CPT GLOBAL LIMITED — Interim / Quarterly Report 2003

Mar 5, 2003

CPT GLOBAL LIMITED (ASX: CGO)

COMMENTS ON HALF YEAR RESULTS AND OULOOK

IT technical services company, CPT Global Limited (ASX: CGO) today announced a net profit after tax of \$0.672 million for the six month period ended 31 December 2002. The net profit after tax was 325% greater than the net profit after tax of \$0.158 million recorded in the previous corresponding period.

CPT Global's net profit after tax before amortisation for the six month period ended 31 December 2002 was \$0.905 million. This was an increase of \$0.543 million on the net profit after tax before amortisation of \$0.362 million recorded in the previous corresponding period.

CPT Global's revenues for the six month period ended 31 December 2002 were \$14.98 million. This was 12.4% greater than the revenues of \$13.33 million recorded in the previous corresponding period.

Commenting on the results CPT Global Executive Chairman, Mr Gerry Tuddenham said "This improved performance is evidence that CPT Global's business strategy is working despite the tough market conditions that continue to prevail in the IT service market. Our business model and continued product development initiatives have enabled the company to continue to strengthen its market position."

As at the 31^st December 2002, CPT Global had no interest bearing debt and a cash balance of \$3.923 million. During the six month period ended 31 December 2002, pursuant to its on-market share buyback scheme, CPT Global purchased 473,833 shares at an average price of \$0.498 per share.

CPT Global declared a fully franked interim dividend of \$0.02 per share. The record date for determining entitlements to this dividend is $14^th$ March 2003.

Mr Gerry Tuddenham said "CPT Global, subject to continued economic stability, is confident of continued improved profitability. This position may be further boosted by the risk reward assignments currently being undertaken in UK and Europe. Potential ongoing work with these new clients, many of which have larger IT systems than our current Australian clients, is likely to provide a positive impact on CPT Global's results in the coming financial year."

For further information please contact:

Mr Gerry Tuddenham, Executive Chairman or Mr Peter Corrigan, Managing Director Telephone: +61 3 9690 3911

For company profile and information refer to: www.CPTglobal.com

Rules 4.1, 4.3

Appendix 4B

Half yearly ABN or equivalent company Preliminary reference final $(tick)$ (iick)	period 3 )	Half year/financial year ended ('current
16 083 090 895	31 December 2002
For announcement to the market Extracts from this report for announcement to the market (see note 1).		\$A'000
Revenues from ordinary activities (item 1.1)	12.42% up	14,984 to
Profit (loss) from ordinary activities after tax attributable to members (item 1.22)	up	325% 672. to.
Profit (loss) from extraordinary items after tax attributable to members ( item 2.5(d) )	gain (loss) of	NA. NA
Net profit (loss) for the period attributable to members (item I.11)	up	325% to 672
Dividends (distributions)	Amount per security	Franked amount per security
Final dividend (Preliminary final report only - item 15.4) Interim dividend (Half yearly report only - item 15.6)	$2.0\ell$	2.0 k
Previous corresponding period (Preliminary final report - item $15.5$ ; half yearly report - item $15.7$ )	1.5¢	1.5 k
+ Record date for determining entitlements to the dividend, (in the case of a trust, distribution) (see item $15.2$ )	$14th$ March 2003
Brief explanation of any of the figures reported above (see Note 1) and short details of any bonus or cash issue or other item(s) of importance not previously released to the market:

Half yearly/preliminary final report

If this is a half yearly report it is to be read in conjunction with the most recent annual financial report.

$+$ See chapter 19 for defined terms.

