2

2004 2005 4 12 1

2

4 6 8 12 17 20 22 38 39 46 82 3

1 SANY HEAVY INDUSTRY CO.,LTD. SANY 2 3 0731-4031555 0731-4031777 zxz31@vip.sina.com.cn 4 410100 http://www.sany.com.cn sany@sany.com.cn 5 http://www.sse.com.cn 6 600031 4

7 1994 11 22 2003 7 21 4300002000116 430121616800612 8 5

1 358,723,715.63 327,297,600.33 310,596,392.64 839,231,647.55 19,191,778.05 352,325,023.88 2,002,568.93 0 4,396,122.82 2,617,359.77 405,848,645.65 3,718,214.62 4,814,400.00 677,908.20 8,872,263.29-1,381,578.42 16,701,207.69 6

2 2004 2003 2002 2,656,229,801.43 2,088,012,347.37 984,562,359.06 327,297,600.33 324,799,880.47 209,855,351.23 4,323,532,624.24 2,681,478,259.96 1,153,425,152.35 1,906,306,596.20 1,700,433,858.39 471,284,725.96 1.36 1.353 1.16 7.94 7.085 2.62 7.88 7.045 2.608 0.01 0.295 0.39 % 17.17 19.10 44.53 3 (%) ( / ) 44.02 47.04 3.50 3.50 18.48 19.75 1.47 1.47 17.17 18.35 1.36 1.36 16.29 17.41 1.29 1.29 4 : 240,000,000.00 844,945,420.65 91,432,287.80 30,477,429.27 524,056,149.94 1,700,433,858.39 888,815.32 96,517,662.95 32,172,554.32 327,297,600.33 424,704,078.60 2,313,677.84 216,517,662.95 218,831,340.79 240,000,000.00 843,520,558.13 187,949,950.75 62,649,983.59 634,836,087.32 1,906,306,596.20 7

1 1 ( ) 4,238,800 4,238,800 175,761,200 175,761,200 2 3 4 180,000,000 180,000,000 1 60,000,000 60,000,000 2 3 4 60,000,000 60,000,000 240,000,000 240,000,000 8

2 1 [2003]55 2003 6 18 6000 15.56 2003 7 3 2 1 2004 12 31 14077 2 2004 12 31 ( ) ( ) (%) 0 173,809,300 72.42 0 3,416,536 3,416,536 1.42 0 3,346,400 1.39-199,343 3,327,174 1.38 3,037,872 3,037,872 1.26 2,739,829 2,739,829 1.14-360,236 2,107,385 0.87 0 1,673,300 0.70-2,409,302 1,009,400 0.42 0 892,400 0.37 2 2004 12 31 9

1 3,416,536 A 2 3,327,174 A 3 3,037,872 A 4 2,739,829 A 5 2,107,385 A 6 1,009,400 A 7 806,837 A 8 640,000 A 9 625,359 A 10 523,335 A 1 5% 2 4 2000 10 18 32288 10

5 72.42% 59% 42.73% 48 1989,,,2001,, 59% 72.42% 11

1 48 2000.12 2007.1 0 0 41 2000.12 2007.1 0 0 42 41 0 0 0 0 41 2000.12 2007.1 0 0 47 2000.12 2007.1 0 0 65 2001.12 2007.1 0 0 69 2001.12 2007.1 0 0 54 2004.01 2007.1 0 0 34 2004.06 2007.1 0 0 51 2000.12 2007.1 0 0 38 2004.01 2007.1 0 0 43 2004.08 2007.1 0 0 39 2001.11 2007.1 0 0 32 2004.06 2007.1 0 0 41 2003.08 2007.1 0 0 36 2003.09 2007.1 0 0 2 2004 2 1994 10 12

3 1989,,,2001,,, 1991,,,, 1985 1995, 1996,, 1998 1998 1999 2001 9, 1983 1991, 1992,,,,, 20,, 20,1995,1998, 160, 40, 6 ( ) 13

CIMS, CIMS, CIMS (, ) 100, 6,,,, MBA,,, 1997, 1994 1998 1999, 2002 3 8,,,,, 2000 1997 2000 2003, 14

1988 7 1999 8 1999 8 1997 5, 4 375 150 100 2001 4 5 3 60 1 20 60 9 20 1 5 1 2004 1 11 2004 15

: : 2004 1 13 2 2004 6 7 2004 6 11 3 2004 6 7 2004 6 11 4 2004 8 24 2004 8 26 6 2004 12 31 4091 2011 49.15% 705 17.23% 286 7% 128 3.13% 434 10.61% 527 12.88% 7 0.2% 56 1.4% 860 21 % 854 20.9% 382 9.3% 1932 47.2% 93 412 192 16

1 2 3 1/3 4 5 17

6 7 1 ( ) ( ) ( ) ( ) 9 3 5 1 0 9 0 6 3 0 9 1 5 3 0 9 2 5 2 0 2 18

1 2 3 4 5 KPI 19

4 1 2004 2004 1 11 2004 2003 12 12 9 184,080,200 76.7% 1 2 2004 1 13 2 2003 2004 4 20 2003 2004 3 18 9 184,276,201 76.78% 1 2003 2 2003 3 2003 4 2003 5 2003 6 2004 4 21 3 2004 2004 10 25 2004 2004 8 26 5 180,000,000 20

75% 2004 10 26 4 2004 2004 12 18 2004 2004 10 27 6 182,916,564 76.21% 1 2 3 4 2004 12 21 5 21

2004 2005 2004 26.56 27.21% 8.39 3.27 1.36 2004 43.23 19.06 17.17% 2004 1 2004, 2, 3 4 400% 22

5 6 7 2004 8 OA MRP 1 1 265,622.98 180,282.90 32.13% +27.21% +46.68% -9% 2004 32.13% 2003 9% : 2 23

219,363.84 148,471.30 32.32% +25.40% +49.23% -10.68% 30,468.48 22,146.92 27.31% +39.98% +45.46% -2.69% 9,869.58 5,989.70 39.31% +34.33% +31.36% +1.31% 5,921.08 3,674.98 37.93% +24.50% +1.06% +13.93% 265,622.98 180,282.90 32.13% +27.21% +46.68% -9% 3 % 683,696,277.94 +40.37% 168,691,471.36 +22.25% 1,055,218,467.94 +21.19% 506,573,336.62 +19.54% 242,050,247.57 +43.64% 2,656,229,801.43 +27.21% 4 2 1 2003 8 8600 95.35% 2004 115,887.83 43,203.54 2004 34,602.26 2 24

