentialtogroworganically,andthe
opportunities for selective acquisition growth as part of the strategy of developing a national
networkoflegalservicesbusinesses.
AUDITORSINDEPENDENCEDECLARATION
A copy of the auditors independence declaration in relation to the review for the halfyear is
providedwiththisreportonpage25.
Signedinaccordancewitharesolutionofthedirectors.
GFowler
ManagingDirector
Perth,25February2010
31DECEMBER2009
ACN120394194
StatementofFinancialPosition
ASSETS
Currentassets
Cashandcashequivalents
Tradeandotherreceivables
Prepayments
Workinprogress
Totalcurrentassets
Noncurrentassets
Availableforsalefinancialassets
Plantandequipment
Goodwill
Intangibleassets
Deferredtaxassets
Prepayments
Totalnoncurrentassets
TOTALASSETS
LIABILITIES
Currentliabilities
Tradeandotherpayables
Interestbearingloansandborrowings
Incometaxpayable
Provisions
Otherliabilities
Totalcurrentliabilities
Noncurrentliabilities
Tradeandotherpayables
Interestbearingloansandborrowings
Provisions
Otherliabilities
Totalnoncurrentliabilities
TOTALLIABILITIES
NETASSETS
EQUITY
Contributedequity
Accumulatedlosses
Reserves
TOTALEQUITY
Note
7
8
10
10
11
12
Consolidated
Asat
31Dec2009
$
249,796
5,446,927
473,099
2,195,555
8,365,377
2,794
1,297,182
10,421,239
83,160
315,575
56,456
12,176,406
20,541,783
2,010,310
1,329,168
58,720
491,886
426,811
4,316,895
75,107
1,208,443
190,901
168,852
1,643,303
5,960,198
14,581,585
30,512,821
(16,657,078)
725,842
14,581,585
Consolidated
Asat
30June2009
$
600,694
4,964,957
651,276
1,370,212
7,587,139
2,677
691,360
10,372,263
100,980
464,147
63,016
11,694,443
19,281,582
1,738,222
1,244,330
157,011
459,466
200,000
3,799,029
1,064,105
177,620
378,422
1,620,147
5,419,176
13,862,406
30,504,813
(16,641,034)
(1,373)
13,862,406
TheaboveconsolidatedStatementofFinancialPositionshouldbereadinconjunctionwiththe
accompanyingnotes.
6
31DECEMBER2009
ACN120394194
StatementofComprehensiveIncome
Note
Professionalfeesrevenue
Interestrevenue
Otherrevenue
Totalrevenue
Occupancyexpenses
Salariesandemployeebenefitsexpenses
Depreciationandamortisationexpenses
Officeexpenses
Advertisingandmarketingexpenses
Otherexpenses
Interestexpenses
Totalexpenses
Profitbeforeincometax
Incometaxexpense/(benefit)
Profitafterincometax
Netprofitfortheperiod
Othercomprehensiveincome
Netgains/(losses)onavailableforsalefinancialassets
Othercomprehensiveincomefortheperiod,netoftax
Totalcomprehensiveincomefortheperiod
Basicanddilutedearningspershareforprofit
attributabletotheordinaryequityholderoftheparent
Consolidated
Halfyear
ended
31Dec2009
$
Consolidated
Halfyear
ended
31Dec2008
$
11,566,053
11,996
10,351
11,588,400
1,054,668
7,798,695
151,887
1,769,227
118,382
36,192
87,360
11,016,411
571,989
(139,080)
711,069
711,069
102
711,171
711,171
7,203,303
139,068
250,765
7,593,136
644,543
4,186,881
74,235
1,146,455
149,086
84,487
12,477
6,298,164
1,294,972
398,269
896,703
896,703
(177)
896,526
896,526
1.03
1.38
TheaboveconsolidatedStatementofComprehensiveIncomeshouldbereadinconjunctionwiththe
accompanyingnotes.
7
31DECEMBER2009
ACN120394194
StatementofChangesinEquity
CONSOLIDATED
At1July2008
Issued
Capital
$
29,729,975
Profitfortheperiod
Othercomprehensive
income
Totalcomprehensive
incomefortheperiod
Transactionswithowners
intheircapacityasowners
Sharesissued
Transactioncostsonshare
issue
Sharebasedpayments
Balanceasat31December
2008
Profitfortheperiod
Othercomprehensive
income
Totalcomprehensive
incomefortheperiod
Transactionswithowners
intheircapacityasowners
Transfertogeneralreserve
Transactioncostsonshare
issue
Sharebasedpayments
Balanceasat31December
2009
General
Reserve
$
896,703
896,703
(177)
(177)
896,703
(177)
896,526
(1,411,065)
580,000
7,518
(1,662)
13,977,625
(1,411,065)
580,000
7,518
30,317,493
(16,338,206)
Total
Equity
$
13,904,646
CONSOLIDATED
At1July2009
Net
Unrealised
Accumulated
GainsReserve
Losses
$
$
(15,823,844)
(1,485)
Issued
Capital
$
30,504,813
Net
Unrealised
Accumulated
GainsReserve
Losses
$
$
(16,641,034)
(1,373)
General
Reserve
$
Total
Equity
$
13,862,406
711,069
711,069
102
102
711,069
102
711,171
(1,694)
9,702
30,512,821
(727,113)
(16,657,078)
727,113
(1,694)
9,702
(1,271)
727,113
14,581,585
TheaboveconsolidatedStatementofChangesinEquityshouldbereadinconjunctionwiththe
accompanyingnotes.
8
31DECEMBER2009
ACN120394194
CashFlowStatement
Cashflowsfromoperatingactivities
Receiptsfromcustomers
Paymentstosuppliersandemployees
Interestreceived
Rentreceived
Sundryincome
Interestandothercostsoffinancepaid
Incometaxrefund
Netcashflowsfromoperatingactivities
Cashflowsfrominvestingactivities
Purchaseofplantandequipment
Proceedsfromthedisposalofplantandequipment
Paymentforacquisitionofbusinessesnetofcash
acquired
Netcashflowsusedininvestingactivities
Cashflowsfromfinancingactivities
Paymentforshareissueexpenses
Proceedsfromborrowings
Repaymentsofborrowings
Paymentofdividends
Netcashflows(usedin)/fromfinancingactivities
Netdecreaseincashheld
Cashandcashequivalentsatthebeginningofthe
period
Cashandcashequivalentsattheendoftheperiod
Consolidated
Halfyear
ended
31Dec2009
$
Note
Consolidated
Halfyear
ended
31Dec2008
$
11,408,374
(11,371,200)
11,996

