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Rates Lifted on Term Deposits/ Loans

Document date:  Fri 05 Nov 1999
Published:  Fri 05 Nov 1999 15:22:39
Document No:  154748
Document part:  A
Market Flag:  N
Classification: 

HOMEX - Melbourne                                                     

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

DETAILS OF SPECIFIC RECEIPTS/OUTLAYS, REVENUES/EXPENSES

                                               Current      Previous
                                                period   corresponding
                                                             period
                                                AUDM          AUDM

12.1 Interest revenue included
     in determining item 1.4                       6.5          6.1
                                               
12.2 Interest revenue included
     in item 12.1 but not yet
     received (if material)                          -            -
                                               
12.3 Interest expense included
     in item 1.4 (include all
     forms of interest, lease
     finance charges, etc.)                       61.1         62.0
                                               
12.4 Interest costs excluded from
     item 12.3 and capitalised in 
12.5 Outlays (except those arising
     from the acquisition of an
     existing business) capitalised 
     in intangibles (if material)                    -            -
                                               
12.6 Depreciation and amortisation (excluding
     amortisation of intangibles)                108.6        110.2


CONTROL GAINED OVER ENTITIES HAVING MATERIAL EFFECT
(See note 8)

13.1 Name of entity (or group of entities)    N/A
    
13.2 Consolidated operating profit (loss) 
     and extraordinary items after tax of 
     the entity (or group of entities) since 
     the date in the current period on which
     control was acquired                                  $      -
                                       
13.3 Date from which such profit has
     been calculated                                     -

13.4 Operating profit (loss) and extraordinary
     items after tax of the entity (or group of 
     entities) for the whole of the previous
     corresponding period                                  $      -

    
LOSS OF CONTROL OF ENTITIES HAVING MATERIAL EFFECT
(See note 8)

14.1 Name of entity (or group of entities)    N/A
   
                                        
14.2 Consolidated operating profit (loss) 
     and extraordinary items after tax of 
     the entity (or group of entities) for
     the current period to the date of loss 
     of control                                            $      -

14.3 Date to which the profit (loss) in
     item 14.2 has been calculated                       -   
   
14.4 Consolidated operating profit (loss) 
     and extraordinary items after tax of 
     the entity (or group of entities) while 
     controlled during the whole of the 
     previous corresponding period                         $      -
   
14.5 Contribution to consolidated    
     operating profit (loss) and 
     extraordinary items from sale of
     interest leading to loss of control                   $      -


REPORTS FOR INDUSTRY AND GEOGRAPHICAL SEGMENTS
Information on the industry and geographical segments of the entity
must be reported for the current period in accordance with AASB 1005:
Financial Reporting by Segments. Because of the different structures
employed by entities, a pro forma is not provided. Segment information
should be completed separately and attached to this statement. 
However, the following is the presentation adopted in the Appendices 
to AASB 1005 and indicates which amounts should agree with items
included elsewhere in this statement.

 Refer attached news release

SEGMENTS
Operating Revenue
Sales to customers outside the economic entity
Inter-segment sales
Unallocated revenue

Total revenue (consolidated total equal to item 1.3)

Segment result (including abnormal items where relevant)
Unallocated expenses

Consolidated operating profit after tax (before
equity accounting) (equal to item 1.8)

Segment assets                    )Comparative data for segment
Unallocated assets                )assets should be as at the end of
Total assets (equal to item 4.16) )the previous corresponding period.


DIVIDENDS (in the case of a trust, distributions)

15.1  Date the dividend (distribution) is payable        15/04/1998
                                        
15.2  Record date to determine entitlements to 
      the dividend (distribution) (ie, on the basis 
      of registrable transfers received up to 5.00pm
      if paper based, or by "End of Day" if a proper
      SCH transfer)                                      26/03/1998
                                        
15.3  If it is a final dividend, has it been declared
      (Preliminary final statement only)                 N/A


AMOUNT PER SECURITY
                               Amount Per Security  Franked Amount Per
                                                   security at 36% tax
(Preliminary final report only)                                  
15.4 Final dividend:   Current year      N/Ac                N/Ac
                                                           
15.5                   Previous year     N/Ac                N/Ac

(Half yearly and preliminary final 
 statements)
15.6 Interim dividend: Current year     18.0c                4.5c

15.7                   Previous year    18.0c               12.6c


TOTAL ANNUAL DIVIDEND (DISTRIBUTION) PER SECURITY
(Preliminary final statement only)
                                               Current       Previous
                                                  year         year

15.8 Ordinary securities                           N/A c        N/A c

15.9 Preference securities                         N/A c        N/A c


TOTAL DIVIDEND (DISTRIBUTION)
                                               Current      Previous
                                                period   corresponding
                                                AUDM      period
                                                             AUDM
                                              
15.10 Ordinary securities                        115.6        114.3

15.11 Preference securities                          -            -

15.12 Total                                      115.6        114.3


The dividend or distribution plans shown below are in operation.

