|
WES
WES
WES - Wesco - Interim Report For The Six Months Ended 30 September 2008
Wesco Investments Limited
(Incorporated in the Republic of South Africa)
Registration Number 1968/005871/06
ISIN: ZAE000007928
JSE Share code: WES
("Wesco", "the group" or "the company")
Interim report for the six months ended 30 September 2008
ABRIDGED GROUP INCOME STATEMENT
Unaudited Unaudited Audited
6 months ended 6 months 12 months
30 September 2008 ended ended
30 September 31 March
2007 2008
R000
Income 12 524 18 095 39 950
Administrative expenses (2 305) (2 706) (8 869)
Operating profit 10 219 15 389 31 081
Share of associates` income 15 250 49 610 15 389
Profit on disposal of 979 632
associate and subsidiaries
Profit on disposal of other 124 583 135 057
investments
Profit before taxation 1 005 101 189 582 181 527
Taxation (366 265) (24 207) (96 975)
Profit for the period 638 836 165 375 84 552
Attributable to:
Equity holders of the 638 836 165 375 85 722
company
Minority interest (1 170)
638 836 165 375 84 552
Per share information -
cents
Basic earnings and diluted 7 568 1 959 1 015
earnings
Disposal of investments:
Profit (11 604) (1 476) (1 599)
Attributable taxation 2 163 213 232
Headline earnings (1 873) 696 (352)
Recognised pension fund 670
surpluses
Adjusted headline earnings (1 873) 696 318
Dividends declared and paid 21 700 600 8 400
ABRIDGED GROUP CASH FLOW STATEMENTS
Unaudited Unaudited Audited
6 months 6 months ended 12 months
ended 30 September ended
R000 30 September 2007 31 March 2008
2008
Dividends received 7 694 25 113 26 425
Interest received 12 524 14 955 35 119
Dividends paid (1 831 871) (50 651) (720 816)
Taxation paid (182 418) (69 257) (137 457)
Other operating cash (2 657) (2 337) (4 032)
flows
Net cash flows in (1 996 728) (82 177) (800 761)
operation activities
Available-for-sale 221 768 843 668
financial assets realised
Net cash flows from 2 117 038
disposal of associate and
subsidiaries
Increase in cash and cash 120 310 139 591 42 907
equivalents
Cash and cash equivalents 199 365 175 739 79 055
at end of the period
ABRIDGED GROUP BALANCE SHEET
Unaudited Unaudited Audited
30 30 September 31 March 2008
September 2007
R000 2008
Assets
Non-current assets 1 194 561 1 157 229
Investment in associate 1 187 892 1 153 671
Property and equipment 3 586 3 558
Retirement benefit asset 3 083
Current assets 199 493 798 063 79 067
Total assets 199 493 1 992 624 1 236 296
Equity and liabilities
Capital and reserves 16 121 1 956 224 1 209 156
Minority interest 66 12 941 66
Deferred taxation 2 413
Current liabilities 183 306 21 046 27 074
Total equity and 199 493 1 992 624 1 236 296
liabilities
Net asset value per share 191 23 173 14 323
- cents
Number of ordinary shares 8 441.8 8 441.8 8 441.8
in issue (000)
ABRIDGED STATEMENT OF CHANGES IN EQUITY
Unaudited Unaudited Audited
6 months 6 months 12 months
ended ended ended
30 30 September 31 March 2008
September 2007
R000 2008
Share capital
Balance at beginning and 11 752 11 752 11 752
end of the period
Non-distributable 1 044 632 1 001 456
reserves
Balance at beginning of 1 001 456 1 125 573 1 125 573
the period
Net fair value (2 026)
adjustments to available-
for-sale financial assets
Fair value adjustments (106 591) (117 572)
realised on disposal of
available-for-sale
financial assets
Transfers (to) from (1 001 456) 27 676 (6 545)
retained earnings
Retained earnings 4 369 899 840 195 948
Balance at beginning of 195 948 812 792 812 792
the period
Profit for the period 638 836 165 375 85 722
Dividends paid (1 831 871) (50 651) (709 111)
Transfers from (to) non- 1 001 456 (27 676) 6 545
distributable reserves
Total capital and 16 121 1 956 224 1 209 156
reserves
Minority interest 66 12 941 66
Balance at beginning of 66 12 941 12 941
the period
Loss for the period (1 170)
Dividends paid (11 705)
Total equity 16 187 1 969 165 1 209 222
NOTES TO THE INTERIM REPORT
Accounting policies
The accounting policies used in preparation of these interim abridged financial
statements are consistent with those used in the preparation of the annual
financial statements for the year ended 31 March 2008.
COMMENT
Wesco`s results for the six months under review reflect the disposal of its
remaining 25% interest in associate Toyota South Africa (Pty) Ltd, as approved
by shareholders in general meeting on 4 August 2008. Gross sale proceeds of
R2,139 billion was received in cash on 28 August 2008. The effective date for
accounting purposes was 30 June 2008, and the income statement includes Wesco`s
share of the associate`s results up to that date.
In addition, two wholly-owned subsidiaries, Wesco House (Pty) Ltd and Wesco
Bestuursmaatskappy (Pty) Ltd, were sold for a total consideration of R6,38
million, effective 28 August 2008.
Surplus cash resulting from these transactions was paid to shareholders in the
form of a dividend of R217.00 per share on 8 September 2008.
The taxation charge in the income statement includes secondary tax on companies
in respect of the dividend paid and provision for capital gains tax on sale of
the investments.
Current assets and current liabilities on the balance sheet mainly comprise
respectively cash and taxation payable.
OUTLOOK
Following the aforementioned transactions the company is classified as a `cash
shell` in terms of the JSE Listings Requirements. New investments are not
envisaged, and an announcement regarding the listed status of the company will
be made in due course.
On behalf of the board
E Le R BRADLEY G J STRYDOM
Non-executive Chairman Chief Executive Officer Johannesburg
19 November 2008
Directorate:
Executive Director: G J Strydom (Chief Executive Officer)
Non-executive Director: E Le R Bradley (Chairman)
Independent Non-executive Directors: Dr M L Benade, R S Broadley, P R Robinson
Company Secretary: F D W Peachey
Registered office
Wesco House,
10 Anerley Road,
Parktown, Johannesburg
Telephone 011 646-3011
Facsimile 011 646-3022
Postal address
P O Box 2077, Saxonwold 2132
E-mail info@wesco.co.za
Website www.wesco.co.za
Auditors
PricewaterhouseCoopers Inc
2 Eglin Road, Sunninghill,
(Private Bag X36, Sunninghill 2157)
Sponsor
Arcay Moela Sponsors (Pty) Ltd
Arcay House, 3 Anerley Road,
Parktown, Johannesburg
(P O Box 62397, Marshalltown 2107)
Registrar
Computershare Investor Services (Pty) Ltd
70 Marshall Street, Johannesburg
(P O Box 61051, Marshalltown 2107)
Date: 19/11/2008 17:01:01 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
| Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information. | |||||||||||||
| Other Profile Group sites: FundsData Online (unit trust data) | Profile Group corporate site | |||||||||||||
| [ Terms of Use | Privacy Policy | PAIA manual | FAQs/Help | Site Map | © Copyright Reserved 2026 ] | |||||||||||||
|
|||||||||||||