10,337
(58,718)
189,361
190,150
(743,040)
3,150
6,411,856
(6,397,647)
140,016
108,597
103,141
(1,277)
364,686
15

(739,890)
(1,694)
674,664
(410,767)

262,203
(287,537)
(2,137,552)
(2,253,948)
465,875
178,338
5,626,766
2,248,034
(117,749)
1,353
81,484
(159,889)
(1,411,065)
(1,489,470)
(3,378,732)
TheaboveconsolidatedCashFlowStatementshouldbereadinconjunctionwiththeaccompanying
notes.
9
31DECEMBER2009
ACN120394194
NotestoandformingpartoftheFinancialReport
1) CORPORATEINFORMATION
ThegeneralpurposecondensedfinancialreportofIntegratedLegalHoldingsLimited(theCompany)
forthehalfyearended31December2009wasauthorisedforissueinaccordancewitharesolution
oftheDirectorson25February2009.IntegratedLegalHoldingsLimitedisacompanyincorporated
inAustraliaandlimitedbyshares,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
fortheyearended30June2009andconsideredtogetherwithanypublicannouncementsmadeby
IntegratedLegalHoldingsLimitedanditscontrolledentities(theGroup)duringthehalfyearended
31December2009inaccordancewiththecontinuousdisclosureobligationsundertheASXListing
Rules.
a) Basisofpreparation
This general purpose condensed financial report for the halfyear ended 31 December 2009 has
been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act
2001.
ThehalfyearfinancialreportispreparedinAustraliandollarsandonahistoricalcostbasis,except
foravailableforsaleinvestments,whichhavebeenmeasuredatfairvalue.
For the purposes of preparing the halfyear financial report, the halfyear has been treated as a
discretereportingperiod.
b) Significantaccountingpolicies
Apartfromthechangesinaccountingpolicynotedbelow,theaccountingpoliciesand methodsof
computationarethesameasthoseadoptedinthemostrecentannualfinancialstatements.
c) Changesinaccountingpolicy
From 1 July 2009, the Group has adopted all Australian Accounting Standards and Interpretations,
mandatoryforannualperiodsbeginningonorafter1July2009.Adoptionofthesestandardsand
interpretationsdidnothaveaneffectonthefinancialpositionorperformanceoftheGroup,except
forthefollowing:
AASB8OperatingSegments
ThestandardreplacesAASB114SegmentReportingandrequiresamanagementapproach
tobeusedforsegmentreportingandalsoreplacestherequirementtodetermineprimary
(business) and secondary (geographical) reporting segments of the Group. This approach
identifies operating segments by reference to internal reports that are evaluated regularly
bythechiefoperatingdecisionmakerindecidinghowtoallocateresourcesandinassessing
performance.TheGroupconcludedthattheoperatingsegmentsdeterminedinaccordance
withAASB8arethesameasthebusinesssegmentsreportedunderAASB114.
10
31DECEMBER2009
ACN120394194
AASB101PresentationofFinancialStatements(revised)
The revised standard separates owner and nonowner changes in equity and requires a
statement of comprehensive income to be prepared which discloses all changes in equity
during a period resulting from nonowner transactions. The Group has elected to present
comprehensiveincomeusingthesinglestatementapproach.
AASB3BusinessCombinations(revised)
The revised AASB 3 applies the acquisition method to account for business combinations.
Underthismethodallpaymentstopurchaseabusinessaretoberecordedatfairvalueat
theacquisitiondate,withcontingentpaymentsclassifiedasdebtsubsequentlyremeasured
throughtheincomestatement. Thereisachoiceonanacquisitionbyacquisitionbasisto
measurethenoncontrollinginterestintheacquireeeitheratthefairvalueoratthenon
controlling interests proportionate share of the acquirees net assets. The Groups policy
hasbeenamendedtofacilitatetheadoptionofthisstandardprospectively.Thetransitional
provisions of the revised AASB 3 allows for contingent payments in respect of previous
acquisitionstoberemeasuredthroughgoodwill.
TheGrouphaselectednottoearlyadoptanynewstandardsoramendmentsthatareissuedbynot
yeteffective.
d) Basisofconsolidation
The halfyear consolidated financial statements comprise the financial statements of Integrated
LegalHoldingsLimitedanditssubsidiariesasat31December2009.
Subsidiariesareallthoseentities(includingspecialpurposeentities)overwhichtheGrouphasthe
power to govern the financial and operating policies so as to obtain benefits from their activities.
Theexistenceandeffectofpotentialvotingrightsthatarecurrentlyexercisableorconvertibleare
consideredwhenassessingwhetheragroupcontrolsanotherentity.
11
31DECEMBER2009
ACN120394194
3) SEGMENTINFORMATION
TheGrouphasidentifieditsoperatingsegmentsbasedontheinternalmanagementreportingthatis
used by the executive management team (the chief operating decision maker) in assessing
performanceandallocatingresources.IntegratedLegalHoldingsLimitedsoperatingsegmentshave
been identified based on how the financial and operating results of the Group are monitored and
presentedinternallytotheexecutivemanagementteam.
TheGroupsreportablesegmentsareidentifiedbymanagementbasedonthenatureofthebusiness
andthesimilaritiesofservicesprovided,methodofdeliveryandtypeofclientsastheGroupsrisks
andreturnsareaffectedpredominantlybydifferencesinlegalproductsandservicesperformed.
Theoperatingbusinessesareorganisedandmanagedseparatelyaccordingtothenatureofthelegal
productsandservicesprovided,witheachsegmentrepresentingastrategicbusinessunitthatoffers
differentlegalproductsandservesdifferentmarkets.
Thefollowingreportablesegmentshavebeenidentifiedbymanagement:
LegalServicesDivision
OperatoroflegalpracticesthroughoutAustralia
InformationTechnologyDivision
Provides an internet portal designed to provide easy access to a range of legal and other
documents tothelegalprofessionandpublicalikeandinformationaboutvariousareasof
law.
Theaccountingpoliciesusedbythe Groupinreportingsegmentsinternallyarethesame asthose

