SIETEL LIMITED — Interim / Quarterly Report 2004

May 30, 2004

AQUAMAX

Appendix 4D Half year report

Rule 4.2A.3

Appendix 4D

Half year report

Period ending 31 March 2004

ABN or equivalent companyHalf yearlyPreliminaryreferencefinal (tick)(lick)	Financial year ended ('current period')
004 217 734		31 MARCH, 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)	up/ down	4%to	10.326
Profit (loss) from ordinary activities after tax attributable tomembers (item $1.22$ ) (Refer to 19.2)	up/ down	89%to	482
Profit (loss) from extraordinary items after tax attributableto members ( item $2.5(d)$ )	gain (loss)٥f
Net profit (loss) for the period attributable to members(item 1.11)	up/dewn-	89%to	482
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/A	¢	¢
Previous corresponding period (Preliminary final report -item $15.5$ ; half yearly report - item $15.7$ )		4	¢
Record date for determining entitlements to thedividend,(in the case of a trust, distribution) (see item $15.2$ )	N/A
A brief explanation of any of the figures reported above necessary to enable the figures to be understood.

+ See chapter 19 for defined terms.

		Current period -$A'000	Previous correspondingperiod - $A'000
1.1	Revenues from ordinary activities (see items 1.23$-1.25$	10,326	9,902
1.2	Expenses from ordinary activities (see items 1.26& 1.27	9,663	9,515
1.3	Borrowing costs	89
14	Share of net profits (losses) of associates and jointventure entities (see item 16.7)		122
1.5	Profit (loss) from ordinary activities before tax	574	265
1.6	Income tax on ordinary activities (see note 4)	92	10
1.7	Profit (loss) from ordinary activities after tax	482	255
1.8	Profit (loss) from extraordinary items after tax(see item 2.5)
1.9	Net profit (loss)	482	255
1.10	Net profit (loss) attributable to outside $+$ equityinterests
1.11	Net profit (loss) for the period attributable tomembers	482	255
	Non-owner transaction changes in equity
1.121.131.141.15	Increase (decrease) in revaluation reservesNet exchange differences recognised in equityOther revenue, expense and initial adjustmentsrecognised directly in equity (attach details)Initialadjustments from UIG transitionalprovisions
1.16	Total transactions and adjustments recogniseddirectly in equity (items 1.12 to 1.15)	N/A	N/A
1.17	Total changes in equity not resulting fromtransactions with owners as owners

Earnings per security (EPS)---------------------------------------$\overline{\phantom{a}}$---	Current period	PreviouscorrespondingPeriod
1.18Basic FPS	6.03	3.40
Diluted EPS1.19	5.97	3.16

+ See chapter 19 for defined terms.

Notes to the condensed consolidated statement of financial performance

Profit (loss) from ordinary activities attributable to members

		CurrentSA'000	period	Previouscorresponding period -$A'000
1.20	Profit (loss) from ordinary activities after tax(item 1.7)		482	255
1.21	Less (plus) outside $+$ equity interests
1.22	Profit (loss) from ordinary activities aftertax, attributable to members		482	255

Revenue and expenses from ordinary activities

(see note $15$ )

		Current5A'000	period	Previouscorresponding period -SA'000
1.23	Revenue from sales or services		9,580	9,272
1.24	Interest revenue		33	27
1.25	Other relevant revenue		713	603
1.26	Details of relevant expenses		8,929	8,808
127	Depreciation and amortisationexcludingamortisation of intangibles (see item 2.3)		823	829
	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'000	Previous correspondingperiod - $A'000
1.30	Retained profits (accumulated losses) at thebeginning of the financial period	5,406	4.316
1.31	Net profit (loss) attributable to members ( item1.1 I)	482	255
1.32	Net transfers from (to) reserves (details ifmaterial)
1.33	Net effect of changes in accounting policies
1.34	Dividends and other equity distributions paidor payable

+ See chapter 19 for defined terms.

01/01/2003

AQUAMAX

Appendix 4D
Half year report

1.35 Retained profits (accumulated losses) at endof financial period	5,888	4.571

Intangible and extraordinary items

		Consolidated ~ current period
		Before taxSA'000$\bf(a)$	Related tax$A'000(b)	Relatedoutside$+$ cquityinterests$A'000	Amount (aftertax)attributable tomembersSA'000
				(c)	$\phi$
2.1	Amortisation of goodwill	17			17
22 2	Amortisation of otherintangibles
2.3	Total amortisation ofintangibles	17
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
482	255

$\sim$

+ See chapter 19 for defined terms.

