SIETEL LIMITED — Interim / Quarterly Report 2003

Dec 12, 2002

Sietel LIMITEDA.C.N. 004 217 734 Incorporated in Victoria	FACSIMILE MESSAGE
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PRIVACY & CONFIDENTIALITY NOTICE:

The information contained in this facsmile is intended for the named recipients only. It may contain privileged and confidential information and if you are NOT an intended recipient, you must not copy, distribute or take any action in reliance on it. If you have received this facsimile in error, please notify us immediately on any of the numbers listed below.

463-467 Warrigal Rd, Moorabbin, Victoria, Australia Address: Sietel Limited Postal Address: PO Box 1195 Moorabbin, Victoria 3189 A.C.N. 004 217 734 (03) 9553 5740 Fax: (03) 9532 5244 J. Telephone:

Rules 4.1, 4.3

Appendix 4B

Half yearly/preliminary final report

Innoduced 30/6/2002.

Name of entity
LI MITEDIEL١Ē.
PreliminaryHalf yearlyABN or equivalent companyreferencefinal (tick)(tick)		Half year/financial year ended ('current period')
UST TIS HOO		30 SEPTEMBER 2002
For announcement to the marketExtracts from this report for announcement to the market (see note 1).		SA 000
Revenues from ordinary activities $(item 1.1)$	un/down-	46ω
Profit (loss) from ordinary activities after tax attributable tomembers (item 1.22)		teantle
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$(i$ tem $1.11)$
Dividends (distributions)	Amount per seconty	Franked amount persecurity
Final dividend (Preliminary final report only - item 15.4)Interim dividend (Half yearly report only - item 15.6)	¢	q,
Previous corresponding period (Preliminary final report-item 15.5; haif yearly report - item 15.7)	¢	ψ
+Record date for determining entitlements to thedividend.(in the case of a trust, distribution) (see item $15.2$ )
Brief explanation of any of the figures reported above (see Note 1) and short details of any bonus or cashissue or other item(s) of importance not previously released to the market:

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.

Appendix 4B
Half yearly/preliminary final report

	Condensed consolidated statement of financial performance
		Current period -$A000	Previous correspondingperiod - $A000
1.1	Revenues from ordinary activities (see items 1.25$-1.25$	79905	18915
1.2	Expenses from ordinary activities (see items 1.26	18310	18560
1.3	3.1.27Borrowing costs	233	۱٦٩
1.4	Share of net profits (losses) of associates and jointventure entities (see item 16.7)
1.5	Profit (loss) from ordinary activities before tax	1362	ין P
1.6	Income tax on ordinary activities (see note 4)	637
1.7	Profit (loss) from ordinary activities after tax	۹۹۹)	كا11
$1.8,$	Profit (loss) from extraordinary items after tax(see item 2.5 )
1.9	Net profit (loss)	1999	לדו
1.10	Net profit (loss) attributable to outside + equityinterests
Net profit (less) for the period attributable to1.11members		1999	$\mathsf{H}^\mathsf{L}$
	Non-owner transaction changes in equity
1.121.131.14	Increase (decrease) in revaluation reservesNet exchange differences recognised in equityOther revenue, expense and initial adjustmentsrecognised directly in equity (attach details)from UIG transitionaladjustmentsInitial
1151.16	provisionsTotal transactions and adjustments recognised	NIA	$N \mathsf{A} $
1.17	directly in equity (items 1.12 to 1.15)Total changes in equity not resulting fromtransactions with owners as owners
	Earnings per security (EPS)	Current period	Previouscorrespondingperiod

Earnings per security (EPS)	Current period	Previouscorrespondingperiod
Basic EPS1.18	24.96	2.30
Diluted EPS1.19	24.72	$2.10 -$

+ See chapter 19 for defined terms.

