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Preliminary Final Report & On-Market Buy-Back

Document date:  Wed 03 Nov 1999
Published:  Wed 03 Nov 1999 13:34:35
Document No:  154638
Document part:  J
Market Flag:  Y
Classification: 

HOMEX - Melbourne                                                     

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

1.2  Other revenue                               1,301        1,107

1.3  Total revenue                             193,174      152,157

1.4  Operating  profit (loss) before
     abnormal items and tax                     18,836       17,461

1.5  Abnormal items before tax
     (detail in item 2.4)                            -            -

1.6  Operating profit (loss) before tax
     (items 1.4 + 1.5)                          18,836       17,461

1.7  Less tax                                    6,367        6,329

1.8  Operating profit (loss) after tax
     but before outside equity interests        12,469       11,132

1.9  Less outside equity interests               (386)        (115)

1.10 Operating profit (loss) after tax
     attributable to members                    12,855       11,247
 
1.11 Extraordinary items after tax
     (detail in item 2.6)                            -          455

1.12 Less outside equity interests                   -            -

1.13 Extraordinary items after tax
     attributable to members                         -          455

1.14 Total operating profit (loss) and
     extraordinary items after tax 
     (items 1.8 + 1.11)                         12,469       11,587

1.15 Operating profit (loss) and
     extraordinary items after tax 
     attributable to outside equity 
     interests (items 1.9 + 1.12)                (386)        (115)

1.16 Operating profit (loss) and
     extraordinary items after tax 
     attributable to members 
     (items 1.10 + 1.13)                        12,855       11,702

1.17 Retained profits (accumulated losses)
     at beginning of financial period           48,144       38,353

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          60,999       50,055

1.21 Dividends provided for or paid              6,460        5,788

1.22 Aggregate of amounts transferred
     to reserves                                     -            - 

1.23 Retained profits (accumulated losses)
     at end of financial period                 54,539       44,267


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                                   12,864       11,644

1.25 Less (plus) outside equity interests        (386)        (115)

1.26 Operating profit(loss) after tax 
     (before amortisation of goodwill) 
      attributable to members                   13,250       11,759



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                    395         -         -         395

2.2 Amortisation of 
    other intangibles            44         4         -          40

2.3 Total amortisation 
    of intangibles              439         4         0         435

2.4  Abnormal items               -         -         -           -

2.5  Total abnormal items         -         -         -           -

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)                           N/A          N/A
    
3.2  Consolidated operating profit              
     (loss) after tax attributable 
     to members for the 2nd half year              N/A          N/A 


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                         11,834       14,034       16,764
4.2   Receivables                  66,078       54,858       52,244
4.3   Investments                       -            -            -
4.4   Inventories                 109,210       93,543       84,992
4.5   Other (provide details
      if material)                  2,370        2,225        2,044

4.6   Total current assets        189,492      164,660      156,044

      NON-CURRENT ASSETS
4.7   Receivables                     619          679          732
4.8   Investments                     198          198          198
4.9   Inventories                       -            -            -
4.10  Exploration and
      evaluation expenditure
      capitalised                     N/A          N/A          N/A
4.11  Development properties
      (mining entities)               N/A          N/A          N/A
4.12  Other property, plant and
      equipment (net)              46,214       44,706       42,004
4.13  Intangibles (net)            32,913       32,926       33,429
4.14  Other (provide details
      if material)                  6,412        6,043        5,011

4.15  Total non-current assets     86,356       84,552       81,374

4.16  Total assets                275,848      249,012      237,418

      CURRENT LIABILITIES
4.17  Accounts payable             36,398       32,983       32,118
4.18  Borrowings                    4,889        8,890       10,285
4.19  Provisions                   20,900       20,310       17,049
4.20  Other (provide details
      if material)                      -            -            -

4.21  Total current liabilities    62,187       62,183       59,452

      NON-CURRENT LIABILITIES
4.22  Accounts payable                  -            -            -
4.23  Borrowings                   33,635       16,284       18,588
4.24  Provisions                      983        1,142        1,276
4.25  Other (provide details 
      if material)                      -            -            -

