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Appendix 4B for Half Yearly Report

Document date:  Wed 27 May 1998
Published:  Wed 27 May 1998 00:00:00
Document No:  137683
Document part:  B
Market Flag:  N
Classification: 

HOMEX - Melbourne                                                     

+++++++++++++++++++++++++
(Not Equity Accounted)

CONSOLIDATED PROFIT AND LOSS ACCOUNT
(These figures are NOT equity accounted)
                                                CURRENT     PREVIOUS
                                                PERIOD   CORRESPONDING
                                                             PERIOD
                                                AUDM       AUDM

1.1  Sales (interest income ) revenue            4,741        4,745

1.2  Share of associates net loss attributable
     to members                                    (4)             

1.4  Operating  profit (loss) before
     abnormal items and tax                        927          827

1.5  Abnormal items before tax
     (detail in item 2.4)                            -          (5)

1.6  Operating profit (loss) before tax
     (items 1.4 + 1.5)                             927          822

1.7  Less tax                                      298          269

1.8  Operating profit (loss) after tax
     but before outside equity interests           629          553

1.9  Less outside equity interests                 (4)          (4)

1.10 Operating profit (loss) after tax
     attributable to members                         -            -
 
1.11 Extraordinary items after tax
     (detail in item 2.6)                            -            -

1.12 Less outside equity interests                   -            -

1.13 Extraordinary items after tax
1.14 Total operating profit (loss) and
     extraordinary items after tax 
     (items 1.8 + 1.11)                            629          553

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)                           625          549

1.17 Retained profits (accumulated losses)
     at beginning of financial period            1,830        1,583

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           2,702        2,132

1.21 Dividends provided for or paid              (344)        (317)

1.22 Aggregate of amounts transferred
     to reserves                                     -         (35) 

1.23 Retained profits (accumulated losses)

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                                      631          554

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

1.26 Operating profit(loss) after tax 
     (before amortisation of goodwill) 


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                      2         -         -           2

2.2 Amortisation of 
    other intangibles             -         -         -           -

2.3 Total amortisation 
    of intangibles                2         0         0           2

2.4  Abnormal items               -         -         -           -

2.5  Total abnormal items         -         -         -           -

2.6  Extraordinary items          -         -         -           -

2.7  Total extraordinary

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)                             -            -
    
3.2  Consolidated operating profit              
     (loss) after tax attributable 
     to members for the 2nd half year                -            - 


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                10,530        6,974        8,253
4.2   Due from other financial
      institutions                  5,739       10,912       10,785
4.3   Trading securities            8,021        7,266        7,864
4.4   Investment securities         3,422        3,139        3,119
4.5   Net loans and advances       88,434       83,741       80,598

4.6   Total current assets              -            -            -

      
4.7   Customers liability for
4.9   Shares in associates              4            7            9
4.10  Other assets                 12,630        9,312        7,628
4.11  Premises and equipment        1,595        1,644        1,648
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          -            -            -

      LIABILITIES
4.17  Due to other financial
      institutions                  8,732       10,874       13,727
4.18  Deposits & other Borrowings  95,426       89,152       85,408

4.21  Creditors and other
      liabilities                  13,218        9,807        7,698

      
4.22  Provisions                    1,099        1,218          918
4.23  Bonds and notes               1,339        1,990        2,017
4.24  Loan capital                  3,481        3,389        3,834
4.25  Other                             -            -            -

4.26  Total non-current
      liabilities                       -            -            -

4.27  Total liabilities           140,293      131,248      128,342

4.28  Net assets                    7,388        6,993        6,678

      EQUITY
4.29  Paid up Capital               1,523        1,509        1,496
4.30  Reserves                      3,459        3,604        3,357
4.31  Retained profits
      (accumulated losses)          2,358        1,830        1,780 
4.32  Share capital and reserves
      attributable to members of
      the company                   7,340        6,943        6,633
4.33  Outside equity interests
      in controlled entities           48           50           45

4.34  Total equity                  7,388        6,993        6,678

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
                                                AUDM       AUDM

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

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                                 -            -

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 

CONSOLIDATED STATEMENT OF CASH FLOWS
(See note 6)
                                               Current     Previous
                                                period  corresponding
                                                            period
                                                AUDM       AUDM
CASH FLOWS RELATED TO OPERATING ACTIVITIES
7.2   Dividends received                            71          127

7.3   Fees and other income received             1,010          781

7.4   Interest paid                            (3,123)      (2,851)

7.5   Personnel expenses paid                  (1,002)        (951)

7.6   Premises expenses paid                     (148)        (155)

7.7   Other operating expenses paid              (566)        (400)
      Income taxes paid                          (217)        (228)

      Net increase in trading securities         (706)        (457)

7.8   Net operating cash flows                    (97)          286
                                               
CASH FLOWS RELATED TO INVESTING ACTIVITIES
7.9   Net decrease(increase) in
      i   Due from other financial institution s   608           18
      ii  Regulatory deposits                      (84)          47
      iii Net loans and advances               (5,111)      (5,646)

7.10  Investment securities
      i   Purchases                            (3,266)      (2,062)
      ii  Proceeds from sale on maturity         3,085        1,576

7.11  Controlled entities
      i   Purchased (net of cash acquired)           -           (5)
      ii  Proceeds from sale (net of cash
          disposal)                                  -           24

7.12  Premises and equipment
      i   Purchases                              (119)          (78)
7.14                                                 -            -

7.15  Other (provide details if
      material)                                      -            -
                                               
7.16  Net investing cash flows                 (4,572)      (5,536)

CASH FLOWS RELATED TO FINANCING ACTIVITIES
7.17  Net (decrease) increase in
      i   Due to other financial institutions  (2,861)         824
      ii  Deposits and other borrowings         5,569        5,353
      iii Creditors and other liabilities        1,931        (277)

7.18 Bonds and notes                  
     i   Issue proceeds                           398          538
     ii  Redemptions                           (1,171)        (787)

7.19 Loan capital
     i   Issue proceeds                             -          323
     ii  Redemptions                             (165)         (89)

7.20  Decrease in outside equity interest          (4)          (5)

7.21  Dividends paid                             (253)        (262)
      Share capital issues                          4           32

7.23  Cash at beginning of period
      (see Reconciliation of cash)              12,456       11,246

7.24  Exchange rate adjustments
      to item 7.23.                              1,263          188

7.25  Cash at end of period
     (see Reconciliation of cash)               12,498       11,834


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:
 Dividend reinvestment plan- Half year Mar 1998: 117, Mar 97: 82
 Bonus option plan- Half year Mar 1998: 2, Mar 97: 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           9,325        5,489

8.2  Due from other instit.- less than 3 months  3,173        6,345

8.3  Bank overdraft                                  -            -

8.4  Other (provide details)                         -            -
 
8.4  Total cash at end of
     period (item 7.25)                         12,498       11,834


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)                                   19.6 %       17.4 %

     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)                       17.1 %        16.6 %


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 abnormals              41.3 c       39.1 c
                    - after abnormals             41.1         36.9 


NTA BACKING                                   Current     Previous
 (see note 7)                                   period   corresponding
                                                             period
11.1 Net tangible asset backing
     per ordinary security                         481 c        442 c

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