600660 2004
2004... 1... 1... 2... 4... 8... 13... 15... 16... 26... 28... 31... 69
2004 1 2 3 4 1 FUYAO GROUP GLASS INDUSTRIES CO.,LTD FYG 2 3 0591-85383777 0591-85383666 0591-85382719 E-mail chenyuedan@ifuyao.com 0591-85382723 0591-85383666 0591-85382719 E-mail chenxiangming@ifuyao.com 4 350301 http://www.fuyaogroup.com 600660@ifuyao.com 5 http://www.sse.com.cn 1
2004 6 A A A 600660 7 1992 6 21 2004 8 9 400001 350181611300758 202 11 : : 424,389,809 394,560,688 383,344,466 789,180,253 12,882,829 414,231,429-2,616,390 0 12,774,770 602,602,944-21,551,986 : : 4,257,170 8,517,600-1,558,548 11,216,222 2
2004 : : 2002 2004 2003 (%) 2,345,227,988 1,733,482,708 35.29 1,124,389,888 1,124,389,888 424,389,809 342,429,801 23.93 198,228,325 198,228,325 394,560,688 320,967,206 22.93 184,288,109 184,288,109 383,344,466 313,934,430 22.11 189,882,959 202,886,710 2002 2004 2003 (%) 5,222,180,600 3,506,692,421 48.92 2,046,206,887 2,046,206,887 1,808,726,721 1,555,429,404 16.28 741,508,191 673,649,006 602,602,944 334,364,551 80.22 384,704,418 384,704,418 2002 2004 2003 (%) 0.39 0.64-39.06 0.41 0.41 % 21.8 20.6 5.83 24.9 27.4 21.2 20.2 4.95 25.6 30.1 % 0.60 0.67-10.45 0.85 0.85 0.39 0.69-43.48 0.41 0.41 0.38 0.63-39.68 0.42 0.45 0.38 0.67-43.28 0.42 0.45 % 23.5 30.9-23.95 27.8 28.4 22.9 30.2-24.17 28.6 31.3 % 2002 2004 2003 (%) 1.81 3.11-41.80 1.64 1.49 1.73 2.98-41.95 1.53 1.38 : 2004 100,149.3166 2003 50,074.6583 2002 45,239.4567 9 : : % 43.6 47.0 0.79 0.79 22.9 24.7 0.41 0.41 21.8 23.5 0.39 0.39 21.2 22.9 0.38 0.38 3
2004 : : 500,746,583 514,656,543 144,493,811 59,784,269 336,157,268 1,555,429,404 500,746,583 10,143,653 64,825,870 19,728,034 394,560,688 990,004,828 0 325,485,279 0 0 410,039,182 736,707,511 1,001,493,166 199,314,917 209,319,681 79,512,303 320,678,774 1,808,726,721 1) 2004 4 25 2003 2004 6 8 10 3.50 2003 10 6.50 2) 2003 10 6.50 3) 4) 5) 84,553,904 325,485,278 6) 1,183,050 1 : 1 190,756,072 66,764,625 123,991,447 190,756,072 381,512,144 190,756,072 66,764,625 123,991,447 190,756,072 381,512,144 2 117,148,456 41,001,960 76,146,496 117,148,456 234,296,912 3 4 307,904,528 107,766,585 200,137,943 307,904,528 615,809,056 4
2004 1 192,842,055 67,494,719 125,347,336 192,842,055 385,684,110 2 3 4 192,842,055 67,494,719 125,347,336 192,842,055 385,684,110 500,746,583 175,261,304 325,485,279 500,746,583 1,001,493,166 2 (1) : : 2003-08-06 12.00 48,352,016 2003-08-21 48,352,016 2003 8 1 8,151.2170 2003 8 6 12.00 / 4,835.2016 2003 8 21 4,835.2016 58,022.4192 1,978.5770 56,043.8422 (2) 1991 8 22 1 5,719 1993 6 10 1,159.64 2001 2002 3 27 2001 407,562,673 10 1.10 2003 8 1 8,151.2170 2003 8 6 12.00 / 4,835.2016 2003 8 21 4,835.2016 58,022.4192 1,978.5770 56,043.8422 2003 2004 6 8 2003 500,746,583 10 3.50 2003 10 6.50 (3) 5
2004 1 11,331 6 A 11,325 2 : ( ) (%) 112,622,433 225,244,866 22.49 97,350,742 194,701,484 19.44 47,500,000 78,133,639 156,267,278 15.60 10,656,587 21,313,174 2.13 18,469,172 1.84 17,261,447 1.72 15,799,681 17,000,000 1.70 14,971,830 1.49 6,606,720 13,213,440 1.32 13,213,440 10,697,540 11,961,392 1.19 3,950 2004 11 29 2005 11 25 800 2004 12 23 2005 12 23 3 1 9,401.10 1991 4 4 6
2004 8,245.88 1992 5 30 1 1993 5 25 8,645.6043 :1995 7 27 100% 99.99% 2 3 100% 0.01% 99.99% 100% 22.49% 15.60% 19.44% 7
2004 4 5 18,469,172 A B H A 17,261,447 A 17,000,000 A 14,971,830 A 11,961,392 A 9,828,738 A 9,674,011 A 8,557,164 A 50 8,071,951 A 6,856,011 A 1 50 2 3 1 8 : 59 2002-09-02 2005-09-02 66,032 132,064 66,032 65 2002-09-02 2005-09-02 173,021 346,042 173,021 47 2002-09-02 2005-09-02 0 22,000 22,000
