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Copy of 1999 Annual Results Presentation

Document date:  Wed 03 Nov 1999
Published:  Wed 03 Nov 1999 15:08:57
Document No:  154662
Document part:  A
Market Flag:  N
Classification: 

HOMEX - Adelaide                                                      

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CONSOLIDATED PROFIT AND LOSS ACCOUNT
(Equity Accounted)
                                                CURRENT     PREVIOUS
                                                PERIOD   CORRESPONDING
                                                             PERIOD
                                                AUD000       AUD000

1.1  Sales (or equivalent operating) revenue   213,318      227,188

1.2  Share of associates "net profit(loss)   
     attributable to members" 
     (equal to item 16.7)                        (378)            -

1.3  Other revenue                               3,360       10,173

1.4  Operating  profit (loss) before
     abnormal items and tax                     10,820       12,319

1.5  Abnormal items before tax
     (detail in item 2.4)                      (6,515)            -

1.6  Operating profit (loss) before tax
     (items 1.4 + 1.5)                           4,305       12,319

1.7  Less tax                                      687        1,869

1.8  Operating profit (loss) after tax
1.9  Less outside equity interests                   -            -

1.10 Operating profit (loss) after tax
     attributable to members                     3,618       10,450
 
1.11 Extraordinary items after tax
     (detail in item 2.6)                            -            -

1.12 Less outside equity interests                   -            -

1.13 Extraordinary items after tax
1.14 Total operating profit (loss) and
     extraordinary items after tax 
1.15 Operating profit (loss) and
     extraordinary items after tax 
     attributable to outside equity 
1.16 Operating profit (loss) and
     extraordinary items after tax 
     attributable to members 
1.17 Retained profits (accumulated losses)
     at beginning of financial period            9,758        1,121

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          13,376       11,571

1.21 Dividends provided for or paid              4,540        2,319

1.22 Aggregate of amounts transferred
     to reserves                                     -            - 

1.23 Retained profits (accumulated losses)
     at end of financial period                  8,836        9,252


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
1.25 Less (plus) outside equity interests            -            -

1.26 Operating profit(loss) after tax 
     (before amortisation of goodwill) 


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                    319         -         -         319

2.2 Amortisation of 
    other intangibles             -         -         -           -

2.3 Total amortisation 
    of intangibles              319         0         0         319

2.4  Abnormal items:
     - Write down of bad
       debt                 (2,515)     (905)         -     (1,610)
     - Write down of 
       inventory            (4,000)         -         -     (4,000)

2.5  Total abnormal items   (6,515)     (905)         -     (5,610)

2.6  Extraordinary items          -         -         -           -

2.7  Total extraordinary

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


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                         12,234       14,434       51,373
4.2   Receivables                  35,649       33,433       30,622
4.3   Investments                       -            -            -
4.4   Inventories                  40,562       41,648       32,096
4.5   Other (provide details
      if material)                  2,651          933        1,689

      NON-CURRENT ASSETS
4.7   Receivables                   6,061        7,041        2,106
4.8   Investments in associates       251          745            -
4.9   Other investments            10,822        6,542        1,552
4.10  Inventories                   3,294        6,931        3,134
4.11  Exploration and
      evaluation expenditure
      capitalised                       -            -            -
4.12  Development properties
      (mining entities)                 -            -            -
4.13  Other property, plant and
      equipment (net)             246,818      241,360      228,324
4.14  Intangibles (net)            10,594       10,913       11,232
4.15  Other (provide details
      if material)                  4,688        4,602        5,419

4.16  Total non-current assets    282,528      278,134      251,767

4.17  Total assets                373,624      368,582      367,547

      CURRENT LIABILITIES
4.18  Accounts payable             40,361       49,380       52,656
4.19  Borrowings                   59,387       60,805       49,438
4.20  Provisions                   11,818       11,410       10,199
4.21  Other (provide details
      if material)                      -            -        2,254

