2005 600660 2005
2005... 1... 1... 2... 4... 7... 12... 14... 14... 22... 24... 28... 71 1
2005 1 2 3 1 FUYAO GROUP GLASS INDUSTRIES CO.,LTD FYG 2 3 0591-85383777 0591-85383666 0591-85382719 E-mail chenyuedan@ifuyao.com 0591-85383777 0591-85383666 0591-85382719 E-mail linzhen@ifuyao.com 4 350301 http://www.fuyaogroup.com 600660@ifuyao.com 5 http://www.sse.com.cn 1
2005 6 A A A 600660 7 1992 6 21 2004 8 9 400001 350181611300758 202 11 : : 428,432,983 391,718,491 355,237,728 888,063,916 22,617,453 398,393,375-1,950,916 0 31,990,524 717,036,612-4,455,206 : : 188,849 31,990,524 4,461,797-160,407 36,480,763 2
2005 2,826,269 23,100,086 : : 2005 2004 (%) 2003 2,911,163,405 2,345,227,988 24.13 1,733,482,708 428,432,983 424,389,809 0.95 342,429,801 391,718,491 394,560,688-0.72 320,967,206 355,237,728 383,141,991-7.28 313,934,430 0.39 0.39 0 0.64 % 17.7 21.8 4.1 20.6 16.1 21.2 % 5.1 20.2 17.7 22.9 % 5.2 30.2 717,036,612 602,602,944 18.99 334,364,551 0.72 0.60 20.00 0.67 2005 2004 (%) 2003 6,550,514,470 5,222,180,600 25.44 3,506,692,421 2,209,942,296 1,808,726,721 22.18 1,555,429,404 2.21 1.81 22.10 3.11 2.13 1.73 23.12 2.98 : : 1,001,493,166 199,314,917 209,319,681 79,512,303 320,678,774 1,808,726,721 0 0 63,589,388 19,585,925 391,718,491 484,390,888 0 0 0 0 83,175,313 83,175,313 1,001,493,166 199,314,917 272,909,069 99,098,228 629,221,952 2,209,942,296 1) 2) 3) 83,175,313 4) 9,497,084 3
2005 1 : (%) (%) 1381,512,144 38.09 - - - - - 381,512,144 38.09 381,512,144 38.09 - - - - - 381,512,144 38.09 2 234,296,912 23.40 - - - - - 234,296,912 23.40 3 4 615,809,056 61.49 - - - - - 615,809,056 61.49 1 385,684,110 38.51 - - - - - 385,684,110 38.51 2 3 4 385,684,110 38.51 - - - - - 385,684,110 38.51 1,001,493,166 100.00 - - - - - 1,001,493,166 100.00 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 4
2005 (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) 1 16,022 : (%) 22.49 225,244,866-225,244,866-19.44 194,701,484-194,701,484 27,000,000 15.60 156,267,278-156,267,278-2.13 21,313,174-21,313,174-1.73 17,337,198 17,337,198-1.41 14,083,883-3,177,564-1.34 13,469,435 13,469,435-1.32 13,213,440-13,213,440-1.27 12,691,996 9,675,159 - UBS LIMITED 1.23 12,302,367 5,676,850-5
2005 17,337,198 14,083,883 13,469,435 12,691,996 UBS LIMITED 12,302,367 9,638,607 50 9,626,476 9,522,384 8,049,877 MORGAN STANLEY & CO. INTERNATIONAL LIMITED 7,978,652 10 2 1 9,401.10 1991 4 4 8,245.88 1992 5 30 8,645.6043 1995 7 27 2 6
2005 1 1993 5 25 100% 99.99% 3 4 100% 0.01% 99.99% 100% 22.49% 15.60% 19.44% 3 : : ( ) 60 2005-09-19 2008-09-19 132,064 132,064 - - 100.14 50 2005-12-12 2008-09-19 - - - - 25.78 7
2005 48 2005-09-19 2008-09-19 22,000 22,000 - - 4.41 36 2005-09-19 2008-09-19 - - - - 29.63 36 2005-09-19 2008-09-19 - - - - 18.91 50 2005-12-12 2008-09-19 - - - - 7.91 56 2005-09-19 2008-09-19 - - - - 7.91 57 2005-09-19 2008-09-19 - - - - 7.91 Rudolph A. Schlais,Jr 66 2005-12-12 2008-09-19 - - - - - 33 2005-09-19 2008-09-19 - - - - 18.67 69 2005-09-19 2008-09-19 9,236 9,236 - - 6.52 38 2005-09-19 2008-09-19 - - - - 20.05 33 2005-09-19 2008-09-19 - - - - 6.90 54 2005-09-19 2008-09-19 - - - - 32.39 48 2005-09-19 2008-09-19 14,108 14,108 - - 18.45 40 2005-09-19 2008-09-19 - - - - 38.58 / / / / / 177,408 177,408 - / 5 (1) 1991 6 2003 9 1999 1991 1994 1994 1999 2 (2) 2001 2004 4 (3) 1997 1994 1996 (4) 2005 3 10 2002 1999 1994 1996 1994 1995 ( ) 4 (5) 2003 1994 1998 1999 2001 2002 8
2005 (6) 2000 2005 12 1991 1996 MBA 1996 1999 1999 2003 1994 1995 MBA (7) 1986 1992 (8) 4 2001 9 1991 1995 1995 1997 2000 2003 2003 1988 1989 1995 1996, (9)Rudolph A. Schlais,Jr. CEO Greenbriar Windpoint Key Principal ASIMCO Breeze Tinnerman Palnut EMDiesel (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 9
