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Preliminary Final Report & On-Market Buy-Back

Document date:  Wed 03 Nov 1999
Published:  Wed 03 Nov 1999 11:24:15
Document No:  154638
Document part:  O
Market Flag:  Y
Classification: 

HOMEX - Sydney                                                        

+++++++++++++++++++++++++
(Not Equity Accounted)

CONSOLIDATED PROFIT AND LOSS ACCOUNT
(These figures are NOT equity accounted)
                                                CURRENT     PREVIOUS
                                                PERIOD   CORRESPONDING
                                                             PERIOD
                                                AUD000       AUD000

1.1  Sales (or equivalent operating) revenue    59,444       80,155

1.2  Other revenue                               4,996        4,206

1.3  Total revenue                              64,440       84,361

1.4  Operating  profit (loss) before
     abnormal items and tax                     29,225       47,998

1.5  Abnormal i6660tems before tax
     (detail in item 2.4)                        3,944      (1,933)

1.6  Operating profit (loss) before tax
     (items 1.4 + 1.5)                          33,169       46,065

1.7  Less tax                                 (10,002)     (22,018)

1.8  Operating profit (loss) after tax
     but before outside equity interests        23,167       24,047

1.9  Less outside equity interests                                 

1.10 Operating profit (loss) after tax
     attributable to members                    23,167       24,047
 
1.11 Extraordinary items after tax
     (detail in item 2.6)                                          

1.12 Less outside equity interests                                 

1.13 Extraordinary items after tax
     attributable to members                                       

1.14 Total operating profit (loss) and
     extraordinary items after tax 
     (items 1.8 + 1.11)                         23,167       24,047

1.15 Operating profit (loss) and
     extraordinary items after tax 
     attributable to outside equity 
     interests (items 1.9 + 1.12)                                  

1.16 Operating profit (loss) and
     extraordinary items after tax 
     attributable to members 
     (items 1.10 + 1.13)                        23,167       24,047

1.17 Retained profits (accumulated losses)
     at beginning of financial period           71,614       55,292

1.18 If change in accounting policy as set
     out in clause 11 of AASB 1018 Profit
     and Loss Accounts, adjustments as
     required by that clause(include brief
     (description)                                                 

1.19 Aggregate of amounts transferred
     from reserves                                                 

1.20 Total available for appropriation          94,781       79,339

1.21 Dividends provided for or paid            (4,318)      (4,889)

1.22 Aggregate of amounts transferred
     to reserves                                                    

1.23 Retained profits (accumulated losses)

Note:  A$ amounts shown in Consolidated Profit and Loss Statement have
been converted from Papua New Guinea kina into A$ using the average 
exchange rate for the relevant year.  1997 K1 = A$0.9213 (1996 k1 = 
A$0.9578)

PROFIT RESTATED TO EXCLUDE                     Current      Previous
AMORTISATION OF GOODWILL                        Period   Corresponding
                                                             Period
                                                AUD000       AUD000   

1.24 Operating profit(loss) after tax
     before outside equity interests
    (items 1-8) and amortisation of
     goodwill                                   23,167       24,047

1.25 Less (plus) outside equity interests                          

1.26 Operating profit(loss) after tax 
     (before amortisation of goodwill) 
      attributable to members                   23,167       24,047



INTANGIBLE, ABNORMAL AND EXTRAORDINARY ITEMS

                                   Consolidated  -  current period

                             Before   Related   Related     Amount 
                               tax      tax     outside     (after 
                                                 equity       tax)
                                               interests  attributable
                                                           to members

2.1 Amortisation of 
    goodwill                                                       

2.2 Amortisation of 
    other intangibles                                              

2.3 Total amortisation 
    of intangibles                                                 

2.4  Abnormal items           3,944                           3,944
     Foreign Exchange Gains

2.5  Total abnormal items      3944                            3944

2.6  Extraordinary items                                           

2.7  Total extraordinary
     items                                                         


COMPARISON OF HALF YEAR PROFITS                Current     Previous
(Preliminary final statement only)               year         year
<~>        

     (loss) after tax attributable 
     to members reported for the 1st 
     half year (item 1.10 in the
     half yearly report)                        13,041        9,061
    
