2000 30% 20%
1. 2001 7 18 616
2000
4-1 18 4-14 4-2
5-2 2001 7 4
5-3 1994 2 15 1994135 1998 8 17 (1998)502 250%~350% 5-4 1996 12 0.088 5-5
2001 00817
2001
5%
2
4
1 1 2001 11 16
2001 2001 12 16 2001 2001 12 16 2001 39 50,585,580 80.47% < > 2 2002 3 28 2001 2002 4 28 2001 2002 4 13 2001 2001 2002 4 28 2001 49 50,685,300 80.63% 2001 2001 2001 2001 2002 2002 2 12002 3 23
2001 2001 2001 2002 2002 2001 2002 2001 2002 2002 4 28 2001 22002 4 11 9000 45 200 2,960 2,992 5,000 2,940 2001 3 2002 3 23 2001
2001 1 1 2003 12 31 27%
1 2001 12 16 2001 9,000 200
22002 4 28 2001 1
1 18 18 251,536.70 15,550 70% 179,538.16 2001 12 20 2001 110 25 70% 18 2 11 11 1,427,603.40 10 1,327,603.40 17,233 2002 3 5 2001 97
3 2 11 4 203,561.04 2
A
2002 6 8
ZHONGLEI CERTIFIED PUBLIC ACCOUNTANTS Add ZhongShui Building 31 MingFeng Road West-city Beijing China 31 Tel086-01088067055 88067056 88067057 E-mailZL-cpa@263.net Fax086-01088067057 086-01088067057 Post100032 100032 20022002 2001 12 31 2000 12 31 1999 12 31 2001 2000 1999 2001 2001 12 31 2000 12 31 1999 12 31 2001 2000 1999 2001
68-14 69 70-15 71-16 72-17 73-18 74-19 75-20 80-21 81-22 83 82-23 86-24 90 100 : 101-25 102 103-26 106 108 110 111 114 115-27 116 117 118-28 119-29 120 121-30 122 135
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 2 50 51 52 3 53 54 55 56 57
: 1 2 3 4 5 6-42-1 7-42-2 8 9 10 11 12 24 31 32-42-3 34 38 39-42-4 40 41 42 43 44 45 46 50 51 52 53 60 61 67
68 69 70 71 72 73 74 75 80 81 82 83 86 90 100 : 101 102 103 106 108 110 111 114 115 116 117 118 119 120 121 122 135
1-42-5 4-42-6 5 10 11 14 15 16 18 19-42-7 22 23 25 27 28-42-8 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31
2 3
: 24.16 23.63 0.337 0.337 1999 2000 25.96 25.87 0.399 0.399 2001 27.94 28.35 0.485 0.485 1999 24.66 24.12 0.344 0.344 2000 27.26 27.17 0.419 0.419 2001 26.32 26.70 0.457 0.457 1999 16.96 16.59 0.237 0.237 2000 18.85 18.79 0.289 0.289 2001 20.15 20.44 0.350 0.350 1999 14.86 14.54 0.207 0.207 2000 17.33 17.27 0.266 0.266 2001 19.86 20.15 0.345 0.345
1992 03 1993 4 4555.2 1995 3 15837528 4555.2 1655.2 600 200 1200 900 [1996]331 1997 12 2 [1997]227 1,655.2 1997 5 1200 600 [1996]141 [1996]22 1998 2 1998 199804 10 1.5 683.3 5238.5 1999 690 1999 199903 10 2 1047.7 6286.2 6286.2 1999 12 828 2001 3 828
62.68% 3940.2 13.17% 828 4.39% 276 19.76% 1242 100% 6286.2 2001 12 31 ( ) 118 1999 2001 1 159.51,702,493.63 100% 133 1,255,043.07 100% 113.5 3,588,764.39 100% 309.31,550,000.00 50.11% 309.33,016,000.00 97.51% 765 5,500,000.00 71.89% 200 1,600,000.00 80% 2000.11.1 2000.12.31 2000.11.1 2000.12.31 2000.1.1 2000.12.31 1999.1.1 1999.11.30 1999.12.1 2000.12.31 2000.11.1 2001.12.31 2000.12.31 2001.12.31
1 2000 1 1 100% 2000 10 31 2000 11 1 100% 2000 10 31 2000 11 1 2000 10 31 2000 11 1 2000 12 31 2000 12 31 2 2001 1 2001 1 1 2001 12 31 2 50% 98% 502,880.33 500,952.57 61,310.00-1,207.92 2001 98% 20,500.00 520,371.49 502,160.49 143,344.00 9.61 2000 98% 20,500.00 520,541.28 502,150.88 138,780.00 14.60 1999 10% 1 2001 1 1 2 1 1 12 31 3 4
5 6 7 % 1 5 1-2 10 2-3 30 3-4 50 4-5 80 5 100 A B 8 A B a b c 9 A B
C D E 10 A a b 20% 20%20% 20%20% 20% 50% 50% c 10 d B C 11 A 2000 2 B C D % % 40 3 2.43 14 3 6.93 3-12 3 32.33-8.08
3 3 32.33 5 3 19.40 12 3 8.08 3-8 3 32.33-12.13 E 12 A B 13 A a b c B 10 C D 14 15 16
17 18 19 A B 20 [1999]35 1999 1 1 A 5 1 5% 1-2 10% 2-3 30% 3-4 50% 4-5 80% 5 100% B C D 1999 1,787,899.28 1,752,092.00 35,807.28 1999 1,787,899.28 200025 2001 1 1 200117
1999 12 1 1,457,097.00 1,466,000.00 8,903.00 1999 200117 A 5-7% B 3% C 3-5% D 33% 10% 5% 1 2001.12.31 17,249.95 58,898,883.38 1,024,630.88 59,940,764.21 1 2000 12 31 1999 12 31 59,254,764.01 2000 52,000,000.00 2 2 2001.12.31 4,970,966.00 4,970,966.00 1 20 10 220 10 2001 12 31 99.64