containedinnote1totheaccounts,exceptforthefollowing:
Intersegmentsales
Intersegmentsalesarerecognisedatcostwithnomarginbuiltintotheintersegmenttransactions,
andaimstoencourageintersegmentworkreferrals.
Unallocatedrevenueandassets
Corporateitemsarenotallocatedtooperatingsegmentsastheyarenotconsideredpartofthecore
operationsofanysegments.
12
31DECEMBER2009
ACN120394194
Businesssegments
Thefollowingtablepresentsrevenueandprofitinformationforbusinesssegmentsforthehalfyears
ended31December2009and31December2008.
Legal
Information
Services
Technology
Total
$
$
$
Revenue
Professionalfees
11,176,517
389,536
11,566,053
Otherrevenue
1,480
9,347
10,827
Intersegmentrevenue
5,765

5,765
Totalsegmentrevenue
11,183,762
398,883
11,582,645
Unallocatedrevenue:
Interestreceived
11,470
Dividendsreceived
50
Totalunallocatedrevenue
11,520
Intersegmentelimination
(5,765)
Totalrevenueperstatementof
comprehensiveincome
11,588,400
Result
Segmentresult
1,191,118
110,045
1,301,163
Unallocateditems:
Salariesandemployeebenefits
expenses
(406,361)
Officeexpenses
(238,379)
Otherunallocateditems
2,926
Totalunallocateditems
(641,814)
Profitbeforetaxandfinancecosts
659,349
Financecosts
(87,360)
571,989
Incometaxbenefit
139,080
Netprofitafterincometax
711,069
13
31DECEMBER2009
ACN120394194
Revenue
Professionalfees
Otherrevenue:
Rentalrevenue
Compensationreceivable
Advertisingrevenue
Intersegmentrevenue
Totalsegmentrevenue
Unallocatedrevenue:
Interestrevenue
Dividendsreceived
Totalunallocatedrevenue
Intersegmentelimination
Totalrevenueperstatementof
comprehensiveincome
Result
Segmentresult
Unallocateditems:
Interestrevenue
Salariesandemployeebenefits
expenses
Officeexpenses
Otherunallocateditems
Totalunallocateditems
Profitbeforetaxandfinancecosts
Financecosts
Incometaxexpense
Netprofitafterincometax
Legal
Services
$
6,827,259
108,597
139,000
18,994
7,093,850
1,715,780
Information
Technology
$
Total
$
376,044

3,108

379,152
7,203,303
108,597
139,000
3,108
18,994
7,473,002
139,068
60
139,128
(18,994)
104,177
7,593,136
1,819,957
139,068
(332,921)
(254,969)
(8,184)
(457,006)
1,362,951
(67,979)
1,294,972
(398,269)
896,703
14
31DECEMBER2009
ACN120394194
Totalassetshaveincreasedby5.2%sincethelastannualreport.Segmentassetsforthehalfyear
ended31December2009areasfollows:
Information
Legal
Technology
Total
Services
$
$
$
Asat31December2009
Segmentassets
Segmentoperatingassets
17,843,553
2,155,205
19,998,758
Unallocatedassets:
176,256
Deferredtaxassets
245,740
Prepayments
118,723
Investmentinassociates
712,888
2,794
Plantandequipment
4,161
Totalunallocatedassets
1,260,562
Intersegmenteliminations
(717,537)
Totalassetsfromcontinuingoperations
perbalancesheet
20,541,783
Information
Legal
Technology
Total
Services
$
$
$
Asat30June2009
Segmentassets
Segmentoperatingassets
16,108,199
2,166,143
18,274,342
Unallocatedassets:
547,437
Deferredtaxassets
297,357
Prepayments
170,386
Investmentinassociates
712,888
2,677
Plantandequipment
5,023
Totalunallocatedassets
1,735,768
Intersegmenteliminations
(728,528)
Totalassetsfromcontinuingoperations
perbalancesheet
19,281,582
4) OTHERREVENUE
Consolidated
Consolidated
Halfyear
ended
31Dec2009
$
Compensationreceivable
Rentalrevenue
Sundryincome
Dividendsreceived