2004 3 3180 93.71% 2004 24,962.08 2396.63 2004-783.37 3 2004 3 1000 95% 2004 9 4 2004 2 1 7500 75% 2004 11,486.52 9949.44 2004-41.74 5 2004 3 8800 8360 95% 2004 8097.47 8096.56 2004-703.44 6 2004 9 3180 70% 2004 22,828.41 2851.60 2004-328.40 25

7 2004 12 1000 900 90% 2004 1080.33 1000 2004 0 8 2002 10 600 80% 2004 2483.56 862.57 2004 277.50 9 2002 1 21 1318 80% 2004 1355.85 1090.08 2004 129.44 10 2004 5 2000 1 20% 2004 96,569.32 14,502.66 2004 858.85 26

11 2002 2 8 15000 4.01% 100 2004 10.03 2.8 2004 2600 10 3 1 115,742.74 51.76% 2 14,058.43 5.29% 4 1 2004 2 1 2003 6 18 6000 27

A 89989.44, 7726.31, 78162.54, 11826.90 89989.44 7726.31 78162.54 1 2 3 4 5 6 7 8 9 16580 17375.26 1878.97 4980 5501.14 6809.66 4980 6279.85 2237.87 4960 4482.31 335.18 4980 166.38 0 4960 4213.81 239.86 4980 71.66 0 4471 7999.92 2365.71 TQ230 3000 5412.28 26.11 10 4822 617.81 0 11 5396 155.63 0 12 9927.96 6.05 0 13 25880.44 25880.44 4434.11 90115.40 78162.54 18327.47 28

1, 2 TQ230 3 2 9927.96 6.05 0 9927.96 6.05 0 1 2004 12 2 2004 2004 10 27 2004 12 21 3 1 2004 2 1 7500 75% 2 2004 3 3180 2980 93.71% 200 6.29% 29

3 2004 3 8800 8360 95% 440 4 2004 9 3180 70% 5 2004 12 1000 900 90% 6 2004 5 2000 1 20% 1 2004 2003 432,353.26 268,147.83 +61.24% 190,630.66 170,043.39 +12.11% 83,923.16 84,849.30-1.09% 32,729.76 32,479.99 +0.77% 40,584.86 35,370.95 +14.74% 1 30

2 3 2 2004, 2005 1 2005 2005 1233 2 2005 (1) (2) (3) (4) (5) 31

(6) (7) (8) MRPII (9) (10) (11) 110KV (12) 2005 2004 1 1 2004 1 11 2004 1 13 2 2004 2 4 32

2004 2 6 3 2004 3 8 2004 3 10 4 2004 3 15 2003 2003 2003 2003 2003 2003 2004 3 18 5 2004 4 20 2004 2004 4 23 6 2004 6 7 2004 6 11 7 2004 8 2 2004 8 4 8 2004 8 24 2004 2004 2004 8 26 33

9 2004 10 25 2004 2004 2004 10 27 2 1 2003 2004 4 27, 2003 2004 5 10 2004 5 11 2004 5 17 2003 2004 5 17 2 2003 2004 327,297,600.33 64,345,108.63 32,172,554.32 524,056,149.94 754,836,087.32 2004 24000 10 1 10 5 2004 34

2004 12 31 2004 2004 2005 4 12 [2005] 1042 [2003]56 2004 12 31 2004 2004 35

3,521,825.33 3,521,825.33 22,718,899.83 25,463,151.93-2,744,252.10 352,896,633.98 352,896,633.98 ** 4,131,966.95 4,131,966.95 383,269,326.09 386,013,578.19-2,744,252.10 5,790,276.50 5,796,862.21-6,585.71 16,301,387.26 16,301,387.26 1,225,000.00 1,225,000.00 637,548.82 637,548.82 1,548,011.22 1,548,011.22 * 1,207,166.73 1,207,166.73 26,709,390.53 26,715,976.24-6,585.71 1,311,023.52 1,311,023.52 621,767.41 271,115,504.77 272,855,164.46-1,117,892.28 1,359,728.10 1,359,728.10 2,087,219.52 2,087,219.52 621,767.41 275,873,475.91 277,613,135.60-1,117,892.28 6,311,500.00 6,311,500.00 550,000.00 550,000.00 771,049.05 771,049.05 8,172,870.91 7,442,698.38 730,172.53 645,006.81 645,006.81 * 16,450,426.77 15,720,254.24 730,172.53 30,000.00 30,000.00 756,912.89 3,568,727.26-2,811,814.37 * 786,912.89 3,598,727.26-2,811,814.37-621,767.41 703,089,532.19 709,661,671.53-5,950,371.93 * ** 286,136,126.74 66,760,507.24 36

2003 56 50% 37

2004 3 1 2004 1 11 2004 1 13 2 2004 3 15 1 2003 2 2003 3 2003 4 2003 5 2003 6 7 2003 2004 3 18 3 2004 6 7 1 2 38

3 2004 6 11 1 2 2004 3 2003 6 18 6000 A 89989.44, 7726.31, 78162.54, 11826.90 4 5 39

1 2004 ( ) 1,359,728.10 6,311,500.00 16,301,387.26 1,225,000.00 30,000.00 2 2004 ( ) 771,049.05 3 2004 ( ) 3,521,825.33 271,115,504.77 1,311,023.52 8,172,870.91 5,790,276.50 40

4 2004 ( ) 550,000.00 5 2004 ( ) 286,136,126.74 1,548,011.22 756,912.89 66,760,507.24 6 2004 ( ) 22,718,899.83 637,548.82 7 2004 ( ) 4,131,966.95 2,087,219.52 1,207,166.73 645,006.81 41

8 ( ) 2004.12.31 730,172.53 0.63% 20,000,000.00 13.10% 2,744,252.10 3.19% 2,811,814.37 3.27% 6,585.71 0.01% 1,117,892.28 1.30% 6,680,544.46 7.77% 9 2004 12 31 1,064,000,000.00 100,000,000.00 10, 3180 93.71% 200 6.29% 1,000 900 90% 100 10% 42

11,, 215,622.34, 28,246,526.54 12 (1) 2004 10 25, 0.5% (2) ( ) 1 2 133 74,921,553.21 3 3000 43