2005 (13) 1995 1999 1999 2002 2002 2003 2003 2005 2 (14) 1999 25 1995 1999 2001 (15) 1999 15 1988 (16) 1997 2002 1989 1994 2001 1999-06-10 1999-06-10 1999-09-01 1996-02-02 1996-03-28 1993-08-25 1996-03-28 1996-02-02 2005-10-30 2008-10-30 2004-06-28 2007-06-28 2004-12-09 2007-12-09 2004-05-10 2007-05-10 2003-09-29 2006-04-01 2005-07-26 2008-06-18 1 2 10
2005 1 2005 4 3 2004 2 2005 3 1 3 2005 9 19 2005 4 2005 9 19 5 2005 11 4 6 2005 2005 12 12 Rudolph A. Schlais,Jr 6,072 0 1 2 4,085 136 687 87 279 798 532 759 2,585 2,196 11
2005 2004 11 29 1 2 3 2005 4 5 5 6 7 12
2005 1 9 9 0 0 10 10 0 0 10 10 0 0 Rudolph A. Schlais,Jr. 1 1 0 0 2 1) 2) 3) 4) 5) 13
2005 1) 2005 4 3 2004 2005 4 5 1) 1 2005 5 23 2005 2005 5 24 2) 2 2005 9 19 2005 2005 9 20 3) 3 2005 12 12 2005 2005 12 13 -- 2005 2005 291,116.34 24.13% 39,171.85 0.72% 14
2005 1,, 2 : : % (%) -- 2,146,307,253 1,339,273,188 37.60 14.55 12.89 0.92 -- 937,829,576 856,601,814 8.66 98.87 131.81 12.98-172,973,424-172,973,424 2,911,163,405 2,022,901,578 30.51 24.13 30.01 3.14 3 : : ( ) 488,218,336 33.26 322,719,144 21.38 2,100,225,925 22.61 2,911,163,405 24.13 4 10% : : (%) 2,146,307,253 1,339,273,188 37.60 937,829,576 856,601,814 8.66 5 : : 667,055,838 34 486,925,477 17 15
2005 6 1 2005 12 31 2004 12 31 3,999,269,665 61.05% 1,725,870,125 33.05% 602,215,473 9.19% 1,947,569,741 37.29% 2 2005 2004 199,535,674 173,915,975 14.73% 143,061,234 111,322,656 28.51% 169,691,086 102,593,022 65.40% 36,714,492 29,829,121 23.08% 11.89% 2005 2005 1 9 10% (2004 :7.5%) 7 3,661,044,619 2,944,008,007 717,036,612 7,878,153 1,217,975,394-1,210,097,241 3,913,742,906 3,425,137,483 488,605,423-4,455,206 2005-445.52 71,703.66 16
2005-121,009.72 48860.54 8 : : 37,514.95 104,365.03 21,125.74 30,000.00 85,234.50 7,476.39 3,804.88 64,839.09 12,263.73 ( ) ( ) 1,200 34,422.18 4,372.24 8,000.00 20,678.65 1,999.41 10,000.00 36,812.59 1,597.56 1 OEM 2 1991 15 21.4% 2006 17
2005 1 2 OEM 3 4 5 6 7 3 1 37,000 2006 25,000 2 2006 5,000 3 2006 3,000 4 2006 15,000 2006 48,000 1 2 3 1 2003 560,438,422 560,438,422 11,226,602 2 : : 186,750,000 186,750,000 22,323.04 169,740,000 169,740,000 3,137.13 18
2005 69,000,000 53,000,000 2,818.96 PUR PVC 198,000,000 100,844,667 4,777.45 623,490,000 / 510,334,667 33,056.58 / / 3 : : PUR PVC 236,853,755 236,853,755 22,323.04 ( ) / 236,853,755 236,853,755 / / 1) ( PUR PVC 236,853,755 236,853,755 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 PUR PVC 2003 12 31 PUR PVC 10,084.4667 5,010.3755 5,010.3755 1 ( ) 5,010.3755 8.94% 19
2005 4 1 39,830 600 2004 3 22 2005 4 3 2004 5.50 600 39,830 2005 2 31,982 600 2001 3 17 2000 2003 9 29 2003 3 600 31,982 2005 3 100% 17,690 2005 4 3 2004 2.50 Low E 17,690 2005 Low-E 2006 4 4 7,978 400 7,978 400 5 8 2005 6 5) 2005 9 25 70 2005 12 31 6 Tri-Wall 2005 12 5 Tri-Wall 600 294 49% Tri-Wall 306 51% 30 2005 12 31 20
2005 1 1) 2005 3 1 2005 3 3 2) 2005 4 20 2005 4 22 3) 2005 5 27 1 2.5 4) 2005 8 15 2005 8 17 5) 2005 9 19 2005 9 20 6) 2005 10 20 2005 7) 2005 11 4 2005 11 8 8) 2005 11 21 1 8400 2 1.20 9) 2005 12 5 2005 12 7 10) 2005 12 16 2005 12 20 2 2004 4 25 2003 [2005]247 21
2005 2005 391,718,491 387,079,885 10% 39,171,849 5% 19,585,925 720,040,602 2005 1 2005 3 1 11:00 1 2004 2 2004 2 2005 4 20 3 2005 8 15 1 2005 2 5% 4 2005 9 19 5 2005 12 5 1 2# 3# 4# 14# 15# 2 3 1# 103-104 303 301-302 401-404 501-504 601-604 11# 12# 13# 22
2005 4 5 6 1#--15# 7 1 2 1 3 4 2005 1 2005 23
2005 2 2004 3 PUR PVC 5,010.3755 2005 12 5 1 2 1 3 4 1 2 1 GRUNFELD DESIDERIO LEBOWITZ SILVERMAN & KLESTADT LLP GDLSK 2002 4 10 NO.02-00282 24
2005 11.80% 9 Richard K.Eaton 2003 12 18 (1) [2005]247 2004 4 25 2003 (2) 2005 12 5 1 2# 3# 4# 14# 15# 2 3 1# 103-104 303 301-302 401-404 501-504 601-604 11# 12# 13# 4 5 6 1#--15# 1-6 151,186,271.48 7 8,221,599.36 1 2006 1 9 2006 151,186,271.48 25
