SIETEL LIMITED — Interim / Quarterly Report 2003

Jun 15, 2003

RFES D

		ATTACHMENT
	Sietel LIMITEDA.C.N. 004 217 734 Incorporated in Victoria	: ا لم ط$10002 - 92270339$	FACSIMILE MESSAGECENNETER BY19.05
To:	Manager Company Announcements Office	Date:	13 June, 2003
Company:	Australian Stock Exchange	Fax No.	1900 999 279
From:	Richard Rees - Managing Director Sietel Ltd
Subject:	Half yearly reports-Half year end 31 March, 2003	No. of pages(including this sheet)	31

Please find attached the following reports for release to the market and lodgement with the Australian Securities and Investments Commission.

1. Appendix 4B - Half yearly report at 31 March, 2003

2. Directors Report

3. Directors Declaration

4. Audit review report

5. List of the top 20 shareholders for both ordinary and preference shareholders.

6. ASIC form 7051. ASIC notification of Half Yearly Reports.

Yours faithfully, Mr Richard Rees Managing Director Sietel Limited

PRIVACY & CONFIDENTIALITY NOTICE:

The information contained in this facsimile 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.

Sietel Limited	Address:	----------	463-467 Warrigal Rd, Moorabbin, Victoria, Australia
ACN 004 217 734			Postal Address: PO Box 1195 Moorabbin, Victoria 3189
ABN 75 004 217 734	Telephone:	$(03)$ 9553 5740	Fax: (03) 9532 5244

Appendix 4B Half yearly/preliminary final report

Rules 4.1, 4.3

Appendix 4B

Half yearly/preliminary final report

Inmoduced 30/6/2002 Name of entity $S$ iene $C$ LIMITED ABN or equivalent company Half yearly Prelininary Half year/financial year ended ('current period') reference ${\rm (ins1 (tick)}$ $($ tic $k)$ $\circ$ $21$ コろり ا ج~ MARCH $2003$ For announcement to the market Extracts from this report for announcement to the market (see note 1). SA000 Revenues from ordinary activities (tem $1.1$ ) $902$ up/dewn x % $to$ Profit (loss) from ordinary activities after tax attributable to 255 $40/$ down $44.9$ $-$ to members $(iem 1.22)$ Profit (loss) from extraordinary items after tax attributable $N_{\rm b}$ gain (loss) to members (item $2.5(d)$ ) οf Net profit (loss) for the period auributable to members 44 % $255$ ₩Ddown $t\alpha$ $(item 1.11)$ Dividends (distributions) Amount per security Franked amount per security. Final dividend (Preliminary final report only - item 15.4) $N/A$ Interim dividend (Half yearly report only - item 15.6) $\phi$ $\mathcal C$ Previous corresponding period (Preliminary final reportitem 15.5, half yearly report - item 15.7) $\phi$ z +Record date for determining entitlements to the dividend, NIA (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 cash issue 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.

30/6/2002

+ See chapter 19 for defined terms.

$\mathcal{C}^{\mathcal{C}}$

$\mathbb{R}^2$

Appendix 4BHalf yearly/preliminary final report

	Condensed consolidated statement of financial performance	Current period -$A000	Previous correspondingperiod - $A000
1.1	Revenues from ordinary activities (see items 1.23$-1.25$ )	9901	৭৪ মহ
12	Expenses from ordinary activities (see items 1.2641.27	9515	9263
1.3	Borrowing costs	122	مات ۱
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	265	456
16	Income tax on ordinary activities (see note 4)	10
1.7	Profit (loss) from ordinary activities after tax	255	ماكيا
18	Profit (loss) from extraordinary items after tax(see item 2.5)
1.9	Net profit (loss)	755	یا کیا
1.10	Net profit (loss) attributable to outside +equityinterests
111	Net profit (loss) for the period attributable tomembers	255	456
	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 adjustmentsrecognised directly in equity (attach details)Initialadjustmentsfrom UIG transitional
1.15	provisions
1.16	Total transactions and adjustments recogniseddirectly in equity (items 1.12 to 1.15)
1.17	Total changes in equity not resulting fromtransactions with owners as owners

Earnings per security (EPS)	Current period	Previouscorrespondingperiod
Basic EPS1.18	$3 - 40$	5.70
Diluted FPS1.19
	3.16	5.43

+ See chapter 19 for defined terms.

