Annual Report to Shareholders 1996

Six Year History

	1991	1992	1993	1994	1995	1996
	$'000	$'000	$'000	$'000	$'000	$'000
EARNINGS SUMMARY
Sales revenue	150,686	169,222	187,969	210,957	231,853	282,881
Operating profit before interest and tax	22,714	29,176	34,802	42,076	49,219	60,272
Operating profit before tax	18,632	25,109	33,781	41,090	46,224	52,720
Operating profit after tax	11,229	15,099	19,240	27,820	31,609	33,375
Operating profit after tax and outside equity interests	10,515	13,815	17,960	26,167	29,733	31, 529
BALANCE SHEET SUMMARY
Total assets	196,081	240,345	250,172	271,158	336,188	430,332
Total liabilities	76,868	64,815	62,488	71,642	119,006	198,973
Net assets	119,213	175,530	187,684	199,516	217,182	231,359
Shares on issue	26,521	35,361	35,361	106,082	106,082	159,123
KEY INDICATORS
Annual dividend - $'000 (4)	5,304	6,365	8,840	13,260	14,851	16,443
Earnings per share (1) (2)	$0.087	$0.100	$0.113	$0.164	$0.187	$0.198
Dividends per share - ordinary (2)(4)	$0.040	$0.047	$0.053	$0.083	$0.093	$0.100
preferred	-	-	-	-	-	$0.110
Net assets per share (2) (3)	$0.91	$1.06	$1.11	$1.25	$1.37	$1.45
Number of employees	1,667	1,779	1,856	2,058	2,281	2,813
Interest bearing Debt to Equity - %	34.0%	10.5%	6.2%	7.7%	26.5%	47.4%
Net Interest Cover (times covered)	4.7	7.2	34.1	42.7	16.4	8.0
Return on Average Shareholders Funds	9.8	10.0	10.5	14.3	15.1	14.8
Dividend Payout Ratio (4)	50.4%	46.0%	47.2%	50.7%	50.0%	52.2%
Profit before interest and tax to sales	15.1%	17.2%	18.5%	19.9%	21.2%	21.3%
Growth in sales	21.9%	12.3%	11.1%	12.2%	9.9%	22.0%
Growth in operating profit before interest and tax	6.0%	31.6%	19.3%	20.9%	16.9%	22.5%

Notes

1. Based on average issued capital

2. Adjusted for bonus issues and based on average issued capital.

3. Attributable to the members of the parent entity.

4. The 1996 figure does not include a Special Dividend of $0.10 per share that satisfied the bonus share issue.