2004 35 2002-09-02 2005-09-02 30 2002-09-02 2005-09-02 35 2003-02-28 2005-09-02 49 2002-09-02 2005-09-02 55 2002-09-02 2005-09-02 56 2002-09-02 2005-09-02 32 2002-09-02 2005-09-02 68 2002-09-02 2005-09-02 4,618 9,236 4,618 37 2002-09-02 2005-09-02 32 2004-04-25 2005-09-02 57 2003-09-26 2005-03-01 53 2002-09-02 2005-09-02 47 2002-09-02 2005-09-02 0 14,108 14,108 39 2002-09-02 2005-09-02 (1) 1991 6 2003 9 1999 1991 1994 1994 1999 2 (2) 1991 1999 1963 1989 1991 1999 (3) 1997 1994 1996 (4) 2002 1999 1994 1996 1994 1995 ( ) 4 (5) 1999 4 (6) 2003 1994 1998 1999 2001 2002 (7) 2000 9
2004 1991 1996 MBA 1996 1999 1999 2003 1994 1995 MBA (8) 1986 1992 (9) 4 2001 9 1991 1995 1995 1997 2000 2003 2003 1988 1989 1995 1996, (10) 2001 2000 1996 1997 ( ) 1998 1999 1997 2001 1997 2000 (11) 1994 1980 1984 1984 1986 1986 1997 1988 1989 1991 1993 (12) 1999 2001 1992 1994 1994 1995 1995 1997 1997 1998 1998 1999 1999 2001 2000 2001 (13) 1995 1999 1999 2002 2002 2003 2003 10
2004 (14) 2003 9 1972 4 1977 8 1978 9 1980 10 1985 8 1990 10 1994 10 2000 3 17 2003 6 (15) 1999 25 1995 1999 2001 (16) 1999 15 1988 (17) 1997 2002 1989 1994 2001 2 1999-06-10 1999-06-10 1999-09-01 1999-06-10 1999-06-10 1999-09-01 1996-02-02 1996-03-28 1993-08-25 1996-03-28 1996-02-02 1993-08-25 2002-11-01 2005-11-01 2004-06-28 2007-06-28 11
2004 2004-12-09 2007-12-09 2004-05-10 2007-05-10 2003-01 2005-12 2003-09-29 2006-04-01 2002-06-26 2005-06-26 1 2 3 387.42 132.12 122.43 9.00 : : 4 5 10 6 10-20 1 20-50 8 50 1, 2004 4 25 2003 12
2004 5,416 0 1 3,655 124 714 89 350 484 2 481 697 1,692 2,546 1 2 3 13
2004 4 5 6 7 1 6 6 6 6 6 6 2 1) 2) 14
2004 3) 4) 5) 1) 2004 3 24 2003 2003 2004 4 25 23 32,919.3742 50,074.6583 65.74% 1 2003 2 2003 3 2003 4 2003 5 2003 6 2003 7 8 2004 2003 9 10 4.80 / 9.00 / 2003 11 12 13 2.0 15
2004 14 2.74 15 2.70 16 2003 2004 4 27 2004 2004 2004 OEM OEM 2005 2 4 2004 16
2004 1 (1) A,, B 2004 OEM 234,522.80 35.29% 39,456.07 22.93% (2) : : (%) (%) 1,873,654,240 80 687,263,339 87 471,573,748 20 102,045,879 13 : 2,345,227,988 / 789,309,218 / / / 2,345,227,988 100 789,309,218 100 (3) 17 : : (%) (%) 366,358,128 16 117,152,942 15 265,871,622 11 125,866,187 16 1,712,998,238 73 546,290,089 69 : 2,345,227,988 / 789,309,218 / / /
2004 2,345,227,988 100 789,309,218 100 (4) 10% : : (%) 1,873,654,240 1,186,390,901 37 471,573,748 369,527,869 22 2 (1) : : 25,050 63,107.70 9,687.35 1,500.00 37,392.16 8,176.53 26,000 91,214.43 9,698.04 ( ) 8,000 27,023.72 6,115.57 3,804.88 60,650.39 10,817.73 10,000 30,342.47 6,244.38 3 : : 414,532,557 34 480,807,619 21 4 1 2 A OEM 2005 B C 18
2004 1 2003 560,438,422 549,211,820 86,400,442 11,226,602 2 : : 186,750,000 186,750,000 10778.34 169,740,000 158,513,398 1105.72 69,000,000 53,098,379 1463.88 PUR PVC 198,000,000 100,844,667 2522.29 623,490,000 / 499,206,444 15870.23 / / 3 1) ( PUR PVC 5010.3755 236,853,755 236,853,755 107,783,350 2003 56,043.8422 62,349 18,675 16,974 6,900 5,300 15,094.8422 PUR PVC 2004 3 22 2004 4 25 2003 2004 3 24 2004 4 27 www.sse.com.cn 19
2004 PUR PVC 2003 12 31 PUR PVC 10,084.4667 5,010.3755 5,010.3755 1 ( ) 5,010.3755 8.94% 4 (1) GENCORP INC., dba GDX AUTOMOTIVE GDX AUTOMOTIVE S.A.R.L. ( ) 2004 3 22 GENCORP INC., dba GDX AUTOMOTIVE ( ) 365 178.85 49% GENCORP INC., dba GDX AUTOMOTIVE 186.15 51% 2004 12 31 732.63 (2) MEADLAND LIMITED ( ) 2004 3 22 MEADLAND LIMITED ( ) 1,200 900 75% MEADLAND LIMITED 300 25% 2004 12 31 (3) ( 1,000 2004 3 22 ( ) 1,000 750 75% ( ) 250 25% 1,000 2,000 2004 12 31 20
2004 (4) 3 600 2004 3 22 3 600 2004 12 31 : : 5,222,180,600 3,506,692,421 1,715,488,179 49 789,180,253 672,002,080 117,178,173 17 394,560,688 320,967,206 73,593,482 23-21,551,986 110,616,588-132,168,574-119 1,808,726,721 1,555,429,404 253,297,317 16 (1) 16.90 (2) (3) (4) 2003 8 (5) 39,456.07 10 3 15,022.40 1 OEM 2005 2 3 QCC TPM 21
2004 4 5 6 2006 1 1) 2004 3 22 (1) 2003 (2) 2003 (3) 2003 (4) 2003 (5) 2003 (6) 2003 (7) 2003 (8) GENCORP INC., dba GDX AUTOMOTIVE (9) MEADLAND LIMITED (10) 1,000 (11) (12) (13) 3 600 (14) 2003 2003 127 20.70 1.16 90.70 22
