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FINANCIAL ANALYSIS
FOR
ZARA INVESTMENT (HOLDING) COMPANY LIM
PREPAIRED BY
MOHAMMED OTHMAN & ASHRAF BANE K
333849 330784
Under The Supervision of

Dr. AYMAN HADDAD
CIAL ANALYSIS
HOLDING) COMPANY LIMITED
IRED BY
& ASHRAF BANE KENANEH
330784
upervision of
HADDAD
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FINANCIAL ANALYSIS AND REPORT
FOR
ZARA INVESTMENT (HOLDING) COMPANY LIMIT
1. BALANCE SHEET
2. INCOME STATEMENT
3. CASH FLOW STATEMENT
4. NOTES
5. COMMON ANALYSIS BALANCE SHEET
6. COMMON ANALYSIS CHARTS FOR BALANCE
7. COMMON ANALYSIS INCOME STATEMENT
8. COMMON ANALYSIS CHARTS FOR INCOME S
9. LIQUIDITY RATIOS
10. LONG-TERM RATIOS
11. PROFITABILITY RATIOS

12. FOR THE INVESTORS
13. CASH FLOW RATIOS
14. MULTIVARIATE MODEL

15. TRADING INFORMATION
AND REPORTING
) COMPANY LIMITED
ANCE SHEET
ARTS FOR BALANCE SHEET
OME STATEMENT
ARTS FOR INCOME STATEMENT

Consolidated Balance Sheet ,FOR ZARA INVESTMENT
AMMAN JORDAN.
(In Jordanian dinars)
ASSETS 2002
For The Year Ended December 31,
current assets -
cash on hand at banks 3,974,915
accounts receivable, net 2,678,482
other current assets 2,009,267
inventory 1,338,526
trading investments -
total current assets 10,001,190
available for sale investments 4,837,888
projects in progress 4,552,017
fixed assets(property and equipment) 200,004,379
total assets 219,395,474
LIABILITIES AND SHAREHOLDERS' EQUITY
current liabilities
due to banks 880,018
current portion of long term loans 17,138,690
current portion of long t term notes payable -
short term bond -
accounts payable 2,868,286
other current laibilities 5,316,878
total current liabilities 26,203,872
long term loans 30,254,463
long term bonds 20,000,000
other long term liabilities 8,798,358
long term notes payable 2,500,000
defferred tax liabilities -
total liabilities 87,756,693
minority intrest 13,476,957
shareholders' equity -
paid in capital 125,000,000
statutory reserve 344,748
voluntary reserve 689,496
cumulative change in fair value of investment 530,817
accumulated losses 7,341,603
total shareholders' equity 118,161,824
total liabilities and shareholders' equity 219,395,474
CHECK: T.ASSETS = T.LIA +T.EQUITY 0.00

BALANCED
A INVESTMENT COMPANY.
2003 2004 2005
5,016,918 10,301,423 10,538,610

4,123,982 3,511,649 3,616,950
2,002,460 2,093,745 3,637,923
1,344,048 1,299,856 1,325,823
- - 156,400
12,487,408 17,206,673 19,275,706
6,833,118 7,744,591 14,028,103
2,748,788 2,468,879 4,337,070
186,633,104 175,213,296 152,543,031
208,702,418 202,633,439 190,183,910
585,238 151,268 32,965

1,359,142 3,596,717 4,837,024
1,250,000 - -
10,000,000 3,000,000 -
2,574,962 2,748,879 3,070,030
5,724,761 5,880,226 5,904,781
21,494,103 15,377,090 13,844,800
50,154,425 15,135,349 13,226,486
10,000,000 52,000,000 45,000,000
8,783,156 8,806,278 -
1,250,000 - -
- - 177,997
91,681,684 91,318,717 72,249,283
12,881,367 12,899,570 13,220,144
125,000,000 125,000,000 125,000,000

344,748 344,748 549,864
689,496 689,496 689,496
82,596 279,392 4,568,588
21,812,281 27,898,484 26,093,465
104,139,367 98,415,152 104,714,483
208,702,418 202,633,439 190,183,910
0.00 0.00 0.00

BALANCED BALANCED BALANCED
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Consolidated Income Statement ,FOR ZARA INVESTMENT COMP
AMMAN JORDAN.
(In Jordanian Dinars)
operating revenues
operating expenses
net operating income

less : general and administrative expenses(wth othr exp)
add : net profit from sale of alya apartments
other revenue ( other income )
change in fair value of trading investment
gain on sale of investment in subsidiaries
net profit from operation

net financing expences
gain (loss) from sale of investment , net
net profit (loss) befor income tax minority intrest and depreciation
impairment loss from investment
depreciation
net profit (loss) befor income tax and minority intrest
income tax
net profit (loss) after income tax
minority
net profit (loss)

Weighted Average Number of Common SHARE
loss per share
atement ,FOR ZARA INVESTMENT COMPANY.
AMMAN JORDAN.
r Ended December 31, 2002 2003 2004
27,919,913 30,007,537 40,995,111

21,726,592 22,029,970 26,570,871
6,193,321 7,977,567 14,424,240

nses(wth othr exp) 2,476,479 2,175,746 1,859,038
974,724 48,544 -
285,178 587,393 591,910
- - -
- - -
4,976,744 6,437,758 13,157,112

5,133,711 5,611,030 4,877,793
- 716,128 -
x minority intrest and depreciation (156,967) 110,600 8,279,319
- 556,798 -
14,050,564 14,399,445 14,333,896
x and minority intrest (14,207,531) (14,845,643) (6,054,577)
10,526 - 9,489
(14,218,057) (14,845,643) (6,064,066)

1,376,586 374,965 22,137
(12,841,471) (14,470,678) (6,086,203)