3.2  Consolidated operating profit              
     (loss) after tax attributable 
     to members for the 2nd half year           10,126       14,986 


CONSOLIDATED BALANCE SHEET
(See note 5)
                                  At end of  As in last    As in last
                                   current     annual     half yearly
                                   period      report      report
4.1   Cash                         13,063        5,919       12,638
4.4   Inventories                   8,671        4,265        3,990
4.5   Other (provide details
      if material)                                                 

4.6   Total current assets         95,337       74,127      110,543

      NON-CURRENT ASSETS
4.7   Receivables                     523       18,730             
4.8   Investments                                                  
4.9   Inventories                                                  
4.10  Exploration and
      evaluation expenditure
      capitalised                 178,292      157,294      177,912
4.11  Development properties
      (mining entities)            89,734       29,897       50,026
4.12  Other property, plant and
      equipment (net)               1,985        1,038        1,224
4.13  Intangibles (net)                                            
4.14  Other (provide details
      if material)                  3,648        2,291        1,867

4.15  Total non-current assets    274,182      209,250      231,029

4.16  Total assets                369,519      283,377      341,572

      CURRENT LIABILITIES
4.17  Accounts payable             17,355        6,492       15,486
4.18  Borrowings                   11,346                          
4.19  Provisions                    9,370        7,115        7,913
4.20  Other (provide details
      if material)                                                 

4.21  Total current liabilities    38,071       13,607       23,399

      NON-CURRENT LIABILITIES
4.22  Accounts payable                               6             
4.23  Borrowings                   65,266                    29,683
      if material)                                                 

4.26  Total non-current
      liabilities                  71,507       11,666       38,533

4.27  Total liabilities           109,578       25,273       61,932

      EQUITY
4.29  Capital                      40,391       43,116       44,448
4.30  Reserves                    134,940      143,367      148,047
4.31  Retained profits
      (accumulated losses)         84,610       71,621       87,145 
4.32  Equity attributable to
      members of the parent
<~>uity interests

      in controlled entities                                       

4.35  Preference capital and
      related premium included 
      as part of 4.32                                              

NOTE: A$ amounts shown in this Balance Sheet have converted from
Papua New Guina Kina into A$ using the exchange rate at balance date
in the relevant year. 1997 K1 = A$0.8617 (1996 K1 = A$0.9214).



EXPLORATION AND EVALUATION EXPENDITURE CAPITALISED
To be completed only by entities with mining interests if amounts are
material. Include all expenditure incurred regardless of whether 
written off directly against profit.
                                               Current     Previous
                                                period  corresponding
                                                             period
                                                AUD000       AUD000

5.1  Opening balance                           147,103      149,027
   
5.2  Expenditure incurred                            
     during current period                      34,371       32,332

5.3  Expenditure amortised
     during current period                     (3,182)      (3,857)

5.3a Expenditure written off
     during the current year                        0       (1,859)

5.4  Acquisitions, disposals, 
     revaluation increments, etc.                                  

5.4a Expenditure transferred to 
     State Nominee                                  0       (18,349)

5.5  Expenditure transferred to
     Development Properties                                        
    
5.6  Closing balance as shown in
     the consolidated balance sheet
     (item 4.10)                               178,292      157,294


DEVELOPMENT PROPERTIES
(To be completed only by entities with mining interests if amounts 
are material)
                                               Current     Previous
                                                period  corresponding
                                                             period
6.1  Opening balance                            27,960       38,494

6.2  Expenditure incurred 
     during current period                      72,635        4,235

6.3  Expenditure transferred from
     exploration and evaluation                                    

6.4  Expenditure written off
     during current period                    (10,861)     (12,832)

6.5  Acquisitions, disposals, 
     revaluation increments, etc.                                  

6.6  Expenditure transferred to
     mine properties                                               
    
6.7  Closing balance as shown in
     the consolidated balance sheet 
     (item 4.11)                                89,734       29,897

NOTE: A$ amounts shown in the Statement of Exploration and
Development Expenditure have been converted from Papua New Guinea
kina into A$ using the exchange rate at balance date in the relevant
year. 1997 K1 = A$0.8617 (1996 K1 = $0.9214). This results in the
closing balances in A$s for 1996 not equating with the opening
balances for 1997.


