[WTHORSE] QoQ Annualized Quarter Result on 30-Sep-2003 [#3]

Announcement Date
21-Nov-2003
Admission Sponsor
-
Sponsor
-
Financial Year
31-Dec-2003
Quarter
30-Sep-2003 [#3]
Profit Trend
QoQ- 15.52%
YoY- 19.23%
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Annualized Quarter Result
30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 CAGR
Revenue 391,520 345,968 324,910 306,965 280,080 245,040 273,741 26.97%
PBT 75,490 53,992 48,741 47,045 41,004 33,720 38,459 56.83%
Tax -8,648 -4,808 -4,809 -5,272 -4,844 -4,844 -5,389 37.10%
NP 66,842 49,184 43,932 41,773 36,160 28,876 33,070 59.92%
-
NP to SH 66,842 49,184 43,932 41,773 36,160 28,876 33,070 59.92%
-
Tax Rate 11.46% 8.91% 9.87% 11.21% 11.81% 14.37% 14.01% -
Total Cost 324,678 296,784 280,978 265,192 243,920 216,164 240,671 22.11%
-
Net Worth 379,838 373,913 361,767 342,784 330,907 330,970 324,076 11.17%
Dividend
30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 CAGR
Div 38,222 - 16,770 15,980 23,978 - - -
Div Payout % 57.18% - 38.17% 38.26% 66.31% - - -
Equity
30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 CAGR
Net Worth 379,838 373,913 361,767 342,784 330,907 330,970 324,076 11.17%
NOSH 238,892 239,688 239,581 239,709 239,787 239,833 240,056 -0.32%
Ratio Analysis
30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 CAGR
NP Margin 17.07% 14.22% 13.52% 13.61% 12.91% 11.78% 12.08% -
ROE 17.60% 13.15% 12.14% 12.19% 10.93% 8.72% 10.20% -
Per Share
30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 CAGR
RPS 163.89 144.34 135.62 128.06 116.80 102.17 114.03 27.38%
EPS 27.98 20.52 18.39 17.43 15.08 12.04 13.80 60.26%
DPS 16.00 0.00 7.00 6.67 10.00 0.00 0.00 -
NAPS 1.59 1.56 1.51 1.43 1.38 1.38 1.35 11.53%
Adjusted Per Share Value based on latest NOSH - 239,602
30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 CAGR
RPS 177.96 157.26 147.69 139.53 127.31 111.38 124.43 26.96%
EPS 30.38 22.36 19.97 18.99 16.44 13.13 15.03 59.93%
DPS 17.37 0.00 7.62 7.26 10.90 0.00 0.00 -
NAPS 1.7265 1.6996 1.6444 1.5581 1.5041 1.5044 1.4731 11.17%
Price Multiplier on Financial Quarter End Date
30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 CAGR
Date 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 -
Price 1.80 1.98 1.77 1.55 1.57 1.33 1.50 -
P/RPS 1.10 1.37 1.31 1.21 1.34 1.30 1.32 -11.45%
P/EPS 6.43 9.65 9.65 8.89 10.41 11.05 10.89 -29.64%
EY 15.54 10.36 10.36 11.24 9.61 9.05 9.18 42.08%
DY 8.89 0.00 3.95 4.30 6.37 0.00 0.00 -
P/NAPS 1.13 1.27 1.17 1.08 1.14 0.96 1.11 1.19%
Price Multiplier on Announcement Date
30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 31/12/02 CAGR
Date 19/08/04 20/05/04 24/02/04 21/11/03 21/08/03 28/05/03 21/02/03 -
Price 1.85 1.90 1.88 1.66 1.59 1.50 1.45 -
P/RPS 1.13 1.32 1.39 1.30 1.36 1.47 1.27 -7.49%
P/EPS 6.61 9.26 10.25 9.53 10.54 12.46 10.53 -26.70%
EY 15.12 10.80 9.75 10.50 9.48 8.03 9.50 36.35%
DY 8.65 0.00 3.72 4.02 6.29 0.00 0.00 -
P/NAPS 1.16 1.22 1.25 1.16 1.15 1.09 1.07 5.53%

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.

NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ & YoY figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.

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