125,000,000 125,000,000 125,000,000
(0.103) (0.116) (0.049)
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2005
48,486,683
29,846,895
18,639,788
2,330,916
131,107
1,412,244
119,700
1,178,823
19,150,746
3,871,716
1,074,397
16,353,427
-
13,599,712
2,753,715
37,729
2,715,986
705,851
2,010,135
125,000,000
0.016
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Consolidated Statement OF Cash Flows , FOR ZARA INVESTM
AMMAN JORDAN.
(In Jordanian Dinars)
Cash Flow from Operating Activities

net loss before income tax and minority interest
Adjustment for -
depreciation
interest expense
loss (gain) from sale of fixed assets (property and equipment)
(gain) loss from sale of investments
(gain) loss on sale of investments in subsidiaries
unrealized (gain) from trading investments
other
cash from operations before changes in assets and liabilities
change in assets and liabilities
(increase) decrease in inventory

(increase) decrease in trading investment
(increase) decrease in receivables and other current assets
(increase) decrease in payables, other liabilities and other current liabilities
net cash from operating activities
cash flow from investing activities

proceeds from sale of investments
purchases of investments
fixed assets and projectsin progress (property and equipment)
proceeds from sale of a subsidiaries
net cash used in investing activities
cash flows from financing activities

bonds
due to banks
loans , notes payable and bonds payments
interest paid
net cash (used in) from financing activities
net increase (decrease) in cash on hand and at banks

cash on hand and at banks, beginning of year
cash on hand and at banks, end of year
OR ZARA INVESTMENT COMPANY.
2002 2003 2004 2005
(14,207,531) (14,845,643) (6,054,577) 2,753,715
14,050,564 14,399,445 14,333,896 13,599,712

5,270,617 5,682,969 4,949,604 3,871,716
(974,724) 64,960 (24,332) (831,129)
- 716,128 - (1,074,397)
- - - (1,178,823)
- - - (119,700)
2,301 (48,544) - -
4,141,227 5,969,315 13,204,591 17,021,094
233,021 (5,521) 44,192 (25,967)

- - - (20,000)
2,979,643 (1,772,711) 836,670 (1,649,479)
(687,321) 498,991 675,592 581,866
6,666,570 4,690,074 14,761,045 15,907,514
- - - 1,664,397
(801,996) (1,440,965) (549,485) (2,417,500)
(8,478,621) (1,798,183) (2,677,698) (4,439,439)
- 1,440,104 - 2,816,663
(8,005,453) (1,764,290) (3,159,332) (799,243)
- - 44,707,500 -
(1,156,902) (253,362) (433,970) -
7,230,621 4,120,414 (45,281,503) (10,668,556)
(5,638,517) (5,750,833) (5,309,235) (4,084,225)
435,202 (1,883,781) (6,317,208) (14,752,781)
(903,681) 1,042,003 5,284,505 355,490

4,878,596 3,974,915 5,016,918 10,183,120
3,974,915 5,016,918 10,301,423 10,538,610
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NOTES
As in Annual Reports from 2002-2005
1. Market price per shares : 2002 2003

Market price per share 0.83 0.86
Weighted Average Number of Shares 125,000,000 125,000,000
2. Tax rate 15%
3- Provisions for doubtful debts ((allowance A\R)) 959,868 582,880
4. interest expences 5,270,617 5,682,969

interest income 136,906 71,939
m 2002-2005
2004 2005
1.33 2.24
125,000,000 125,000,000
545,199 507,459
4,949,604 4,064,554
71,811 192,838
ZARA INVESTMENT COMPANY.
AMMAN JORDAN.
VERTICAL ANALYSIS
ASSETS 2002 2003 2004
current assets -
cash on hand at banks 1.81% 2.40% 5.08%
accounts receivable, net 1.22% 1.98% 1.73%
other current assets 0.92% 0.96% 1.03%
inventory 0.61% 0.64% 0.64%
trading investments EXCLUDED
total current assets 4.56% 5.98% 8.49%
available for sale investments 2.21% 3.27% 3.82%
projects in progress 2.07% 1.32% 1.22%
fixed assets(property and equipment) 91.16% 89.43% 86.47%
total assets 100.00% 100.00% 100.00%
LIABILITIES AND SHAREHOLDERS' EQUITY
current liabilities
due to banks 0.40% 0.28% 0.07%
current portion of long term loans 7.81% 0.65% 1.77%
current portion of l term notes payable EXCLUDED 0.60% EXCLUDED
short term bond EXCLUDED 4.79% 1.48%
accounts payable 1.31% 1.23% 1.36%
other current laibilities 2.42% 2.74% 2.90%
total current liabilities 11.94% 10.30% 7.59%
long term loans 13.79% 24.03% 7.47%
long term bonds 9.12% 4.79% 25.66%
other long term liabilities 4.01% 4.21% 4.35%
long term notes payable 1.14% 0.60% EXCLUDED
defferred tax liabilities EXCLUDED
total liabilities 40.00% 43.93% 45.07%
minority intrest 6.14% 6.17% 6.37%
paid in capital 56.97% 59.89% 61.69%
statutory reserve 0.16% 0.17% 0.17%
voluntary reserve 0.31% 0.33% 0.34%
cumulative change in fair value of investment 0.24% 0.04% 0.14%
accumulated losses 3.35% 10.45% 13.77%
total shareholders' equity 53.86% 49.90% 48.57%
total liabilities and shareholders' equity 100.00% 100.00% 100.00%
CHECK: T.ASSETS = T.LIA +T.EQUITY 0.00 0.00 0.00
BALANCED BALANCED BALANCED
T COMPANY.
ANALYSIS HORIZONTAL ANALYSIS
2005 2002 2003 2004 2005
5.54% 100.00% 126.21% 259.16% 265.13%

1.90% 100.00% 153.97% 131.11% 135.04%
1.91% 100.00% 99.66% 104.20% 181.06%
0.70% 100.00% 100.41% 97.11% 99.05%
0.08% EXCLUDED
10.14% 100.00% 124.86% 172.05% 192.73%
7.38% 100.00% 141.24% 160.08% 289.96%
2.28% 100.00% 60.39% 54.24% 95.28%
80.21% 100.00% 93.31% 87.60% 76.27%
100.00% 100.00% 95.13% 92.36% 86.69%
0.02% 100.00% 66.50% 17.19% 3.75%