2004 (15) 2004 (16) (17) 4.80 / 9.00 / 2003 (18) (19) (20) (21) 2.0 (22) 2.74 (23) 2.70 2) 2004 4 25 (1) 2004 3) 2004 6 30 (1) (2) 4) 2004 8 9 (1) 2004 5) 2004 10 18 (1) 2004 23
2004 6) 2004 11 5 (1) 4,000 3 5,868 1 (2) 3 (3) 5.0 2 2003 2003 2003 500,746,583 10 3.00 10 3.50 10 6.50 2004 6 3 2003 2004 6 8 2004 6 9 2004 6 10 2004 6 15 2004 394,560,688 377,188,578 10% 39,456,069 5% 19,728,034 150,223,974 175,261,304 387,079,885 2004 2004 24
2004 ( ) 2004 12 31 2004 2005 3 1 (2005)628 ( [2003]56 ) 2004 12 31 ( ) 2004 2004 2004 12 31 ( ) ( ) ( ) ( ) - - - - - - - - - - - - - - - - 600660 - - - - - - - - - - - - - - - - - - - - - - 2005 3 1 25
2004 2003 56 2004 50% OO 1 2004 3 22 2003 2003 a. b. 26
2004 2004 3 24 2 2004 6 30 2004 1 2 27
2004 1 2002 2 4 2002 2 4 9.67% 2002 3 15 11.80% 2002 3 15 2004 5 7 ( BILLING CODE:3510-DS-P) 2001 9 2003 3 11.80% 0.13%( 0.5% ) 2004 10 15 ( BILL ING CODE:3510-DS-P) 2001 9 2003 3 0.13%( 0.5% ) 11.80% 2001 9 2003 3 3,900,000 GRUNFELD DESIDERIO LEBOWITZ SILVERMAN & KLESTADT LLP GDLSK 2002 4 10 NO.02-00282 11.80% 9 Richard K.Eaton 2003 12 18 28
2004 2 2004 6 30 2004 1 31 2004 13 17,403,530.00 16,924,010.01 1 2 3 4 : : 66,618.41 74,063.07 74,063.07 41 5 29
2004 6 5% 5% 2002 3 1 2 2004 2003 195 127 2004 100 13 20.70 1.5726 1.1615, 2004 2003 2.70 2.70 2004 0.75 0.75 2004 0.50 0.50 2004 McKINLEY,COOPER&CO.,LLP 0.54 0.84 30
2004 (2005) 628 ( ) ( )2004 12 31 2004 2004 12 31 2004 2005 3 1 31
2004 2004 12 31 ( ) 2004 12 31 2003 12 31 2004 12 31 2003 12 31-1 179,017,795 222,143,354 82,391,590 175,452,510 - - - - -2 46,607,951 37,638,690 13,467,347 7,440,796 - - - - - - - - -3-1 332,093,867 300,552,741 313,411,437 316,512,720-4 -1 42,102,294 17,887,022 678,004,476 541,525,114-5 55,416,523 29,747,189 29,742,314 9,770,132 - - - - -6 624,409,805 490,253,211 107,035,391 129,761,540-7 9,128,896 12,245,932 2,723,717 2,429,868 - - - - - - - - 1,288,777,131 1,110,468,139 1,226,776,272 1,182,892,680-8 -2 48,547,201 36,355,199 1,812,844,576 1,330,526,687 - - - - 48,547,201 36,355,199 1,812,844,576 1,330,526,687 30,148,931 36,355,199 - - 2,451,830,555 2,144,709,894 394,512,788 343,268,639 (717,045,230) (537,975,400) (181,047,029) (155,251,368) -9 1,734,785,325 1,606,734,494 213,465,759 188,017,271 (8,915,200) (13,174,000) - - 1,725,870,125 1,593,560,494 213,465,759 188,017,271 4,567,061 461,467 - - -10 1,947,569,741 556,927,487 1,376,268,155 354,211,295 - - - - 3,678,006,927 2,150,949,448 1,589,733,914 542,228,566-11 142,728,637 158,753,831 10,433,576 41,226,054-12 64,120,704 50,165,804 18,522,174 7,679,351 - - - - 206,849,341 208,919,635 28,955,750 48,905,405 - - - - 5,222,180,600 3,506,692,421 4,658,310,512 3,104,553,338 32
2004 2004 12 31 ( ) 2004 12 31 2003 12 31 2004 12 31 2003 12 31-13 1,175,940,106 666,550,024 631,599,992 271,042,912-14 132,085,190 145,341,966 188,448,737 140,154,775-15 137,386,619 121,213,407 399,258,161 457,201,246-16 12,563,117 8,020,556 5,737,422 5,071,020 6,224,489 6,898,947 1,666,321 591,267 - - - - - - - - -18 (15,875,182) (27,836,409) (26,218,853) (28,209,383) - - - - -17 25,202,869 22,154,544 433,930,395 56,981,762-19 31,926,671 25,919,982 12,161,616 8,290,335 - - - - -20 25,000,000 - - - - - - - 1,530,453,879 968,263,017 1,646,583,791 911,123,934-20 1,883,000,000 983,000,000 1,203,000,000 638,000,000 - - - - - - - - - - - - - - - - 1,883,000,000 983,000,000 1,203,000,000 638,000,000 - - 3,413,453,879 1,951,263,017 2,849,583,791 1,549,123,934 - - - - -21 1,001,493,166 500,746,583 1,001,493,166 500,746,583-22 199,314,917 514,656,543 199,314,917 514,656,543-23 288,831,984 204,278,080 222,430,873 163,246,770 79,512,303 59,784,269 79,512,303 59,784,269-24 320,678,774 336,157,268 387,079,885 377,188,578 (1,592,120) (409,070) (1,592,120) (409,070) 1,808,726,721 1,555,429,404 1,808,726,721 1,555,429,404 5,222,180,600 3,506,692,421 4,658,310,512 3,104,553,338 33