4 5 2004 45 4 1 7 3 1,177,086,396.84 36,279,123.11 2 2004 10 21 20000 0.5% 90 2004 9,806.66 44

3 2004 12 14 334.64 ( 1.39%) 73.81% 2005 3 30% 45

[2005] 1042 ( )2004 12 31 2004 2004 12 31 2004 2005 4 12 46

2004 [2000]209 2000 12 8 4300002000116 2003 55 2003 6 18 A 6,000 1.00 15.56 2003 7 3 2.4 1 2 1 1 12 31 3 4 5 47

6 3 7 [1995]11 50% 8 1 2 3 9 1 2 3 1 1 5% 1 2 10% 2 3 20% 3 50% 10. 1 48

2 3 4, 11 1 20 20% 20 20 2 3 49

4 2003 10 12 1 2 2000 2 3 % % 20 4.85 3 10 9.70 3 50

8.33 11.64 3 8.33 11.64 3 5 19.4 3 4 13 1 2 14 1 2 15 1 2 51

3 16 17 18 19 20 1 2 3 52

21. 22 23 24 1 17% 2 5% 3 5% 4 5% 5 [1994] 001 15 [1998]038 1998 7 1 2000 6 30 2000 7 1 15% 15% 33% 6 1. 53

1,318 391.41 80% 600 480 80% 8,600 8,200 95.35% 8,800, 8,360 95% 3,180, 2,226 70%, 10,000 7,500 75% 1,000 900 90% 3,180 2,980 93.71% 1,000 950 95%.2. 7 1 391.41 662.99 9. 5 2 70% 30% 2. 1 8,200 95.35% 400 4.65% 2003 12 18 2003 12 31 2004 54

2004 2 1-2 100% 3-12 95.35% 2 2004 3 30 3 2004 9 29 4 2004 1 13 5 2004 12 24 6 2004 3 30 7 2004 3 30 2004 6 1 9,529,972.22 95% 50 5% 2004 9 15 [2004] B-1177 7,064,121.88 2004 9 2004 6-8 2004.8.31 97,778,327.78 13,487,098.52 111,265,426.30 104,201,304.42 7,064,121.88 111,265,426.30 2004 6-8 42,948,598.89 38,644,929.02-2,935,878.12 1 2004.12.31 2003.12.31 1,319,366.45 309,083.98 446,181,644.09 158,267,261.17 359,404,697.42 242,480,717.16 806,905,707.96 401,057,062.31 1 2004 12 31 73,264,354 55

2 2004 12 31 1.01 2 2004.12.31 2003.12.31 35,750,024.44 5,525,596.53 90,000,000.00 35,750,024.44 5,525,596.53 90,000,000.00 1 2004 2 3 2003 12 31 60.27% 9,000 2004 3. 2004.12.31 2003.12.31 152,664,714.59 18,454,580.45 152,664,714.59 18,454,580.45 1 106,693,523.27 2 2004 12 31 7.24 3 2004 12 31 5% 5% 4 2004.12.31. 1 511,080,530.27 78.39% 25,554,026.52 485,526,503.75 1-2 114,222,449.58 17.52% 11,422,244.94 102,800,204.64 2-3 18,076,061.57 2.77% 3,615,212.31 14,460,849.26 3 8,618,031.61 1.32% 4,309,015.81 4,309,015.80 651,997,073.03 100.00% 44,900,499.58 607,096,573.45 2003.12.31. 1 398,438,981.80 89.26% 19,921,949.09 378,517,032.71 1-2 34,751,964.44 7.79% 3,475,196.44 31,276,768.00 2-3 9,211,394.35 2.06% 1,842,278.87 7,369,115.48 56

3 3,978,257.39 0.89% 1,989,128.70 1,989,128.69 446,380,597.98 100.00% 27,228,553.10 419,152,044.88 1 2004 12 31 46.06% 2004 27.21% 2 2004 12 31 34,342,098.05 5.27% 3 2004 12 31 36,279,123.11 4 2004 12 31 5% 5% 5 2004.12.31. 1 111,264,690.85 95.57% 5,563,234.55 105,701,456.30 1-2 3,547,780.08 3.05% 354,778.01 3,193,002.07 2-3 809,417.82 0.70% 161,883.56 647,534.26 3 795,989.02 0.68% 397,994.51 397,994.51 116,417,877.77 100.00% 6,477,890.63 109,939,987.14 2003.12.31. 1 70,479,725.14 95.39% 3,523,870.26 66,955,854.88 1-2 2,315,554.81 3.13% 231,555.48 2,083,999.33 2-3 382,438.76 0.52% 76,487.75 305,951.01 3 711,258.29 0.96% 355,629.15 355,629.14 73,888,977.00 100.00% 4,187,542.64 69,701,434.36 1 2004 12 31 57.56% 2 2004 12 31 11,322,072.68 1 9.73% 7,901,952.03 1 6.79% 3,669,712.99 1 3.15% 3,408,851.58 1 2.93% 2,422,908.00 1 2.08% 28,725,497.28 24.68% 3 2004 12 31 5% 5% 57

6 2004.12.31 2003.12.31 1 115,857,338.53 78.75% 249,119,409.86 98.65% 1-2 31,271,691.13 21.25% 3,037,077.39 1.20% 2-3 323,842.72 0.13% 3 50,995.00 0.02% 147,129,029.66 100.00% 252,531,324.97 100.00% 1 2004 12 31 41.74% 2003 2 2004 12 31, 5% 5% 7 2004.12.31. 434,136,347.41 434,136,347.41 8,715,157.91 8,715,157.91 277,060,186.96 1,726,028.33 275,334,158.63 160,216,850.74 1,729,948.97 158,486,901.77 264,006,788.21 264,006,788.21 1,144,135,331.23 3,455,977.30 1,140,679,353.93 2003.12.31. 141,444,741.29 3,785,259.39 137,659,481.90 2,655,625.19 2,655,625.19 182,998,751.41 3,836,989.54 179,161,761.87 154,521,510.64 3,339,725.81 151,181,784.83 166,453,176.51 280,710.34 166,172,466.17 648,073,805.04 11,242,685.08 636,831,119.96 1 2004 12 31 76.54% 2 1,157,427,427.61 51.76% 58

