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Half Yearly Report

Document date:  Wed 05 May 1999
Published:  Wed 05 May 1999 00:00:00
Document No:  148214
Document part:  B
Market Flag:  Y
Classification: 

HOMEX - Melbourne                                                     

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

1.1  Sales (or equivalent operating) revenue     4,383        4,741

1.2  Share of associates "net profit(loss)   
     attributable to members" 
     (equal to item 16.7)                          (2)          (4)

1.3  Other revenue (other operating income)      1,134        1,128

1.4  Operating  profit (loss) before
     abnormal items and tax                      1,044          927

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

1.6  Operating profit (loss) before tax
     (items 1.4 + 1.5)                           1,044          927

1.7  Less tax                                      324          298

1.8  Operating profit (loss) after tax
     but before outside equity interests           720          629

1.9  Less outside equity interests                 (4)          (4)

1.10 Operating profit (loss) after tax
     attributable to members                       716          625

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)                            720          629

1.15 Operating profit (loss) and
     extraordinary items after tax 
     attributable to outside equity 
     interests (items 1.9 + 1.12)                  (4)          (4)

1.16 Operating profit (loss) and
     extraordinary items after tax 
     attributable to members 
     (items 1.10 + 1.13)                           716          625

1.17 Retained profits (accumulated losses)
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                                   -          247

1.20 Total available for appropriation           3,128        2,702

1.21 Dividends provided for or paid              (401)        (344)

1.22 Aggregate of amounts transferred
     to reserves                                  (25)            - 

1.23 Retained profits (accumulated losses)
     at end of financial period                  2,702        2,358


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

1.24 Operating profit(loss) after tax
     before outside equity interests
    (items 1.8) and amortisation of
     goodwill                                      724          631

1.25 Less (plus) outside equity interests          (4)          (4)

1.26 Operating profit(loss) after tax 
     (before amortisation of goodwill) 
      attributable to members                      720          627



INTANGIBLE, ABNORMAL AND EXTRAORDINARY ITEMS

                                   Consolidated  -  current period

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

                              AUDM      AUDM      AUDM        AUDM

2.1 Amortisation of 
    goodwill                      5       (1)         -           4

2.2 Amortisation of 
    other intangibles             -         -         -           -

2.3 Total amortisation 
    of intangibles                5       (1)         0           4

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
                                                AUDM          AUDM
3.1  Consolidated operating profit             
     (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 at         As at
                                   current     Sep-98       Mar-98
                                   period                   
                                   AUDM          AUDM         AUDM
      ASSETS                                                 

      institutions                  3,354        4,158        5,739
4.3   Trading securities            4,195        5,973        8,021
4.4   Investment securities         4,473        3,979        3,422
4.5   Net loans and advances       99,566       94,457       88,434
4.6   Customers' liability for
      acceptances                  16,565       15,648       16,022
4.7   Regulatory deposits           1,366        1,530        1,284
4.8   Shares in associates             30           11            4

4.11  Total assets                148,789      149,720      147,681
                                                                  
                                                              
      LIABILITIES

4.12  Due to other financial
      institutions                  8,851       10,758        8,732
4.13  Deposits and other
      borrowings                   97,269       94,599       95,426
4.14  Liability for acceptances    16,565       15,648       16,022
4.15  Income tax liability            975          914          976
4.16  Creditors and other 
      liabilities                   9,552       14,009       13,218
4.17  Provisions                      923          987        1,099
4.18  Bonds and notes               1,952          666        1,339
4.19  Loan capital                  3,468        3,748        3,481

4.20  Total liabilities           139,555      141,329      140,293

4.21  Net assets                    9,234        8,391        7,388
                                                                  
      EQUITY

4.30  Paid-up capital               5,876        5,226        4,455
4.31  Reserves                        632          697          527
4.32  Retained profits
      (accumulated losses)          2,702        2,412        2,358 
4.33  Share capital and reserves
      attributable to members of 
      in controlled entities           24           56           48

4.35  Total equity                  9,234        8,391        7,388

4.36  Preference capital and
      related premium included 
      as part of 4.32               1,190          645            -


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
                                                  AUDM       AUDM