$\lambda_{\rm{max}}$ as

30/6/2002

$\ddot{\phantom{a}}$

$\bar{a}$

Ñ,

Notes to the condensed consolidated statement of financial performance

Profit (loss) from ordinary activities attributable to members

		CurrentperiodSA000	Previouscorresponding period -SA000
1.20	Profit (loss) from ordinary activities after tax(item 1.7)	255	456
1.21	Less (plus) outside + equity interests
1.22	Profit (loss) from ordinary activities after	255	.S (
	tax, attributable to members

Revenue and expenses from ordinary activities

$(see note 15)$

		periodCurrent$A'000	Previouscorresponding period -SA 000
1.23	Revenue from sales or services	9,272	รฺ๒๘๒
1.24	Interest revenue	27	18
1.25	Other relevant revenue	603	いづい
1.26	Details of relevant expenses	208,8	8630
1.27	Depreciation and amortisation excludingamortisation of intangibles (see item $(2.3)$ )	829	739
	Capitalised outlays
1.28	Interest costs capitalised in asset values
1.29	Outlays capitalised in intangibles (unlessarising from an + acquisition of a business)

Consolidated retained profits

		Current period -SA U00	Previous correspondingperiod $A000
1.30	Retained profits (accumulated losses) at thebeginning of the financial period	4316	マスコ
1,31	Net profit (loss) attributable to members (item1.II)	$^{'}255$	456
1,32	Net transfers from (to) reserves (details ifmate rial )
1.33	Net effect of changes in accounting policies
1.34	Dividends and other equity distributions paidor payable

+ See chapter 19 for defined terms.

30/6/2002

$\sim$

Appendix 4B Half yearly/preliminary final report

1.35 Retained profits (accumulated losses) at endof financial period
--------------------------------------------------------------------------	--	--

Intangible and extraordinary items

		Consolidated - current period
		Before taxSA000$\bf(a)$	Related taxSA000(b)	Relatedoutside+equityinterests$AC00(c)	Amount (aftertan)attributable tomembers$A000(d)
2.1	Amortisation of goodwill	$(3^{\circ})$
2.2	Amortisation of otherintangibles			Buchfolk
2,3	Total amortisation ofintangibles.	$\left( \boldsymbol{s}\right)$		ALCOHOL: YES
2.4	Extraordinaryitems(details)
2.5	Total extraordinary items

Comparison of half year profits

(Preliminary final report only)

• $_{\rm 3.1}$ Consolidated profit (loss) from ordinaryactivities after tax attributable to members reported for the $1st$ half year (item $1.22$ in the half yearly report)
• Consolidated profit (loss) from ordinary $3.2$ activities after tax attributable to members for the 2nd half year

Current year - $A DOO	Previous year - SA'000
255	৸১৻

• See chapter 19 for defined terms.

30/6/2002

$\frac{1}{2} \int_{0}^{1} \left( \frac{1}{\sqrt{2}} \right) \left( \frac{1}{\sqrt{2}} \right) , d\theta$

