INCOME STATEMENT 2018 2017 2016 2015

SALES 37,264,506,369 45,569,980,968 37,287,425,991 32,663,442,974

COST OF GOODS SOLD 34,148,122,116 40,676,688,988 30,832,943,837 27,797,895,638
GROSS PROFT 3,116,384,253 4,893,291,980 6,454,482,154 4,865,547,336
GENERAL AND ADMIN EXPENSES 1,033,466,077 1,126,164,658 878,079,077 797,944,257
SELLING EXPENSES 424,314,254 84,805,426 167,335,500 130,132,823
OPERATING PROFIT 1,658,603,922 3,682,321,896 5,409,067,577 3,937,470,256
OTHER INCOME 475,637,156 407,154,597 266,647,788 195,925,439
OTHER EXPENSES 5,237,703 149,375,356 1,696,593,643 680,314,303
EBIT 2,129,003,375 3,940,101,137 3,979,121,722 3,453,081,392
FINANCE COST 2,269,761,395 1,665,293,789 1,660,105,995 2,241,796,543
EBT 140,758,020 2,274,807,348 2,319,015,727 1,211,284,849
TAX 62,682,495 662,239,586 285,083,739 305,965,305
EAT 78,075,525 1,612,567,762 2,033,931,988 905,319,544
 2014 2013

30,534,864,386 27,183,281,838
27,306,099,295 23,981,411,434
3,228,765,091 3,201,870,404
529,026,652 490,343,792
122,100,729 278,973,721
2,577,637,710 2,432,552,891
344,544,422 134,507,050
63,027,822 137,649,799
2,859,154,310 2,429,410,142
1,880,760,719 1,118,578,053
978,393,591 1,310,832,089
1,312,304 386,309,269
977,081,287 924,522,820
BALANCE SHEET 2018 2017

SHARE CAPITAL AND RESERVES

Share capital 597,766,610 597,766,610
Share Premium 678,316,928 678,316,928
Accumulated profit 6,951,403,122 7,152,880,785
Reserves - -
TOTAL 8,227,486,660 8,428,964,323

NON-CURRENT LIABILITIES
Redeemable capital-secured - -
Longterm finances-secured 8,785,694,471 9,792,313,674
Liabilities against assets subject to finance lease 144,677,914 153,047,674
Deferred taxation 1,617,167,472 1,818,467,413
Retirement benefits 53,784,119 29,618,756
TOTAL 10,601,323,976 11,793,447,517

CURRENT LIABILITIES
Short term borrowings 23,553,685,516 10,053,163,155
Current portion of non-current liabilities 4,106,050,113 3,368,757,109
Trade and other payables 10,756,257,312 8,375,050,128
Unclaimed dividend 34,072,815 -
Accrued profit/interest/mark-up 534,626,215 226,191,820
TOTAL 38,984,691,971 22,023,162,212

CONTINGENCIES AND COMMITMENTS

GRAND TOTAL 57,813,502,607 42,245,574,052

ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 22,010,170,144 21,058,980,010
Biological assets 14,595,399
Investment property 218,599,597 218,599,597
Intangibles 618,849,288 620,889,016
Long term investments 2,310,460,383 2,303,378,840
Long term advances - 3,272,223
Long term deposits 37,488,439 54,978,065
TOTAL 25,195,567,851 24,274,693,150

CURRENT ASSETS
Biological assets 2,024,707,028 2,282,737,798
Stores, spare parts and loose tools 1,309,256,367 1,412,675,360
Stock-in-trade 19,730,034,110 7,939,757,487
Trade debts-unsecured cosidered good 5,471,467,968 3,234,430,508
Advances, deposits, prepayments and other receivables 3,028,850,483 2,182,572,665
Advance tax- net 947,704,351 784,949,809
Cash and bank balances 105,914,449 133,757,275
Non-current asset held for sale - -
TOTAL 32,617,934,756 17,970,880,902

GRAND TOTAL 57,813,502,607 42,245,574,052

 2016 2015 2014 2013

597,766,610 597,766,610 597,766,610 597,766,610

678,316,928 678,316,928 678,316,928 -
7,044,672,556 5,740,528,115 4,705,196,874 -
- - - 4,891,150,343
8,320,756,094 7,016,611,653 5,981,280,412 5,488,916,953