10,301
50
10,351
Halfyear
ended
31Dec2008
$
139,000
108,597
3,108
60
250,765
15
31DECEMBER2009
ACN120394194
5) CASHANDCASHEQUIVALENTS
Cashatbankandinhand
Consolidated
At
31Dec2009
$
Consolidated
At
30Jun2009
$
249,796
600,694
Reconciliationtocashflowstatement
Forthepurposesofthecashflowstatement,cashandcash
equivalentscomprisethefollowingat31December:
Cashatbankandinhand
Bankoverdrafts
6) PREPAYMENTS
CURRENT
UnsecuredLoanGFowler(1)
Otherprepayments
NONCURRENT
UnsecuredLoanGFowler(1)
(1)
Consolidated
At
31Dec2009
$
Consolidated
At
30Jun2009
$
249,796
(71,458)
178,338
Consolidated
At
31Dec2009
$
600,694
(134,819)
465,875
Consolidated
At
30Jun2009
$
75,612
397,487
473,099
75,612
575,664
651,276
56,456
63,016
Underthetermsofhisemploymentcontract,MrFowler(ManagingDirector)wasprovided
with an interestfree loan of $189,036 in October 2008 pertaining to the tax liability of
sharesintheCompanyissuedonhisappointment.Thetermsoftheloanareasfollows:
theloanwillbeforgivenifMrFowlerremainsemployedbytheCompanyforatleast3
yearsfromthedateofcommencementofemployment;
50%oftheloanwillbewaivedifMrFowlerterminateshisemploymentwithin23years;
and
0%oftheloanwillbewaivedifMrFowlerterminateshisemploymentwithin2years.
TheCompanywillmeetanyFBTobligationsarisingfromthistransaction.
This loan has been assessed as prepaid employee benefits in accordance with AASB 119
EmployeeBenefits.TheamortisationofthebalancehasbeenrecognisedintheStatementof
comprehensiveincomeinthelineitemsalariesandemployeebenefitsexpenses.
16
31DECEMBER2009
ACN120394194
7) GOODWILL
Openingbalance
Additions(note16)
Impairment
Closingbalance
Consolidated
At
31Dec2009
$
10,372,263
48,976
10,421,239
Consolidated
At
30Jun2009
$
6,330,233
4,492,030
(450,000)
10,372,263
Consolidated
At
31Dec2008
$
6,330,233
2,516,110
8,846,343
a) DescriptionoftheGroupsgoodwill
After initial recognition, goodwill acquired in a business combination is measured at cost less any
accumulatedimpairmentlosses.Goodwillisnotamortisedbutissubjecttoimpairmenttestingon
anannualbasisorwheneverthereisanindicationofimpairment.
8) INTANGIBLEASSETS
Consolidated
Consolidated
Consolidated
Openingbalance
Additions
AmortisationExpense
Closingbalance
At
31Dec2009
$
At
30Jun2009
$
At
31Dec2008
$
136,620
(53,460)
136,620

(35,640)
136,620
(17,820)
83,160
100,980
118,800
a) DescriptionoftheGroupsotherintangibleassets
Otherintangiblesrepresentthevalueofleasedpremisesacquiredupontheacquisitionofthelegal
practiceofPeterMarkson19September2007andiscarriedatcostlessaccumulatedamortisation.
Thisintangibleassethasbeenassessedashavingafinitelifeandisamortisedusingthestraightline
method over the remaining term of the lease. The amortisation has been recognised in the
statementofcomprehensiveincomeinthelineitemdepreciationandamortisationexpenses.
17
31DECEMBER2009
ACN120394194
9) INTERESTBEARINGLOANSANDBORROWINGS
CURRENT
Bankoverdraft
Obligationsunderfinanceleasesandhirepurchasecontracts
Insurancepremiumfunding(unsecured)
Bankloan(secured)
NONCURRENT
Obligationsunderfinanceleasesandhirepurchasecontracts
Loanrelatedparty(unsecured)
Bankloan(secured)
10) OTHERNONCURRENTLIABILITIES
CURRENT
Deferredconsiderationpayable(1)
Leaseincentiveobligation(2)
NONCURRENT
Deferredconsiderationpayable(1)
Leaseincentiveobligation(2)
(1)
(2)
Consolidated
At
31Dec2009
$
Consolidated
At
30Jun2009
$
71,458
174,845
82,865
1,000,000
1,329,168
134,819
72,734
313,777
723,000
1,244,330
358,443

