SIETEL LIMITED — Annual Report 2004

Nov 29, 2004

Rule $4.3 \text{ A}$

Appendix 4E

Preliminary final report Period ending 30 September 2004

ABN or equivalent companyHalf yearlyPreliminaryreferencefinal (tick)(iick)	Financial year ended ('current period')
004 217 734		30 SEPTEMBER, 2004
Results for announcement to the marketExtracts from this report for announcement to the market (see note 1).		$A'000
Revenues from ordinary activities (item 1.1)	8 %up/ down	23,55210 10
Profit (loss) from ordinary activities after tax attributable tomembers (item 1.22)	32 %up/ down	1,304to
Profit (loss) from extraordinary items after tax attributableto members ( item 2.5( d ))	gain (loss)of
Net profit (loss) for the period attributable to members(item 1.11)	32%up/ down	1,304ŧο
Dividends (distributions)	Amount per security	Franked amount persecurity
Final dividend (Preliminary final report only - item 15.4)Interim dividend (Half yearly report only - item 15.6)	N/AĆ	¢
Previous corresponding period (Preliminary final report -item 15.5; half yearly report - item 15.7)	Ć	é
+ Record date for determining entitlements to thedividend.(in the case of a trust, distribution) (see item $15.2$ )	$\overline{N/A}$

+ See chapter 19 for defined terms.

		Current period -	Previous corresponding
		$A'000	period - $A'000
		23,552	21,734
1.1	Revenues from ordinary activities (see items 1.23$-I.25)$
		22,288	20,396
1.2	Expenses from ordinary activities (see items 1.26& 1.27)
1.3	Borrowing costs	163	227
1.4	Share of net profits (losses) of associates and jointventure entities (see item 16.7)
		1,101	1,111
1.5	Profit (loss) from ordinary activities before tax
		(203)	124
1.6	Income tax on ordinary activities (The credit is
	due to Research and Development tax concessiondeductions.)
		1,304	987
1.7	Profit (loss) from ordinary activities after tax
1.8	Profit (loss) from extraordinary items after tax
	(see item $2.5$ )
		1,304	987
1.9	Net profit (loss)
1.10	Net profit (loss) attributable to outside $+$ equity
	interests
		1,304	987
1.11	Net profit (loss) for the period attributable to
	members
	Non-owner transaction changes in equity
1.12	Increase (decrease) in revaluation reserves
1.13	Net exchange differences recognised in equity
1.14	Other revenue, expense and initial adjustments
	recognised directly in equity (attach details)Initialfrom UIGtransitional
1.15	adjustmentsprovisions
1.16	Total transactions and adjustments recognised	N/A	N/A
	directly in equity (items 1.12 to 1.15)
1.17	Total changes in equity not resulting from
	transactions with owners as owners

Condensed consolidated statement of financial performance

Earnings per security (EPS)	Current period	PreviouscorrespondingPeriod
Basic EPS1.18	16.28	12.33
Diluted EPS1.19	16.13	12.21

$\overline{a}$

+ 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$\mathbf{u}_\mathrm{m}$	Previous
		$A'000		corresponding period -
				SA'000
1.20	Profit (loss) from ordinary activities after tax		1,304	987
	$(i$ tem 1.7)
1.21	Less (plus) outside $+$ equity interests
1.22	Profit (loss) from ordinary activities after		1,304	987
	tax, attributable to members

Revenue and expenses from ordinary activities

(see note $15$ )

		Current$A'000	period	Previouscorresponding period -SA'000
1.23	Revenue from sales or services		22,193	20,526
1.24	Interest revenue		64	51
1.25	Other relevant revenue		1,295	1,157
1.26	Details of relevant expenses		22,451	20,623
1.27	Depreciation and amortisationexcludingamortisation of intangibles (see item 2.3)		1,775	1,750
	Capitalised outlays
1.28	Interest costs capitalised in asset values
1.29	Outlays capitalised in intangibles (unless)arising from an $+$ acquisition of a business)

Consolidated retained profits

		Current period -SA'000	Previous correspondingperiod - $A'000
1.30	Retained profits (accumulated losses) at thebeginning of the financial period	5,406	4,419
1.31	Net profit (loss) attributable to members (itemLID.	1,304	987
1.32	Net transfers from (to) reserves (details ifmaterial)	AAA
1.33	Net effect of changes in accounting policies
1.34	Dividends and other equity distributions paidor payable	AAA

+ See chapter 19 for defined terms.