99.32 3 2001.12.31 345,600.00 4 2001.12.31 % % 1 4,853,272.15 82.83 242,663.62 5 1-2 712,986.59 12.17 71,298.66 10 2-3 293,311.95 5.00 87,993.59 30 5,859,570.69 100 401,955.87 1 5% 5% 2 213,682.73 1 123,043.42 1 119,445.33 1 97,248.40 1 93,000.00 1 646,419.88 11.03% 3 2000 12 31 1999 12 31 1,271,868.53 2000 2000 12 31 2001 12 31 2000 12 31 5
2001.12.31 % % 1 10,359,702.97 81.29 231,863.98 5 1-2 1,220,145.11 9.57 122,014.51 10 2-3 185,075.23 1.45 55,522.58 30 3-4 134,004.79 1.05 67,002.40 50 4-5 343,127.09 2.69 274,501.67 80 5 501,587.15 7.13 501,587.15 100 12,743,642.34 100 1,252,492.29 1 5% 5% 5,707,718.63 1 2 5,707,718.63 1 1,300,000.00 1 600,000.00 1 222,200.00 1 187,604.00 1 8,017,522.63 62.91% 3 2000 12 31 1999 12 31 68,479,597.88 2000 5 1,114,511.16 2001 12 31 2000 12 31 4 3 5 1993 1996 728,004.69 4,994,418.76 5,722,423.45 2002 1 14 (1997 12 2 1,655.2 ) 6
2001.12.31 % 1 1,129,126.29 100 1,129,126.29 100 1 5% 5% 2 340,000.00 1 205,452.77 1 134,315.00 1 3 2000 12 31 1999 12 31 8,875,950.00 2001 2000 2001 7 2001.12.31 101,223.95 101,223.95 8 2000.12.31 2001.12.31 1,015,086.22 1,759,200.35 1,536,416.50 1,237,870.07 98,134.00 1,338,624.00 1,215,005.00 221,753.00 16,366.00 278,600.00 226,706.00 68,260.00 1,129,586.22 3,376,424.35 2,978,127.50 1,527,883.07 9
2000.12.31 2001.12.31 237,000.00 237,000.00 237,000.00 10 23.70% 490,000.00 490,000.00 490,000.00 105 98% 98,439.00 98,439.00 25.34% 335,205.52 335,205.52 20% 2,000,000.00 1,538,390.65 10 30.77% 5,500,000.00 93,002.35 30 71.89% 1,253,646.87 2,265,390.65 1 2001 2 3 4 10 2001 12 31 4,970,966.00 2,265,390.65 7,236,356.65 118,515,611.29 6.11 % 11 2000.12.31 2001.12.31 72,135,061.49 16,548,326.44 2,987,342.37 85,696,045.56 5,637,325.32 1,139,159.49 224,362.00 6,552,122.81 96,560.00 96,560.00 111,122,494.15 46,780,155.00 8,725,789.21 149,176,859.94 3,614,644.16 1,071,592.53 189,765.00 4,496,471.69 192,606,085.12 65,539,233.46 12,127,258.58 246,018,060.00
2000.12.31 2001.12.31 14,981,255.77 2,123,950.57 1,969,930.13 15,135,276.21 2,675,129.08 559,544.68 190,503.44 3,044,170.32 67,649.25 9,328.00 76,977.25 77,431,221.72 18,149,698.62 7,849,235.64 87,731,684.70 1,207,929.48 462,134.06 178,843.43 1,491,220.11 96,363,185.30 21,304,655.93 10,188,512.64 107,479,328.59 1 2001 12 31 16,839,554.16 1,400 2 3 12 2000.12.31 2001.12.31 12,465,009.39 10,245,959.34 635,262.00 10,881,221.34 0.00 100% 3,777,641.70 3,677,078.92 3,677,078.92 0.00 100% 785,000.00 436,908.14 357,160.14 79,748.00 56% 2,060,000.00 1,654,003.37 336,022.81 1,990,026.18 0.00 100.00% 2,930,000.00 524,390.04 54,952.75 579,342.79 186,198.30 44,000.00 20,400.00 209,798.30 3,000,000.00 3,000,000.00 4,670,000.00 1,424,850.00 1,424,850.00 30% 16,287,629.97 5,931,995.70 16,905,486.58 20,400.00 5,293,739.09 13 2000.12.31 2001.12.31 7,800,510.00 7,800,510.00 137,246.35 137,246.35 7,663,263.65 393 493 3,078,090.00 3,078,090.00 47,599.33 47,599.33 3,030,490.67 479 10,878,600.00 10,878,600.00 184,845.68 184,845.68 10,693,754.32 1 2001 4 7,800,510.00 13314.96 m 2 2001 12 31
2 2001 4 135 A 2406.75 m 2 2,990,010.00 2001 12 31 3,078,090.00 2001 4 3 2001 12 31 3,497,098.28 4,049.81 4 2001 12 31 14 2001.12.31 % 16,000,000.00 6.435 20001.7.26-2002.7.25 12,000,000.00 5.85 2001.6.28 2002.6.27 7,000,000.00 5.85 2001.12.5-2002.12.14 35,000,000.00 15 2001.12.31 % 1 9,107,083.70 85.59 1-2 1,487,284.13 13.98 2-3 46,247.37 0.43 10,640,615.20 100 1 5% 5% 2 795,935.51 1 567,661.19 1-2 479,390.12 1 438,171.46 1 364,886.62 1
16 2001.12.31 % 1 2,442,135.20 100 2,442,135.20 100 5% 5% 17 2001.12.31 9,072,152.90 1 2 1999 2000 18 2001.12.31 655,227.07 14% 19 2001.12.31 5,910,300.00 1,242,000.00 414,000.00 1,863,000.00 9,429,300.00 2002 4 28 10 1.5 9,429,300.00