850,000
1,208,443
63,555
550
1,000,000
1,064,105
Consolidated
At
31Dec2009
$
Consolidated
At
30Jun2009
$
344,322
82,489
426,811
200,000
200,000

168,852
168,852
85,837
292,585
378,422
DeferredconsiderationpayableontheacquisitionofTheArgylePartnershipLawyersand
mdalawyers(refernote16)
Operating lease incentives are recognised as a liability when received and subsequently
reducedbyallocatingleasepaymentsbetweenrentalexpenseandreductionoftheliability
toensurerentalexpenseisrecognisedonastraightlinebasisovertheleaseterm.
18
31DECEMBER2009
ACN120394194
11) ISSUEDCAPITAL
a) Ordinaryshares
Consolidated
Consolidated
Consolidated
Consolidated
31Dec2009
30Jun2009
31Dec2009
30Jun2009
Shares
Shares
$
$
Fullypaidshares
69,014,511
69,014,511
30,488,281
30,489,975
Partlypaidshares(1)
371,667
331,667
24,540
14,838
(1)
Forfeitedsharesheldintrust
26,667

69,412,845
69,346,178
30,512,821
30,504,813
(1)
DeferredEmployeeSharePlanInformationrelatingtotheemployeeshareplan,including
detailsofsharesissuedundertheschemeissetoutinnote17.
b) Movementsinordinarysharecapital
Consolidated
Shares
$
Openingbalanceasat1July2008
63,538,320
29,729,975
Issueofsharesat14centspershareon4November2008
tothevendorsofTheArgylePartnershipLawyers
4,142,857
580,000
IssueofsharesundertheDeferredEmployeeSharePlan
(refernote17)
Balanceasat31December2008
398,334
68,079,511
7,518
30,317,493
Consolidated
Openingbalanceasat1July2009
Costsassociatedwithissuingshares
IssueofsharesundertheDeferredEmployeeSharePlan
(refernote17)
Balanceasat31December2009
Shares
69,346,178
30,504,813
66,667
69,412,845
9,702
30,512,821
(1,694)
19
31DECEMBER2009
ACN120394194
12) RESERVES
Netgains/(losses)onavailableforsalefinancialassets
Generalreserve(1)
(1)
Consolidated
At
31Dec2009
$
(1,271)
727,113
725,842
Consolidated
At
30Jun2009
$
(1,373)
(1,373)
Duetoaccumulatedlossesincurredpriortothelistingofthecompanyon17August2007,
theDirectorsresolvedtoisolateprofitsderivedfromtradingactivitiessincelistingthrough
theestablishmentofaGeneralReserve.
During the period, $727,113, representing trading profits to 30 June 2009 less dividends
paid,wastransferredtotheGeneralReservefromAccumulatedLosses.
AccumulatedlossesincurredpriortolistingoftheCompanyandcommencementoftrading
activitiesarosefromthefollowingtransactions:
(a) impairment losses incurred on shares issued to vendors of Talbot Olivier

