HALF YEAR RESULTS TO 31 DECEMBER 2003

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					CORDUKES LIMITED ANNOUNCEMENT: 24 FEBRUARY 2004


               HALF YEAR RESULTS TO 31 DECEMBER 2003

Asset and Facility Service Group Cordukes Limited today announced an after tax profit of
$722,000 for the six months to 31st December 2003, achieved on a turnover of $78.6M.


As foreshadowed in the company’s announcement of 27th January, 2004, the results were less
than original expectations but represent a small improvement on the prior half and mark the
company’s fourth half of profitable results since it embarked on its three stage recovery
strategy in 2002.


Cordukes’ Chairman, Bob Critchley says “although not meeting our original expectations, the
Board is pleased with two years of consistent profitability and satisfied the company has
developed a sound foundation and is implementing its recovery strategy.” “Were it not for
the closing of our largest maintenance customer, Port Kembla Copper, in July 2003 and the
need to restructure one of our branches, we would be well ahead of prior results”.


The company had flagged that five of its nine operating units were performing in line with
forecasts, three were improving but not at acceptable levels and one branch had
underperformed.

Chief Executive Martin Whittaker said, “we have a clear strategy and are implementing it.
“Our focus in the next 6 months is to get solid operational performance in every branch”.

Cordukes’ objective is to provide value to its customers by providing a range of asset and
facility services with a focus on selected industries.

As Martin Whittaker says “in the last six months we have brought in house, competencies in
engineering expertise and design knowledge; enhanced the range of our asset expertise; and
expanded the depth of our facility expertise.”           “Through these competencies, through
operational excellence and by focussing on understanding our customer and their industries
needs, we aim to earn our customers support.”



                                                                                     Page 1 of 2
The Board is cautiously optimistic that the company will achieve improved profitability and
therefore is pleased to announce that an interim dividend of 0.5 cents per share will be paid on
ordinary shares; fully franked.


For further information call Martin Whittaker on 02 9856 2000.




Cordukes Limited is committed to best-practice corporate governance and maintains a
commitment to continuous disclosure of trading conditions to its shareholders and the
Australian Stock Exchange.


For further information contact Martin Whittaker on (02) 9856 2000 or email
info@cordukes.com.au




                                                                                      Page 2 of 2
                                                                                                         Appendix 4D
                                                                                                     Half year report




                                        Appendix 4D
                 Half year information – for release to the market
Name of entity
Cordukes Limited

ABN or equivalent company                                           Half year ended
reference
      60 000 263 678
                                                                               31 December 2003
Results for announcement to the market
                                                                                                        $A'000

 Revenues from ordinary activities                                  Up/down             48.0%   to       78,688

 Profit (loss) from ordinary activities after tax attributable to
 members                                                            Up/down             12.4%   to         722

 Net profit (loss) for the period attributable to members           Up/down             12.4%   to         722


 Dividends                                                          Amount per security         Franked amount
                                                                                                  per security
 Ordinary shares
 Final dividend - Paid 30/9/03                                                        1.000¢               1.000¢
 Interim dividend – Payable 31/3/04                                                   0.500¢               0.500¢
 Converting Preference shares
 Final dividend - Paid 30/9/03                                                        0.501¢               0.501¢
 Interim dividend - Payable 31/3/04                                                   0.499¢               0.499¢
 Previous corresponding period
 Converting preference shares
 Final dividend - Paid 30/9/02                                                        0.405¢               0.405¢

 Record date for determining entitlements to the
 dividend                                                                        17/3/04

 Brief explanation of any of the figures reported above to enable the figures to be understood.

     Turnover up 48% from $53.1m to $78.5m, principally due to increase in construction revenues from
     $29.6m to $54.9m. Thomas and Coffey’s turnover remained at $23m despite the closure of Port
     Kembla Copper (worth $6.5m annually).
     NPAT of $0.7m is $0.1m down from H1 FY03 however approximates the result for H2 FY03.
     First half result further impacted by redundancies of $0.2m associated with the loss of Port Kembla
     Copper and restructuring which occurred in one of the five Thomas & Coffey branches.
     EPS of 1.9c (1.3c fully diluted)
     Cash inflow form operations of $7.9m.
     $0.5m of new equity from Employee Share Plan participation and the underwriting of final dividend
     for FY03.