20 2001.12.31 43,337.45 474,914.39 33,450.39 2,543,933.62 266,115.84 22,140.99 8,330.06 3,392,222.74 1 2001 2000 2001 2000 2 21 2001.12.31 3% 18,970.92 1.2 244,590.85-737,460.00-473,898.23 [1998]22, 90 22 2001.12.31 % 1 16,433,408.16 74.74 1-2 3,609,678.51 16.42 2-3 1,944,795.16 8.84 21,987,881.83 100 1 5% 5% 2 2,916,509.86 1 2,491,167.92 1
1,424,779.86 1 1,003,333.56 1 929,943.32 1 3 2000 12 31 1999 12 31 6,355,740.17 39.46% 2000 1,422,724.66 1,176,859.55 1,196,038.29 4 80 / 5 23 2001.12.31 31,425.78 24 2001.12.31 % 5,000,000.00 6.53 2001.1.10-2002.11.10 3,000,000.00 9.72 1997.4.23 2002.3.31 8,000,000.00 25 2001.12.31 % 6,000,000.00 6.534 2001.1.10 2003.9.25 6,000,000.00 26
2001.12.31 22,124,187.26 1,654,023.29 23,778,210.55 1 199665 27 2001.12.31 2000.12.31 1999.12.31 39,402,000.00 62.68% 39,402,000.00 62.68% 39,402,000.00 62.68% 8,280,000.00 13.17% 2,760,000.00 4.39% 2,760,000.00 4.39% 2,760,000.00 4.39% 12,420,000.00 19.76% 12,420,000.00 19.76% 12,420,000.00 19.76% 8,280,000.00 13.17% 8,280,000.00 13.17% 62,862,000.00 100% 62,862,000.00 100% 62,862,000.00 100% 1 19997 2000 13 2 28 2001.12.31 2000.12.31 1999.12.31 8,539,836.42 8,539,836.42 8,539,836.42 [95]170 1998 29 2001.12.31 2000.12.31 1999.12.31 9,588,936.03 7,391,042.27 5,571,373.00 4,845,543.13 3,746,596.25 2,836,761.61 4,792,024.91 3,693,078.03 2,783,243.39 19,226,504.07 14,830,716.55 11,191,378.00 5%
30 2001.12.31 2000.12.31 1999.12.31 21,978,937.56 18,196,692.70 14,884,714.44 10,304,120.76 5,176,066.61 13,174,591.57 2,197,893.76 1,819,669.27 1,488,471.44 1,098,946.88 909,834.64 744,235.72 1,098,946.88 909,834.64 744,235.72 9,429,300.00 9,429,300.00 9,429,296.52 10,477,000.00 18,457,970.80 10,304,120.76 5,176,066.61 1 2002 4 28 10 1.5 9,429,300.00 2 2001 31 2001 2000 1999 93,775,949.68 69,516,701.29 53,542,383.13 27,670,475.50 5,020,268.25 121,446,425.18 74,536,969.54 53,542,383.13 1 2000 1999 2 2001, 2000 8,635,993.98 15,623,254.41 3 2001 2000 2001 10 31 2000 11-12 2001 32 2001 2000 1999 60,819,294.16 42,343,388.68 30,571,492.44 26,971,906.83 4,804,464.05 87,791,200.99 47,147,852.73 30,571,492.44 1 2000 1999
2 2001 2000 6,530,711.84 11,945,193.64 3 2001 2000 2001 10 31 2000 11-12 2001 33 2001 2000 1999 2,886,547.11 2,111,694.78 1,605,367.07 198,760.99 150,721.20 112,375.70 86,630.48 64,819.52 48,161.01 3,171,938.58 2,327,235.50 1,765,903.78 1 2000 1999 2 2001, 3 34 2001 2000 1999 15,195,423.10 12,242,978.93 12,686,005.37 7,060,130.48 5,223,652.62 5,479,413.82 3,291,475.17 3,096,100.18 1,356,707.50 1,183,140.81 439,084.80 153,362.92 1,079,107.90 1,405,963.46 724,384.06 955,080.42 2,401,961.39 645,175.27 621,928.92 1,390,509.86 318,505.34 333,162.90 11,255,078.51 10,357,735.46 9,149,585.19 ABCD 35
2001 2000 1999 3,089,080.43 1,152,937.33 1,338,859.73 1,034,993.00 1,561,481.67 2,100,381.45 9,556.97 7,596.18 570.00 2,063,644.40-400,948.16-760,951.72 1 2001 21999 2000 2,093,981.87 1,300,471.32 36 2001 2000 1999 - -554,611.70 20,465.88 - -204,170.80-8,590.46 _ 310,320.36 _ 14,772.05-229,519.29-204,170.80 11,875.42 2001-554,611.70-93,002.35-461,609.35 37 2001 4,513,200.00 2001 12 3 [2001]232 2001 1 1 2003 12 31 27% 38
2001 2000 1999 1,063,916.72 611,380.56 150.00 376,970.83 194,628.44 885,025.40 38,908.66 424,704.47 70,822.48 1,479,796.21 1,230,713.47 955,997.88 39 2001 2000 1999 13,914.08 1,409.17 797,821.41 4,463.25 203,890.74 104,697.32 133,273.90 118,277.40 916,432.81 139,146.32 322,168.14 40 2001 2000 1999 11,497,369.67 8,974,800.91 7,325,251.75 11,497,369.67 8,974,800.91 7,325,251.75 1 33% 2 [1997]227 1998 1999 2000 41 2001 19,792,195.80 4,513,200.00 8,399,149.99 42 1 % % 1 4,378,861.50 81.53 218,943.08 5 1-2 698,986.59 13.01 69,898.67 10 2-3 293,311.95 5.46 87,993.59 30 5,371,160.04 100 376,835.34 1 5% 5% 2 213,682.73 1 123,043.42 1 119,445.33 1