Appendix 4BHalf yearly/preliminary final report

	Condensed consolidated statement of Atfinancial position	endofcurrent period$A'000	As shown in lastannual reportSA'000	As in last halfvearly reportSA'000
	Current assets
4.1	Cash	729.	1, 297	914
4.2	Receivables	1,202	ハココ	1374
4.3	Investments
4.4	Inventories	2,013	1.494	1328
4.5	Tax assets
4.6	Other (provide details if material)	114.	98	135
4.7	Total current assets	4058	4.065	3,751
	Non-current assets
4.8	Receivables	201	كلةا	145
4.9	Investments (equity accounted)
4.1C	Other investments	$2^{\circ}$	29	29
4.11	Inventories
4.12	Exploration and evaluation expenditurecapitalised (see para .71 of AASB1022)
4.13	Developmentproperties$($ * miningcntities)
414	Other property, plant and equipment(net)	W.492	11.698	11.642
4.15	Intangibles (net)	$+$ ot	413	436
4.1c	Tax assets	788	898
4.17	Other (provide details if material)$(R_L)$ $\circ$ $\epsilon$ we contribe)	466	5 26	761
4.18	Total non-current assets	13,281	13.664	13013
4.19	Total assets	17339	ロコマタ	۱۱۰٬۲۰۳
	Current liabilities
4.20	Payables	1.186	مات ۱٬۲	2.400
4.21	Interest bearing liabilities	2034	1911	2.555
4.22	Tax liabilities	103	219
4.23	Provisions exc. tax liabilities	$270+$	2.605	2.497
4.24	Other (provide details if material)
4.25	Total current liabilities	6.027	$1 + 4.9$	7,452
4.26	Non-current liabilitiesPayables
4.27	Interest bearing liabilities	1261	1,492	1,058
4.28	Tax liabilities
4.29	Provisions exc. tax liabilities
4.30	Other (provide details if material)
4.31	Total non-current liabilitiesCondensed consolidated statement of financial position continued	1,261	1492	220,7

• See chapter 19 for defined terms.

÷,

4.32	Total liabilities	7288	7.933	0.75.5
4.33	Net assets	o, osi	9.796	8,254
	Equity
4.34	Capital/contributed equity	4.257	4.257	4,257
4.35	Reserves	1,223	1.223	いえてる
4.30	Retained profits (accumulated losses)	4.571	4.316	ユアコろ
4.37	Equity attributable to members of theparent entity	10051	9.796	2.254
1.38	Outside *equity interests in controlledentities
4.39	Total equity	10,051	৭.ন৭১	25.8
4.40	Preference capital included as part of4.37	150	150	15o

Appendix 4B Half yearly/preliminary final report

Notes to the condensed consolidated statement of financial position

Exploration and evaluation expenditure capitalised

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

		Current period $A000	Previouscorresponding period -SA000
5.1	Opening balance
5.2	Expenditure incurred during current period	NIA	71/ A
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 $A000	Previouscorrespondingperiod $A000
6.1	Opening balance
6.2	Expenditure incurred during current period
63	Expenditure transferred from exploration andevaluation	WIA	N7 A
6.4	Expenditure written off during current period

• See chapter 19 for defined terms.

$\sim 1$

$\bar{z}$

Appendix 4B Half yearly/preliminary final report

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)

$\mathsf{N}$ a	---------------------------------------$N/\Lambda$

Condensed consolidated statement of cash flows

		. .$M$ ov $^{\prime}$ oz	Mar'or
		Current period$A000	Freviouscorresponding period- $A000
	Cash flows related to operating activities
71	Receipts from customers	9,272	9.388
72	Payments to suppliers and employees	(9, 207)	(8.732)
7.3	Dividends received from associates
7.4	Other dividends received
7.5	Interest and other items of similar naturereceived	27	18
7.6	Interest and other costs of finance paid	6١	くっゝゝ
7.7	Income taxes paid
7.8	Other (provide details if material)
79	Net operating cash flows	(15)	۱ 0 ما
7.10	Cash flows related to investing activitiesPayment for purchases of property, plant andequipment	(625)	(sso)
7.11	Proceeds from sale of property, plant andequipment		980
7.12	Payment for purchases of equity investments
7.13	Proceeds from sale of equity investments
7.14	Loans to other entities
7.15	Loans repaid by other entities
7.16	Other (provide details if material)		(z5)
7.17	Net investing cash flows	$\zeta$	(168)
	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	(234)	( япо)
7.21	Dividends paid
7.22	Other (provide details if material)
7.23	Net financing cash flows	(234)	(870)
7.24	Net increase (decrease) in cash held	865	(ちょう)
7.25	Cash at beginning of period(see Reconciliation of cash)		8PC.1

• See chapter 19 for defined terms.