2.54% 100.00% 7.93% 20.99% 28.22%
EXCLUDED EXCLUDED
EXCLUDED EXCLUDED
1.61% 100.00% 89.77% 95.84% 107.03%
3.10% 100.00% 107.67% 110.60% 111.06%
7.28% 100.00% 82.03% 58.68% 52.83%
6.95% 100.00% 165.78% 50.03% 43.72%
23.66% 100.00% 50.00% 260.00% 225.00%
EXCLUDED 100.00% 99.83% 100.09% 0.00%
EXCLUDED 100.00% 50.00% 0.00% 0.00%
0.09% EXCLUDED
37.99% 100.00% 104.47% 104.06% 82.33%
6.95% 100.00% 95.58% 95.72% 98.09%
65.73% 100.00% 100.00% 100.00% 100.00%

0.29% 100.00% 100.00% 100.00% 159.50%
0.36% 100.00% 100.00% 100.00% 100.00%
2.40% 100.00% 15.56% 52.63% 860.67%
13.72% 100.00% 297.11% 380.01% 355.42%
55.06% 100.00% 88.13% 83.29% 88.62%
100.00% 100.00% 95.13% 92.36% 86.69%
0.00 0.00 0.00 0.00 0.00
BALANCED BALANCED BALANCED BALANCED BALANCED
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VERTICAL COMMON ANALYSIS CHARTS , BLANCE SHEET
ASSETS CHARTS
cash on hand at banks accounts receivable
cash on hand at banks accounts receivab
6.00% 5.54% 2.50%

5.08% 1.98%
5.00% 2.00%
4.00%
1.50% 1.22%
3.00% 2.40%
1.81% 1.00%
2.00%
1.00% 0.50%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
other current assets inventory
2.50% 0.72%
1.91% 0.70%
2.00% 0.68%
1.50% 0.66% 0.64%
0.92% 0.96% 1.03% 0.64%
1.00% 0.62% 0.61%
0.50% 0.60%
0.58%
0.00% 0.56%
2002 2003 2004 2005 2002 2003
trading investments total current asset
trading investments total current asse
0.10% 12.00%
0.08%
0.08% 10.00%
8.00%
0.06% 5.98%
6.00% 4.56%
0.04%
4.00%
0.02% 2.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
available for sale investments projects in progres
8.00% 7.38% 2.50%

2.07%
7.00%
6.00% 2.00%
5.00% 3.82% 1.50% 1.32%
4.00% 3.27%
8.00% 7.38% 2.50%

7.00% 2.07%
6.00% 2.00%
5.00% 3.82% 1.50% 1.32%
4.00% 3.27%
3.00% 2.21% 1.00%
2.00% 0.50%
1.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
total assets
fixed assets(property and equipment)
fixed assets(property and equipment) total assets
120.00%
95.00% 100.00% 100.00%
91.16% 100.00%
89.43%
90.00% 86.47% 80.00%
85.00%
80.21% 60.00%
80.00%
40.00%
75.00%
20.00%
70.00%
0.00%
2002 2003 2004 2005 2002 2003
LIABILITIES CHARTS
current portion of long term lo

due to banks
current portion of long term

due to banks
9.00%
7.81%
0.50% 8.00%
0.40% 7.00%
0.40%
6.00%
0.28%
0.30% 5.00%
4.00%
0.20%
3.00%
0.10% 0.07% 2.00%
0.02% 0.65%
1.00%
0.00%
0.00%
2002 2003 2004 2005 2002 2003
current portion of long term loans short term bond
current portion of long term loans short term bon
0.70% 0.60% 6.00%

0.60% 4.79%
5.00%
0.50% 4.00%
0.40%
3.00%
0.30%
0.20% 2.00%
0.10% 1.00%
0.00% 0.00%
current portion of long term loans short term bon
0.70% 0.60% 6.00%

0.60% 4.79%
5.00%
0.50%
4.00%
0.40%
3.00%
0.30%
0.20% 2.00%
0.10% 1.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
accounts payable other current laibilit
accounts payable other current l
2.00% 3.50%
1.61% 3.00% 2.74%
1.50% 1.31% 1.36% 2.42%
1.23% 2.50%
2.00%
1.00%
1.50%
0.50% 1.00%
0.50%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
total current liabilities long term loans
total current liabilities long term loan
14.00% 11.94% 30.00%

12.00% 24.03%
10.30% 25.00%
10.00% 20.00%
7.59% 7.28%
8.00% 13.79%
15.00%
6.00%
4.00% 10.00%
2.00% 5.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
long term bonds other long term liabi
long term bonds other long term liab
30.00% 25.66% 4.40%

23.66%
25.00% 4.30%
4.21%
20.00% 4.20%
15.00% 4.10% 4.01%
9.12%
10.00% 4.00%
4.79%
5.00% 3.90%
0.00% 3.80%
2002 2003 2004 2005 2002 2003
long term notes payable defferred tax liabilit
long term notes payable defferred tax liab
1.20% 1.14%
0.10%
1.00% 0.08%
0.80%
0.60% 0.06%
0.60%
0.04%
0.40%
0.20% 0.02%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
total liabilities minority intrest
total liabilities minority intres
46.00% 45.07% 7.20%

43.93% 7.00%
44.00%
6.80%
42.00% 6.60%
40.00%
40.00% 6.40% 6.17%
37.99% 6.14%
38.00% 6.20%
6.00%
36.00% 5.80%
34.00% 5.60%
2002 2003 2004 2005 2002 2003
paid in capital statutory reserve
paid in capital statutory reserv
68.00% 65.73% 0.35%

66.00% 0.30%
64.00% 61.69% 0.25%
62.00% 59.89% 0.20% 0.16% 0.17%
60.00%
58.00% 56.97% 0.15%
56.00% 0.10%
54.00% 0.05%
52.00% 0.00%
2002 2003 2004 2005 2002 2003
voluntary reserve cumulative change in fair value
voluntary reserve cumulative change in fair valu
0.37% 0.36% 3.00%

