[WTHORSE] QoQ Annualized Quarter Result on 31-Dec-2003 [#4]

Announcement Date
24-Feb-2004
Admission Sponsor
-
Sponsor
-
Financial Year
31-Dec-2003
Quarter
31-Dec-2003 [#4]
Profit Trend
QoQ- 5.17%
YoY- 32.85%
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Annualized Quarter Result
30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 CAGR
Revenue 409,520 391,520 345,968 324,910 306,965 280,080 245,040 40.69%
PBT 86,665 75,490 53,992 48,741 47,045 41,004 33,720 87.30%
Tax -10,314 -8,648 -4,808 -4,809 -5,272 -4,844 -4,844 65.27%
NP 76,350 66,842 49,184 43,932 41,773 36,160 28,876 90.87%
-
NP to SH 76,350 66,842 49,184 43,932 41,773 36,160 28,876 90.87%
-
Tax Rate 11.90% 11.46% 8.91% 9.87% 11.21% 11.81% 14.37% -
Total Cost 333,169 324,678 296,784 280,978 265,192 243,920 216,164 33.32%
-
Net Worth 403,731 379,838 373,913 361,767 342,784 330,907 330,970 14.12%
Dividend
30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 CAGR
Div 25,482 38,222 - 16,770 15,980 23,978 - -
Div Payout % 33.38% 57.18% - 38.17% 38.26% 66.31% - -
Equity
30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 CAGR
Net Worth 403,731 379,838 373,913 361,767 342,784 330,907 330,970 14.12%
NOSH 238,894 238,892 239,688 239,581 239,709 239,787 239,833 -0.26%
Ratio Analysis
30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 CAGR
NP Margin 18.64% 17.07% 14.22% 13.52% 13.61% 12.91% 11.78% -
ROE 18.91% 17.60% 13.15% 12.14% 12.19% 10.93% 8.72% -
Per Share
30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 CAGR
RPS 171.42 163.89 144.34 135.62 128.06 116.80 102.17 41.06%
EPS 31.96 27.98 20.52 18.39 17.43 15.08 12.04 91.37%
DPS 10.67 16.00 0.00 7.00 6.67 10.00 0.00 -
NAPS 1.69 1.59 1.56 1.51 1.43 1.38 1.38 14.42%
Adjusted Per Share Value based on latest NOSH - 239,711
30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 CAGR
RPS 186.15 177.96 157.26 147.69 139.53 127.31 111.38 40.70%
EPS 34.70 30.38 22.36 19.97 18.99 16.44 13.13 90.81%
DPS 11.58 17.37 0.00 7.62 7.26 10.90 0.00 -
NAPS 1.8351 1.7265 1.6996 1.6444 1.5581 1.5041 1.5044 14.12%
Price Multiplier on Financial Quarter End Date
30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 CAGR
Date 30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 -
Price 1.84 1.80 1.98 1.77 1.55 1.57 1.33 -
P/RPS 1.07 1.10 1.37 1.31 1.21 1.34 1.30 -12.14%
P/EPS 5.76 6.43 9.65 9.65 8.89 10.41 11.05 -35.15%
EY 17.37 15.54 10.36 10.36 11.24 9.61 9.05 54.25%
DY 5.80 8.89 0.00 3.95 4.30 6.37 0.00 -
P/NAPS 1.09 1.13 1.27 1.17 1.08 1.14 0.96 8.81%
Price Multiplier on Announcement Date
30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 31/03/03 CAGR
Date 24/11/04 19/08/04 20/05/04 24/02/04 21/11/03 21/08/03 28/05/03 -
Price 1.90 1.85 1.90 1.88 1.66 1.59 1.50 -
P/RPS 1.11 1.13 1.32 1.39 1.30 1.36 1.47 -17.03%
P/EPS 5.94 6.61 9.26 10.25 9.53 10.54 12.46 -38.89%
EY 16.82 15.12 10.80 9.75 10.50 9.48 8.03 63.48%
DY 5.61 8.65 0.00 3.72 4.02 6.29 0.00 -
P/NAPS 1.12 1.16 1.22 1.25 1.16 1.15 1.09 1.82%

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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