97,248.40 1 93,000.00 1 646,419.88 11.03% 2 2001.12.31 % % 1 9,511,220.45 80.47 189,439.85 5 1-2 1,144,962.52 9.69 114,496.26 10 2-3 185,075.23 3.02 55,522.56 30 3-4 134,004.79 1.13 67,002.40 50 4-5 343,127.09 2.90 274,501.67 80 5 501,587.15 4.24 501,587.15 100 11,819,977.23 100 1,202,549.89 1 5% 5% 5,707,718.63 1 2 5,707,718.63 1 1,300,000.00 1 222,200.00 1 187,604.00 1 150,000,00 1 7,567,522.63 64.02% 3 1993 1996 728,004.69 4,994,418.76 5,722,423.45 2002 1 14 (1997 12 2 1,655.2 ) 3
2000.12.31 2001.12.31 5,500,000.00 5,527,950.74 8,807.33 0.00 5,536,758.07 71.89% 30 1,702,493.63 1,701,896.75 1,701,896.75 0.00 100% 1,255,043.07 1,255,235.26 1,255,235.26 0.00 100% 3,588,764.39 3,668,500.83 3,668,500.83 0.00 100% 8 3,016,000.00 3,283,299.23 3,283,299.23 0.00 97.51% 9 237,000.00 237,000.00 237,000.00 23.70% 10 490,000.00 490,000.00 490,000.00 98% 105 98,439.00 98,439.00 98,439.00 0.00 25.34% 335,205.52 335,205.52 335,205.52 0.00 20% 1,600,000.00 1,600,000.00 118,874.25 1,718,874.25 80% 20 2,000,000.00 2,000,000.00 461,609.35 1,538,390.65 30.77% 10 18,197,527.33 2,127,681.58 10,804,185.94 9,521,022.97 1 2 60,449.24 4 A 2000.12.31 2001.12.31 64,345,069.68 24,338,318.25 2,987,342.37 85,696,045.56 5,588,190.32 811,608.00 205,662.00 6,194,136.32 96,560.00 96,560.00 77,233,513.01 70,491,735.50 8,725,789.21 138,999,459.30 3,430,676.16 840,277.53 189,765.00 4,081,188.69 150,694,009.17 96,481,939.28 12,108,558.58 235,067,389.87 B
2000.12.31 2001.12.31 13,806,122.01 3,299,084.33 1,969,930.13 15,135,276.21 2,650,659.38 566,896.16 172,364.44 3,045,191.10 67,649.25 6,789.96 74,439.21 50,953,792.52 41,165,812.93 7,849,235.64 84,270,369.81 1,147,302.46 380,161.51 178,843.43 1,348,620.54 68,625,525.62 45,418,744.89 10,170,373.64 103,873,896.87 1 2 36,367,598.31 25,757,477.40 5 2001 2000 1999 89,107,551.33 55,699,872.79 52,715,728.61 89,107,551.33 55,699,872.79 52,715,728.61 2001 20,181,966.37 6 2001 2000 1999 56,600,522.00 32,585,310.03 30,569,748.77 56,600,522.00 32,585,310.03 30,569,748.77 2001 15,216,410.62 7 2001 2000 1999-333,927.77 2,099,362.53 119,692.49-204,170.80-8,590.46 310,320.36-23,607.41 1,895,191.73 111,102.03 2000 1999 1,979,670.04 2000
1 1 1,906,403.08 2001 2000 2,356,134.80 2001 8 2001 2000 1999 11,321,157.74 7,915,762.83 7,232,599.36 11,321,157.74 7,915,762.83 7,232,599.36-118 - 161-199 - 21 2000.12.31 2001.12.31 42,265,000.00 42,265,000.00 7,650,000.00 7,650,000.00 2,000,000.00 2,000,000.00 500,000.00 500,000.00 2000.12.31 2001.12.31 -
39,402,000.00 62.68% 39,402,000.00 62.68% 1 2001 2000 1999 72,159.76 76,577.31 2 2001.12.31 2000.12.31 1999.12.31 5,707,718.63 63,075,996.88 1,596,809.56 76,577.31 1999 12 31 55,358,708.99 3 1999 4 29 100% 260 1999 5 1 1999 11 25 1,457,097.00 1,466,000.00
1999 12 1 1,457,097.00, 8,903.00 1999 12 31 1999 12 31 3,588,764.39, 2000 1 1 1999 12 31 1,904,767.16 2001 1 1 2000 3 21, 4,550,483.12 4,500,000.00 2000 3 31 2000 10 30 100% 1,255,043.07 2000 10 31 2000 10 30 100% 1,702,493.63 2000 10 31 2000 10 31 71.8954% 550 2000 10 31 2000 12 31 80% 160 2000 12 31 2001 4 135 A 2406.75m 2 2,990,010.00 2001 12 31 3,078,090.00 2001 4 2001 2001 7 1 2010 6 30 9 11 12
118 6,140.17 118 D 4,619.65 118 45,099.99 208 19,941.83 9 7,137.67 13,646.42 10,666.67 107,522.40 2001 7 1 2021 7 1 20 144,319.53 / 2001 7 1 2002 6 8 1 18 2001 8 8 251,536.7 15,550 70 2001 11 13 179,538.16 2001 12 20 2001 110 2 11 2001 9 11 1,427,603.4 10 1,327,603.4 17,233 2001 2 9 1,304,610.20 2002 3 5 2001 97
2002 6 8 1 1993 1996 728,004.69 4,994,418.76 5,722,423.45 2002 1 14 (1997 12 2 1,655.2 ) 1999 2 2002 3 23 2002 4 28 10 1.5 9,429,300.00 3, 2002 4 8 21 1519,999,113.72 4 2002 4 26 200 2002 4 26 2003 4 25 4.425 2002 5 16 1000 2002 5 16 2003 5 15 5.31% 1999 11 25 1,457,097.00 1,466,000.00 8,903.00 1999 12 1 1 1998 2000 9, 0101 1998 1999 2000 19 59,301,202.19 51,391,952.54 60,866,333.8 1998 1999 2000 1 9 3.299 2.81 1.834 2,067,679.72 2,093,981.87 1300,471.32 819,082.57 722,975.54