 N/A

The last date(s) for receipt of election notices
for the dividend or distribution plans                   N/A
                          
Any other disclosures in relation to dividends (distributions)

 Nil


EQUITY ACCOUNTED ASSOCIATED ENTITIES AND OTHER MATERIAL INTERESTS
Equity accounting information attributable to the economic entity's 
share of investments in associated entities must be disclosed in a 
separate note. See AASB 1016: Disclosure of Information about 
Investments in Associated Companies.

                                               Current      Previous
Investments in associated entities              period   corresponding
                                                AUDM      period
                                                             AUDM
                                              
16.1  Statutory carrying value of
      investments in associated 
      entities (SCV)                             300.4        348.3
    
16.2  Share of associated entities'
      retained profits and reserves 
      not included in SCV:                           -            -
    
      Retained profits                          (38.1)         52.1
    
      Reserves                                  (71.7)      (119.0)
                                              
16.3  Equity carrying value of

MATERIAL INTERESTS IN ENTITIES WHICH ARE NOT CONTROLLED ENTITIES
The economic entity has an interest (that is material to it) in the 
following entities.

Name of entity    Percentage of ownership    Contribution to operating
                    interest (ordinary           profit (loss) and 
                  securities, units, etc)       extraordinary items
                    held at end of period            after tax

17.1 Equity accounted      Current    Previous   Current    Previous
     associated             period corresponding  period corresponding
     entities                          period     AUDM    period
                                                             AUDM
                                                  Equity accounted
                                               
 Advance Packaging Pty Ltd (i)     -         46          -        0.1

 Amcor Trading (Japan) Ltd        49         49          -          -

 CapVision International          50         50          -          -
 Co Ltd
 
 Kimberly-Clark Australia         50         50        0.2        1.2
 Pty Ltd

 Pinegro Products Pty Ltd         50         50        0.1          -

 Rota Die International           49         49          -        0.1
 Pty Ltd                    

 SG- Sociedade Grafica SA         36         36        0.1        0.1

 Spicers Paper Ltd                42         42     (20.3)      (1.6)

 Zac's Packs Pty LTd (1)           -         46          -          -
                                                    -----------------
                                                     (19.9)     (0.1)

17.2 Other material                             Not equity accounted
     interests                                 (ie part of item 1.14)
 
 Nil                           Nil        Nil        Nil        Nil

                                                                   

                                                                   
 

ISSUED AND QUOTED SECURITIES AT END OF CURRENT PERIOD 
Description includes rate of interest and any redemption or
conversion rights together with prices and dates.

 Category of                  Number       Number Par value  Paid-up
 securities                   issued       quoted  (cents)    value
                                                    AUD      (cents)
 18.1 Preference                                               AUD
      securities
      (description)              N/A          N/A      N/A      N/A


 18.2 Issued during
     current period              Nil          Nil      N/A      N/A


 18.3 Ordinary
                           5,753,000          Nil      100        5


 18.4 Issued during
 18.5 (i)  Convertible debt
           securities
          (description and 
          conversion factor)  

     6.5% undated notes
     redeemable at the 
     company's option after
     31/10/2003 and 
     convertible into 
     ordinary shares of 
     $1.00 each at any
     time between 01/07/95
     and 31/10/2003       14,534,272   14,534,272      935      935


 Category of                  Number       Number Par value  Paid-up
 securities                   issued       quoted  (cents)    value
                                                     USD     (cents) 
 18.5 (ii) Convertible debt                                    USD
          securities
          (description and
          conversion factor)

7.25% undated notes redeemable
at the company's option after
19/11/2006 and convertible into
American Depository Shares,
representing four ordinary
shares of A$1.00 each at any
time between 19/11/1996 and 
19/11/2006 at the rate of
between 1.865 to 2.116 for
each US$50 principal 
amount of notes converted,
depending on the market price
at the date of conversion       4,600,000    4,600,000    5000   5000