3 3,262,419.68 8 2003.12.31 2004.12.31 6,300,000.00 8,092,000.00 10,500,000.00 3,892,000.00 207,404.82 90,000.00 277,404.82 20,000.00 20,980.64 795,463.79 178,823.62 637,620.81 6,528,385.46 8,977,463.79 10,956,228.44 4,549,620.81 CCTV 2005 9 2004.12.31 2003.12.31 27,528,520.94 27,528,520.94 5,810,818.73 5,810,818.73-6,232,147.81-6,232,147.81-6,364,746.73-6,364,746.73 21,296,373.13 21,296,373.13-553,928.00-553,928.00 1 21,717,702.21 21,717,702.21 5,810,818.73 5,810,818.73 5,810,818.73 21,717,702.21 27,528,520.94 2 2002.2.8-2012.12.30 4.01% 5,810,818.73 2004.05.24-2050.01.01 20.00% 20,000,000.00 25,810,818.73 3 21,717,702.21 21,717,702.21 1,717,702.21 59

21,717,702.21 21,717,702.21 1,717,702.21 4 5-6,629,944.52 132,598.92 397,796.71-6,232,147.81-6,629,944.52 132,598.92 397,796.71-6,232,147.81 2002 1 4,246,117.05 3,914,055.48 10,910,940.00 10,544,000.00, 6,629,944.52 2002 1 21 2052 1 20 10 2003.12.31 2004.12.31 252,264,520.38 98,582,429.47 350,846,949.85 98,324,963.55 135,534,706.57 155,948.66 233,703,721.46 43,948,931.00 34,693,858.79 78,642,789.79 109,439,446.28 34,517,893.07 74,921,553.21 53,320,121.35 25,237,839.82 1,679,391.68 76,878,569.49 557,297,982.56 294,048,834.65 36,353,233.41 814,993,583.80 21,152,107.59 13,105,557.48 34,257,665.07 19,439,552.46 13,163,100.26 54,282.41 32,548,370.31 7,643,640.79 7,324,765.72 14,968,406.51 16,018,576.38 14,145,321.16 4,904,437.02 25,259,460.52 12,415,456.50 7,621,861.63 996,707.10 19,040,611.03 76,669,333.72 55,360,606.25 5,955,426.53 126,074,513.44 3,948,965.05 635,000.00 3,313,965.05 159,128.22 159,128.22 2,033,139.90 2,033,139.90 1,640,254.69 450,555.51 1,189,699.18 7,622,359.64 159,128.22 1,085,555.51 6,695,932.35 473,006,289.20 682,223,138.01 1 99,556,928.46 60

121,397,685.61 2 34,517,893.07 20,760,517.90 3 64,299,405.81 52,963,731.98 2000 9 28 2001-168 35864.14 8500 2000 9 28 2005 9 28 2004 11 16 11 2003.12.31. 2004.12.31. 65,348,022.97 81,933,275.83 121,397,685.61 25,883,613.19 65,348,022.97 81,933,275.83 121,397,685.61 25,883,613.19 1 6,518,729.63 3,001,410.00 2,302,800.00 1,793,400.00 2 12 1 2003.12.31 2004.12.31 203,989,447.87 501,171,773.43 155,281,279.28 549,879,942.02 : 203,989,447.87 501,171,773.43 155,281,279.28 549,879,942.02 203,989,447.87 501,171,773.43 155,281,279.28 549,879,942.02 2 2003.12.31 2004.12.31 112,070,000.00 20,508,086.82 15,554,234.46 74,087.16 19,019,518.20 16,968,715.92 95% / 61,803,404.09 28,364,032.86 32,625,285.15 55,180,000.00 5,809,318.01 85% 1 18,000,000.00 25,989,893.00 3,809,479.83 22,230,000.00 7,569,372.83 93% 61

3,218,931.19 7,689,157.35 220,056.45 7,909,213.80 100% 239,723,800.00 66,465,964.73 151,173,322.91 217,639,287.64 70% 2 26,000,000.00 26,802,444.00 4,813,204.76 15,743,024.00 15,872,624.76 80% 43,000,000.00 5,542,996.45 15,254,258.96 20,797,255.41 98% 28,000,000.00 2,287,150.00 21,494,822.34 23,781,972.34 70% 1 41,979,658.00 35,820,757.95 35,820,757.95 85% 2 40,926,362.00 33,613,545.92 33,613,545.92 70% 20,339,722.66 58,737,714.25 6,329,817.30 72,747,619.61 / 128,055,090.44 28,795,618.82 99,259,471.62 203,989,447.87 501,171,773.43 99,556,928.46 55,724,350.82 549,879,942.02 3, 4 13 2003.12.31 2004.12.31 41,666,667.78 920,031.76 40,746,636.02 3,060,982.79 1,839,932.00 1,164,374.93 3,736,539.86 44,727,650.57 1,839,932.00 2,084,406.69 44,483,175.88 1 46,001,588.00 480-585 7,088,042.25 7-60 53,089,630.25 2 3 2004 12 31 8,177,810.00 6,541,426.11 14 2003.12.31 2004.12.31 704,824.96 222,576.24 482,248.72 94,717.84 94,717.84 704,824.96 94,717.84 222,576.24 576,966.56 943,232.08 460,983.36 26 94,717.84 1,037,949.92 460,983.36 62

15 2004.12.31 1 4,550,000.00 2 1,094,000,000.00 90,000,000.00 1,188,550,000.00 1 2 1,064,000,000.00 30,000,000.00 3 2004 12 31 3.26 16 2004.12.31 2003.12.31 263,326,080.98 124,441,981.80 2005.01-2005.06 263,326,080.98 124,441,981.80 1 2004 12 31 5% 5% 2 2004 12 31 116.07% 76.54% 17 2004.12.31 2003.12.31 1 414,268,566.63 98.06% 249,703,601.20 97.86% 1-2 8,186,293.48 1.94% 3,503,644.50 1.37% 2-3 1,799,461.97 0.70% 3 166,809.02 0.07% 422,454,860.11 100.00% 255,173,516.69 100.00% 1 2004 12 31 65.56% 76.54% 2 2004 12 31 5% 5% 18 2004.12.31 2003.12.31 1 130,914,660.07 99.47% 123,265,231.39 99.90% 63