4.26  Total non-current
      liabilities                  34,618       17,426       19,864

4.27  Total liabilities            96,805       79,609       79,316

4.28  Net assets                  179,043      169,403      158,102

      EQUITY
4.31  Retained profits
      (accumulated losses)         54,539       48,144       44,267 
4.32  Equity attributable to
      members of the parent
      entity                      179,037      168,999      157,652
4.33  Outside equity interests
4.34  Total equity                179,043      169,403      158,102

4.35  Preference capital and
      related premium included 
      as part of 4.32                   -            -            -


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                                 -            -
   
5.2  Expenditure incurred                            
     during current period                           -            -

5.3  Expenditure written off
     during current period                           -            -

5.4  Acquisitions, disposals, 
     revaluation increments, etc.                    -            -

5.5  Expenditure transferred to
     Development Properties                          -            -
    
5.6  Closing balance as shown in
     the consolidated balance sheet
     (item 4.10)                                     -            -


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

6.2  Expenditure incurred 
     during current period                           -            -

6.3  Expenditure transferred from
     exploration and evaluation                      -            -

6.4  Expenditure written off
     during current period                           -            -

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)                                     -            -


CONSOLIDATED STATEMENT OF CASH FLOWS
(See note 6)
                                               Current     Previous
                                                period  corresponding
                                                            period
7.1   Receipts from customers                  179,407      145,268

7.2   Payments to suppliers and 
      employees                              (175,642)    (127,651)

7.4   Interest and other items 
      of similar nature received                   185          389

7.5   Interest and other costs
      of finance paid                          (1,301)        (918)

7.6   Income taxes paid                        (6,931)      (6,936)

7.7   Other (provide details if
      material)                                      -            -

7.8   Net operating cash flows                 (4,267)       10,162
                                               
CASH FLOWS RELATED TO INVESTING ACTIVITIES
7.9   Payment for purchases of
      property, plant and equipment            (4,759)      (4,600)

7.10  Proceeds from sale of
7.11  Payment for purchases of
      equity investments                             -            -

7.12  Proceeds from sale of
      equity investments                             -            -

7.13  Loans to other entities                        -            -

7.14  Loans repaid by other entities               124          306

7.15  Other - Acquisition of Business           (8,922)      (6,584)
            - Disposal of Business               2,315            -
                                               
7.16  Net investing cash flows                 (10,802)     (10,578)

CASH FLOWS RELATED TO FINANCING ACTIVITIES
7.17  Proceeds from issues of
      securities (shares,
      options, etc.)                               371            -

7.18  Proceeds from borrowings                  19,000        5,364

7.19  Repayment of borrowings                  (6,026)      (2,648)

7.20  Dividends paid                           (1,713)      (1,941)

7.21  Other (provide details if
      material)                                      -            -

7.22  Net financing cash flows                  11,632          775

NET INCREASE (DECREASE) IN CASH HELD           (3,437)          359

7.23  Cash at beginning of period
      (see Reconciliation of cash)              13,047       15,788

7.24  Exchange rate adjustments
7.25  Cash at end of period
     (see Reconciliation of cash)                9,709       16,277


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.

 During the half year shares were issued to participants in the
 Dividend Reinvestment Plan equivalent to $4,138,199 (1996 $3,264,104)


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
items in the accounts is as follows.            AUD000       AUD000

8.1  Cash on hand and at bank                   11,834       16,764

8.2  Deposits at call                                -            -

8.3  Bank overdraft                            (2,125)        (487)

8.4  Other (provide details)                         -            -
 
8.4  Total cash at end of
     period (item 7.25)                          9,709       16,277


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)                                    9.8 %       11.6 %

     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)                        7.2 %         7.1 %


EARNINGS PER SECURITY (EPS)

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

    (a)  Basic EPS                                24.1 c       21.5 c

    (b)  Diluted EPS (if materially               24.1 c       21.5 c
         different from (a))


NTA BACKING                                   Current     Previous
 (see note 7)                                   period   corresponding
                                                             period
11.1 Net tangible asset backing
     per ordinary security                         271 c        236 c

MORE TO FOLLOW


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