Disclosure 2007

8/10/2019 Disclosure 2007

1/432

Food & Beverage Delta Sugar

Eastern TobaccoBisco MisrExtracted Oils


2/432

120

124

128

136


3/432

Housing El Kahera Housing 144

& Real Estate Medinet Nasr Housing 148

Six of October Development & Investment (SODIC) 152

United Housin & Develo ment 156

El Shams Housing 160

Heliopolis Housing 164


4/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 7,473,752 7,897,633

Cost of Goods Sold -4,421,386 -4,827,260

Depreciation -455,679 -448,018

Depreciation 0 0

SG & A Expense -67,960 -128,194

Amortization of Goodwill 0 0

Interest Income 38,808 435,956

Profit (loss) from Revaluation of Investment in Securities 0 0

Investment Income 0 0

Equity Income in Subsidiaries 0 0

Other Income 4,042 232,840

Other Expenses 0 -125,836

Provisions -370,500 0

Gross Profit 2,596,687 2,622,355 2,99

Net Operating Profit ( NOP) 2,528,727 2,494,161 2,


5/432

20068,102,236

-4,617,814

-484,953

0

-150,247

0

37,957

0

0

0

130,772

-82,065

0

9,469

849,222


6/432

FINANCIAL RATIOS2004 2005 2006 2004

Asset Turnover Ratio (ATO) 0.744 0.829 0.95 Accounts Payable Days On Hand 74.89

Return On Sales (ROS) 18.5 % 30.1 % 24.8 % Asset Conversion Cycle 58.85

Asset Leverage 3.409 2.825 2.66 Current Ratio 1.205

Return On Equity (ROE) 47 % 70.5 % 62.6 % Quick Ratio 0.662

Return On Assets (ROA) 13.8 % 24.9 % 23.5 % Cash Ratio 0.427

Operating Margin 33.8 % 31.6 % 35.2 % Debt/Equity 1.537

Cost Of Goods Sold ( COGS ) /Sales 59.2 % 61.1 % 57 % Financial Leverage 2.281

Selling General & Administrative Exp. (SG&A) 1.6 % 1.9 % Share Par Value 100

Net Profit Margin 18.5 % 30.1 % 24.8 % Book Value Per Share 215.6

Earnings Before Interest & Tax (EBIT)/Sales 38.5 % 36.2 % Earnings Per Share ( EPS ) 94.23

Return On Capital (ROC) 101.3 % 173.8 146.9 % Price To Earnings Ratio ( P/E ) 5.123

Inventory Turnover 3.086 3.259 3.377 Dividends Per Share ( DPS ) 30

Inventory Days On Hand 118.283 111.99 108.07 Dividend Payout Ratio 29.7 %

Accounts Receivable Turnover 23.614 34.05 35.499 Dividend Yield 6.2 %

Accounts Receivable Days On Hand 15.457 10.719 10.282 Debt to Assets Ratio 0.669

Accounts Payable Turnover 4.874 8.223 29.348 Closing Price for Last Day of The Yea 482.7


7/432

2005 2006

44.387 12.437

78.319 105.917

1.231 1.147

0.635 0.508

0.415 0.244

1.068 0.938

1.752 1.595

100 100

246.69 234.521

173.83 146.879

7.583 6.559

84.2 93.12

48.4 % 63.4 %

6.4 % 9.7 %

0.62 0.6

1318.2 963.36


8/432


9/432


10/432

Total Cash from Operating Activities 15,723

Total Cash from Investing Activities -4,237

Total Cash from Financing Activities -3,188

-13,496

38,272

-20,044

Change in Cash 8,298 4,732

Beginning Cash Balance 5,460

Adjustments 0

13,758

0


11/432

17,814

-8,786

-16,239

-7,211

18,490

0


12/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 242,993 246,053

Cost of Goods Sold -165,348 -173,242


Depreciation 0 0

SG & A Expense -8,662 -12,004


Interest Income 0 0


Investment Income 0 15,120


Other Income 0 0

Other Expenses -245 -262

Provisions 0 0

Gross Profit 59,688 54,839 90,

Net Operating Profit ( NOP) 51,026 42,835


13/432

2006284,982

-175,703

-18,384

0

-11,943

0

0

0

0

0

0

-27,332

0

,895

8,952


14/432

2004 2005 2006 2004

0.411 0.435 0.498 Accounts Payable Days On Hand 129

2.7 % 4.3 % 4 % Asset Conversion Cycle 348.9

3.079 2.744 2.661 Current Ratio 1.491

3.4 % 5.2 % 5.3 % Quick Ratio 0.985

1.1 % 1.9 % 2 % Cash Ratio 0.069

21 % 17.4 % 27.7 % Debt/Equity 1.056

68 % 70.4 % 61.7 % Financial Leverage 2.072

3.6 % 4.9 % 4.2 % Share Par Value 5

0.9 % 5.7 % 3.1 % Book Value Per Share 5.265

23.4 % 18.1 % Earnings Per Share ( EPS ) 0.057

Return On Capital (ROC) 5.8 % 6.2 % Price To Earnings Ratio ( P/E ) 86.32

Inventory Turnover 1.538 1.589 Dividends Per Share ( DPS ) 0

Inventory Days On Hand 237.26 229.77 Dividend Payout Ratio 0 %

Accounts Receivable Turnover 1.489 1.421 Dividend Yield 0 %

Accounts Receivable Days On Hand 245.21 256.79 Debt to Assets Ratio 0.673

Accounts Payable Turnover 3.54 4.406 Closing Price for Last Day of The Ye 4.96

221.705

1.425

256.14

2.83

Selling General & Administrative Exp. (S

Net Profit Margin

Earnings Before Interest & Tax (EBIT)/Sales 20

3.6 %

1.646

Asset Leverage

Return On Equity (ROE)

Return On Assets (ROA)

Operating Margin

Cost Of Goods Sold ( COGS ) /Sales

FINANCIAL RATIOS

Asset Turnover Ratio (ATO)

Return On Sales (ROS)


15/432

2005 2006

103.12 82.848

379.346 403.713

1.81 1.643

1.16 1.096

0.107 0.056

0.96 0.829

1.737 1.655

5 5

5.648 5.894

0.383 0.246

47.913 44.439

0 0

0 % 0 %

0 % 0 %

0.633 0.622

18.35 10.94


16/432


17/432


18/432

0

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan

6 6 6 6 06 06 6 6 6 6 6 6 7


19/432

Feb Mar

7 7


20/432

Total Cash from Operating Activities 118,523 -402,675

Total Cash from Investing Activities 101,091 335,789

Total Cash from Financing Activities -183,174 5,308

Change in Cash 36,440 -61,578

Beginning Cash Balance 32,021 70,436

Adjustments 0 0


21/432

2,669,440

-647,270

-1,711,606

310,576

-179,934

12


22/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 2,230,491 3,123,165



Depreciation -1,843 0

SG & A Expense -31,923 -39,918

Amortization of Goodwill -1,662 0

Interest Income 956 166


Investment Income 269,136 497,565




Provisions -19,346 0

Gross Profit 245,371 215,158 3,

Net Operating Profit (NOP) 209,943 175,240 3,


23/432

200611,643,116

-7,850,441

-561,326

0

-210,552

0

31,490

0

6,167

0

60,286

0

-81,679

231,349

20,797


24/432





Return On Equity (ROE) 55.3 % 46.7 % 36 % Quick Ratio 0.516

Return On Assets (ROA) 11 % 15.5 % 12 % Cash Ratio 0.12


Cost Of Goods Sold ( COGS ) /Sales 85.9 % 90.8 % 67.4 % Financial Leverage 4.022

Selling General & Administrative Exp. (S1.4 % 1.3 % 1.8 % Share Par Value 5

Net Profit Margin 9 % 14.4 % 8.5 % Book Value Per Share 5.214

Earnings Before Interest & Tax (EBIT)/Sa 21.3 %21.7 % 26.1 % Earnings Per Share ( EPS ) 2.331