Notes to the condensed consolidated statement of financial performance

Profit (loss) from ordinary activities attributable to members

		periodCurrentSA000	Previouscorresponding period -SA000
1.20	Profit (loss) from ordinary activities after tax$(i$ tem 1.7 $)$	QQQ	$-76$
1.21	Less (plus) outside +equity interests	.
1.22	Profit (loss) from ordinary activities aftertax, attributable to members

Revenue and expenses from ordinary activities

(see note 15)

566 INJE 197		periodCurrent$A000	Previouscorresponding period -SA000
1.23	Revenue from sales or services	18550	r7693
1.24	Interest revenue	39
Other relevant revenue1.25		كا31	1152
1.26	Details of relevant expenses
excludingDepreciation and amortisation1.27amortisation of intangibles (see item $2.3$ )		1431	1300
Capitalised outlaysInterest costs capitalised in asset values1.28
Outlays capitalised in intangibles (unless1.29arising from an + acquisition of a business)

Consolidated retained profits

• Retained profits (accumulated losses) at the 1.30 beginning of the financial period
• Net profit (loss) attributable to members (item 1.31 $1.11)$
• 1.32 Net transfers from (to) reserves (details if material)
• 1.33 Net effect of changes in accounting policies
• 1.34 Dividends and other equity distributions paid or payable

Current period -SA 000	Previous correspondingperiod - $A000
2317.	2141
१९५५
6अा

+ See chapter 19 for defined terms.

Appendix 4B
Half yearly/preliminary final report

1.35 Refained profits (accumulated losses) at endof financial period	$\sim$ 11 $\sim$

$\alpha \sim 1$

Intangible and extraordinary items

		Consolidated - current period
		Before taxSA000	Related taxSA000	Relatedoutside+equityinterests	Amount (aftertax)attributable tomembers$A000
		$\omega$	(b)	$A000(c)	(d)
2.1	Amortisation of goodwill	34			34
2.2	Amortisation of otherintangibles
23	Total amortisation ofintangibles	31
24	itemsExtraordinary(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 membersreported for the $1st$ 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 - $A000	Previous year - $A000
456	53
1543.	123

+ See chapter 19 for defined terms.

$\overline{\phantom{a}}$

Appendix 4BHalf yearly/preliminary final report

	Condensed consolidated statement of Atfinancial position	οfendcurrent periodSA'000	As shown in lastannual reportSA'000	As in last halfyearly report$A'000
	Current assets
4.1	Cash	דף גו	1116	914
4.2	Receivables	1177	1391	1374
4.3	Investments			1328
4.4	Inventories	1494	1303
4.5	Tax assets	98	∿י ∿	135
4.6	Other (provide details if material)
4,7	Total current assets	4065	3883	12751
	Non-current assets
4.8	Receivables	125	165	14S
4.9	Investments (equity accounted)		$\overline{29}$	29
4.10	Other investments	29
4.11	Inventories
4.12	Exploration and evaluation expenditurecapitalised (see para .71 of AASB1022)
4.13	$($ + miningpropertiesDevelopmententities)
4.14	Other property, plant and equipment(ner)	11698	11232	∕دٍµكا∖
4.15	Intangibles (net)	41 P	453	436
$-4.10$	Tax assets	१७४		᠇ᡀ
4.17	Other (provide details if material)(R+D Escpenditure	526	136.
4.18	Total non-current assets	13664	12616	13013
4.19	Total assets	17729	16499	16764
	Current liabilities
4.20	Payables	1706	-2778	3400asss
4.21	Interest bearing liabilities	1911	つづづつ
4.22	Tax liabilities	219		2497
4.23	Provisions exc. tax liabilities	260S	2499
4.24	Other (provide details if material)
4.25	Total current liabilities	6441	8167	74520
	Non-current liabilities
4.26	Payables			1058
4.27	Interest bearing liabilities		534
4.28	Tax liabilities
4.29	Provisions exc. tax habilities
4.30	Other (provide details if material)
4.31	Total non-current liabilities	۱492,	534	1058

Condensed consolidated statement of financial position continued

+ See chapter 19 for defined terms.

4.32	Total liabilities	933	8701	8210
4.33	Net assets		7798	352
4.344.354.36	EquityCapital/contributed equityReservesRetained profits (accumulated losses)	425712234316	455-1773$231 -$	425719732773
4.37	Equity attributable to members of the	१7१७	7798	8254
4.38	parent entityOutside +equity interests in controlledentities
4.39	Total equity		1498	8521
4.40	Preference capital included as part of4.37	А	MА

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 $A000	Previouscorresponding period -SA000
51	Opening balance
5.2	Expenditure incurred during current period
5.3	Expenditure written off during current period
54	Acquisitions, disposals, revaluationincrements, etc.
55	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\00	Previcuscorrespondingperiod - $A000
6.16.26.36.4	Opening balanceExpenditure incurred during current periodExpenditure transferred from exploration andevaluationExpenditure written off during current period

• See chapter 19 for defined terms.