	Condensed consondated statement of Ilnancial performance
		Current period -	Previous corresponding
		\$A'000	period - \$A'000
		14,984	13,328
1.1	Revenues from ordinary activities (see items 1.23
	$-1.25$
		14,074	12,990
1.2	Expenses from ordinary activities (see items 1.26
	& 1.27)
1.3	Borrowing costs		$\mathfrak{D}$
1.4	Share of net profits (losses) of associates and joint	0
	venture entities (see item 16.7)		0
		910	336
1.5	Profit (loss) from ordinary activities before tax
		238	191
1.6	Income tax on ordinary activities (see note $4$ )
			145
1.7	Profit (loss) from ordinary activities after tax	672
			0
1.8	Profit (loss) from extraordinary items after tax	0
	(see item $2.5$ )
		672	145
1.9	Net profit (loss)
			(13)
1.10	Net profit (loss) attributable to outside $+$ equity	0
	interests
1.11	Net profit (loss) for the period attributable to	672	158
	members
	Non-owner transaction changes in equity
1,12	Increase (decrease) in revaluation reserves	NA	NA
1.13	Net exchange differences recognised in equity	(66)	(1)
1.14	Other revenue, expense and initial adjustments	NA.	NA
	recognised directly in equity (attach details)
	Initial adjustments from UIG transitional
1.15	provisions	NA	NA.
1.16	Total transactions and adjustments recognised
	directly in equity (items $1.12$ to $1.15$ )	(66)	(1)
1.17	Total changes in equity not resulting from	606	157
	transactions with owners as owners

Condensed consolidated statement of financial performance

Earnings per security (EPS)	Current period	Previous corresponding Period
Basic EPS 1.18	$1.91$ cents	$0.47$ cents
Diluted EPS 1.19	$1.91$ cents	$0.48$ cents

⁺ See chapter 19 for defined terms.

Notes to the condensed consolidated statement of financial performance

Profit (loss) from ordinary activities attributable to members

		Current	period u.	Previous
		\$A'000		corresponding period -
				SA'000
1.20	Profit (loss) from ordinary activities after tax	672		145
	(item 1.7)
1.21		0		(13)
	Less (plus) outside $+$ equity interests
1.22	Profit (loss) from ordinary activities after	672		158
	tax, attributable to members

Revenue and expenses from ordinary activities (see note $15$ )

		Current	period $\tilde{\phantom{a}}$	Previous
		SA'000		corresponding period - SA'000
1.23	Revenue from sales or services	14,920		13.181
1.24	Interest revenue	63		127
1.25	Other relevant revenue	1		20
1.26	Details of relevant expenses
	Employee benefit expense	1,017		1,334
	Consultant benefits expense	11,368		10,260
	Rentals – operating $\&$ finance	293		235
	Other Operating	1,094		883
1.27	Depreciation and amortisation excluding	302		278
	amortisation of intangibles (see item 2.3)
	Capitalised outlays
1.28	Interest costs capitalised in asset values
1.29	Outlays capitalised in intangibles (unless
	arising from an $^+$ acquisition of a business)

$+$ See chapter 19 for defined terms.

Consolidated retained profits

		Current period -	Previous corresponding
		SA'000	period - \$A'000
1.30.	Retained profits (accumulated losses) at the beginning of the financial period	1.139	799
		672	158
1.31	Net profit (loss) attributable to members (item LII)
		$\theta$	$\theta$
1.32	Net transfers from (to) reserves (details if material)
		$\theta$	$\theta$
1.33	Net effect of changes in accounting policies
		351	510
1.34	Dividends and other equity distributions paid or payable
		1,460	447
1.35	Retained profits (accumulated losses) at end of financial period

Intangible and extraordinary items

		Consolidated - current period
		Before tax \$A'000	Related tax \$A'000	Related outside	Amount (after $\tan$ )
		$\left( a\right)$	(b)	+equity interests \$A'000	attributable to members \$A'000 (d)
		231	$\theta$	(c) $\theta$	231
2.1	Amortisation of goodwill
$2.2\phantom{0}$	Amortisation of other intangibles	$\overline{2}$	$\theta$	$\theta$	$\overline{2}$
		233	0	$\theta$	233
2.3	Total amortisation of intangibles
2.4	Extraordinary items (details)	$\theta$	$\theta$	$\theta$	$\theta$
2.5	Total extraordinary items	$\theta$	0	$\theta$	0

⁺ See chapter 19 for defined terms.

