Asset

Cash & Equivalent

Short-term Investments
Accounts Receivable
Inventories
Prepayments & Advances
Other Current Assets
Current Assets
Property, Plant & Equipment at Cost
Net Revaluation / Impairment of PPE
Accumulated Depreciation
Net Propery, Plant & Equipment
Goodwill
Other Intangibles
Goodwill & Intangibles
Leasing and Investment Properties
Long Term Investments
Other Long Term Assets
Total Assets
Liabilities
Accounts Payable
Short Term Debt
Current Portion of Long Term Debt
Taxes Payable
Other Current Liabilities
Total Current Liabilities
Long Term Debt
Long Term Convertible Debt
Lease Obligation
Total Long Term Interest Bearing Debt
Minority Interest
Deferred Taxes
Provisions
Other Long Term Liabilities
Total Liabilities & Debt
Redeemable Preferred Shares
Preferred Shares
Common Stock/Shares
Participation Shares
Share Capital
Addition Paid In Capital

5,522,341

6,297,440

10,324,478

4,893,727

18,951,666

17,928,461

10,558,340

10,300,955

38,371,604

36,556,049

27,044,004

25,008,255

5,143,108

2,429,008

1,354,989

1,007,329

932,703

710,433

368,607

1,013,966

68,921,422

63,921,391

49,650,418

42,224,232

99,912,502

95,218,643

90,176,582

82,851,894

-64,821,428

-56,204,273

-48,840,285

-40,920,718

35,091,074

39,014,370

41,336,297

41,931,176

211,640

345,836

269,651

186,216

211,640

345,836

269,651

186,216

75,000

75,000

195,000

195,000

104,299,136

103,356,597

91,451,366

84,536,624

8,490,437

168,562

3,227,971

2,210,818

13,289,433

4,045,000

6,846,160

1,320,767

2,399,829

2,459,229

1,276,347

6,462,737

7,783,680

8,594,754

8,379,218

16,273,949

23,641,504

18,326,954

18,712,543

433,808

280,563

272,631

16,707,757

23,641,504

18,607,517

18,985,174

64,816,340

64,816,340

45,669,000

45,669,000

64,816,340

64,816,340

45,669,000

45,669,000

913,497

913,497

1,365

1,365

Legal/Untaxed/Special Reserves
Shareholders Reserve
Retained Earnings
Treasury Stock
Other Equity
Total Shareholders Equity
Total Liabilities & Equity

10,520,880

3,111,482

12,756,329

1,176,509

88,925

154,771

2,348,998

285,717

11,345,142

10,812,408

12,161,562

13,359,897

-93,405

-93,405

-93,405

-211,185

5,270,147

87,591,379

79,715,093

72,843,849

65,551,450

104,299,136

103,356,597

91,451,366

84,536,624

2009

2008

2007

2006

137,682,182

171,452,078

156,271,985

140,305,346

-271,848

-475,128

-568,870

-827,675

137,410,334

170,976,950

155,703,115

139,477,671

Other Revenues

198,866

228,945

595,071

Total Revenues

137,410,334

171,175,816

155,932,060

140,072,742

Costs of Goods & Services / Total Expenses

-82,293,475

-100,618,274

-88,245,720

-79,554,027

55,116,859

70,557,542

67,686,340

60,518,715

-23,950,870

-31,376,274

-29,998,643

-25,652,488

R & D Expense

Related & Associated Companies

Earning Before Interest, Tax & Depreciation

31,165,989

39,181,268

37,687,697

34,866,227

Depreciation & Depletion

-8,762,726

-8,263,987

-8,032,690

-7,745,909

-134,197

-86,268

Total Depreciation, Depletion & Amortization

-8,896,923

-8,263,987

-8,118,958

-7,745,909

Operating Income After Depr. & Amort.