Business Assets, Brett Davies Lawyers Business Assets and Law Central Co Pty
Ltdshareholderson29August2006;and
(b) Sharebasedpaymentsexpensesforsharesissuedatadeemedvalueof50cents
persharetodirectorsandsupporterson29August2006and28February2007.
13) CONTINGENTLIABILITIESANDCONTINGENTASSETS
Therearenocontingentliabilitiesorassetsasat31December2009.
14) SUBSEQUENTEVENTS
Other than the declaration of an interim dividend, as discussed in note 15, there were no events
occurringsubsequenttobalancedatethathavehad,orwillhave,asignificanteffectontheGroup.
20
31DECEMBER2009
ACN120394194
15) INTERIMDIVIDENDDETAILS[tobeconfirmed]
Amountpershare
0.25cents
Amountfranked
Fullyfrankedata30%taxrate
Recorddatetodetermineentitlementstothedividend
10March2010
Datetheinterimdividendispayable
9April2010
DividendReinvestmentPlan
The Company operates a dividend reinvestment plan (DRP) which offers eligible shareholders the
opportunitytoreinvestallorpartoftheirdividendsinadditionalsharesintheGroup.TheShares
areissuedata5%discounttotheweightedaveragemarketpriceofsharessoldontheASXduringa
period of 10 trading days (rounded to the nearest half cent), with the period commencing on the
secondtradingdayafterthedividendrecorddate.
ThelastdateforreceiptofanelectionnoticeforparticipationintheDRPwithrespecttotheabove
interimdividendis24March2010.
16) BUSINESSCOMBINATIONS
AcquisitionofArgyleLawyers
On4November2008,IntegratedLegalHoldingsLimited,throughitswhollyownedsubsidiary,Argyle
LawyersPtyLtd,acquiredthelegalpracticeofTheArgylePartnership.Thetransactionwaseffective
from1November2008.
Sincetheendofthepreviousfinancialyear,thefinancialperformanceoftheacquiredbusinesshas
exceededexpectationsandtheamountpayableasdeferredconsiderationinrelationtothebusiness
combinationhasincreasedby$48,976.Thischangeinestimatehasincreasedthetotalacquisition
cost,resultinginacorrespondingincreaseingoodwill(refernote7).
Forfulldetailsofthebusinesscombinationaffected,pleaserefertotheannualreportfortheyear
ended30June2009.
17) SHAREBASEDPAYMENTS
Recognisedsharebasedpaymentexpenses
Theexpenserecognisedforemployeeservicesreceivedduringtheyearisshowninthetablebelow:
Consolidated
Consolidated
31Dec2009
31Dec2008
$
$
Expensearisingfromequitysettledsharebasedtransactions
9,702
7,518
21
31DECEMBER2009
ACN120394194
Typesofsharebasedpaymentplans
Taxexemptemployeeshareplan(TEESP)
AllemployeesareeligibletoparticipateintheTEESPiftheymeetthefollowingcriteria:
i.
TheyareapermanentfulltimeorpermanentparttimeemployeeoftheGroup;
ii.
Theyhavemettheprobationperiodunderthetermsoftheiremploymentcontract;
iii.
Theyareatleast18yearsofage;and
iv.
TheyareanAustralianresidentfortaxpurposes.
EmployeeswhoparticipateintheTEESPcannominatetocontributeupto$1,000perannumfrom
their pretax wages or salary by way of an effective salary sacrifice towards acquiring fully paid
ordinarysharesintheCompany.
InaccordancewiththerulesoftheTEESP,sharesacquiredundertheplanmustnotbewithdrawnor
otherwise dealt with, commencing from the date the employee acquires a beneficial interest in
thosesharesuntiltheearliestofthedatethat:
i.
Isthreeyearsaftertheacquisitiondate;or
ii.
TheemployeeceasestobeanemployeeoftheGroup.
The rules of the TEESP do not contain any provisions that could result in an employee forfeiting