Comparison of half year profits

(Preliminary final report only)

• $3.1$ Consolidated profit (loss) from ordinary activities after tax attributable to members reported for the Ist half year (item 1.22 in the half yearly report)
• $3.2$ Consolidated profit (loss) from ordinary activities after tax attributable to members for the 2nd half year

Current year - \$A'000	Previous year - \$A'000
672	158
NA	690

position	Condensed consolidated statement of financial	σf end At current period \$A'000	As shown in last annual report \$A'000	As in last half yearly report \$A'000
	Current assets
4.1	Cash	3,923	3,782	5,083
4.2	Receivables	3,813	5,546	3,588
4.3	Investments
4.4	Inventories	276	125	3
4.5	Tax assets
4.6	Other (provide details if material)	257	517	77
		8,269	9,970	8,751
4.7	Total current assets
	Non-current assets
4.8	Receivables
4.9	Investments (equity accounted)
4.10	Other investments
4.11	Inventories
4.12	Exploration and evaluation expenditure capitalised (see para .71 of AASB 1022)
4.13	Development properties $($ + mining entities)
4.14	Other property, plant and equipment $(\text{net})$	389.	440	425.
4.15	Intangibles (net)	7,790	8,023	6,473
4.16	Tax assets	10	78
4.17	Other (provide details if material)			10
4.18	Total non-current assets	8,189	8,541	6,908
		16,458	18,511	15,659
4.19	Total assets
	Current liabilities
4.20	Payables	2,740	4,719	2,428
4.21	Interest bearing liabilities
4.22	Tax liabilities	114	176	251
4.23	Provisions exc. tax liabilities	24	10	510
4.24	Other (provide details if material)

• See chapter 19 for defined terms.

		2,878	4,905	3,189
4.25	Total current liabilities
	Non-current liabilities
4.26	Payables
4.27	Interest bearing liabilities
4.28	Tax liabilities	27	68	27
4.29	Provisions exc. tax liabilities
4.30	Other (provide details if material)
		27	68
4.31	Total non-current liabilities

Condensed consolidated statement of financial position continued

		2,905	4,973	3,216
4.32	Total liabilities
4.33	Net assets	13,553	13,538	12,443
	Equity
4.34	Capital/contributed equity	12,150	12,389	11,986
4.35	Reserves	(57)	9	Ħ
4.36	Retained profits (accumulated losses)	1.460	1,137	447
4.37	Equity attributable to members of the	13,553	13,535	12,444
	parent entity
4.38	Outside $\pm$ equity interests in controlled		3	(1)
	entities
		13,553	13,538	12,443
4.39	Total equity
4.40	Preference capital included as part of
	4.37

Notes to the condensed consolidated statement of financial position

Exploration and evaluation expenditure capitalised

(To be completed only by entities with mining interests if amounts are material. Include all expenditure incurred.)

		Current period \$A'000	Previous
			corresponding period -
			\$A'000
5.1	Opening balance	NA	NA
5.2	Expenditure incurred during current period	NA.	NA
5.3	Expenditure written off during current period	NA.	NA
5.4	Acquisitions, disposals, revaluation increments, etc.	NA.	NA
5.5	Expenditure transferred to Development Properties	NA.	NA
5.6	Closing balance as shown in the consolidated balance sheet (item 4.12)	NA	NA

⁺ See chapter 19 for defined terms.

Development properties

(To be completed only by entities with mining interests if amounts are material)

		Current period \$A'000	Previous
			corresponding
			period - \$A'000
6.1	Opening balance	NA	NА
6.2	Expenditure incurred during current period	NA.	NA
6.3	Expenditure transferred from exploration and evaluation	NA.	NA.
6.4	Expenditure written off during current period	NA.	NА
6.5	Acquisitions, disposals, revaluation increments, etc.	NA.	NA.
6.6	Expenditure transferred to mine properties	NA.	NA.
6.7	Closing balance as shown in the	NА	NA.

consolidated balance sheet (item 4.13)

