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Wesco Investments Limited - Interim Report For The Six Months Ended 30 June 2002
Wesco Investments Limited
Registration number 1968/005871/06
Share code: WES
ISIN Number: ZAE000007928
INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2002
GROUP INCOME STATEMENT (R`000)
Six months ended Year ended
30 June % 30 June 31 December
2002 Change 2001 2001
Unaudited Unaudited Audited
Turnover 4 581 511 17,0 3 916 215 8 408 923
Cost of sales 4 553 567 (25,0) 3 642 878 7 943 802
Gross profit 27 944 (89,8) 273 337 465 121
Distribution expenses 134 971 13,7 156 421 272 695
Administrative and 119 770 (17,3) 102 063 137 580
other expenses
Operating income (loss) (226 797) 14 853 54 846
Investment income and 62 045 19,2 52 048 97 798
growth
Finance costs (133 411) (75,9) (75 840) (165 897)
Share of income of 12 067 106,1 5 855 25 809
associates
Income (loss) before (286 096) - (3 084) 12 556
taxation
Tax charge (credit) (114 559) - (397) 10 196
Income (loss) after (171 537) - (2 687) 2 360
taxation
Minority interests (65 150) - (6 433) (11 460)
Net income (loss) (106 387) - 3 746 13 820
attributable to ordinary
shareholders
Earnings (loss) per share (1 260) - 45 164
(cent)
Headline earnings (loss) (1 260) - 45 155
per share (cent)
Number of ordinary shares 8 441,8 8 401,8 8 441,8
in issue (`000)
GROUP CASH FLOW STATEMENT (R`000)
Six months ended Year ended
30 June 30 June 31 December
2002 2001 2001
Net cash available from operating 153 939 42 438 330 759
activities
Net cash used in investing (560 288) (131 830) (652 206)
activities
Net cash used in financing 369 696 (46 316) 77 209
activities
Decrease in cash and cash (36 653) (135 708) (244 238)
equivalents
GROUP BALANCE SHEET (R`000)
30 June 30 June 31 December
2002 2001 2001
Unaudited Unaudited Audited
ASSETS
Non-current assets 2 736 319 1 903 778 2 121 977
Property, plant and 1 699 333 960 520 1 247 882
equipment
Investments in associates 298 867 202 640 294 547
Deferred tax assets 181 158 36 128 61 158
Other non-current assets 556 961 704 490 518 390
Current assets 2 155 231 2 399 699 2 261 966
Total assets 4 891 550 4 303 477 4 383 943
EQUITY AND LIABILITIES
Capital and reserves 1 460 995 1 353 023 1 559 473
Minority interest 726 123 1 210 815 777 348
Non-current liabilities
Interest bearing 237 213 328 704 282 851
borrowings
Current liabilities 2 467 219 1 410 935 1 764 271
Total equity and 4 891 550 4 303 477 4 383 943
liabilities
Net asset value per share 17 307 16 104 18 473
(cent)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (R`000)
Share Revaluation and Retained Total
capital other reserves earnings
Balance at 1 January 11 752 359 160 1 188 561 1 559 473
2002
Net gains not 24 793 24 793
recognised in the
income statement
Dividend (16 884) (16 884)
Transfers 31 643 (31 643)
Net loss (106 387) (106 387)
Balance at 30 June 11 752 415 596 1 033 647 1 460 995
2002
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Accounting policies
These consolidated interim financial statements are prepared in accordance with
AC127 Interim Financial Reporting and Statements of Generally Accepted
Accounting Practice in South Africa. The accounting policies used in the
preparation of the interim financial statements are consistent with those used
in the annual financial statements for the year ended 31 December 2001.
Movement in current and non-current borrowings (R`000)
Balance at 31 December 2001 1 041 547
Repayments (102 057)
Amounts raised, capitalised ``and set- 477 277
off
Balance at 30 June 2002 1 416 767
Post-balance sheet event
As announced on 24 June 2002 formal agreement had been reached on the disposal
of a portion of Wesco`s interest in Toyota South Africa (Proprietary) Limited to
Toyota Motor Corporation of Japan, such agreement being subject to various
conditions precedent. These interim results do not take cognisance of the sale
as the transaction had not been unconditional on the balance sheet date. A
further announcement in this regard will be issued shortly.
Contingencies
There are no new contingencies to report on.
Settlement of revised income tax assessments of Toyota South Africa
(Proprietary) Limited relating to the 1989 to 1991 years referred to in Wesco`s
last Annual Report have been further suspended by the State until 31 January
2003.
COMMENT
Results
The results reflect the performance of the Group`s main operating subsidiaries,
Toyota South Africa (Proprietary) Limited and Metair Investments Limited. Toyota
recorded a loss of R183 million during the period under review in spite of
significant growth in turnover. Margins are under continued pressure due to
adverse exchange rates. Conversely Metair`s turnover and net income improved by
18.4% and 12.4% respectively mainly as a result of increased export volumes.
Forecast
Both Toyota and Metair`s results for the rest of the year are expected to show
an improvement on the first six months. Substantial capital investment and the
implementation of export programmes are expected to return Toyota to
profitability in the medium term, while year-on-year growth in earnings in the
case of Metair is only anticipated in 2003.
Dispossessed Members`Fund
Shareholders are reminded that the insurance cover provided to the Dispossessed
Members` Fund by Lloyds of London expires on 29 September 2002, and are
therefore advised to dematerialise their shares prior to this date to prevent
the possible risk of invalid or tainted scrip.
DIVIDEND
As in the past no interim dividend will be paid. A final dividend will be paid
out of dividend income received during this year.
On behalf of the Board
E Le R Bradley A D Plummer
Executive Chairman Director
25 September 2002
Registered office
Wesco House, 10 Anerley Road
Parktown 2193
Transfer Secretaries
Computershare Investor Services Limited
11 Diagonal Street, Johannesburg 2001
Directors: E Le R Bradley (Chairman), R S Broadley, A D Plummer*,
A J J Wessels
*British
Company Secretary: J M Caddy
Date: 25/09/2002 07:53:00 AM Produced by the JSE SENS Department
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