	6.710	5,406
1.35 Retained profits (accumulated losses) at end
of financial period

Intangible and extraordinary items

		Consolidated - current period
		Before tax	Related tax	Related	Amount (after
		SA'000	SA'000	outside	$\max$ )
				$+$ equity	attributable to
				interests	members
		(a)	(b)	$A'000	$A'000
					(d)
				(c)
		34			34
2.1	Amortisation of goodwill
2.2	Amortisation of other	139	w	ш,	139
	intangibles
		173			173
2.3	Total amortisation of
	intangibles
2.4	Extraordinaryitems
	(details)
2.5	Total extraordinary items

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
483	255
821	732

+ See chapter 19 for defined terms.

	Condensed consolidated statement offinancial position	οfAtendcurrent period$A'000	As shown in lastannual report$A'000	As in last halfyearly report$A'000
	Current assets
4.1	Cash	918	1,901	893
4.2	Receivables	1,747	1,449	1,167
4.3	Investments
4.4	Inventories	2,671	2,393	2,612
4.5	Tax assets
4.6	Other (provide details if material)	70	85	120
		5,406	5,828	4,792
4.7	Total current assets
	Non-current assets
4.8	Receivables	22	85	72
4.9	Investments (equity accounted)
4.10	Other investments	29	29	29
4.11	Inventories
4.12	Exploration and evaluation expenditurecapitalised (see para .71 of AASB1022)
4.13	$\int$ miningpropertiesDevelopmententities)
4.14	Other property, plant and equipment(net)	11,511	11,349	11,468
4.15	Intangibles (net)	351	385	368
4.16	Tax assets	1,166	942	980
4.17	Other (provide details if material)	179	319	249
4.18	Total non-current assets	13,258	13,109	13,166
		18,664	18,937	17,958
4.19	Total assets
	Current liabilities
4.20	Payables	2,280	2,293	1,557
4.21	Interest bearing liabilities	452	1,318	991
4.22	Tax liabilities	(90)	337	335
4.23	Provisions exc. tax liabilities	3,019	3,031	2,837
4.24	Other (provide details if material)
4.25	Total current liabilities	5,661	6,979	5,720
	Non-current liabilities
4.26	Payables
4.27	Interest bearing liabilities	813	1,072	870
4.28	Tax liabilities
4.29	Provisions exc. tax liabilities
4.30	Other (provide details if material)
4.31	Total non-current liabilities	813	1,072	870

Condensed consolidated statement of financial position continued

+ See chapter 19 for defined terms.

		6,474	8,051	6,590
4.32	Total liabilities
4.33	Net assets	12,190	10,886	11,368
	Equity
4.34	Capital/contributed equity	4,257	4,257	4,257
4.35	Reserves	1,223	1,223	1,223
4.36	Retained profits (accumulated losses)	6,710	5,406	5,888
4.37	Equity attributable to members of the	12,190	10,886	11,368
	parent entity
4.38	Outside + equity interests in controlled
	entities
		12,190	10,886	11,368
4.39	Total equity
4.40	Preference capital included as part of4.37	N/A	N/A	N/A

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	Previouscorresponding period -SA'000
5.1	Opening balance	N/A	N/A
5.2	Expenditure incurred during current period
5.3	Expenditure written off during current period
5.4	Acquisitions, disposals, revaluationincrements, etc.
5.5	Expenditure transferred to DevelopmentProperties
5.6	Closing balance as shown in theconsolidated balance sheet ( item 4.12 )

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	N/A	N/A
6.2	Expenditure incurred during current period
6.3	Expenditure transferred from exploration andevaluation
6.4	Expenditure written off during current period

+ See chapter 19 for defined terms.