		Current period	Previous
		\$A'000	corresponding period
			$-$ \$A'000
	Cash flows related to operating activities
7.1	Receipts from customers	18,923	16,174
7.2	Payments to suppliers and employees	(17.823)	(14.928)
7.3	Dividends received from associates
7.4	Other dividends received
7.5	Interest and other items of similar nature received	63	127
7.6	Interest and other costs of finance paid
7.7	Income taxes paid	(374)	(670)
7.8	Other (provide details if material)
		789	703
7.9	Net operating cash flows
	Cash flows related to investing activities
7.10	Payment for purchases of property, plant and equipment	(18)	(55)
7.11	Proceeds from sale of property, plant and equipment
7.12	Payment for purchases of equity investments
7.13 7.14	Proceeds from sale of equity investments Loans to other entities.
7.15	Loans repaid by other entities
7.16	Other (provide details if material)	$\overline{2}$	(48)
		(16)	(103)
7.17	Net investing cash flows
	Cash flows related to financing activities

$+$ See chapter 19 for defined terms.

7.18	Proceeds from issues of $\overrightarrow{ }$ securities (shares, options, etc.)		(37)
7.19	Related party borrowings repaid	421
7.20	Repayment of borrowings	(397)
7.21	Dividends paid	(351)	(167)
7.22	Other (On Market Share Buyback)	(239)
		(566)	(204)
7.23	Net financing cash flows
7.24	Net increase (decrease) in cash held	207	396
7.25	Cash at beginning of period	3,782	4,694
	(see Reconciliation of cash)
7.26	Exchange rate adjustments to item 7.25.	(66)	(7)
7.27	Cash at end of period (see Reconciliation of cash)	3,923	5,083

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.)

. እ.፣

Reconciliation of cash

Reconciliation of cash at the end of the period (as shown in the consolidated statement of cash flows) to the related items in the accounts is as follows.		Current period \$A'000	Previous corresponding period - \$A'000
8.1	Cash on hand and at bank	3,923	5,083
8.2	Deposits at call
8.3	Bank overdraft
8.4	Other (provide details)
8.5	Total cash at end of period (item 7.27)	3.923	5,083

Other notes to the condensed financial statements

Ratios		Current period	Previous corresponding period
9.1	Profit before tax / revenue Consolidated profit (loss) from ordinary activities before tax ( item 1.5 ) as a percentage of revenue (item 1.1)	6.07%	2.5%
9.2	Profit after tax $\ell^+$ equity interests Consolidated net profit (loss) from ordinary activities after tax attributable to members $(item 1.11)$ as a percentage of equity (similarly attributable) at the end of the period (item 4.37)	4.96%	$1.2\%$

⁺ See chapter 19 for defined terms.

Earnings per security (EPS)

Details of basic and diluted EPS reported separately in accordance with paragraph 9 and 18 of 10. AASB 1027: Earnings Per Share are as follows.

NTA backing (see note 7)	Current period	Previous corresponding period
11.1 Net tangible asset backing per $+$ ordinary security	16%	18%

Discontinuing Operations

(Entities must report a description of any significant activities or events relating to discontinuing operations in accordance with paragraph 7.5 (g) of AASB 1029: Interim Financial Reporting, or, the details of discontinuing operations they have disclosed in their accounts in accordance with AASB 1042: Discontinuing Operations (see note 17).)

$12.1$ Discontinuing Operations

$NA$

Control gained over entities having material effect

• 13.1 Name of entity (or group of entities)
• 13.2 Consolidated profit (loss) from ordinary activities and extraordinary items after tax of the controlled entity (or group of entities) since the date in the current period on which control was *acquired

NΑ

	NA
	$\mathbf{NA}$
s)	NA

• 13.3 Date from which such profit has been calculated
• 13.4 Profit (loss) from ordinary activities and extraordinary items after tax of the controlled entity (or group of entities for the whole of the previous corresponding period

⁺ See chapter 19 for defined terms.

