COURAGE INV 01145·

Gross margin 49.42%--43.42%6.00%26.94%16.48%34.23%7.29%21.03%13.20% Net margin 107.70%--9.08%98.62%-46.69%55.76%18.58%65.26%-1.92%20.50% ROE 17.07%--1.84%15.23%-6.96%8.80%2.90%9.86%-0.61%3.51% ROA 14.48%--1.69%12.79%-6.73%8.42%2.85%9.58%-0.59%3.44% Revenue growth ----38.78%---30.03%68.82%9.49%39.53%98.09%88.60% Attributable profit growth -----88.30%---459.87%371.57%143.57%603.44%-120.46%264.03% Debt-to-assets 15.18%--8.00%7.18%3.28%4.72%1.68%1.60%3.82%2.15% Current ratio 2.44--4.782.349.764.9819.609.847.3812.22 Operating cash flow / net profit 0.41--6.586.18-0.627.202.473.090.112.36 Operating cash flow / revenue 43.64%--59.74%16.10%29.03%30.71%45.81%16.78%-0.21%46.02%

Gross margin -18.85%--36.62%55.47% Net margin -38.99%--19.27%58.26% Revenue growth ----112.49%-- Attributable profit growth ----205.04%-- Debt-to-assets ----6.39%-- Current ratio ----5.53--

Revenue 62.09M--86.17M38.78%60.29M30.03%66.01M9.49%130.76M98.09% Other income and gains 522.81K--4.60M780.55%4.76M3.39%7.99M67.79%6.86M14.10% Gross profit 30.69M--37.41M21.92%16.24M56.59%22.59M39.11%27.50M21.70% Administrative expenses 9.71M--9.30M4.25%11.07M19.06%16.79M51.69%22.70M35.20% Net finance costs 2.85M--2.41M15.45%1.32M45.04%143.77K89.15%119.49K16.89% Income tax ----------------1.98M-- Operating profit 69.16M--15.51M77.57%-21.24M236.95%12.41M158.41%-414.70K103.34% Share of associates and JVs 554.69K---5.28M1051.74%-5.58M5.72%-------- Profit before tax 66.87M--7.82M88.30%-28.15M459.87%12.26M143.57%-534.19K104.36% Net profit 66.87M--7.82M88.30%-28.15M459.87%12.26M143.57%-2.51M120.46% Net profit attributable to owners 66.87M--7.82M88.30%-28.15M459.87%12.26M143.57%-2.51M120.46%

Revenue 4.38M--9.31M112.49% Other income and gains 306.00K--164.00K46.41% Cost of sales 533.00K--1.38M159.47% Gross profit -826.00K--3.41M512.71% Administrative expenses 1.18M--1.77M49.83% Net finance costs 8.00K--6.00K25.00% Income tax 0--5.00K-- Profit before tax -1.71M--1.80M205.33% Net profit -1.71M--1.79M205.04% Net profit attributable to owners -1.71M--1.79M205.04%

Cash and cash equivalents 48.71M--15.33M68.53%9.31M39.29%30.60M228.81%42.23M38.00% Trade and bills receivables --------2.29M------2.32M-- Inventories ----------------534.19K-- Total current assets 83.66M--127.29M52.15%133.20M4.64%141.32M6.10%119.03M15.78% Total assets 461.93M--462.83M0.20%418.12M9.66%429.92M2.82%428.17M0.41% Total current liabilities 34.26M--26.65M22.23%13.65M48.78%7.21M47.17%16.13M123.73% Total liabilities 70.13M--37.03M47.19%13.71M62.97%7.21M47.42%16.37M127.05% Equity attributable to owners 391.80M--425.80M8.68%404.41M5.02%422.71M4.52%411.80M2.58% Total equity 391.80M--425.80M8.68%404.41M5.02%422.71M4.52%411.80M2.58%

Cash and cash equivalents ----4.09M-- Trade and bills receivables ----408.00K-- Inventories ----0-- Total current assets ----22.86M-- Total assets ----64.70M-- Total current liabilities ----4.13M-- Total liabilities ----4.13M-- Equity attributable to owners ----60.57M-- Total equity ----60.57M--

Net cash from operating activities 27.10M--51.48M89.97%17.50M66.00%30.24M72.80%-274.12K100.91% Net cash from investing activities -1.28M---40.26M3041.23%-8.01M80.10%-2.92M63.57%13.65M567.71% Net cash from financing activities -41.07M---49.10M19.57%-15.77M67.88%-6.17M60.90%-1.07M82.68% Net change in cash -15.25M---37.88M148.39%-6.28M83.42%21.16M436.74%12.31M41.82%