6.5	Acquisitions, disposals, revaluation
	increments, etc.

• $6.6,$ Expenditure transferred to mine properties
• 6.7 Closing balance as shown in the consolidated balance sheet (item $4.13$ )

N/A	N/A

Condensed consolidated statement of cash flows

		Current period	Previous
		$A'000	corresponding period
			$-$ $A'000
	Cash flows related to operating activities
7.1	Receipts from customers	25,597	22,420
7.2	Payments to suppliers and employees	(22,995)	(19, 414)
7.3	Dividends received from associates
7.4	Other dividends received
7.5	Interest and other items of similar naturereceived	64	51
7.6	Interest and other costs of finance paid	(163)	(111)
7.7	Income taxes paid	(464)	(53)
7.8	Other (provide details if material)
		2,039	2,893
7.9	Net operating cash flows
	Cash flows related to investing activities
7.10	Payment for purchases of property, plant andequipment	(1876)	(1,291)
7.11	Proceeds from sale of property, plant andequipment	2	24
7.12	Payment for purchases of equity investments
7.13	Proceeds from sale of equity investments	181
7.14	Loans to other entities
7.15	Loans repaid by other entities
7.16	Other (provide details if material)		$(;8)$
		(1,691)	(1,275)
7.17	Net investing cash flows
	Cash flows related to financing activities
7.18	Proceeds from issues of + securities (shares,
	options, etc.)
7.19	Proceeds from borrowings
7.20	Repayment of borrowings	(1, 331)	(1,013)
7.21	Dividends paid
7.22	Other (provide details if material)
		(1, 331)	(1,013)
7.23	Net financing cash flows
7.24	Net increase (decrease) in cash held	(983)	604
7.25	Cash at beginning of period(see Reconciliation of cash)	1,901	1,297

+ See chapter 19 for defined terms.

7.26 Exchange rate adjustments to item 7.25.

$7.27$ Cash at end of period

(see Reconciliation of cash)

918	1,901

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.)

Reconciliation of cash

Reconciliation of cash at the end of the period (asshown in the consolidated statement of eash flows) to	Current period $A'000	Previouscorresponding
the related items in the accounts is as follows.		Period - $A'000
	918	1,901
Cash on hand and at bank8.1
8.2Deposits at call
Bank overdraft8.3
Other (provide details)8.4
	918	1,901
8.5Total cash at end of period (item 7.27)

Other notes to the condensed financial statements

Ratios		Current period	PreviouscorrespondingPeriod
9.1	Profit before tax / revenueConsolidated profit (loss) from ordinaryactivities before tax ( item 1.5 ) as a percentageof revenue (item 1.1)	4.7%	5.1 $%$
9.2	Profit after tax $t^+$ equity interestsConsolidated net profit (loss) from ordinaryactivities after tax attributable to members( item 1.11 ) as a percentage of equity (similarlyattributable) at the end of the period (item4.37)	10.7%	$9.2%$

+ See chapter 19 for defined terms.

Earnings per security (EPS)

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

Profit/loss for the period x $100% = 1,304,204 \times 100%$Basic $EPS = No$ . of ordinary securities	8,007,479	$= 16.28$
Diluted EPS = $\frac{Profit}{loss}$ for the period x 100% = $\frac{1,304,204}{1,300%}$No. of ordinary securities$+$ Preference securities	8,007,479+75,000	$= 16.13$
NTA backing(see note $7)$	Current period	Previous correspondingPeriod

$11.1$ Net tangible asset backing per +ordinary security

	Period
126.31	123.40

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

$N/A$

+ See chapter 19 for defined terms.

Control gained over entities having material effect

• 13.1 Name of entity (or group of entities)
• $N/A$
• 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
• 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

S
S

Loss of control of entities having material effect

14.1 Name of entity (or group of entities)

$N/A$

• 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

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)

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

$N/A$

$\mathbb S$

$

$\hat{\mathbf{x}}$

$\overline{N/A}$

Amount per security

		Amount persecurity	Frankedamount persecurity at %tax (see note	Amount persecurity offoreign sourcedividend
15.4	(Preliminary final report only)Final dividend:Current year	¢	¢
15.5	Previous year		Ċ
15.6	(Half yearly and preliminary final reports)Interim dividend: Current year	¢	¢
15.7	Previous year	¢	¢

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

(Preliminary final report only)

		Current year		Previous year
15.8	+ Ordinary securities		N/A	e	N/A
15.9	Preference + securities		N/A	e	N/A

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

		Current period $A'000	Previous correspondingPeriod - $A'000
15.10		N/A	N/A
	$+$ Ordinary securities (each class separately)	N/A	N/A
15.11	Preference + securities (each classseparately)
15.12	Other equity instruments (each classseparately)	N/A	N/A
15.13	Total	N/A	N/A

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

$N/A$

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)

+ See chapter 19 for defined terms.