Return On Capital (ROC) 57.6 % 97.8 % 203.6 % Price To Earnings Ratio ( P/E ) 10.303


Inventory Days On Hand 29.2 58.463 119.3 Dividend Payout Ratio 0 %

Accounts Receivable Turnover 23.93 16.683 25.57 Dividend Yield 0 %




25/432

2005 2006

13.067 30.168

67.276 103.376

0.886 0.94

0.416 0.376

0.021 0.176

1.435 1.287

2.015 1.967

5 5.022

10.468 28.372

5.237 5.481

13.194 9.638

0 0

0 % 0 %

0 % 0 %

0.668 0.654

69.09 52.82


26/432


27/432


28/432


29/432

249,940

3,182

-239,187

13,935

82,558

0


30/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 316,506 420,108



Depreciation 0 0

SG & A Expense -9,678 -11,637







Other Expenses 0 0

Provisions -5,000 -5,557

Gross Profit 133,293 194,867 26

Net Operating Profit ( NOP) 123,615 183,230 2


31/432

2006521,823

-215,622

-38,353

0

-14,095

0

3,907

0

320

0

977

0

0

,848

53,753


32/432



Return On Sales (ROS) 25.2 29.8 % 45.1 % Asset Conversion Cycle 39.9




Operating Margin 39.1 43.6 % 48.6 % Debt/Equity 0.86

Cost Of Goods Sold ( COGS ) /Sales 49.5 47.4 % 41.3 % Financial Leverage 1.18

Selling General & Administrative Exp. (S 3.1 % 2.8 % 2.7 % Share Par Value 10

Net Profit Margin 25.3 29.5 % 45.2 % Book Value Per Share 12.7

Earnings Before Interest & Tax (EBIT)/Sal 40.4 43.4 % 49.6 % Earnings Per Share ( EPS ) 2.51

Return On Capital (ROC) 26.6 41.7 % 78.5 % Price To Earnings Ratio ( P/E ) 10.9

Inventory Turnover 5.314 7.814 7.084 Dividends Per Share ( DPS ) 1.25

Inventory Days On Hand 68.68 46.714 51.53 Dividend Payout Ratio 46.8



Accounts Payable Turnover 9.305 6.342 10.36 Closing Price for Last Day of The Year 27.3


33/432

2005 2006

57.56 35.242

-1.737 20.579

1.026 1.009

0.856 0.817

0.553 0.61

0.473 0.03

0.894 0.382

10 10

14.55 19.082

3.849 7.285

15.77 8.236

2 2.75

48.5 % 35 %

3.3 % 4.6 %

0.463 0.271

60.69 60


34/432


35/432


36/432

Total Cash from Operating Activities 1,092,318

Total Cash from Investing Activities -1,634,361

Total Cash from Financing Activities 1,200,985

2,034,192

-3,891,342

2,449,103

Change In Cash 658,942 591,953

Beginning Cash Balance 917,421 1,576,363

Ending Cash Balance 1,576,363 2,168,316


37/432

3,831,047

-7,917,507

4,656,211

569,751

2,168,316

2,738,067


38/432

CASH FLOW


39/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 8,555,794 11,366,594



Depreciation 0 0

SG & A Expenses -486,700 -639,993


Interest on Accrued Installments 0 0



Other Income 104,894 333,334

Other Expenses 0 0

Provisions -35,981 -79,730

Gross Profit 2,354,862 2,965,278 4,9

Net Operating Profit 1,868,162 2,325,285 3,


40/432

200616,475,199

-10,884,308

-624,805

0

-1,031,818

0

0

106,356

51,846

72,991

0

-117,640

66,086

34,268


41/432


Asset Turnover Ratio (ATO) 0.683 0.645 0.576 Cash Ratio 0.358

Asset Leverage 2.765 2.827 2.564 Debt / Equity 0.723

Return On Sales (ROS) 18.3 % 19 % 20.3 % Financial Leverage 2.765

Return On Equity (ROE) 34.5 % 34.7 % 30 % Share Par Value 5

Return On Assets (ROA) 12.5 % 12.3 % 11.7 % Book Value Per Share 23.777

Operating Margin 21.8 % 20.5 % 23.9 % Earnings Per Share (EPS) 5.779

Cost Of Goods Sold ( COGS ) /Sales 68.1 % 70.1 % 66.1 % Price To Earnings Ratio (P/E) 12.553

Selling General & Administrative Exp. ( 5.7 % 5.6 % 6.3 % Dividends Per Share (DPS) 0

Net Profit Margin 12.9 % 15 % 16.2 % Dividend Payout Ratio 0 %

Earnings Before Interest & Tax (EBIT)/S 23 % 23.5 % 24.6 % Dividend Yield 0 %

Return On Capital (ROC) 164.2 226.9 % 331.1 % Debt to asset ratio 0.261

Current Ratio 1.279 1.56 1.116 Closing Price for Last Day of The Yea 72.54


42/432

2005 2006

0.574 0.326

0.886 0.561

2.827 2.564

5 5

32.688 55.249

8.922 13.222

24.51 20.693

0 0

0 % 0 %

0 % 0 %

0.313 0.219

218.67 273.6


43/432

Total Cash from Operating Activities -17,681

Total Cash from Investing Activities -82

Total Cash from Financing Activities -992

-3,769

-6

-695

Change in Cash -18,755 -4,470

Beginning Cash Balance -100,642

Adjustments 0

-119,398

0


44/432

-1,263

3,364

-280

1,821

-123,867

0


45/432


46/432

2006185,341

-170,414

-1,492

0

-6,129

0

689

0

5

0

1,192

0

-70

3,435

7, 306


47/432



Return On Sales (ROS) -0.4 % 1.8 % 2 % Asset Conversion Cycle 176.6


Return On Equity (ROE) -4.7 % 21.3 % 18.2 % Quick Ratio 0.915

Return On Assets (ROA) -0.4 % 1.7 % 1.5 % Cash Ratio 0.025

Operating Margin -0.9 % 3.7 % 3.9 % Debt/Equity 0




Earnings Before Interest & Tax (EBIT)/Sales -0 4.2 % 4.9 % Earnings Per Share ( EPS ) 0.417

Return On Capital (ROC) -10.6 % 48.9 % 41.1 % Price To Earnings Ratio ( P/E ) 10.32