 18.6 (i) Issued during
          current period         Nil          Nil      Nil      Nil

 18.6 (ii) Issued during
           current period        Nil          Nil      Nil      Nil

 18.7 Options (description                         Exercise   Expiry
      and conversion factor)                         price     date
                                                    (cents)
      Five year options over                          AUD
      $1.00 ordinary shares
      at a cost of $0.01 per
                              40,000          Nil      868  24/05/2001
                             200,000          Nil      777  28/10/2001
                              25,000          Nil      824  11/02/2002
                              50,000          Nil      636  14/11/2002

 18.8 Issued during
      current period          50,000          Nil           14/11/2002


 18.9 Exercised during
      current period             Nil          Nil      N/A  N/A


 18.10 Expired during
       current period            Nil          Nil      N/A  N/A

 18.11  Cancelled during 
        current period      3,175,000       Nil      987   23/11/2000 
                              100,000       Nil      961   16/01/2001
                              100,000       Nil      832   23/01/2001
 18.12 Debentures  
       (totals only)             Nil          Nil

 18.13 Unsecured notes
       (totals only)             Nil          Nil


COMMENTS BY DIRECTORS
Comments on the following matters are required by ASX or, in relation
to the half yearly statement, by AASB 1029: Half-Year Accounts and
Consolidated Accounts. The comments do not take the place of the
directors' report and statement (as required by the Corporations Law)
and may be incorporated into the directors' report and statement. For
both half yearly and preliminary final reports, if there are no
comments in a section, state NIL. If there is insufficient space to
comment, attach notes to this report.

BASIS OF ACCOUNTS PREPARATION
If this report is a half yearly report, it is a general purpose
financial report prepared in accordance with the listing rules and
AASB 1029: Half-Year Accounts and Consolidated Accounts. It should be
read in conjunction with the last annual report and any announcements
to the market made by the entity during the period. [Delete if
inapplicable.]

Material factors affecting the revenues and expenses of the economic 
entity for the current period

 Refer attached news release

A description of each event since the end of the current period which 
has had a material effect and is not related to matters already 
reported, with financial effect quantified (if possible)

 Refer attached news release

Franking credits available (amount):                       $       

Prospects for paying fully or partly franked dividends for at least
the next year

 The balance of the franking account at at 31/12/1997 is $30.1
 million after taking into account the payment of income tax payable
 at that date, the payment of the dividend provided for at that date
 and any franking credits included therin which may not be
 distributable in the following year.
                                                                   
 There are prospects of being able to partially frank any dividend
 for the next year.

Changes in accounting policies since the last annual report are 
disclosed as follows.

 Nil other than as disclosed in attached news release.


ADDITIONAL DISCLOSURE FOR TRUSTS

19.1 Number of units held by the management 
     company or a related party of it                           N/A
                               
19.2 A statement of the fees and commissions 
     payable to the management company.                         N/A
    
     Identify:
         initial service charges                                N/A
         management fees                                        N/A
         other fees                                                


ANNUAL MEETING  
(Preliminary final statement only)

The annual meeting will be held as follows:

Place                         N/A

Date                          N/A                       

Time                          N/A

Approximate date the  annual
report will be available      N/A


COMPLIANCE STATEMENT

1  This statement has been prepared under accounting policies which
   comply with accounting standards as defined in the Corporations Law
   or other standards acceptable to ASX (see note 13).

   Identify other standards used
   N/A

2  This statement, and the financial statements under the Corporations
   Law (if separate), use the same accounting policies.

3  This statement does give a true and fair view of the 
   matters disclosed (see note 2).

4  This statement is based on financial statements to which one of the
   following applies. (Tick one)

             The financial        x    The financial
             statements have           statements have
             been audited.             been subject to
                                       review.
                                       
             The financial             The financial
             statements are in         statements have not
             the process of            yet been audited or
             being audited or          reviewed.
             subject to review.

5 If the audit report or review by the auditor is not attached, 
  details of any qualifications 
 will follow immediately they are available. 
 (Half yearly report only - the audit report or review by the auditor 
  must be attached to this report if the report is to satisfy the 
  requirements of the Corporations Law.)

6  The entity has a formally constituted audit 
   committee.


B Guy 
(COMPANY SECRETARY)
05/03/1998






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