$\overline{N/A}$

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

Group's share of associates' and joint ventureentities':		Current periodSA'000	Previouscorresponding period- SA'000.
16.1	Profit (loss) from ordinary activities before tax	N/A	N/A
16.2	Income tax on ordinary activities
16.3	Profit (loss) from ordinary activities aftertax
16.4	Extraordinary items net of tax
16.5	Net profit (loss)
16.6	Adjustments
16.7	Share of net profit (loss) of associates andjoint 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 ownershipdate of disposal	interest held at end of period or	Contribution to net profit (loss) (item1.9)
Equity accounted17.1associates andjoint ventureentities	Currentperiod	Previouscorrespondingperiod	Current periodSA'000	Previouscorrespondingperiod-$A'000

+ See chapter 19 for defined terms.

	$\rm N/A$
17.2 Total
17.3 Other materialinterests
17.4 Total

+ 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)

18.1	Category of + securities	Total number75,000	Number quoted75,000	Issueprice persecurity(see note14)(cents)200	Amountpaid uppersecurity(seenote $14)$(cents)200
	Preference + securities(description)
18.2	Changes during current period(a) Increases through issues(b) Decreases through returnsof capital, buybacks,redemptions
18.3	+ Ordinary securities	8,007,479	8,007,479	50	50
18.4	Changes during current period(a) Increases through issues(b) Decreases through returnsof capital, buybacks
18.5	+ Convertible debt securities(description and conversionfactor)
18.6	Changes during current period(a) Increases through issues(b) Decreases throughsecurities matured, converted	$\overline{\text{NIL}}$	$\overline{\text{NIL}}$
18.7	Options (description andconversion factor)	N/A		ExercisePrice	ExpiryDate(if any)
18.8	Issued during current period
18.9	Exercised during currentperiod
18.10	Expired during current period
18.11	Debentures (description)	N/A
18.12	Changes during current period(a) Increases through issues
	(b) Decreases throughsecurities matured, converted

+ See chapter 19 for defined terms.

18.13	Unsecured notes(description)	N/A
18.14	Changes during current period(a) Increases through issues(b) Decreases throughsecurities matured, converted

Segment reporting

(Information on the business and geographical segments of the entity must be reported for the current period in accordance with AASB 1005: Segment Reporting and for half year reports, AASB 1029: Interim Financial Reporting. Because entities employ different structures a pro forma cannot be provided. Segment information in the layout employed in the entity's +accounts should be reported separately and attached to this report.)

Comments by directors

(Comments on the following matters are required by ASX or, in relation to the half yearly report, by AASB 1029: Interim Financial Reporting. The comments do not take the place of the directors' report and statement (as required by the Corporations Act) and may be incorporated into the directors' report and statement. For both half yearly and preliminary final reports, if there are no comments in a section, state NIL. If there is insufficient space to comment, attach notes to this report.)

Basis of financial report preparation

• 19.1 If this report is a half yearly report, it is a general purpose financial report prepared in accordance with the listing rules and AASB 1029: Interim Financial Reporting. It should be read in conjunction with the last +annual report and any announcements to the market made by the entity during the period. The financial statements in this report are "condensed financial statements" as defined in AASB 1029: Interim Financial Reporting. This report does not include all the notes of the type normally included in an annual financial report. [Delete if preliminary final report.]
• 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.

The net profit includes a capital gain, reported at half year, of $181,430 realised on sale of a share investment which was held at nil value.

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

$+$ See chapter 19 for defined terms.

$N/A$

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

$N/A$

$19.5$ 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).

$N/A$

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.

$N/A$

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

$N/A$

Additional disclosure for trusts

$+$ See chapter 19 for defined terms.

• $20.1$ 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 $\bullet$
• management fees
• other fees

Annual meeting

(Preliminary final report only)

The annual meeting will be held as follows:

Place

Date

Time

Approximate date the "annual report will be available

463-467 WARRIGAL ROAD. MOORABBIN 20 JANUARY, 2004

$11.00 AM$

22 DECEMBER 2004

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.
• This report does (delete one) give a true and fair view of the matters disclosed (see note 2). $\mathfrak{Z}$
• $\overline{4}$ This report is based on "accounts to which one of the following applies. (Tick one)

- - - -		The $\alpha$ accounts have been $\Box$			The * accounts have been
	andited.				subject to review.

$N/A$

$+$ See chapter 19 for defined terms.