0.36% 2.50%
0.35% 0.34%
0.34% 2.00%
0.33%
0.33% 1.50%
0.37% 0.36% 3.00%

0.36% 2.50%
0.35% 0.34%
0.34% 2.00%
0.33%
0.33% 1.50%
0.32% 0.31%
1.00%
0.31%
0.50% 0.24%
0.30% 0.04%
0.29% 0.00%
2002 2003 2004 2005 2002 2003
accumulated losses total shareholders' e
16.00% 13.77% 13.72% 56.00%

14.00% 53.86%
54.00%
12.00% 10.45%
10.00% 52.00%
49.90%
8.00% 50.00%
6.00% 48.00%
3.35%
4.00%
2.00% 46.00%
0.00% 44.00%
2002 2003 2004 2005 2002 2003
total liabilities and shareholders' equity
120.00%
100.00% 100.00% 100.00% 100.00%
100.00%
80.00%
60.00%
40.00%
20.00%
0.00%
2002 2003 2004 2005
HORIZONTAL COMMON ANALYSIS CHARTS , BALANCE SHEET
ASSETS CHARTS
300.00% 259.16% 265.13% 200.00%

250.00% 153.97%
150.00%
200.00%
100.00%
150.00% 126.21% 100.00%
300.00% 259.16% 265.13% 200.00%

250.00% 153.97%
150.00%
200.00%
100.00%
150.00% 126.21% 100.00%
100.00%
100.00%
50.00%
50.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
200.00% 181.06% 101.00% 100.41%

100.00%
100.00%
150.00%
104.20% 99.00%
100.00% 99.66%
100.00% 98.00%
97.00%
50.00%
96.00%
0.00% 95.00%
2002 2003 2004 2005 2002 2003
trading investments total current asse
trading investments total current ass
1200.00% 250.00%
1000.00% 200.00%
800.00%
150.00% 124.86%
600.00% 100.00%
100.00%
400.00%
200.00% 50.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
available for sale investments projects in progr
350.00% 120.00%
289.96% 100.00%
300.00% 100.00%
250.00% 80.00%
200.00% 160.08% 60.39%
141.24% 60.00%
150.00% 100.00%
100.00% 40.00%
50.00% 20.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
350.00% 120.00%
289.96% 100.00%
300.00% 100.00%
250.00% 80.00%
200.00% 160.08% 60.39%
141.24% 60.00%
150.00% 100.00%
100.00% 40.00%
50.00% 20.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
120.00% 105.00%
100.00% 100.00%
100.00% 93.31% 87.60% 100.00%
76.27% 95.13%
80.00%
95.00%
60.00%
90.00%
40.00%
20.00% 85.00%
0.00% 80.00%
2002 2003 2004 2005 2002 2003
LIABILITIES CHARTS
due to banks current portion of long te
due to banks current portion of long t
120.00% 120.00%
100.00% 100.00%
100.00% 100.00%
80.00% 66.50% 80.00%
60.00% 60.00%
40.00% 40.00%
17.19%
20.00% 3.75% 20.00% 7.93%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
1200.00% 1200.00%
1000.00% 1000.00%
800.00% 800.00%
600.00% 600.00%
400.00% 400.00%
200.00% 200.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
110.00% 107.03% 115.00%

105.00% 110.00% 107.67%
100.00%
100.00% 95.84% 105.00%
95.00% 100.00%
89.77% 100.00%
90.00%
85.00% 95.00%
80.00% 90.00%
2002 2003 2004 2005 2002 2003
120.00% 200.00%
100.00% 165.78%
100.00%
82.03% 150.00%
80.00%
58.68% 100.00%
60.00% 52.83% 100.00%
40.00%
50.00%
20.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
long term bonds other long term liabil
long term bonds other long term liab
300.00% 260.00% 120.00%

100.00% 99.83%
250.00% 225.00% 100.00%
200.00% 80.00%
150.00% 60.00%
100.00%
100.00% 40.00%
50.00%
50.00% 20.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
long term notes payable defferred tax liabiliti
120.00% 1200.00%
100.00%
100.00% 1000.00%
80.00% 800.00%
60.00% 50.00% 600.00%
40.00% 400.00%
20.00% 200.00%
0.00% 0.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
120.00% 1200.00%
100.00%
100.00% 1000.00%
80.00% 800.00%
60.00% 50.00% 600.00%
40.00% 400.00%
20.00% 200.00%
0.00% 0.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
total liabilities minority intrest
total liabilities minority intres
120.00% 104.47% 104.06% 101.00% 100.00%

100.00%
100.00% 100.00%
82.33% 99.00%
80.00% 98.00%
60.00% 97.00%
96.00% 95.58%
40.00%
95.00%
20.00% 94.00%
0.00% 93.00%
2002 2003 2004 2005 2002 2003
paid in capital statutory reserve
paid in capital statutory reserv
120.00% 200.00%
100.00% 100.00% 100.00% 100.00%
100.00%
150.00%
80.00%
100.00% 100.00%
60.00% 100.00%
40.00%
50.00%
20.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
120.00% 1000.00%
100.00% 100.00% 100.00% 100.00%
100.00% 800.00%
80.00%
600.00%
60.00%
400.00%
40.00%
20.00% 200.00% 100.00%
15.56%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
120.00% 1000.00%
100.00% 100.00% 100.00% 100.00%
100.00% 800.00%
80.00%
600.00%
60.00%
400.00%
40.00%
20.00% 200.00% 100.00%
15.56%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
accumulated losses total shareholders' eq
400.00% 380.01% 120.00%

355.42%
100.00%
350.00% 297.11% 100.00% 88.13%
300.00%
250.00% 80.00%
200.00% 60.00%
150.00% 100.00% 40.00%
100.00%
50.00% 20.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
105.00%
100.00%
100.00%
95.13%
95.00% 92.36%
90.00% 86.69%
85.00%
80.00%
2002 2003 2004 2005
S , BLANCE SHEET
* LIABILITIES CHARTS FOR , VERTICAL