5.1  Opening balance                               N/A          N/A
   
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
                                                   AUDM       AUDM

6.1  Opening balance                               N/A          N/A

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
                                                AUDM          AUDM
CASH FLOWS RELATED TO OPERATING ACTIVITIES
7.1   Interest received                          4,311        4,584

7.2   Payments to suppliers and 
      employees                                      -            -

7.3   Dividends received                            76           71

7.4   Other dividends received                       -            -

7.6   Interest paid                            (2,607)      (3,123)

7.7   Income taxes paid                          (306)        (217)

7.8   Other:- Personnel expenses paid            (933)      (1,002)
            - Premises expenses paid             (143)        (148)
            - Other operating expenses paid      (544)        (566)
            - Net decrease/(increase) in
              trading securities                1,600         (706)
                                                          

7.9   Net operating cash flows                   2,536         (97)
                                               
CASH FLOWS RELATED TO INVESTING ACTIVITIES
                                                                   
                              

7.11  Net decrease/(increase) in
      i) Due from other financial institutions     677         608
     ii) Regulatory deposits                       124         (84)
    iii) Net loans and advances                 (6,592)     (5,111)

7.12  Investment securities
      i) Purchases                              (4,760)     (3,266)
     ii) Proceeds from sale or maturity          4,264       3,085

7.13  Controlled entities & associates
      i) Purchased (net of cash acquired)            -           -
     ii) Transferred from controlled entities
         (net of cash)                             (94)          -

7.14  Premises and equipment
      i) Purchases                                 (49)       (119)
     ii) Proceeds from sale                          8          26

7.15  Other                                     (1,175)        289

7.16  Net investing cash flows                  (7,597)     (4,572)


CASH FLOWS RELATED TO FINANCING ACTIVITIES
                                                                  
      

7.17  Net (decrease)/increase in:
      i) Due to other financial institutions   (1,221)      (2,861)
     ii) Deposits and other borrowings          4,243        5,569
    iii) Creditors and other liabilities         (313)       1,931

7.18  Bonds and notes
      i) Issue proceeds                         1,652          398
     ii) Redemptions                             (357)      (1,171)

7.19  Loan capital         
      i) Issue proceeds                             -            -
     ii) Redemptions                             (113)        (165)

7.20  Decrease in outside equity interests         (3)          (4)

7.21  Dividends paid                             (336)        (253)

7.22  Share capital issues                        577            4

7.23  Net financing cash flows                  4,129        3,448


NET INCREASE/(DECREASE) IN CASH HELD             (932)      (1,221)

7.24  Cash at beginning of period
      (see Reconciliation of cash)               8,981       12,456

7.25  Exchange rate adjustments
      to item 7.23.                              (742)        1,263

7.26  Cash at end of period
     (see Reconciliation of cash)                7,307       12,498


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.  
                                                Current     Previous
                                                period   corresponding
                                                             period
Share capital issues:                            AUDM          AUDM

i.  Dividend reinvestment plan                     92           117
ii. Bonus option plan                               -             2


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.             AUDM         AUDM
                                                           
8.1  Liquid assets - less than 3 months          5,035        9,325

8.2  Due from other financial institutions -
     less than 3 months                          2,272        3,173 

8.3  Bank overdraft                                  -            -

8.4  Other (provide details)                         -            -
 
8.5  Total cash at end of
     period (item 7.25)                          7,307       12,498


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)                                   23.8 %       19.6 %

     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 4.25)                       15.6 %      17.1 %


EARNINGS PER SECURITY (EPS)

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

    (a)  Basic EPS
         -before abnormal items                   44.7 c       41.3 c
         -after abnormal items                    44.7 c       41.3 c

    (b)  Diluted EPS
         -before abnormal items                   44.6 c       41.1 c
         -after abnormal items                    44.6 c       41.1 c
         
    (c)  Weighted average number of
         ordinary shares outstanding
         during the period used in 
         the calculation of the
         Basic EPS                             1,547.4      1,514.2 



NTA BACKING                                   Current     Previous
 (see note 7)                                   period   corresponding
                                                             period
11.1 Net tangible asset backing
     per ordinary security                         509 c        481 c

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