$\checkmark$ The *accounts are in the The +accounts have not yet $\Box$ process of being audited or been audited or reviewed. subject to review. 5 If the audit report or review by the auditor is not attached, details of any qualifications are attached/will follow immediately 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/does not have* (delete one) a formally constituted audit committee. Sign here: Date: 30 NOVEMBER, 2004 ....................................... (Director/Company Secretary)

Print name: RICHARD REES

Notes

• $\mathbf{1}$ . For announcement to the market The percentage changes referred to in this section are the percentage changes calculated by comparing the current period's figures with those for the previous corresponding period. Do not show percentage changes if the change is from profit to loss or loss to profit, but still show whether the change was up or down. If changes in accounting policies or procedures have had a material effect on reported figures, do not show either directional or percentage changes in profits. Explain the reason for the omissions in the note at the end of the announcement section. Entities are encouraged to attach notes or fuller explanations of any significant changes to any of the items in page 1. The area at the end of the announcement section can be used to provide a cross reference to any such attachment.
• $\overline{2}$ . True and fair view If this report does not give a true and fair view of a matter (for example, because compliance with an Accounting Standard is required) the entity must attach a note providing additional information and explanations to give a true and fair view.

$\overline{3}$ . Condensed consolidated statement of financial performance

• Item 1.1 The definition of "revenue" and an explanation of "ordinary activities" are set out in AASB 1004: Revenue, and AASB 1018: Statement of Financial Performance.
• Item 1.6 This item refers to the total tax attributable to the amount shown in item 1.5. Tax includes income tax and capital gains tax (if any) but excludes taxes treated as expenses from ordinary activities (eg, fringe benefits tax).

$+$ See chapter 19 for defined terms.

$\overline{4}$ . Income tax If the amount provided for income tax in this report differs (or would differ but for compensatory items) by more than 15% from the amount of income tax prima facie payable on the profit before tax, the entity must explain in a note the major items responsible for the difference and their amounts. The rate of tax applicable to the franking amount per dividend should be inserted in the heading for the column "Franked amount per security at % $\text{tax}"$ for items $15.4$ to $15.7$ .

$51$ Condensed consolidated statement of financial position

Format The format of the consolidated statement of financial position should be followed as closely as possible. However, additional items may be added if greater clarity of exposition will be achieved, provided the disclosure still meets the requirements of AASB 1029: Interim Financial Reporting, and AASB 1040: Statement of Financial Position. Also, banking institutions, trusts and financial institutions may substitute a clear liquidity ranking for the Current/Non-Current classification.

Basis of revaluation If there has been a material revaluation of non-current assets (including investments) since the last *annual report, the entity must describe the basis of revaluation adopted. The description must meet the requirements of AASB 1010: Accounting for the Revaluation of Non-Current Assets. If the entity has adopted a procedure of regular revaluation, the basis for which has been disclosed and has not changed, no additional disclosure is required.

• Condensed consolidated statement of cash flows For definitions of "cash" and other terms 6. used in this report see AASB 1026: Statement of Cash Flows. Entities should follow the form as closely as possible, but variations are permitted if the directors (in the case of a trust, the management company) believe that this presentation is inappropriate. However, the presentation adopted must meet the requirements of $AASB$ 1026. +Mining exploration entities may use the form of cash flow statement in Appendix 5B.
• Net tangible asset backing Net tangible assets are determined by deducting from total $7.$ tangible assets all claims on those assets ranking ahead of the +ordinary securities (ie, all liabilities, preference shares, outside $+$ equity interests etc). $+$ Mining entities are not required to state a net tangible asset backing per $+$ ordinary security.
• $8.$ Gain and loss of control over entities The gain or loss must be disclosed if it has a material effect on the "accounts. Details must include the contribution for each gain or loss that increased or decreased the entity's consolidated profit (loss) from ordinary activities and extraordinary items after tax by more than 5% compared to the previous corresponding period.
• 1. Rounding of figures This report anticipates that the information required is given to the nearest $1,000. If an entity reports exact figures, the $A'000 headings must be amended. If an entity qualifies under ASIC Class Order 98/0100 dated 10 July 1998, it may report to the nearest million dollars, or to the nearest $100,000, and the $A'000 headings must be amended.
• $10.$ Comparative figures Comparative figures are to be presented in accordance with AASB 1018 or AASB 1029 Interim Financial Reporting as appropriate and are the unadjusted figures from the latest annual or half year report as appropriate. However, if an adjustment has been made in accordance with an accounting standard or other reason or if there is a lack of comparability, a note explaining the position should be attached. For the statement of financial performance, AASB 1029 Interim Financial Reporting requires information on a year

$+$ See chapter 19 for defined terms.

to date basis in addition to the current interim period. Normally an Appendix 4D to which AASB 1029 Interim Financial Reporting applies would be for the half year and consequently the information in the current period is also the year to date. If an Appendix 4D Half yearly version is produced for an additional interim period (eg because of a change of reporting period), the entity must provide the year to date information and comparatives required by AASB 1029 Interim Financial Reporting. This should be in the form of a multi-column version of the consolidated statement of financial performance as an attachment to the additional Appendix 4E.