* EQUITY CHARTS FOR , VERTICAL
* ASSETS CHARTS FOR , HORIZONTAL

accounts receivable, net
* LIABILITIES CHARTS FOR , HORIZONTAL
accounts receivable, net * EQUITY CHARTS FOR , HORIZONTAL
1.98% 1.90%
1.73%
1.22%
2002 2003 2004 2005
inventory
inventory
0.70%
0.64% 0.64%
0.61%
2002 2003 2004 2005
total current assets
10.14%
8.49%
5.98%
4.56%
2002 2003 2004 2005
projects in progress
2.28%
2.07%
1.32% 1.22%
2.28%
2.07%
1.32% 1.22%
2002 2003 2004 2005
total assets
total assets
100.00% 100.00% 100.00% 100.00%
2002 2003 2004 2005
TO THE TOP ^^^
current portion of long term loans
7.81%
2.54%
1.77%
0.65%
2002 2003 2004 2005
short term bond
short term bond
4.79%
1.48%
short term bond
short term bond
4.79%
1.48%
2002 2003 2004 2005
other current laibilities
3.10%
2.74% 2.90%
2.42%
2002 2003 2004 2005
long term loans
long term loans
24.03%
13.79%
7.47% 6.95%
2002 2003 2004 2005
other long term liabilities
4.35%
4.21%
4.01%
2002 2003 2004 2005

defferred tax liabilities
0.09%
2002 2003 2004 2005
minority intrest
minority intrest
6.95%
6.37%
6.14% 6.17%
2002 2003 2004 2005
TO THE TOP ^^^
statutory reserve
statutory reserve
0.29%
0.16% 0.17% 0.17%
2002 2003 2004 2005
cumulative change in fair value of investment
2.40%
2.40%
0.24% 0.14%
0.04%
2002 2003 2004 2005
total shareholders' equity
55.06%
53.86%
49.90%
48.57%
2002 2003 2004 2005
TO THE TOP ^^^
RTS , BALANCE SHEET
%
153.97%
% 131.11% 135.04%
100.00%
%
%
153.97%
% 131.11% 135.04%
100.00%
%
%
2002 2003 2004 2005
inventory
inventory
% 100.41%
100.00%
%
99.05%
%
% 97.11%
%
%
%
2002 2003 2004 2005
%
192.73%
% 172.05%
% 124.86%
100.00%
%
%
%
2002 2003 2004 2005
%
100.00% 95.28%
%
%
60.39% 54.24%
%
%
%
%
2002 2003 2004 2005
%
100.00% 95.28%
%
%
60.39% 54.24%
%
%
%
%
2002 2003 2004 2005
total assets
total assets
%
100.00%
%
95.13%
% 92.36%
% 86.69%
%
%
2002 2003 2004 2005
TO THE TOP ^^^
%
100.00%
%
%
%
% 28.22%
20.99%
% 7.93%
%
2002 2003 2004 2005
short term bond
short term bond
%
%
%
%
%
%
%
2002 2003 2004 2005
%
110.60% 111.06%
% 107.67%
%
100.00%
%
%
%
2002 2003 2004 2005
long term loans
long term loans
%
165.78%
%
100.00%
%
50.03% 43.72%
%
%
2002 2003 2004 2005
%
100.00% 99.83% 100.09%
%
%
%
%
%
0.00%
%
2002 2003 2004 2005
%
%
%
%
%
%
%
2002 2003 2004 2005
%
%
%
%
%
%
%
2002 2003 2004 2005
minority intrest
minority intrest
% 100.00%
%
% 98.09%
%
%
95.58% 95.72%
%
%
%
%
2002 2003 2004 2005
TO THE TOP ^^^
statutory reserve
statutory reserve
%
159.50%
%
100.00% 100.00% 100.00%
%
%
2002 2003 2004 2005
% 860.67%
%
%
%
% 100.00% 52.63%
15.56%
%
2002 2003 2004 2005
% 860.67%
%
%
%
% 100.00% 52.63%
15.56%
%
2002 2003 2004 2005
%
100.00%
% 88.13% 83.29% 88.62%
%
%
%
%
%
2002 2003 2004 2005
TO THE TOP ^^^
GO TO MAIN MENU==>
operating revenues
operating expenses

less : general and administrative expenses(wth othr exp)
other revenue ( other income )
gain on sale of investment in subsidiaries

net financing expences
loss from sale of investment , net
net profit (loss)befor income tax minority intrest & depreciation
depreciation
income tax

minority
net profit (loss)

Weighted Average Number of Common SHARE
loss per share
ZARA INVESTMENT COMPANY.
AMMAN JORDAN.
VERTICAL ANALYSIS HORIZONTAL ANALYSIS
2002 2003 2004 2005 2002 2003 2004

100.00% 100.00% 100.00% 100.00% 100.00% 107.48% 146.83%
77.82% 73.41% 64.81% 61.56% 100.00% 101.40% 122.30%
22.18% 26.59% 35.19% 38.44% 100.00% 128.81% 232.90%

8.87% 7.25% 4.53% 4.81% 100.00% 87.86% 75.07%
3.49% 0.16% EXCLUDED 0.27% 100.00% 4.98% EXCLUDED
1.02% 1.96% 1.44% 2.91% 100.00% 205.97% 207.56%
EXCLUDED 0.25% EXCLUDED
EXCLUDED 2.43% EXCLUDED
17.83% 21.45% 32.09% 39.50% 100.00% 129.36% 264.37%

18.39% 18.70% 11.90% 7.99% 100.00% 109.30% 95.01%
EXCLUDED 2.39% EXCLUDED 2.22% EXCLUDED
-0.56% 0.37% 20.20% 33.73% 100.00% -70.46% -5274.56%
EXCLUDED 1.86% EXCLUDED EXCLUDED
50.32% 47.99% 34.96% 28.05% 100.00% 102.48% 102.02%
-50.89% -49.47% -14.77% 5.68% 100.00% 104.49% 42.62%
0.04% EXCLUDED 0.02% 0.08% 100.00% EXCLUDED 90.15%
-50.92% -49.47% -14.79% 5.60% 100.00% 104.41% 42.65%