• Acquisitions, disposals, revaluation $0.5$ increments, etc.
• Expenditure transferred to mine properties $_{\rm oo}$
• Closing balance as shown in the $6.7$ consolidated balance sheet (item 4.13)

Condensed consolidated statement of cash flows

		Current period$A000	Previouscorresponding period$- $A000$
	Cash flows related to operating activities
7.1	Receipts from customers	2068
7.2	Payments to suppliers and employees
7.3	Dividends received from associates
7.4	Other dividends received
7.5	Interest and other items of similar naturereceived		10
76	Interest and other costs of finance paid		ר פ
7.7	Income taxes paid
7.8	Other (provide details if material)
7.9	Net operating cash flows	२५३ा	7/8/
	Cash flows related to investing activities
.710	Payment for purchases of property, plant and	883	2039)
	equipmentProceeds from sale of property, plant and		168
7.11	equipment	740
712	Payment for purchases of equity investments
7.15	Proceeds from sale of equity investments
714	Loans to other entities
715	Loans repaid by other entities
7.16	Other (provide details if material)	วเ
7.17	Net investing cash flows	131	2581
	Cash flows related to financing activities
7.18	Proceeds from issues of + securities (shares,
7.19	options, etc.)Proceeds from borrowings		500
7.20	Repayment of borrowings	J2Pd
7.21	Dividends paid
7.22	Other (provide details if material)
		2569	သည
7.23	Net financing cash flows
7.24	Net increase (decrease) in cash held	। २१	(188
7.25	Cash at beginning of period(see Reconciliation of cash)	१०९४	1386

• See chapter 19 for defined terms.

Exchange rate adjustments to item 7.25. $7.26$

$7.27$ Cash at end of period

(see Reconciliation of cash)

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 cash flows) tothe related items in the accounts is as follows.		Current period $A000	Previouscorrespondingperiod - $A000
8.1	Cash on hand and at bank	1291	116
8.2	Deposits at call
83	Bank overdraft		(१४
8.4	Other (provide details)
-8.5	Total 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 ( $\mu$ em 1.5) as a percentageof revenue $(item I.1)$
9.2	Profit after tax / + 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	20 HO	9.56

$\ddot{\phantom{a}}$

+ 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
Basic	EGS	AASB 1027: Earnings Per Share are as follows.loss स्टरRott	the period$\times$ 100		33$\times$ 100 $\mu$
		ordinary securitiesŊьοť$P$ rek $\mathcal A$$loss$ for	the seriod	8007479
		N°∘√		-37ordinary securities + Pickura securities x 100%	1998783$\frac{6}{2001}$ PFHT008
	NTA backing(see note 7)		Current period	Previous correspondingperiod	$+ 75000$
	11.1security	Net tangible asset backing per + ordinary	10.59	$\sim$ 0.04 $\sim$

Discontinuing Operations

Entries 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 discontinuin 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)

• 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

$\bar{5}$
┳
$
		444.000

Loss of control of entities having material effect

14.1 Name of entity (or group of entities)

• 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

		-------
	$\ddagger$		۰.$\sim$
1			________
	$
ί	$

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)

$\mathbf{r}$

Amount per security

30/6/2002

+ See chapter 19 for defined terms.

		Amount persecurity	Frankedamount persecurity at %tax (see note	Amount persecurity offoreign sourcedividend
15.4	(Preliminary final report only)Final dividend:Current year	$\mathfrak{C}$	¢
15.5	Previous year	¢	U.
15.6	(Half yearly and preliminary final reports)Interim dividend: Current year	¢	¢	а.
15.7	Previous year	¢

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

(Preliminary final report only)

• $15.8$ +Ordinary securities
• 15.9 Preference *securities

Current year	44.000000	Previous year1.11111111111111111111111111111111111
	o.
		.