$\sim$

Appendix 4DHalf year report

Condensed consolidated statement o		Atendof	As shown in last	As in last half
financial position		current period	annual report	yearly report
		$A'000	$A'000	SA'000
	Current assets
4.1	Cash	893	1,901	729
4.2	Receivables	1,167	1,449
4.3	Investments			1,202
4,4	Inventories	2,612	2,393	2,013
4.5	Tax assets
4.6	Other (provide details if material)	120	85	114
		4,792	5,828	4,058
4.7	Total current assets
	Non-current assets
4,8	Receivables	72	85	105
4.9	Investments (equity accounted)
4.10	Other investments	29	29	29
4.11	Inventories
4.12	Exploration and evaluation expenditurecapitalised (see para .71 of AASB1022)
4.13	Developmentproperties$($ Tuningentities)
4.14	Other property, plant and equipment(net)	11,468	11,349	11,492
4.15	Intangibles (net)	368	385	401
4.16	Tax assets	980	840	788
4.17	Other (provide details if material)	249	319	466
		13,166	13,006	13,281
4.18	Total non-current assets
4.19	Total assets	17,958	18,834	17,339
	Current liabilities
4.20	Payables	1,557	2,293	1,186
4.21	Interest bearing liabilities	991	1,318	2,034
4.22	Tax liabilities	335	337	103
4.23	Provisions exc. tax liabilities	2,837	3,031	2,704
4.24	Other (provide details if material)
4.25	Total corrent liabilities	5,720	6,979	6,027
	Non-current liabilities
4.26	Payables
4.27	Interest bearing liabilities	870	1,072	1,261
4.28	Tax liabilities
4.29	Provisions exc. tax liabilities
4.30	Other (provide details if material)
4.31	Total non-current liabilities	870	1,072	1,261

Condensed consolidated statement of financial position continued

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

+ See chapter 19 for defined terms.

	Total liabilities	6,590	8,051	7,288
4.324,33	Net assets	11,368	10,783	10,051
	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)	5,888	5,303	4,571
4,37	Equity attributable to members of the	11,368	10,783	10,051
	parent entity
4.38	Quiside + equity interests in controlled
	entities
		11,368	10,783	10,051
4.39	Total equity
4.40	Preference capital included as part of4.37	N/A	N/A	150

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.

$\sim$

$\hat{\varphi}$ :

$\bar{z}$

656.6	Acquisitions, disposals, revaluationmerements, etc.Expenditure transferred to mine properties
-6.7	Closing balance as shown in theconsolidated 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	10,833	9,272
7.2	Payments to suppliers and employees	(10, 185)	(9,207)
7.3	Dividends received from associates
7.4	Other dividends received
7.5	Interest and other items of similar nature	33	27
	received
7.6	Interest and other costs of finance paid	(89)	(61)
7.7	Income taxes paid	(131)	(46)
7.8	Other (provide details if material)
		461	(15)
7.9	Net operating cash flows
	Cash flows related to investing activities
7.10	Payment for purchases of property, plant and	(943)	(625)
	equipment
7.11	Proceeds from sale of property, plant and	$\overline{2}$	9.
	equipment
7.127.13	Payment for purchases of equity investmentsProceeds 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)		(616)
		(940)
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	(628)	(234)
7.21	Dividends paid
7.22	Other (provide details if material)
		(628)	(234)
7.23	Net financing cash flows
7.24	Net increase (decrease) in cash held	(1,107)	(865)
7.25	Cash at beginning of period	1,901	1,297
	(see Reconciliation of cash)

• See chapter 19 for defined terms.

$\mathcal{O}(\frac{1}{2})$

01/01/2003

Exchange rate adjustments to item 7.25. 7.26

$7,27$ Cash at end of period

(see Reconciliation of cash)

794	432
	120800-004. .