• $11.$ Additional information An entity may disclose additional information about any matter, and must do so if the information is material to an understanding of the reports. The information may be an expansion of the material contained in this report, or contained in a note attached to the report. The requirement under the listing rules for an entity to complete this report does not prevent the entity issuing reports more frequently. Additional material lodged with the +ASIC under the Corporations Act must also be given to ASX. For example, a director's report and declaration, if lodged with the +ASIC, must be given to ASX.
• $12.$ Accounting Standards ASX will accept, for example, the use of International Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if one exists) must be complied with.
• $13.$ Corporations Act financial statements This report may be able to be used by an entity required to comply with the Corporations Act as part of its half-year financial statements if prepared in accordance with Australian Accounting Standards.
• $14$ Issued and quoted securities The issue price and amount paid up is not required in items 18.1 and 18.3 for fully paid securities.
• 15 Details of expenses AASB 1018 requires disclosure of expenses from ordinary activities according to either their nature or function. For foreign entities, there are similar requirements in other accounting standards accepted by ASX. AASB ED 105 clarifies that the disclosures required by AASB 1018 must be either all according to nature or all according to function. Entities must disclose details of expenses using the layout (by nature or function) employed in their $\pm$ accounts

The information in lines 1.23 to 1.27 may be provided in an attachment to Appendix 4E.

Relevant Items AASB 1018 requires the separate disclosure of specific revenues and expenses which are not extraordinary but which are of a size, nature or incidence that disclosure is relevant in explaining the financial performance of the reporting entity. The term "relevance" is defined in $AASB$ 1018. There is an equivalent requirement in $AASB$ 1029: Interim Financial Reporting. For foreign entities, there are similar requirements in other accounting standards accepted by ASX.

16 Dollars If reporting is not in AS, all references to SA must be changed to the reporting currency. If reporting is not in thousands of dollars, all references to "000" must be changed to the reporting value.

$17.$ Discontinuing operations

Half yearly report

+ See chapter 19 for defined terms.

All entities must provide the information required in paragraph 12 for half years beginning on or after 1 July 2001.

Preliminary final report

Entities must either provide a description of any significant activities or events relating to discontinuing operations equivalent to that required by paragraph 7.5 (g) of $AASB$ 1029: Interim Financial Reporting, or, the details of discontinuing operations they are required to disclose in their +accounts in accordance with AASB 1042 Discontinuing Operations.

In any case the information may be provided as an attachment to this Appendix 4E.

$18$ Format

This form is a Word document but an entity can re-format the document into Excel or similar applications for submission to the Companies Announcements Office in ASX.

+ See chapter 19 for defined terms.

SIETEL LIMITED SHAREHOLDER RANKING PREFERENCE SHARES AS AT 30 SEPTEMBER

NUMBER	NAME	RANKING	NO. OFSHARESHELD	$%$ OFSHARESHELD
10001	WINPAR HOLDINGS LIMITED	1	16,300	21.73
10055	OPAL MAX PTY LTD	$\overline{2}$	15,100	20.13
4370	ELKINGTON, DR GORDON BRADLEY	3	11,500	15.33
4380	ELKINGTON , MILLY	4	11,500	15.33
30036	LYNTINA PTY LTD	$\overline{5}$	5,300	7.07
7650	LEAVER GRAHAM ALLAN	б	4,800	6.40
1119	ALITON PTY LTD	7	1,600	2.13
4800	FLINT GRACE LAMOND	8	1,200	1.60
7655	LEAVER, GRAHAM ALAN AND	9	500	0.67
8355	MANNERIM PTY LTD	10 2	500	0.67
8380	MARSHALL EST. OF THE LATE GUY	11	500	0.67
3480	CROFTON HENRY EDWARDSMELVILLE	12	400	0.53
8430	MARTINDALE MARJORIE HILDA	13	300	0.40
11515	ROSS DORIS ISABEL	14	300	0.40
30027	BRENTALL, GWENDOLINE	15	300	0.40
30108	KENEALLY, SUZANNE DENISE	16	300	0.40
30109	MORTLOCK, PATRICIA GAIL	17	300 1	0.40
2110	BODLE MARY CATHERINE	18	200	0.27
2538	BROWN, PATRICIA FLORENCE EMILY	19	200	0.27
4930	FOWLES HERBERT ALEXANDER	20	200	0.27

+ See chapter 19 for defined terms.