2004 2004 ( ) 2004 2003 2004 2003-25 -3 2,345,227,988 1,733,482,708 971,562,547 1,101,683,737-25 -3 (1,555,918,770) (1,061,480,628) (878,950,484) (936,133,528) (128,965) - - - 789,180,253 672,002,080 92,612,063 165,550,209-26 12,882,829 7,358,853 4,182,484 1,636,552 (173,915,975) (159,838,584) (69,988,556) (85,373,405) (111,322,656) (108,999,562) (49,462,152) (50,003,940) - -27 (102,593,022) (59,000,040) (58,054,537) (30,471,385) /( ) 414,231,429 351,522,747 (80,710,698) 1,338,031 /( ) -28-4 (2,616,390) (6,206,290) 474,676,621 323,624,679 - - - 5,434,118 531,532 1,220,422 114,182-29 7,340,652 (3,418,188) (625,657) (1,802,438) 424,389,809 342,429,801 394,560,688 323,274,454 (29,829,121) (21,462,595) - (2,307,248) - - 394,560,688 320,967,206 394,560,688 320,967,206 2004 2004 2003 2003 1. - - - - 2. - - - - 3. - - - - 4. - - - - 5. - - - - 6. - - - - 34
2004 2004 ( ) 2004 2003 2004 2003 394,560,688 320,967,206 394,560,688 320,967,206 336,157,268 149,255,227 377,188,578 172,225,638 - - - - 730,717,956 470,222,433 771,749,266 493,192,844 (64,825,870) (50,157,620) (39,456,069) (32,096,721) (19,728,034) (16,048,360) (19,728,034) (16,048,360) - - - - - - - - 646,164,052 404,016,453 712,565,163 445,047,763 - - - - - - - - (150,223,974) (67,859,185) (150,223,974) (67,859,185) (175,261,304) - (175,261,304) - 320,678,774 336,157,268 387,079,885 377,188,578 35
2004 2004 ( ) 2,610,328,183 1,115,386,934 58,875,926 49,998,688 70,969,561 8,414,418 2,740,173,670 1,173,800,040 (1,719,858,502) (726,935,243) (152,399,400) (29,896,799) (261,437,511) (60,353,927) (3,875,313) (47,787,649) (2,137,570,726) (864,973,618) 602,602,944 308,826,422 - - - - 34,618,477 30,383,367 - - 34,618,477 30,383,367 (1,836,171,604) (717,458,182) (9,999,502) (389,665,157) - (1,846,171,106) (1,107,123,339) (1,811,552,629) (1,076,739,972) - - - 2,873,352,258 1,672,290,322 - - 2,873,352,258 1,672,290,322 (1,434,528,884) (746,733,242) (251,425,675) (198,962,950) - - - - - (1,685,954,559) (945,696,192) 1,187,397,699 726,594,130 36
2004 - - (21,551,986) (41,319,420) 2004 ( ) 1. 394,560,688 394,560,688 - (10,207,235) (2,627,741) 197,062,491 29,068,418 5,754,604 846,364 28,751,724 6,536,494 3,117,036 (293,849) 6,006,689 3,871,281 (772,905) 16,482 101,201,701 56,727,567 2,616,390 (474,676,621) (134,156,594) 22,726,149 (17,653,047) (23,650,199) 26,321,402 295,721,389 602,602,944 308,826,422 2. - - - - - - 3. -1 146,844,968 82,391,590 (168,396,954) (123,711,010) (21,551,986) (41,319,420) 37
2004 ( ) ( ) 1991 1992 6 21 ( ) A ( A ) 1993 2003 12 31 500,746,583 2004 6 10 3.5 175,261,304 10 6.5 325,485,279 1,001,493,166 ( ) 21 ( ) ( ) (1) (2) 1 1 12 31 (3) (4) (5) (6) 38
2004 (7) (8) (a) 1 5 1-2 30% 2-3 50% 3 100% (b) (c) (d) / / / (9) 39
2004 (10) 50% ( 50%) 50% ( 50%) 20% ( 20%) 50% ( 50%) 20% ( 20%) 2003 3 17 10 2003 3 17 10 (11) 2001 1 1 40
2004 10 20 10% 4.5% 9% 10 10% 9% 5 10% 18% 5 10% 18% / (12) (13) 41
2004 2001 1 1 10 (14) 1 ( 1 ) (15) (16) 42
2004 (17) (18) (a) (b) (19) (20) (1995)11 ( ) (1) (a) 15% 15% ( ) (b),(c) 15% 7.5% ( ) (b),(c) 15% 7.5% ( ) (b),(c) 15% 7.5% ( ) ( ) (b),(d) 33% 7.5% 43
2004 ( ) (b), (e) 15% - ( ) ( ) (b),(h) 24% - ( ) ( ) (b),(d) 33% - ( ) (b),(d) 33% - ( )(b),(i) 24% - ( ) (b),(f) 33% - ( ) (f) 33% - ( ) 17.5% 17.5% ( ) 17.5% 17.5% ( ) ( ) 17.5% 17.5% ( ) ( ) 17.5% 17.5% Meadland Limited ( Meadland ) 17.5% 17.5% ( ) 37.3% 37.3% ( ) (g) 37.3% - (a) [1992] 164 [1995] 076 15% (2003 15%) (b) ( ) (c) 15% 2000 7.5% (2003 7.5%) 2002 7.5% (2003 0%) (d) 33% [2000]33 2001 2010 44