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 $A'000	FreviouscorrespondingPeriod - $A'000
8.1	Cash on hand and at bank	893	729
82	Deposits at call	(99	(297
8.3	Bank overdraft
8.4	Other (provide details)
85	Total cash at end of period (item 7.27)	794	432

Other notes to the condensed financial statements

Ratios		Current period	PreviouscorrespondingPeriod
91	Profit before tax / revenueConsolidated profit (loss) from ordinaryactivities before tax (item $1.5$ ) as a percentageof revenue ( item $1.1$ )	5.56%	2.68%
9.2	Profit after tax $/$ + equity interestsConsolidated net profit (loss) from ordinaryactivities after tax attributable to members(item $I.II$ ) as a percentage of equity (similarlyattributable) at the end of the period (item4.37)	4.24%	2.54%

+ See chapter 19 for defined terms.

Earnings per security (EPS)

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

	Profit/loss for the period x 100% = $482,710$ x 100% = 6.03Basic $EPS = No$ of ordinary securities	8,007,479
	Diluted EPS = $\frac{\text{Profit/loss for the period}}{x}$ 100% = $\frac{482.710}{x}$ 100% = 5.97No. of ordinary securities+ Preference securities	8,007,479+75,000
NTA backing(see note $7)$		Current period	Previous correspondingPeriod
		イウオ ウワス	1ብዓ ዕହፊ

$11.1$ Net tangible asset backing per +ordinary security

--------------------------------------	--------------------------------------Period
$134.27\epsilon$	102.98c

Discontinuing Operations

Expression where the correction of any significant activities or events relating to discontinuing operations in accordancewith paragraph 7.5 (g) of AASB 1029: Intertin Financial Reporting, or, the details of discontinuing

$12.1$ Discontinuing Operations

$N/A$

+ See chapter 19 for defined terms.

Control gained over entities having material effect

$N/A$

• 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

$
$

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

$N/A$

• 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

N/A

• $15.2$ +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)

	r un

$N/A$

01/01/2003

+ See chapter 19 for defined terms.

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	c.	¢.
15.6	(Half yearly and preliminary final reports)Interim dividend: Current year	c.	¢,
15.7	Previous year		ď.

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

(Preliminary final report only)

		Current year	Previous vear
15.8	+Ordinary securities	NVA	N/A
15.9	Preference + securities	N/A	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
		N/A	N/A
15.10	$+$ Ordinary securities (each class separately)	N/A	N/A
15.11	Preference + securities (each classseparately)
		N/A	N/A
15.12	Other equity instruments (each classseparately)
		N/A	N/A
15.13	Total

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)

01/01/2003

+ See chapter 19 for defined terms.

$N/A$

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$= 5A'000$
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 ownershipinterest held at end of period ordate of disposal		Contribution to net profit (loss) (item1.9)
17.1Equity accountedassociates andjoint ventureentities	Currentperiod	Previouscorrespondingperiod	Current period$A'000	Previouscorrespondingperiod-$A'000

+ See chapter 19 for defined terms.

$\mathcal{L}$

$\label{eq:2.1} \frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac{1}{\sqrt{2}}\sum_{i=1}^n\frac$

17.2 Total
17.3 Other materialinterests
17.4 Total

$\bar{\mathcal{L}}$

$\ddot{\phantom{a}}$

Appendix 4D Page 13

$\mathcal{A}^{\pm}$

$+$ See chapter 19 for defined terms.

$\ddot{\phantom{a}}$

Appendix 4DHalf year 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)

18.1	Category of + securitiesPreference + securities	Total number75,000	Number quoted75,000	Issuepricepersecurity(see note14)(cents)200	Amountpaid uppersecurity(see$note$ 14 $)$(cents)200
	(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
18.7	Options (description andconversion factor)			ExercisePrice	ExpiryDate$(f$ any)
18.8	Issued during current period
18.9	Exercised during currentperiod
18.10	Expired during current period
18.1118.12	Debentures (description)Changes during current period(a) Increases through issues(b) Decreases throughsecurities matured, converted	N/A

$+$ 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 maiured, 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.) (See attachment Schedule 2)

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 of $181,430 realised on sale of a share investment which was held at nil value.

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

+ See chapter 19 for defined terms.

N/A
	$\epsilon$

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

$\overline{N}/A$

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.

Number of units held by the management 20.1 company or responsible entity or their related parties. A statement of the fees and commissions 20.2 payable to the management company or responsible entity. Identify: initial service charges $\bullet$ management fees other fees Ä

Annual meeting

(Preliminary final report only)

The annual meeting will be held as follows:

Place

Date

Tune

Approximate date the "annual report will be available

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 $\text{ASK}$ (see note 12).