2005 : : - - 110,251.47 101,314.86 101,314.86 (%) 45.85-70 27,631.59 50-27,631.59 26
2005 5% 160 3.30 3.05 4 McKINLEY,COOPER&CO.,LLP 6.40 0.84 27
2005 (2006) 622 ( ) ( )2005 12 31 2005 2005 12 31 2005 2006 3 12 28
2005 2005 12 31 ( ) 2005 12 31 2004 12 31-1 147,034,055 59,462,536 179,017,795 82,391,590 - - - - -2 56,448,835 18,670,297 46,607,951 13,467,347 - - - - - - - - -3-1 432,874,797 334,486,167 332,093,867 313,411,437-4 -1 53,561,967 848,652,006 42,102,294 678,004,476-5 84,726,735 49,386,228 55,416,523 29,742,314 - - - - -6 878,431,399 302,571,858 624,409,805 107,035,391-7 12,666,603 5,766,374 9,128,896 2,723,717 - - - - - - - - 1,665,744,391 1,618,995,466 1,288,777,131 1,226,776,272-8 -2 51,375,093 1,853,260,352 48,547,201 1,812,844,576 - - - - 51,375,093 1,853,260,352 48,547,201 1,812,844,576 23,942,663-30,148,931-4,944,813,937 1,944,565,061 2,451,830,555 394,512,788 (936,629,072) (261,192,607) (717,045,230) (181,047,029) -9 4,008,184,865 1,683,372,454 1,734,785,325 213,465,759 (8,915,200) - (8,915,200) - 3,999,269,665 1,683,372,454 1,725,870,125 213,465,759 269,527-4,567,061 - -10 602,215,473 95,950,101 1,947,569,741 1,376,268,155 - - - - 4,601,754,665 1,779,322,555 3,678,006,927 1,589,733,914-11 171,682,109 43,416,280 142,728,637 10,433,576-12 59,958,212 4,226,839 64,120,704 18,522,174 - - - - 231,640,321 47,643,119 206,849,341 28,955,750 - - - - 6,550,514,470 5,299,221,492 5,222,180,600 4,658,310,512 29
2005 2005 12 31 ( ) ( ) 2005 12 31 2004 12 31-13 1,102,253,764 661,859,452 1,175,940,106 631,599,992-14 245,548,085 276,257,500 132,085,190 188,448,737-15 196,185,764 327,202,704 137,386,619 399,258,161-16 16,114,546 7,723,733 12,563,117 5,737,422 7,751,890 2,152,373 6,224,489 1,666,321 - - - - - - - - -18 (25,133,673) (32,557,376) (15,875,182) (26,218,853) - - - - -17 101,697,181 180,932,889 25,202,869 433,930,395-19 51,954,617 17,207,921 31,926,671 12,161,616 - - - - -20 121,300,000-25,000,000 - - - - - 1,817,672,174 1,440,779,196 1,530,453,879 1,646,583,791-20 2,522,900,000 1,648,500,000 1,883,000,000 1,203,000,000 - - - - - - - - - - - - - - - - 2,522,900,000 1,648,500,000 1,883,000,000 1,203,000,000 - - - - 4,340,572,174 3,089,279,196 3,413,453,879 2,849,583,791 - - - - -21 1,001,493,166 1,001,493,166 1,001,493,166 1,001,493,166-22 199,314,917 199,314,917 199,314,917 199,314,917-23 372,007,297 281,188,647 288,831,984 222,430,873 99,098,228 99,098,228 79,512,303 79,512,303-24 629,221,952 720,040,602 320,678,774 387,079,885 7,904,964 7,904,964 (1,592,120) (1,592,120) 2,209,942,296 2,209,942,296 1,808,726,721 1,808,726,721 6,550,514,470 5,299,221,492 5,222,180,600 4,658,310,512 30
2005 2005 ( ) 2005 2004-25 -3 2,911,163,405 1,497,675,883 2,345,227,988 971,562,547-25 -3 2,022,901,578 1,357,778,748 1,555,918,770 878,950,484 197,911-128,965-888,063,916 139,897,135 789,180,253 92,612,063-26 22,617,453 5,707,337 12,882,829 4,182,484 199,535,674 94,482,463 173,915,975 69,988,556 143,061,234 73,369,152 111,322,656 49,462,152 - -27 169,691,086 105,730,933 102,593,022 58,054,537 /( ) 398,393,375 (127,978,076) 414,231,429 (80,710,698) ( )/ -28-4 (1,950,916) 516,188,092 (2,616,390) 474,676,621 - - - - -29 33,653,156 4,695,929 5,434,118 1,220,422 1,662,632 1,187,454 (7,340,652) 625,657 428,432,983 391,718,491 424,389,809 394,560,688 36,714,492-29,829,121-391,718,491 391,718,491 394,560,688 394,560,688 2005 2005 2004 2004 1. - - - - 2. - - - - 3. - - - - 4. - - - - 5. - - - - 6. - - - - 31