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

• 15.10 +Ordinary securities (each class separately)
• 15.11 Preference +securities (each class separately)

Current period $A000	Previous correspondingperiod $A000
$N \Lambda$

• 15.12 Other equity instruments (each class separately)
• 15.13 Total

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

NIA

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.

enuues
		Current period	Previous
entities':	Group's share of associates' and joint venture	SA'000	corresponding period$-3A000$
16.1	Profit (loss) from ordinary activities before tax
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)
10.6	Adjustments
16.7	Share of net profit (loss) of associates andjoint venture entities

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

Material interests in entities which are not controlled entitiesThe economic entity has an interest (that is material to it) in the following antities. (If the interest was acquired or disposed of duringeither the c

	Name of entity	Percentage of ownershipdate of disposal	interest held at end of period or	Contribution to net profit (loss) (item19
17.1	Equity accountedassociates andjoint ventureentities	Currentperiod	Previouscorrespondingperiod	Current periodSA 000	Previouscorrespondingperiod -SA 000

• See chapter 19 for defined terms.

$\bar{z}$

$\bar{z}$

Appendix 4BHalf yearly/preliminary final report

	----
17.2 Total
17.3 Other materialinterests		.
Total	$1 - 11$

$\label{eq:2.1} \frac{d\mathbf{r}}{dt} = \frac{1}{2} \left[ \begin{array}{cc} \mathbf{r} & \mathbf{r} \ \mathbf{r} & \mathbf{r} \end{array} \right]$

+ See chapter 19 for defined terms.

Issued and quoted securities at end of current period

and we want of the company we have the company of the same product to the first subset of the prices and dates)

	Category of *securities	Total number	Number quoted	Issueprice persecurity(see note14)(cents)	Amountpaid uppersecurity(seenote $14$ )(cents)
18.1	Preference + securities(description)	~15000	75000	300	೩೦೦
18.2	Changes during current period(a) Increases through issues(b) Decreases through returnsof capital, buybacks,redemptions	111	ハレル
18.5	+Ordinary securities	8007479	$8007$ ץ ך	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	トコレー	NIL
18.7	Options (description andconversion factor)			Exercise$_{prec}$$5\sigma$	Expirydat c$(f \text{ any})$
18.8	Issued during current period	400000			981	þ (১০০১)
18.9	Exercised during currentperiod					ſ
18.10	Expired during current period	HOOOOO		58		28/2/2002
18.11	Debentures (description)
18.12	Changes during current period(a) Increases through issues(b) Decreases throughsecurities matured, converted	NA

+ See chapter 19 for defined terms.

18.13	Unsecured notes(description)
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 arw 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.

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).

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

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).

Revisions in estimates of amounts reported in previous interim periods. For half yearly reports the nature 19.5 and amount of revisions in estimates of amounts reported in previous +annual reports if those revisions have a material effect in this half year.

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

Additional disclosure for trusts

4 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
• 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

Compliance statement

$\mathbf{1}$ 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 $ASX$ (see note 12).

Identify other standards used

______________________________________	.$\overline{\phantom{a}}$
..
	_________

• This report, and the 'accounts upon which the report is based (if separate), use the same $\overline{2}$ accounting policies.
• 3 This report does/dees not* (delete one) give a true and fair view of the matters disclosed (see note 2).
• 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 to review. audited.

+ See chapter 19 for defined terms.

	Appendix 4BHalf yearly/preliminary final report
The 'accounts are in theprocess of being audited orsubject to review.	The 'accounts have not yetbeen and ited or reviewed.

• If the audit report or review by the auditor is not attached, details of any qualifications are $\overline{5}$ 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.)
• The entity has/does not have * (delpie one) a formally constituted audit committee. 6

Sign here:	(Dictor/Company Secretary)	$\frac{3}{2}$ 02.
Print name:	Kichard Kees

Notes

• $1.$ 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.
• 1. 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.
• 1. Condensed consolidated statement of financial performance
  • The definition of "revenue" and an explanation of "ordinary activities" are set Item 1.1 out in AASB 1004: Revenue, and AASB 1018: Statement of Financial Performance.
  • This item refers to the total tax attributable to the amount shown in item 1.5. Item 1.6 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.

Income tax If the amount provided for income tax in this report differs (or would differ but $41$ 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 $%$ $\text{tax}^3$ for items 15.4 to 15.7.

5. 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.