48/432

2005 2006

67.414 67.324

183.47 217.928

1.077 1.078

0.94 0.925

0.041 0.065

0 0

11.646 11.28

5 5

11.46 11.268

0.305 0.426

40.393 98.389

0 0.4

0 % 68.5 %

0 % 1 %

0.913 0.91

12.32 41.87


49/432


50/432


51/432

Total Cash from Operating Activities 3,763 141,980

Total Cash from Investing Activities 31,684 -352,662

Total Cash from Financing Activities 5,110 118,634



Adjustments 0 0


52/432

-25,239

-43,270

250,235

181,726

13,486

0


53/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 0 278,153

Cost of Goods Sold 0 0

Depreciation 0 0

Depreciation 0 0

SG & A Expense 0 -7,005


Interest Income 0 8,433




Other Income 0 0

Other Expenses 0 0

Provisions 0 0

Gross Profit 0 278,153 299,

Net Operating Profit ( NOP) 0 271,148


54/432


55/432


Asset Turnover Ratio (ATO) 0 0.404 0.262 Accounts Payable Days On Hand 0

Return On Sales (ROS) 0 % 100.3 % 87.9 % Asset Conversion Cycle 0

Asset Leverage 1 1.219 1.464 Current Ratio 326.58


Return On Assets (ROA) 0 % 40.5 % 23 % Cash Ratio 125.94

Operating Margin 0 % 97.5 % 87.7 % Debt/Equity 0

Cost Of Goods Sold ( COGS ) /Sales 0 % 0 % 7.9 % Financial Leverage 0.003

Selling General & Administrative Exp. (S 0 % 2.5 % 4.3 % Share Par Value 2.5

Net Profit Margin 0 % 100 % 81.4 % Book Value Per Share 24.666

Earnings Before Interest & Tax (EBIT)/Sal 0 % 100.5 % 87.9 % Earnings Per Share ( EPS ) 0

Return On Capital (ROC) 0 % 503.8 % 103.2 % Price To Earnings Ratio ( P/E ) 0

Inventory Turnover 0 0 0 Dividends Per Share ( DPS ) 0

Inventory Days On Hand 0 0 0 Dividend Payout Ratio 0 %

Accounts Receivable Turnover 0 0 0 Dividend Yield 0 %

Accounts Receivable Days On Hand 0 0 0 Debt to Assets Ratio 0.003

Accounts Payable Turnover 0 0 0 Closing Price for Last Day of The Yea 12.76


56/432

2005 2006

0 0

0 0

5.487 3.098

5.487 3.098

5.251 2.988

0 0

0.219 0.464

5 5

50.972 15.306

25.117 4.769

2.369 8.294

0 0

0 % 0 %

0 % 0 %

0.18 0.317

59.49 39.55


57/432


58/432


59/432

0


6 6 6 6 06 06 6 6 6 6 06 06 7


60/432

Feb Mar

7 7


61/432




104,516

-278,286

43,668

Change in Cash -61,198 -130,102


Adjustments 0

-1,219

0


62/432

106,708

-211,797

33,877

-71,212

-131,319

0


63/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 381,047 409,541



Depreciation 0 0

SG & A Expense -10,159 -10,786







Other Expenses 0 0

Provisions 0 -10,430

Gross Profit 78,032 118,537 13

Net Operating Profit ( NOP) 67,873 10 7,751 1


64/432

2006428,127

-290,001

0

0

-24,039

0

15,252

0

0

0

3,101

0

0

8,126

4,087


65/432



Return On Sales (ROS) 16.7 % 22 % 23.7 % Asset Conversion Cycle 82.12


Return On Equity (ROE) 1 16 % 17 % Quick Ratio 0.875






Earnings Before Interest & Tax (EBIT)/Sales 22 28.1 % 30.9 % Earnings Per Share ( EPS ) 5.909






Accounts Payable Turnover 6.66 6.652 5.022 Closing Price for Last Day Of The Yea 44.62


66/432

2005 2006

54.868 72.677

120.766 97.017

0.855 0.696

0.554 0.54

0.298 0.243

0.268 0.371

0.905 1.192

40 0

43.242 0

7.012 0

14.819 0

0 0

0 % 0 %

0 % 0 %

0.455 0.529

103.91 72.5


67/432


68/432


69/432




72,432

-3,062

-54,979

Change in Cash -44,988 14,391


Adjustments 0

-118,400

0


70/432


71/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 153,591 175,633



Depreciation 0 0

SG & A Expense -2,969 -4,982


Interest Income 665 5,136





Other Expenses -55 -9,392

Provisions -2,526 -581

Gross Profit 76,638 90,008 61,48

Net Operating Profit ( NOP) 73,669 85,026 58,03


72/432

2006140,896

-79,411

0

0

-3,453

0

11,359

0

2

0

2,787

-9,049

3,724

5

2


73/432





Return On Equity (ROE) 20.5 % 26.7 % 14.1 % Quick Ratio 0.717


Operating Margin 48 % 48.4 % 41.2 % Debt/Equity 2.04










Accounts Payable Turnover 4.1 7.916 18.28 Closing Price for Last Day of The Yea7.58


74/432

2005 2006

46.109 19.963

183.76 234.686

0.878 0.887

0.777 0.794

0.374 0.489

1.633 1.434

3.985 4.125

4 0

4.503 0

1.053 0

21.23 0

1.021 0

85.3 % 68.1 %

4.6 % 0 %

0.793 0.802

22.35 11.51


75/432


76/432


77/432

0


6 6 6 6 6 6 6 6 6 6 6 6 7


78/432

Feb Mar

7 7


79/432


80/432

1,426,289

-29,178

-849,568

550,441

842,338

2,898


81/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 1,665,093 1,702,224



Depreciation 0 0

SG & A Expense -22,596 -21,144







Other Expenses -34,550 -36,335

Provisions 0 0

Gross Profit 837,178 874,736



82/432

20061,969,396

-910,001

0

0

-22,879

0

50,251

0

0

0

2,698

-21,047

0

1,059,395

1,036,516


83/432


Asset Turnover Ratio(ATO) 0.591 0.564 0.576 Accounts Payable Days On Hand 0

Return On Sales (ROS) 44.2 % 46.7 % 52 % Asset Conversion Cycle 744.53






Selling General & Administrative Exp. (S 1.4 % 1.2 % 1.2 % Share Par Value 100


Earnings Before Interest & Tax (EBIT)/Sal47.9 % 50.2 % 54.3 % Earnings Per Share ( EPS ) 69.946