22,269,066

30,917,281

29,568,739

27,120,318

Gross Sales
Adjustments/Excise Tax
Net Sales

Operating Income
Selling, general & administrative costs

Amortization

58,196

11,037

211

22,327,262

30,917,281

29,579,776

27,120,529

95,319

151,047

74,844

133,855

Interest Expense

-588,381

-1,601,741

-844,248

-1,882,222

Net Interest

-493,062

-1,450,694

-769,404

-1,748,367

Unusual/Exceptional Items
Earnings Before Interest & Tax
Interest Income

-1,175

-911

Earnings Before Tax

21,834,200

29,466,587

28,809,197

25,371,251

Income Taxes

-5,460,203

-8,287,464

-8,163,412

-7,173,186

Earnings After Tax

16,373,997

21,179,123

20,645,785

18,198,065

Minority Interest

Preacquisition Profit

Other After Tax Adjustments

Extraordinary Items After Tax

Preferred Dividends

16,373,997

21,179,123

20,645,785

18,198,065

Ordinary Dividends

-8,375,282

-3,288,168

Dividend Share Capital Other

Other Financial Income & Expenses

Net Profit

2009

2008

2007

2006

1 Year Growth Rates

-19.63

9.81

11.63

19.57

27.77

17.73

45.49

Growth in Total Assets

0.91

13.02

8.18

Growth in Gross Fixed Assets

4.93

5.59

8.84

Net Sales Growth Rate

Sustainable Growth Rate

-10.06

-5.62

-1.42

7.82

28.74

17.59

10.02

46.53

5.35

30.7

28.59

33.23

-0.31

88.76

-1.65

-119.14

-2,233.02

-101.36

-100

228.54

-40.92

-19.63

9.81

11.63

57.51

-40.52

-284.79

Growth in EBITDA

-20.46

3.96

8.09

Growth in EBIT

-27.78

4.52

9.07

Growth in Net Profit

-22.69

2.58

13.45

Growth in NOPLAT

-25.13

5.3

7.74

9.88

9.43

11.12

3 yr Net Sales Growth Rate

-11.17

10.03

3 yr Sustainable Growth Rate

Growth in Fixed Assets

Growth in Current Assets
Growth in Operating Current Assets
Growth in Working Capital
Growth in Operating Working Capital
Growth in Gross Investment
Growth in Total Debt
Growth in Net Turnover
Growth in Cash Flow

Growth in Shareholder's Equity

3 Year Growth Rates

-63.24

-54.23

3 yr Growth in Total Assets

4.61

11

3 yr Growth in Gross Fixed Assets

5.06

6.49

-8.81

-4.28

13.3

23.09

3 yr Growth in Operating Current Assets

18.61

28.74

3 yr Growth in Working Capital

27.12

27.05

3 yr Growth in Operating Working Capital

18.36

45.04

-175.37

-31.77

-100

64.88

-11.17

10.03

11.02

69.36

3 yr Growth in EBITDA

-13.46

5.2

3 yr Growth in EBIT

-19.13

5.86

3 yr Growth in NOPLAT

-16.76

5.96

3 yr Growth in Net Profit

-15.6

5.86

9.42

9.64

3 yr Growth in Fixed Assets

3 yr Growth in Current Assets

3 yr Growth in Gross Investment

3 yr Growth in Total Debt
3 yr Growth in Net Turnover
3 yr Growth in Cash Flow

3 yr Growth in Shareholder's Equity

5 Year Growth Rates
5 yr Net Sales Growth Rate

5 yr Sustainable Growth Rate

5 yr Growth in Total Assets

5 yr Growth in Gross Fixed Assets

5 yr Growth in Fixed Assets

5 yr Growth in Current Assets

5 yr Growth Operating Current Assets

5 yr Growth in Working Capital

5 yr Growth in Operating Capital

5 yr Growth in Gross Investment

5yr Growth in Total Debt

5 yr Growth in Net Turnover

5 yr Growth in Cash Flow

5 yr Growth in EBITDA

5 yr Growth in EBIT

5 yr Growth in Net Profit

5 yr Growth in NOPLAT

5 yr Growth in Shareholder's Equity

Financial Leverage

16.67

5.55

10.44

Debt to Capital at Book

0.13

0.04

0.08

Payout Ratio

0.41

0.18

Capital Structure

0.59

0.82

5.93

5.28

5.72

5.35

1.5

1.02

1.14

0.81

Cash Ratio

0.34

0.27

0.56

0.26

Current Ratio

4.24

2.7

2.71

2.26

Gross Cash Flow to Current Liabilities

2.45

2.01

2.49

2.28

Free Cash Flow to Current Liabilities

2.69

1.17

2.55

-1.35

-37.95

-19.3

-35.04

-14.41

101.93

78.04

63.4

65.44

Retention Ratio
Z-Score
Liquidity Ratios
Quick Ratio (equivalent to Acid Ratio)

Interest Coverage
Funded Capital Ratio
Days in Inventory
Days in Accts Payable

22.55

0.36

7.57

5.79

Days in Cash

14.67

13.44

24.2

12.81

Days in Receivables

50.34

38.27

24.75

26.96

Return on Assets (ROA)

15.77

21.74

23.46

43.05

Return on Net Assets (RONA)

44.19

52.72

49.59

86.8

Return on Gross Assets (ROGA)

16.78

22.85

23.86

43.93

205.56

225.57

61.69

53.64

Return on Equity (ROE)

19.57

27.77

29.84

55.52

Return on Invested Capital (ROIC)