Loss of control of entities having material effect

14.1 Name of entity (or group of entities)

NA

• 14.2 Consolidated profit (loss) from ordinary activities and extraordinary items after tax of the controlled entity (or group of entities) for the current period to the date of loss of control
• 14.3 Date to which the profit (loss) in item 14.2 has been calculated
• 14.4 Consolidated profit (loss) from ordinary activities and extraordinary items after tax of the controlled entity (or group of entities) while controlled during the whole of the previous corresponding period
• 14.5 Contribution to consolidated profit (loss) from ordinary activities and extraordinary items from sale of interest leading to loss of control

	NA
i	$\overline{NA}$
	NA
	NA

Dividends (in the case of a trust, distributions)

• 15.1 Date the dividend (distribution) is payable
• $15.2$ ⁺Record date to determine entitlements to the dividend (distribution) (ie, on the basis of proper instruments of transfer received by 5.00 pm 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)

	$28^{\text{th}}$ March 2003
--	-----------------------------	--

14^th March 2003

NA

15.3 If it is a final dividend, has it been declared? (Preliminary final report only)

		Amount per security	Franked amount per security at % tax (see note) 4	Amount per security of foreign source dividend
	(Preliminary final report only)
15.4	Final dividend: Current year	¢	¢
15.5	Previous year
15.6	(Half yearly and preliminary final reports) Interim dividend: Current year	$2\rlap{\varepsilon}$	2¢	0¢
15.7	Previous year	1.5c	1.5c	0¢

Amount per security

⁺ See chapter 19 for defined terms.

Total dividend (distribution) per security (interim plus final)

(Preliminary final report only).

		Current year	Previous year
		NΑ	NA
15.8	+ Ordinary securities	NA	NA
15.9	Preference + securities

Half yearly report - interim dividend (distribution) on all securities or Preliminary final report - final dividend (distribution) on all securities

		Current period \$A'000	Previous corresponding period - \$A'000
		-690	510
15.10	+ Ordinary securities (each class separately)	Nil	Nil
15.11	Preference + securities (each class separately)	Nil	Nil
15.12	Other equity instruments (each class separately)
15.13	Total	690	510

The ⁺dividend or distribution plans shown below are in operation.

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

Any other disclosures in relation to dividends (distributions). (For half yearly reports, provide details in accordance with paragraph 7.5(d) of AASB 1029 Interim Financial Reporting)

On 4^th October CPT paid a final dividend for the financial year ended 30 June 2002 of \$351,000. This equated to 1.0c per share. The dividend had not been previously recognised as a liability as it was not declared prior to 30 June 2002.

Details of aggregate share of profits (losses) of associates and joint venture entities

Group's share of associates' and joint venture entities':		Current period \$A'000	Previous corresponding period $-$ \$A'000
16.1	Profit (loss) from ordinary activities before tax	NΑ	NA
16.2	Income tax on ordinary activities	NΑ	NA.
16.3	Profit (loss) from ordinary activities after tax	NΑ	NA
16.4	Extraordinary items net of tax	NΑ	NA.
16.5	Net profit (loss)	NΑ	NA
16.6	Adjustments	NΑ	NA

⁺ See chapter 19 for defined terms.

		NΑ	NA
16.7	Share of net profit (loss) of associates and joint venture entities

Material interests in entities which are not controlled entities

The economic entity has an interest (that is material to it) in the following entities. (If the interest was acquired or disposed of during either the current or previous corresponding period, indicate date of acquisition ("from dd/mm/yy") or disposal ("to dd/mm/yy").)

Name of entity		Percentage of ownership interest held at end of period or date of disposal		Contribution to net profit (loss) (item 1.9)
17.1	Equity accounted associates and joint venture entities	Current period	Previous corresponding period	Current period \$A'000	Previous corresponding period - \$A'000
		NA	NA.	NA	NA
17.2	Total	ΝA	NА	NA	NA
17.3	Other material interests	NA	NA	NA	NA
		NA	NA	NA	NA
17.4	Total	NΑ	NA	NA	NA

⁺ See chapter 19 for defined terms.