83,333,333 194,444,444 305,555,555 222,243,482

9,495,166,901 7,472,014,132 8,563,542,666 4,292,190,749
495,823,654 627,413,203 796,721,716 438,881,076
1,641,059,144 1,405,403,969 1,712,957,399 1,732,216,039
101,168,252 75,844,689 68,256,699 44,694,419
11,816,551,284 9,775,120,437 11,447,034,035 6,730,225,765

3,415,654,047 9,313,746,057 9,067,052,946 6,834,453,702

3,139,610,613 2,571,550,698 2,056,677,973 1,616,577,269
7,327,682,941 5,995,631,857 4,626,936,967 2,789,427,156
- - - -
125,798,019 286,506,817 498,818,831 302,120,164
14,008,745,620 18,167,435,429 16,249,486,717 11,542,578,291

34,146,052,998 34,959,167,519 33,677,801,164 23,761,721,009

19,541,735,582 18,668,676,450 17,136,243,480 10,072,777,111

7,279,311 2,766,282 10,471,822 693,855,251
196,467,698 173,026,930 173,026,930 608,310,693
622,928,744 624,968,472 626,822,509 -
2,283,110,383 3,809,497,383 3,094,398,050 1,610,250,000
18,430,247 44,833,333 1,135,692,880 1,650,553,280
111,446,138 116,804,861 113,273,041 85,380,307
22,781,398,103 23,440,573,711 22,289,928,712 14,721,126,642

2,240,966,107 1,548,160,341 1,681,515,961 -

1,080,682,261 1,165,439,717 1,121,315,707 588,561,594
5,035,625,241 4,860,648,469 4,383,863,382 3,324,048,252
 1,025,619,160 1,108,892,131 662,775,216 239,661,016
1,126,498,627 2,106,989,471 3,025,056,958 4,426,525,555
848,667,402 678,904,153 426,538,452 220,443,055
6,596,097 49,559,526 86,806,776 41,354,895
- - - 200,000,000
11,364,654,895 11,518,593,808 11,387,872,452 9,040,594,367

34,146,052,998 34,959,167,519 33,677,801,164 23,761,721,009

VERTICAL ANALYSIS 2018 2017 2016 2015

SALES 37,264,506,369 45,569,980,968 37,287,425,991 32,663,442,974

100% 100% 100% 100%
COST OF GOODS SOLD 34,148,122,116 40,676,688,988 30,832,943,837 27,797,895,638
92% 89% 83% 85%
GROSS PROFT 3,116,384,253 4,893,291,980 6,454,482,154 4,865,547,336
8% 11% 17% 15%
GENERAL AND ADMIN EXPENSES 1,033,466,077 1,126,164,658 878,079,077 797,944,257
3% 2% 2% 2%
SELLING EXPENSES 424,314,254 84,805,426 167,335,500 130,132,823
1% 0% 0% 0%
OPERATING PROFIT 1,658,603,922 3,682,321,896 5,409,067,577 3,937,470,256
4% 8% 15% 12%
OTHER INCOME 475,637,156 407,154,597 266,647,788 195,925,439
1% 1% 1% 1%
OTHER EXPENSES 5,237,703 149,375,356 1,696,593,643 680,314,303
0% 0% 5% 2%
EBIT 2,129,003,375 3,940,101,137 3,979,121,722 3,453,081,392
6% 9% 11% 11%
FINANCE COST 2,269,761,395 1,665,293,789 1,660,105,995 2,241,796,543
6% 4% 4% 7%
EBT 140,758,020 2,274,807,348 2,319,015,727 1,211,284,849
0% 5% 6% 4%
TAX 62,682,495 662,239,586 285,083,739 305,965,305
0% 1% 1% 1%
EAT -203,440,515 1,612,567,762 2,033,931,988 905,319,544
-0.0054593643 0.0353866236 0.0545473959 0.0277165988
 2014 2013

