Preliminary Final Report

Document date:  Wed 04 Nov 1998
Published:  Wed 04 Nov 1998 00:00:00
Document No:  142712
Document part:  X
Market Flag:  Y
Classification:  

HOMEX - Melbourne                                                     

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

1.1  Sales revenue (interest income)             9,499        9,455

1.2  Share of associates net (loss)
     profit attributable to members                (4)            2 

1.3  Other Revenue (other operating
     income)                                     2,103        2,108 

1.4  Operating  profit before
     abnormal items and tax                      1,721        1,645

1.5  Abnormal items before tax
     (detail in item 2.4)                        (102)        (182)

1.6  Operating profit before tax
     (items 1.4 + 1.5)                           1,619        1,463

1.7  Less tax                                    (504)        (431)

1.8  Operating profit after tax
     but before outside equity interests         1,115        1,032

1.9  Less outside equity interests                 (9)          (8)

1.10 Operating profit after tax
     attributable to members                     1,106        1,024
 
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 and
     extraordinary items after tax 
     (items 1.8 + 1.11)                          1,115        1,032

1.15 Operating profit and
     extraordinary items after tax 
     attributable to outside equity 
     interests (items 1.9 + 1.12)                  (9)          (8)

1.16 Operating profit and
     extraordinary items after tax 
     attributable to members 
     (items 1.10 + 1.13)                         1,106        1,024

1.17 Retained profits 
     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                                 223            -

1.20 Total available for appropriation           3,159        2,607

1.21 Dividends provided for or paid              (747)        (695)

1.22 Aggregate of amounts transferred
     to reserves                                     -         (82) 

1.23 Retained profits 

PROFIT RESTATED TO EXCLUDE                     Current      Previous
AMORTISATION OF GOODWILL                        Period   Corresponding
                                                             Period
                                                $M       $M   

1.24 Operating profit after tax
     before outside equity interests
    (items 1-8) and amortisation of
     goodwill                                    1,118        1,035

1.25 Less outside equity interests                 (9)          (8)

1.26 Operating profit after tax 
     (before amortisation of goodwill) 
      attributable to members                    1,109        1,027



INTANGIBLE, ABNORMAL AND EXTRAORDINARY ITEMS

                                   Consolidated  -  current period

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

                             $M    $M    $M      $M

2.1 Amortisation of 
    goodwill                      3         -         -           3

2.2 Amortisation of 
    other intangibles             -         -         -           -

2.3 Total amortisation 
    of intangibles                3         -         -           3

2.4  Abnormal items   

     Loss before tax

     Costs of exiting 
     businesses
     Restructuring costs      (32)        11         -        (21)
     Write down of 
     residual emerging
     markets securities
     (previous classified
     as investment)           (70)        22        -         (48)
     
2.5  Total abnormal items     (102)        33         -        (69)

2.6  Extraordinary items          -         -         -           -

2.7  Total extraordinary
     items                        -         -         -           -


COMPARISON OF HALF YEAR PROFITS                Current     Previous
(Preliminary final statement only)               year         year
                                                $M       $M
3.1  Consolidated operating profit             
     after tax attributable 
     to members reported for the 1st 
     half year (item 1.10 in the
     half yearly report)                           625          549
    
3.2  Consolidated operating profit              
     after tax attributable 
     to members for the 2nd half year              481          475 


CONSOLIDATED BALANCE SHEET
(See note 5)
                                  At end of  As in last    As in last
                                   current     annual     half yearly
                                   period      report      report
                                   $M           $M       $M
      ASSETS                                                 

      institutions                 4,158       10,912        5,739
4.3   Trading securities           5,973        7,266        8,021
4.4   Investment securities        3,979        3,139        3,422
4.5   No loans and advances       94,457       83,741       88,434

4.6   Customer liability for
      acceptances                 15,648       14,040       16,022

4.7   Regulatory deposits         1,530         1,286        1,284

4.8   Shares in associates           11             7            4

4.10  Premises and equipment      1,512         1,644        1,595

4.11  Total assets              149,720       138,241      142,681

      

4.7   Receivables                                                  
4.8   Investments                                                  
4.9   Inventories                                                  
4.10  Exploration and
      evaluation expenditure
      capitalised                                                  
4.11  Development properties
      (mining entities)                                            
       
      Liabilities

4.12  Due to other financial
      institutions                 10,758       10,874        8,732
4.13  Deposits and other 
      borrowings                   94,599       89,152       95,426
4.14  Liability for acceptances    15,648       14,040       16,022

4.15  Income tax liability            914          778          976

4.16  Creditors and other
      liabilities                  14,009        9,807       13,218
    
4.17  Provisions                      987        1,218        1,099
4.18  Bonds and notes                 666        1,990        1,339
4.19  Loan capital                  3,748        3,389        3,481
                                                                   