2005 2005 ( ) 2005 2004 391,718,491 391,718,491 394,560,688 394,560,688 320,678,774 387,079,885 336,157,268 377,188,578 - - - - 712,397,265 778,798,376 730,717,956 771,749,266 63,589,388 39,171,849 64,825,870 39,456,069 19,585,925 19,585,925 19,728,034 19,728,034 - - - - - - - - 629,221,952 720,040,602 646,164,052 712,565,163 - - - - - - - - - - 150,223,974 150,223,974 - - 175,261,304 175,261,304-24 629,221,952 720,040,602 320,678,774 387,079,885 32
2005 2005 ( ) 3,522,285,796 1,687,609,857 77,222,957 45,525,189 61,535,866 2,573,961 3,661,044,619 1,735,709,007 2,517,824,395 1,413,887,053 149,124,374 43,638,242 275,194,482 32,812,947 1,864,756 47,325,120 2,944,008,007 1,537,663,362 717,036,612 198,045,645 - - - - 7,878,153 3,638,577 - - 7,878,153 3,638,577 1,213,196,586 574,987,699 4,778,808 23,074,808 - - 1,217,975,394 598,062,507 (1,210,097,241) (594,423,930) - - - - 3,913,742,906 2,056,071,299 - - 3,913,742,906 2,056,071,299 3,251,229,249 1,580,311,839 173,908,234 104,871,720 - - - - - - 3,425,137,483 1,685,183,559 488,605,423 370,887,740 - - -1 (4,455,206) (25,490,545) 33
2005 2005 ( ) ( ) 1. 391,718,491 391,718,491 - - (4,461,797) (1,755,581) 264,022,078 89,435,534 8,361,421 3,920,102 51,785,787 16,941,310 (3,537,707) (3,042,657) 20,027,946 5,046,305 (275,727) (221,340) 173,908,234 104,871,720 1,950,916 (516,188,092) (254,021,594) (195,536,467) (102,577,981) (79,205,915) 170,136,545 382,062,235 717,036,612 198,045,645 2. - - - - - - 3. 142,389,762 56,901,045 (146,844,968) (82,391,590) -1 (4,455,206) (25,490,545) 34
2005 ( ) ( ) 1991 1992 6 21 ( ) A ( A ) 1993 2005 12 31 1,001,493,166 ( ) 21 2006 2 13 2006 2 15 2006 2 15 ( ) 3 ( ) ( ) (1) (2) 1 1 12 31 (3) (4) (5) 35
2005 (6) (7) (8) (a) 1 5 1-2 30% 2-3 50% 3 100% (b) (c) 36
2005 (d) / / / (9) (10) 50% ( 50%) 50% ( 50%) 20% ( 20%) 50% ( 50%) 20% ( 20%) 2003 3 17 10 2003 3 17 10 37
2005 (11) 2001 1 1 10 20 10% 4.5% 9% 20 60% 2% 10 12 10% 7.5% 9% 5 10% 18% 5 10% 18% / (12) 38
2005 (13) 2001 1 1 (14) 1 ( 1 ) (15) / 3 / / 39
2005 (16) (17) (18) (a) (b) (19) (20) (1995)11 (1996)2 10% 10% ( ) (1) 40
2005 (a) 15% 15% ( ) (b),(c) 15% 10% ( ) (b),(h) 15% 10% ( ) ( ) (b),(c) 15% - ( ) ( ) (b),(c) 15% - ( ) (b),(c) 15% 7.5% ( ) ( ) (b),(d) 33% 7.5% ( ) ( ) (b),(d) 33% - ( ) (b),(d) 33% - ( ) ( ) (b),(e) 24% - ( ) (b),(e) 24% - ( ) (b),(f) 24% - ( ) (b),(g) 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% ( ) (i) 37.3% - (a) (b) [1992] 164 [1995] 076 15% (2004 15%) ( ) 41
2005 (c) (d) (e) (f) (g) (h) (i) 15% 2000 2005 ( [2004] 007 ) 10% (2004 7.5%) (2004 0%) (2004 0%) 2002 7.5% (2004 7.5%) 33% [2000]33 2001 2010 15% 3% 15% (2004 15%) 2002 7.5% (2004 7.5%) 2005 (2004 0%) 2004 (2004 0%) 24% 2004 (2004 0%) 2005 12 31 (2004 0%) (1995 6 7 [1995] 304 ) 24% 2005 12 31 (2004 0%) 33% (2004 0%) 15% 2000 2005 ( [2004] 008 ) 10% (2004 7.5%) 2005 (2005 9 13 [2005]247 ) 2005 1 9 ( ) 37.3% (2004 0%) (2) 17% 13% 42
2005 ( ) 100,000-100% 36,000,000-100% 100,000-100% 34,000,000 75% 25% 375,149,540 75% 25% 4,260,000-100% 43,680,000 100% - Meadland 8,200,000-100% 300,000,000 75% 25% 80,000,000 75% 25% 38,048,800 75% 25% 100,000,000 75% 25% 40,000,000-100% 30,000,000 75% 25% 19,348,000 75% 25% 12,000,000 75% 25% 2,900,000 100% - 4,840,000 49% - 700,000-100% 6,000,000 49% - ( ) 2 (1) GDX AOTOMOTIVE S.A.R.L. ( ) ( ) GDX 10% 10% (2) 2005 12 31 (3) ( [2005]236 ) ( ) ( ) ( ) 43
2005 ( ) ( [2005]332 ) 75% 3000 75% Meadland 1000 25% (4) ( [2005]034 ) ( ) ( [2005]443 ) ( ( ) (5) ( [2005]247 ) 28,136.2155 75% Meadland 6,262.5 16.69% 3,116.2385 8.31% (6) ( [2004]78 ) 75% 25% (7) 2005 12 31 (8) 2005 12 20 Tri-Wall ( ) ( ) 600 294 49% Tri-Wall 306 51% 2005 12 31 ( ) 1 2005 12 31 2004 12 31 5,874,655 138,820-136,515,107 146,706,148-4,644,293 32,172,827 147,034,055 179,017,795 2005 12 31 4,110,908 8.0702 33,175,850 22,677 1.0403 23,591 393,734 9.5797 3,771,854 44