30,534,864,386 27,183,281,838
100% 100%
27,306,099,295 23,981,411,434
89% 88%
3,228,765,091 3,201,870,404
11% 12%
529,026,652 490,343,792
2% 2%
122,100,729 278,973,721
0% 1%
2,577,637,710 2,432,552,891
8% 9%
344,544,422 134,507,050
1% 0%
63,027,822 137,649,799
0% 1%
2,859,154,310 2,429,410,142
9% 9%
1,880,760,719 1,118,578,053
6% 4%
978,393,591 1,310,832,089
3% 5%
1,312,304 386,309,269
0% 1%
977,081,287 924,522,820
0.0319988743 0.0340107138
HORIZONTAL ANALYSIS 2018 2017 2016 2015

SALES 37,264,506,369 45,569,980,968 37,287,425,991 32,663,442,974

-18% 22% 14% 7%
COST OF GOODS SOLD 34,148,122,116 40,676,688,988 30,832,943,837 27,797,895,638
-16% 32% 11% 2%
GROSS PROFT 3,116,384,253 4,893,291,980 6,454,482,154 4,865,547,336
-36% -24% 33% 51%
GENERAL AND ADMIN EXPENSES 1,033,466,077 1,126,164,658 878,079,077 797,944,257
-8% 28% 10% 51%
SELLING EXPENSES 424,314,254 84,805,426 167,335,500 130,132,823
400% -49% 29% 7%
OPERATING PROFIT 1,658,603,922 3,682,321,896 5,409,067,577 3,937,470,256
-55% -32% 37% 53%
OTHER INCOME 475,637,156 407,154,597 266,647,788 195,925,439
17% 53% 36% -43%
OTHER EXPENSES 5,237,703 149,375,356 1,696,593,643 680,314,303
-96% -91% 149% 979%
EBIT 2,129,003,375 3,940,101,137 3,979,121,722 3,453,081,392
-46% -1% 15% 21%
FINANCE COST 2,269,761,395 1,665,293,789 1,660,105,995 2,241,796,543
36% 0% -26% 19%
EBT 140,758,020 2,274,807,348 2,319,015,727 1,211,284,849
-94% -2% 91% 24%
TAX 62,682,495 662,239,586 285,083,739 305,965,305
-91% 132% -7% 23215%
EAT -203,440,515 1,612,567,762 2,033,931,988 905,319,544
-1.1261593589 -0.2071673136 1.2466453988 -0.0734450081
 2014 2013

30,534,864,386 27,183,281,838
12%
27,306,099,295 23,981,411,434
14%
3,228,765,091 3,201,870,404
1%
529,026,652 490,343,792
8%
122,100,729 278,973,721
-56%
2,577,637,710 2,432,552,891
6%
344,544,422 134,507,050
156%
63,027,822 137,649,799
-54%
2,859,154,310 2,429,410,142
18%
1,880,760,719 1,118,578,053
68%
978,393,591 1,310,832,089
-25%
1,312,304 386,309,269
-100%
977,081,287 924,522,820
0.0568492912
VERTICAL ANALYSIS 2018 2017

SHARE CAPITAL AND RESERVES

Share capital 597,766,610 597,766,610
1% 1%
Share Premium 678,316,928 678,316,928
1% 2%
Accumulated profit 6,951,403,122 7,152,880,785
12% 17%
Reserves - -

TOTAL 8,227,486,660 8,428,964,323

0.1423108148 0.1995230154

NON-CURRENT LIABILITIES
Redeemable capital-secured - -

Longterm finances-secured 8,785,694,471 9,792,313,674

15% 23%
Liabilities against assets subject to finance lease 144,677,914 153,047,674
0% 0%
Deferred taxation 1,617,167,472 1,818,467,413
3% 4%
Retirement benefits 53,784,119 29,618,756
0% 0%
TOTAL 10,601,323,976 11,793,447,517
18% 28%

