[WTHORSE] QoQ Annualized 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- 11.95%
YoY- 70.33%
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Annualized Quarter Result
31/12/04 30/09/04 30/06/04 31/03/04 31/12/03 30/09/03 30/06/03 CAGR
Revenue 408,585 409,520 391,520 345,968 324,910 306,965 280,080 28.48%
PBT 89,129 86,665 75,490 53,992 48,741 47,045 41,004 67.40%
Tax -10,167 -10,314 -8,648 -4,808 -4,809 -5,272 -4,844 63.56%
NP 78,962 76,350 66,842 49,184 43,932 41,773 36,160 67.91%
-
NP to SH 78,962 76,350 66,842 49,184 43,932 41,773 36,160 67.91%
-
Tax Rate 11.41% 11.90% 11.46% 8.91% 9.87% 11.21% 11.81% -
Total Cost 329,623 333,169 324,678 296,784 280,978 265,192 243,920 22.11%
-
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 25,482 38,222 - 16,770 15,980 23,978 -13.97%
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% 18.91% 17.60% 13.15% 12.14% 12.19% 10.93% -
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 171.03 171.42 163.89 144.34 135.62 128.06 116.80 28.80%
EPS 33.55 31.96 27.98 20.52 18.39 17.43 15.08 70.01%
DPS 8.00 10.67 16.00 0.00 7.00 6.67 10.00 -13.76%
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 170.24 170.63 163.13 144.15 135.38 127.90 116.70 28.47%
EPS 32.90 31.81 27.85 20.49 18.31 17.41 15.07 67.89%
DPS 7.96 10.62 15.93 0.00 6.99 6.66 9.99 -13.99%
NAPS 1.7718 1.6822 1.5827 1.558 1.5074 1.4283 1.3788 18.10%
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 1.07 1.10 1.37 1.31 1.21 1.34 6.33%
P/EPS 7.62 5.76 6.43 9.65 9.65 8.89 10.41 -18.70%
EY 13.12 17.37 15.54 10.36 10.36 11.24 9.61 22.95%
DY 3.17 5.80 8.89 0.00 3.95 4.30 6.37 -37.06%
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 1.11 1.13 1.32 1.39 1.30 1.36 6.24%
P/EPS 7.68 5.94 6.61 9.26 10.25 9.53 10.54 -18.94%
EY 13.01 16.82 15.12 10.80 9.75 10.50 9.48 23.37%
DY 3.15 5.61 8.65 0.00 3.72 4.02 6.29 -36.80%
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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