2005 2005 12 31 4,644,293 (2004 12 31 32,172,827 ) 2005 12 31 147,034,055 (4,644,293) 2005 12 31 142,389,762 2004 12 31 (146,844,968) (4,455,206) 2 2005 12 31 2004 12 31 6,969,120 5,511,110 49,479,715 41,096,841 56,448,835 46,607,951 2005 12 31 405,916,948 ( 2004 12 31 200,048,697 ) 185,000,000 ( 2004 12 31 85,000,000 ) ( ) 14 2005 12 31 50,000,000 ( 2004 12 31 79,811,552 ) 50,000,000 ( 2004 12 31 76,500,000 ) ( ) 13 2005 12 31 5% ( 5%) (2004 12 31 ) 3 2005 12 31 2004 12 31 436,116,972 339,519,211 - - (3,242,175) (7,425,344) 432,874,797 332,093,867 2005 12 31 2004 12 31 (%) (%) 1 434,991,159 100 (2,808,716) 332,247,061 98 (4,884,073) 1-2 989,077 - (296,723) 6,102,968 2 (1,856,892) 45
2005 2-3 - - - 1,075,152 - (590,349) 3 136,736 - (136,736) 94,030 - (94,030) 436,116,972 100 (3,242,175) 339,519,211 100 (7,425,344) 2005 12 31 103,626,976 24% (2004 12 31 89,914,080 26%) 2005 12 31 5% ( 5%) (2004 12 31 ) 4 2005 12 31 2004 12 31 53,662,685 42,481,640 (100,718) (379,346) 53,561,967 42,102,294 2005 12 31 2004 12 31 (%) (%) 1 53,194,888 100-42,090,370 100 (226,803) 1-2 267,480 - - 206,621 - - 2-3 145,385 - (45,786) 32,106 - - 3 54,932 - (54,932) 152,543 - (152,543) 53,662,685 100 (100,718) 42,481,640 100 (379,346) 2005 12 31 43,681,481 81% (2004 12 31 30,167,696 71%) 2005 12 31 5% ( 5%) (2004 12 31 ) 2005 12 31 2004 12 31 22,203,952 1,099,204 31,458,733 41,382,436 53,662,685 42,481,640 5 2005 12 31 2004 12 31 (%) (%) 1 83,767,312 100 53,879,900 98 1 2 338,714-1,302,623 2 2 3 386,709-234,000-3 234,000 - - - 84,726,735 100 55,416,523 100 46
2005 2005 12 31 5% ( 5%) (2004 12 31 ) 6 2005 12 31 2004 12 31 436,609,062 419,004,682 17,899,836 11,677,959 422,416,972 191,837,694 1,505,529 1,889,470 878,431,399 624,409,805 2005 12 31 (2004 12 31 ) 7 2004 2005 12 31 12 31 3,976,537 14,435,754 (11,837,157) 6,575,134 1,724,682 5,044,436 (5,047,961) 1,721,157 3,427,677 24,946,647 (24,004,012) 4,370,312 9,128,896 44,426,837 (40,889,130) 12,666,603 47
2005 8 2004 12 31 2005 12 31 (1) 18,398,270 9,034,160-27,432,430 (2) 30,148,931 - (6,206,268) 23,942,663 48,547,201 9,034,160 (6,206,268) 51,375,093 (1) 2005 12 31 2004 2005 12 31 12 31 (i) 2004-2053 49% 49% 14,808,392 4,778,808 19,587,200 7,845,230-27,432,430 (i) 2004 12 31 2005 12 31 3,589,878 4,255,352 - - 7,845,230 48
2005 (2) 2004 12 31 2005 12 31 6,300,888 1999.6-2009.5 2,783,987 19,198,207 (1,737,557) 20,244,637 Meadland 12,144,203 1999.6-2009.5 5,363,691 - (1,214,420) 4,149,271 44,298,719 2000.3-2010.2 22,520,611 (19,198,207) (3,322,404) - (681,126) 2002.8-2012.7 (519,358) - 68,113 (451,245) 62,062,684 30,148,931 - (6,206,268) 23,942,663 ( [2005]247 ) ( ) 49
2005 9-2004 12 31 852,620,590 1,400,758,447 78,439,817 120,011,701 2,451,830,555 30,963,813 36,557,312 15,697,251 27,104,099 110,322,475 1,027,901,061 1,447,263,345 6,819,713 54,397,752 2,536,381,871 7,932,042 (18,544,373) 3,569,822 7,042,509 - (2,828,305) (146,390,043) (1,373,472) (3,129,144) (153,720,964) 2005 12 31 1,916,589,201 2,719,644,688 103,153,131 205,426,917 4,944,813,937-2004 12 31 (136,835,977) (485,847,878) (32,290,888) (62,070,487) (717,045,230) (68,027,522) (163,820,962) (12,759,130) (19,414,464) (264,022,078) (3,491,376) 4,465,004 (422,366) (551,262) - 86,141 43,055,541 970,435 326,119 44,438,236 2005 12 31 (208,268,734) (602,148,295) (44,501,949) (81,710,094) (936,629,072) - 2004 12 31 (8,915,200) - - - (8,915,200) - - - - - 2005 12 31 (8,915,200) - - - (8,915,200) - 2005 12 31 1,699,405,267 2,117,496,393 58,651,182 123,716,823 3,999,269,665 2004 12 31 706,869,413 914,910,569 46,148,929 57,941,214 1,725,870,125 1:1 ( ( )-11) 50