2004 15% 3% 15% (2003 15%) 2002 7.5% (2003 0%) 2004 (2003 0%) (e) 15% (2003 0%) (f) 33% 2004 12 31 (2003 0%) (g) 37.3% 2004 12 31 (2003 0%) (h) 24% 2004 (2003 0%) (i) (1995 6 7 [1995] 304 ) 24% 2004 12 31 (2003 0%) (2) 17% 13% ( ) 100,000-100% 36,000,000-100% 100,000-100% 34,000,000 75% 25% 250,500,000 75% 25% 4,260,000-100% 43,680,000 100% - Meadland 8,200,000-100% 15,000,000 75% 25% 260,000,000 75% 25% 80,000,000 75% 25% 38,048,800 75% 25% 45
2004 100,000,000 75% 25% 40,000,000 75% 25% 9,900,000 75% 25% 19,348,000-100% 12,000,000 75% 25% 2,900,000 100% - 3,650,000 49% - ( ) 2 2004 12 31 2004 12 31 GDX AOTOMOTIVE S.A.R.L. ( ) ( ) GDX 2004 12 31 10% 10% 2003 2004 12 31 ( ) 1 2004 12 31 2003 12 31 138,820 57,362-146,706,148 159,714,639 - - 60,316,453 146,706,148 220,031,092-32,172,827 2,054,900 179,017,795 222,143,354 2004 12 31 4,380,712 8.2765 36,256,963 2,773,155 11.2627 31,233,213 46
2004 220,409 1.0637 234,449 67,724,625 2004 12 31 (2003 12 31 51,691,500 ) 2004 12 31 32,172,827 (2003 12 31 2,054,900 ) 2004 12 31 179,017,795 (32,172,827) 2004 12 31 146,844,968 2003 12 31 (168,396,954) (21,551,986) 2 2004 12 31 2003 12 31 5,511,110 3,917,678 41,096,841 33,721,012 46,607,951 37,638,690 2004 12 31 200,048,697 ( 2003 12 31 252,285,447 ) 85,000,000 ( 2003 12 31 128,721,292 ) ( ) 14 2004 12 31 79,811,552 ( 2003 12 31 4,433,292 ) 76,500,000 ( 2003 12 31 4,433,292 ) 2004 12 31 5% ( 5%) 2003 12 31 3 2004 12 31 2003 12 31 339,519,211 309,763,792 - - (7,425,344) (9,211,051) 332,093,867 300,552,741 2004 12 31 2003 12 31 (%) (%) 47
2004 1 332,247,061 98 (4,884,073) 303,301,108 98 (5,126,179) 1-2 6,102,968 2 (1,856,892) 3,215,144 1 (979,621) 2-3 1,075,152 - (590,349) 284,578 - (142,289) 3 94,030 - (94,030) 2,962,962 1 (2,962,962) 339,519,211 100 (7,425,344) 309,763,792 100 (9,211,051) 2004 12 31 89,914,080 26% (2003 12 31 112,642,606 36%) 2004 12 31 5% ( 5%) (2003 12 31 ) 4 2004 12 31 2003 12 31 42,481,640 18,170,296 (379,346) (283,274) 42,102,294 17,887,022 2004 12 31 2003 12 31 (%) (%) 1 42,090,370 100 (226,803) 17,701,128 97 (140,731) 1-2 206,621 - - 316,625 2-2-3 32,106 - - 10,000 - - 3 152,543 - (152,543) 142,543 1 (142,543) 42,481,640 100 (379,346) 18,170,296 100 (283,274) 2004 12 31 5% ( 5%) (2003 12 31 ) 5 2004 12 31 2003 12 31 (%) (%) 1 53,879,900 98 28,512,119 96 1 2 1,302,623 2 1,235,070 4 2 3 234,000 - - - 3 - - - - 55,416,523 100 29,747,189 100 2004 12 31 5% ( 5%) (2003 12 31 ) 6 2004 12 31 2003 12 31 419,004,682 265,779,870 11,677,959 14,096,326 191,837,694 205,407,615 1,889,470 4,969,400 48
2004 624,409,805 490,253,211 2004 12 31 (2003 12 31 ) 7 2003 2004 12 31 12 31 4,040,643 6,369,220 (6,433,326) 3,976,537 3,754,928 4,658,476 (6,688,722) 1,724,682 4,450,361 24,025,316 (25,048,000) 3,427,677 12,245,932 35,053,012 (38,170,048) 9,128,896 8 2003 12 31 2004 12 31 (1) - 18,398,270-18,398,270 (2) 36,355,199 - (6,206,268) 30,148,931 36,355,199 18,398,270 (6,206,268) 48,547,201 49
2004 (1) 2003 2004 2003 2004 2003 2004 2003 2004 12 31 12 31 12 31 12 31 12 31 12 31 12 31 12 31 2004-2053 - 49% - 14,808,392-3,589,878 3,589,878-18,398,270 (2) 2003 12 31 2004 12 31 6,300,888 1999.6-2009.5 3,414,076 (630,089) 2,783,987 Meadland 12,144,203 1999.6-2009.5 6,578,111 (1,214,420) 5,363,691 44,298,719 2000.3-2010.2 26,950,483 (4,429,872) 22,520,611 (681,126) 2002.8-2012.7 (587,471) 68,113 (519,358) 62,062,684 36,355,199 (6,206,268) 30,148,931 50