584,999.37 1998 1999 2000 1,248,597.15 1,371,006.33 715,471.95 6.82%6.17%2.63% 2. 1999 175,437,319.36 171,211,802.28-4,225,517.08 78,369,514.68 83,442,521.25 5,073,006.57 97,067,804.68 87,769,281.03-9,298,523.65 52,715,728.61 52,715,728.61 42,362,209.08 39,517,141.14-2,845,067.94 14,928,905.84 14,884,714.44-44,191.40 2000 203,945,221.02 209,910,612.93 5,965,391.91 101,694,613.08 113,373,939.20 11,679,326.12 102,250,607.94 96,536,673.73-5,713,934.21 55,699,872.79 55,699,872.79 40,041,189.82 40,041,189.82 18,315,756.70 18,196,692.70-119,064.00 3 1999 1999 12 31 55,358,708.99 55,451,336.91 55,358,708.99 6,208,362.90 49,150,346.09 99 35 1,854,157.91 1999 1,752,092.00 1999 102,065.91 488,401.89 1999 1999 390,721.51 97,680.38 99 35 1998 12 31 35,807.28 1999 12 31 8,951.83 81,885.83 1998 155 50.11% 83,951.84 1998 20,000.00 20,000.00 1999 16,000.00 4,000.00 1999
99,226.61 1999 147,568.70 20,465.88 1999 45,810.20 10,231,000.00 98 10,231,000.00 8,731,000.00 1,500,000.00 65,836.14 23,549.40 36,326.79 98 31,954.64 31,954.64 1999 13,451.13 23.17 98 [1992]03 1 1 19.31 [1999]03 1999 3.86 407,006.92 1997 4,886.20 52,866.15 1998 1999 1999 9,429,296.52 1998 1999 3,403,856.05 98 55 1999 3,000,000.00 394,374.01 9,482.04 1,537,000.00
1993 1996 728,004.69 4,994,418.76 5,722,423.45 2002 1 14 (1997 12 2 1,655.2 ) 2000 380,988.40 2000 97.51% 1998 1999 1998 1999 50.11% 2000 133,707.63 1998 79,411.64 1999 72,985.63 1999 147,568.70 1999 2000 178.80 1999 20,465.88 2000 284,000.00 138,016.08 422,016.08 92,679.95 119,064.00 2000 119,064.00 95,251.20 23,812.80 2000 9,429,300.00 854,728.33
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1999 2001 2002 2002 1 2 3 4 5 6 2002 1992 03 1993 4 15837528 2001 3 31 6286.2 118 2001 2002 1 1
2 2002 2 2002 2,960 2,992 467 1 2002 12,788.73 2001 12,144.64 5.3% 1999 2001 2002 2000 11 2001 2002 116.19 2001 6 2002 68 12 2002 182
2001 2002 2 1999 2001 2002 2002 9,164.29 2001 8,779.1 4.2% 2002 68 12, 3 2002 2002 339.26 4 2001 12 31 2002 1,234.18 2001 1,125.51 9.7% ABC 116 A 5
2002 2002 1,230.17 2001 1,096.17 12.22%, 2002 6 2002 216.13 2001 7 8 2002 33% 1,018.07 9 2002 2002 2002 75.33 2002 63.33 12
28.89% 399.38 () 30.41 1 2002 2001 2000 2 28.89%
2000 10 31 3 4 IS09002 5 2002 1 2 3 2001 4 5
2002 2002
2002 2002
2002 1 % % % 89,107,551.33 95,887,300.00 7.61 56,600,522.00 61,126,300.00 8.00 32,507,029.33 34,761,000.00-0.23 32,338,873.85 32,000,000.00-1.05 31,190,678.99 30,516,600.00-2.16 1,148,194.86 1,483,400.00 1.09 121,446,425.18 127,887,300.00 5.30 87,791,200.99 91,642,900.00 4.39 33,655,224.19 36,244,400.00 0.63
2002 2 (%)
2002 3 14% 2% 1.5% 27% 2% 7,265,322.94 7,703,943.00 3,378,375.17 1,078,552.00 154,078.86 115,559.15 2,080,064.61 154,078.86 3,582,333.48 1 1 310 334 19,870.09 21,200.30 2,436,702.18 2,635,100.00 1,133,066.51 368,914.00 52,702.00 39,526.50 711,477.00 52,702.00 1,225,321.50 2 616 638 40,497.21 47,291.68 4,828,620.76 5,068,843.00 2,245,308.65 709,638.00 101,376.86 76,032.65 1,368,587.61 101,376.86 2,357,011.98 1 406 459 21,224.86 25,022.98 2,318,580.21 2,794,900.00 1,078,139.80 391,286.00 55,898.00 41,923.50 754,623.00 55,898.00 1,299,628.50 2 1,332 1,431 7,195.12 7,336.72 9,583,903.15 10,498,843.00 4,456,514.96 1,469,838.00 209,976.86 157,482.65 2,834,687.61 209,976.86 4,881,961.98
2002 4 (%)
2002 5 % 1 2,863,989.71 99,936,432.00 3% 2,998,093.00 22,660.77 1,722,594.00 5% 86,129.30 2,886,650.48 101,659,026.00 0.00 3,084,222.30 6.84 2 3 4 198,688.65 3,084,222.30 7% 215,896.04 8.66 198,688.65 3,084,222.30 215,896.04 8.66 5 86,599.45 3,084,222.30 3% 92,526.59 6.84 3,171,938.58 3,392,644.93 6.96
