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Independent Auditor’s Report
TO THE MEMBERS OF AMALGAMATED HOLDINGS LIMITED

REPORT ON THE FINANCIAL REPORT
We have audited the accompanying financial report of Amalgamated
Holdings Limited (the Company), which comprises the balance sheets
as at 30 June 2008, and the income statements, statements of
changes in equity and cash flow statements for the year ended on
that date, a summary of significant accounting policies and other
explanatory notes 1 to 40 and the directors’ declaration of the
Consolidated Entity comprising the Company and the entities it
controlled at the year’s end or from time to time during the financial
year (the “Consolidated Entity”).
Directors’ responsibility for the
financial report
The directors of the Company are responsible for the preparation and
fair presentation of the 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 control relevant to the
preparation and fair presentation of the 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. In note 1, the
directors also state, in accordance with Australian Accounting
Standard AASB 101 Presentation of Financial Statements, that the
financial report, comprising the financial statements and notes,
complies with International Financial Reporting Standards.
Auditor’s responsibility
Our responsibility is to express an opinion on the financial report
based on our audit. We conducted our audit in accordance with
Australian Auditing Standards. These Auditing Standards require that
we comply with relevant ethical requirements relating to audit
engagements and plan and perform the audit to obtain reasonable
assurance whether the financial report is free from material
misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial report. The
procedures selected depend on the auditor’s judgement, including
the assessment of the risks of material misstatement of the financial
report, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
entity’s preparation and fair presentation of the financial report in order
to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness
of the entity’s internal control. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness
of accounting estimates made by the directors, as well as evaluating
the overall presentation of the financial report.
We performed the procedures to assess whether in all material
respects the financial report presents fairly, in accordance with the
Corporations Act 2001 and Australian Accounting Standards
(including the Australian Accounting Interpretations), a view which is
consistent with our understanding of the Company’s and the
Consolidated Entity’s financial position and of their performance.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Auditor’s opinion
In our opinion:
(a) the financial report of Amalgamated Holdings Limited is in
accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the Company’s and the
Consolidated Entity’s financial position as at 30 June 2008
and of their performance for the year ended on that date; and
(ii) complying with Australian Accounting Standards (including
the Australian Accounting Interpretations) and the
Corporations Regulations 2001.
(b) the financial report also complies with International Financial
Reporting Standards as disclosed in note 1.
REPORT ON THE REMUNERATION REPORT
We have audited the Remuneration Report included in the directors’
report for the year ended 30 June 2008. The directors of the
Company are responsible for the preparation and presentation of the
remuneration report in accordance with Section 300A of the
Corporations Act 2001. Our responsibility is to express an opinion on
the remuneration report, based on our audit conducted in accordance
with auditing standards.
Auditor’s opinion
In our opinion, the remuneration report of Amalgamated Holdings
Limited for the year ended 30 June 2008 complies with Section 300A
of the Corporations Act 2001.
KPMG
David Rogers
Partner
Sydney