2004 9-2003 12 31 733,601,372 1,268,187,437 57,048,418 85,872,667 2,144,709,894 16,158,988 40,599,332 17,337,734 32,062,248 106,158,302 52,183,615 210,015,698 6,959,456 14,829,667 283,988,436 50,676,615 (50,676,615) 298,238 (298,238) - - (67,367,405) (3,204,029) (12,454,643) (83,026,077) 2004 12 31 852,620,590 1,400,758,447 78,439,817 120,011,701 2,451,830,555-2003 12 31 (94,987,444) (367,885,491) (23,705,367) (51,397,098) (537,975,400) (32,576,673) (143,000,002) (10,362,855) (11,122,960) (197,062,490) (9,271,860) 9,271,860 (167,666) 167,666 - - 15,765,755 1,945,000 281,905 17,992,660 2004 12 31 (136,835,977) (485,847,878) (32,290,888) (62,070,487) (717,045,230) - 2003 12 31 (13,174,000) - - - (13,174,000) 4,258,800 - - - 4,258,800 2004 12 31 (8,915,200) - - - (8,915,200) - 2004 12 31 706,869,413 914,910,569 46,148,929 57,941,214 1,725,870,125 2003 12 31 625,439,928 900,301,946 33,343,051 34,475,569 1,593,560,494-1:1 ( ( )-11) 2004 12 31 1:1 51
2004 10 2003 12 31 2004 12 31 170,000,000 34,905,882 18,689,681 (23,424,377) (15,056,820) 15,114,366 95% 289,000,000-161,546,846 (3,584,929) - 157,961,917 55% 40,000,000 719,501 41,051,499 (649,718) - 41,121,282 100% 249,000,000 30,674,908 26,005,046 (32,921,433) - 23,758,521 100% 1,580,000,000 302,295,966 1,040,094,415 (2,133,734) - 1,340,256,647 1 300,000,000 54,161,932 128,845,508 (17,960,449) - 165,046,991 55% 70,000,000 12,065,434 72,798,266 (79,103,267) - 5,760,433 100% 10,000,000 7,981,349 13,639,686 (9,205,344) - 12,415,691 100% G5 14,866,326 8,157,464 3,641,613 (7,124,632) - 4,674,445 100% 55,844,667 7,604,020 - (4,865,944) - 2,738,076 100% 27,642,047 1,304,313 23,947,763 (14,893,515) - 10,358,561 91% 80,000,000 31,810,496 31,717,143 - - 63,527,639 80% 111,900,000 61,140,866 11,356,439 (28,952,256) - 43,545,049 90% - 28,000,000-20,000,000 - - 20,000,000 71% 4,105,356 49,283,306 (12,098,539) - 41,290,123-556,927,487 1,689,687,510 (283,988,436) (15,056,820) 1,947,569,741 1 2004 12 31 2005 52
2004, 100% 2004 12 31 ( 2003 12 31 ) 2004 12 31 ( 2003 12 31 ) 11 2003 12 31 / 2004 12 31 163,419,038 15,089,385 (30,000,000) (4,140,137) 144,368,286 33 125 273,766 - - (45,290) 228,476 1 2,986,058 - - (767,093) 2,218,965 3 6 4,354,133 76,004 - (207,460) 4,222,677 1 3 ISO9000 165,715 41,421 - (96,602) 110,534 1 4 729,121 263,800 - (498,022) 494,899 1 8 171,927,831 15,470,610 (30,000,000) (5,754,604) 151,643,837 (13,174,000) - 4,258,800 - (8,915,200) 158,753,831 142,728,637 ( ( )-9) 53
12 2004 2004 1 1 12 31 2,688,022 18,234,480-20,922,502-24,630,843 11,291,358 (11,021,066) 24,901,135 1 4 4,066,650 2,226,242 (2,418,011) 3,874,881 1 4 7,227,343 4,847,409 (3,419,573) 8,655,179 1 4 11,552,946 6,107,135 (11,893,074) 5,767,007 50,165,804 42,706,624 (28,751,724) 64,120,704 2004 12 31 2004 12 31 13 2004 12 31 2003 12 31 212,630,748 254,282,560 (1) 883,497,806 407,834,172 (2) 79,811,552 4,433,292 (3) 1,175,940,106 666,550,024 2004 12 31 41,587,614 8.2765 344,199,887 157,853 11.2627 1,777,851 345,977,738 (1) 2004 12 31 2004 2.15% 4.78% (2003 1.39% 4.78%) (2) 2004 2.20% 5.02% (2003 1.64% 4.78%) (3) 14 2004 12 31 2003 12 31-24,566,708 132,085,190 120,775,258 132,085,190 145,341,966 54
2004 12 31 ( ( )-2) 85,000,000 (2003 12 31 128,721,292 ) 2004 12 31 5% ( 5%) (2003 12 31 ) 15 2004 12 31 2003 12 31 (%) (%) 1 133,132,544 97 120,170,983 99 1-2 3,697,962 3 1,042,424 1 2-3 556,113 - - - 137,386,619 100 121,213,407 100 2004 12 31 5% ( 5%) (2003 12 31 ) 16 2004 12 31 5% ( 5%) (2003 12 31 ) 17 (1) 2004 12 31 2003 12 31 (%) (%) 1 14,229,807 56 21,221,327 96 1-2 10,789,815 43 804,930 4 2-3 174,747 1 128,287-3 8,500 - - - 25,202,869 100 22,154,544 100 (2) 2004 12 31 2003 12 31 9,022,825 5,570,828 5,850,000 5,850,000 10,330,044 10,733,716 25,202,869 22,154,544 2004 12 31 5% ( 5%) ( 2003 12 31 ) 55
18 2004 12 31 2003 12 31 /( ) 7,249,773 7,767,707 /( ) (22,469,540) (35,815,025) (655,415) 210,909 (15,875,182) (27,836,409) ( ) (1) 19 2004 12 31 2003 12 31 10,058,290 7,080,206 4,851,618 1,520,031 2,609,491 2,795,444 8,005,704 7,283,967 6,401,568 7,240,334 31,926,671 25,919,982 20 / 2004 12 31 2003 12 31 1,191,000,000 472,000,000 717,000,000 511,000,000 1,908,000,000 983,000,000 15,000,000-10,000,000-1,883,000,000 983,000,000 2004 12 31 4.94% 5.18%(2003 4.94%) 2004 12 31 2004 4.94% 5.25% (2003 4.94%) 21 2003 12 31 56 2004 12 31 1. 307,904,528 107,766,585 200,137,943 615,809,056 - - - - 117,148,456 41,001,960 76,146,496 234,296,912 190,756,072 66,764,625 123,991,447 381,512,144 - - - - 2. - - - - 3. - - - - 4. - - - -
