CHINA PIPE 00380·

Gross margin ------------------------------------------------------------28.70%--27.47%1.23%27.26%0.21%31.52%4.26%30.27%1.25% Net margin ------------------------------------------------------------8.26%--7.73%0.52%8.18%0.44%11.13%2.96%8.67%2.46% ROE ------------------------------------------------------------9.06%--7.33%1.73%8.00%0.67%10.68%2.67%6.41%4.27% ROA ------------------------------------------------------------6.25%--5.45%0.79%6.15%0.69%8.41%2.27%5.29%3.12% Revenue growth ----------------------------------------------------------------1.94%--13.82%11.87%12.11%1.70%-19.66%31.77% Attributable profit growth -----------------------------------------------------------------4.70%--20.36%25.05%52.64%32.29%-37.41%90.06% Debt-to-assets ------------------------------------------------------------30.89%--25.57%5.33%23.19%2.37%21.20%1.99%17.45%3.75% Current ratio ------------------------------------------------------------4.17--4.770.594.870.115.450.585.840.38 Operating cash flow / net profit ------------------------------------------------------------0.11--1.431.320.690.741.150.463.312.16 Operating cash flow / revenue ------------------------------------------------------------0.93%--11.06%10.13%5.67%5.39%12.82%7.14%28.74%15.92%

Gross margin 30.10%--28.48%1.62% Net margin 9.90%--8.48%1.42% Revenue growth ----1.95%-- Attributable profit growth -----12.69%-- Debt-to-assets ----16.08%-- Current ratio ----5.87--

Revenue ------------------------------------------------------------557.76M--568.60M1.94%647.16M13.82%725.55M12.11%582.91M19.66% Gross profit ------------------------------------------------------------160.05M--156.19M2.41%176.40M12.93%228.68M29.64%176.46M22.84% Selling and distribution expenses ------------------------------------------------------------17.63M--17.61M0.11%21.71M23.33%23.36M7.60%19.66M15.86% Administrative expenses ------------------------------------------------------------88.75M--90.55M2.02%98.98M9.32%114.88M16.06%108.44M5.61% Net finance costs ------------------------------------------------------------4.78M--5.29M10.79%6.11M15.40%6.51M6.57%4.29M34.14% Income tax ------------------------------------------------------------7.62M--8.06M5.74%9.47M17.53%12.65M33.57%7.74M38.85% Operating profit ------------------------------------------------------------54.37M--51.62M5.07%56.73M9.92%85.57M50.82%50.40M41.10% Share of associates and JVs ----------------------------------------------------------------------------277.29K-- Profit before tax ------------------------------------------------------------53.38M--52.03M2.54%62.39M19.92%93.42M49.75%58.29M37.61% Net profit ------------------------------------------------------------46.04M--43.96M4.51%52.91M20.36%80.77M52.64%50.55M37.41% Net profit attributable to owners ------------------------------------------------------------46.13M--43.96M4.70%52.91M20.36%80.77M52.64%50.55M37.41%

Revenue 327.85M--334.24M1.95% Other income and gains 2.68M--2.57M4.14% Cost of sales 229.16M--239.05M4.31% Gross profit 98.69M--95.19M3.54% Selling and distribution expenses 11.01M--11.22M1.97% Administrative expenses 56.84M--57.85M1.78% Net finance costs 4.31M--4.61M7.03% Income tax 5.51M--5.11M7.15% Operating profit 33.51M--28.85M13.89% Share of associates and JVs 162.00K--0100.00% Profit before tax 37.98M--33.46M11.89% Net profit 32.47M--28.35M12.69% Net profit attributable to owners 32.47M--28.35M12.69%

Cash and cash equivalents ------------------------------------------------------------140.70M--184.45M31.10%206.74M12.09%261.11M26.29%401.94M53.94% Trade and bills receivables ------------------------------------------------------------130.45M--135.31M3.73%169.77M25.46%181.10M6.68%140.45M22.45% Inventories ------------------------------------------------------------223.92M--217.69M2.78%196.95M9.53%228.17M15.85%177.79M22.08% Total current assets ------------------------------------------------------------651.16M--638.18M1.99%707.16M10.81%884.08M25.02%830.90M6.02% Total assets ------------------------------------------------------------737.18M--806.06M9.34%861.03M6.82%960.15M11.51%955.49M0.49% Total current liabilities ------------------------------------------------------------155.99M--133.92M14.15%145.12M8.37%162.13M11.72%142.34M12.21% Total liabilities ------------------------------------------------------------227.73M--206.08M9.51%199.68M3.10%203.54M1.93%166.72M18.09% Equity attributable to owners ------------------------------------------------------------509.45M--599.98M17.77%661.34M10.23%756.61M14.41%788.77M4.25% Total equity ------------------------------------------------------------509.45M--599.98M17.77%661.34M10.23%756.61M14.41%788.77M4.25%

Cash and cash equivalents ----440.09M-- Trade and bills receivables ----170.81M-- Inventories ----164.68M-- Total current assets ----921.33M-- Total assets ----1.07B-- Total current liabilities ----157.00M-- Total liabilities ----172.84M-- Equity attributable to owners ----902.10M-- Total equity ----902.10M--

Net cash from operating activities ------------------------------------------------------------5.21M--62.89M1107.88%36.71M41.63%92.99M153.32%167.52M80.15% Net cash from investing activities -------------------------------------------------------------684.33K---8.96M1209.76%-2.82M68.56%-7.93M181.49%-1.07M86.55% Net cash from financing activities -------------------------------------------------------------18.94M---22.10M16.67%-13.02M41.08%-35.04M169.06%-20.02M42.86% Net change in cash -------------------------------------------------------------14.42M--31.82M320.68%20.87M34.43%50.02M139.70%146.43M192.76%