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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 Supplied by www.sharenet.co.za 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.