Issued and quoted securities at end of current period

(Description must include rate of interest and any redemption or conversion rights together with prices and dates)

Category of + securities		Total number	Number quoted	Issue price per security $(\sec$ note 14) (cents)	Amount paid up per security (see note $(4)$ (cents)
18.1	Preference + securities (description)	Nil	Nil	NA	NA
18.2	Changes during current period (a) Increases through issues (b) Decreases through returns of capital, buybacks, redemptions	$\overline{N}$ il	Nil	NA	NA
18.3	+ Ordinary securities	34,709,918	33,666,167
18.4	Changes during current period (a) Increases through issues (b) Decreases through returns of capital, buybacks	433,166	433,166
18.5	+ Convertible debt securities (description and conversion factor)	Nil	Nil
18.6	Changes during current period (a) Increases through issues (b) Decreases through securities matured, converted	$\overline{Nil}$	$N$ il
18.7	Options (description and conversion factor)			Exercise price	Expiry date $(f$ any $)$
	Options 08/09/05 Options 08/09/04 Options 08/09/03 Options 08/09/04 Options 08/09/03	500,000 300,000 450,000 20,000 15,000	Nil Nil Nil Nil Nil	\$1.00 \$1.00 \$1.00 \$1.50 \$1.25	09/05 09/04 09/03 09/04 09/03
18.8	Issued during current period
18.9	Exercised during current period
18.10	Expired during current period Options 08/09/02	315,000	Nil	\$1.00	09/02

$+$ See chapter 19 for defined terms.

18.11	Debentures ( description )	Nil	Nil
18.12	Changes during current period (a) Increases through issues
	(b) Decreases through securities matured, converted
18.13	Linsecured notes (description)	Nil	Nil
18.14	Changes during current period
	(a) Increases through issues
	(b) Decreases through securities matured, converted

Segment reporting

(a) Primary Segment - Business Segments

CPT Global operates predominantly in one business segment being the provision of information technology consulting services.

Comments by directors

Basis of financial report preparation

19.1 The half-year consolidated financial statements are a general purpose financial report prepared in accordance with the requirements of the Corporations Act 2001, Accounting Standard AASB 1029: Interim Financial Reporting, Urgent Issues Group Consensus Views and other authoritative pronouncements of the Australian Accounting Standards Board.

It is recommended that this financial report be read in conjunction with the annual financial report for the year ended 30 June 2002 and any public announcements made by CPT Global Limited and its controlled entities during the half-year in accordance with continuous disclosure requirements arising under the Corporations Act 2001.

19.2 Material factors affecting the revenues and expenses of the economic entity for the current period. In a half yearly report, provide explanatory comments about any seasonal or irregular factors affecting operations.

$\overline{NA}$

19.3 A description of each event since the end of the current period which has had a material effect and which is not already reported elsewhere in this Appendix or in attachments, with financial effect quantified (if possible).

$+$ See chapter 19 for defined terms.

Since the end of the half-year the company has finalised negotiations with Mr Martin Thomas for an early conclusion to the acquisition of Deakin Consulting. The earn-out period has been completed, effective from the 1^st of February 2003.

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

\$3,448,507

19.5 Unless disclosed below, the accounting policies, estimation methods and measurement bases used in this report are the same as those used in the last annual report. Any changes in accounting policies, estimation methods and measurement bases since the last annual report are disclosed as follows. (Disclose changes and differences in the half yearly report in accordance with AASB 1029: Interim Financial Reporting. Disclose changes in accounting policies in the preliminary final report in accordance with $AASB$ 1001: Accounting Policies-Disclosure).

NA

19.6 Revisions in estimates of amounts reported in previous interim periods. For half yearly reports the nature and amount of revisions in estimates of amounts reported in previous +annual reports if those revisions have a material effect in this half year.

$\overline{NA}$

19.7 Changes in contingent liabilities or assets. For half yearly reports, changes in contingent liabilities and contingent assets since the last ⁺ annual report.