307,904,528 107,766,585 200,137,943 615,809,056 1. 192,842,055 67,494,719 125,347,336 385,684,110 2.- - - - 3.- - - - 4. - - - - 192,842,055 67,494,719 125,347,336 385,684,110 500,746,583 175,261,304 325,485,279 1,001,493,166 2003 12 31 500,746,583 1 500,746,583 2004 3 22 4 13 2004 4 25 2003 10 3.5 175,261,304 175,261,304 10 6.5 325,485,279 325,485,279 2004 6 10 (2004) 119 22 2003 12 31 2004 12 31 512,979,019 - (325,485,279) 187,493,740 1,367,706 143,653-1,511,359 309,818 10,000,000-10,309,818 514,656,543 10,143,653 (325,485,279) 199,314,917 2004 10 6.5 325,485,279 325,485,279 ( ) 21 23 2003 12 31 144,493,811 59,784,269-204,278,080 64,825,870 19,728,034-84,553,904 - - - - 2004 12 31 209,319,681 79,512,303-288,831,984 ( ) 10% 50% 25% 2004 57
10% 39,456,069 (2003 10% 32,096,721 ) ( ) 24 ( ) 5% 10% 2004 5% 19,728,034 (2003 5% 16,048,360 ) ( ) 24 2004 (2003 ) ( ) 24 (i) ( ) ( ) (ii) 2004 3% 2% 0% 25,369,801 (2003 3% 2% 0% 18,060,899 ) ( ) 24 24 2004 12 31 2003 12 31 336,157,268 81,396,042 - (1) - 67,859,185 336,157,268 149,255,227 394,560,688 320,967,206 (3) (39,456,069) (32,096,721) (3) (19,728,034) (16,048,360) (3) (15,221,881) (10,836,539) (3) (10,147,920) (7,224,360) - (2) (150,223,974) (67,859,185) (2) (175,261,304) - 320,678,774 336,157,268 58
(1) 2003 7 1 2002 12 31 67,859,185 (2) 2004 4 25 2003 4 13 2003 2003 12 31 (500,746,583 ) 10 3.0 ( ) 150,223,974 10 3.5 175,261,304 (3) 2005 3 1 4 19 2004 2004 10% 39,456,069 2004 5% 19,728,034 2004 25,369,801 ( ( ) 23) 2004 150,223,974 175,261,304, 320,678,774 2004 2004 25 (1) 2004 2003 1,873,654,240 1,186,390,901 1,582,854,035 937,483,203 471,573,748 369,527,869 150,628,673 123,997,425 2,345,227,988 1,555,918,770 1,733,482,708 1,061,480,628 (2) 2004 2003 366,358,128 249,205,186 342,470,876 207,890,828 265,871,622 140,005,435 208,983,689 123,369,116 1,712,998,238 1,166,708,149 1,182,028,143 730,220,684 2,345,227,988 1,555,918,770 1,733,482,708 1,061,480,628 2004 480,807,619 21% (2003 387,975,780 22%) 26 2004 2003 12,625,691 6,941,100 (7,545,682) (1,533,296) 59
5,080,009 5,407,804 7,802,820 1,951,049 12,882,829 7,358,853 27 2004 2003 101,201,701 59,653,173 (1,194,985) (662,673) 8,308,068 8,261,920 (6,566,731) (8,719,260) 844,969 466,880 102,593,022 59,000,040 28 2004 2003 3,589,878 - (6,206,268) (6,206,290) 29 (2,616,390) (6,206,290) ( ) 9 ( ) 11 ( ) 1 (a) 2004 12 31 2003 12 31 315,486,845 321,274,340 - -, (2,075,408) (4,761,620) 313,411,437 316,512,720 (b) 2004 12 31 2003 12 31 (%) (%) 1 310,444,139 99 (448,355) 316,626,481 99 (1,236,273) 1-2 4,471,500 1 (1,341,450) 1,400,319 - (420,096) 2-3 571,206 - (285,603) 284,578 - (142,289) 60
3 - - - 2,962,962 1 (2,962,962) 315,486,845 100 (2,075,408) 321,274,340 100 (4,761,620) (c) 2004 12 31 2003 12 31 678,346,221 541,808,388 (341,745) (283,274) 678,004,476 541,525,114 (d) 2004 12 31 2003 12 31 (%) (%) 1 454,729,416 67 (189,202) 541,339,220 100 (140,731) 1-2 223,452,330 33 316,625 - - 2-3 11,932-10,000 - - 3 152,543 - (152,543) 142,543 - (142,543) 678,346,221 100 (341,745) 541,808,388 100 (283,274) 2 2003 12 31 2004 12 31 1,306,893,639 854,198,461 (386,692,495) 1,774,767,014-18,398,270-18,398,270 23,633,048 - (3,953,756) 19,679,292 1,330,526,687 872,596,731 (390,646,251) 1,812,844,576 2004 12 31 1% 61
