PRL GLOBAL LTD — Interim / Quarterly Report 2003

Aug 28, 2003

Asset Backed Holdings Limited ABN 70 006 788 754

Level 2, Troika House 129 Melville Parade, Como Western Australia 6152

Postal: Locked Bag 4 $COMO$ WA $6952$

Phone: (618) 9474 1799 Fax: (618) 9474 2281

Email: email@abh.com.au

ASSET BACKED HOLDINGS LIMITED

29 August 2003

BY EMAIL

The Companies Announcement Office Australian Stock Exchange Ltd Level 10 Exchange Centre 20 Bond Street SYDNEY NSW 2000

Dear Sir

HALF-YEAR REPORT AS AT 30 JUNE 2003

With reference to Listing Rule 4.2A we are pleased to attach Appendix 4D Half-year Report and audit reviewed Interim Financial Report for the half-year ended 30 June 2003.

The Half-year Report and Interim Financial Report should both be read in conjunction with the Company's Annual Report as at 31 December 2002.

Yours faithfully

NIELS J KROYER Company Secretary

Enc: Appendix 4D Interim Financial Report

Rule 4.2A

Appendix 4D Half-year Report

Name of entity
	ASSET BACKED HOLDINGS LIMITED
ABN	Reporting Period		Previous Corresponding Period
70 006 788 754	Half-year ended 30 June 2003		Half-year ended 30 June 2003
Results for Announcement to the Market
				$A'000
Revenues from ordinary activities (item 2.1)	down	82.2%	to	262
Profit (loss) from ordinary activities after taxattributable to members (item 2.2)	down	405.5%	tο	(296)
Net profit (loss) for the period attributable tomembers (item 2.3)	down	405.5%	to	(296)
Final and interim dividends (item 2.4)	dividend be paid.	It is not proposed that either a final or interim
Record date for determining entitlements to thedividend (item 2.5)	N/A
Brief explanation of any of the figures reported above (item 2.6) :
The previous corresponding period includes the consolidated results for Asset Backed Holdings Limited'sinvestment in Commerce Australia Pty Ltd (and Rentfind.com.au Pty Ltd, a wholly owned subsidiary ofCommerce Australia Pty Ltd) which was disposed of on 13 September 2002. Please refer to the 2002 AnnualReport for details of the sale.

	Current Period	PreviousCorresponding Period
Net tangible assets per ordinary share (item 3)	$18$ cents,	15 cents

Details of entities over which control has been gained or lost (item 4)

• Asset Backed Holdings Limited has not gained or lost control over any entity during the period.

Details of dividends or distribution payments (item 5)

• No dividends or distributions are payable.

Details of dividend or distribution reinvestment plans (item 6)

• There is no dividend reinvestment program in operation for Asset Backed Holdings Limited.

Current Period	PreviousCorresponding Period
28.6%	22.5%
$(174, 724)	$(297,612)
$ (250, 366)	$(297,612)

Foreign entities to disclose which accounting standards are used in compiling the report (item $8$ ) - $\rm N/A$

Description of any audit dispute or qualification (item 9)

$-N/A$

• The audit report has been attached to this report

......................................

Niels Johannes Kroyer Company Secretary Asset Backed Holdings Limited

Level 2, Troika House 129 Melville Parade Como WA 6152 Telephone: (08) 9474 1799 Facsimile: (08) 9474 2281

ASSET BACKED HOLDINGS LIMITED

(ABN 70 006 788 754)

INTERIM FINANCIAL REPORT

30 JUNE 2003

CONTENTS

COMPANY DIRECTORY
DIRECTORS' REPORT
INDEPENDENT REVIEW REPORT
DIRECTORS' DECLARATION
STATEMENTS OF FINANCIAL PERFORMANCE
STATEMENTS OF FINANCIAL POSITION
STATEMENT OF CASH FLOWS
NOTES TO THE FINANCIAL REPORT

COMPANY DIRECTORY

DIRECTORS:	Michael Delaney PerrottPeter Ernest HustonDavid Anthony ArgyleLudger David Kohmäscher
SECRETARY:	Niels Johannes Kroyer
REGISTERED OFFICE:	Level 2, Troika House129 Melville ParadeCOMO WA 6152Telephone: (08) 9474 1799Facsimile: (08) 9474 2281
POSTAL ADDRESS:Locked Bag 4	COMO WA 6952
AUDITORS:	BDOLevel 8, 256 St George's TerracePERTH WA 6000
STOCK EXCHANGE LISTING:	Perth
SHARE REGISTRY:	Computershare Investor Services Pty LimitedLevel 245 St George's TerracePERTH WA 6000
ASX CODE:	ABK

DIRECTORS' REPORT

The Board of Directors of Asset Backed Holdings Limited has pleasure in submitting its report in respect of the financial half year ended 30 June 2003.