Return On Capital (ROC) 70.1 % 75.7 % 97.5 % Price To Earnings Ratio ( P/E ) 0





Accounts Payable Turnover 0 0 0 Closing Price for Last Day Of The Ye 0


84/432

2005 2006

0 0

112.324 97.294

3.422 3.178

2.943 2.882

2.092 2.301

0.168 0.074

0.372 0.33

10 10

19.78 22.927

7.568 9.533

14.07 11.944

0 0

0 % 0 %

0 % 0 %

0.256 0.232

106.49 113.86


85/432


86/432


87/432

Total Cash from Operating Activities -2,239 1,518

Total Cash from Investing Activities -738 -2,014

Total Cash from Financing Activities -697 11,592



Adjustments 0 0


88/432

-5,350

-16,623

785

-21,188

12,233

0


89/432


90/432


91/432

2005

Net Sales 163,627 76,225


Depreciation -92 -152


SG & A Expense -2,045 -1,685








Provisions -2,259 -959

2004

Gross Profit 7, 450 3,629 4,669

Net Operating Profit ( NOP) 5,313 1, 818 2,713


92/432

2006

99,217

-94,405

-143

-143

-1,813

0

0

0

0

0

687

0

-423


93/432


94/432


95/432



Total Cash from Financing Activities -1,229,379

2,256,890

-1,608,223

-1,520,842

Change in Cash 703,500 -872,175


Adjustments 0

1,312,223

0


96/432

2,865,821

-2,082,496

-938,047

-154,722

440,049

0


97/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 4,520,866 5,363,766


Depreciation 0 0


SG & A Expense -645,271 -733,168





Other Income 0 0


Provisions -206,711 -100,814

Interest Income 32,897 27,524Interest Expense -107,386 -129,240

Gross Profit 2,974,853 3,642,814 4,

Net Profit before Interest & Tax 1,368,348 1, 897,107


98/432

20066,362,101

-1,894,400

0

-1,113,934

-1,096,312

0

0

0

0

0

-45,584

-110,192

34,737-165,928

67,701

2,101,679


99/432


Asset Turnover Ratio (ATO) 0.791 0.832 0.863 Asset Conversion Cycle -61.63

Return On Sales (ROS) 19.9 % 26.6 % 24.1 % Current Ratio 0.558

Asset Leverage 3.612 4.193 4.518 Quick Ratio 0.553

Return On Equity (ROE) 57 % 92.9 % 93.9 % Cash Ratio 0.389

Return On Assets (ROA) 15.8 % 22.2 % 20.8 % Financial Leverage 2.612

Cost Of Goods Sold ( COGS) / Sales 34.2 % 32.1 % 29.8 % Debt/Equity 0.258

Selling General & Administrative Exp. ( 14.3 % 13.7 % 17.2 % Book Value Per Share 15.82

Net Profit Margin 19.3 % 26.9 % 24 % Share Par Value 10

Earnings Before Interest & Tax (EBIT)/S 30.3 % 35.4 % 33 % Earnings Per Share (EPS) 8.731

Return On Capital 90.2 % 142.8 153.4 % Price to Earnings Ratio 14.7

Inventory Turnover 90.72 40.268 34.3 Dividends Per Share (DPS) 0

Inventory Days On Hand 4.023 9.064 10.64 Dividend Yield 0 %

Accounts Receivable Turnover 26.03 30.378 27.37 Dividend Payout Ratio 0 %

Accounts Receivable Days On Hand 14.02 12.015 13.33 Debt to asset ratio 0.185


Accounts Pa able Da s On Hand 79.68 40.838 60.77


100/432

2005 2006

-19.76 -36.798

0.292 0.27

0.279 0.255

0.139 0.08

3.193 3.518

0.638 1.088

15.37 16.326

10 10

14.437 15.259

13.878 11.887

10.871 11.636

5.4 % 6.4 %

75.3 % 76.3 %

0.223 0.261

200.35 181.39


101/432


102/432


103/432




7,355,039

-11,290,273

2,587,396

Change in Cash 2,052,451 -1,503,571

Beginning Cash Balance 1,102,174

Adjustments 230,620

3,154,625

-155,733


104/432

10,004,615

-17,317,783

9,975,778

2,684,227

1,651,055

21,617


105/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 12,501,631 18,730,653


Depreciation -1,873,330 -2,456,840

Depreciation -1,873,330 -2,456,840

SG & A Expense -2,302,583 -3,004,891

Amortization of Goodwill 0 52,343


Investment Income 142,597 0

Equity Income in Subsidiaries 0 409,805


Other Expenses -556,358 -1,170,443

Provisions -195,346 -71,536

Interest Income 94,038 0Interest Expense -451,787 -471,489

Gross Profit 9,493,694 12,277,018 16,

Net Profit before Interest & Tax 4,714,880 6,223,120


106/432

200625,326,609

-5,261,606

-3,381,245

-3,381,245

-3,868,440

0

0

29,904

-97,324

303,845

-1,653,523

-110,785

0-2,211,114

683,758

7,906,190


107/432

Capital Gain -27,534 -4,080

Other Unusual Items -674,192 -267,383

Minority Interest -893,122 -705,827

Profit Sharing & BOD Remunerations 0 0

Net Attributable Income 1,961,222 3,944,794

Net Profit after Unusual Items 1, 961, 222 3,944,794


108/432

-21,889

0

-407,975

0

4,207,952

4,207,952


109/432


Asset Turnover Ratio (ATO) 0.517 0.473 0.512 Asset Conversion Cycle 0

Return On Sales (ROS) 28.4 % 26.3 % 18.3 % Current Ratio 0.773

Asset Leverage 2.775 4.227 4.016 Quick Ratio 0.734

Return On Equity (ROE) 40.8 % 52.6 % 37.6 % Cash Ratio 0.368

Return On Assets (ROA) 14.7 % 12.4 % 9.4 % Financial Leverage 1.775

Cost Of Goods Sold ( COGS) / Sales 9.1 % 21.3 % 20.8 % Debt/Equity 0.573

Selling General & Administrative Exp. ( 18.4 % 16 % 15.3 % Book Value Per Share 79.21

Net Profit Margin 15.7 % 21.1 % 16.6 % Share Par Value 10

Earnings Before Interest & Tax (EBIT)/S 37.7 % 33.2 % 31.2 % Earnings Per Share (EPS) 17.83

Return On Capital 323.3 %447.5 % 421.6 % Price to Earnings Ratio 14.05


Inventory Days On Hand 105.86 45.882 54.04 Dividend Yield 0 %

Accounts Receivable Turnover 12.655 9.011 20.61 Dividend Payout Ratio 0 %

Accounts Receivable Days On Hand 28.841 40.507 17.71 Debt to asset ratio 0.304

Accounts Payable Turnover 0 0 0 Closing Price for Last Day of The Yea 250.6

Accounts Payable Days On Hand 0 0 0


110/432

2005 2006

0 0

0.303 0.597

0.278 0.546

0.086 0.283

3.227 3.016

0.951 1.665

85.122 56.026

10 5

35.862 19.127

16.816 19.729

0 0

0 % 0 %

0 % 0 %

0.301 0.485

603.06 377.35


111/432


112/432


113/432




3,630,794

-2,890,065

-1,246,822

Change in Cash 929,226 -506,088


Adjustments 0

1,104,560

5


114/432

3,580,589

-6,264,888

2,572,235

-111,999

598,472

65


115/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 7,857,868 8,547,714


Depreciation 0 0

Depreciation 0 0

SG & A Expense -1,014,512 -1,338,759







Other Expenses 0 0

Provisions 0 0

Gross Profit 2,943,275 3,121,280 3,

Net Operating Profit (NOP) 1,928,763 1,782,521


116/432

20069,488,413

-5,763,927

0

0

-1,444,512

0

48,633

0

609,477

0

250,946

0

0

24,486

2,279,974


117/432

Capital Gain 0 -24,760

Other Unusual Items -155,506 631,425

Minority Interest -2,694 -2,754

Profit Sharing & BOD Remunerations 0 0

Net Attributable Income 1,025,167 2,097,275

Net Profit after Unusual Items 1,025,167 2,097,275


118/432

-9,443

111,320

-2,897

0

2,426,876

2,426,876


119/432







Operating Margin 24.5 % 20.9 % 24 % Debt/Equity 0.192


Selling General & Administrative Exp. ( 12.9 % 15.7 % 15.2 % Share Par Value 100


Earnings Before Interest & Tax (EBIT)/Sa 25.5 %27 % 33.6 % Earnings Per Share ( EPS ) 5.991

Return On Capital (ROC) 6.9 % 8.7 % 13.6 % Price To Earnings Ratio ( P/E ) 0





Accounts Payable Turnover 86.83 65.195 39.67 Closing Price for Last Day of The Yea 0