$\epsilon$

i, c

$\sim$

	Appendix 4B
Half yearly/preliminary final report

7.26	Exchange rate adjustments to item 7.25.	THE R. P. LEWIS.
7.27	Cash at end of period
	lean Dannweilleting af ---Li

$661$

Non-cash financing and investing activities

(see Reconciliation of cash)

Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did notinvolve 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	া ২৭	914
3.2	Deposits at call
8.3	Bank overdraft	(397)	(253)
-8.4	Other (provide details)
8.5	Total cash at end of period (item 7.27)	432

Other notes to the condensed financial statements

Ratios		Current period	Previouscorrespondingperiod
9.1	Profit before tax / revenueConsolidated profit (loss) from ordinaryactivities before $\text{tax}(item, I.5)$ as a percentageof revenue $(uem 1.1)$	268/	w.64%
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 (item-4.37)	$2.54%$	5.52%

$\hat{\boldsymbol{\beta}}$

• See chapter 19 for defined terms.

30/6/2002

$\hat{\beta}$

Appendix 4B Half yearly/preliminary final report

Earnings per security (EPS)

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

NTA backing(see note 7)	Current period	Previous correspondingperiod
11.1Net tangible asset backing per + ordinarysecurity	∙ం2-98	86.26

Discontinuing Operations(Entries must report a description of any significant activities or events relating to discontinuing operations in accordance with paragraph7.5 (g) of AASB 1029: Interim Financial Reporting, or, t

$12.1$ Discontinuing Operations

NIA

• See chapter 19 for defined terms.

30/6/2002

Appendix 4B Half yearly/preliminary final report

Control gained over entities having material effect

13.1 Name of entity (or group of entities)

$N/16$

• 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

	------	-------__
$\pmb{\cdot}$
--------			,,,,,,,--
	шmm
$\mathbf S$

Loss of control of entities having material effect

14.1 Name of entity (or group of entities)

$NIA$

• 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

	$
ì
	$
	$

Dividends (in the case of a trust, distributions)

15.1 Date the cividend (distribution) is payable

NIA

• $15.2$ +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)

NIA

Amount per security

• See chapter 19 for defined terms.

30/6/2002

Appendix 4B Half yearly/preliminary final report

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

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

(Preliminary final report only)

		Cuirent year	Previous year
15.8	+Ordinary securities	۰	NIA
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 $A000	Previous correspondingperiod - $A000
15.10	*Ordinary securities (each class separately)
15.11	Preference + securities (each classseparately)		N/A
15.12	Other equity instruments (each classseparately)
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)

NA

30/6/2002

+ See chapter 19 for defined terms.

$\sim 10^6$

$\mathcal{L}$

Appendix 4B Half yearly/preliminary final report

спинсэ
entities':	Group's share of associates' and joint venture	Current periodSADOC	Previouscorresponding period$-5A000$
16.1.	Profit (loss) from ordinary activities before tax
16.2	Income tax on ordinary activities		N/A
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

Details of aggregate share of profits (losses) 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").)

PreviousPreviousCurrentCurren: periodEquity accounted17.1periodSA'000correspondingassociates andperiodperiod -joint ventureSA'000entities$\sqrt{A}$N\A$\mathcal{N}/\mathcal{A}$NA		Name of entity	Percentage of ownershipdate of disposal	interest held at end of period or	Contribution to net profit (loss) (itemI.9)
						corresponding

+ See chapter 19 for defined terms.

$\sim$

$\hat{\mathcal{A}}$

Appendix 4B Half yearly/preliminary final report

17.2 Total
17.3 Other materialinterests	N/Aл.
17.4 TotalTHE REAL PROPERTY

+ See chapter 19 for defined terms.

$\omega_{\rm{max}}=0.1$

Appendix 4B Half yearly/preliminary final report

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 persecurity(see note14)(cents)	Amountpaid uppersecurity(seenote $14)$(cents)
18.1	Preference *securities(description)	75.ంచు	75.000	200	200
18.2	Changes during current period(a) Increases through issues(b) Decreases through returnsof capital, buybacks,redemptions
18.3	*Ordinary securities	דע, רסס,	$P \cap P$ $P \cap P$	50	so
184	Changes during current period(a) Increases through issues(b) Decreases through returnsof capital, buybacks
18.5	+Convertible debt securitiesdescription and conversionfactor).
18.6	Changes during current period(a) Increases through issues(b) Decreases throughsecurities matured, converted	NIL	ML
18.7	Options (description andconversion factor)	$N_{IL}$	$\mathcal{N}_{LL}$	Exerciseprice	Expirydate$(f$ any)
18.8	issued during current period
18.9	Exercised during currentperiod
18.10	Expired during current period
18.11	Debentures (description)	いに	$N_{1}$
18.12	Changes during current period(a) Increases through issues
	(b) Decreases throughsecurities matured, converted

+ See chapter 19 for defined terms.