2002 6 % 3,291,475.17 3,156,200.00 1,183,140.81 0.00 173,591.00 946,860.00 1,120,451.00 2,108,334.36 2,035,749.00-0.03 13,856,616.11 14,828,500.00 6,417,703.26 0.00 1,052,987.00 5,694,878.00 6,747,865.00 7,438,912.85 8,080,635.00 0.09 2,233,354.31 2,167,200.00 1,314,931.58 3,900.00 119,196.00 1,159,488.00 1,282,584.00 918,422.73 884,616.00-23.24 112,700.73 110,000.00 6,198.53 0.00 6,050.00 0.00 6,050.00 106,502.20 103,950.00-2.40 19,494,146.32 20,261,900.00 8,921,974.18 3,900.00 1,351,824.00 7,801,226.00 9,156,950.00 10,572,172.14 11,104,950.00-25.58
2002 7 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 (%)
2002 8 2,076,550.62 84,962,800.00 0.00 2,134,000.00 2.77 11,265.04 434,600.00 0.00 30,100.00 167.20 18,285,904.10 178,429,300.00 0.00 21,709,200.00 18.72 898,528.88 9,712,400.00 0.00 844,147.00-6.05 21,272,248.64 273,539,100.00 24,717,447.00 16.20 %
2002 9 % 1 1 2 3 2 3 1 2 3 4 1 2 3
2002 (%) 2002 11 (%) 1 120,000.00 1 2
...5 1.1...5 1.1.1...5 1.1.1.1...5 1.1.1.2...6 1.1.1.3...6 1.1.1.4...7 1.1.1.5...7 1.1.1.7...8 1.1.2...8 1.1.3...9 1.1.4...10 1.2...11 1.2.1...11 1.2.2...12 1.2.3...12 1.2.4...12...13....13 2.2...14 2.3...15 2.4...15...17 3.1...17 3.1.1...17 3.1.2...17 3.1.3...18 3.2...18 3.2.1...18 3.2.2...19 3.2.3...20 3.3...20 3.3.1...20 3.3.2...21 3.3.2.1...21 3.3.2.2...22...23
4.1...23 4.2...24 4.2.1...24 4.2.2...24 4.2.3...25...34 5.1...34 5.1.1...34 5.1.2...34 5.2...34 5.2.1...34 5.2.2...35 5.3...36 5.3.1...36 5.3.2...36 5.3.3...37...38 6.1...38 6.1.1...38 6.1.2...38 6.2...39 6.3...39 6.3.1...39 6.3.2...39 6.4...40...43 7.1...43 7.1.1...43 7.1.2...43 7.1.3...44 7.2...44 7.3...45 7.4...45 7.5...45
1.1 1.1.1 1.1.1.1
1.1.1.2 1.1.1.3
1.1.1.4 1.1.1.5
1.1.1.7 1.1.2
1.1.3
1.1.4
1.2 1.2.1
1.2.2 1.2.3 13 9 4 15.19% 12% 1099 2 1550.38 6.62 17.23% 1.2.4
. 1993 98% 99.37% 99.25% 30% 72% 80%
1.8 1 1491 300 2.2 1996 1997 1998 1999 2000 5298.1 6007.3 24165 26276 28510 % -- 13 302 8.7 8.5 4335 4758 8024 14819.8 15759 % -- 9.8 69 85 6.3 732.3 1018.1 1216.7 1132.9 1219.5 % -- 39 19.5-7 7.6 A
2.3 598 100.00% 59 9.87% 321 53.68% 218 36.45% 97 98 3-4 2.4
C A B E F D 13 24
3.1 3.1.1 2000 140 1.5 99% 2000 133 6600 91.13%54.03% 102 5973 76.14%13.77% 3.1.2
3.1.3 2010 2005 160 2.5 2010 2010 180 3.5 3.2 3.2.1
3-1 3.2.2
3.2.3 3.3 3.3.1
3.3.2 3.3.2.1
3.3.2.2
4.1
4.2 4.2.1 4.2.2
4.2.3
2001 2000 / 2001 1998 1999 2000 2001 2005 2010 1 18.02 19.57 21.25 8.6% 100.00% 24.3 33.8 51.07 8.6% 100.00% 13.35 14.47 15.69 8.4% 70.00% 125.00 17.01 23.50 35.15 8.4% 70.00% 35.00% 28.00% 6.8040 4.67 5.09 5.56 9.2% 30.00% 81.00 6.08 8.64 13.42 9.2% 25.00% 1.22 2.04 3.91 13.8% 5.00% 2 2001 = 1 15.09 16.42 17.86 8.8% 100.00% 19.44 27.04 40.85 8.8% 100.00% 7.24 7.99 8.81 10.3% 49.33% 105.00 9.72 13.42 20.09 10.3% 50.00% 25.00% 12.50% 2.4300 2 6.94 7.44 7.98 7.2% 44.67% 8.55 12.16 18.88 7.2% 44.00% 0.90 0.98 1.07 8.9% 6.00% 260.00 1.17 1.96 3.75 8.9% 6.00% GZ65-1 8.83 9.59 10.43 8.7% 100.00% 11.34 15.83 24.03 8.7% 100.00% 3.65 3.93 4.22 7.5% 40.46% 163.00 4.54 6.06 8.70 7.5% 40.00% 20.00% 10.00% 1.1340 4.55 4.99 5.48 9.7% 52.53% 117.00 6.01 8.70 13.83 9.7% 53.00% 0.62 0.67 0.73 8.5% 7.01% 600.00 0.79 1.09 1.65 8.5% 7.00% 2
2001 2000 / 2001 1998 1999 2000 2001 2005 2010 1 18.83 20.72 22.83 10.1% 100.00% 25.2 37.03 59.91 10.1% 100.00% 4.19 4.30 4.42 2.7% 19.35% 4.54 5.05 5.77 2.7% 18.00% 9.00% 9.00% 2.2680 12.65 14.06 15.64 11.2% 68.49% 201.00 17.39 26.59 45.21 11.2% 69.00% 1.99 2.35 2.78 18.0% 12.16% 650.00 3.28 6.36 14.55 18.0% 13.00% 2 1 32.74 35.14 37.73 7.3% 100.00% 40.5 53.69 76.36 7.3% 100.00% 26.23 28.14 30.20 7.3% 80.04% 105.00 32.40 42.95 61.09 7.3% 80.00% 40.00% 15.00% 6.0750 2 4.73 5.14 5.59 8.7% 14.81% 86.00 6.08 8.49 12.88 8.7% 15.00% 1.78 1.86 1.94 4.3% 5.15% 400.00 2.03 2.40 2.97 4.3% 5.00% 1 4.43 4.63 4.83 4.4% 100.00% 5.04 5.99 7.43 4.4% 100.00% 3.97 4.15 4.34 4.5% 89.89% 4.54 5.41 6.75 4.5% 90.00% 45.00% 45.00% 2.2680 2 0.46 0.47 0.49 3.2% 10.11% 116.00 0.50 0.57 0.66 3.2% 10.00%