120/432

2005 2006

5.599 9.201

136.94 143.982

1.452 1.305

1.332 1.174

0.186 0.129

0.183 0.301

0.347 0.445

99.758 10

134.46 14.409

12.256 1.422

1.567 10.002

0 0

0 % 0 %

0 % 0 %

0.247 0.304

19.21 14.22


121/432


122/432


123/432

0


6 6 6 6 6 6 6 6 6 6 6 6 7


124/432

Feb Mar

7 7


125/432


Total Cash from Investing Activities -745


-8,308

6,187

5,077



Adjustments 0

-37,626

0


126/432

-8,550

2,246

30,942

24,638

-34,670

0


127/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 288,952 252,359



Depreciation 0 0

SG & A Expense -14,855 -12,613






Other Income 0 0


Provisions 2,672 0

Gross Profit 33 ,196 26,150



128/432

2006297,420

-266,097

-5,847

0

-14,946

0

137

0

0

0

0

-6,391

0

5,476

10,530


129/432



Return On Sales (ROS) -1.2 % -5.5 % -6.8 % Asset Conversion Cycle 183.5


Return On Equity (ROE) -1.3 % -5.5 % -8.6 % Quick Ratio 0.542

Return On Assets (ROA) -0.6 % -2.4 % -3.5 % Cash Ratio 0.045



Selling General & Administrative Exp. ( 5.1 % 5 % 5 % Share Par Value 15

Net Profit Margin -1.2 % -2.8 % -6.5 % Book Value Per Share 17.77

Return On Capital (ROC) -1.6 % -6.3 % -9.1 % Price To Earnings Ratio ( P/E ) -17.93






Earnings Before Interest & Tax (EBIT)/Sales 7 % 4 % 1.4 % Earnings Per Share ( EPS )


130/432

2005 2006

15.199 12.577

250.554 199.012

0.858 1.201

0.558 0.737

0.018 0.011

0.44 0.797

1.291 1.416

15 15

17.089 15.783

-18.897 -12.997

0 0

0 % 0 %

0 % 0 %

0.551 0.572

8.97 16.98

-0.233 -0.475 -1


131/432


132/432


133/432

Total Cash from Operating Activities -1,095,189



Change in Cash 396,786

Beginning Cash Balance 0

Adjustments 0


134/432


135/432

Annual

2006Assets Liabilities & Equity

Cash 396,786 Short Term Debt

Marketable Securities 0 Current Portion of Debt

Accounts Receivable 883,148 Accounts Payable

Less Provisions 0 Advances from Customers

Net Receivables 883,148 Dividends Payable

Inventory Accrued Expenses

Raw Materials 752,530 Dues to Affiliates & Sister Companies

Work in Progress 214,350 Other Current Liabilities

Finished Goods 586,315 Total Current Liabilities

Goods in Transit 193,176 Bonds

Letters of Credit 0 Long-Term Debt

Total Inventory 1,746,371 Other Non-Current Liabilities

Less Provisions 0 Total Liabilities

Net Inventory 1,746,371 Provisions

Advance Payment to Suppliers 0 Capital

Prepaids 0 Capital IncreaseOther Current Assets 925,761 Revaluation Deffrences

Dues from Affiliates & Sister Companies 21,984 Additional Paid-in Capital

Total Current Assets 3,974,050 Treasury Stocks

Land 46,580 Retained Earnings Opening

Building, Machinery & Equipment 571,254 Plus: Net Income

Construction in Progress 145,516 Less: Dividends

Gross Plant 763,350 Adjustment

Less Accumulated Depreciation -59,955 Retained Earnings Closing

Net Fixed Assets 703,395 Equity Reserves

Net Investments 17,514 Minority Interest

Investment in Affiliates & Sister Companies 0 Translation GainOther Non-Current Assets 185,095 Shareholders' Equity

Goodwill & Other Intangibles 267 Total Liabilities & Equity

Less Accumulated Amortization 0

Net Intangibles 267

Total Assets 4,880,322


136/432


137/432

FINANCIAL RATIOS2006

Asset Turnover Ratio (ATO) 1.486 Accounts Payable Days On Hand

Return On Sales (ROS) 8 % Asset Conversion Cycle

Asset Leverage 2.672 Current Ratio

Return On Equity (ROE) 31.7 % Quick Ratio

Return On Assets (ROA) 11.9 % Cash RatioOperating Margin 8.9 % Debt/Equity

Cost Of Goods Sold ( COGS ) /Sales 87.8 % Financial Leverage

Selling General & Administrative Exp. (SG&A) / Sales 2.5 % Share Par Value

Net Profit Margin 8.2 % Book Value Per Share

Earnings Before Interest & Tax (EBIT)/Sales 9.7 % Earnings Per Share ( EPS )

Return On Capital (ROC) 48.3 % Price To Earnings Ratio ( P/E )

Inventory Turnover 3.646 Dividends Per Share ( DPS )

Inventory Days On Hand 100.1 Dividend Payout Ratio

Accounts Receivable Turnover 8.214 Dividend Yield

Accounts Receivable Days On Hand 44.44 Debt to Assets Ratio

Accounts Payable Turnover 29.39 Closing Price for Last Day of The Year


138/432

200612.42

132.125

1.344

0.754

0.1340.946

1.656

10

15.223

4.955

8.744

0

0 %

0 %

0.62

43.33


139/432

INCOME STATEMENT

Net Sales

Cost of Goods Sold

Depreciation


140/432


141/432


142/432


143/432

men

431C019

ers: EGTS.CA


144/432

Total Cash from Operating Activities 15,625 15,424

Total Cash from Investing Activities -1,483 -8,328

Total Cash from Financing Activities -1,259 16


Beginning Cash Balance 0 12,882

Adjustments 0 0


145/432

74,069

-18,029

-15

56,025

19,994

0


146/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 47,568 84,492




SG & A Expense -3,550 -5,740






Other Income 13 77

Other Expenses -483 -2,587

Provisions 2,725 8,541

Gross Profit 30,257 62,304 248

Net Operating Profit (NOP) 26,326 56,256 23


147/432

2006325,611

-76,904

-289

-289

-8,345

0

587

0

0

0

10

-2,441

-170

,418

9,784


148/432



Return On Sales (ROS) 60.2 % 74.2 % 73 % Asset Conversion Cycle 3957.35




Operating Margin 55.3 % 66.6 % 73.6 % Debt/Equity 0


Selling General & Administrative Exp. ( 7.5 % 6.8 % 2.6 % Share Par Value 10


Earnings Before Interest & Tax (EBIT)/S 60.4 % 74.3 % 73 % Earnings Per Share ( EPS ) 1.019




Accounts Receivable Days On Hand 1381 302.73 230.55 Debt to Assets Ratio 0.277

Accounts Payable Turnover 8.877 17.993 0 Closing Price for Last Day of The Yea 29.84

Inventory Days On Hand 2617.352703.502 735.491 Dividend Payout Ratio 0 %


149/432

2005 2006

20.285 0

2985.95 966.044

3.577 4.117

1.397 2.723

0.269 0.684

0 0

0.541 0.334

10 10

12.735 19.067

2.921 8.984

10.58 14.014

0 0

0 % 0 %

0.351 0.25

30.9 125.91

% 0 %


150/432


151/432


152/432




35,330

-223,576

207,265



Adjustments 0

122,219

0


153/432

113,701

-124,772

207,405

196,334

141,237

0


154/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 530,075 682,627


Depreciation 0 0


SG & A Expense -124,164 -156,273

Amortization of Goodwill 841 1,905




Equity Income in Subsidiaries 1,348 0



Provisions 0 4,523

Gross Profit 317,688 318,256 44

Net Operating Profit (NOP) 163,881 163,888


155/432

2006963,498

-519,924

0

0

-202,144

-3,681

8,348

0

93,436

0

51,502

0

9,027

3,574

237,749


156/432







Operating Margin 30.9 % 24 % 24.7 % Debt/Equity 0.889


Selling General & Administrative Exp. (S23.4 % 22.9 % 21 % Share Par Value 5


Earnings Before Interest & Tax (EBIT)/Sa 32.9 %42.4 % 41.5 % Earnings Per Share (EPS) 0.89