ownershipofsharesundertheplan.
Deferredemployeeshareplan(DESP)
Shares are granted to key employees and directors of the Group. The DESP is designed to align
participantsinterestswiththoseofshareholdersbyincreasingthevalueoftheCompanysshares.
EmployeesareeligibletoparticipateintheDESPiftheymeetthefollowingcriteria:
i.
TheyareapermanentfulltimeorpermanentparttimeemployeeoftheGroup;
ii.
Theyhavemettheprobationperiodunderthetermsoftheiremploymentcontract;
iii.
Theyareatleast18yearsofage;and
iv.
TheyareanAustralianresidentfortaxpurposes.
UndertheDESP,senioremployeesareinvitedtoreceivefullypaidordinarysharesintheCompany
subject to the achievement of a number of key performance indicators such as contribution to
earningspersharefortheGroup.
SharesmayeitherbeacquiredonmarketbytheGrouporissuedbytheParent.Duringthehalfyear
ended31December2009,noshares(30June2009:398,334shares)wereissuedbytheParentwith
thecostbeingexpensedoveravestingperiodofthreeyears.Thefairvalueofthesharesissetat
themarketpriceofthesharesonthedateofgrant.Theimpactontheprofitandlossforthehalf
yearended31December2009is$9,702(31December2008:$7,518).
22
31DECEMBER2009
ACN120394194
Whenaparticipantceasesemploymentpriortothevestingoftheirshares,thesharesareforfeited
in full unless otherwise determined by the Board. In the event of a change of control, the
performance period end date will be brought forward to the date of the change of control and
awardswillvestsubjecttoperformanceoverthisshortenedperiod.
Therearenocashsettlementalternatives.
SummaryofsharesgrantedunderTEESPandDESParrangements
NosharesweregrantedundertheTEESPduringthehalfyearended31December2009.
The following table illustrates the number of and movements in shares granted during the period
undertheDESP:
Consolidated
Consolidated
31Dec2009
30Jun2009
No.
No.
Openingbalanceat1July2009
398,334
Grantedduringtheperiod
40,000
398,334
Forfeitedduringtheperiod
(66,667)
Forfeitedsharesheldintrust
26,667
Closingbalanceasat31December2009
398,334
398,334
Weightedaverageremainingvestingperiod
Theweightedaverageremainingvestingperiodasat31December2009forthesharesissuedis1.72
years(30June2009:2.13years).
Weightedaveragefairvalue
Theweightedaveragefairvalueofsharesgrantedduringtheperiodwas14.5cents(30June2009:
15.8cents).
23
31DECEMBER2009
ACN120394194
DirectorsDeclaration
InaccordancewitharesolutionoftheDirectorsofIntegratedLegalHoldingsLimited,Istatethat:
Intheopinionofthedirectors:
a. Thefinancialstatementsandnotestothefinancialstatementsoftheconsolidatedentity
areinaccordancewiththeCorporationsAct2001,including:
i. givingatrueandfairviewoftheconsolidatedentitysfinancialpositionasat31
December2009andtheperformanceforthehalfyearendedonthatdate;
ii. complying with Australian Accounting Standard AASB 134 Interim Financial
ReportingandtheCorporationsRegulations2001;and
b. Therearereasonablegroundstobelievethatthecompanywillbeabletopayitsdebts
asandwhentheybecomedueandpayable.
ThisdeclarationismadeinaccordancewitharesolutionoftheDirectors.
OnbehalfoftheBoard,
GFowler
Director
Perth,25February2010
24
Auditor's 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 2009, 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
25 February 2010
Liability limited by a scheme approved

