Half Yearly Report and Accounts

Document date:  Wed 27 May 1998
Published:  Wed 27 May 1998 00:00:00
Document No:  137675
Document part:  K
Market Flag:  Y
Classification:  

HOMEX - Melbourne                                                     

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FOUR YEAR SUMMARY BY HALF-YEAR


       Post Economic                        Pre Economic
    Loss Provisioning(1)                 Loss Provisioning(1)      
  Mar98    Sep 97  Mar 97     Sep 96 Mar 96    Sep 95   Mar 95  Sep 94
    $M       $M      $M        $M      $M        $M       $M      $M
                   Profit and loss
Net interest income  
  1,773    1,719    1,718    1,682    1,645    1,622    1,462    1,407
Other operating income  
  1,128    1,110    1,000      947      892      916      838      874
Operating expenses  
( 1,737)  (1,808)  (1,694)  (1,752)  (1,645)  (1,622)  (1,494) (1,492)
Operating profit before tax, debt
provisions and abnormal items  
  1,164    1,021    1,024      877      892      916      806      789
Provisions for doubtful debts(1)  
   (237)    (203)    (197)     (61)    (114)    (109)    (128)   (159)
Operating profit before abnormal items  
   (298)    (223)    (243)    (216)    (253)    (232)    (210)   (186)
Outside equity interests  
     (4)      (4)      (4)      (4)      (5)      (5)      (5)     (5)

Operating profit after tax
before abnormal items  
    625      591      580      596      520      570      463      439
Net abnormal (loss)profit  
      -     (116)     (31)       -        -       (5)      24       19
Operating profit after income
tax and outside equity interests  
    625      475      549      596      520      565      487      458

Balance Sheet

Assets   
147,681  138,241  135,020  127,604  119,849  112,587  112,871  103,874
Net Assets  
  7,388    6,993    6,678    6,336    6,049    5,747    5,973    5,504


Ratios (after abnormal items)

Return on average shareholders' equity  
  17.1%    13.3%    16.6%    18.6%    18.0%    18.8%    17.0%    17.0%
Return on average assets  
   0.8%     0.7%     0.8%     1.0%     0.9%     1.0%     0.9%     0.9%
Capital adequacy - total  
   9.9%     9.8%    10.4%    10.5%    10.2%    10.9%    11.3%    11.3%


Shareholder value

Total return to shareholders
(share price appreciation plus dividends)  
  -8.2%    42.3%    15.1%    21.1%    11.1%    21.0%    26.6%   -14.7%
Market value of shareholders' equity  
 15,385   17,017   12,084   10,687    8,971    8,199    6,679    5,293
Dividend - declared rate  
  24.0c    26.0c    22.0c    24.0c    18.0c    18.0c    15.0c    14.0c
Franked portion  
    60%     100%     100%     100%      50%      33%       0%       0%
Share price on ordinary shares - high  
 $11.44   $11.58    $8.64    $7.28    $6.90    $5.75    $4.95    $4.95
- low    
  $9.09    $7.56    $7.10    $5.52    $5.41    $4.65    $3.55    $3.75
- closing  
 $10.10   $11.28    $8.08    $7.23    $6.12    $5.67    $4.81    $3.91


Share information (per fully paid share)

Dividend payout ratio (before abnormal items)
Ordinary  
  58.6%    66.3%    56.7%    59.6%    50.8%    49.1%    49.2%    47.4%
Ordinary and preference  
  n/a      n/a      n/a      n/a      n/a      52.6%    53.6%    52.2%
Earnings before abnormal items - basic  
  41.3c    39.4c    39.1c    40.5c    35.8c    37.5c    31.0c    29.9c
Earnings after abnormal items - basic  
  41.3c    31.6c    37.0c    40.5c    35.8c    37.1c    32.7c    31.3c
Net tangible assets  
  $4.81    $4.59    $4.42    $4.24    $4.08    $3.94    $3.83    $3.58


Number of fully paid ordinary shares
on issue (millions)  
1,523.3  1,508.6  1,495.6  1,478.1  1,465.8  1,446.0  1,388.6  1,353.6


Other information

Number of permanent employees (full time equivalents)  
 34,695   35,926   37,807   39,721   39,690   39,240   39,154   39,642
Number of shareholders  
138,056  132,450  134,484  121,847  121,516  114,829  112,696  121,070


(1) All half-years restated for impact of changes in accounting
policies for leases and other expenses (refer page 30) and tax
effecting of general provision for doubtful debts. Half-years Sep 97
and Mar 97 have been restated for impact of measuring the annual debt
provision charge using economic loss provisioning (refer page 41).
Prior half-year data has not been restated for this change in
measurement approach.


more to follow                                                                                                                                                                                                                                                                                                                                                                                                                                                                          1