Return On Capital (ROC) 23.7 % 31.7 % 30.6 % Price To Earnings Ratio (P/E) 13.936






157/432

2005 2006

35.758 35.468

336.69 353.856

0.858 0.97

0.765 0.856

0.123 0.219

0.365 0.283

1.286 0.873

5 5

10.447 9.857

1.414 1.47

34.688 28.45

0 0

0 % 0 %

0 % 0 %

0.551 0.462


158/432


159/432


160/432


161/432

1,123,581

98,649

-19,588

1,202,642

3,401,951

4,604,593


162/432


Total Liquid Assets / Total Assets 37.8 % 32.8 % 36.5 % Asset Utilization 4.5 %

Total Liquid Assets / Total Deposits 43.6 % 39 % 42.2 % Return On Assets (ROA) 1.8 %

Net Loans / Total Deposits 55.3 % 54.9 % 53.3 % Return On Equity (ROE) 23.8 %

Customer Deposits / Total Deposits 99.1 % 97.2 % 96.3 % Share Par Value 10

Interbank Assets / Interbank Liabilities 2069.9 % 473.2 % 4 96 % Book Value Per Share 16.332

Capital Funds / Total Assets 7.6 % 8.3 % 9.6 % Price / Book Value Per Share 2.386

Capital Funds/ Net Loans 15.9 % 18 % 20.7 % Earnings Per Share (EPS) 3.443

Loan Loss Provision / Total Loans 6.3 % 6.3 % 5.6 % Price To Earnings Ratio (P/E) 11.316

Asset Leverage 13.177 12.025 10.45 Dividends Per Share (DPS) 1.75

Net Profit Margin 39.7 % 41.1 % 45.8 % Dividend Payout Ratio 45 %

Non Interest Expense/ Gross Revenue 34.9 % 34.3 % 37.5 % Dividend Yield 4.5 %

Interest Expense/Gross Revenue 71.4 % 76.2 % 72.4 % Debt to asset ratio 0.004

Interest Income/Total Assets 5.8 % 6.7 % 6.1 % Debt to equity 0.057

Non Interest Income/Total Assets 2 % 1.9 % 2.5 % Closing Price for Last Day of The Yea 38.96


163/432

2005 2006

4.9 % 5 %

2 % 2.4 %

24.1 % 24.9 %

10 10

19.44 18.56

3.018 3.118

4.154 4.453

14.127 12.996

1 1

21.3 % 0 %

1.7 % 0 %

0.003 0.003

0.039 0.027

58.68 57.87


164/432

INCOME STATEMENT

A n n u a l

2004 2005Interest Income from Loans & Banks 1,248,112 1,407,280

T-Bills & Bonds Income 369,000 620,890


165/432

20061,748,827

568,101


166/432


167/432


168/432

Total Cash from Operating Activities -16,250

Total Cash from Investing Activities 29,433


40,183

2,950

-47,469



Endin Cash Balance 33,536

33,634

29,298


169/432

-48,161

-1,413

32,982

-16,592

50,170

33,578


170/432

Other Non-Current Assets 19,731 20,437 23,168 Retained Earnings Opening -45,755

Goodwill 0 0 0 Plus: Net Income -13,024

Less Accumulated Amortization 0 0 0 Less: Dividends 0

Net Intangibles 0 0 0 Adjustement 0

Total Assets 268,069 238,402 304,297 Retained Earnings Closing -58,955

Other Equity Reserves 52,037

Capital Increase 0

Minority Interest 0

Shareholders' Equity & Minority Inte 130,082

Total Liabilities & Equity 268,069


171/432

-58,779 5,780

16,713 7,321

0 0

0 0

-42,066 13,101

52,220 9,529

0 0

439 25,532

147,234 248,162

238,402 304,297


172/432


Asset Leverage 2.061 1.591 1.226 Earnings Per Share (EPS) -0.951

Return On Equity (ROE) -10 % 11.4 % 3 % Price To Earnings Ratio (P/E) -4.681

Return On Assets (ROA) -4.9 % 7.1 % 2.4 % Dividends Per Share (DPS) 0

Net Profit Margin -133.3 % 45.2 % 28 % Dividend Payout Ratio 0 %

Current Ratio 1.025 1.472 4.988 Dividend Yield 0 %

Debt/Equity 0 0.113 0.07 Debt to asset ratio 0.489

Share Par Value 10 10 10 Closing Price for Last Day of The Yea 4.45

Book Value Per Share 9.495 10.775 12.41


173/432

2005 2006

1.223 0.366

21.344 47.534

0 0

0 % 0 %

0 % 0 %

0.321 0.103

26.11 17.4


174/432

INCOME STATEMENT

A n n u a l

2004 2005Income from Fees, Commissions & Managing Investments 364 6,998

Interest Earned on Time Deposits 1,085 1,713

Bonds Interest 601 589

Gain on Sale of Available for Sale Investments 4,115 9,733Unrealized Gains on Trading Investment 352 221