31/12/2003                                                                                           Appendix 4D Page 1
                                                                                              Appendix 4D
                                                                                         Half year report


Cordukes Limited
Half-year report – 31 December 2003




             Contents                                                                                   Page

             Directors’ report                                                                                3

             Consolidated statement of financial performance                                                  4

             Consolidated statement of financial position                                                     5

             Consolidated statement of cash flows                                                             6

             Notes to the consolidated financial statements                                                   7

             Directors’ declaration                                                                           9

             Independent review report to the members                                                     10

             Supplementary Appendix 4D information and other relevant
             disclosures                                                                                  12




             This interim financial report does not include all the notes of the type typically included in
             an annual financial report. Accordingly, this report is to be read in conjunction with the
             annual report for the year ended 30 June 2003 and any public announcements made by
             Cordukes Limited during the interim reporting period in accordance with the continuous
             disclosure requirements of the Corporations Act 2001.




31/12/2003                                                                               Appendix 4D Page 2
                                                                                                      Appendix 4D
                                                                                                Half year report

Directors’ Report

Your directors present their report on the consolidated entity consisting of Cordukes Limited and the entities it
controlled at the end of, or during, the half-year ended 31 December 2003.

Directors
The following persons were directors of Cordukes Limited during the whole of the half-year and up to the date of
this report:

RK Critchley – Chairman
MJL Whittaker – Managing Director
JE Cordukes - Non Executive Director
NF Mitchell - Non Executive Director
PA Young - Non Executive Director

Significant Change in the State of Affairs
There have been no significant changes in the state of affairs of the consolidated entity during the period and
since the end of the previous financial year.

Review of Operations
During the half year ended 31 December 2003 Cordukes Limited operated in one geographical segment
(Australia) and in two industry segments (building and construction and engineering services). A summary of
consolidated revenues is set out below:

                                                                        Revenues                 Results
                                                                  2003         2002         2003         2002
                                                                 $000’s       $000’s       $000’s       $000’s
Building and construction                                         54,888       29,645        1,260          499
Workshop, project engineering and personnel services
                                                                   23,748       23,487          872        1,694
Intersegment eliminations                                           (136)         (55)
Other                                                                 188          105      (1,410)      (1,369)
                                                                   78,688       53,182
Operating profit (loss) before income tax                                                       722          824
Income tax attributable to operating profit (loss)                                                -            -
Operating profit (loss) after income tax                                                        722          824

Rounding of amounts to nearest thousand dollars
The company is of a kind referred to in Class Order 98/0100 issued by the Australian Securities & Investments
Commission, relating to the “rounding off” of amounts in the directors’ report and financial report. Amounts in
the directors’ report and financial report have been rounded to the nearest thousand dollars in accordance with
that Class Order.

This report is made in accordance with a resolution of the directors.




MJL Whittaker
Managing Director

Sydney
24 February 2004




31/12/2003                                                                                      Appendix 4D Page 3
                                                                                           Appendix 4D
                                                                                      Half year report


Consolidated statement of financial performance
For the half-year ended 31 December 2003

                                                                             Half-year

                                                                               2003           2002
                                                                              $'000           $'000

Revenue from ordinary activities                                             78,688          53,182

Changes in work in progress                                                   6,812           1,478
Raw materials and consumables used                                         (61,721)        (33,152)
Employee benefits expense                                                  (19,599)        (16,976)
Depreciation and amortisation expense                                         (732)           (509)
Borrowing costs expense                                                       (136)           (181)
Other expenses from ordinary activities                                     (2,590)         (3,018)

Profit (loss) from ordinary activities before income
tax expense                                                                     722             824

Income tax expense                                                                -               -

Profit (loss) from ordinary activities after income tax
expense and total changes in equity other than those
resulting from transactions with owners as owners                               722             824




        The above consolidated statement of financial performance should be read in conjunction with the
        accompanying notes.




31/12/2003                                                                            Appendix 4D Page 4
                                                                                         Appendix 4D
                                                                                     Half year report


Consolidated statement of financial position
As at 31 December 2003

                                                                     31 December              30 June
                                                                             2003               2003
                                                                            $’000              $’000
Current assets
      Cash                                                                  9,401               3,302
      Receivables                                                          14,963              24,827
      Inventories                                                           6,967               2,383
      Other                                                                   604               1,479
Total current assets                                                       31,935              31,991

Non-current assets
      Property, plant and equipment                                         3,991               4,075
      Intangibles                                                           1,800               1,856
      Deferred tax assets                                                   2,576               2,576
Total non-current assets                                                    8,367               8,507

