MS GROUP HLDGS 01451·

Gross margin ----40.03%--32.77%7.26%35.29%2.52%------------29.39%--30.67%1.28%32.11%1.43%28.00%4.11%26.09%1.91% Net margin ----20.32%--11.71%8.61%7.75%3.96%------------5.25%--5.31%0.06%6.96%1.65%11.73%4.77%9.09%2.64% ROE ----66.70%--37.91%28.80%17.15%20.76%------------7.59%--6.64%0.95%7.77%1.13%22.00%14.23%13.93%8.07% ROA ----31.24%--21.57%9.67%10.79%10.79%------------6.03%--5.54%0.49%6.38%0.84%17.11%10.73%9.67%7.44% Revenue growth --------10.54%---15.73%26.28%-----------------3.24%---8.75%5.51%83.90%92.65%-32.48%116.38% Attributable profit growth ---------36.30%---44.23%7.93%-----------------2.14%--19.65%21.79%209.95%190.30%-47.65%257.60% Debt-to-assets ----53.17%--43.08%10.08%37.09%5.99%------------20.60%--16.64%3.96%17.86%1.23%22.20%4.34%30.53%8.33% Current ratio ----1.45--1.810.362.160.35------------4.09--5.601.515.400.204.440.963.081.36 Operating cash flow / net profit ----0.99--1.320.320.550.77------------2.17--1.660.510.970.690.780.183.933.15 Operating cash flow / revenue ----20.22%--15.42%4.80%4.24%11.18%------------11.36%--8.79%2.57%6.73%2.06%9.20%2.47%35.74%26.54%

Gross margin 25.04%--21.29%3.75% Net margin 8.58%---9.67%18.25% Revenue growth -----56.60%-- Attributable profit growth -----148.90%-- Debt-to-assets ----16.32%-- Current ratio ----6.19-- Operating cash flow / net profit 3.96--0.933.04 Operating cash flow / revenue 34.02%---8.98%43.01%

Revenue ----242.34M--267.89M10.54%225.75M15.73%------------240.17M--232.38M3.24%212.05M8.75%389.95M83.90%263.29M32.48% Other income and gains ----927.00K--601.00K35.17%1.28M113.81%------------272.26K--2.38M774.70%695.98K70.78%766.76K10.17%271.87K64.54% Cost of sales ----145.32M--180.11M23.93%146.07M18.90%-------------------------------- Gross profit ----97.02M--87.79M9.52%79.68M9.24%------------70.59M--71.28M0.97%68.08M4.49%109.18M60.37%68.69M37.08% Selling and distribution expenses ----16.49M--17.40M5.53%22.53M29.52%------------15.65M--11.88M24.06%8.31M30.06%7.82M5.91%2.08M73.43% Administrative expenses ----26.85M--27.12M1.01%27.42M1.12%------------30.58M--36.76M20.21%34.71M5.59%43.74M26.03%38.04M13.04% Net finance costs ----11.00K--7.00K36.36%13.00K85.71%------------503.64K--629.76K25.04%599.92K4.74%900.11K50.04%608.77K32.37% Income tax ----5.61M--8.52M51.83%6.72M21.16%------------6.99M--5.73M18.13%6.99M22.13%13.47M92.55%5.51M59.10% Operating profit ----54.86M--39.89M27.28%24.20M39.32%------------23.91M--24.71M3.37%25.91M4.83%57.54M122.10%28.03M51.28% Share of associates and JVs -----------------------------4.16M---7.39M77.72%-7.83M5.89%-1.15M85.30%---- Profit before tax ----54.87M--39.90M27.28%24.22M39.30%------------19.60M--18.06M7.84%21.75M20.44%59.20M172.20%29.45M50.25% Net profit ----49.25M--31.37M36.30%17.50M44.23%------------12.60M--12.33M2.14%14.76M19.65%45.73M209.95%23.94M47.65% Net profit attributable to owners ----49.25M--31.37M36.30%17.50M44.23%------------12.60M--12.33M2.14%14.76M19.65%45.73M209.95%23.94M47.65%

Revenue 181.24M--78.65M56.60% Other income and gains 399.00K--155.00K61.15% Cost of sales 135.86M--61.90M54.44% Gross profit 45.38M--16.75M63.10% Selling and distribution expenses 2.19M--1.19M45.65% Administrative expenses 24.21M--19.31M20.23% Net finance costs 583.00K--641.00K9.95% Income tax 4.87M--2.90M40.36% Operating profit 19.84M---5.34M126.94% Profit before tax 20.42M---4.70M123.04% Net profit 15.55M---7.61M148.90% Net profit attributable to owners 15.55M---7.61M148.90%

Cash and cash equivalents ----42.00M--41.32M1.61%36.56M11.52%------------100.74M--120.41M19.52%114.45M4.95%106.05M7.34%162.75M53.47% Trade and bills receivables ----33.94M--31.22M8.01%27.63M11.51%------------25.55M--24.70M3.34%40.59M64.33%83.85M106.59%33.12M60.50% Inventories ----36.04M--28.56M20.76%42.73M49.60%------------33.52M--34.89M4.08%35.39M1.44%32.15M9.16%16.38M49.06% Total current assets ----119.71M--113.50M5.18%129.88M14.43%------------164.25M--183.50M11.72%198.76M8.32%224.98M13.19%213.71M5.01% Total assets ----157.66M--145.42M7.77%162.19M11.53%------------209.12M--222.68M6.49%231.21M3.83%267.23M15.58%247.48M7.39% Total current liabilities ----82.31M--62.65M23.88%60.12M4.05%------------40.19M--32.77M18.45%36.78M12.25%50.66M37.73%69.37M36.93% Total liabilities ----83.82M--62.65M25.26%60.15M3.99%------------43.08M--37.05M14.01%41.30M11.49%59.33M43.65%75.55M27.34% Equity attributable to owners ----73.84M--82.77M12.09%102.03M23.28%------------166.04M--185.63M11.80%189.91M2.31%207.90M9.47%171.92M17.30% Total equity ----73.84M--82.77M12.09%102.03M23.28%------------166.04M--185.63M11.80%189.91M2.31%207.90M9.47%171.92M17.30%

Cash and cash equivalents ----141.76M-- Trade and bills receivables ----30.31M-- Inventories ----11.66M-- Total current assets ----187.78M-- Total assets ----226.06M-- Total current liabilities ----30.33M-- Total liabilities ----36.90M-- Equity attributable to owners ----189.16M-- Total equity ----189.16M--

Net cash from operating activities ----49.00M--41.30M15.70%9.57M76.83%------------27.28M--20.43M25.13%14.28M30.11%35.87M151.24%94.10M162.34% Net cash from investing activities -----3.25M---8.47M160.76%-5.33M37.11%-------------22.23M---2.35M89.44%-5.81M147.49%-11.22M93.11%1.23M110.95% Net cash from financing activities -----40.43M---33.51M17.11%-9.00M73.14%-------------3.98M---4.39M10.17%-15.21M246.76%-34.38M125.98%-38.27M11.32% Net change in cash ----5.32M---677.00K112.72%-4.76M602.95%------------1.07M--13.69M1175.53%-6.74M149.25%-9.72M44.18%57.06M686.87%

Net cash from operating activities 61.67M---7.06M111.46% Net cash from investing activities 524.00K--8.00K98.47% Net cash from financing activities -41.47M---33.16M20.04% Net change in cash 20.72M---40.22M294.06%