Dividends Income 2,994 4,377

Available for Sale Investments Revaluation Differences 0 0

Gains on Sale of Fixed Assets 0 12,195

Currency Differences 0 0

Other Income 261 1,172

Total Revenues 9,772 36,998

less: 0 0

General Adminstrative Expenses 4,041 7,918

Consultation Fees 0 0

Interest Expense 17,006 10,478Commissions Paid 0 0

Provisions 496 633

Loss/ Gain on Sale of Investments 915 0

Loss on Sale of Fixed Assets 0 0

Fixed Assets Depreciation 83 1,084

Deferred Expenditures Amortization 0 0

Foreig exchange Gains/losses 545 757

Total Expenses 23,086 20,870

Net Profit before Income Tax -13,314 16,128

less: Income Tax 0 -598

Minority Interest 289 -11


175/432

20067,416

2,489

29

9,2202,739

4,128

0

0

0

145

26,166

0

6,911

0

6,1170

974

0

0

2,829

0

32

16,863

9,303

-49

-2,031


176/432


177/432


178/432

Cash Flow from Operating Activities -106,405

Cash Flow from Investing Activities 8,223

Cash Flow from Financing Activities 80,495

652,582

-27,740

89,756

Change in Cash & Cash Equivalents -17,687 714,598

Cash & Cash Equivalents at the Beginning of Period 786,995 769,308

Cash & Cash Equivalents at the End of Period 769,308 1,483,907


179/432

-407,224

-364,443

374,483

-397,184

1,483,906

1,086,722


180/432


181/432

2005 2006

4 % 4.6 %

0.6 % 0.9 %

10 % 9.1 %

10 10

11.858 13.849

2.447 2.42

1.194 1.262

24.302 26.562

0 0.25

0 % 19.8 %

0 % 0.7 %

0.001 0

0.014 0.002

29.01 33.51


182/432

INCOME STATEMENT

A n n u a l

2004 2005Interest Income from Loans & Banks 379,057 420,978



183/432

2006504,813

395,489


184/432


185/432


186/432

Cash Flow from Operating Activities -477

Cash Flow from Investing Activities 2,011

Cash Flow from Financing Activities -46,245

-797,976

-7,540

220,818

Change in Cash & Cash Equivalents -44,711 -584,698

Cash & Cash Equivalents at the Beginning of Period 1,042,139 997,428

Cash & Cash Equivalents at the End of Period 997,429 412,730


187/432

987,245

-8,724

-332,458

646,063

412,730

1,058,793


188/432

Accumulated Depreciation 68,128 73,727 78,549

Net Fixed Assets 104,855 101,176 95,215 LESS: Stockholders' Dividends 36,000

Sundry Assets 92,928 83,951 86,409 Retained Earnings Closing 4,107

Goodwill 92,928 83,951 86,409 Common Stock in Treasury 0

Total Assets 8,475,919 7,696,058 7,339,403 Translation Gains 0

Minority Interest 0

Capital Funds 797,197

Contingent Liabilities 1,317,181

Total Liabilities & Capital Funds 8,475,919

LESS: Board Members & Employees11,800


189/432

11800 0

39000 0

4,407 -153,593

0 0

0 0

0 0

806,611 648,611

1,371,106 1,028,142

7,696,058 7,339,403


190/432



Total Liquid Assets / Total Deposits 53.4 % 60.2 % 46.6 % Return On Assets (ROA) 0.5 %



Interbank Assets / Interbank Liabilities 322.1 % 504.4 % 217 % Book Value Per Share 13.137


Capital Funds/ Net Loans 17.8 % 22 % 16.4 % Earnings Per Share (EPS) 0.58

Loan Loss Provision / Total Loans 17.5 % 22.3 % 26.2 % Price T o Earnings Ratio (P/E) 17.648


Net Profit Margin 12.2 % 15.9 % -48.3 % Dividend Payout Ratio 77.2 %



Non Interest Income/Total Assets 2.6 % 2.2 % 2.2 % Closing Price for Last Day of The Yea 10.24



191/432

2005 2006

4.9 % 4.5 %

0.8 % -2.2 %

7.5 % -24.4 %

10 10

13.444 10.81

1.079 2.22

0.807 -2.633

17.97 -9.114

0 0

0 % 0 %

0.208 0.18

1.984 2.032

14.5 24

0 % 0 %


192/432


193/432

2006325,171

181,157


194/432


195/432


196/432


197/432

4,589,295

-180,329

1,899,972

6,308,938

2,101,122

8,410,060


198/432



Total Liquid Assets / Total Deposits 52.5 % 45.7 % 53.9 % Return On Assets (ROA) 2.1 %



Interbank Assets / Interbank Liabilities 2773.4 % 226.1 % 911.5 % Book Value Per Share 15.077


Capital Funds/ Net Loans 14 % 18.2 % 15.5 % Earnings Per Share (EPS) 4.196



Net Profit Margin 35.8 % 63.3 % 9.8 % Dividend Payout Ratio 55.6 %


Interest Expense/Gross Revenue 64 % 71.5 % 111.8 % Debt to asset ratio 0

Interest Income/Total Assets 7.5 % 6.4 % 6.7 % Debt to equity 0

Non Interest Income/Total Assets 2.2 % 1.7 % 1.4 % Closing Price for Last Day of the Year 53.97


199/432

2005 2006

4.7 % 3.8 %

3 % 1.6 %

39.9 % 26.6 %

10 10

18.743 11.955

5.416 3.761

7.475 0.729

13.579 61.638

1 0

13.4 % 0 %

1 % 0 %

0 0.021

0 0.346

101.51 44.96


200/432

INCOME STATEMENT

A n n u a l




201/432

20061,965,284

682,242


202/432


203/432


204/432

Total Cash from Operating Activities -346,353 239,258

Total Cash from Investing Activities 313,598 98,734

Total Cash from Financing Activities 86,394 -408,366



Adjustments 0 0


205/432

181,116

-111,108

27,314

97,322

70,705

0


206/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 1,540,016 1,630,774


Depreciation 0 -32,949

Depreciation 0 0

SG & A Expense -180,781 -217,573


Interest Income 2,435 749


Investment Income 0 1,652




Provisions -2,396 -4,554

Gross Profit 352,901 482,854



207/432

20062,183,305

-1,626,914

-33,622

0

-258,737

0

1,652

0

260

0

23,472

-1,639

285

522,769

264,032


208/432









Selling General & Administrative Exp. (S11.7 % 13.3 % 11.9 % Share Par Value 10

Net Profit Margin 6.3 % 13 % 9.8 % Book Value Per Share 15.413

Earnings Before Interest & Tax (EBIT)/Sa 13.4 % 17.4 % 13.2 % Earnings Per Share ( EPS ) 1.592








209/432

2005 2006

26.306 25.028

101.84 135.567

3.232 2.58

2.464 1.896

0.213 0.326

0.048 0.034

0.473 0.545

10 10

15.985 18.482

3.542 3.544

10.149 14.993

0 0

0 % 0 %

0 % 0 %

0.303 0.335

35.95 53.14


210/432


211/432


212/432

vice

0111C019

ers: DEVE.CA


213/432

Cash Flow from Operating Activities 135,198

Cash Flow from Investing Activities -23,011


-35,907

28,617

-364

Change in Cash & Cash Equivalents 132,923 -7,654




214/432

-22,065

-7,895

-476

-30,436

849,494

819,057


215/432



Total Liquid Assets / Total Deposits 26.9 % 28.6 % 31.3 % Return On Assets (ROA) 0 %

Net Loans / Total Deposits 61.5 % 63.4 % 58.5 % Return On Equity (ROE) 0 %


Interbank Assets / Interbank Liabilities 189.4 % 1036.5 1190.1 % Book Value Per Share 16.539


Capital Funds/ Net Loans 10 % 9.6 % 6.6 % Earnings Per Share (EPS) 0.028


Asset Leverage 18.194 18.479 27.69 Dividends Per Share (DPS) 0

Net Profit Margin 0.5 % 0 % -123 % Dividend Payout Ratio 0 %

Non Interest Expense/ Gross Revenue 69 % 58.5 % 92.1 % Dividend Yield 0 %



Non Interest Income/Total Assets 1.4 % 1.5 % 1 % Closing Price for Last Day of The Ye 7.78


216/432


217/432

INCOME STATEMENT

A n n u a l




218/432

2006388,451

156,052


219/432


220/432


221/432



Cash Flow from Financing Activities -159,157

1,831,383

-1,856,510

-178,061

Change in Cash & Cash Equivalents 19,271 -203,188




222/432

-547,123

498,166

-47,850

-96,807

784,607

687,799


223/432

2004Interest Income from Loans & Banks 508,981

T-Bills & Bonds Income 165,424


224/432

2005 2006464,966 460,422

314,206 252,539


225/432

2005 2006 2004

35.2 % 29.2 % Asset Utilization 2.2 %

55.5 % 54.3 % Return On Assets (ROA) 0.3 %

68.5 % 84.9 % Return On Equity (ROE) 6.6 %

100 % 100 % Share Par Value 0

22405.1 66543.3 % Book Value Per Share 0

Capital Funds / Total Assets 4 % 4.3 % 6.8 % Price / Book Value Per Share 0

Capital Funds/ Net Loans 8.1 % 9.9 % 14.9 % Earnings Per Share (EPS) 0

Loan Loss Provision / Total Loans 6.3 % 6.8 % 6.8 % Price To Earnings Ratio (P/E) 0

Asset Leverage 24.79 23.128 14.7 Dividends Per Share (DPS) 0

Net Profit Margin 12.1 % 28.8 % 39.4 % Dividend Payout Ratio 71.7 %

Non Interest Expense/ Gross Revenue 59.3 % 61.1 % 56.9 % Dividend Yield 0 %

Interest Expense/Gross Revenue 310.2 281 % 195.7 % Debt to asset ratio 0.305


Non Interest Income/Total Assets 1.2 % 1.5 % 1.3 % Closing Price for Last Day of The Yea 18

Net Loans / Total Deposits 84.3 %

Customer Deposits / Total Deposits 99.9 %

Interbank Assets / Interbank Liabilities 5529.