Total assets                                                               40,302              40,498

Current liabilities
      Accounts payable                                                     24,032              23,927
      Interest bearing liabilities                                            511               1,574
      Provisions                                                            2,638               2,489
Total current liabilities                                                  27,181              27,990

Non-current liabilities
      Interest bearing liabilities                                          5,348               5,339
      Provisions                                                            1,003               1,435
Total non-current liabilities                                               6,351               6,774

Total liabilities                                                          33,532              34,764

Net assets                                                                  6,770               5,734

Equity
Equity attributable to members of Cordukes Limited
      Contributed equity                                                    12,972            12,154
      Reserves                                                                   3                  3
      Accumulated losses                                                   (6,205)            (6,423)

Total equity                                                                6,770               5,734




        The above consolidated statement of financial position should be read in conjunction with the
        accompanying notes.




31/12/2003                                                                           Appendix 4D Page 5
                                                                                              Appendix 4D
                                                                                       Half year report


Consolidated statement of cash flows
For the half-year ended 31 December 2003

                                                                               Half-year
                                                                           2003             2002
                                                                          $000's           $000's

Cash flows from operating activities
Receipts from customers                                                      95,635          62,733
Payments to suppliers and employees                                         (88,035)        (63,454)
                                                                              7,600            (721)
Interest received                                                               121              87
Borrowing costs                                                                (136)           (181)
Net cash inflow/(outflow) from operating                                      7,585            (815)
activities

Cash flows from investing activities
Payments for plant and equipment                                               (227)           (362)
Proceeds from sale of non current assets                                         18              54
Net cash inflow/(outflow) from investing                                       (209)           (308)
activities

Cash flows from financing activities
Proceeds from issue of ord. shares - employee share plans                        144              71
Proceeds from issue of ordinary shares                                           421               -
Less costs of issue                                                             (23)               -
Dividends paid                                                                 (422)           (121)
Repayment of borrowings                                                      (1,397)         (1,300)
Net cash inflow/(outflow) from financing                                     (1,277)         (1,350)
activities

Net increase/(decrease) in cash held                                          6,099          (2,473)
Add: opening cash bough forward                                               3,302           4,628
Closing cash carried forward                                                  9,401           2,155




        The above consolidated statement of cash flows should be read in conjunction with the accompanying
        notes.




31/12/2003                                                                             Appendix 4D Page 6
                                                                                                     Appendix 4D
                                                                                                Half year report


Notes to the consolidated financial statements

Note 1 Basis of preparation of half-year financial report
        This general purpose financial report for the interim half-year reporting period ended 31 December
        2003 has been prepared in accordance with Accounting Standard AASB 1029 Interim Financial
        Reporting, other mandatory professional reporting requirements (Urgent Issues Group Consensus
        Views), other authoritative pronouncements of the Australian Accounting Standards Board and the
        Corporations Act 2001.

        This interim financial report does not include all the notes of the type normally included in an annual
        financial report. Accordingly, this report is to be read in conjunction with the annual report for the year
        ended 30 June 2003 and any public announcements made by Cordukes Limited during the interim
        reporting period in accordance with the continuous disclosure requirements of the Corporations Act
        2001.

        The accounting policies adopted are consistent with those of the previous financial year and
        corresponding interim reporting period.




31/12/2003                                                                                      Appendix 4D Page 7
                                                                                                      Appendix 4D
                                                                                             Half year report


Note 2 – Segment information

                                                                                          Inter-
                                                                                         segment
                                                                                      eliminations/
                                                          Construction    Services     unallocated
Half-year                                                   $’000          $’000          $’000
2003                                                                                               Consolidated
                                                                                                      $’000
Sales to external customers                                     54,888      23,612               -       78,500
Intersegment sales                                                    -        136           (136)             -
Total sales revenue                                             54,888      23,748           (136)       78,500
Other revenue                                                         -           -           188           188
Total segment revenue                                           54,888      23,748             52        78,688

Segment result                                                   1,260         872               -            2,132
Unallocated revenue less unallocated expenses                                                                (1,410)
Profit from ordinary activities before income tax                                                               722
Income tax expense                                                                                                -
Profit (loss) from ordinary activities after income tax                                                         722
expense
Loss from extraordinary item after income tax                                                                    -
Net profit                                                                                                     722


