(SGD 000) 1998 1999 2000 2001 2002 2003 Sales 71,924 80,115 92,613 106,042 $121,948.30 $140,240.55 Operating expenses: Production costs and expenses 33,703 38,393 46,492 53,445 $59,566.16 $68,501.08 Admin. and selling expenses 16,733 17,787 21,301 24,177 $27,824.38 $31,998.03 Depreciation 8,076 9,028 10,392 11,360 $13,545.70 $15,577.55 Total operating expenses 58,512 65,208 78,185 88,983 $100,936.23 $116,076.67 Operating profit 13,412 14,908 14,429 17,059 $21,012.07 $24,163.88 Interest expense 5,464 6,010 7,938 7,818 $9,463.90 $10,883.48 Earnings before taxes 7,949 8,897 6,491 9,241 $11,548.17 $13,280.40 Income taxes" 2,221 2,322 1,601 2,093 $2,829.30 $3,253.70 Net earnings 5,728 6,576 4,889 7,148 $8,718.87 $10,026.70 Dividends to all common shares 2,000 2,000 2,000 2,000 $2,000 $2,000 Retentions of earnings 3,728 4,576 2,889 5,148 $6,718.87 $8,026.70