- Comment on the components of the Company's balance sheets and income statements in historical perspectives during the period 2006 - 2011. All accounts are either a proportion or a growth variable.

- Highlight key financial activities, particularly, the often subtle, but important, shifts in assets, liabilities, or costs mix.

STATEMENT OF CASHFLOWS Percentage Change of CFS 2008 2009 2010 2011 1022% -23% -3% 121% 528% -252% 33% -143% -12% 3% 49% 18% 8% 74% 62% -18% -14% 110% 23% 2% 27% 218% 205% - 109% 243% 149% 37% -83% -26% -17% 1202% -25% -19% 0% -58% 118% 24% 1. CASH FLOWS FROM OPERATING ACTIVITIES 1. Income before Taxes 2. Adjustment for non-cash items - Depreciation for Fixed Assets - Gain/loss from Investment activities - Interest Expenses 3. CFO before adjustment for WC a/c - Changes in Receivables - Changes in Inventory - Changes in Payables II. CASH FLOWS FROM INVESTING ACTIVITIES 1. Purchased of fixed and LT assets 2. Disposal of fixed and LT assets 3. Purchase of equipment & tools 4. Disposal of equipment & tools 5. Investment in JV & Associate 6. Di-investment in JV & Associate 7. Receipts of interest and dividends III. CASH FLOWS FROM FINANCING ACTIVITIES 1. Capital distribution 2. Share repurchase 3. Proceeds from borrowings 4. Repayments of borrowings 5. Repayments of leasing 6. Payment of dividends Net cash flow during the year Cash & Cash equivalent, beginning of the year Cash & Cash equivalent, ending of the year -85% -95% 299% 481% -6% -91% 133% 690% -25% 249% 3015% -92% -70% -2% -42% 126% NM -26% 1543% -86% -91% - 100% -43% 69% 5% 10% 67% 16% 22% -6% -66% -46% -95% 2567% -94% 4% -344% -111% -68% 24% 24% 20% -41% 20% INCOME STATEMENT 2006 1. Sales 2. COS 3. Gross Profit 47% 4. Financial Income 5. Financial Expenses * including: interest expenses 6. Selling Expenses 7. Admin Expenses 8. Operating Income Percentage Change in Income Statement 2007 2008 2009 2010 2011 356% 64% 16% 15% 11% 352% 18% 13% 17% 409% 149% 12% 20% -5% -43% -74% 80% 305% -15% 115% 140% -14% 14% 65% 123% 125% -12% 18% 62% 790% 172% 54% -2% 158% 55% 14% -2% 4% -724% 91% -68% -355% -323% Common-size Vertical Income Statement 2006 2007 2008 2009 2010 2011 100% 100% 100% 100% 100% 100% 83% 82% 73% 74% 73% 77% 16% 17% 26% 25% 27% 23% 36% 5% 1% 1% 4% 3% 25% 12% 17% 13% 13% 19% 24% 12% 16% 12% 12% 18% 1% 2% 3% 3% 4% 4% 23% 13% 12% 12% 10% 10% 3% -5% -5% -1% 3% -7% 32% 434% 12% 125% -49% 4% 9% 6% 12% 5% 9. Other Income 10. Other Expenses 11. Total Other Income 8% 5% 5% 4% 121% 5% 10% 543% 231% 