61.26 2005 2005 2005 2003 Menilai Kinerja Keuangan PT XYZ Dengan Menggunakan Analisa Rasio Keuangan, Analisa Horizontal dan Vertikal, Serta Analisis Sistem Du Pont Model.

Long-term loans, net 12 1,243,125 2.26 1,426,102 3.23 920,155 2.85 Debentures, net 18 12,315,821 22.31 2,830,333 19.80 6,148,011 18.09 Other Liabilities 426,311 0.95 359,414 0.91 95,289 0.28 Total Non-Current Liabilities 13,985,257

31.02 9,665,854

24.45 7,213,955

21.22 23,202,049

51.46 16,422,737

41.54 11,637,487

34.23 Description 2005 2004 2003 THB Thousand THB Thousand THB Thousand THB Thousand THB Thousand SHAREHOLDERS EQUITY Share capital Registered share capital 354.050.429 ordinary shares of THB 10 each 3,540,505 2.85 3,540,505 8.95 3,540,505 10.42 Issued and paid-up share capital 19 2,212,429 6.03 2,212,429 6.82 2,202,248 2.95 Premium on share capital 19 5,058,329 11.22 5,058,329 12.29 5,020,266 14.22 Fair value reserve: available-for-sale 25 6,914,095 15.33 10,543,668 26.62 12,092,928 35.52 securities Adjustment from foreign exchange 454,302 -1.01 436,250 -1.10 330,950 -0.92 translation Retained Earnings Appropriated Legal reserve 26 399,642 0.89 390,613 0.99 390,448 1.15 Unappropriated 2,026,895 15.58 4,663,383 11.29 2,309,336 6.29 Total parents shareholders equity 21,662,133 48.04 22,932,222 58.01 22,232,499 65.42 Minority Interest 224,210 0.50 128,411 0.45 112,989 0.35 21,886,343 48.54 23,115,633 58.46 22,355,488 65.77 45,088,392 39,538,370 100.00 100.00 33,992,975 100.00 Total Liabilities Total Shareholders Equity Total Liabilities AND Total Shareholders Equity Lampiran.5 ANALISIS HORIZONTAL INCOME STATEMENT PT.XYZ PT . XYZ For the year ended 31 December 2005 , 2004 , 2003 , 2002 , 2001 Description 2005 Changed 2004 Changed 2003 THB Thousand THB Thousand THB Thousand THB Thousand THB Thousand THB Thousand Sales 25,208,684 46.34 17,226,675 38.01 12,482,256 Cost of sales 13,933,288 32.38 10,525,024 18.55 8,878,370 Gross profit 11,275,396

68.25 6,701,651

85.96 3,603,886

Selling and administrative expense 3,331,844 49.57 2,227,593 19.91 1,857,656 Royalty fee 2,546,758 49.84 1,699,642 35.70 1,252,465 Profit from sales 5,396,794

94.52 2,774,416

461.89 493,765 Other income Gain on disposal of investment 2,405,885 4.43 2,303,878 122.15 1,037,101 in available-for-sales securities Gain on disposal of other investment 178,007 _ _ Gain on disposal of investment in related 135,030 -4.72 141,716 30.42 108,661 parties Net gain on disposal of property, plant and _ 15,556 -31.44 22,688 equipment Net gain on disposal of investment in land _ _ 106,055 Unrealised gain on held-for-trading securities _ _ 308,844 Gain on exchange rate _ _ _ Dividend income 714,625 51.71 471,049 -8.08 512,437 Interest income 159,301 210.62 51,285 78.42 28,744 Others 53,366 -69.63 175,734 80.12 97,565 Other expenses Write-off projects under development 13 77,520 -70.89 266,296 _ Write-off land compensation _ 143,529 _ Net loss on disposal of property, plant and 4,366 _ _ equipment Directors remuneration 24 26,620 -232.24 20,130 36.20 14,780 Net loss on exchange rate 116,964 1803.09 6,146 -97.73 270,197 Operating profit 20 8,817,538 60.39 5,497,533 126.15 2,430,883 Share of profit of subsidiaries 4.4 _ _ _ Share of loss of joint ventures and associates 4.4 119,349 321.82 28,294 -104.93 573,561 Profit before interest and income tax 8,698,189