4.93% 1.25% 0.05% 1.46% 100.00% 27.24% 1.61%
-45.99% -48.22% -14.85% 4.15% 100.00% 112.69% 47.39%

448% 417% 305% 258% 100% 100% 100.00%
EXCLUDED 100.00% 112.69% 47.39%
GO TO MAIN MENU ==>

2005
173.66%
137.37%
300.97%
94.12%
13.45%
495.21%
384.80%
75.42%
-10418.39%
96.79%
-19.38%
358.44%
-19.10%
51.28%
-15.65%
100%
-15.65%
VERTICAL COMMON ANALYSIS CHARTS , INCOME STATEMENT
OPERATING REVENUES
operating revenues Linear (operating revenues)
120.00%
100.00% 100.00% 100.00%
100.00%
80.00%
60.00%
40.00%
20.00%
0.00%
2002 2003 2004
operating expenses net operating incom
100.00% 50.00%
77.82% 73.41%
80.00% 40.00%
64.81% 61.56%
60.00% 30.00% 26.59%
22.18%
40.00% 20.00%
20.00% 10.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
less : general and administrative expenses(wth othr exp) add : net profit from sale of aly
less : general and administrative expenses(wth othr exp) add : net profit from sale of a
10.00% 8.87% 4.00% 3.49%

7.25% 3.50%
8.00%
3.00%
6.00% 4.81% 2.50%
4.53%
2.00%
4.00% 1.50%
2.00% 1.00%
0.50% 0.16%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
other revenue ( other income ) change in fair value of trading
3.50% 0.30%
2.91%
3.00% 0.25%
2.50% 0.20%
1.96%
2.00%
1.44% 0.15%
1.50% 1.02%
0.10%
3.50% 0.30%
2.91%
3.00% 0.25%
2.50% 0.20%
1.96%
2.00%
1.44% 0.15%
1.50% 1.02%
1.00% 0.10%
0.50% 0.05%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
gain on sale of investment in subsidiaries net profit from opera
3.00% 50.00%
2.43%
2.50% 40.00%
2.00%
30.00%
1.50% 21.45%
17.83%
20.00%
1.00%
0.50% 10.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
net financing expences loss from sale of investm
20.00% 18.39% 18.70% 2.45%

2.39%
2.40%
15.00% 2.35%
11.90%
2.30%
10.00% 7.99%
2.25%
5.00% 2.20%
2.15%
0.00% 2.10%
2002 2003 2004 2005 2002 2003
net profit (loss)befor income tax minority intrest & depreciation impairment loss from inv
impairment loss from inve

net profit (loss)befor income tax minority intrest &
depreciation
2.00% 1.86%
40.00% 33.73% 1.50%
30.00%
20.20% 1.00%
20.00%
10.00% 0.50%
0.37%
0.00% 0.00%
-0.56%
2002 2003 2004 2005
-10.00% 2002 2003
40.00% 33.73% 1.50%
30.00%
20.20% 1.00%
20.00%
10.00% 0.50%
0.37%
0.00% 0.00%
-0.56%
2002 2003 2004 2005
-10.00% 2002 2003
depreciation net profit (loss) befor income tax a
60.00% 10.00%
50.32% 47.99%
50.00% 0.00%
40.00% 34.96% -10.00% 2002 2003
28.05%
30.00% -20.00%
20.00% -30.00%
10.00% -40.00%
0.00% -50.00%
-50.89% -49.47%
2002 2003 2004 2005 -60.00%
income tax net profit (loss) after inc
income tax net profit (loss) after in
0.10% 10.00%
0.08%
0.08% 0.00%
-10.00% 2002 2003
0.06%
0.04% -20.00%
0.04%
0.02% -30.00%
0.02% -40.00%
0.00% -50.00%
-50.92% -49.47%
2002 2003 2004 2005 -60.00%
minority net profit (loss)
6.00% 10.00%
4.93%
5.00% 0.00%
4.00% -10.00% 2002 2003
3.00% -20.00%
2.00% 1.25% 1.46% -30.00%
1.00% -40.00%
0.05%
0.00% -50.00% -45.99% -48.22%
2002 2003 2004 2005 -60.00%
Weighted Average Number of Common SHARE loss per share
500% 448% 1200.00%

417%
400% 1000.00%
305% 800.00%
300% 258%
600.00%
200%
400.00%
100% 200.00%
0% 0.00%
500% 448% 1200.00%

417%
400% 1000.00%
305% 800.00%
300% 258%
600.00%
200%
400.00%
100% 200.00%
0% 0.00%
2002 2003 2004 2005 2002 2003
HORIZONTAL COMMON ANALYSIS CHARTS , INCOME STATEM
OPERATING REVENUES
operating revenues Linear (operating revenues)
200.00%
146.83%
150.00% 107.48%
100.00%
100.00%
50.00%
0.00%
2002 2003 2004
operating expenses net operating inco
150.00% 137.37% 400.00%

122.30%
100.00% 101.40% 300.00%
100.00%
200.00% 128.81%
50.00% 100.00%
100.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
less : general and administrative expenses(wth othr exp) add : net profit from sale of aly
less : general and administrative expenses(wth othr exp) add : net profit from sale of
120.00% 120.00%
100.00% 94.12% 100.00%
100.00% 87.86% 100.00%
75.07%
80.00% 80.00%
60.00% 60.00%
40.00% 40.00%
20.00% 20.00% 4.98%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
less : general and administrative expenses(wth othr exp) add : net profit from sale of
120.00% 120.00%
100.00% 94.12% 100.00%
100.00% 87.86% 100.00%
75.07%
80.00% 80.00%
60.00% 60.00%
40.00% 40.00%
20.00% 20.00% 4.98%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
other revenue ( other income ) change in fair value of trad
600.00% 1200.00%
495.21%
500.00% 1000.00%
400.00% 800.00%
300.00% 600.00%
205.97% 207.56%
200.00% 400.00%
100.00%
100.00% 200.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
gain on sale of investment in subsidiaries net profit from oper
1200.00% 500.00%
1000.00% 400.00%
800.00%
300.00%
600.00%
200.00% 129.36%
400.00% 100.00%
200.00% 100.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
120.00% 109.30% 1200.00%