Appendix 4B Half yearly/preliminary final report

18.13	Unsecured notes(description)	NIL	Vzc.
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 yeary 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 firancial 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.

REFER DIRECTORS REPORT.

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).

3C/6/2002

Appendix 4B Half yearly/preliminary final report

NIA

• 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).

$N$ $R$

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.

Nh

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

NM

Additional disclosure for trusts

30/6/2002

+ See chapter 19 for defined terms.

Appendix 4B Half vearly/preliminary final report

• 20.1 Number of units held by the management company or responsible entity or their related parties.
• $2C.2$ A statement of the fees and commissions payable to the management company or responsible entity.

Identify:

• $\bullet$ initial service charges
• $\bullet$ management fees $\blacksquare$
• 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

N/R

Compliance statement

This report has been prepared in accordance with AASB Standards, other AASB authoritative $\mathbf{1}$ pronouncements and Urgent Issues Group Consensus Views or other standards acceptable to ASX (see note 12).

Identify other standards used

		________	--					------------------------
					---------------------------------------
									---

• This report, and the 'accounts upon which the report is based (if separate), use the same $,2$ accounting policies.
• $\overline{\mathbf{3}}$ This report does/does not® (delete one) give a true and fair view of the matters disclosed (see note $2$ ).
• $\overline{4}$ This report is based on 'accounts to which one of the following applies. $(Tick one)$

audited.	The $^{\dagger}$ accounts have been $\Box$			The 'accounts have beensubject to review.

30/6/2002

+ See chapter 19 for defined terms.

			Appendix 4B
	Half yearly/preliminary final report

• The 'accounts are in the The 'accounts have not yet $\Box$ П been audited or reviewed. process of being audited or 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.)

The entity has/does not have* (delete one) a formally constituted audit committee. 6

د مر

$Date: 12.6.2003$

Sign here:

Print name:

(Director/Company Secretary)

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.
• $2.$ 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.

$3.$ 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 4. 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 % $\text{tax}^n$ 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.

• 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.
• $7.$ 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 (ie, 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.
• 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.
• Comparative figures Comparative figures are to be presented in accordance with AASB 1018 $10$ 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.

$\sim$

Appendix 4B Half yearly/preliminary final report

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.

• $11.$ 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.
• 1. 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.
• $141$ 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.
• $1515$ 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.

17. Discontinuing operations

Half yearly report

30/6/2002

+ See chapter 19 for defined terms.

$\epsilon$

Appendix 4B Half yearly/preliminary final report

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.

+ See chapter 19 for defined terms.

						EXPENSES							REVENUE
Lata	Finance Exp	Selling Exp	Administration Exp	Abnormal Item	Overheads	Cost of Goods Sold	loid	Proceeds from disposal	Other Revenue	Rent Revenue	Interest Received	Dividends Received	Sales Revenue
363667	SE6122	1412068	sayaza		2575021	5037615	PS91066	ංප	444587	$\frac{148200}{148200}$	27446	$\frac{1}{2}$	1951226	2003$\vdash$	CURRENT PERIOD	SCHEDULE 1.24 - DETAILS OF REVENUE AND EXPENSES
3	523	$\frac{1415}{2}$	ပ္ကြ	$\Box$	5252	BCOS	2002	÷Ø	445	$\frac{448}{1}$	Ŋ		6772	GOOS