19% -13% -50% -46% 9% -16% 4% 1% 142% 3% 1% 2% 1% 7% 2% 0% -4% 0% 0% 88% 121% 13. Income before Taxes 16. Income after Taxes 17. Earnings per Share -384% -554% 528% 894% 228% 0% -4% -5% -252% -315% NM 0% 1% 0% 0% 6% 3% 0% 159% 0% 4% 3% 0% -90% -6% -6% -3% -202% NM NM 0% 0% 0% LIABILITIES 168% 128% 28% 10% 3% 22% 21% 38% 41% 39% 94% 19% -3% 12% 21% 35% 18% 8% 24% 181% 92% 22% 10% 10% I. SHORT-TERM LIABILITIES 1. Short-term debts 9. Other short-term Payables II. LONG-TERM LIABILITIES 4. Long-term debts TOTAL LIABILITIES 10% 167% 128% 9% 6% 39% 44% 28% 27% 26% 28% 11% -4% 6% 46% 9% 40% 32% 30% 37% 37% 44% 0% 38% 36% 39% 34% 130% 141% 30% 66% -9% 3% 46% 68% 32% 83% 16% 60% 72% 78% 77% 128% -8% -30% 32% 27% 17% 13% 14% 9% -14% 0% 9% 0% 96% 32% 23% 17% 17% 17% 16% 0% 0% NM 6% 0% 0% 7% 5% 1% 1% 1% SHAREHOLDERS' EQUITY I. SHAREHOLDERS' CAPITAL & RESERVES 1. Paid - in Capital 2. Share Premium 4. Treasury Shares 10. Retained Earnings II. OTHER FUNDS & RESERVES 1. Bonus & Welfare Fund TOTAL EQUITY MINOR INTEREST 0% NM 15% -45% 0% 0% 0% 0% 0% NM 0% NM 0% NM NM NM -5199% 88% 24% -77% 245% -24% -24% -24% -8% 0% - 100% 0% 0% 0% -133% -66% -66% -14% 0% -102% 0% 0% -30% -100% 0% 0% 0% 32% 0% 0% 0% 88% 128% 14 0% 0% 27% 13% 0% 14% 0% 9% 9% 17% 13% NA 15% 3% -9% 11% 9% 9% 8% TOTAL LIABILITIES AND EQUITY 172% 38% 19% 4% 7% 100% 100% 100% 100% 100% 100% ASSETS 90% -21% 13% 3% 40% 23% 22% 25% 24% 17% 20% 145% 58% 11% 24% -41% 5% 1% 1% 1% 0% -69% 25% 11% 6% 0% 0% 28% 35% 137% 137% -68% -95% -8% 25% -24% 22% 37% 28% 13% 13% 19% 6% 17% 7% 48% 7% 15% 5% 6% 1% 0% 20% 7% 12% 0% 1% 141% 40% 22% 6% 12% 0% 0% 11% 5% 10% 85% 4% -30% 5% 81% 52% -4% 0% 6% 0% 1% 0% 755% 21% 89% -15% 14% 1% 10% 60% 8% 1% 7% 78% 2% 0% 1% 5% 75% 63% 284% 20% 0% 42% I. CURRENT ASSETS 1. Cash & Cash equivalent 2. Short-term Investment 3. Receivables, net * Account Receivables * Other receivables * Provisions for Doubtful Debts 4. Inventory, net 5. Other Current Assets II. LONG-TERM ASSETS 2. Fixed Assets * Tangible Assets, net * Leasing Assets, net * Intangible Assets, net * Construction in Progress 3. Real Estate Investment 4. Long-term Investment * Other LT Investments 5. Goodwill 6. Other Long-term Investment 76% 199% 15% -67% 9% 0% 12% -40% 1% 319% 0% 44% 77% 66% 43% 65% 59% 335% 17% 25% -16% 28% 45% 45% 15% 78% 105% 109% 22% 151% 253% -76% 22% 47% 128% 29% 18% 11% 0% 8% 4% -32% -9% 12% 2% 9% 4% 6% 7% 4% 6% 17% 7% 13041% 17361% 5% 4% 13% -46% 0% 3% 8% 7% 8% NA 1% 0% 0% 43% - 100% -5% 0% 10% 5% 6% 1% 5% 3% 4% 47% 6% 366% 34% 26% 15% 4% 5% 