Identify other standards used

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

This report is based on 'accounts to which one of the following applies. 4

(Tick one)

	The $\frac{1}{2}$ accounts have been $\Box$		The
audited.			subj

accounts have been ect to review.

01/01/2003

+ See chapter 19 for defined terms.

• The +accounts are in the The +accounts have not vet П $\Box$ 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 extrached 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:	(Director/Company Secretary)	31.5.04Date:
Print name:	R.REES.

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.
• True and fair view If this report does not give a true and fair view of a matter (for example, $2.$ 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

• 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 % $\text{tax}^n$ 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.
• $7.$ 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.
• $10.$ 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 vearly 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 4D.

• $111$ 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 $+A$ SIC, 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 4D.

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

01/01/2003

+ 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 4D.

18. Format

$\vec{V}$

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.

$\sim$

$\langle\cdot,\cdot\rangle$ . $\tilde{\alpha}$

$\sim$ $\sim$

⊃∧⊂r1ľ41 T
--------------------	--

$\ddot{\phantom{a}}$

MARCH 2004
	SCHEDULE 1.24 - DETAILS OF REVENUE AND EXPENSES
		CURRENT
		PERIOD
		$'000
REVENUE
	Sales Revenue	9,580
		1
	Dividends Received
	Interest Received	33
	Rent Revenue	$\overline{152}$
	Other Revenue	558
	Proceeds from disposal	$\overline{2}$
	Total	10,326
EXPENSES
	Cost of Goods Sold	4,693
	Overheads	2,726
	Abnormal Item	$\overline{\mathfrak{o}}$
	Administration Exp	320
	Selling Exp	1,753
	Finance Exp	260
	Total	$\overline{9,752}$

$\mathcal{L}(\mathcal{A})$ and $\mathcal{L}(\mathcal{A})$ and $\mathcal{L}(\mathcal{A})$

$\sim$

$\sim$ $\sim$

$\mathcal{L}_{\mathcal{A}}$

$\bar{\beta}$

l,

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$\hat{\pi}$ . $\hat{\mathcal{L}}$

SIETEL LIMITED
MARCH 2004
SCHEDULE 2 - NOTES FOR BUSINESS SEGMENTS
		MANUFACTURING	INVESTMENTS		TOTAL
	CurrentYear	PreviousYear	Current	Previous	Current	Previous
	$A'000	$A'000	Year$A'000	Үеаг$A'000	Year$A'000	Year$A'000
Operating Revenue	9,861	9,617	463	276	10,324	9,893
Non operating revenue	Ð	0	2	9	ク	9
Total Revenue	9,861	9,617	465	285	10,326	9,902
Assets	4,142	3,932	13,816	13,408	17,958	17,340
Consolidate (profit)/loss from ordinary activities	$-24$	199	$-458$	-454)	-482	$-255$
Abnormal items	0	0	O	O	0.	o
Consolidate (profit) loss from ordinary activities	-24	199	-458	$-454$	-482	-255}

$\mathcal{L}^{\mathcal{L}}$

$\mathcal{X} \subset \mathcal{X}$

$\overline{\mathcal{F}}$

SIETEL LIMITED AND CONTROLLED ENTITIESDIRECTORS' REPORT FOR THE HALF YEAR ENDED MARCH 31 2004.

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 78
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.
	Director of a company which provides financial and
Interests in Contract	management services to the Chief Entity Consultant to
	Garland Consulting Services which provides consulting and
	secretarial services to the Chief Entity.
MR. GEOFFREY NANSCAWEN	DIRECTOR AGE 56
Experience
	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 as
	overseas 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 54
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 since
	1981
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.Refer to Table headed Directors' Interest in Ordinary Shares
Interest in Shares
	on page 2 which is to be read as forming part of this report.

$2.$

REVIEW OF OPERATIONS

Sales of manufactured products of the company's subsidiary companies for the six months were above the previous corresponding period but below levels achieved in the 1998-2000 period because of the aggressive pricing and marketing by the two major Japanese owned Australian water heater suppliers.

