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Chairman's Report
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Review of Operations
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Directors' Report
    Remuneration Report
Auditor's Independence Declaration
Financial Statements
    Income Statements
    Balance Sheets
    Statements of Recognised Income and Expense
    Cash Flow Statements
Notes to the Financial Statements
Directors' Declaration
Independent Auditor's Report
Stock Exchange and Listing Requirements
Shareholder Communications
Group Results - Five Year Summary
Corporate Directory
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Independent auditor’s report
to the members of Wattyl Limited

Report on the financial report
We have audited the accompanying financial report of Wattyl Limited
(the company), which comprises the balance sheet as at 30 June
2008, and the income statement, statement of recognised income
and expense and cash flow statement for the year ended on that
date, a summary of significant accounting policies, other explanatory
notes and the directors’ declaration for both Wattyl Limited and the
Wattyl Limited Group (the consolidated entity). The consolidated
entity comprises the company and the entities it controlled at the
year's end or from time to time during the financial year.
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 controls 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(b), the directors also state, in accordance with Accounting
Standard AASB 101 Presentation of Financial Statements, that
compliance with the Australian equivalents to International Financial
Reporting Standards ensures 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.
Our procedures include reading the other information in the Annual
Report to determine whether it contains any material inconsistencies
with the financial report.
For further explanation of an audit, visit our website
http://www.pwc.com/au/financialstatementaudit.
Our audit did not involve an analysis of the prudence of business
decisions made by directors or management.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinions.
Independence
In conducting our audit, we have complied with the independence
requirements of the Corporations Act 2001.
Auditor’s opinion
In our opinion:
(a) the financial report of Wattyl Limited is in accordance with the
Corporations Act 2001, including:
(i) giving a true and fair view of the company’s and 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; and
(b) the consolidated financial statements and notes comply with
International Financial Reporting Standards as disclosed in
Note 1(b).
Report on the Remuneration Report
We have audited the Remuneration Report included in pages 27 to
36 of 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 Australian Auditing Standards.
Auditor’s opinion
In our opinion, the Remuneration Report of Wattyl Limited for the
year ended 30 June 2008, complies with section 300A of the
Corporations Act 2001.
PricewaterhouseCoopers
Matthew Lunn
Partner
Sydney
20 August 2008
Liability limited by a scheme approved under Professional
Standards Legislation.