TEN PAO GROUP 01979·

Gross margin 14.27%--15.78%1.51%17.22%1.44%------------------------16.66%--16.71%0.04%18.81%2.10%19.46%0.65%18.20%1.26% Net margin 4.49%--3.29%1.20%2.83%0.46%------------------------6.11%--5.41%0.70%6.80%1.39%7.12%0.32%6.84%0.28% ROE 23.10%--17.60%5.50%14.85%2.75%------------------------29.22%--21.00%8.22%19.87%1.13%20.69%0.82%17.45%3.24% ROA 7.94%--5.81%2.13%4.68%1.13%------------------------9.33%--7.62%1.70%7.60%0.02%7.09%0.51%6.89%0.20% Revenue growth ----18.86%--14.19%4.66%-----------------------------5.88%---10.73%4.85%14.10%24.83%0.67%13.43% Attributable profit growth -----12.86%---1.76%11.10%-----------------------------14.32%--12.37%26.69%19.29%6.92%-3.30%22.59% Debt-to-assets 65.61%--66.98%1.37%68.50%1.51%------------------------68.59%--63.68%4.91%61.77%1.90%65.77%4.00%60.57%5.20% Current ratio 1.34--1.290.051.380.09------------------------1.14--1.210.071.140.071.100.041.130.03 Operating cash flow / net profit 0.46--1.300.842.531.23------------------------0.63--2.011.381.480.532.120.640.931.19 Operating cash flow / revenue 2.07%--4.28%2.21%7.16%2.88%------------------------3.85%--10.87%7.02%10.05%0.82%15.11%5.06%6.36%8.75%

Gross margin 17.86%--16.52%1.35% Net margin 7.20%--4.04%3.16% Revenue growth -----9.54%-- Attributable profit growth -----49.11%-- Debt-to-assets ----61.50%-- Current ratio ----1.13-- Operating cash flow / net profit 0.47---4.344.81 Operating cash flow / revenue 3.38%---17.52%20.90%

Revenue 1.42B--1.69B18.86%1.93B14.19%------------------------5.20B--4.90B5.88%4.37B10.73%4.99B14.10%5.02B0.67% Other income and gains 10.19M--22.00M115.80%27.39M24.51%------------------------23.96M--16.79M29.92%29.47M75.55%19.70M33.17%20.67M4.97% Cost of sales 1.22B--1.42B16.77%1.60B12.24%-------------------------------------------- Gross profit 202.97M--266.72M31.41%332.40M24.62%------------------------866.92M--818.04M5.64%822.12M0.50%970.63M18.06%913.68M5.87% Selling and distribution expenses 68.89M--85.30M23.83%85.43M0.15%------------------------180.03M--173.59M3.57%163.87M5.60%165.12M0.76%150.24M9.01% Administrative expenses 110.56M--123.16M11.39%128.15M4.06%------------------------338.68M--370.15M9.29%377.34M1.94%468.78M24.23%433.67M7.49% Net finance costs 1.97M--1.93M1.98%1.50M21.96%------------------------6.12M--13.01M112.50%9.84M24.38%8.03M18.34%11.60M44.45% Income tax 13.61M--28.19M107.19%33.84M20.04%------------------------55.97M--49.35M11.83%54.08M9.58%40.24M25.59%41.39M2.85% Operating profit 79.49M--85.82M7.96%90.06M4.95%------------------------377.31M--325.39M13.76%354.74M9.02%387.66M9.28%382.96M1.21% Profit before tax 77.52M--83.89M8.21%88.56M5.57%------------------------373.62M--314.23M15.90%351.50M11.86%395.46M12.51%384.95M2.66% Net profit 63.91M--55.70M12.86%54.72M1.76%------------------------317.65M--264.88M16.61%297.42M12.29%355.22M19.43%343.56M3.28% Net profit attributable to owners 63.91M--55.70M12.86%54.72M1.76%------------------------309.56M--265.21M14.32%298.02M12.37%355.50M19.29%343.79M3.30%

Revenue 2.95B--2.67B9.54% Other income and gains 9.26M--25.18M171.92% Cost of sales 2.42B--2.23B8.06% Gross profit 526.66M--440.47M16.37% Selling and distribution expenses 68.60M--83.60M21.87% Administrative expenses 241.85M--238.61M1.34% Net finance costs 965.00K--355.00K63.21% Income tax 41.13M--15.93M61.27% Operating profit 252.34M--123.97M50.87% Profit before tax 253.31M--123.62M51.20% Net profit 212.18M--107.69M49.25% Net profit attributable to owners 211.65M--107.72M49.11%

Cash and cash equivalents 73.51M--40.60M44.77%85.26M110.00%------------------------235.83M--304.96M29.31%136.36M55.28%303.84M122.81%255.04M16.06% Trade and bills receivables 311.73M--401.00M28.64%444.22M10.78%------------------------1.06B--995.78M6.31%1.14B14.20%1.46B28.44%1.49B2.06% Inventories 139.33M--184.35M32.31%213.30M15.70%------------------------940.34M--809.64M13.90%659.12M18.59%960.25M45.69%862.44M10.19% Total current assets 596.20M--745.07M24.97%942.14M26.45%------------------------2.29B--2.27B1.15%2.55B12.53%3.46B35.52%3.24B6.12% Total assets 804.55M--958.37M19.12%1.17B22.04%------------------------3.41B--3.48B2.04%3.91B12.64%5.01B27.98%4.99B0.41% Total current liabilities 444.84M--578.24M29.99%684.21M18.33%------------------------2.01B--1.87B6.67%2.24B19.45%3.13B39.83%2.87B8.43% Total liabilities 527.88M--641.96M21.61%801.11M24.79%------------------------2.34B--2.21B5.27%2.42B9.27%3.29B36.26%3.02B8.28% Equity attributable to owners 276.67M--316.41M14.36%368.47M16.45%------------------------1.06B--1.26B19.22%1.50B18.77%1.72B14.58%1.97B14.64% Total equity 276.67M--316.41M14.36%368.47M16.45%------------------------1.07B--1.26B17.99%1.50B18.55%1.71B14.59%1.97B14.71%

Cash and cash equivalents ----165.76M-- Trade and bills receivables ----2.11B-- Inventories ----1.26B-- Total current assets ----3.91B-- Total assets ----5.96B-- Total current liabilities ----3.47B-- Total liabilities ----3.66B-- Equity attributable to owners ----2.30B-- Total equity ----2.29B--

Net cash from operating activities 29.44M--72.40M145.90%138.23M90.91%------------------------200.44M--532.33M165.58%439.25M17.49%753.47M71.54%319.21M57.63% Net cash from investing activities -39.57M---38.67M2.29%-49.47M27.95%-------------------------499.63M---203.66M59.24%-267.31M31.25%-332.23M24.28%-348.40M4.87% Net cash from financing activities 7.01M---66.97M1055.08%-44.08M34.19%------------------------180.18M---268.32M248.92%-341.89M27.42%-255.99M25.13%-11.00M95.70% Net change in cash -3.12M---33.23M966.53%44.68M234.43%-------------------------119.00M--60.35M150.71%-169.96M381.62%165.26M197.24%-40.19M124.32%

Net cash from operating activities 99.70M---467.20M568.61% Net cash from investing activities -230.40M---87.70M61.94% Net cash from financing activities 3.10M--439.50M14077.42%