2001 2000 / 2001 1998 1999 2000 2001 2005 2010 1 4.42 4.55 4.69 2.9% 100.00% 4.83 5.42 6.25 2.9% 100.00% 4.19 4.30 4.42 2.7% 94.23% 4.54 5.05 5.77 2.7% 94.00% 47.00% 47.00% 2.2680 0.24 0.25 0.27 7.0% 5.77% 0.29 0.38 0.53 7.0% 6.00% 2 180 1 12.42 13.87 15.54 11.8% 100.00% 17.446 27.26 47.61 11.8% 100.00% 4.13 4.26 4.40 3.2% 28.29% 4.54 5.15 6.03 3.2% 26.00% 13.00% 13.00% 2.2680 7.10 8.21 9.50 15.7% 61.15% 251.00 10.99 19.69 40.83 15.7% 63.00% 1.20 1.40 1.64 17.0% 10.56% 660.00 1.92 3.60 7.89 17.0% 11.00% 2 1 8.37 8.58 8.80 2.5% 100.00% 9.0257 9.96 11.27 2.5% 100.00% 5.90 6.04 6.18 2.3% 70.16% 6.32 6.92 7.76 2.3% 70.00% 35.00% 35.00% 3.1590 2.47 2.55 2.63 3.1% 29.84% 2.71 3.06 3.57 3.1% 30.00% 2
2001 2000 / 2001 1998 1999 2000 2001 2005 2010 1 5.05 5.53 6.06 9.6% 100.00% 6.67 9.62 15.22 9.6% 100.00% 2.09 2.15 2.21 2.7% 36.42% 2.27 2.53 2.89 2.7% 34.00% 17.00% 17.00% 1.1340 2.66 3.03 3.46 13.9% 56.99% 97.00 3.94 6.63 12.71 13.9% 59.00% 0.29 0.34 0.40 17.0% 6.58% 550.00 0.47 0.88 1.93 17.0% 7.00% 2 GZ65-1 13.32 14.99 16.92 12.7% 100.00% 19.145 30.89 56.15 12.7% 100.00% 3.83 3.95 4.08 3.2% 24.12% 4.21 4.78 5.59 3.2% 22.00% 11.00% 11.00% 2.1060 7.79 9.01 10.42 15.7% 61.61% 163.00 12.06 21.61 44.81 15.7% 63.00% 1.70 2.03 2.41 19.0% 14.26% 560.00 2.87 5.76 13.73 19.0% 15.00% 2 1 4.80 5.04 5.28 4.9% 100.00% 5.5421 6.71 8.52 4.9% 100.00% 3.63 3.81 4.01 5.1% 75.86% 4.21 5.14 6.59 5.1% 76.00% 38.00% 19.00% 1.0530 2 1.17 1.22 1.28 4.3% 24.14% 1.33 1.57 1.94 4.3% 24.00%
2001 2000 / 2001 1998 1999 2000 2001 2005 2010 1 44.98 50.87 57.54 13.1% 100.00% 65.09 106.50 197.10 13.1% 100.00% 26.15 29.21 32.63 11.7% 56.72% 36.45 56.74 98.67 11.7% 56.00% 28.00% 28.00% 18.2250 18.83 21.66 24.90 15.0% 43.28% 28.64 50.09 100.75 15.0% 44.00% 2 GZ65-1 42.71 48.65 55.49 14.0% 100.00% 63.391 107.06 206.14 14.0% 100.00% 2 22.09 24.23 26.58 9.7% 47.90% 29.16 42.23 67.09 9.7% 46.00% 23.00% 23.00% 14.5800 20.62 24.42 28.91 18.4% 52.10% 45.00 34.23 67.27 156.52 18.4% 54.00% GZ65-1 52.95 57.40 62.24 8.4% 100.00% 67.5 93.20 139.50 8.4% 100.00% 2 48.36 52.18 56.30 7.9% 90.46% 60.75 82.34 120.43 7.9% 90.00% 45.00% 45.00% 30.3750 4.59 5.22 5.94 13.7% 9.54% 6.75 11.28 21.44 13.7% 10.00%
2001 2000 / 2001 1998 1999 2000 2001 2005 2010 1 39.61 43.07 46.84 8.7% 100.00% 50.95 71.13 107.95 8.7% 100.00% 25.57 27.44 29.44 7.3% 62.86% 31.59 41.87 59.56 7.3% 62.00% 31.00% 31.00% 15.7950 14.04 15.63 17.40 11.3% 37.14% 19.36 29.71 50.74 11.3% 38.00% 2-1 60.63 63.42 66.35 4.6% 100.00% 69.429 83.11 104.07 4.6% 100.00% 26.53 27.38 28.26 3.2% 42.58% 29.16 33.08 38.72 3.2% 42.00% 21.00% 21.00% 14.5800 2 34.10 36.04 38.10 5.7% 57.42% 40.27 50.27 66.32 5.7% 58.00% GZ65-1 41.51 44.89 48.56 8.2% 100.00% 52.541 72.01 106.79 8.2% 100.00% 2 29.94 32.66 35.64 9.1% 73.39% 38.88 55.08 85.14 9.1% 74.00% 37.00% 37.00% 19.4400 11.57 12.23 12.92 5.7% 26.61% 13.66 17.05 22.50 5.7% 26.00%
2001 2000 / 2001 1998 1999 2000 2001 2005 2010 1 37.88 41.54 45.58 9.7% 100.00% 50.03 72.45 115.10 9.7% 100.00% 26.93 29.11 31.47 8.1% 69.05% 34.02 46.46 68.57 8.1% 68.00% 34.00% 34.00% 17.0100 10.95 12.43 14.11 13.5% 30.95% 16.01 26.57 50.04 13.5% 32.00% 2 GZ65-1 37.21 40.57 44.24 9.0% 100.00% 48.255 68.12 104.80 9.0% 100.00% 34.55 37.83 41.42 9.5% 93.64% 45.36 65.21 102.66 9.5% 94.00% 47.00% 47.00% 22.6800 2 2.66 2.73 2.81 2.9% 6.36% 2.90 3.25 3.75 2.9% 6.00% 1 7.44 8.24 9.13 10.8% 100.00% 10.125 15.26 25.48 10.8% 100.00% 5.23 5.84 6.53 11.7% 71.45% 7.29 11.35 19.73 11.7% 72.00% 36.00% 36.00% 3.6450 2 2.21 2.40 2.61 8.7% 28.55% 2.84 3.96 6.02 8.7% 28.00%
1. 2.
5.1 5.1.1 5.1.2 5.2 5.2.1
5.2.2
5.3 5.3.1 5.3.2 = 148 245 1420
5.3.3 5-1 = = 13 5-1
6.1 6.1.1 6.1.2
10 1 5 6.2 6.3 6.3.1 6.3.2
6-1 13 9 4 2 1550.38 17.23% 6.4 15.19% 12% 1099 6.62
6-1 226.68 54.94 281.62 0.00 1. 1550.38 2.