1-2 691,095.81 0.53% 120,000.00 0.10% 131,605,755.88 100.00% 123,385,231.39 100.00% 2004 12 31, 5% 5% 19 2004.12.31 2003.12.31 7,336,024.06 7,860,381.65 7,336,024.06 7,860,381.65 2004 12 31 20 2004.12.31 2003.12.31 1,673,200.00 1,673,200.00 21 2004.12.31 2003.12.31-23,502,794.94 35,925,390.93-3,218,910.23-2,756,390.12 7,231,871.22 2,220,453.84 41,607,888.82 54,296,182.66 10,066,031.65 2,736,980.27 1,591,897.82 1,708,895.89 1,406,426.70 1,228,741.05 7,548.70 581,806.12 35,189,959.74 95,942,060.64 1 2004 12 31 63.32% 59,428,185.87 2 22 2004.12.31 2003.12.31 5,855,499.17 2,241,422.20 5,855,499.17 2,241,422.20 64

23 2004.12.31 2003.12.31 1 80,497,863.87 93.63% 46,755,217.90 94.59% 1-2 4,380,882.48 5.10% 1,345,017.29 2.72% 2-3 61,076.80 0.07% 444,315.57 0.90% 3 1,032,039.58 1.20% 883,775.52 1.79% 85,971,862.73 100.00% 49,428,326.28 100.00% 1 2004 12 31 73.93% 2 2004 12 31 5% 5% 2,744,252.10 1 2,744,252.10 24 2004.12.31 2003.12.31 299,607.85 191,882.27 263,004.41 83,596.58 646,208.84 191,882.27 25 2004.12.31 100,000,000.00 2007.05.13 100,000,000.00 * 2007.04.21 200,000,000.00 * 2004 12 31 26 2003.12.31 2004.12.31 65

1. 180,000,000 180,000,000 4,238,800 4,238,800 175,761,200 175,761,200 2. 3. 4. 180,000,000 180,000,000 1. 60,000,000 2. 3. 60,000,000 4. 60,000,000 60,000,000 240,000,000 240,000,000 [2003] 1009 27 2003.12.31 2004.12.31 839,894,400.00 839,894,400.00 2,725,600.00 12,193.36 2,313,677.84 424,115.52 1,090,000.00 1,090,000.00 790,380.00 790,380.00 1,235,420.65 86,241.96 1,321,662.61 844,945,420.65 888,815.32 2,313,677.84 843,520,558.13 1 2003 12 18 2004 66

2 790,380.00 28 2003.12.31 2004.12.31 60,954,858.53 64,345,108.63 125,299,967.16 30,477,429.27 32,172,554.32 62,649,983.59 91,432,287.80 96,517,662.95 187,949,950.75 29 327,297,600.33 524,056,149.94 64,345,108.63 32,172,554.32 120,000,000.00 634,836,087.32 24,000,000.00 1 2005 4 12 2004 10% 5% 2 24,000,000.00 30 2004 2003 2,656,229,801.43 2,088,012,347.37 1 2004 2003 27.21% 2 : 2004 2003 140,584,318.15 5.29% 93,178,288.51 4.46% 67

3 2004 2003 2,193,638,415.39 1,749,309,787.30 304,684,774.16 217,667,549.64 98,695,841.33 73,475,151.16 59,210,770.55 47,559,859.27 2,656,229,801.43 2,088,012,347.37 4 2004 2003 683,696,277.94 487,068,138.84 168,691,471.36 137,991,171.37 1,055,218,467.94 870,683,580.64 506,573,336.62 423,757,633.81 507,164,957.99 247,457,500.76 2,921,344,511.85 2,166,958,025.42 265,114,710.42 78,945,678.05 2,656,229,801.43 2,088,012,347.37 31 2004 2003 1,802,829,020.94 1,229,119,261.90 1 2004 46.68% 2004 2 2004 2003 1,484,712,981.16 994,909,071.77 221,469,153.07 152,249,278.54 59,897,045.41 45,598,085.06 36,749,841.30 36,362,826.53 1,802,829,020.94 1,229,119,261.90 3 68

2004 2003 457,477,502.71 256,758,425.53 106,605,774.56 89,415,869.81 761,122,010.36 508,827,837.80 372,144,749.07 264,043,640.67 361,303,016.35 183,712,632.06 2,058,653,053.05 1,302,758,405.87 255,824,032.11 73,639,143.97 1,802,829,020.94 1,229,119,261.90 32 2004 2003 45,219,189.42 25,817,751.95 21,883,833.64 30,504,629.67 14,155,271.23 9,336,428.94 81,258,294.29 65,658,810.56 33,895,700.24 24,868,710.61 18,643,770.42 24,445,367.03 9,527,045.58 1,246,287.56 62,066,516.24 50,560,365.20 11,323,489.18 949,041.34 3,240,063.22 6,059,262.64 4,628,225.65 8,090,141.38 19,191,778.05 15,098,445.36 33 2004 2003 52,071,113.45 19,210,362.04 2,068,744.20 1,664,498.23-550,936.24 795,538.37 3,875,511.91 2,872,052.08 53,326,944.92 21,213,454.26 2004 151.38% 69

34. 2004 2003-527,223.80 370,474.51 : 4,998,372.73 370,474.51-5,525,596.53 2,529,792.73 132,598.90 :679,491.60 1,717,702.21 132,598.92 132,598.90 2,002,568.93 503,073.41 35. 2004 2003 2,502,000.00 49,743.00 2,551,743.00 36. 2004 2003 499,643.46 1,870,009.00 4,503,334.63 837,696.09 2,559,923.85 411,287.15 7,562,901.94 3,118,992.24 37 2004 2003 785,120.01 2,595,999.64 121,527.24 6,676.01 738,646.11 50,318.00 159,128.22 1,293,000.00 85,000.00 70

1,362,357.54 331,089.56 3,166,779.12 4,362,083.21 38 2004 2003 18,657,693.45 66,285,052.14 18,657,693.45 66,285,052.14 2004 71.85% 1 2004 30,241,200.00 2 2004 2003 10% 50,122,242.31 7,518,336.34 39 2004 330,497,950.17 32,562,470.35 42,622,771.62 27,018,100.50 29,686,992.20 25,556,107.19 50,595,754.03 16,424,324.67 6,875,537.98 1 2004.12.31. 1 101,389,221.93 86.77% 5,069,461.10 96,319,760.83 1-2 11,262,436.55 9.64% 1,126,243.65 10,136,192.90 71