4.20  Total liabilities           141,329      131,248      140,293

4.21  Net assets                    8,391        6,993        7,388

      Equity

4.22  Paid up capital               5,226        4,335        4.455
4.23  Reserves                        697          778          527
4.24  Retained profits              2,412        1,830        2,358
4.25  Share capital and reserves
      attributable to members of
4.26  Outside equity interests         56           50           48

4.27  Total equity                  8,391        6,993        7,388

4.28  Preference capital included
      as part of 4.25                 645            -            -

      EQUITY
4.29  Capital                                                      
4.30  Reserves                                                     
4.31  Retained profits
      (accumulated losses)                                          
4.32  Equity attributable to
      members of the parent
      entity                                                       
4.33  Outside equity interests
      in controlled entities                                       

4.34  Total equity                                                 

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
                                                $M       $M

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
     (item 4.10)                                                   


DEVELOPMENT PROPERTIES
(To be completed only by entities with mining interests if amounts 
are material)
                                               Current     Previous
                                                period  corresponding
                                                             period
                                                $M       $M

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 
     (item 4.11)                                                   


CONSOLIDATED STATEMENT OF CASH FLOWS
(See note 6)
                                               Current     Previous
                                                period  corresponding
                                                            period
                                                $M       $M
CASH FLOWS RELATED TO OPERATING ACTIVITIES
7.1   Interest received                         9,403        9,389

7.2   Dividends received                          169          327

7.3   Fees and other income received            1,797        1,664

7.4   Interest paid                           (6,238)      (5,996)

7.5   Personnel expenses paid                 (2,001)      (2,155)

7.6   Premises expenses paid                    (291)        (315)

7.7   Other (provide details if
      material) operating expenses
      paid                                    (1,085)        (759) 
7.8   Income taxes paid                         (423)        (426)
                                               
CASH FLOWS RELATED TO INVESTING ACTIVITIES
7.9   Net decrease (increase) in trading
      securities                                  926          304

7.10  Net operating cash flows                  2,257        2,033

      Cash flows related to investing
      activities 

7.11  Net decrease (increase) in
      i    Due from other financial
      ii   Regulatory deposits                    (308)         (14)

      iii  Net loan and advances                (9,680)      (8,029)

      

7.12  Investment securities
      i   Purchases                             (5,490)      (3,140)
      ii  Proceeds from sale or maturity         5,279        2,803
         
   
7.13  Controlled entities & associates  

      i   Purchased (net of cash acquired)         (8)         (11)
      ii  Proceeds from sale (net of cash
          disposed)                                 -           41

7.14  Premises and equipment 

      i   Purchases                              (143)        (219)
      ii  Proceeds from sale                       75           47

7.15  Other                                      1,483        1,389
                                               
7.16  Net investing cash flows                 (6,493)      (5,293)

CASH FLOWS RELATED TO FINANCING ACTIVITIES

7.17  Net (decrease) increase in

      i    Due to other financial 
           institutions                        (2,047)      (2,787)
      ii   Deposits and other
           borrowings                           2,131        7,861
      iii  Creditors and other
           liabilities                           (288)         425

7.18  Bonds and notes  

      i    Issue proceeds                          802          973
      ii   Redemptions                          (2,174)      (1,434)

7.19  Loan capital                                                 
 
      i    Issue proceeds                          559          323
      ii   Redemptions                            (273)        (851)  
       
7.20  Decrease in outside equity interests          (3)         (3) 
7.21  Dividends paid                              (491)        (478)

7.22  Share capital issues                          714           39

                                                                    

7.23  Net financing cash flows                  (1,070)        4,068

  Net (decrease)/increase in cash held  
7.24  Cash at beginning of year (pre 
      reconciliations of cash)                   12,456       11,246

7.25  Exchange rate adjustment                    1,831          402

7.26  Cash at end of year (see Reconciliations
      of cash)                                   8,981        12,456




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



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.            $M          $M

8.1  Liquid assets - less than 3 months          6,687        4,533

8.2  Due from other financial institutions
     - less than 3 months                        2,294        7,923 
8.3  Total cash at end of year (item 7.26)       8,981       12,456 
8.4  Other (provide details)                                       
 
8.4  Total cash at end of
     period (item 7.25)                         17,962       24,912


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)                                   18.1 %       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)                       13.3 %        14.7 %


EARNINGS PER SECURITY (EPS)

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

    (a)  Basic EPS  
         - less abnormal items                   77.2 c       78.4 c
         - after abnormal items                  72.6 c       68.6 c

   (b)   Diluted EPS                                  c            c
         - before abnormal items                 76.9 c       78.2 c
         - after abnormal items                  72.4 c       68.4 c

    (c)  Weighted average number of 
         ordinary shares outstanding
         during the year used in the
         calculation of basis EPS.            1,522.9      1,492.9


NTA BACKING                                   Current     Previous
 (see note 7)                                   period   corresponding
                                                             period
11.1 Net tangible asset backing
     per ordinary security                         498 c        459 c

MORE TO FOLLOW


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