NA

$\overline{NA}$

Additional disclosure for trusts

• 20.1 Number of units held by the management [ company or responsible entity or their related parties.
• 20.2 A statement of the fees and commissions payable to the management company or responsible entity.

Identify:

• initial service charges
• management fees
• other fees

$+$ See chapter 19 for defined terms.

Annual meeting

(Preliminary final report only)

The annual meeting will be held as follows:
---------------------------------------------

Place

Date

Time

$\overline{4}$

Approximate date the "annual report will be available

Compliance statement

$\mathbf{I}$ 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 (see note 12).

Identify other standards used

• $\overline{2}$ 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 (see note 2).

(Tick one)	This report is based on "accounts to which one of the following applies.
	$\alpha$ accounts have been $\checkmark$ The 1 audited.		The "accounts have been subject to review.
IJ	The "accounts are in the process" of being audited or subject to review.	- I.J	The "accounts have not yet been audited or reviewed.

• $\bar{s}$ If the audit report or review by the auditor is not attached, details of any qualifications are attached/will follow innuediately they are available* (delete one). (Half yearly report only - the audit report or review by the auditor must be attached to this report if this report is to satisfy the requirements of the Corporations Act.)
• 6 The entity has a formally constituted audit committee.

Sign here:		Date:
	(Director/Company Secretary)

Print name: ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

⁺ See chapter 19 for defined terms.

CPT GLOBAL LIMITED ABN 16 083 090 895 AND CONTROLLED ENTITIES DIRECTORS' DECLARATION

The directors of the company declare that:

• $\mathbb{L}$ the financial statements and notes, which are in the form of Appendix $4B - Half$ Yearly Report, as set out on pages 1 to 16:
• comply with Accounting Standard AASB 1029: Interim Financial $(a)$ Reporting and the Corporations Regulations; and
• $(b)$ give a true and fair view of the economic entity's financial position as at 31 December 2002 and of its performance for the half-year ended on that date.
• In the directors' opinion there are reasonable grounds to believe that the $2.$ company 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 Board of Directors.

Director . . . . . . . . . . . . . . . . . . . .

P Corrigan

Dated this 5^th day of March 2003.

INDEPENDENT REVIEW REPORT TO THE MEMBERS OF CPT GLOBAL LIMITED

Scope

We have reviewed the financial report of CPT Global Limited for the half-year ended 31 December 2002, in the form of Appendix 4B of the Australian Stock Exchange Listing Rules set out on pages 1 to 16 together with the director's declaration thereto. The financial report includes the consolidated financial statements of the consolidated entity comprising the company and the entities it controlled at the end of the half-year or from time to time during the half-year. The company's directors are responsible for the financial report. We have performed an independent review of the financial report 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 is not presented fairly in accordance with Accounting Standard AASB 1029: Interim Financial Reporting and other mandatory professional reporting requirements and statutory requirements, so as to present a view which is consistent with our understanding of the company's financial position, and performance as represented by the results of its operations and its cash flows, and in order for the company to lodge the financial report with the Australian Stock Exchange Limited.

Our review has been conducted in accordance with Australian Auditing Standards applicable to review engagements. A review is limited primarily to inquiries of company personnel and analytical procedures applied to the financial data. These procedures do not provide all the evidence that would be required in an audit, thus the level of assurance provided is less than given in an audit. We have not performed an audit and, accordingly, we do not express an audit opinion.

Statement

Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the half-year financial report of CPT Global Limited is not in accordance with:

• the Corporations Act 2001, including: $(a)$
• $(i)$ giving a true and fair view of the company's financial position as at 31 December 2002 and of its performance for the half-year ended on that date; and
• $(ii)$ complying with Accounting Standard AASB 1029: Interim Financial Reporting and the Corporations Regulations; and

$(b)$ other mandatory professional reporting requirements

Moore Stephens If.

MOORE STEPHENS HF Chartered Accountants

$\Delta$ n=.