1 -29% -27% -6% 82% 4% 0% 5% 5% 1% 5% NM -4% 3% 0% 3% -5% 2% 1686% 12% 1% 3% 1% 9% 284% 49% 17% 5% 4% 5% TOTAL ASSETS 172% 38% 19% 4% 7% 100% 100% 100% 100% 100% 100% STATEMENT OF CASHFLOWS Percentage Change of CFS 2008 2009 2010 2011 1022% -23% -3% 121% 528% -252% 33% -143% -12% 3% 49% 18% 8% 74% 62% -18% -14% 110% 23% 2% 27% 218% 205% - 109% 243% 149% 37% -83% -26% -17% 1202% -25% -19% 0% -58% 118% 24% 1. CASH FLOWS FROM OPERATING ACTIVITIES 1. Income before Taxes 2. Adjustment for non-cash items - Depreciation for Fixed Assets - Gain/loss from Investment activities - Interest Expenses 3. CFO before adjustment for WC a/c - Changes in Receivables - Changes in Inventory - Changes in Payables II. CASH FLOWS FROM INVESTING ACTIVITIES 1. Purchased of fixed and LT assets 2. Disposal of fixed and LT assets 3. Purchase of equipment & tools 4. Disposal of equipment & tools 5. Investment in JV & Associate 6. Di-investment in JV & Associate 7. Receipts of interest and dividends III. CASH FLOWS FROM FINANCING ACTIVITIES 1. Capital distribution 2. Share repurchase 3. Proceeds from borrowings 4. Repayments of borrowings 5. Repayments of leasing 6. Payment of dividends Net cash flow during the year Cash & Cash equivalent, beginning of the year Cash & Cash equivalent, ending of the year -85% -95% 299% 481% -6% -91% 133% 690% -25% 249% 3015% -92% -70% -2% -42% 126% NM -26% 1543% -86% -91% - 100% -43% 69% 5% 10% 67% 16% 22% -6% -66% -46% -95% 2567% -94% 4% -344% -111% -68% 24% 24% 20% -41% 20% INCOME STATEMENT 2006 1. Sales 2. COS 3. Gross Profit 47% 4. Financial Income 5. Financial Expenses * including: interest expenses 6. Selling Expenses 7. Admin Expenses 8. Operating Income Percentage Change in Income Statement 2007 2008 2009 2010 2011 356% 64% 16% 15% 11% 352% 18% 13% 17% 409% 149% 12% 20% -5% -43% -74% 80% 305% -15% 115% 140% -14% 14% 65% 123% 125% -12% 18% 62% 790% 172% 54% -2% 158% 55% 14% -2% 4% -724% 91% -68% -355% -323% Common-size Vertical Income Statement 2006 2007 2008 2009 2010 2011 100% 100% 100% 100% 100% 100% 83% 82% 73% 74% 73% 77% 16% 17% 26% 25% 27% 23% 36% 5% 1% 1% 4% 3% 25% 12% 17% 13% 13% 19% 24% 12% 16% 12% 12% 18% 1% 2% 3% 3% 4% 4% 23% 13% 12% 12% 10% 10% 3% -5% -5% -1% 3% -7% 32% 434% 12% 125% -49% 4% 9% 6% 12% 5% 9. Other Income 10. Other Expenses 11. Total Other Income 8% 5% 5% 4% 121% 5% 10% 543% 231% 19% -13% -50% -46% 9% -16% 4% 1% 142% 3% 1% 2% 1% 7% 2% 0% -4% 0% 0% 88% 121% 13. Income before Taxes 16. Income after Taxes 17. Earnings per Share -384% -554% 528% 894% 