59.04 5,469,239

82.04 3,004,444

Debentures premium redemption _ _ 152,257 Interest expenses 509,314 23.66 411,880 -14.13 479,649 Financial expenses 220,379 56.48 140,832 -3.16 145,422 Income taxes 2,217,481 84.15 1,204,148 872.19 123,859 Profit before minorities 5,751,015

54.91 3,712,379

76.51 2,103,257

186,164 176.04 67,440 18.48 56,921 Net profit for the year 5,564,851

52.67 3,644,939

78.12 2,046,336

Basic earnings per share THB 21 20,48 13,42 7,75 Diluted earnings per share THB 21 20,48 13,42 7,75 Income Statement Less Profit attributable to minorities Lampiran.6 ANALISIS HORIZONTAL BALANCE SHEET PT.XYZ PT . XYZ For the year ended 31 December 2005 , 2004 , 2003 Description 2005 Changed 2004 Changed 2003 THB Thousand THB Thousand THB Thousand ASSETS Cash and cash equivalents 5 9,130,256 51.64 6,021,318 82.50 3,211,311 Investment in held-for-trading securities _ _ 336,391 Trade accounts receivable, net 6 2,400,368 19.69 2,005,560 90.19 1,054,531 Amounts due from related parties 4,2 52,338 93.82 26,996 34.23 20,112 Advances to related parties 4,3 21 -99.29 2,923 -95.10 60,663 Current portion of long-term loans to 4,3 _ _ _ related parties Current portion of long-term to other company _ _ 15,000 Inventories, net 2 1,660,633 116.22 266,096 -10.02 851,402 Spare parts and machinery supplies 402,621 130.39 126,925 2.96 121,834 Others current assets 8 1,562,583 42.54 1,096,216 -6.65 1,124,242 Total Current Assets 15,214,320

50.70 10,096,084

46.42 6,895,491

Loans to employees 22,592 -0.89 22,801 122.12 10,265 Long-term loans to related parties 4,3 336,226 -1.20 342,548 -0.03 342,655 Long-term loans and advanced 15,142 -25.85 20,428 -1.32 20,202 to other companies Investment in subsidiaries and 4,4 2,123,964 304.50 532,442 0.92 532,544 associaties Other investment, net 9 10,821,862 -22.69 15,035,813 -8.52 16,436,260 Property, plant and equipment, net 10 10,202,686 31.24 8,124,143 40.22 5,223,169 Other non-current assets Deffered overburden expenses, net 11 1,652,928 15.03 1,432,001 -4.99 1,512,395 Mining property rights, net 12 1,962,201 4.34 1,881,125 43.89 1,302,339 Investment in land, net _ 36,123 0.00 36,123 Machinery and sparepart pending for disposal _ 249,588 -2.23 220,511 Project under development 13 1,052,402 3.26 1,019,142 26.66 526,902 Other non-current assets 14 1,083,004 5.99 1,021,838 262.42 228,114 Total Non-Current Asset 29,874,072

1.47 29,442,286

8.65 27,097,484

45,088,392 14.04 39,538,370 16.31 33,992,975 Description 2005 Changed 2004 Changed 2003 THB Thousand THB Thousand THB Thousand THB Thousand THB Thousand LIABILITIES Bank overdrafts and loans from 15 1,312,360 120.45 595,314 -42.49 1,133,281 banks and financial institutions Trade account payable 436,551 -29.63 620,394 142.92 250,194 Advances from related parties 4,5 _ _ _ Current portion of long-term loans 12 1,191,610 40.80 846,341 22.82 688,809 Current portions of debentures 18 504,126 52.83 319,412 -36.09 499,812 Other current liabilities Balance Sheets Current Assets Non-Current Assets Total Assets Current Liabilities Accrued overburden and coal 1,192,063 -22.23 1,542,206 119.43 203,041 transportation cost Accrued interest expense 149,104 54.32 96,590 3.62 93,123 Accrued royalty expense 868,225 25.44 692,202 24.46 396,282 Accrued income tax expense 1,663,384 60.05 1,039,261 526.22 165,825 Other current liabilities 16 1,899,319 89.05 1,004,653 104.15 492,110 Total Current Liabilities 9,216,792

36.41 6,756,883

52.75 4,423,532

Long-term loans from related parties 4,5 _ _ _ _ _ Long-term loans, net 12 1,243,125 -15.28 1,426,102 52.15 920,155 Debentures, net 18 12,315,821 52.28 2,830,333 22.36 6,148,011 Other Liabilities 426,311 18.61 359,414 225.21 95,289 Total Non-Current Liabilities 13,985,257