SDPITT Partner Melbourne, 5 March 2003

Moore Stephens HF ABN 39 533 589 331 $14^{\rm h}$ Floor, 607 Bourke Street, Melbourne, Victoría, 3000 Australia. Telephone: +61 3 9614 4444 Facsimile: +61 3 9614 6039 Email: firm@mshf.com.an Web: www.mshf.com.an

A member of the Moore Stephens International Limited Group of Independent Firms

CPT GLOBAL LIMITED ABN 16 083 090 895 AND CONTROLLED ENTITIES DIRECTORS' REPORT

Your directors submit the financial report of the economic entity for the half-year ending 31 December 2002.

Directors

The names of the directors who held office during or since the end of the half-year are:

Mr Peter G Corrigan	Mr Gerard F Tuddenham
Mr Glenn W Fielding	Mr Peter L Wright
Mr Fred S Grimwade

Review of Operations

The market for IT services remained depressed throughout the half year ended 31 December 2002. This challenging business environment was characterised by clients continuing to defer or cancel new IT projects. However during the later part of this period, a pick-up in activity was evident with a number of clients commencing investment in new strategic IT based business initiatives.

During the past half year, CPT Global's business strategy centered on three key initiatives:

• Further development and marketing of CPT Global's product offering 'IT cost reduction'.
• Internal cost reduction.
• Marketing to Government agencies and departments.

Highlights of CPT Global's results for the six months ended 31 December 2002 are as follows:

• CPT Global achieved revenues of \$14.984 million, an increase of 12.4% over the corresponding half vear ended 31 December 2001.
• CPT Global achieved profit after tax of \$0.672 million, an increase of 325% over the corresponding half year period. The improved profit benefited from the Company's focus on internal cost reduction and improved operating efficiencies.
• CPT Global invested in the expansion of services into the UK and European markets. CPT Global expanded its global client list during this period. A number of successful risk/reward engagements have been conducted and substantial new interest has been generated from their successful completion.
• CPT Global continued to develop its core services into packaged product offerings. Risk/reward engagements based on mainframe performance tuning and cost reduction services have proved to be successful in securing new clients. CPT Global continued to package its standard service offerings for the mainframe environment and commenced development of these products for the mid-range and Management of IT service lines.
• CPT Global purchased 473,833 shares at an average price of 0.498 cents per share as part of the share buyback scheme approved at the last Annual General Meeting.
• CPT Global maintained its strong financial position, at 31 December 2002, the Company had a cash balance of \$3.923 million and no interest bearing debt.

No other significant changes in the economic entity's state of affairs or in the nature of these activities occurred during the half-year.

CPT GLOBAL LIMITED ABN 16 083 090 895

AND CONTROLLED ENTITIES

DIRECTORS' REPORT

(Continued)

Events Subsequent to Reporting Date

Since the end of the half-year the company has finalised negotiations with Mr Martin Thomas for an early conclusion to the acquisition of Deakin Consulting. The earn-out period has been completed. effective from the 1^st of February 2003. This action will enable CPT Global to fast track the full integration of Deakin Consulting with CPT Global's established operations. This in turn should enable CPT Global to bring forward the strategic operational and financial benefits that are expected from this integration. CPT Global will be in a position to focus on the company benefits as a whole and capitalise on potential business opportunities earlier than previously possible. Since the finalisation of this transaction, action has been taken already with the appointment of a dedicated Northern Region General Manager to spearhead the further expansion of integrated CPT Global and Deakin Consulting services into the Sydney & Brisbane markets.

No other matters or circumstances have arisen since the end of the half-year which significantly affected or may significantly affect the operations of the economic entity, the results of the operation, or the state of affairs of the economic entity in future financial years...

Dividends

On 5 March 2003 an interim dividend of 2 cents per ordinary share was declared.

Rounding of Amounts

The economic entity has applied the relief available to it in ASIC Class Order 98/100 and accordingly certain amounts in the financial report and the directors' report have been rounded to the nearest \$1,000.

Signed in accordance with a resolution of the Board of Directors

. . . . . . . . . . . . . . . . . . . . P CORRIGAN, Director

Dated this 5th day of March 2003.