SIETEL LIMITED SHAREHOLDER RANKING ORDINARY SHARES AS AT 30 SEPTEMBER

NUMBER	NAME	RANKING	NO. OFSHARES	$%$ OFSHARES
			HELD	HELD
13180	TRIPLE TWO INVESTMENTS PTY LTD	1	2,271,666	28.37
8018	LYNTINA PTY LTD	$\overline{2}$	689,000	8.60
3790	DELVEST PTY LTD	3	590,000	7.37
30034	THE THREE PUMPKINS PTY LTD	$\overline{4}$	560,000	6.99
30016	MERBEN PTY LTD	$\overline{5}$	425,050	5.31
11170	REES RICHARD	6	353,800	4.42
12100	SIDERFIN HOLDINGS PTY LTD	$\overline{7}$	337,250	4.21
9170	METASOKOL PTY LTD	8	333,000	4.16
4370	ELKINGTON, DR GORDON BRADLEY	9	313,200	3.91
30049	SIDERFIN HOLDINGS PTY LTD	10	219,645	2.74
9140	MERBEN PTY LTD	11	121,450	1.52
12104	SIDERFIN HOLDINGS PTY LTD	12	120,000	1.50
30015	REES RICHARD	13	111,661	1.39
9840	NIGHTINGALE JOHN KENNING	14	101,250	1.26
30021	MERBEN PTY LTD	15	68,865	0.86
30120	PELZ, RALF	16	68,162	0.85
11090	REDEN INVESTMENTS PTY LTD	17	62,000	0.77
30024	DELVEST PTY LTD	18	62,000	0.77
30030	TRIPLE TWO INVESTMENTS PTY LTD	19	39,225	0.49
7770	LILLIE JAMES MOAR	20	38,500	0.48

+ See chapter 19 for defined terms.

SIETEL LIMITED 30 SEPTEMBER, 2004 SCHEDULE 1.24 - DETAILS OF REVENUE AND EXPENSES

		SEPTEMBER2004$	$'000
REVENUE	Sales Revenue	22,193,091	22,193
	Dividends Received	1,500	$\overline{2}$
	Interest Received	63,548	64
	Rent Revenue	299,361	299
	Other Revenue	811,447	811
	Proceeds from disposal	183,430	183
	Total	23,552,377	23,552Profit	1,101,237
EXPENSES	Cost of Goods Sold	10,955,637	before tax10,956
	Overheads	6,131,834	6,132
	Abnormal Item		$\theta$
	Administration Exp	828,408	828
	Selling Exp	3,995,656	3,996
	Finance Exp	539,606	540
	Total	22,451,140	22,451

+ See chapter 19 for defined terms.

LIMITEDSIETEL
SEPT 2004TEMBER

SCHEDULE 2 - BUSINESS SEGMENTS

	MANUFACTURING		INVESTMENTS		TOTAL
	CurrentYear	PreviousYear	CurrentYear	PreviousYear	CurrentYear	PreviousYear
	$A'000	$A'000	$A'000	$A'000	$A'000	$A'000
Operating Revenue	22,817	21,160	552	551	23,369	21,711
Non operating revenue	$\overline{O}$	15	183	9	183
Total Revenue	22,817	21,175	735	560	23,552	21,735
Assets	5,493	4,931	13,171	14,007	18,665	18,938
Consolidate (profit)/lossfrom ordinary activities	$-862$	$-717$	$-442$	$-372$	$-1,304$	$-1,089$
Abnormal items	$\overline{O}$	$\overline{O}$	$\overline{O}$	$\Omega$	O
Consolidate (profit)/lossfrom ordinary activities	$-862$	$-717$	-442	$-372$	$-1,304$	$-1,089$

+ See chapter 19 for defined terms.