Preliminary Final Report & On-Market Buy-Back

Document date:  Wed 03 Nov 1999
Published:  Wed 03 Nov 1999 00:00:00
Document No:  154638
Document part:  E
Market Flag:  Y
Classification:  

HOMEX - Melbourne                                                     

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FINANCIAL HIGHLIGHTS (continued)

PERFORMANCE MEASUREMENTS

                                                       1999     1998
Profitability ratios
Before abnormal items
 Return on:
  Average ordinary shareholders' equity(1)             17.2%    15.5%
  Average assets                                        1.0%     0.8%
  Average risk weighted assets                          1.2%     1.0%
  Total income                                         12.8%    10.1%

After abnormal items
 Return on:
  Average ordinary shareholders' equity(1)             17.2%    14.6%
  Average assets                                        1.0%     0.7% 
  Average risk weighted assets                          1.2%     1.0%
  Total income                                         12.8%     9.6%

Net interest average margin                            3.05%    2.97%

Efficiency ratios(2)
Operating expenses to net operating income(3)          55.0%    60.9%
Operating expenses to average assets                    2.2%     2.3%

Debt provisioning                                            
Economic loss provisioning ($M)                         510      487
Net specific provisions ($M)                            482      512
                                                             
Earnings per ordinary share (cents)
 Basic
 Before abnormal items                                 90.6     77.2
 After abnormal items                                  90.6     72.6
 Diluted
 Before abnormal items                                 90.3     76.9
 After abnormal items                                  90.3     72.4

Ordinary share dividends
Dividend rate (cents)
 Interim - 75% franked (1998: 60% franked)              26        24
 Final - 80% franked (1998: 60% franked)                30        28
Dividend payout ratio
 Before abnormal items                                62.1%    67.8%
 After abnormal items                                 62.1%    72.1%

Preference share dividend
 Dividend paid ($M)                                     72      n/a


(1) Ordinary shareholders' equity excluding outside equity interests

(2) Before abnormal items

(3) 1999 Operating expenses to net operating income ratio excludes
    the impact of goodwill amortisation of $10 million. Prior year
    amounts of goodwill amortisation were immaterial


MORE TO FOLLOW

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