2005 10 2004 12 31 2005 12 31 63,160,000 15,114,366 28,011,748 (14,939,291) (2,556) 28,184,267 68% 289,000,000 157,961,917 26,055,674 (183,832,784) - 184,807 100% 40,000,000 41,121,282 4,914,262 (50,462) (18,001) 45,967,081 100% 66,090,000 23,758,521 29,299,962 (46,882,874) - 6,175,609 80% 1,580,000,000 1,340,256,647 272,741,482 (1,537,549,002) (32,150,701) 43,298,426 1 216,210,000-169,127,722 (4,329,504) - 164,798,218 78% 601,000,000 165,046,991 400,056,026 (513,911,162) (2,961) 51,188,894 94% - 5,760,433 640,182 (3,044,863) (138,828) 3,216,924 100% 120,880,000 12,415,691 160,368,890 (84,533,433) - 88,251,148 2 G5 14,866,326 4,674,445 - (4,674,445) - - 100% 55,844,667 2,738,076 - (2,738,076) - - 100% 27,642,047 10,358,561 12,016,226 (22,374,787) - - 100% 80,000,000 63,527,639 10,328,657 - - 73,856,296 92% 111,900,000 43,545,049 103,465 (39,649,498) - 3,999,016 100% - 28,000,000 20,000,000 8,845,000 - - 28,845,000 100% 41,290,123 101,283,116 (77,871,690) (451,762) 64,249,787-1,947,569,741 1,223,792,412 (2,536,381,871) (32,764,809) 602,215,473 51
2005 1 2005 12 31 2 100% 2005 12 31 3,071,087 ( 2004 12 31 ) 2005 12 31 ( 2004 12 31 ) 11 2004 12 31 2005 12 31 144,368,286 - (3,610,009) 140,758,277 32 124 2,218,965 - (767,093) 1,451,872 2 5 4,222,677 614,993 (620,170) 4,217,500 1 3-36,004,740 (2,819,344) 33,185,396 9 833,909 695,160 (544,805) 984,264-151,643,837 37,314,893 (8,361,421) 180,597,309 (8,915,200) - - (8,915,200) 142,728,637 171,682,109 ( ( )-9) 12 2005 2005 1 1 12 31 20,922,502 662,288 (18,507,740) 3,077,050-24,901,135 19,739,443 (18,945,421) 25,695,157 1 4 3,874,881 1,913,547 (1,441,295) 4,347,133 1 4 8,655,179 9,005,308 (4,710,530) 12,949,957 1 4 5,767,007 16,302,709 (8,180,801) 13,888,915-64,120,704 47,623,295 (51,785,787) 59,958,212 52
2005 2005 12 31 2005 12 31 13 2005 12 31 2004 12 31 182,148,612 212,630,748 (1) 870,105,152 883,497,806 (2) 50,000,000 79,811,552 (3) 1,102,253,764 1,175,940,106 2005 12 31 59,010,074 8.0702 476,223,099 1 2005 12 31 2005 3.83% 5.37% (2004 2.15% 4.78%) 2 2005 3.96% 5.59% (2004 2.20% 5.02%) 3 ( ) 2 14 2005 12 31 2004 12 31 245,548,085 132,085,190 2005 12 31 ( ( )-2) 185,000,000 (2004 12 31 85,000,000 ) 2005 12 31 5% ( 5%) (2004 12 31 ) 15 2005 12 31 2004 12 31 (%) (%) 1 194,978,599 100 133,132,544 97 1-2 166,595-3,697,962 3 2-3 644,746-556,113-3 395,824 - - - 196,185,764 100 137,386,619 100 53
2005 2005 12 31 5% ( 5%) (2004 12 31 ) 16 2005 12 31 5% ( 5%) (2004 12 31 ) 17 (1) 2005 12 31 2004 12 31 (%) (%) 1 86,226,586 85 14,229,807 56 1-2 8,571,938 8 10,789,815 43 2-3 6,895,657 7 174,747 1 3 3,000-8,500-101,697,181 100 25,202,869 100 (2) 2005 12 31 2004 12 31 83,462,971 9,022,825 5,850,000 5,850,000 12,384,210 10,330,044 101,697,181 25,202,869 2005 12 31 5% ( 5%) ( 2004 12 31 ) 18 2005 12 31 2004 12 31 10,419,562 7,249,773 (35,632,968) (22,469,540) 79,733 (655,415) (25,133,673) (15,875,182) ( ) (1) 19 2005 12 31 2004 12 31 7,004,448 10,058,290 5,595,368 4,851,618 5,017,602 2,609,491 12,550,822 8,005,704 54
2005 9,560,022 626,445 5,807,170 2,549,861 6,419,185 3,225,262 51,954,617 31,926,671 20 / 2005 12 31 2004 12 31 1,793,200,000 1,191,000,000 851,000,000 717,000,000 2,644,200,000 1,908,000,000 - (15,000,000) (121,300,000) (10,000,000) 2,522,900,000 1,883,000,000 2005 12 31 4.94% 5.18%(2004 4.94% 5.18%) 2005 12 31 5.18% (2004 4.94% 5.25%) 21 2004 12 31 2005 12 31 1. 615,809,056 615,809,056 - - 234,296,912 234,296,912 381,512,144 381,512,144 - - 2. - - 3. - - 4. - - 615,809,056 615,809,056 1. 385,684,110 385,684,110 2. - - 3. - - 4. - - 385,684,110 385,684,110 1,001,493,166 1,001,493,166 55
2005 2006 2 13 2006 2 15 2006 2 15 ( ) 3 22 2004 12 31 2005 12 31 187,493,740 187,493,740 1,511,359 1,511,359 10,309,818 10,309,818 199,314,917 199,314,917 1000 23 2004 12 31 209,319,681 79,512,303-288,831,984 63,589,388 19,585,925-83,175,313 - - - - 2005 12 31 272,909,069 99,098,228-372,007,297 ( ) 10% 50% 25% 2005 10% 39,171,849 (2004 10% 39,456,069 ) ( ) 24 ( ) 5% 10% 2005 5% 19,585,925 (2004 5% 19,728,034 ) ( ) 24 2005 (2004 ) ( ) 24 (i) ( ) ( ) 56
