Skip to content

AAP`s ann: $300Million Syndicated Debt Facility

Document date:  Tue 09 Nov 1999
Published:  Tue 09 Nov 1999 11:05:41
Document No:  154823
Document part:  A
Market Flag:  Y
Classification: 

HOMEX - Adelaide                                                      

+++++++++++++++++++++++++
BARON PARTNERS MANAGEMENT LIMITED AS MANAGER OF DAIRY VALE INVESTMENT
TRUST ("DVIT")


(Not Equity Accounted)

CONSOLIDATED PROFIT AND LOSS ACCOUNT
(These figures are NOT equity accounted)
                                                CURRENT     PREVIOUS
                                                PERIOD   CORRESPONDING
                                                             PERIOD
1.1  Sales (or equivalent operating) revenue         -            -

1.2  Other revenue                             402,024      681,532

1.3  Total revenue                             402,024      681,532

1.4  Operating  profit (loss) before
     abnormal items and tax                    321,083      619,801

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

1.6  Operating profit (loss) before tax
     (items 1.4 + 1.5)                         321,083      619,801

1.7  Less tax                                        -            -

1.8  Operating profit (loss) after tax
     but before outside equity interests       321,083      619,801

1.9  Less outside equity interests                   -            -

1.10 Operating profit (loss) after tax
     attributable to members                   321,083            -
 
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)                        321,083      619,801

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)                       321,083      619,801

1.17 Retained profits (accumulated losses)
     at beginning of financial period            3,159          525

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         324,242      620,326

1.21 Dividends provided for or paid            320,301      610,033

1.22 Aggregate of amounts transferred
     to reserves                                     -            - 

1.23 Retained profits (accumulated losses)
     at end of financial period                  3,941       10,293


PROFIT RESTATED TO EXCLUDE                     Current      Previous
AMORTISATION OF GOODWILL                        Period   Corresponding
                                                             Period
                                                $A000       $A000   

1.24 Operating profit(loss) after tax
     before outside equity interests
    (items 1-8) and amortisation of
     goodwill                                  321,083      619,801

1.25 Less (plus) outside equity interests            -            -

1.26 Operating profit(loss) after tax 
     (before amortisation of goodwill) 
      attributable to members                  321,083      619,801



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              N/A       N/A       N/A         N/A

2.4  Abnormal items                                                

2.5  Total abnormal items       N/A       N/A       N/A         N/A

2.6  Extraordinary items                                           

2.7  Total extraordinary
     items                      N/A       N/A       N/A         N/A


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
                                   $A000       $A000       $A000
      CURRENT ASSETS                                                 
4.1   Cash                         86,400       66,956       66,469
4.2   Receivables                       -            -            -
4.3   Investments                       -            -            -
4.4   Inventories                       -            -            -
4.5   Other (provide details
      if material)                  3,153        6,214        2,831

4.6   Total current assets         89,553       73,170       69,300

      NON-CURRENT ASSETS
4.7   Receivables                       -            -            -
4.8   Investments              22,486,143   20,953,071   19,549,071
4.9   Inventories                       -            -            -
4.10  Exploration and
      evaluation expenditure
      capitalised                       -            -            -
4.11  Development properties
      (mining entities)                 -            -            -
4.12  Other property, plant and
      equipment (net)                   -            -            -
4.13  Intangibles (net)                 -            -            -
4.14  Other (provide details
      if material)                      -            -            -

4.15  Total non-current assets 22,486,143   20,953,071   19,549,071

4.16  Total assets             22,575,696   21,026,241   19,618,371

      CURRENT LIABILITIES
4.17  Accounts payable             12,910        6,286        2,499
4.20  Other (provide details
      if material)    

      *(Accrued Expenses)          53,202*      44,226*      39,509*

4.21  Total current liabilities    85,613       70,013       59,008

      NON-CURRENT LIABILITIES
4.22  Accounts payable                  -            -            -
4.23  Borrowings                        -            -            -
4.24  Provisions                        -            -            -
4.25  Other (provide details 
      if material)                      -            -            -

4.26  Total non-current
      liabilities                       -            -            -

4.27  Total liabilities            85,613       70,013       59,008

4.28  Net assets               22,490,083   20,956,228   19,559,363

      EQUITY
4.29  Capital                   5,110,487    4,762,061    4,442,971
4.30  Reserves                 17,375,655   16,191,008   15,106,099
4.31  Retained profits
      (accumulated losses)          3,941        3,159       10,293 
4.32  Equity attributable to
      members of the parent
      entity                   22,490,083   20,956,228   19,559,363
4.33  Outside equity interests
      in controlled entities            -            -            -

4.34  Total equity             22,490,083   20,956,228   19,559,363

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
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)                                   N/A          N/A


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)                                   N/A          N/A


CONSOLIDATED STATEMENT OF CASH FLOWS
(See note 6)
                                               Current     Previous
                                                period  corresponding
                                                            period
7.1   Receipts from customers                        -            -

7.2   Payments to suppliers and 
      employees                               (62,279)     (58,052)

7.3   Dividends received                       400,377      677,815

7.4   Interest and other items 
      of similar nature received                 1,647        3,717

7.5   Interest and other costs
      of finance paid                                -            -

7.6   Income taxes paid                              -            -

7.7   Other (provide details if
      material)                                      -            -

7.8   Net operating cash flows                 339,745      623,480
                                               
CASH FLOWS RELATED TO INVESTING ACTIVITIES
7.9   Payment for purchases of
      property, plant and equipment                  -            -

7.10  Proceeds from sale of
      property, plant and equipment                  -            -

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                 -            -

7.15  Other (provide details if
      material)                                      -            -
                                               
7.16  Net investing cash flows                       -            -

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

7.18  Proceeds from borrowings                       -            -

7.19  Repayment of borrowings                        -            -

7.20  Distributions paid                     (320,301)    (610,033)

7.21  Other (provide details if
      material)                                      -            -

7.22  Net financing cash flows               (320,301)    (610,033)

NET INCREASE (DECREASE) IN CASH HELD            19,444       13,447

7.23  Cash at beginning of period
      (see Reconciliation of cash)              66,956       53,022

7.24  Exchange rate adjustments
      to item 7.23.                                  -            -

7.25  Cash at end of period
     (see Reconciliation of cash)               86,400       66,469


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.

 DVIT has an Exchange Right with DVL whereby ordinary shares in DVL
 whereby shares in DVL can be exchanged for an equal number of units
 in DVIT at any time.  Pursuant to this procedure DVIT issued
 1,393,702 units of $0.25 each at a premium of $0.85 to acquire
 1,393,702 ordinary shares in DVL during the period 1 July 1997 to
 31 December 1997


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                        -            -

8.2  Deposits at call                           86,400       66,469

8.3  Bank overdraft                                  -            -

8.4  Other (provide details)                         -            -
 
8.4  Total cash at end of
     period (item 7.25)                         86,400       66,469


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)                                    N/A %        N/A %

     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)                      1.428 %       3,169 %


EARNINGS PER SECURITY (EPS)

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

    (a)  Basic EPS                                1.62 c       3.67 c

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


NTA BACKING                                   Current     Previous
 (see note 7)                                   period   corresponding
                                                             period
11.1 Net tangible asset backing
     per ordinary security                        1.10 c       1.10 c

MORE TO FOLLOW

                                                                                                                                                                                                                                                                                                                                                           1