7.1 7.1.1 7.1.2
7.1.3 7.2
7.3 7.4 7.5
...54 1.1...54 1.1.1...54 1.1.1.1...54 1.1.1.2...55 1.1.2...56 1.1.2.1...56 1.1.2.2...56 1.1.2.3...56 1.1.2.4...57 1.1.3...57 1.2...58 1.2.1...58 1.2.2...58 1.2.3...59 1.2.4...59...60 2.1...60 2.1.1...60 2.1.2...60 2.1.3...60 2.2...60 2.2.1...60 2.2.2...60 2.3...61 2.3.1...61 2.3.2...61 2.3.3...61 2.4...62 2.4.1...62 2.4.2...62 2.4.3...63...64 3.1...64 3.1.1...64 3.1.2...64
3.1.3...65 3.2...67 3.2.1...67 3.2.1.1...67 3.2.1.2...68 3.2.2...69...70...70...70 3.2.3...71...72 4.1...72 4.1.1...72 4.1.2...72 4.1.3...72 4.2...73 4.2.1...73 4.2.2...73 4.2.3...73 4.3...73 4.3.1...74 4.3.2...74 4.3.3...74 4.3.4...74 4.4...74...75 5.1...75 5.1.1...75 5.1.2...75 5.1.3...76 5.1.3.1 2000...76 5.1.3.2 2001...77 5.1.3.3...77 5.2...77 5.2.1...77 5.2.2...78 5.2.3...78 5.2.4...79 5.3...80 5.3.1...80 5.3.1.1...80 5.3.1.2...81 5.3.1.3...81
5.3.2...81 5.3.2.1...81 5.3.2.2...83 5.3.2.3...83 5.3.3...84 5.3.3.1...84 5.3.3.2...84 5.3.4...86 5.3.4.1...86 5.3.4.2...86 5.3.4.3...86 5.3.4.4...87 5.3.4.5...87 GPS...88 6.1 GPS...88 6.2 GPS...88 6.2.1 GPS...88 6.2.1.1 GPS...88 6.2.1.2 GPS...89 6.2.2 GPS...89 6.2.2.1...89 6.2.2.2...89 6.2.2.3...90 6.2.2.4...90 6.3 GPS...91 6.3.1 GPS...91 6.3.2 GPS...91...92 7.1...92 7.2...92 7.2.1...92 7.2.2...92 7.2.3...93 7.3...94...98 8.1...98 8.1.1...98 8.1.2...98 8.1.3...98 8.2...99 8.3...99 8.4...99
8.5...99
1.1 1.1.1 1.1.1.1 1 2 3 4
IC GPS 1.1.1.2 IC GPS 3000 4 GPS IC
1.1.2 1.1.2.1 26 2908 18000 1 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 42 51 49 40 833 1660 2271 2360 2520 2685 2745 2 2000 12 1514 455 687 48 187 17 2908 1.1.2.2 1993 1994 1995 95 3 1993 1994 1995 1996 1997 1998 92 314 686 1021 1242 1328 136 370 403 410 418 423 21 67 133 133 133 133 1079 1285 995 825 766 735 332 235 143 131 126 126 1660 2271 2360 2520 2685 2745 1.1.2.3 2000 11
1 97016 33.5 2 80 276.2 3 3 4 4 1110.8 382 5 1.1.2.4 1.3 25 2005 3600 2000 2908 4% 1.1.3
1.2 1.2.1 1.2.2
200 4021 200 1.2.3 200 2001 8 2299.12 504.12 337.76 11.08% 13.60% 21.53% 5.79 2265.36 1.2.4
2.1 2.1.1 2.1.2 2.1.3 2005 2010 2015 2.2 2.2.1 2.2.2
2.3 2.3.1 2.3.2 2.3.3
2.4 2.4.1 2005 3800 2010 4800 2015 6000 2001 2.4.2 2005 6.36 / 2010 8.27 / 2015 11.53 /
2.4.3 L P 4 2005 2010 2015 LP LP LP 4.7 22.87 5.5 37.23 6.8 46.69
3.1 3.1.1 1993 1.8 1 1491 300 3.1.2
3.1.3
3.2 3.2.1 3.2.1.1
3.2.1.2
3.2.2
2000 2001 16 1,231,950.00 932,250.77 1,108,604.80 567,770.53 671.06 180,857.66 671.06 180,857.66 671.06 121,186.69 2000 2001 16 3.2.3
4.1 4.1.1 4.1.2 4.1.3
4.2 4.2.1 4.2.2 4.2.3 4.3
4.3.1 (Discounted Cash Flow DCF) 4.3.2 4.3.3 4.3.4 4.4
5.1 5.1.1 5.1.2
2000 2001 9 10 / 400 30 800 2200 5.1.3 5.1.3.1 2000
5.1.3.2 2001 89 6 83 2001 6 31 54 1497 5.1.3.3 200 5.2 5.2.1
GPS 5.2.2 5.2.3
5.2.4
5.3 5.3.1 200 5.3.1.1
5.3.1.2 5.3.1.3 10 1 2 4 3 5.3.2 5.3.2.1 1 1993 24291.6 20.89% 2000
2010 1000 40% 2 1.89 2010 100 1 2 3 4 24 300 400 35 45 LPGLNG 5
, 5.3.2.2 5.3.2.3
IC 5.3.3 5.3.3.1 8 5.3.3.2
5.3.4 5.3.4.1 5.3.4.2 5.3.4.3
5.3.4.4 5.3.4.5
GPS 6.1 GPS GPS 6.2 GPS 6.2.1 GPS 6.2.1.1 GPS
6.2.1.2 GPS GPS GPS 6.2.2 GPS 6.2.2.1 6.2.2.2
6.2.2.3 6.2.2.4 5
6.3 GPS 6.3.1 GPS 6.3.2 GPS
7.1 8 8 7.2 7.2.1 500 7.2.2
10% 30% 7.2.3 50 5% 7%3% 125.90 33%
1 7.3 2001 200 GPS
1
FIRR= FNPV=
8.1 8.1.1 8.1.2 8.1.3
8.2 8.3 GPS 8.4 8.5