4.22  Total current liabilities   111,566      121,595      114,547

      NON-CURRENT LIABILITIES
4.23  Accounts payable                  -            -            -
4.24  Borrowings                  106,663       90,912      100,139
4.25  Provisions                   14,528       11,822        9,637
4.26  Other (provide details 
      if material)                      -            -            -

4.27  Total non-current
      liabilities                 121,191      102,734      109,776

4.28  Total liabilities           232,757      224,329      224,323

4.29  Net assets                  140,867      144,253      143,224

      EQUITY
4.30  Capital                      99,988       99,285       99,286
4.31  Reserves                     32,043       35,210       34,686
4.32  Retained profits
      (accumulated losses)          8,836        9,758        9,252 
4.33  Equity attributable to
      members of the parent
      entity                      140,867      144,253      143,224
4.34  Outside equity interests
      in controlled entities            -            -            -

4.35  Total equity                140,867      144,253      143,224

4.36  Preference capital and
      related premium included 

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
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

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 

CONSOLIDATED STATEMENT OF CASH FLOWS
(See note 6)
                                               Current     Previous
                                                period  corresponding
                                                            period
7.1   Receipts from customers                  213,128      231,533

7.2   Payments to suppliers and 
      employees                              (185,560)    (188,567)

7.3   Dividends received from associates             -            -

7.4   Other dividends received                       2            -

7.5   Interest and other items 
7.6   Interest and other costs
      of finance paid                          (7,038)      (6,930)

7.7   Income taxes paid                              -         (71)

7.8   Other (provide details if
      material)                                      -            -

7.9   Net operating cash flows                  20,807       36,535
                                               
CASH FLOWS RELATED TO INVESTING ACTIVITIES
7.10  Payment for purchases of
      property, plant and equipment            (6,282)     (22,574)

7.11  Proceeds from sale of
      property, plant and equipment              3,129        7,522

7.12  Payment for purchases of
      equity investments                       (4,757)        (281)

7.13  Proceeds from sale of
      equity investments                           642        1,568

7.14  Loans to other entities                     (10)            -

7.15  Loans repaid by other entities               681          245

7.16  Other (provide details if
      material)                                      -        1,277
                                               
7.17  Net investing cash flows                 (6,597)     (12,243)

CASH FLOWS RELATED TO FINANCING ACTIVITIES
7.18  Proceeds from issues of
      securities (shares,
      options, etc.)                               941       43,975

7.19  Proceeds from borrowings                  20,000            -

7.20  Repayment of borrowings                 (32,059)     (34,059)

7.21  Dividends paid                           (5,292)      (2,280)

7.22  Other (provide details if
      material)                                      -            -

7.23  Net financing cash flows                (16,410)        7,636

NET INCREASE (DECREASE) IN CASH HELD           (2,200)       31,928

7.24  Cash at beginning of period
      (see Reconciliation of cash)              14,434       19,445

7.25  Exchange rate adjustments
      to item 7.23.                                  -            -

7.26  Cash at end of period
     (see Reconciliation of cash)               12,234       51,373


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.

 Acquisition of plant & equipment by means of:
 * Finance lease                                26,164       27,653
 * Hire Purchase                                     -       12,723


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                   12,234       14,316

8.2  Deposits at call                                -       37,057

8.3  Bank overdraft                                  -            -

8.4  Other (provide details)                         -            -
 
8.4  Total cash at end of
     period (item 7.25)                         12,234       51,373


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)                                    5.1 %        5.4 %

     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)                        2.6 %        7.3 %


EARNINGS PER SECURITY (EPS)

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

    (a)  Basic EPS                                 0.9 c        6.8 c

    (b)  Diluted EPS (if materially                1.5 c        5.9 c
         different from (a))


NTA BACKING                                   Current     Previous
 (see note 7)                                   period   corresponding
                                                             period
11.1 Net tangible asset backing
     per ordinary security                        69.4 c       70.9 c

MORE TO FOLLOW

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