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Annual Report 2000

CONTENTS

RATIO ANALYSIS

1996 1997 1998 1999 2000

LIQUIDITY RATIOS
1.
Current Ratio 1.02 1 04 1 1.08
Acid Test Ratio 0.25 0 0.26 0.22 0.19

GEARING RATIOS
Debt / Equity Ratio 5% 5% 7.91% 9.33% 15.68%
Interest Cover 2 2.28 2.94 2.14 3.03

OPERATING RATIOS
Return on Shareholder's Equity 13% 13% 13% 14.08% 20.42%
Gross Profit Margin 20% 20% 22% 20% 24.45%
Operating Profit 6% 6% 8% 5.70% 8.40%
Net Profit Margin 2% 2% 1.89% 1.78% 2.42%

TURNOVER RATIOS
2.3
Asset Turnover 2.071 2.47 2.52 2.51
Equity Turnover 6 6 6.65 8 8.45
Debtor's Turnover 17.75 23.79 27 34.13 35.29
Receivable Days 20.56 15.34 14 1,069 10.34
Inventory Turnover 4 4.16 4.65 438 3.65
Days Inventory 92.33 88 78.55 83 100.10

OPERATING EXPENSES
Administrative Expenses 3.49% 3.49% 3% 2.75% 2.67%
Selling Expenses 12% 12% 14.37% 13.39% 16.70%
Financial Expenses 2% 2% 2% 1.98% 1.64%

COST OF SALES
Materials 85% 85% 83% 85.01% 83.80%
Direct Labor 5% 5% 5% 4% 4.27%
Overheads 10% 10.47% 12.15% 11% 11.93%

OPERATING EXPENSES (% OF GP)

Administrative Expenses 17% 17.25% 15% 14% 10.93%
Selling Expenses 57.29% 60% 64% 65.85% 0.6831
Financial Expenses 12% 10% 7.10% 9.75% 6.74%

STOCK MARKET RATIOS

Earnings Per Share 2.61 2.58 2.57 2.69 4.35
Dividend Per Share 2 1 2 1.40 2.15
Dividend Cover 1.20 2.06 2 1.92 2.02

BALANCE SHEET AS AT 30 JUNE, 2000

2000 1999