CURRENT LIABILITIES
Short term borrowings 23,553,685,516 10,053,163,155
41% 24%
Current portion of non-current liabilities 4,106,050,113 3,368,757,109
7% 8%
Trade and other payables 10,756,257,312 8,375,050,128
19% 20%
Unclaimed dividend 34,072,815 -
0%
Accrued profit/interest/mark-up 534,626,215 226,191,820
1% 1%
TOTAL 38,984,691,971 22,023,162,212
67% 52%

CONTINGENCIES AND COMMITMENTS

GRAND TOTAL 57,813,502,607 42,245,574,052
100% 100%

ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 22,010,170,144 21,058,980,010
38% 50%
Biological assets - 14,595,399
0%
Investment property 218,599,597 218,599,597
0% 1%
Intangibles 618,849,288 620,889,016
1% 1%
Long term investments 2,310,460,383 2,303,378,840
4% 5%
Long term advances - 3,272,223
0%
Long term deposits 37,488,439 54,978,065
0% 0%
TOTAL 25,195,567,851 24,274,693,150
44% 57%

CURRENT ASSETS
Biological assets 2,024,707,028 2,282,737,798
4% 5%
Stores, spare parts and loose tools 1,309,256,367 1,412,675,360
2% 3%
Stock-in-trade 19,730,034,110 7,939,757,487
34% 19%
Trade debts-unsecured cosidered good 5,471,467,968 3,234,430,508
9% 8%
Advances, deposits, prepayments and other receivables 3,028,850,483 2,182,572,665
5% 5%
Advance tax- net 947,704,351 784,949,809
2% 2%
Cash and bank balances 105,914,449 133,757,275
0% 0%
Non-current asset held for sale - -

TOTAL 32,617,934,756 17,970,880,902

56% 43%
GRAND TOTAL 57,813,502,607 42,245,574,052
100% 100%
 2016 2015 2014

597,766,610 597,766,610 597,766,610

2% 2% 2%
678,316,928 678,316,928 678,316,928
2% 2% 2%
7,044,672,556 5,740,528,115 4,705,196,874
21% 16% 14%
- - -

8,320,756,094 7,016,611,653 5,981,280,412

0.2436813442 0.200708774 0.1776030562

83,333,333 194,444,444 305,555,555

0% 1% 1%
9,495,166,901 7,472,014,132 8,563,542,666
28% 21% 25%
495,823,654 627,413,203 796,721,716
1% 2% 2%
1,641,059,144 1,405,403,969 1,712,957,399
5% 4% 5%
101,168,252 75,844,689 68,256,699
0% 0% 0%
11,816,551,284 9,775,120,437 11,447,034,035
35% 28% 34%

3,415,654,047 9,313,746,057 9,067,052,946

10% 27% 27%
3,139,610,613 2,571,550,698 2,056,677,973
9% 7% 6%
7,327,682,941 5,995,631,857 4,626,936,967
21% 17% 14%
- -

125,798,019 286,506,817 498,818,831

0% 1% 1%
14,008,745,620 18,167,435,429 16,249,486,717
41% 52% 48%
 34,146,052,998 34,959,167,519 33,677,801,164
100% 100% 100%

19,541,735,582 18,668,676,450 17,136,243,480

57% 53% 51%
7,279,311 2,766,282 10,471,822
0% 0% 0%
196,467,698 173,026,930 173,026,930
1% 0% 1%
622,928,744 624,968,472 626,822,509
2% 2% 2%
2,283,110,383 3,809,497,383 3,094,398,050
7% 11% 9%
18,430,247 44,833,333 1,135,692,880
0% 0% 3%
111,446,138 116,804,861 113,273,041
0% 0% 0%
22,781,398,103 23,440,573,711 22,289,928,712
67% 67% 66%

2,240,966,107 1,548,160,341 1,681,515,961

7% 4% 5%
1,080,682,261 1,165,439,717 1,121,315,707
3% 3% 3%
5,035,625,241 4,860,648,469 4,383,863,382
15% 14% 13%
1,025,619,160 1,108,892,131 662,775,216
3% 3% 2%
1,126,498,627 2,106,989,471 3,025,056,958
3% 6% 9%
848,667,402 678,904,153 426,538,452
2% 2% 1%
6,596,097 49,559,526 86,806,776
0% 0% 0%
- - -

