[WTHORSE] QoQ Cumulative Quarter Result on 31-Mar-2004 [#1]

Announcement Date
20-May-2004
Admission Sponsor
-
Sponsor
-
Financial Year
31-Dec-2004
Quarter
31-Mar-2004 [#1]
Profit Trend
QoQ- -72.01%
YoY- 70.33%
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Cumulative Result
31/12/04 30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 CAGR
Revenue 408,585 307,140 195,760 86,492 324,910 230,224 140,040 103.52%
PBT 89,129 64,999 37,745 13,498 48,741 35,284 20,502 165.18%
Tax -10,167 -7,736 -4,324 -1,202 -4,809 -3,954 -2,422 159.09%
NP 78,962 57,263 33,421 12,296 43,932 31,330 18,080 165.99%
-
NP to SH 78,962 57,263 33,421 12,296 43,932 31,330 18,080 165.99%
-
Tax Rate 11.41% 11.90% 11.46% 8.91% 9.87% 11.21% 11.81% -
Total Cost 329,623 249,877 162,339 74,196 280,978 198,894 121,960 93.44%
-
Net Worth 425,243 403,731 379,838 373,913 361,767 342,784 330,907 18.11%
Dividend
31/12/04 30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 CAGR
Div 19,112 19,111 19,111 - 16,770 11,985 11,989 36.27%
Div Payout % 24.20% 33.38% 57.18% - 38.17% 38.26% 66.31% -
Equity
31/12/04 30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 CAGR
Net Worth 425,243 403,731 379,838 373,913 361,767 342,784 330,907 18.11%
NOSH 238,900 238,894 238,892 239,688 239,581 239,709 239,787 -0.24%
Ratio Analysis
31/12/04 30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 CAGR
NP Margin 19.33% 18.64% 17.07% 14.22% 13.52% 13.61% 12.91% -
ROE 18.57% 14.18% 8.80% 3.29% 12.14% 9.14% 5.46% -
Per Share
31/12/04 30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 CAGR
RPS 171.03 128.57 81.94 36.09 135.62 96.04 58.40 104.02%
EPS 33.55 23.97 13.99 5.13 18.39 13.07 7.54 169.30%
DPS 8.00 8.00 8.00 0.00 7.00 5.00 5.00 36.60%
NAPS 1.78 1.69 1.59 1.56 1.51 1.43 1.38 18.40%
Adjusted Per Share Value based on latest NOSH - 239,688
31/12/04 30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 CAGR
RPS 185.72 139.61 88.98 39.31 147.69 104.65 63.65 103.53%
EPS 35.89 26.03 15.19 5.59 19.97 14.24 8.22 165.94%
DPS 8.69 8.69 8.69 0.00 7.62 5.45 5.45 36.29%
NAPS 1.9329 1.8351 1.7265 1.6996 1.6444 1.5581 1.5041 18.11%
Price Multiplier on Financial Quarter End Date
31/12/04 30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 CAGR
Date 31/12/04 30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 -
Price 2.52 1.84 1.80 1.98 1.77 1.55 1.57 -
P/RPS 1.47 1.43 2.20 5.49 1.31 1.61 2.69 -33.03%
P/EPS 7.62 7.68 12.87 38.60 9.65 11.86 20.82 -48.67%
EY 13.12 13.03 7.77 2.59 10.36 8.43 4.80 94.89%
DY 3.17 4.35 4.44 0.00 3.95 3.23 3.18 -0.20%
P/NAPS 1.42 1.09 1.13 1.27 1.17 1.08 1.14 15.69%
Price Multiplier on Announcement Date
31/12/04 30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 CAGR
Date 22/02/05 24/11/04 19/08/04 20/05/04 24/02/04 21/11/03 21/08/03 -
Price 2.54 1.90 1.85 1.90 1.88 1.66 1.59 -
P/RPS 1.49 1.48 2.26 5.27 1.39 1.73 2.72 -32.92%
P/EPS 7.68 7.93 13.22 37.04 10.25 12.70 21.09 -48.84%
EY 13.01 12.62 7.56 2.70 9.75 7.87 4.74 95.43%
DY 3.15 4.21 4.32 0.00 3.72 3.01 3.14 0.21%
P/NAPS 1.43 1.12 1.16 1.22 1.25 1.16 1.15 15.55%

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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