Directors

The names of the directors in office during or since the end of the half year are:

Michael Delaney Perrott - Executive Chairman Peter Ernest Huston - Director Antony Leonard Rigoll - Director (Resigned 4 March 2003) David Anthony Argyle - Non-Executive Director Ludger David Kohmäscher - Non-Executive Director

Results

The consolidated loss of the economic entity for the half-year was $295,554 after income tax (2002: consolidated profit of $96,739).

Principal Activities and review of operations

The principal activities of the economic entity during the half year were investment type activities.

Subsequent Events

No matters or circumstances have arisen since 30 June 2003 that significantly affect or may significantly affect:

• the operations of the economic entity in future financial years, or $(a)$
• $(b)$ the results of those operations in future financial years, or
• the state of affairs of the economic entity in future financial years. $(c)$

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

. . . . . . . . . . . . . . . . . . . .

Peter Ernest Huston Director Perth, 29 August 2003

Chartered Accountants & Advisers

Level 8, 256 St George's Terrace Perth WA 6000 PO Box 7426 Cloisters Square Perth WA 6850 Tel: (61-8) 9360 4200 Fax: (61-8) 9481 2524 Email: bdo@bdowa.com.au www.bdo.com.au

INDEPENDENT REVIEW REPORT TO THE MEMBERS OF ASSET BACKED HOLDINGS LIMITED

Scope

We have reviewed the financial report being the Statement of Financial Performance, Statement of Financial Position, Statement of Cash Flows and Directors' Declaration of Asset Backed Holdings Limited for the half-year ended 30 lune 2003. The disclosing entity's directors are responsible for the financial report. We have performed an independent review of the financial statements 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, other mandatory professional reporting requirements in Australia and statutory requirements, so as to present a view which is consistent with our understanding of the disclosing entity's financial position, and performance as represented by the results of its operations and its cash flows, and in order for the disclosing entity to lodge the financial statements with the Australian Securities & Investments Commission.

Our review has been conducted in accordance with Australian Auditing Standards applicable to review engagements. A review is limited primarily to inquiries of the disclosing entity's 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 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 Asset Backed Holdings Limited is not in accordance with:

• $(a)$ the Corporations Act 2001, including:
  • (i) giving a true and fair view of the disclosing entity's financial position as at 30 lune 2003 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 in Australia.

BDO Chartered Accountants

g 7 Burghlas

G F Brayshaw Partner

Perth, 29 August 2003

BDO is a national association of separate partnerships and entities.

DIRECTORS' DECLARATION

The Directors declare that:

• $11$ The financial statements and notes:
  • comply with the Accounting Standards AASB 1029: Interim Financial Reporting and the $(a)$ Corporations Regulations; and
  • give a true and fair view of the economic entity's financial position as at 30 June 2003 $(b)$ and of its performance for the half-year then ended on that date.
• $\overline{2}$ . In the Directors' opinion, there are reasonable grounds to believe that the 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.

. . . . . . . . . . . . . . . . . . . . Peter Ernest Huston Director Perth, 29 August 2003

CONSOLIDATED STATEMENT OF FINANCIAL PERFORMANCE FOR THE HALF YEAR ENDED 30 JUNE 2003

		Economic Entity
	June 2003$	June 2002$
Revenues from ordinary activities	261,627	1,473,852
Raw materials and consumables		(157, 637)
Employee expenses	(86,923)	(415, 413)
Professional consultants	(46, 571)	(36,000)
Depreciation and amortisation expenses		(315,250)
Other expenses from ordinary activities	(248,963)	(155,201)
Share of net losses of associates accountedfor using the equity method	(174, 724)	(297, 612)
Profit / (loss) from ordinary activities beforeincome tax expense	(295, 554)	96,739
Income tax expense relating to ordinaryactivities
Net profit / (loss) from ordinary activities afterrelated income tax attributable to members ofthe parent entity	(295, 554)	96,739
Net profit / (loss) attributable to members ofthe parent entity	(295, 554)	96,739
Total changes in equity other than thoseresulting from transactions with owners asowners	(295,554)	96,739
Basic earnings (loss) per share (cents)	(0.58)	0.26
Diluted earnings (loss) per share (cents)	(0.58)	0.26

The accompanying notes form part of this financial report.

CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2003

	Economic Entity
	June 2003$	December 2002$	June 2002S
CURRENT ASSETS
Cash assets	1,837,198	2,450,025	1,470,573
Receivables	2,526,764	2,534,462	335,277
Other		3,571	194,207
TOTAL CURRENT ASSETS	4,363,962	4,988,058	2,000,057
NON-CURRENT ASSETS
Receivables	100,000	100,000
Investments accounted for using the
equity method	758,199	892,743	910,667
Other financial assets	3,887,250	3,480,366	3,430,116
Plant and equipment			120,038
Intangible assets			103,480
TOTAL NON-CURRENT ASSETS	4,745,449	4,473,109	4,564,301
TOTAL ASSETS	9,109,411	9,461,167	6,564,358
CURRENT LIABILITIES
Payables	42,299	98,500	509,580
Provisions			38,263
TOTAL CURRENT LIABILITIES	42,299	98,500	547,843
TOTAL LIABILITIES	42,299	98,500	547,843
NET ASSETS	9,067,112	9,362,667	6,016,515
EQUITY
Contributed equityAccumulated losses	13,960,336(4,893,224)	13,960,336(4,597,669)	10,070,221(4,053,706)
TOTAL SHAREHOLDERS' EQUITY
	9,067,112	9,362,667	6,016,515

The accompanying notes form part of this financial report.

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE HALF YEAR ENDED 30 JUNE 2003

	Economic Entity
	June 2003$	June 2002$
CASH FLOWS FROM OPERATINGACTIVITIES
Receipts from customersPayments to suppliers and employeesInterest received	125,010(357, 160)125,595	595,392(809, 910)13,410
Net operating cash flows	(106, 555)	(201, 108)
CASH FLOWS FROM INVESTINGACTIVITIES
Payments for equity investmentsProceeds from sale of equity investmentsPayments for plant and equipmentProceeds from sale of plant and equipment	(546, 907)40,635	(2,897,038)1,636,913(45, 812)
		1,500
Net investing cash flows	(506, 272)	(1, 304, 437)
CASH FLOWS FROM FINANCINGACTIVITIES
Proceeds from security issues		1,772,300
Net financing cash flows	0	1,772,300
Net increase/(decrease) in cash held	(612, 827)	266,755
Cash at the beginning of the financial period	2,450,025	1,203,817
Cash at the end of the financialperiod	1,837,198	1,470,572

The accompanying notes form part of this financial report.

NOTES TO THE FINANCIAL STATEMENTS FOR THE HALF YEAR ENDED 30 JUNE 2003

NOTE 1: BASIS OF PREPARATION

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 31 December 2002 and any public announcements made by Asset Backed Holdings Limited and Controlled Entities during the half-year in accordance with any continuous disclosure obligations arising under the Corporations Act 2001.

The accounting policies have been consistently applied by the entities in the economic entity and are consistent with those applied in 31 December 2002 annual report.

The half-year report does not include full disclosures of the type normally included in an annual report.

NOTE 2: SEGMENT INFORMATION

Primary Reporting - Business Segments

	Investment		Information Technology		Total
	2003$	2002$	2003$	2002$	2003$	2002$
Sales revenue				613,216		613,216
Other revenuefrom ordinaryactivities	261,627	860,415		221	261,627	860,636
Total revenuefrom ordinaryactivities	261,627	860,415		613,437	261,627	1,473,852
Segment result	(295, 554)	594,668		(497, 929)	(295, 554)	96,739

NOTE 3: CONTINGENT LIABILITIES

There has been no change in contingent liabilities since the last annual reporting date.

NOTE 4: SUBSEQUENT EVENTS

No matters or circumstances have arisen since 30 June 2003 that significantly affect or may significantly affect:

• the operations of the economic entity in future financial years, or $(a)$
• $(b)$ the results of those operations in future financial years; or

$(c)$ the state of affairs of the economic entity in future financial years.