• 1. Condensed consolidated statement of cash flows For definitions of "cash" and other terms 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.
• $71$ Net tangible asset backing Net tangible assets are determined by deducting from total tangible assets all claims on those assets ranking ahead of the +ordinary securities (ic. all liabilities, preference shares, outside +equity interests etc). +Mining entities are not required to state a net tangible asset backing per +ordinary security.
• 1. 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.
• $\mathbf{Q}_\perp$ 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.
• 1. 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 4B 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 4B 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 4B.

• Additional information An entity may disclose additional information about any matter, and $11.$ 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.
• 1. 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.
• 1. 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 +accounts.

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

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 A$, all references to $A 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.
• $171$ Discontinuing operations

Half yearly report

30/6/2002

+ 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 4B.

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.

$\epsilon$ , $\gamma$

$\delta\phi\sim\delta\gamma\delta\phi\sim\phi$

30/6/2002

+ See chapter 19 for defined terms.

		NOTES FOR BUSINESS SEGMENTS- schedue 2.
BUSINESS	MANUFACTURING		INVESTMENTS		TOTAL
	Current	Previous	Current	Previous	Current	Previous
	Year	Year	Year	Year	Year	Year
	54,000	$4,000	000.13	$4,000	34,000	$4,000
Operating Revenue	19673	18.140	ř	775	20457	18915
Non operating revenue	S	n	န္တ	ŀτ	င္လြ	1
Total Revenue	19725	18.140	1472	$\tilde{\mathcal{F}}$	21197	3915
Assets	$\circ$	ķo	o	Ó	o	ļÓ
Consolidate (profit)loss from ordinary activities	-943	برداد	$-1056$	$-956$	-1990	-176
Abnormal items	0	٥	٥	Ó	o	Ò
Consolidate (profit)/loss from ordinary activities	343	174	$-1056$	- 950	-1999	$-176$

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PHONE NO. : 61 3 9556 5547

ŀ,

Dec. 13 2002 06:08PM P23پاکستان از ایران است کال در ۱۳ و McDonald Carter HPW

INDEPENDENT AUDIT REPORT TO THE MEMBERS OF SIETEL LIMITED

Scope

We have audited the financial report of Sietel Limited and controlled entities in the form of an Appendix 4B for the financial year ended 30 September 2002 as set out on peges 1 to 22 excluding the:

• Directors Report:
• Comments by Directors (pages 15 & 16); and
• Compliance Statement (pages 17 & 18).

The financial report includes the consolidated financial statements of the consolidated entity comprising the company and the entities it controlled at the year's end or from time to time during the financial year. The company's directors are responsible for the financial report. We have conducted an independent audit of this financial report in order to express an opinion on it to the members of the company.

Our audit has been conducted in accordance with Australian Auditing Standards to provide reasonable assurance whether the financial report is free of material misstatement. Our procedures included examination, on a test basis, of evidence supporting the amounts and other disclosures in the financial report, and the evaluation of accounting policies and significant accounting estimates. These procedures have been undertaken to form an opinion whether, in all material respects, the financial report is presented fairly in accordance with Accounting Standards and other mandatory professional and statutory reporting requirements, and in order for the company to lodge the Appendix 4B with the Australian Securities & investment Commission and the Australian Stock Exchange, so as to present a view which is consistent with our understanding of the company's and the consolidated entity's financial position, and performance as represented by the results of their operations and their cash flows.

The audit opinion expressed in this report has been formed on the above basis.

Audit Opinion

In our opinion, the financial report of Sietel Limited in the form of an Appendix 4B is in accordance with:

• the Corporations Act 2001, including: a.
  • giving a true and fair view of the company's and consolidated entity's financial position as at T, 30 September 2002 and of their performance for the year ended on that date; and
  • complying with Accounting Standards and the Corporations Regulations 2001; and ii.
• other mandatory professional reporting requirements. Þ.

McDonald Carter HPW

McDonald Carter HPW Busing SYAdvisors and Chartered Accountants

$G.S.P.$ trei Partne

Melbourne 13 December 2002

124 Camberwell Road Hawken, Victoria 3122 Fax: +61 3 9861 9800

Level 4 / 256 Queen Sirver Melbourne, Victoria 3000 CPO Box 68B Melbourne 3001 Fax: +61 3 9861 9855

Telephone: +61 3 9361 9861

e-mail: mede@mcdc.com.au website: www.mode.com.au

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