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 2004

	Ordinary Shares held	Ordinary Shares inwhich Directors' may
	in the name of the Director	have a relevant interest
Director
D.G.R.	28,237	5,141,756
R Rees	465,961	5,865,401

DIRECTORS' MEETINGS

Moorabbin, $31$ Moore, $2004$

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

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

$31$

SIETEL LIMITED DIRECTORS' DECLARATION FOR THE HALF YEAR ENDED 31 MARCH 2004

The directors declare that:

• The attached financial statements and notes thereto comply with accounting $\mathbf{a}$ 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 c) accordance with the Corporations Law; and
• In the directors' opinion there are reasonable grounds to believe that the company 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.E.Nanscawen.

Moorabbin, 31 MAY, 2004

AQUAMAX

PAGE 06

Chamered Accountment - Bediding Your Branco

INPACT McDonald Carter

ρ.

INDEPENDENT REVIEW REPORT TO THE MEMBERS OF SIETEL LIMITED

Soone

We have reviewed the financial report in the form of an Appendix 4D of Sietel Limited for the half-year ended 31 March 2004.

The company's directors are responsible for the Appendix 4D. We have performed an independent review of the Appendix 4D in order to state whether, on the basis of the procedures described, anything has come to our attention that would indicate that the Appendix 4D 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 Standardsapplicable to review engagements. A review is finited 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 aucit 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 4D of Sietel Limited is not in accordance with:

• the Corporations Act 2001, including: ā.
  • giving a true and fair view of the company's financial position at 31 March 2004 i. and of its performance for the half-year ended on that date; and
  • complying with Accounting Standard AASB 1029: Interim Financial Reporting ĨĬ. and the Corporations Regulations; and
• other mandatory professional reporting requirements. Ь.

day of

INPACT McDonald Carter Charte felt Accountants

Ġ Par

Melbourne Dated this 31st

May

2004

Telephone: $+61398619861$

Melbourne Office: Level 4 256 Queen Street Melbourne Vic 3000 Fax: +61 3 9851 9855 GPO Box 683 Melbourne Vic 3001