Consolidate ( profit) ass from ordinary activities	Abnormal items	Consolidate ( profit) loss from ordinary activities	SIGGS	Lotal Revenue	Non operating revenue	Operating Revenue				BUSINESS
$\vec{5}$		g	3932	$\frac{8}{1}$	o	218	000.7$	Year	Current	MANUFACTURING
ತ್ರ	o	ŝ	$\frac{2}{31}$	888		1888	DOO.75	Year	Previous		NOTES FOR BUSINESS $EGM
$\frac{1}{2}$	$\circ$	-454	80181	8S	œ	37e	000.03	Year	Current	INESTNENTS	市NTS- schetche D
oCi	0	ģ	90921	g	ිසි	257	000.7$	Veal	Previous
ង្គ	Ç	ŚS	OPCZL	7066	Φ	7686	000.7$	Year	Current
$\frac{1}{26}$	O	ने प्र	19.91	5236	584	3141	COOP'S	Year	Previous	LOTAL

SIETEL LIMITED AND CONTROLLED ENTITIES

DIRECTORS' REPORT FOR THE HALF YEAR ENDED MARCH 31 2003. The directors of the Company in office at the date of this report are :- Delwyn Garland Rees, Geoffrey Ernest Nanscawen and Richard Rees.

DIRECTORS
MR. DELWYN G. REES	DIRECTOR (CHAIRMAN) AGE 76
Qualifications	Diploma of Commerce (Melbourne University)
	Member of Australian Society of Accountants
	Certified Practising Accountant
Experience	Board Member since 1967
	Appointed Chairman in 1970
	An accountant in public practice for over 30 years.
Interest in Shares	Refer to Table headed Directors' Interest in Ordinary Shares
	on page 2 which is to be read as forming part of this report.
Interests in Contract	Director of a company which provides financial andmanagement services to the Chief Entity Consultant to
	Garland Consulting Services which provides consulting andsecretarial services to the Chief Entity.

MR. GEOFFREY NANSCAWEN

Experience	DIRECTOR AGE 55
	Board member since 2001 and marketing executive of a
	subsidiary since 1994.
	Over 30 years experience in the gas industry occupying
	numerous managerial positions, particularly in marketing,
	sales and advertising.
	Member of various Committees within the industry,
	including the Australian Gas Association. Involved in the
	product development of many local gas appliances as well asoverseas products.
Interest in Contract	Share options taken up during 1996/1997 in accordance with
	the Trust Deed of Sietel Limited " A Staff Equity
	Participation Plan" ("the plan"). These options expired on 28
	February 2002.
MR. RICHARD REES	MANAGING DIRECTOR AGE 53
Qualifications	Bachelor of Commerce (Melbourne University)
	Member of the Institute of Chartered Accountants in
	Australia.
Experience	Board Member and Chief Executive of the Chief Entity since1981.
Interest in Contract	Has a service and share option agreement with the Chief
	Entity dated March 1984. Receives allowance for the
	provision of motor vehicles for use by the Economic Entity.
	Share options taken up during 1996/1997 in accordance with
	the Trust Deed of Sietel Limited "A Staff Equity
	Participation Plan" ("the plan"). These options expired on 28
	February 2002.
Interest in Shares	Refer to Table headed Directors' Interest in Ordinary Shares
	on page 2 which is to be read as forming part of this report.

REVIEW OF OPERATIONS

Sales of manufactured products of the company's subsidiary companies for the six months were above the previous corresponding period and on budget but below levels achieved in the 1998-2000 period because of the aggressive pricing and marketing by an importer of Japanese gas water heaters.

SIGNIFICANT CHANGES IN THE STATE OF AFFAIRS

There have been no significant changes in the state of affairs of the economic entity during this period.

DIRECTORS' INTEREST IN ORDINARY SHARES AS AT MARCH 2003

	Ordinary Shares heldin the name of the Director	Ordinary Shares inwhich Directors' mayhave a relevant interest
Director
D.G.Rees	28.237	5.101.956
R.Rees	465,961	5,825,601

DIRECTORS' MEETINGS

During the financial half year the attendance at Directors' meetings was as follows:

	Meetings held	Meetings attended
D. G. Rees
G.F.Nanscawen
R. Rees
On behalf of the Board
R.Rees, Director
G.F.Nanscawen, Director

Moorabbin, $13.5008$ , $2003$

$3.$

SIETEL LIMITED DIRECTORS' DECLARATION FOR THE HALF YEAR ENDED 31 MARCH 2003

The directors declare that:

• The attached financial statements and notes thereto comply with accounting $a)$ standards:
• The attached financial statements and notes thereto give a true and fair view of the $b$ financial position and performance of the company and the consolidated entity;
• In the directors' opinion, the attached financial statements and notes thereto are in $\mathbf{c}$ accordance with the Corporations Law; and
• In the directors' opinion there are reasonable grounds to believe that the company $\mathbf{d}$ will be able to pay its debts as and when they become due and payable.