11,364,654,895 11,518,593,808 11,387,872,452

33% 33% 34%
34,146,052,998 34,959,167,519 33,677,801,164
100% 100% 100%
HORIZONTAL ANALYSIS 2018 2017

SHARE CAPITAL AND RESERVES

Share capital 597,766,610 597,766,610
0% 0%
Share Premium 678,316,928 678,316,928
0% 0%
Accumulated profit 6,951,403,122 7,152,880,785
-3% 2%
Reserves - -
- -
TOTAL 8,227,486,660 8,428,964,323
-0.0239030153 0.0130046149

NON-CURRENT LIABILITIES
Redeemable capital-secured - -
- -
Longterm finances-secured 8,785,694,471 9,792,313,674
-10% 3%
Liabilities against assets subject to finance lease 144,677,914 153,047,674
-5% -69%
Deferred taxation 1,617,167,472 1,818,467,413
-11% 11%
Retirement benefits 53,784,119 29,618,756
82% -71%
TOTAL 10,601,323,976 11,793,447,517
-10% 0%

CURRENT LIABILITIES
Short term borrowings 23,553,685,516 10,053,163,155
134% 194%
Current portion of non-current liabilities 4,106,050,113 3,368,757,109
22% 7%
Trade and other payables 10,756,257,312 8,375,050,128
28% 14%
Unclaimed dividend 34,072,815 -
0%
Accrued profit/interest/mark-up 534,626,215 226,191,820
136% 80%
TOTAL 38,984,691,971 22,023,162,212
77% 57%

CONTINGENCIES AND COMMITMENTS

GRAND TOTAL 57,813,502,607 42,245,574,052
37% 24%

ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 22,010,170,144 21,058,980,010
5% 8%
Biological assets - 14,595,399
0% 101%
Investment property 218,599,597 218,599,597
0% 11%
Intangibles 618,849,288 620,889,016
0% 0%
Long term investments 2,310,460,383 2,303,378,840
0% 1%
Long term advances - 3,272,223
-82%
Long term deposits 37,488,439 54,978,065
-32% -51%
TOTAL 25,195,567,851 24,274,693,150
4% 7%

CURRENT ASSETS
Biological assets 2,024,707,028 2,282,737,798
-11% 2%
Stores, spare parts and loose tools 1,309,256,367 1,412,675,360
-7% 31%
Stock-in-trade 19,730,034,110 7,939,757,487
148% 58%
Trade debts-unsecured cosidered good 5,471,467,968 3,234,430,508
69% 215%
Advances, deposits, prepayments and other receivables 3,028,850,483 2,182,572,665
39% 94%
Advance tax- net 947,704,351 784,949,809
21% -8%
Cash and bank balances 105,914,449 133,757,275
-21% 1928%
Non-current asset held for sale - -

TOTAL 32,617,934,756 17,970,880,902

82% 58%
GRAND TOTAL 57,813,502,607 42,245,574,052
37% 24%
 2016 2015 2014 2013

597,766,610 597,766,610 597,766,610 597,766,610

0% 0% 0%
678,316,928 678,316,928 678,316,928 -
0% 0% 0%
7,044,672,556 5,740,528,115 4,705,196,874 -
23% 22% 0%
- - - 4,891,150,343
- - -
8,320,756,094 7,016,611,653 5,981,280,412 5,488,916,953
0.1858652731 0.1730952521 0.0897013861

83,333,333 194,444,444 305,555,555 222,243,482

-57% -36% 37%
9,495,166,901 7,472,014,132 8,563,542,666 4,292,190,749
27% -13% 100%
495,823,654 627,413,203 796,721,716 438,881,076
-21% -21% 82%
1,641,059,144 1,405,403,969 1,712,957,399 1,732,216,039
17% -18% -1%
101,168,252 75,844,689 68,256,699 44,694,419
33% 11% 53%
11,816,551,284 9,775,120,437 11,447,034,035 6,730,225,765
21% -15% 70%