228% 0% -4% -5% -252% -315% NM 0% 1% 0% 0% 6% 3% 0% 159% 0% 4% 3% 0% -90% -6% -6% -3% -202% NM NM 0% 0% 0% LIABILITIES 168% 128% 28% 10% 3% 22% 21% 38% 41% 39% 94% 19% -3% 12% 21% 35% 18% 8% 24% 181% 92% 22% 10% 10% I. SHORT-TERM LIABILITIES 1. Short-term debts 9. Other short-term Payables II. LONG-TERM LIABILITIES 4. Long-term debts TOTAL LIABILITIES 10% 167% 128% 9% 6% 39% 44% 28% 27% 26% 28% 11% -4% 6% 46% 9% 40% 32% 30% 37% 37% 44% 0% 38% 36% 39% 34% 130% 141% 30% 66% -9% 3% 46% 68% 32% 83% 16% 60% 72% 78% 77% 128% -8% -30% 32% 27% 17% 13% 14% 9% -14% 0% 9% 0% 96% 32% 23% 17% 17% 17% 16% 0% 0% NM 6% 0% 0% 7% 5% 1% 1% 1% SHAREHOLDERS' EQUITY I. SHAREHOLDERS' CAPITAL & RESERVES 1. Paid - in Capital 2. Share Premium 4. Treasury Shares 10. Retained Earnings II. OTHER FUNDS & RESERVES 1. Bonus & Welfare Fund TOTAL EQUITY MINOR INTEREST 0% NM 15% -45% 0% 0% 0% 0% 0% NM 0% NM 0% NM NM NM -5199% 88% 24% -77% 245% -24% -24% -24% -8% 0% - 100% 0% 0% 0% -133% -66% -66% -14% 0% -102% 0% 0% -30% -100% 0% 0% 0% 32% 0% 0% 0% 88% 128% 14 0% 0% 27% 13% 0% 14% 0% 9% 9% 17% 13% NA 15% 3% -9% 11% 9% 9% 8% TOTAL LIABILITIES AND EQUITY 172% 38% 19% 4% 7% 100% 100% 100% 100% 100% 100% ASSETS 90% -21% 13% 3% 40% 23% 22% 25% 24% 17% 20% 145% 58% 11% 24% -41% 5% 1% 1% 1% 0% -69% 25% 11% 6% 0% 0% 28% 35% 137% 137% -68% -95% -8% 25% -24% 22% 37% 28% 13% 13% 19% 6% 17% 7% 48% 7% 15% 5% 6% 1% 0% 20% 7% 12% 0% 1% 141% 40% 22% 6% 12% 0% 0% 11% 5% 10% 85% 4% -30% 5% 81% 52% -4% 0% 6% 0% 1% 0% 755% 21% 89% -15% 14% 1% 10% 60% 8% 1% 7% 78% 2% 0% 1% 5% 75% 63% 284% 20% 0% 42% I. CURRENT ASSETS 1. Cash & Cash equivalent 2. Short-term Investment 3. Receivables, net * Account Receivables * Other receivables * Provisions for Doubtful Debts 4. Inventory, net 5. Other Current Assets II. LONG-TERM ASSETS 2. Fixed Assets * Tangible Assets, net * Leasing Assets, net * Intangible Assets, net * Construction in Progress 3. Real Estate Investment 4. Long-term Investment * Other LT Investments 5. Goodwill 6. Other Long-term Investment 76% 199% 15% -67% 9% 0% 12% -40% 1% 319% 0% 44% 77% 66% 43% 65% 59% 335% 17% 25% -16% 28% 45% 45% 15% 78% 105% 109% 22% 151% 253% -76% 22% 47% 128% 29% 18% 11% 0% 8% 4% -32% -9% 12% 2% 9% 4% 6% 7% 4% 6% 17% 7% 13041% 17361% 5% 4% 13% -46% 0% 3% 8% 7% 8% NA 1% 0% 0% 43% - 100% -5% 0% 10% 5% 6% 1% 5% 3% 4% 47% 6% 366% 34% 26% 15% 4% 5% 1 -29% -27% -6% 82% 4% 0% 5% 5% 1% 5% NM -4% 3% 0% 3% -5% 2% 1686% 12% 1% 3% 1% 9% 284% 49% 17% 5% 4% 5% TOTAL ASSETS 172% 38% 19% 4% 7% 100% 100% 100% 100% 100% 100%