Signed, in accordance with a resolution of the directors made pursuant to s.295(5) of the Corporations Law.

On behalf of the Directors

Director, Mr.R. Rees Director, Mr.G.F.Nanscawen.

$\sigma$

Moorabbin, 13 JUNE, 2003

P. NO. 959

INDEPENDENT REVIEW REPORT TO THE MEMBERS OF SIETEL LIMITED

Soope

We have reviewed the financial report in the form of an Appendix 4B of Sietel Limited for the half-year ended 31 March 2003.

The company's directors are responsible for the Appendix 4B. We have performed an independent review of the Appendix 4B in order to state whether, on the basis of the procedures described, anything has come to our aftention that would indicate that the Appendix 4B is not presented fairly in accordance with Accounting Standard AASB 1029: interim Financial Reporting and other mandatory professional reporting requirements and statutory requirements.

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 Appendix 4B of Sietel Limited is not in accordance with:

• the Corporations Act 2001, including:
  • giving a true and fair view of the company's financial position at 31 March 2003 i. and of its performance for the half-year ended on that date; and
  • complying with Accounting Standard AASB 1029: Interim Financial Reporting ü. and the Corporations Regulations; and
• other mandatory professional reporting requirements. Ь.

Me Bonald Cook of HPW

McDonald Carter HPW Busines SAdvisors & Chartered Accountants

G. S. Rucker

Partner Melbourne

Dated this

צי

day of JUNE

2003

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

Level 4 / 254 Queen Street Melbourne, Victoria 3000 OPO Box 688

Melbourne 3001 Fax: +61 3 9861 9855

Telephone: +61 3 9861 9861

o-mail: modo@modo.com.au website: www.mcda.com.eu

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14/06/2003 18:02 0398273476

$\neq 6/9/99$ 11:47

Australian Securities Comm

RFES D

$2/3$

7051 31 May 1999 171 ASIC registered agent number looging party or agent name office level building name or PO Box or street number & name state/territov suburb/etv ousteode telephone T tarsinite7 $\begin{pmatrix} \Delta S S \ C \Delta S I \ P \Theta O C \end{pmatrix} \begin{pmatrix} 1 & 0 & 0 \ 0 & 0 & P \ 0 & 0 & P \end{pmatrix} \begin{pmatrix} 1 \ -1 \ 0 \ -1 \end{pmatrix}$ suburb/city DX number Australian Securities & Investments Commission $km$ 7051 notification of Half Yearly Reports (ASX Form 1001) Corporations I, aw (to be lodged within 75 days of the end of the accounting period). 285(2). 286(1), 320 Disclosing entity Please complete A, B or C. А а сотрапу SIETEL LIMITED name $\overline{217}$ 734 A.C.N $004$ B a body (other than a company) ALF YEARLY REPORT: aame A.R.B.N. UI spoucable) C a registered scheme name — . . . . . . . . . . . . . . . . . . . ARSN. Financial period $31/03/2003$ from $O(1/10/2002)$ $t\alpha$ Certification I cartify that the attached documents comprise the half yearly reports together with every other document that is required to be lodged with the reports by a disclosing entity under the Corporations Law. Signature This form is to be signed by: if a company or a body a director on secretary or the equivalent If a registered scheme a director or secretary of the responsible entity acting in that capacity name of responsible entity A.CN name of person signing (print) RICHARD Capacity DIRECTOR REE $_{\text{date}}$ (2/6/12003) sign hen Small Business (less than 20 employees), please provide an estimate of the time taken to complete this form. Include The time actually spent reading the instructions, working on the question and obtaining the information The time spent by all employees in collecting and providing this information. hr's mins

ATTACHMENT 3

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