Haustram Office: 124 Camberwall Road Mawthorn Vie 3122 Fax: +61 3 9851 9800

email: mede@mede.com.au websiter www.mcdc.com.au

		SHAREHOLDER	RANKING	CROINARY	SIETEL	LIMITED	31/05/2004
	AS ATBUBBER	31/03/04	RANKING	SHARESNO.	HELD PERC.	SHARES HELD
	3180	LTDpryINVESTINTSTHOTRIPLE	í٣	$\frac{29}{66}$iRi$\overline{\mathcal{N}}$		$28 - 37$
	8078	ITD۲PTYLYNTINA	k٩	689,000		0.55
	3790	PTY. ITD.DELVEST	$\omega = \pi/\sigma$	590,000		ħF	12:31
	30034	CTTEDURPRINSTHERETHE		560,000		Ę,حا
	$\frac{1}{2}$300	MERSEN PTT, LIMITEDENES BICHARDSIDERFIN HOLDINGS PTMETASOROL PTY, LTD,		425,050		1.47$5 - 31$
$\mathcal{V}(\mathcal{I})$	11176			353,800		1.21
	2100Ξ	HOLDINGS PERITY		337 L		$-16$	61-3-9532-5244
	9170n	PTY.LTD.DR. GORDON	$\infty$	333,000		3.98
	0250$\overline{\omega}$	BRADLEYELKINGTON, DR. 60SIDERFIN HOLDINGS	$\frac{1}{2}$	$\frac{1}{2}$		2.74
	30049$\mathbb{H}^2$	LTD.PTT.
	01110$\vec{z}$	EPTT.MERBEN		$\frac{219,645}{121,450}$		$\frac{152}{150}$
نيها	12104$\mathbf{r}$	PET. LTD.ининии Рич. 1201.SIDERFIN HOLDINGS		120,000
	310015$\mathcal{P}$	REES, RICHARD	DDEPE	110,161		$-26$
	01966b.	KENNINGMOHENIGHTINGALE		7250$\overline{101}$
Ć.	30021$\mathbb{R}^3$	٠LTDPTY-MERBEN		60,865		$\frac{98}{1}$
	$\tilde{\mathcal{D}}$	PTY.IIDRRDEN INVESTRENTS		62,000		F
	130903002430120Ğ	LTDPTYDELVEST	r	$62,000$55,06259,22558,500		F
Q	i.	BALFPHIZ,	∣∞			62
	$\Xi$300형	ټم TNABRASHESDBTRIPLE	$\dot{\mathbf{a}}$			$6h$ .
	7770$\mathbf{X}_i$	ROARJAMES¦r≖iLILLI	10ky			$\frac{1}{4}$$\bullet$	AQUAMAX
O	$\Xi$			REPORT	H.l.
	$\mathcal{R}$		$\frac{1}{4}$	PD$\frac{1}{2}$
	ă.
$\mathcal{C}$	$\tilde{\mathbf{N}}$			429 AC8.9
	÷,
$\hat{\gamma}$	ç,$\partial_{\bar{z}}$
	ţ,	TQ	읚	6.874.924	$\frac{9}{23.5}$إصJ,
	솼	Territo	31.412	$2.907 + 19$
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$rac{1}{2}$dhgh.Di0h$2 - 13$60 2$\frac{5}{3}$$\overline{z}$EL_1220.1315.1315.330.112$\overline{13}$P$\mathbf{e}$$\frac{1}{2}$Lat.$\frac{1}{2}$٠METO DESC.作り持ちNO. SHARESEND OF REPORT71.390$\overline{500}$$\overline{300}$20220020016,30020011,50011,500$\frac{1}{1}$$\frac{1}{1}$$\frac{1}{1}$$\frac{1}{1}$$\frac{1}{1}$$\frac{1}{1}$$\frac{1}{1}$$\frac{1}{1}$$\frac{1}{1}$$\frac{1}{1}$$\frac{1}{1}$$\frac{1}{1}$$\frac{1}{1}$$\frac{1}{1}$$\frac{1}{1}$$\frac{1}{1}$$\frac{1}{1}$$\frac{1}{1}$$\frac{1}{1}$202outDOC$rac{1}{2}$100PREF FRENCEHAMKINGķςĒ$\frac{1}{2}$Þ⊨Ļ٣ڇဇြκrk)ÞRANKINGNmu.ساÈrĻ∼LDEESHAREHORHITEMELVILLERRIDIETGUTLATEHIDIPLOBBNCEDENISEALEXANDERCAILARDLIMITEDGUIDOLINEOPAL MAX PTY. LTD.BIRTNGTON, DR. GORDONBIRTNGTON, MILLYCROFTON HEMRY EDWARDOF THECATHERINEMARTORIEGRAHAM ALANPATELCTALAMONDLYNTINA PTY. LTD.LEAVER GRAHIM BLANLTD.SUZANNEISABELLTD.PATRICIAWENDED HOLDERRERBERTMASSHALL EST.pTY.FIINT GRACEPTY.HARTROSS DORISMARTINDALEBRENTMALL,ROBELOCK,KENEALIY.MANNERINLEAVER.10120118BROWN,ALITONFOWLESBODLENAMEREGRIM83802110253830108301091119180076558355348015153002719104380300367650843010055005110001$\frac{1}{\mathcal{R}}$	31/05/2004	12:31				$61 - 3 - 9532 - 5244$					AQUAMAX							PAGE	08
	LINITEDSHARES HELDSIETEL

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AQUAMAX

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		1/17057.15 July 2001
ASIC registered agent number
lodging party or agent name
office, level, building name or PO 8ox no.
street number & name	state/territorypostcode
suburb/city
telephone (
facsimile		REQ AASS.maxCASH.
DX number	suburb/city	PROG.
	Australian Securities & Investments Commission
		$_{\text{form}}$ 7051
	notification of
		(ASX Form 1001)
	• Half Yearly Reports	Corporations Act 2001
	to be lodged within 75 days of the erad of the accounting period)	205(2), 296(1), 320
Disclosing entity
Please complete A, B or C.
	A a company
rante	ちほうもい にゅうてもり
A.C.N	ग ठ⊄-400
	B a body (other than a company)
name
A.R.B.N. (if applicable)
	C a registered scheme
narre
AR.S.N.
Financial period
	31 / 03 / 2004-ŧα
trom	1/10/200
Certification
	I certify that the attached discuments 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 Act 2001.
Signature
	This form is to be signed by:
	if a company or a body a director or secretary or the equivalent
	if a registered scheme a director or secretary of the responsible entity acting in that capacity
rame of responsible entity	SIETELLIMITER,
A.C.N	-100
name of person signing (print)	capacityRICHARD२९२	DIRECTOR,
	date $31/5/2004$
sign here
	Small Business (less then 20 employees), please provide an estimate of the time taken to complete this form
	Jackvdu
	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
	mitstrş.