2005 (ii) 2005 3% 2% 0% 24,417,539 (2004 3% 2% 0% 25,369,801 ) ( ) 24 24 2005 12 31 2004 12 31 320,678,774 336,157,268 391,718,491 394,560,688 (39,171,849) (39,456,069) (19,585,925) (19,728,034) (14,650,524) (15,221,881) (9,767,015) (10,147,920) - - (150,223,974) - (175,261,304) 629,221,952 320,678,774 2006 3 12 2005 2005 10% 39,171,849 2005 5% 19,585,925 2005 24,417,539 ( ( ) 23) 629,221,952 2005 2005 25 (1) 2005 2004 2,146,307,253 1,339,273,188 1,873,654,240 1,186,390,901 937,829,576 856,601,814 471,573,748 369,527,869 (172,973,424) (172,973,424) - - 2,911,163,405 2,022,901,578 2,345,227,988 1,555,918,770 57
2005 (2) 2005 2004 488,218,336 311,280,080 366,358,128 249,205,186 322,719,144 201,366,863 265,871,622 140,005,435 2,100,225,925 1,510,254,635 1,712,998,238 1,166,708,149 2,911,163,405 2,022,901,578 2,345,227,988 1,555,918,770 2005 486,925,477 17% (2004 480,807,619 21%) 26 2005 2004 20,197,198 12,625,691 (2,216,801) (7,545,682) 17,980,397 5,080,009 4,637,056 7,802,820 22,617,453 12,882,829 27 2005 2004 173,908,234 101,201,701 (6,171,395) (1,194,985) 19,698,018 8,308,068 (18,685,824) (6,566,731) 942,053 844,969 169,691,086 102,593,022 28 2005 2004 4,255,352 3,589,878 (6,206,268) (6,206,268) (1,950,916) (2,616,390) 58
2005 29 2,826,269 (2004 56,394 ) ( ( ) 1 (a) 2005 12 31 2004 12 31 335,060,819 315,486,845 - -, (574,652) (2,075,408) 334,486,167 313,411,437 (b) 2005 12 31 2004 12 31 (%) (%) 1 334,532,825 100 (386,360) 310,444,139 99 (448,355) 1-2 485,289 - (145,587) 4,471,500 1 (1,341,450) 2-3 - - - - 571,206 - (285,603) 3 42,705 - (42,705) - - - 335,060,819 - (574,652) 315,486,845 100 (2,075,408) (c) 2005 12 31 2004 12 31 848,738,926 678,346,221 (86,920) (341,745) 848,652,006 678,004,476 (d) 2005 12 31 2004 12 31 (%) (%) 1 515,937,111 61 (12,089) 454,729,416 67 (189,202) 1-2 112,879,440 13-223,452,330 33-2-3 219,847,544 26-11,932 - - 3 74,831 - (74,831) 152,543 - (152,543) 848,738,926 100 (86,920) 678,346,221 100 (341,745) 59
2005 2005 12 31 795,124,382 (2004 12 31 653,467,243 ) 2 2004 12 31 2005 12 31 1,774,767,014 699,397,212 (664,061,840) 1,810,102,386 18,398,270 9,034,160-27,432,430 19,679,292 - (3,953,756) 15,725,536 1,812,844,576 708,431,372 (668,015,596) 1,853,260,352 60
2005 (1) 2004 2005 2004 2005 2004 2005 12 31 12 31 12 31 12 31 12 31 12 31 25,500,000-25,500,00 (18,910,010) 56,162 (18,853,848) 6,589,990 6,646,152 187,875,000 93,487,155 281,362,155 118,748,851 132,494,031 251,242,882 306,623,851 532,605,037 46,831,488-46,831,488 (21,839,308) 42,943,405 21,104,097 24,992,18 67,935,585 93,487,155 (93,487,155) - 86,885,494 (86,885,494) - 180,372,649-195,000,000 30,000,000 225,000,000 104,581,182 (17,596,404) 86,984,778 299,581,182 311,984,778 60,000,000-60,000,000 64,253,502 (38,164,691) 26,088,811 124,253,502 86,088,811 236,197,160-236,197,160 104,081,332 27,453,056 131,534,388 340,278,492 367,731,548 248,471,600 (248,471,600) - - - - 248,471,600-75,000,000-75,000,000 60,711,868 15,975,622 76,687,490 135,711,868 151,687,490 9,300,000 18,296,000 27,596,000 89,850-89,850 9,389,850 27,685,850 74,500,000-74,500,000-43,722,424 43,722,424 74,500,000 118,222,424 24,001,850-24,001,850 - (291,316) (291,316) 24,001,850 23,710,534-120,005,970 120,005,970 - (4,201,793) (4,201,793) - 115,804,177 1,276,164,253 (80,169,630) 1,195,994,623 498,602,761 115,505,002 614,107,763 1,774,767,014 1,810,102,386 61
2005 (1) ( ) ( [2005]247 ) ( ) ( ) ( [2005]332 ) 75% ( ) 2005 12 31 ( [2004]78 ) 75% ( ) 2005 12 31 ( ) Meadland (2) ( ) 8 2005 12 31 ( ) (3) 2004 2005 12 31 12 31 6,300,888 2,783,987 14,402,555 (1,461,006) 15,725,536 33,236,669 16,895,305 (14,402,555) (2,492,750) - 39,537,557 19,679,292 - (3,953,756) 15,725,536 3 (1) 2005 2004 1,024,821,998 912,350,993 971,562,547 878,950,484 472,853,885 445,427,755 - - 1,497,675,883 1,357,778,748 971,562,547 878,950,484 62