3,415,654,047 9,313,746,057 9,067,052,946 6,834,453,702

-63% 3% 33%
3,139,610,613 2,571,550,698 2,056,677,973 1,616,577,269
22% 25% 27%
7,327,682,941 5,995,631,857 4,626,936,967 2,789,427,156
22% 30% 66%
- - -

125,798,019 286,506,817 498,818,831 302,120,164

-56% -43% 65%
14,008,745,620 18,167,435,429 16,249,486,717 11,542,578,291
-23% 12% 41%
 34,146,052,998 34,959,167,519 33,677,801,164 23,761,721,009
-2% 4% 42%

19,541,735,582 18,668,676,450 17,136,243,480 10,072,777,111

5% 9% 70%
7,279,311 2,766,282 10,471,822 693,855,251
163% -74% -98%
196,467,698 173,026,930 173,026,930 608,310,693
14% 0% -72%
622,928,744 624,968,472 626,822,509 -
0% 0% -
2,283,110,383 3,809,497,383 3,094,398,050 1,610,250,000
-40% 23% 92%
18,430,247 44,833,333 1,135,692,880 1,650,553,280
-59% -96% -31%
111,446,138 116,804,861 113,273,041 85,380,307
-5% 3% 33%
22,781,398,103 23,440,573,711 22,289,928,712 14,721,126,642
-3% 5% 51%

2,240,966,107 1,548,160,341 1,681,515,961 -

45% -8% 0%
1,080,682,261 1,165,439,717 1,121,315,707 588,561,594
-7% 4% 91%
5,035,625,241 4,860,648,469 4,383,863,382 3,324,048,252
4% 11% 32%
1,025,619,160 1,108,892,131 662,775,216 239,661,016
-8% 67% 177%
1,126,498,627 2,106,989,471 3,025,056,958 4,426,525,555
-47% -30% -32%
848,667,402 678,904,153 426,538,452 220,443,055
25% 59% 93%
6,596,097 49,559,526 86,806,776 41,354,895
-87% -43% 110%
- - - 200,000,000

11,364,654,895 11,518,593,808 11,387,872,452 9,040,594,367

-1% 1% 26%
34,146,052,998 34,959,167,519 33,677,801,164 23,761,721,009
-2% 4% 42%
RATIOS 2018 2017 2016

AVERAGE INVENTORY 15,195,861,662.00 7,734,370,174.50 6,071,197,844.00

AVERAGE RECEIVABLES 4352949238 2130024834 1067255645.5
CA-CL -6,366,757,215 -4,052,281,310 -2,644,090,725
AVERAGE WORKING CAPITAL -5209519262.5 -3348186017.5 -4646466173
AVERAGE FIXED ASSETS 24735130500.5 23528045626.5 23110985907
AVERAGE TOTAL ASSETS 50029538329.5 38195813525 34552610258.5
PREPAID 29,070,499 34,609,038 31,287,806
AVERAGE TOTAL EQUITY 8,328,225,492 8,374,860,209 7,668,683,874
TOTAL DEBT 32,484,057,901 19,998,524,503 13,489,977,935
TOTAL SHAREHOLDER EQUITY 8,227,486,660 8,428,964,323 8,320,756,094
PREFERRED SHARES(Interest Bearing) 250,000,000 250,000,000 250,000,000
EARNINGS PER SHARE -3.4 26.98 34.03
DIVIDEND PER SHARE - 13 20
PRICE PER SHARE 335.15 508.25 365.43
OPERATING CASHFLOWS 9,131,099,018 911,631,943 8,308,828,604
NO OF SHARES OUTSTANDING 32,145,725 32,145,725 32,145,725
DIVIDENDS - 417,894,425 642,914,500
ADDITION TO R.E. 45,929,800 1,580,422,037 2,001,786,263
DEPRECIATION ON PROP,PLANT, EQ 1,292,289,824.00 1,139,293,427.00 1,154,174,747.00
AMORTISATION ON PROP,PLANT,EQ 2,039,728.00 2,039,728.00 2,039,728.00
EBITDA 3,423,332,927.00 5,081,434,292.00 5,135,336,197.00