100.00% 95.01%
100.00% 1000.00%
75.42%
80.00% 800.00%
60.00% 600.00%
40.00% 400.00%
20.00% 200.00%
0.00% 0.00%
2002 2003 2004 2005 2002 2003
impairment loss from inv

1200.00%
2000.00% 100.00% 1000.00%
0.00% 800.00%
-2000.00% 2002 -70.46%
2003 2004 2005 600.00%
-4000.00%
impairment loss from inv

1200.00%
2000.00% 100.00% 1000.00%
0.00% 800.00%
-2000.00% 2002 -70.46%
2003 2004 2005 600.00%
-4000.00%
400.00%
-6000.00% -5274.56%
-8000.00% 200.00%
-10000.00% 0.00%
-12000.00% -10418.39% 2002 2003
104.00% 102.48% 120.00% 100.00% 104.49%

102.02%
102.00% 100.00%
100.00%
100.00% 80.00%
60.00%
98.00% 96.79%
40.00%
96.00%
20.00%
94.00% 0.00%
92.00% -20.00% 2002 2003
2002 2003 2004 2005 -40.00%
income tax net profit (loss) after inc
income tax net profit (loss) after in
400.00% 358.44% 120.00% 100.00% 104.41%

350.00% 100.00%
300.00% 80.00%
250.00%
60.00%
200.00%
150.00% 40.00%
100.00% 90.15%
100.00% 20.00%
50.00% 0.00%
0.00% -20.00% 2002 2003
2002 2003 2004 2005 -40.00%
120.00% 140.00%
100.00% 112.69%
100.00% 120.00% 100.00%
100.00%
80.00%
80.00%
60.00% 51.28% 60.00%
40.00% 27.24% 40.00%
20.00%
20.00%
1.61% 0.00%
0.00% -20.00% 2002 2003
2002 2003 2004 2005 -40.00%
120.00% 140.00%
100.00% 112.69%
100.00% 120.00% 100.00%
100.00%
80.00%
80.00%
60.00% 51.28% 60.00%
40.00% 27.24% 40.00%
20.00% 20.00%
1.61% 0.00%
0.00% -20.00% 2002 2003
2002 2003 2004 2005 -40.00%
120% 140.00%
100% 100% 100% 100% 112.69%
100% 120.00% 100.00%
100.00%
80%
80.00%
60% 60.00%
40% 40.00%
20% 20.00%
0.00%
0% -20.00% 2002 2003
2002 2003 2004 2005 -40.00%
S , INCOME STATEMENT .
TO THE HORIZONTAL
ating revenues)
100.00% 100.00%
100%
2004 2006
2005
38.44%
35.19%
26.59%
22.18%
2002 2003 2004 2005
3.49%
0.16% 0.27%
2002 2003 2004 2005
0.25%
0.25%
2002 2003 2004 2005
39.50%
32.09%
21.45%
17.83%
2002 2003 2004 2005
2.39%
2.22%
2002 2003 2004 2005
1.86%
2002 2003 2004 2005

2002 2003 2004 2005
5.68%
2002 2003 2004 2005

-14.77%
-50.89% -49.47%
% 5.60%
%
% 2002 2003 2004 2005
% -14.79%
%
%
%
-50.92% -49.47%
%
net profit (loss)
net profit (loss)
4.15%
2002 2003 2004 2005