2-3 2,849,898.27 2.44% 569,979.65 2,279,918.62 3 1,346,249.48 1.15% 673,124.74 673,124.74 116,847,806.23 100.00% 7,438,809.14 109,408,997.09 2003.12.31. 1 482,815,227.57 97.16% 24,140,761.38 458,674,466.19 1-2 11,400,830.74 2.29% 1,140,083.07 10,260,747.67 2-3 2,030,814.48 0.41% 406,162.90 1,624,651.58 3 676,815.40 0.14% 338,407.70 338,407.70 496,923,688.19 100.00% 26,025,415.05 470,898,273.14 2004 12 31 76.49% 2 2004.12.31. 1 1,123,669,546.30 99.54% 56,183,477.32 1,067,486,068.98 1-2 3,547,780.08 0.32% 354,778.01 3,193,002.07 2-3 809,417.82 0.07% 161,883.56 647,534.26 3 795,989.02 0.07% 397,994.51 397,994.51 1,128,822,733.22 100.00% 57,098,133.40 1,071,724,599.82 2003.12.31. 1 162,813,659.12 97.96% 8,140,682.95 154,672,976.17 1-2 2,295,318.13 1.38% 229,531.81 2,065,786.32 2-3 382,438.76 0.23% 76,487.75 305,951.01 3 711,258.29 0.43% 355,629.15 355,629.14 166,202,674.30 100.00% 8,802,331.66 157,400,342.64 3 2004.12.31 2003.12.31 661,092,845.40 661,092,845.40 100,176,509.63 100,176,509.63-6,232,147.81-6,232,147.81-6,364,746.73-6,364,746.73 654,860,697.59 654,860,697.59 93,811,762.90 93,811,762.90 1 72

2002.2.8-2012.12.30 4.01% 5,810,818.73 5,810,818.73 2 2002.1.21-2052.1.20 80% 10,544,000.00 2002.10.10-2012.10.10 80% 4,800,000.00 2003.12.- 2033.8. 95.35% 82,000,000.00 90.00% 9,000,000.00 2004.1.13-2054.1.12 75.00% 75,000,000.00 2004.3.30-2-24.3.30 93.71% 29,800,000.00 2004.9.29-2023.4.10 70.00% 22,260,000.00 2004.3.30-2054.3.29 95.00% 83,600,000.00 2004.5.24-2050.1.1 20.00% 20,000,000.00 337,004,000.00 : 7,685,194.33 1,035,484.08 8,720,678.41-1,823,321.59 4,680,496.57 2,220,036.91 6,900,533.48 2,100,533.48 82,000,000.00 332,984,666.36 414,984,666.36 332,984,666.36 9,000,000.00 9,000,000.00 74,620,808.81 74,620,808.81-379,191.19 22,459,083.23 22,459,083.23-7,340,916.77 19,961,201.02 19,961,201.02-2,298,798.98 76,917,353.15 76,917,353.15-6,682,646.85 21,717,702.21 21,717,702.21 1,717,702.21 94,365,690.90 560,916,335.77 655,282,026.67 318,278,026.67 3-6,629,944.52 132,598.92 397,796.71-6,232,147.81-6,629,944.52 132,598.92 397,796.71-6,232,147.81 73

4 2003.12.31 2004.12.31 201,237,855.54 118,366,050.14 47,179,892.04 272,424,013.64 36,062,815.21 35,134,028.95 59,379,457.78 11,817,386.38 41,900,084.17 21,684,619.84 1,666,048.24 61,918,655.77 109,439,446.28 38,453,465.35 70,985,980.93 52,451,432.06 26,899,551.90 17,627,995.41 61,722,988.55 441,091,633.26 202,084,250.83 164,306,858.82 478,869,025.27 14,848,609.48 9,841,524.88 3,443,874.99 21,246,259.37 5,291,322.54 3,318,475.10 5,630,048.57 2,979,749.07 7,470,140.39 5,588,144.86 48,664.62 13,009,620.63 16,016,210.37 18,046,575.84 9,106,843.09 24,955,943.12 11,693,956.41 8,682,707.08 3,670,423.29 16,706,240.21 55,320,239.19 45,477,427.77 21,899,854.56 78,897,812.40 3,948,965.05 635,000.00 3,313,965.05 2,033,139.90 2,033,139.90 1,640,254.69 450,555.51 1,189,699.18 7,622,359.64 1,085,555.51 6,536,804.13 378,149,034.43 393,434,408.74 5 2004 2003 4,814,400.00 370,474.51 : 4,814,400.00 370,474.51 319,333,326.54 87,972.61 : 318,521,236.02-44,626.29 679,491.60 74

132,598.92 132,598.90 324,147,726.54 458,447.12 1..1 1 2 2003.12.31 2004.12.31 32,288 32,288 3 2003.12.31 2004.12.31 17,380.93 17,380.93 4 2 1 2004 2003 21,513,936.76 1,359,728.10 1,475,620.00 17,824,200.00 6,311,500.00 8,447,000.00 16,301,387.26 75

1,225,000.00 30,000.00 2 2004 2003 771,049.05 3 2004 2003 3,521,825.33 271,115,504.77 74,605,417.12 1,311,023.52 373,027.09 8,172,870.91 9,937,765.44 5,790,276.50 1,565,190.28.2. 12 4 2004 2003 550,000.00 600,000.00 145,333.33 5 2004 2003 286,136,126.74 13,901,925.10 45,860,230.30 1,548,011.22 756,912.89 1,107,942.09 66,760,507.24 6 2004 2003 22,718,899.83 11,511,751.97 637,548.82.2. 12 76

7 2004 2003 4,131,966.95 3,912,061.28 2,087,219.52 1,207,166.73 645,006.81 8 2004.12.31 2003.12.31 621,767.41 0.84% 730,172.53 0.63% 730,172.53 0.63% 621,767.41 0.84% 20,000,000.00 13.10% 20,000,000.00 13.10% 2,744,252.10 3.19% 2,811,814.37 3.27% 6,585.71 0.01% 1,117,892.28 1.30% 6,680,544.46 7.77% 9 2004 12 31 1,064,000,000.00 100,000,000.00 10 3,180 93.71% 200 6.29%.2. 7 77

1,000 900 90% 100 10% 11 215,622.34 28,246,526.54 12 2004 10 25 << >> 0.5% 2005 4 12 2004 10 5 24000 10 1 24,000,000.00 10 5 24000 36000 78

7 3 1,177,086,396.84 36,279,123.11 1 2004 12 31 106,693,523.27 2 3 2003 8 120 15% 1 260 262,880,384.07 113,663,847.10 97,148,587.28 79

