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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:  P
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 revenue (interest income)             8,674        9,499

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)      2,323        2,103

1.4  Operating  profit (loss) before
     abnormal items and tax                      2,162        1,721

1.5  Abnormal items before tax
     (detail in item 2.4)                            -        (102)

1.6  Operating profit (loss) before tax
     (items 1.4 + 1.5)                           2,162        1,619

1.7  Less tax                                    (676)        (504)

1.8  Operating profit (loss) after tax
     but before outside equity interests         1,486        1,115

1.9  Less outside equity interests                 (6)          (9)

1.10 Operating profit (loss) after tax
     attributable to members                     1,480        1,106
 
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)                          1,486        1,115

1.15 Operating profit (loss) and
     extraordinary items after tax 
     attributable to outside equity 
     interests (items 1.9 + 1.12)                  (6)          (9)

1.16 Operating profit (loss) and
     extraordinary items after tax 
     attributable to members 
     (items 1.10 + 1.13)                         1,480        1,106

1.17 Retained profits at beginning of
1.18 Changes in accounting policy                    -            -

1.19 Aggregate of amounts transferred
     from reserves                                   -          223

1.20 Total available for appropriation           3,892        3,159

1.21 Dividends provided for or paid              (886)        (747)

1.22 Aggregate of amounts transferred
     to reserves                                  (54)            - 

1.23 Retained profits at end of year             2,952        2,412


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                                    1,493        1,118

1.25 Less (plus) outside equity interests          (6)          (9)

1.26 Operating profit(loss) after tax 
     (before amortisation of goodwill) 
      attributable to members                    1,487        1,109



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                     10       (3)         -           7

2.2 Amortisation of 
    other intangibles             -         -         -           -

2.3 Total amortisation 
    of intangibles               10       (3)         -           7

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)                           716          625
    
3.2  Consolidated operating profit              
     (loss) after tax attributable 
     to members for the 2nd half year              764          481 


CONSOLIDATED BALANCE SHEET
(See note 5)
                                  At end of  As in last    As in last
                                   current     annual     half yearly
                                   period      report      report
                                   AUDM       AUDM       AUDM
      ASSETS                                                 
4.1   Liquid assets                 5,283        7,527        6,442
4.2   Due from other financial
      institutions                  3,472        4,158        3,354
4.3   Trading securities            4,259        5,973        4,195
4.4   Investment and advances       4,695        3,979        4,473
4.5   Net loans and advances      104,063       94,457       99,566
4.6   Customers' liability for
      acceptances                  14,858       15,648       16,565
4.7   Regulatory deposits             616        1,530        1,366
4.10  Premises and equipment        1,424        1,573        1,527

4.11  Total assets                149,007      149,720      148,789

      LIABILITIES
4.12  Due to other financial 
      institutions                  9,001       10,758        8,851
4.13  Deposits and other 
      borrowings                   96,559       94,599       97,269
4.14  Liability for acceptances    14,858       15,648       16,565
4.15  Income tax liability          1,051          914          975
4.16  Creditors and other 
      liabilities                   9,422       14,009        9,552
4.17  Provisions                    1,010          987          923
4.18  Bonds and notes               4,456          666        1,952
4.19  Loan capital                  3,221        3,748        3,468

4.20  Total liabilities           139,578      141,329      139,555

4.21  Net assets                    9,429        8,391        9,234

      EQUITY
4.22  Paid-up capital               5,915        5,226        5,876
4.23  Reserves                        536          697          632
4.24  Retained profits              2,952        2,412        2,702 
4.25  Share capital and 
      reserves attributable to

4.27  Total equity                  9,429        8,391        9,234

4.28  Preference capital and
      related premium included 
      as part of 4.25               1,145          645        1,190


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)                                   N/A          N/A


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)                                   N/A          N/A


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                          8,679        9,403

7.2   Dividends received                           157          169

7.3   Fees and other income received             2,089        1,797

7.4   Interest paid                            (5,039)      (6,238)

7.5   Personnel expenses paid                  (1,840)      (2,001)

7.6   Premises expenses paid                     (282)        (291)

7.7   Other operating expenses paid              (977)      (1,085)

7.8   Income taxes paid                          (535)        (423)

7.9   Net decrease in trading securities         1,442          926

7.10  Net operating cash flows                   3,694        2,257
                                               
CASH FLOWS RELATED TO INVESTING ACTIVITIES
7.11  Net decrease (increase) in
      i   Due from other financial institutions    616        2,299
      ii  Regulatory deposits                      828         (308)
      iii Net loans and advances               (12,936)      (9,680)

7.12  Investment securities            
      i   Purchases                             (5,527)      (5,490)
      ii  Proceeds from sale or maturity         4,670        5,279

7.13  Controlled entities & associates
      i   Purchased (net of cash acquired)          (2)         (8)
      ii  Transferred from controlled entities
          (net of cash)                            (94)            -

7.14  Premises and equipment 
      i   Purchases                               (177)        (143)
      ii  Proceeds from sale                       142           75

7.15  Other                                      (610)        1,483
                                       
7.16  Net investing cash flows                (13,090)       (6,493)  
            
CASH FLOWS RELATED TO FINANCING ACTIVITIES
7.17  Net (decrease) increase in
      i   Due to other financial institutions     (779)      (2,047)
      ii  Deposits and other borrowings          5,202        2,131
      iii Creditors and other liabilities          743        (288) 

7.18  Bonds and notes
      i   Issue proceeds                         4,330          802
      ii  Redemptions                            (479)      (2,174)

7.19  Loan capital          
      i   Issue proceeds                             -          559
      ii  Redemptions                            (256)        (273)

7.20  Decrease in outside equity interests         (1)          (3)

7.21  Dividends paid                             (671)        (491)

7.22  Share capital issues                         591          714

7.23  Net financing cash flows                   8,680       (1,070)

NET INCREASE (DECREASE) IN CASH HELD             (716)      (5,306)

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

7.25  Exchange rate adjustments
      to item 7.23.                            (1,631)        1,831

7.26  Cash at end of period
     (see Reconciliation of cash)                6,634        8,981


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.

 Share capital issues
                                                                    
 i  Dividend reinvestment plan                    176          218
                                                                    
 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          4,243        6,687

8.2  Due from other financial institutions -
     less than 3 months                          2,391        2,294

8.3  Total cash at end of
     period (item 7.26)                          6,634        8,981


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)                                   24.9 %       18.1 %

     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)                       15.7 %       13.3 %


EARNINGS PER SECURITY (EPS)

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

    (a)  Basic EPS 
         - before abnormal items                  90.6        77.2 
         - after abnormal items                   90.6        72.6

    (b)  Diluted EPS       
         - before abnormal items                  90.3        76.9 
         - after abnormal items                   90.3        72.4

    (c)  Weighted average number of
         ordinary shares outstanding
         during the period used in 
         the calculation of the Basic
         EPS                                   1,553.5      1,522.9

NTA BACKING                                   Current     Previous
 (see note 7)                                   period   corresponding
                                                             period
11.1 Net tangible asset backing
     per ordinary security                         521 c        498 c

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