44.69 9,665,854

33.99 7,213,955

23,202,049 41.28 16,422,737 41.12 11,637,487 Description 2005 Changed 2004 Changed 2003 THB Thousand THB Thousand THB Thousand THB Thousand THB Thousand SHAREHOLDERS EQUITY Share capital Registered share capital 354.050.429 ordinary shares of THB 10 each 3,540,505 0.00 3,540,505 0.00 3,540,505 Issued and paid-up share capital 19 2,212,429 0.00 2,212,429 0.55 2,202,248 Premium on share capital 19 5,058,329 0.00 5,058,329 0.26 5,020,266 Fair value reserve: available-for-sale 25 6,914,095 -34.42 10,543,668 -12.81 12,092,928 securities Adjustment from foreign exchange 454,302 4.14 436,250 31.82 330,950 translation Retained Earnings Appropriated Legal reserve 26 399,642 2.31 390,613 0.04 390,448 Unappropriated 2,026,895 50.68 4,663,383 101.94 2,309,336 Total parents shareholders equity 21,662,133 -5.56 22,932,222 3.15 22,232,499 Minority Interest 224,210 25.62 128,411 51.21 112,989 21,886,343 -5.32 23,115,633

3.40 22,355,488

45,088,392 39,538,370 14,03 16.31 33,992,975 Non-Current Liabilities Total Liabilities Total Shareholders Equity Total Liabilities AND Total Shareholders Equity Lampiran.7 SKEMA ANALISIS SISTEM DU PONT MODEL.I PT.XYZ PT.XYZ For the year ended 31 December 2005 , 2 2003 2004 2005 ROI 2003 6.02 2004 9.22 2005 12.34 NET PROFIT MARGIN 2003 16.39 2004 21.17 2005 22.08 SALES NIAT TOT 2003 12,482,256 2003 2,046,336 2003 2004 17,226,675 2004 3,644,939 2004 2005 25,208,684 2005 5,564,851 2005 TOTAL COSTS TOTAL REVENUE 2003 13,231,576 MINUS 2003 15,277,912 2004 16,712,660 2004 20,357,599 2005 23,170,698 2005 28,735,549 COST OF SALES FINANCIAL EXPENSE 2003 8,878,370 PLUS 2003 145,422 2004 10,525,024 2004 140,832 2005 13,933,288 2005 220,379 SELLING ADM. EXP. DEBENTURE 2003 2003 1,857,656 PREMIUM REDEMPTION PLUS 2004 2004 2,227,593 2003 152,257 2005 2005 3,331,844 PLUS 2004 - 2005 - AnalBsBs Du Pont MODEL OTHER 2003 ROYALTY FEE TAX EXPENSE PLUS 2004 2003 1,252,465 2003 123,859 2005 2004 1,699,642 PLUS 2004 1,204,148 2005 2,546,758 2005 2,217,481 SHA OF JOINT OTHER OPERATING EXPENSE PROFIT ATTRIBUTABLE 2003 2003 284,977 TO MINISTRIES PLUS 2004 2004 436,101 PLUS 2003 56,921 2005 2005 225,470 2004 67,440 2005 186,164 INTEREST EXPENSE 2003 479,649 2004 411,880 2005 509,314 .XYZ , 2004 , 2003 ROE

9.15 15,77

25.43 EQUITY TOTAL ASSETS 2003 65.77 2004 58.46 2005 48,54 TATO 2003 0.37 2004 0.44 2005 0.56 TOTAL ASSETS SALES 33,992,975 2003 12,482,256 39,538,370 2004 17,226,675 45,088,392 2005 25,208,684 NON CURRENT ASSETS PLUS 2003 27,097,484 2004 29,442,286 2005 29,874,072 CURRENT ASSETS PLUS 2003 6,895,491 2004 10,096,084 2005 15,214,320 SALES Cash Equivalent 12,482,256 2003 3.211.311 17,226,675 2004 6.021.318 25,208,684 2005 9.130.756 Trade Acc.Receivable 2003 1.054.531 2004 2.005.560 HER OPERATING INCOME 2005 2.400.368 2,222,095 3,159,218 Inventories 3,646,214 2003 851.4 2004 766.1 2005 1.660.633 SHARE OF LOSS JOINT VENTURES ASSOCIA 573,561 28,294 119,349