Half-year
2002


Sales to external customers                                     29,645      23,432                -          53,077
Intersegment sales                                                    -         55             (55)               -
Total sales revenue                                             29,645      23,487             (55)          53,077
Other revenue                                                         -           -           105               105
Total segment revenue                                           29,645      23,487              50           53,182

Segment result                                                     499       1,694               -            2,193
Unallocated revenue less unallocated expenses                                                                (1,369)
Profit from ordinary activities before income tax                                                               824
Income tax expense                                                                                                -
Profit (loss) from ordinary activities after income tax                                                         824
expense
Loss from extraordinary item after income tax                                                                    -
Net profit                                                                                                     824




31/12/2003                                                                                    Appendix 4D Page 8
                                                                                                        Appendix 4D
                                                                                                  Half year report


Note 3 – Dividends

                                                                                                Half-year
                                                                                      2003                2002
                                                                                     $A'000              $A'000
        Dividends provided for or paid during the half-year
        Ordinary shares                                                                   443                 -
        Converting preference shares                                                       62               121

        Dividends not recognised at the end of the half-year
        Since the end of the half-year the directors have recommended the
        payment of an interim dividend of 0.499 cents (2003, 0.499 cents)
        per fully paid converting preference share and 0.5 cents (2003, nil)
        per fully paid ordinary share, fully franked based on tax paid at 30%.
        The aggregate amount of the proposed interim dividend expected to
        be paid on 31 March 2004 out of retained profits at the end of the
                                                                                          294               148
        half-year, but not recognised as a liability, is


Note 4 – Equity securities issued

                                                                 Half-year                       Half-year
                                                                 2003        2002                2003      2002
                                                               Shares/     Shares/
                                                               Options    Options
                                                                 000’s      000’s               $’000       $’000

Issues of ordinary shares & options during the half-year
  Ordinary shares - fully paid                                   1,305             -             398         -
  Employee share scheme                                          1,198           1,212           340         276
  Dividend reinvestment plan issues                                260             -              84         -

Issued for no consideration
  Employee share option issues                                   1,175           3,900           376         870




Note 5 - Contingent liabilities

At 31 December 2003 the company had the following contingent liabilities:
                                                                                         31 Dec 03      30 June 03
                                                                                            $000’s          $000’s
             Bank guarantees                                                                 6,131           4,369
             Surety bonds                                                                    1,566           1,104
                                                                                             7,697           5,473


Note 6 – Events occurring after reporting date

        There are no material post balance date events.




31/12/2003                                                                                        Appendix 4D Page 9
                                                                                                Appendix 4D
                                                                                         Half year report


Note 7 - Earnings per share
                                                                                    Half-year
                                                                            2003                 2002
                                                                            Cents                Cents


        Basic earnings per share                                             1.9¢                 3.3¢
        Diluted earnings per share                                           1.3¢                 1.5¢

                                                                          Number                Number

        Weighted average number of ordinary shares used as a
        denominator in calculating basic earnings per share            37,269,719         24,876,940
        Weighted average number of ordinary shares and potential
        ordinary shares used as a denominator in calculating diluted
        earnings per share                                             60,081,533         56,554,227

        Reconciliations of earnings used in calculating earnings            2003                 2002
        per share                                                          $A’000               $A’000

        Basic and Diluted Earnings Per Share
        Net profit                                                           722                   824

        Interest expense associated with dilutive potential ordinary
        shares recognised as an expense in the current reporting
        year                                                                  36                    36

        Earnings used in calculating basic and diluted earnings per
        share                                                                758                   860

        Options granted to employees under the Cordukes Limited
        Employee Share Option Plan are considered to be potential
        ordinary shares and have been included in the determination
        of diluted earnings per share. The options have not been
        included in the determination of basic earnings per share.




31/12/2003                                                                             Appendix 4D Page 10
                                                                                                      Appendix 4D
                                                                                                 Half year report


Declaration


The directors declare that the financial statements and notes set out on pages 4 to 8:

(a)      comply with Accounting Standards, the Corporations Regulations 2001 and other mandatory
         professional reporting requirements; and

(b)      give a true and fair view of the consolidated entity’s financial position as at 31 December 2003 and of
         its performance, as represented by the results of its operations and its cash flows, for the half-year ended
         on that date.

In the directors’ opinion:
(a)       the financial statements and notes are in accordance with the Corporations Act 2001; and
(b)       there are reasonable grounds to believe that Cordukes Limited will be able to pay its debts as and when
          they become due and payable.

This declaration is made in accordance with a resolution of the directors.