2005 (2) 2005 2004 417,322,197 382,425,785 341,025,210 300,391,122 281,553,950 237,433,978 223,390,899 184,665,771 798,799,736 737,918,985 407,146,438 393,893,591 1,497,675,883 1,357,778,748 971,562,547 878,950,484 2005 747,784,113 50% (2004 630,612,633 65%) 4 2005 2004 515,886,496 475,040,499 4,255,352 3,589,878 (3,953,756) (3,953,756) 516,188,092 474,676,621 ( ) 1 ( ) ( ) ( ) ( ) 63
2005 2 2004 12 31 2005 12 31 94,011,000 - - 94,011,000 86,456,043 - - 86,456,043 82,458,800 - - 82,458,800 ( ) 3 2004 12 31 2005 12 31 % % % % 225,244,866 22.49 - - - - 225,244,866 22.49 156,267,278 15.60 - - - - 156,267,278 15.60 194,701,484 19.44 - - - - 194,701,484 19.44 ( ) 4 ( ) 5 (1) 2005 29,538,051 (2004 17,153,748 ) (2) 2005 135,344 (2004 602,097 ) (3) 2005 188,849 (2004 218,892 ) 6 2005 12 31 2004 12 31 571,464 6,929,269 64
2005 7 2005 12 31 2004 12 31 7,244,268 1,925,668 ( ) 2005 12 31 840,329 (2004 ) ( ) 2005 12 31 2004 12 31 187,543,089 299,901,558 ( ) 1. 2005 12 5 ( ) 157,800,921.68 151,186,271.48 2005 12 5 2006 1 9 2006 2006 1 1 151,186,271.48 2. 2005 12 5 8,221,599.36 2005 12 5 2006 1 9 2006 3. 2006 2 13 2006 2 15 2006 2 15 385,684,110 10 1 38,568,411 (1) ( ) ( ) a. 1) 2006 2007 2008 20% 2) 2006 65
2005 20% 3) 2006 2007 2008 4) 2006 2007 2008 b. 10 1 38,568,411 10 1 c. 10 d. (2) ( ) 2005 12 30 5.27 6.38 / ( ) a. 12 3 P( P ) P 6.38 P b. 1 [(6.38 -P) P] ( ) 1 0.1000 c. 12 3 10 d. e. 1) P 5.80 ( 5.80 ) 10 1 2) P 5.80 6.38 10 [10 (6.38 -P) P] 3) P 6.38 2005 12 30 5.27 P 5.80 21.06%[5.80 (5.27 1.1)-1] P 6.38 33.17%[6.38 (5.27 1.1)-1] 66
2005 2006 3 6 [2006]768 ( ) ( ) 26,381,988 2.63% 24,729,672 2.47% 207,914,924 20.77% 170,998,829 17.07% 381,512,144 38.09% 381,512,144 38.09% 615,809,056 61.49% 577,240,645 57.63% A 385,684,110 38.51% 424,252,521 42.37% 1,001,493,166 100% 1,001,493,166 100% ( ) ( ) ( ) 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 67
2005 0.13%( 0.5% ) 11.80% 2001 9 2003 3 3,900,000 2,826,269 ( ) 29 2003 4 ( ) 2005 2004 391,718,491 394,560,688 ( ) - (23,100,086) (466,751) - (10,553,070) (4,967,367) - 1,662,632 1,176,948 - (4,461,797) (8,517,600) - (188,849) (218,892) 160,407 1,574,965 355,237,728 383,141,991 ( ) 2006 3 12 68
2005 2005 (1) ( ) (%) / 888,063,916 40.2% 44.3% 0.89 0.89 398,393,375 18.0% 19.9% 0.40 0.40 391,718,491 17.7% 19.5% 0.39 0.39 355,237,728 16.1% 17.7% 0.36 0.36 : = = (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 69
2005 (2) 2005 12 31 2005 1 1 2005 12 31 7,804,690 2,417,153 - - (4,160,242) - (301,555) (4,461,797) (1,755,581) - - (1,755,581) 3,342,893 661,572 7,425,344 2,075,408 - - (3,881,614) - (301,555) (4,183,169) (1,500,756) - - (1,500,756) 3,242,175 574,652 379,346 341,745 - - (278,628) - (278,628) (254,825) - - (254,825) 100,718 86,920 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 8,915,200 - - - - - - - - - - - 8,915,200-8,915,200 - - - - - - - - - - - 8,915,200-8,915,200 - - - - - - - - - - - 8,915,200-8,915,200 - - - - - - - - - - - 8,915,200 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 70
2005 (3) 30%( 30%) 5%( 5%) 10%( 10%) 2005 12 31 2004 12 31 % 1 432,874,797 332,093,867 100,780,930 30% 2 878,431,399 624,409,805 254,021,594 41% 3 4,944,813,937 2,451,830,555 2,492,983,382 102% 3 936,629,072 717,045,230 219,583,842 31% 3 602,215,473 1,947,569,741 (1,345,354,268) -69% 4 2,522,900,000 1,883,000,000 639,900,000 34% 5 2,022,901,578 1,555,918,770 466,982,808 30% 6 169,691,086 102,593,022 67,098,064 65% 1 2 3 4 5 6 2006 3 12 71
2005 2005 68 2 2005 2005 1 2005 2005 2 2005 2005 Rudolph A. Schlais,Jr OO 72