2004 2003 2004 2003 2004 2003 2004 12 31 12 31 12 31 12 31 12 31 12 31 25,500,000-25,500,000 (16,102,209) (2,014,867) (18,117,076) 9,397,791 7,382,924 187,875,000-187,875,000 212,855,056 (42,701,024) 170,154,032 400,730,056 358,029,032 1,067,500-1,067,500 (22,661,720) (34,000,281) (56,662,001) (21,594,220) (55,594,501) 90,281,513-90,281,513 126,429,824 (4,928,896) 121,500,928 216,711,337 211,782,441 165,000,000 30,000,000 195,000,000 148,943,151 (46,019,634) 102,923,517 313,943,151 297,923,517 49,125,000 10,875,000 60,000,000 63,780,391 (723,538) 63,056,853 112,905,391 123,056,853 186,863,683 50,103,755 236,967,438 (7,520,441) 110,788,146 103,267,705 179,343,242 340,235,143 22,188,847 226,249,040 248,437,887 - - - 22,188,847 248,437,887 75,000,000-75,000,000 (1,731,956) 62,443,824 60,711,868 73,268,044 135,711,868-9,300,000 9,300,000 - - - - 9,300,000-74,500,000 74,500,000 - - - - 74,500,000-24,001,850 24,001,850 - - - 24,001,850 802,901,543 425,029,645 1,227,931,188 503,992,096 42,843,730 546,835,826 1,306,893,639 1,774,767,014-14,808,392 14,808,392-3,589,878 3,589,878 18,398,270 2004 12 31 ( ) Meadland 62
2003 12 31 2004 12 31 6,300,888 3,414,076 (630,089) 2,783,987 33,236,669 20,218,972 (3,323,667) 16,895,305 39,537,557 23,633,048 (3,953,756) 19,679,292 3 2004 2003 341,025,210 300,391,122 276,990,080 239,057,220 223,390,899 184,665,771 169,698,098 155,516,314 407,146,438 393,893,591 654,995,559 541,559,994 971,562,547 878,950,484 1,101,683,737 936,133,528 2004 2004 630,612,633 65% (2003 587,357,856 53%) 4 2004 2003 475,040,499 327,578,435 3,589,878 (3,953,756) (3,953,756) 474,676,621 323,624,679 ( ) 1 ( ) ( ) ( ) ( ) 2 63
2003 12 31 2004 12 31 94,011,000 - - 94,011,000 86,456,043 - - 86,456,043 82,458,800 - - 82,458,800 ( ) 3 2003 12 31 2004 12 31 % % % % 112,622,433 22.49 112,622,433 - - - 225,244,866 22.49 78,133,639 15.60 78,133,639 - - - 156,267,278 15.60 97,350,742 19.44 97,350,742 - - - 194,701,484 19.44 ( ) 4 ( ) 5 (1) 2004 602,097 (2003 ) (2) 2004 16,924,010 (2003 ) (3) 2004 17,153,748 (2003 ) 6 2004 12 31 2003 12 31 6,929,269 - ( ) ( ) 2004 12 31 2003 12 31 299,901,558 446,458,829 ( ) ( ) 64
( ) ( ) ( ) 2001 2001 9 2002 3 2002 2003 2004 2,776,598 3,229,594 3,103,842 2003 4 2004 5 7 2001 9 2003 3 11.80% 0.13%( 0.5% ) 2004 10 15 ( B I L L I N G COD E 3510- DS-P) 2001 9 2003 3 0.13%( 0.5% ) 11.80% 2001 9 2003 3 3,900,000 2004 12 31 56,394 2005 1 1 2,424,339 ( ) 65 2004 2003 394,560,688 320,967,206 ( ) - (466,751) - - (4,967,367) (531,532) - 1,176,948 3,418,188
- (8,517,600) (10,179,531) 1,558,548 260,099 383,344,466 313,934,430 ( ) 2005 3 1 4 19 2004 (1) ( ) (%) / 789,180,253 43.6% 47.0% 0.79 0.79 414,231,429 22.9% 24.7% 0.41 0.41 394,560,688 21.8% 23.5% 0.39 0.39 383,344,466 21.2% 22.9% 0.38 0.38 : = = (ROE) : P ROE = E0+NP 2+Ei Mi M0-Ej Mj M0 :P NP E0 Ei Ej M0 Mi Mj (EPS) : P EPS = S0+S1+Si Mi M0-Sj Mj M0 P S0 S1 Si Sj M0 Mi Mj 66
2004 (2) 2004 12 31 2004 1 1 2004 12 31 9,494,325 5,044,894 2,190,995 1,025,514 (3,880,630) (3,880,630) (3,653,255) (3,653,255) 7,804,690 2,417,153 9,211,051 4,761,620 2,088,733 960,853 (3,874,440) (3,874,440) (3,647,065) (3,647,065) 7,425,344 2,075,408 283,274 283,274 102,262 64,661 (6,190) (6,190) (6,190) (6,190) 379,346 341,745 13,174,000 - - - (4,258,800) (4,258,800) - 8,915,200-13,174,000 - - - (4,258,800) (4,258,800) - 8,915,200 - - - - - - - - - 13,174,000 - - - (4,258,800) (4,258,800) - 8,915,200-13,174,000 - - - (4,258,800) (4,258,800) - 8,915,200 - - - - - - - - - - - - - - - - - - - - - - - - - 67
(3) 30%( 30%) 5%( 5%) 10%( 10%) 2004 12 31 2003 12 31 % 1,947,569,741 556,927,487 1,390,642,254 250% 1,175,940,106 662,116,732 513,823,374 78% 1,883,000,000 983,000,000 900,000,000 92% 1,001,493,166 500,746,583 500,746,583 100% 2,345,227,988 1,733,482,708 611,745,280 35% 1,555,918,770 1,061,480,628 494,438,142 47% 102,593,022 59,000,040 43,592,982 74% 2004 4 25 10 3.5 10 6.5 3.2 2.9 68
2005 3 1 69