MJL Whittaker
Managing Director

Sydney
24 February 2004




31/12/2003                                                                                     Appendix 4D Page 11
                                                                                              PricewaterhouseCoopers
                                                                                              ABN 52 780 433 757

                                                                                              Darling Park Tower 2
                                                                                              201 Sussex Street
                                                                                              GPO BOX 2650
                                                                                              SYDNEY NSW 1171
                                                                                              DX 77 Sydney
                                                                                              Australia
                                                                                              www.pwc.com/au
                                                                                              Telephone +61 2 8266 0000
Independent review report to the members of                                                   Facsimile +61 2 8266 9999
Cordukes Limited



Statement
Based on our review, which is not an audit, we have not become aware of any matter that makes us believe
that the financial report of Cordukes Limited:

•      does not give a true and fair view, as required by the Corporations Act 2001 in Australia, of the
       financial position of the Cordukes Group (defined below) as at 31 December 2003 and of its
       performance for the half-year ended on that date, and
•      is not presented in accordance with the Corporations Act 2001, Accounting Standard AASB 1029:
       Interim Financial Reporting and other mandatory financial reporting requirements in Australia, and
       the Corporations Regulations 2001.

This statement must be read in conjunction with the rest of our review report.

Scope
The financial report and directors’ responsibility
The financial report comprises the statement of financial position, statement of financial performance,
statement of cash flows, accompanying notes to the financial statements, and the directors’ declaration for the
Cordukes Group (the consolidated entity), for the half-year ended 31 December 2003. The consolidated
entity comprises both Cordukes Limited (the company)and the entities it controlled during that half-year.

The directors of the company are responsible for the preparation and true and fair presentation of the
financial report in accordance with the Corporations Act 2001. This includes responsibility for the
maintenance of adequate accounting records and internal controls that are designed to prevent and detect
fraud and error, and for the accounting policies and accounting estimates inherent in the financial report.

Review approach
We conducted an independent review in order for the company to lodge the financial report with the
Australian Securities and Investments Commission. Our review was conducted in accordance with Australian
Auditing Standards applicable to review engagements.

We performed procedures in order to state whether, on the basis of the procedures described, anything has
come to our attention that would indicate that the financial report does not present fairly, in accordance with
the Corporations Act 2001, Accounting Standard AASB 1029: Interim Financial Reporting and other
mandatory financial reporting requirements in Australia, a view which is consistent with our understanding of
the consolidated entity’s financial position, and its performance as represented by the results of its operations
and cash flows.




31/12/2003                                                                                 Appendix 4D Page 12
We formed our statement on the basis of the review procedures performed, which included:

•      inquiries of company personnel/the responsible entity’s personnel and
•      analytical procedures applied to financial data.

When this review report is included in a document containing information in addition to the financial report,
our procedures include reading the other information to determine whether it contains any material
inconsistencies with the financial report.

These procedures do not provide all the evidence that would be required in an audit, thus the level of
assurance provided is less than that given in an audit. We have not performed an audit, and accordingly, we
do not express an audit opinion.

While we considered the effectiveness of management’s internal controls over financial reporting when
determining the nature and extent of our procedures, our review was not designed to provide assurance on
internal controls.

Our review did not involve an analysis of the prudence of business decisions made by directors or
management.

Independence
In conducting our review, we followed applicable independence requirements of Australian professional
ethical pronouncements and the Corporations Act 2001.




PricewaterhouseCoopers




RL Gavin                                                                                          Sydney
Partner                                                                                  24 February 2004




31/12/2003                                                                              Appendix 4D Page 13
                                                                                                  Appendix 4D
                                                                                             Half year report



Supplementary Appendix 4D information and other relevant disclosures


NTA backing
                                                                            Half-year
                                                                2003                         2002
                                                                Cents                        Cents


 Net tangible asset backing per ordinary security                2.7¢                         (8.3) ¢


Dividends
                                                                        31 March 2004
      Date the dividend is payable

      Record date to determine entitlements to the dividend (ie, on
      the basis of proper instruments of transfer received by 5.00 pm   17 March 2004
      if securities are not CHESS approved, or security holding
      balances established by 5.00 pm or such later time permitted
      by SCH Business Rules if securities are CHESS approved)

      If it is a final dividend, has it been declared?

