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WESCO INVESTMENTS LIMITED
Registration number 1968/005871/06
Share code: WES
ISIN Number: ZAE000007928
INTERIM REPORT FOR THE 12 MONTHS ENDED 31 DECEMBER 2002
GROUP INCOME STATEMENT
12 Months ended Year ended
31/12/2002 31/12/2001
R000 Unaudited Audited
Turnover 4 581 511 8 408 923
Cost of sales 4 553 567 7 943 802
Gross profit 27 944 465 121
Distribution expenses (134 971) (272 695)
Administrative and other
expenses (122 130) (137 580)
Surplus on disposal of interest
in a subsidiary company 198 996
Operating income (loss) (30 161) 54 846
Investment income and growth 72 655 97 798
Finance costs (132 194) (165 897)
Share of income of associates 24 504 25 809
Income (loss) before taxation (65 196) 12 556
Tax credit (charge) 80 727 (10 196)
Income after taxation 15 531 2 360
Minority interests 65 532 11 460
Net income attributable to
ordinary shareholders 81 063 13 820
PER SHARE ANALYSIS
Earnings (cent) 960 164
Headline earnings (loss)
(cent) (1 397) 155
Ordinary dividend (cent) 200 180
Special dividend (cent) 5 500
Net asset value (cent) 14 075 18 473
Number of ordinary shares in
issue (000) 8 441,8 8 441,8
GROUP CASH FLOW STATEMENT
12 months
ended Year ended
R000 31/12/2002 31/12/2001
Net cash available from
operating activities 153 185 345 882
Net cash from (used in)
investing activities 825 354 (652 206)
Dividends paid (481 183) (15 123)
Net cash from financing
activities 320 304 77 209
Increase (decrease) in cash
and cash equivalents 817 660 (244 238)
GROUP BALANCE SHEET
31/12/2002 31/12/2001
R000 Unaudited Audited
ASSETS
Non-current assets 760 533 2 121 977
Property, plant and equipment 3 689 1 247 882
Investments in associates 756 844 294 547
Other investments 518 190
Deferred tax assets 61 158
Retirement benefit assets 200
Current assets 435 421 2 261 966
Inventory 1 253 250
Accounts receivable 2 087 947 003
Prepaid taxation 10 053
Cash and cash equivalents 433 334 51 660
Total assets 1 195 954 4 383 943
EQUITY AND LIABILITIES
Capital and reserves 1 188 222 1 559 473
Minority interest 5 828 777 348
Interest bearing borrowings 282 851
Current liabilities 1 904 1 764 271
Trade and other payables 472 949 438
Current tax liabilities 1 432
Current portion of borrowings 758 696
Provision for liabilities and
charges 56 137
Total equity and liabilities 1 195 954 4 383 943
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share Non-distributable Retained
R000 capital reserves earnings Total
Balance at
1 January 2002 11 752 359 160 1 188 561 1 559 473
Net gains not
recognised in
the income
statement 25 726 25 726
Movement in
associate"s
reserves 3 143 3 143
Dividends (481 183) (481 183)
Transfers 313 164 (313 164)
Net income 81 063 81 063
Balance at
31 December 2002 11 752 701 193 475 277 1 188 222
NOTES TO THE CONSOLIDATED INTERIM FINANCIAL STATEMENTS
Change of year-end
The Company"s year-end was changed from December to March, and these interim
financial statements are presented in compliance with the requirements of the
Companies Act, 1973.
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 audited annual financial statements for the year ended 31 December 2001.
Disposal of interest in a subsidiary company
During the period under review Wesco sold 61,1% of its investment in Toyota
South Africa (Pty) Ltd (Toyota SA) to Toyota Motor Corporation of Japan, thereby
reducing its interest from 64,28% to 25% of Toyota SA"s issued share capital.
The results of Toyota SA are consolidated up to the effective date of disposal,
whereafter the investment is accounted for in accordance with the equity method
of accounting.
Headline earnings
Headline earnings is calculated using earnings excluding the surplus on disposal
of the interest in Toyota SA.
Commitments
The Company is, in terms of a Shareholders Agreement with Toyota Motor
Corporation, committed to fund capital expediture by Toyota SA up to a maximum
of R300 million, by way of equity capital.
COMMENT
Results
Toyota SA"s turnover increased by 27,8% to R10 659 million compared to R8 408
million in the previous 12-month period. Market share improved marginally from
22,6% to 23,1%, but total local vehicle sales as reported by NAAMSA decreased
from 83 059 units in 2001 to 80 777 units in 2002. A loss of R126 million was
recorded for the 12-month period, with the latter 6 months showing an
improvement as anticipated. The loss, together with tax allowances on capital
expenditure, resulted in a substantial deferred tax credit in the income
statement.
Metair"s turnover increased by 33,5% during the period under review. Exports
grew by 46,1%, and constituted 25,7% of total turnover. The improvement in
turnover was off-set by higher financing costs and a higher tax charge, and
profit attributable to shareholders decreased by 4,6% to R88 335 million.
Forecast
Toyota SA"s integration into Toyota Motor Corporation"s global supply network,
combined with substantial investment in upgrading and extention of facilities,
is expected to return the company to profitability in the medium term.
The stagnation of the local vehicle market is a concern, but the commencement of
major new contracts with Original Equipment manufacturers in the second six
months of 2002 should result in continued growth in Metair"s turnover in 2003.
The Rand"s relative strength will increasingly impact on the profitability of
exports, and an improvement on 2002 will be difficult.
DIVIDEND
No dividend will be declared at this time. The Company"s pattern of dividend
payments will change in accordance with the change in year-end.
On behalf of the Board
E LE R BRADLEY
Executive Chairman
GJ STRYDOM
Director
31 March 2003
REGISTERED OFFICE
Wesco House, 10 Anerley Road
Parktown 2193
TRANSFER SECRETARIES
Computershare Investor Services Limited
70 Marshall Street, Johannesburg 2001
DIRECTORS
E Le R Bradley (Executive Chairman), RS Bradley, AD Plummer*, GJ Strydom
* British
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