ACTIVITY RATIOS
INVENTORY TURNOVER 2.25 5.2592115544 5.08
DAYS OF INVENTORY ON HAND 162.42 69.4020379713 71.87
RECEIVABLES TURNOVER 8.56 21.39 6.14
DAYS OF SALES OUTSTANDING 42.64 17.06 10.45
WORKING CAPITAL TURNOVER -7.15 -13.61 -8.02
FIXED ASSET TURNOVER 1.51 1.94 1.61
TOTAL ASSET TURNOVER 0.74 1.19 1.08

LIQUIDITY RATIOS
CURRENT RATIO 0.84 0.82 0.81
QUICK RATIO 0.30 0.39 0.37
CASH RATIO 0.0027168215 0.01 0.0004708556

DEBT RATIOS
DEBT-TO-ASSET RATIO 0.56 0.47 0.40
DEBT-TO-CAPITAL RATIO 0.80 0.70 0.62
DEBT-TO-EQUITY RATIO 3.95 2.37 1.62
FINANCIAL LEVERAGE RATIO 6.01 4.56 4.51

COVERAGE RATIO
INTEREST COVERAGE 0.94 2.37 2.40

PROFITABILITY RATIO
GROSS PROFIT MARGIN 8.36% 10.74% 17.31%
OPERATING PROFIT MARGIN 4.45% 8.08% 14.51%
PRE-TAX MARGIN 0.38% 4.99% 6.22%
NET PROFIT MARGIN 0.21% 3.54% 5.45%

RETURN ON INVESTMENT
OPERATING ROA 3.32% 9.64% 15.65%
ROA 0.16% 4.22% 5.89%
RETURN ON TOTAL CAPITAL 5.20% 13.74% 18.04%
ROE 0.94% 19.25% 26.52%

VALUATION RATIOS
P/E -98.57 18.84 10.74
P/CF 1.18 17.92 1.41
P/S 0.29 0.36 0.32
P/BV 1.31 1.94 1.41

PER-SHARE QUANTITIES
BASIC EPS 2.43 50.16 63.27
CASH FLOW PER SHARE 284.05 28.36 258.47
EBITDA PER SHARE 106.49 158.07 159.75
DIVIDENDS PER SHARE - 13 20
DIVIDEND PAYOUT RATIO 41% 2% 2%
RETENTION RATE 59% 98% 98%
SUSTAINABLE GROWTH RATE 1% 19% 26%
 2015 2014 2013

5,765,633,637.50 4,708,894,467.50
885,833,674 451218116
-6,648,841,621 -4,861,614,265 -2,501,983,924
-5755227943 -3681799094.5
22865251211.5 18505527677
34318484341.5 28719761086.5
35,310,700 42,346,785 19,249,930
6,498,946,033 5,735,098,683
17,607,617,836 9,372,608,501 7,056,697,184
7,016,611,653 5,981,280,412 5,488,916,953
250,000,000 250,000,000 250,000,000
25.38 16.39 15.47
10 7 6
298.63 192.35
5,230,347,323 4,035,357,964 4,129,929,397
32,145,725 32,145,725 32,145,725
321,457,250 225,020,075 192,874,350
583,862,294 752,061,212 731,648,470
916,767,992.00 516,222,980.00
1,854,037.00 1,885,463.00
4,371,703,421.00 3,377,262,753.00

4.82 5.80
75.71 62.94
36.87 67.67
9.90 5.39
-5.68 -8.29
1.43 1.65
0.95 1.06

0.63 0.70 2.06

0.30 0.36
0.0027279319 0.01 0.0035828126

0.50 0.28 0.30

0.72 0.61 0.56
2.51 1.57 1.29
5.28 5.01
 1.54 1.52 2.17

14.90% 10.57% 11.78%

12.05% 8.44% 8.95%
3.71% 3.20% 4.82%
2.77% 3.20% 3.40%

11.47% 8.98%
2.64% 3.40%
13.88% 18.32%
13.93% 17.04%

11.77 11.74
1.84 1.53
0.29 0.20
1.37 1.03

28.16 30.40
162.71 125.53 128.48
136.00 105.06
10 7 6
4% 3% 3%
64% 77% 79%
9% 13%