Amount per security
      Ordinary shares                                       Amount per         Franked         Amount per
                                                             security        amount per         security of
                                                                            security at %     foreign source
                                                                                                 dividend

      Final dividend:       Current year

                            Previous year                          1.000¢          1.000¢

      Interim dividend: Current year                               0.500¢          0.500¢

                            Previous year

      Converting preference shares                          Amount per         Franked         Amount per
                                                             security        amount per         security of
                                                                            security at %     foreign source
                                                                                                 dividend

      Final dividend:       Current year

                            Previous year                          0.501¢          0.501¢

      Interim dividend: Current year                               0.499¢          0.499¢

                            Previous year                          0.405¢          0.405¢




31/12/2003                                                                                  Appendix 4D Page 14
                                                                                         Appendix 4D
                                                                                    Half year report



Total dividend per security (interim plus final)

                                                                 Current year    Previous year

       Ordinary securities                                         0.500¢           1.000 ¢
       Converting preference shares                                0.499¢           1.000 ¢

       Note: final dividend not yet determined for
       current year.


Interim dividend on all securities
                                                                     2003            2002
                                                                    $A'000          $A'000

       Ordinary securities                                         0.500¢                -
       Converting preference shares                                0.499¢           0.405¢


The dividend or distribution plans shown below are in operation.

Cordukes dividend reinvestment plan – established September 2002.


The last date(s) for receipt of election notices for the
dividend or distribution plans                                   13 March 2004

Any other disclosures in relation to dividends

                                                           Nil




31/12/2003                                                                         Appendix 4D Page 15
                                                                                                       Appendix 4D
                                                                                                  Half year report


Issued and quoted securities at end of current period

                                                                                              Issue        Amount
 Category of securities                      Total number          Number quoted          price per     paid up per
                                                                                           security        security
                                                                                            (cents)         (cents)

          Preference Securities
          4% Redeemable                        1,800,000             1,800,000                100¢              100¢
          Conv. Preference                    12,447,823            12,447,823                 10¢               10¢

          Ordinary securities                 46,009,803            46,009,803             Various        Fully Pd.


          Changes during current period
          (a) Increases through issues          2,763,228            2,763,228             Various        Fully Pd.
          (b) Increases through
              conversion of preference
              shares                          17,276,177            17,276,177                   10¢            10¢
          Options (description and                                                        Exercise           Expiry
          conversion factor)                                                                 price              date
                                                                                                            (if any)
          Issued during current period
                                                        50,000                50,000         $0.20        09.04.05
                                                       385,000               385,000         $0.28        09.08.06
                                                        50,000                50,000         $0.29        09.06.06
                                                       160,000               160,000        $0.305        09.07.07
                                                        50,000                50,000       $0.3227        09.07.07
                                                       160,000               160,000         $0.33        09.08.08
                                                       160,000               160,000        $0.365        09.08.09
                                                       160,000               160,000         $0.38        09.08.10
          Exercised during current
          period                                                                             -              -

          Expired during current period                  -                                   -              -



Franking Credits
Franking credits available and prospects for paying fully or partly franked dividends for at least the next year.

 Franking credits of $1,848,365 were available at 31 December 2003. The balance of the franking credits is
 based on a tax rate of 30%.


Control gained/lost over entities having material effect
Cordukes Limited neither gained or lost control over any entities during the half year to 31 December 2003.




31/12/2003                                                                                       Appendix 4D Page 16
                                                                                                    Appendix 4D
                                                                                              Half year report


Details of aggregate share of profits (losses) of associates and joint venture
entities
Cordukes Limited does not have an interest in any joint venture entities



Material interests in entities which are not controlled entities
Cordukes Limited does not hold an interest in any entity that does not form part of the consolidated group.



Compliance statement
1       This report has been prepared in accordance with AASB Standards, other AASB authoritative
        pronouncements and Urgent Issues Group Consensus Views or other standards acceptable to ASX.

        Identify other standards used                                          N/A


2       This report, and the accounts upon which the report is based (if separate), use the same accounting
        policies.

3       This report does give a true and fair view of the matters disclosed.


4        This report is based on accounts to which one of the following applies.
             (Tick one)
                          The accounts      have    been               The accounts have been subject
                          audited.                                     to review.

                          The accounts are in the process              The accounts have not yet been
                          of being audited or subject to               audited or reviewed.
                          review.


5       The entity has a formally constituted audit committee.




Sign here:                                                                 Date: 24 February 2004
                  (Company Secretary)


Print name:       MARK PEARSON




31/12/2003                                                                                   Appendix 4D Page 17

				
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