FINANCIAL RATIOS2004

Total Liquid Assets / Total Assets 34.6 %

Total Liquid Assets / Total Deposits 58.9 %


226/432

2005 2006

2.6 % 3.1 %

0.7 % 1.2 %

17.1 % 17.7 %

10 10

39.7 12.406

1.456 5.995

6.798 2.202

8.505 33.771

0 0

0 % 0 %

0 % 0 %

0.261 0.252

6.025 3.71

57.82 74.37


227/432


228/432


229/432

Cash Flow from Operating Activities -145,775



342,014

-92,080

313,414

Change in Cash & Cash Equivalents -196,052 563,348

Cash & Cash Equivalents at the Beginning of Period 411,264

Cash & Cash E uivalents at the End of Period 215,212

215,212

778,560


230/432

-254,875

50,172

6,700

-198,003

762,915

564,912


231/432




232/432


233/432


Total Liquid Assets / Total Assets 39.5 % 45.5 % 46 % Non Interest Income/Total Assets 1.1 %

Total Liquid Assets / Total Deposits 42.7 % 51.9 % 51.5 % Asset Utilization 2.2 %

Net Loans / Total Deposits 0 % 0 % 0 % Return On Assets (ROA) 0 %

Customer Deposits / Total Deposits 98.8 % 99.6 % 99.4 % Return On Equity (ROE) 1 %

Interbank Assets / Interbank Liabilities 919.4 2188.7 686.8 % Share Par Value 7

Capital Funds / Total Assets 4.8 % 9 % 7.2 % Book Value Per Share 10.01

Capital Funds/ Net Loans 34611 52567.9 26299.7 % Price / Book Value Per Share 0.647

Loan Loss Provision / Total Loans 70.3 % 67.4 % 63.8 % Earnings Per Share (EPS) 0.101

Asset Leverage 20.94 11.167 13.95 Price To Earnings Ratio (P/E) 63.9

Net Profit Margin 2.2 % 0.9 % 3.3 % Dividends Per Share (DPS) 0

Non Interest Expense/ Gross Revenue 45.9 % 45.7 % 52.7 % Dividend Payout Ratio 0 %

277.9 % 303.4 % Dividend Yield 0 %

6.6 % 6.3 % Closing Price for Last Day of The Yea 6.48

Interest Expense/Gross Revenue 239.5 %

Interest Income/Total Assets 6.3 %


234/432

2005 2006

0.8 % 0.6 %

2 % 1.7 %

0 % 0 %

0.2 % 0.7 %

7 7

7.323 7.368

1.82 2.005

0.015 0.058

906.8 254.831

0 0

0 % 0 %

0 % 0 %

13.33 14.77


235/432


236/432


237/432

0


6 6 6 6 06 06 6 6 6 6 6 6 7


238/432


239/432




Change in Cash & Cash Equivalents 642,379

Cash & Cash Equivalents at the Beginning of Period 1,506,411

Cash & Cash Equivalents at the End of Period 2,148,791


240/432


241/432

INCOME STATEMENT




242/432

A n n u a l

2006630,005

305,552


243/432

FINANCIAL RATIOS2005 2006

Total Liquid Assets / Total Assets 64.3 % 68.1 % Asset Utilization

Total Liquid Assets / Total Deposits 75.9 % 77.5 % Return On Assets (ROA)

Net Loans / Total Deposits 32.7 % 26.3 % Return On Equity (ROE)

Customer Deposits / Total Deposits 97.7 % 99.1 % Share Par Value

Interbank Assets / Interbank Liabilities 2178.7 % 6392.9 % Book Value Per Share

Capital Funds / Total Assets 9.9 % 8.9 % Price / Book Value Per Share

Capital Funds/ Net Loans 35.9 % 38.6 % Earnings Per Share (EPS)

Loan Loss Provision / Total Loans 14.5 % 12.7 % Price To Earnings Ratio (P/E)

Asset Leverage 10.056 11.2 Dividends Per Share (DPS)

Net Profit Margin 53.7 % 2.8 % Dividend Payout Ratio

Non Interest Expense/ Gross Revenue 49.5 % 54.8 % Dividend Yield

Interest Expense/Gross Revenue 64.5 % 71.3 % Closing Price for Last Day of The Year

Interest Income/Total Assets 6 % 5.9 %

Non Interest Income/Total Assets 2.3 % 2 %


244/432

2005 2006

5.1 % 4.6 %

2.5 % 2.1 %

25.4 % 23.3 %

79.042 4.007

147.614 4.912

0.687 3.306

40.318 0.072

2.514 225.287

0 0

0 % 0 %

0 % 0 %

101.34 16.24


245/432


246/432


247/432

age

201C015

rs: SUGR.CA


248/432




262,885

-95,420

-186,381



Adjustments 0

162,381

0


249/432

302,461

-94,483

-214,369

-6,391

143,466

0


250/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 603,844 1,044,847



Depreciation 0 0

SG & A Expense -7,221 -7,593








Provisions -17,806 -16,240

Gross Profit 210,527 287,719 26

Net Operating Profit ( NOP) 203,306 280,126 2


251/432

2006769,448

-469,707

-32,205

0

-9,398

0

4,299

0

635

0

43,605

-1,307

-208

7,536

58,138


252/432



Return On Sales (ROS) 29 % 22.3 % 31.9 % Asset Conversion Cycle 90.455


Return On Equity (ROE) 33. 42.9 % 43.7 % Quick Ratio 0.92





Net Profit Margin 29.5 21.7 % 32.8 % Book Value Per Share 16.728






Accounts Receivable Days On Hand 1.434 1.083 1.615 Closing Price for Last Day of The Year31.49

Accounts Pa able Turnover 37.482 172.42 85.677


253/432

2005 2006

2.117 4.26

99.273 94.678

0.945 0.801

0.473 0.479

0.339 0.352

0.145 0.086

0.874 0.733

10 10

14.72 15.261

6.167 6.853

18.188 10.819

5 5.5

81.1 % 80.3 %

4.5 % 7.4 %

112.17 74.14


254/432


255/432


256/432

age

091C013

ters: EAST.CA


257/432


258/432

1,013,112

-460,291

-378,684

174,137

247,725

0


259/432

INCOME STATEMENT

A n n u a l

2004 2005Net Sales 2,954,079 3,401,859



Depreciation 0 0

SG & A Expense -1,259 -1,476








Provisions -115,475 -84,899

Gross Profit 492,203 739, 062 7



260/432

20063,513,531

-2,650,829

-133,395

0

-1,981

0

5,877

Documents

Disclosure 2007