under Professional Standards Legislation
GHM:NR:ILH:043
To the members of Integrated Legal Holdings Limited
Report on the Half-Year Financial Report

We have reviewed the accompanying half-year financial report of Integrated Legal Holdings Limited, which
comprises the statement of financial position as at 31 December 2009, and the statement of
comprehensive income, statement of changes in equity and statement of cash flows 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), 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
Interim and other Financial Reports 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 2009 and its
performance for the half-year ended on that date; and complying with Accounting Standard AASB 134
Interim Financial Reporting, the Corporations Regulations 2001. As the auditor of Integrated Legal
Holdings Limited and the entities it controlled during the half-year, 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 Directors Report.
Liability limited by a scheme approved

under Professional Standards Legislation
GHM:NR:ILH:042
Conclusion
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe
that the half-year financial report of Integrated Legal Holdings Limited is not in accordance with:
a.
the Corporations Act 2001, including:

i)
giving a true and fair view of the consolidated entitys financial position as at 31 December
2009 and of its performance for the half-year ended on that date; and
ii)
complying with Accounting Standard AASB 134 Interim Financial Reporting and the
Corporations Regulations 2001.
Ernst & Young
G H Meyerowitz
Partner
Perth
25 February 2010
GHM:NR:ILH:042

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INTEGRATEDLEGALHOLDINGSLIMITED

Lawfirmrevenueisgenerallynotrecurringin natureanddemandin certainservices,business

Theaccountingpoliciesusedbythe Groupinreportingsegmentsinternallyarethesame asthose

(a) impairment losses incurred on shares issued to vendors of Talbot Olivier

Auditor's Independence Declaration to the Directors of Integrated Legal

Ernst & Young

Liability limited by a scheme approved

To the members of Integrated Legal Holdings Limited

Report on the Half-Year Financial Report

Directors Responsibility for the Half-Year Financial Report

Liability limited by a scheme approved

the Corporations Act 2001, including:

Ernst & Young

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