2005 83,862,456.96 71,677,313.64 2006 52,928,477.06 45,238,014.58 2007 12,425,602.93 10,620,173.45 149,216,536.95 127,535,501.67 2 2004 12 31 119 2003 8 1 2006 7 31 1,239,709.07 18,480,396.91 2005 14,876,508.81 2006 8,677,963.47 2007 23,554,472.28 3,718,214.62 4,814,400.00 677,908.18 8,872,263.29-1,381,578.42 16,701,207.67 80

2004 10 21 : 20,000.00 0.5% 90 2004 9,806.66 2004 12 14 334.64 1.39% 72.42% 1.39% 2005 3 30% 2004 2005 4 12 81

OO 82

: 2004.12.31 2003.12.31 2004.12.31 2003.12.31 1 806,905,707.96 401,057,062.31 764,860,406.45 398,478,530.20 2 30,224,427.91 90,000,000.00 90,000,000.00 3 152,664,714.59 18,454,580.45 151,054,714.59 18,454,580.45 4 607,096,573.45 419,152,044.88 109,408,997.09 470,898,273.14 5 109,939,987.14 69,701,434.36 1,071,724,599.82 157,400,342.64 6 147,129,029.66 252,531,324.97 137,953,337.92 243,903,514.94 71,140,679,353.93 636,831,119.96 514,632,897.13 446,691,682.46 8 4,549,620.81 6,528,385.46 4,391,442.78 6,466,175.46 2,999,189,415.45 1,894,255,952.39 2,754,026,395.78 1,832,293,099.29 9 21,296,373.13-553,928.00 654,860,697.59 93,811,762.90 21,296,373.13-553,928.00 654,860,697.59 93,811,762.90 10 814,993,583.80 557,297,982.56 478,869,025.27 441,091,633.26 10 126,074,513.44 76,669,333.72 78,897,812.40 55,320,239.19 10 688,919,070.36 480,628,648.84 399,971,212.87 385,771,394.07 10 6,695,932.35 7,622,359.64 6,536,804.13 7,622,359.64 10 682,223,138.01 473,006,289.20 393,434,408.74 378,149,034.43 11 25,883,613.19 65,348,022.97 25,635,213.19 65,348,022.97 12 549,879,942.02 203,989,447.87 235,282,993.78 203,900,570.10 1,257,986,693.22 742,343,760.04 654,352,615.71 647,397,627.50 13 44,483,175.88 44,727,650.57 44,388,759.88 44,727,650.57 14 576,966.56 704,824.96 45,060,142.44 45,432,475.53 44,388,759.88 44,727,650.57 2004 12 31 4,323,532,624.24 2,681,478,259.96 4,107,628,468.96 2,618,230,140.26 2 45

2004.12.31 2003.12.31 2004.12.31 2003.12.31 15 1,188,550,000.00 279,314,288.14 1,146,000,000.00 275,314,288.14 16 263,326,080.98 124,441,981.80 268,788,080.98 122,533,981.80 17 422,454,860.11 255,173,516.69 410,577,123.27 254,804,065.21 18 131,605,755.88 123,385,231.39 41,263,990.92 98,853,649.77 19 7,336,024.06 7,860,381.65 4,576,412.15 5,997,295.26 22,231,402.71 16,973,887.79 14,875,248.50 15,056,064.52 20 1,673,200.00 1,673,200.00 21 35,189,959.74 95,942,060.64 49,553,214.26 95,919,415.08 22 5,855,499.17 2,241,422.20 2,974,405.07 2,239,484.50 23 85,971,862.73 49,428,326.28 98,673,293.79 46,096,184.34 24 646,208.84 191,882.27 295,748.39 31,100.00 15,000,000.00 15,000,000.00 2,164,840,854.22 969,952,978.85 2,039,250,717.33 931,845,528.62 25 200,000,000.00 8,000,000.00 200,000,000.00 8,000,000.00 200,000,000.00 8,000,000.00 200,000,000.00 8,000,000.00 2,364,840,854.22 977,952,978.85 2,239,250,717.33 939,845,528.62 52,385,173.82 3,091,422.72 2004 12 31 26 240,000,000.00 240,000,000.00 240,000,000.00 240,000,000.00 26 240,000,000.00 240,000,000.00 240,000,000.00 240,000,000.00 27 843,520,558.13 844,945,420.65 843,520,558.13 844,945,420.65 28 187,949,950.75 91,432,287.80 138,144,988.18 91,432,287.80 28 62,649,983.59 30,477,429.27 46,048,329.40 30,477,429.27 29 634,836,087.32 524,056,149.94 646,712,205.32 502,006,903.19 24,000,000.00 120,000,000.00 24,000,000.00 120,000,000.00 1,906,306,596.20 1,700,433,858.39 1,868,377,751.63 1,678,384,611.64 4,323,532,624.24 2,681,478,259.96 4,107,628,468.96 2,618,230,140.26 3 45

2004 2004 2003 2004 2003 30 2,656,229,801.43 2,088,012,347.37 718,397,638.72 2,088,012,347.37 31 1,802,829,020.94 1,229,119,261.90 623,059,857.37 1,231,191,893.99 14,169,132.94 10,400,064.54 7,842,294.55 10,377,927.87 839,231,647.55 848,493,020.93 87,495,486.80 846,442,525.51 32 19,191,778.05 15,098,445.36 18,213,646.73 13,990,067.38 230,238,413.61 232,006,898.14 29,178,211.35 230,200,641.13 222,533,043.19 221,109,063.30 72,644,615.27 242,028,855.89 33 53,326,944.92 21,213,454.26 20,309,433.66 21,082,284.40 352,325,023.88 389,262,050.59-16,423,126.75 367,120,811.47 34 2,002,568.93 503,073.41 324,147,726.54 458,447.12 35 2,551,743.00 2,551,743.00 36 7,562,901.94 3,118,992.24 5,976,417.33 2,989,400.80 37 3,166,779.12 4,362,083.21 2,240,039.18 4,348,140.21 358,723,715.63 391,073,776.03 311,460,977.94 368,772,262.18 38 18,657,693.45 66,285,052.14 42,975.43 66,112,573.50 12,768,421.85-11,156.58 327,297,600.33 324,799,880.47 311,418,002.51 302,659,688.68 1-3,230,103.21-3,230,103.21 2 3 4 5 6-3,230,103.21-3,230,103.21 6 45