CONSOLIDATED STATEMENT OF CASH FLOWS
(See note 6)
                                               Current     Previous
                                                period  corresponding
                                                            period
7.2   Payments to suppliers and 
      employees                               (22,316)     (18,373)

7.3   Dividends received                                           

7.4   Interest and other items 
      of similar nature received                 4,544        2,535

7.5   Interest and other costs
      of finance paid                              (2)          (3)

7.6   Income taxes paid                       (14,700)     (17,719)

7.7   Other (provide details if
      material)                                                    

<~>                        

CASH FLOWS RELATED TO INVESTING ACTIVITIES
7.9   Payment for purchases of
      property, plant and equipment            (1,393)        (384)

7.10  Proceeds from sale of
      property, plant and equipment                                

7.11  Payment for purchases of
      equity investments                                   (10,284)

7.12  Proceeds from sale of
      equity investments                             -       10,949

7.13  Loans to other entities                                      

7.14  Loans repaid by other entities                               

7.15  Other Exploration and Development costs
            incurred                         (114,284)     (42,566)
                                               
7.16  Net investing cash flows               (115,677)     (42,285)

CASH FLOWS RELATED TO FINANCING ACTIVITIES
7.17  Proceeds from issues of
      securities (shares,
      options, etc.)                               997       49,095

7.18  Proceeds from borrowings                  66,977           16

7.19  Repayment of borrowings                                      

7.20  Dividends paid                           (4,311)      (4,482)

7.21  Other - Loan repaid by State Nominee      23,512             

7.22  Net financing cash flows                  87,175       44,629

NET INCREASE (DECREASE) IN CASH HELD             3,434       52,704

7.23  Cash at beginning of period
      (see Reconciliation of cash)              61,328       11,287

7.24  Exchange rate adjustments
      to item 7.23.                             11,391      (2,663)

7.25  Cash at end of period
     (see Reconciliation of cash)               76,153       61,328


NOTE: A$ amounts shown in the Cashflow Statement have been converted
from Papua New Guinea Kina into A$ using the average exchange rate
for the relevant year. 1997 K1 = A$0.9213 (1996 K1 = A$0.9578)

NON-CASH FINANCING AND INVESTING ACTIVITIES
Details of financing and investing transactions which have had a 
material effect on consolidated assets and liabilities but did not
involve cash flows are as follows. If an amount is quantified, show
comparative amount.

 There were no material non-cash financing or investing transactions
 during the year. 


RECONCILIATION OF CASH

Reconciliation of cash at the end of           Current     Previous
the period (as shown in the consolidated        period   corresponding
statement of cash flows) to the related                     period
8.1  Cash on hand and at bank                   13,063        5,919

8.2  Deposits at call                           63,090       55,409

8.3  Bank overdraft                                                

8.4  Other (provide details)                                       
 
8.4  Total cash at end of
     period (item 7.25)                         76,153       61,328


RATIOS                                         Current     Previous
                                                period   corresponding
                                                             period
     PROFIT BEFORE ABNORMALS AND TAX/SALES
9.1  Consolidated operating profit (loss) 
     before abnormal items and tax (item 
     1.4) as a percentage of sales revenue 
     (item 1.1)                                  49.16 %      59.88 %

     PROFIT AFTER TAX / EQUITY INTERESTS
9.2  Consolidated operating profit (loss) 
     after tax attributable to members
     (item 1.10) as a percentage of equity
     (similarly attributable) at the end of 
     the period (item 4.31)                       8.34 %        8.96 %


EARNINGS PER SECURITY (EPS)

10.1 Calculation of basic, and fully diluted, 
     EPS in accordance with 
     "AASB 1027: Earnings per Share"

    (a)  Basic EPS                                4.95 c       5.25 c

    (b)  Diluted EPS (if materially                  - c          - c
         different from (a))


NTA BACKING                                   Current     Previous
 (see note 7)                                   period   corresponding
                                                             period
     Not required.
     
11.1 Net tangible asset backing
     per ordinary security                             c            c

     

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