20.27

29.72

31.15

61.04

Profitability Ratios

Return on Gross Investment (ROGI)

Operating Margin (%)

16.32

18.17

19.04

19.54

COGS/Sales (%)

59.89

58.85

56.68

57.04

6.38

4.83

5.16

5.55

SG&A/Sales (%)

17.43

18.35

19.27

18.39

Net Profit Margin (%)

11.92

12.39

13.26

13.05

88,025,195

93,004,526

77,169,412

72,670,241

Net Operating Profit Before Tax (NOPBT)

22,121,926.21

30,466,792.08

29,329,511.77

26,588,159.44

Net Operating Profit After Tax (NOPAT)

16,661,723.21

22,179,328.08

21,166,099.77

19,414,973.44

Cash Operating Profit After Tax (COPAT)

25,558,646.21

30,443,315.08

29,285,057.77

27,160,882.44

96,922,118

101,268,513

85,288,370

80,416,150

3 yr CAP Average

86,066,377.67

80,948,059.67

3 yr NOPBT Average

27,306,076.69

28,794,821.10

3 yr NOPAT Average

20,002,383.69

20,920,133.76

3 yr COPAT Average

28,429,006.35

28,963,085.10

3 yr TGC Average

94,493,000.33

88,991,011

3 yr Average Pre-Tax Return Risk

0.32

0.36

3 yr Average After-Tax Return Risk

0.23

0.26

0.3

0.33

5 yr CAP Average

5 yr NOPBT Average

5 yr NOPAT Average

5 yr COPAT Average

5 yr TGC Average

5 yr Average Pre-Tax Return Risk

5 yr Average After-Tax Return Risk

5 yr Total Gross Return Risk

23.25

20.57

20.46

57

Sales to Accts Receivable (%)

7.45

12

14.93

27.08

Sales to Inventories (%)

3.67

5.38

5.98

11.15

Sales to Working Capital (%)

2.96

4.78

5.68

11.86

Sales to Fixed Assets (%)

3.71

4.26

3.74

6.65

Sales to Total Assets (%)

1.32

1.76

1.77

3.3

Depreciation/Sales (%)

Strategic Risk Items Ratios

Capital (CAP)

Total Gross Capital (TGC)

3 yr Average Total Gross Return Risk

Asset Utilitization Ratios

R&D/Sales (%)
Sales to Cash (%)

2009

Net Income
Depreciation, Depletion & Amortization
Depreciation & Depletion
Amortization of Intangible Assets
Deferred Inc. Tax & Invest. Tax Credit
Other Non-Cash
Items Before WC Charges
Funds
from Operations
& Extra
Funds from Other Operating Activities
Decrease/Increase in Receivables
Decrease/Increase in Inventories
Increase/Decrease in Accts. Payable
Increase/Decrease in Other Accruals
Decrease/Increase
Assets/Liabilities
Net Cash
Flow - Operating
Capital
Expenditure,
Reval,Activities
Disp Incld
Intangibles
Increase/Decrease in Other Assets
Increase/Decrease in Investments
Net Cash Flow - Invest. Activities
Increase/Decrease in Short Term Borrowing
Increase/Decrease in
Long Term
Borrowing
Common/Preferred
Purchase,
Ret,
Conv,
Redeem
Cash Dividends Paid - Total
Common Dividends (Cash)
Preferred Dividends (Cash)
Other Source/Use - Financing
Net Cash Flow - Financing
Effect of Exchange in
onCash
Cash& Short Term
Increase/Decrease
Investments
Cash & Equivalents at Beginning of Year
Cash & Equivalents at End of Year

2008

2007

2006

21,834,201

29,466,587

8,896,923

8,263,986

8,762,726

8,263,987

134,197

521,340

1,530,139

31,252,464

39,260,712

-10,275,474

-43,837,983

25,403,577

36,782,419

-1,023,205

-7,370,121

-1,815,555

-9,512,045

8,321,875

-3,059,409

-3,793,162

-1,133,419

-11,965,427

-22,762,989

25,403,577

36,782,419

20,976,990

-4,577,271

25,403,577

36,782,419

-10,101,516

-8,093,434

-8,741,518

-11,385,407

159,100

369,220

9,524

74,200

-9,942,416

-7,724,214

-8,731,994

-11,311,207

-13,289,425

9,244,433

77,987,839

71,353,697

-80,788,999

-87,458,560

-8,375,282

-8,372,943

-5,830,884

-8,375,282

-13,289,425

4,061,613

-11,240,832

-22,239,908

-2,254,851

-8,239,872

5,430,751

3,231,304

6,297,440

10,324,478

4,893,727

1,662,423

4,042,589

2,084,606

10,324,478

4,893,727