2004 : 2004 2003 2004 2003 327,297,600.33 324,799,880.47 311,418,002.51 302,659,688.68 524,056,149.94 244,655,222.77 502,006,903.19 244,746,167.81 851,353,750.27 569,455,103.24 813,424,905.70 547,405,856.49 28 64,345,108.63 30,265,968.87 31,141,800.25 30,265,968.87 28 32,172,554.32 15,132,984.43 15,570,900.13 15,132,984.43 754,836,087.32 524,056,149.94 766,712,205.32 502,006,903.19 120,000,000.00 120,000,000.00 29 634,836,087.32 524,056,149.94 646,712,205.32 502,006,903.19 7 45

2004 31,416,095.74 19,962,294.47 51,378,390.21 34,827,746.71 48,295,801.74 18,586,605.91 18,586,605.91 64,536,942.54 27,228,553.10 17,671,946.48 44,900,499.58 26,025,415.05 18,586,605.91 18,586,605.91 7,438,809.14 4,187,542.64 2,290,347.99 6,477,890.63 8,802,331.66 48,295,801.74 57,098,133.40 5,525,596.53 5,525,596.53 5,525,596.53 5,525,596.53 11,242,685.08 7,786,707.78 7,786,707.78 3,455,977.30 3,785,259.39 3,785,259.39 3,785,259.39 3,785,259.39 3,785,259.39 3,785,259.39 3,785,259.39 3,785,259.39 3,785,259.39 3,836,989.54 2,110,961.21 2,110,961.21 1,726,028.33 3,339,725.81 1,609,776.84 1,609,776.84 1,729,948.97 280,710.34 280,710.34 280,710.34 7,622,359.64 159,128.22 1,085,555.51 1,085,555.51 6,695,932.35 7,622,359.64 1,085,555.51 1,085,555.51 6,536,804.13 3,948,965.05 635,000.00 635,000.00 3,313,965.05 3,948,965.05 635,000.00 635,000.00 3,313,965.05 159,128.22 159,128.22 2,033,139.90 2,033,139.90 2,033,139.90 2,033,139.90 1,640,254.69 450,555.51 450,555.51 1,189,699.18 1,640,254.69 450,555.51 450,555.51 1,189,699.18 50,281,140.46 25,647,019.22 8,872,263.29 8,872,263.29 67,055,896.39 46,235,365.74 48,295,801.74 23,457,420.81 23,457,420.81 71,073,746.67 4 45

2004 : % % / / 44.02 47.04 3.50 3.50 18.48 19.75 1.47 1.47 17.17 18.35 1.36 1.36 16.29 17.41 1.29 1.29 3,718,214.62 4,814,400.00 677,908.20 8,872,263.29-1,381,578.42 16,701,207.69 8 45

2004 2004 2003 2004 2003 240,000,000.00 240,000,000.00 240,000,000.00 240,000,000.00 240,000,000.00 240,000,000.00 240,000,000.00 240,000,000.00 844,945,420.65 596,168.69 844,945,420.65 596,168.69 888,815.32 844,349,251.96 888,815.32 844,349,251.96 839,894,400.00 839,894,400.00 790,380.00 790,380.00 12,193.36 2,725,600.00 12,193.36 2,725,600.00 1,090,000.00 1,090,000.00 86,241.96 639,251.96 86,241.96 639,251.96 2,313,677.84 2,313,677.84 843,520,558.13 844,945,420.65 843,520,558.13 844,945,420.65 60,954,858.53 30,688,889.66 60,954,858.53 30,688,889.66 64,345,108.63 30,265,968.87 31,141,800.25 30,265,968.87 64,345,108.63 30,265,968.87 31,141,800.25 30,265,968.87 64,345,108.63 30,265,968.87 31,141,800.25 30,265,968.87 125,299,967.16 60,954,858.53 92,096,658.78 60,954,858.53 125,299,967.16 60,954,858.53 92,096,658.78 60,954,858.53 30,477,429.27 15,344,444.84 30,477,429.27 15,344,444.84 32,172,554.32 15,132,984.43 15,570,900.13 15,132,984.43 32,172,554.32 15,132,984.43 15,570,900.13 15,132,984.43 62,649,983.59 30,477,429.27 46,048,329.40 30,477,429.27 524,056,149.94 244,655,222.77 502,006,903.19 244,746,167.81 327,297,600.33 324,799,880.47 311,418,002.51 302,659,688.68 216,517,662.95 45,398,953.30 166,712,700.38 45,398,953.30 634,836,087.32 524,056,149.94 646,712,205.32 502,006,903.19 5 45

2004 2,959,629,520.28 737,916,266.82 8,851,189.28 1,496,214,795.51 2,968,480,709.56 2,234,131,062.33 2,285,299,829.40 793,418,902.38 170,684,061.85 98,668,817.85 179,381,508.37 115,708,678.22 39 330,497,950.17 1,322,146,369.73 2,965,863,349.79 2,329,942,768.18 2,617,359.77-95,811,705.85 94,998,372.73 94,814,400.00 679,491.60 679,491.60 3,718,214.62 3,742,834.47 99,396,078.95 99,236,726.07 592,577,117.92 255,100,059.40 55,750,024.44 291,860,000.00 648,327,142.36 546,960,059.40-548,931,063.41-447,723,333.33 36,324,550.88 1,388,550,000.00 1,346,000,000.00 1,424,874,550.88 1,346,000,000.00 302,314,288.14 298,314,288.14 170,397,913.45 137,768,796.43 472,712,201.59 436,083,084.57 952,162,349.29 909,916,915.43 405,848,645.65 366,381,876.25 9 45

( ) 2004 1 327,297,600.33 311,418,002.51 12,768,421.85 16,774,755.93 24,838,380.93 55,360,606.25 45,477,427.77 2,084,406.69 2,078,822.69 222,576.24 1,978,764.65 2,074,732.68 454,326.57 264,648.39-3,718,214.62-3,742,834.47 52,071,113.45 19,441,996.43-7,528,165.46-324,147,726.54-496,061,526.19-64,155,955.28-276,953,214.65-359,140,829.42 317,865,908.73 249,781,628.46 2,617,359.77-95,811,705.85 2 3 806,905,707.96 764,860,406.45 401,057,062.31 398,478,530.20 405,848,645.65 366,381,876.25 10 45