-14.85%
-45.99% -48.22%
loss per share
loss per share
%
%
%
%
%
%
%
loss per share
loss per share
%
%
%
%
%
%
%
2002 2003 2004 2005
TO THE TOP ^^^
RTS , INCOME STATEMENT .
enues)
193.00
173.66%
146.83%
2004 2005
2006
%
300.97%
% 232.90%
% 128.81%
100.00%
%
%
2002 2003 2004 2005
%
100.00%
%
%
%
%
% 13.45%
4.98%
%
2002 2003 2004 2005
%
100.00%
%
%
%
%
% 13.45%
4.98%
%
2002 2003 2004 2005
%
%
%
%
%
%
%
2002 2003 2004 2005
%
384.80%
%
% 264.37%
% 129.36%
100.00%
%
%
2002 2003 2004 2005
%
%
%
%
%
%
%
2002 2003 2004 2005
%
%
%
%
%
%
%
%
%
%
%
2002 2003 2004 2005
% 100.00% 104.49%
%
%
% 42.62%
%
%
%
% 2002 2003 2004 2005
% -19.38%
% 100.00% 104.41%
%
%
% 42.65%
%
%
%
% 2002 2003 2004 2005
-19.10%
%
net profit (loss)
net profit (loss)
%
% 112.69%
100.00%
%
%
% 47.39%
%
%
%
% 2002 2003 2004 2005
-15.65%
%
%
% 112.69%
100.00%
%
%
% 47.39%
%
%
%
% 2002 2003 2004 2005
-15.65%
%
loss per share
loss per share
%
% 112.69%
100.00%
%
%
% 47.39%
%
%
%
% 2002 2003 2004 2005
-15.65%
%
TO THE TOP ^^^
GO TO MAIN MENU==>
LIQUIDITY OF SHORT-TERM ASSETS RATIOS .
2002 2003
* Current Ratio=Time 0.38 0.58
more is better
This ratio indicates how mush of current liabilities are covered by current assets , * for example in 2005 eac
current liabilities can be covered by (1.39) JD from current assets .
Comments :
The current ratio increased because of the increase in current assets and decrease in current liabilities
* Current Ratio=Time
* Current Ratio=Time Linear (* Current Ratio=Time)
1.50
1.00
0.50
-
2002 2003 2004 2005
2002 2003
* Days' Revenues in Receivables 47.56 57.25
less is better
This ratio gives an indication of the length of time that the receivables have been outstanding at the end of
example in 2005 the company needed (31.05) days in order to collect its receivables .
Comments :
we observed that Days' operating revenues in Receivables in 2005 compared to prior years was lower desp
in revenues by (18% ) which indicate improvement in collections policies .
* Days' Revenues in Receivables
* Days' Revenues in Receivables Linear (* Days' Revenues in Receivables)
60.00
40.00
20.00
2002 2003 2004 2005
2002 2003
* Account Receivable Turnover 7.67 7.19
more is better
This ratio gives an indication about the number of times that the company can collect its receivables during
example the company can collect its receivables (11.85) Times during the year 2005 .
Comments :
we observed that Account Receivables Turnover in 2005 compared to prior years was higher for the same r
discussed before .
* Account Receivable Turnover
* Account Receivable Turnover Linear (* Account Receivable Turnover)
15.00
10.00
5.00
2002 2003 2004 2005
15.00
10.00
5.00
2002 2003 2004 2005
2002 2003
* Account Receivable Turnover in Days 47.56 50.75
less is better
This ratio is the same as Days' operating revenues in Receivables except using The Average gross receiva
gross receivables .
* Account Receivable Turnover in Days
* Account Receivable Turnover in Days Linear (* Account Receivable Turnover in Days)
55.00
40.00
25.00
2002 2003 2004 2005
2002 2003
* Days' Revenues in Inventory 22.49 22.27
less is better
This ratio indicates the length of time it take to use inventory through operating revenues , * for example in
company needed (16.21) days from the acquisition of inventory until the realization of cash through operati
* Days' Revenues in Inventory
* Days' Revenues in Inventory Linear (* Days' Revenues in Inventory)
30.00
20.00
* Days' Revenues in Inventory
* Days' Revenues in Inventory Linear (* Days' Revenues in Inventory)
30.00
20.00
10.00
2002 2003 2004 2005
2002 2003
* Inventory Turnover 16.23 16.42
more is better
This ratio gives an indication about the number of times that the company can sell its inventory during the y
example in 2005 the company sold its inventory (22.73) Times during the year .
* Inventory Turnover
* Inventory Turnover
Linear (* Inventory Turnover)
25.00
20.00
15.00
2002 2003 2004 2005
2002 2003
* Inventory Turnover in Days 22.49 22.22
less is better
This ratio is the same as Days' revenues in Inventory except using The Average inventory instead of endin
* Inventory Turnover in Days
* Inventory Turnover in Days Linear (* Inventory Turnover in Days)
30.00
20.00
10.00
2002 2003 2004 2005
2002 2003
* Acid-Test Ratio (Quick Ratio) 0.33 0.52
more is better
This ratio is the same as current ratio but its more conservative because we exclude inventory from it beca
characterized by slow moving or possibly absolute .
* Acid-Test Ratio (Quick Ratio)
* Acid-Test Ratio (Quick Ratio) Linear (* Acid-Test Ratio (Quick Ratio))
1.40
0.70
-
2002 2003 2004 2005
2002 2003
* Cash Ratio 0.15 0.23
more is better
This ratio indicates the immediate liquidity of the firm, So its extremely conservative because it uses only c
marketable securities .
* Cash Ratio
* Cash Ratio Linear (* Cash Ratio )
0.80
0.40
-
2002 2003 2004 2005
2002 2003
* Working Capital $ (16,202,682) $ (9,006,695)
more is better
This formula indicates short run solvency of the business
Comments :
1- Working Capital for 2005 was higher because Current Assets have increased .
2- The increase in Current Assets with dencrease in Current Liabilities .
* Working Capital
* Working Capital Linear (* Working Capital)
$10,000,000
$5,000,000
* Working Capital
* Working Capital Linear (* Working Capital)
$10,000,000
$5,000,000
$-
2002 2003 2004 2005
$(5,000,000)
$(10,000,000)
$(15,000,000)
$(20,000,000)
2002 2003
* Revenues to working Capital (1.72) (2.38)
more is better
This ratio indicates the efficiency of management using the working capital to create operating revenues ,
the lower of this ratio means that operating revenues are not adequate in relation to the available working c
* Revenues to working Capital
* Revenues to working Capital Linear (* Revenues to working Capital)
15.00
10.00
5.00
-
(5.00)2002 2003 2004 2005
(10.00)
(15.00)
2002 2003
* Operating Cycle 70.05 72.98
less is better
This ratio represents the period of time elapsing between the acquisition of goods and the final cash relizat
from operating revenues .
Comments :
1- In 2005 the collection policies of Receivables were improved efficiently compared to 2002 .
2- Increase in the volume of operating revenues result in a higher Inventory Turnover in Days .
* Operating Cycle
* Operating Cycle Linear (* Operating Cycle)
80.00
50.00
20.00
2002 2003 2004 2005
M ASSETS RATIOS .
Days' Revenues in Receivables

Account Receivable Turnover
Account Receivable Turnover in Days
2004 2005 Days' Revenues in Inventory
1.12 1.39 Inventory Turnover
Inventory Turnover in Days
Acid-Test Ratio (Quick Ratio)
Cash Ratio
Working Capital
rent assets , * for example in 2005 each one JD of
Revenues to WorkingCapital
Operating Cycle
and decrease in current liabilities
Time)
2005
TO THE TOP ^^^
2004 2005
36.12 31.05
s have been outstanding at the end of the year, * for

its receivables .
ompared to prior years was lower despite the increase
cies .
bles
n Receivables)
2005
TO THE TOP ^^^
2004 2005
9.36 11.85
pany can collect its receivables during the year, * for

the year 2005 .
prior years was higher for the same reasons
ver
ble Turnover)
2005
2005
TO THE TOP ^^^
2004 2005
39.01 30.79
cept using The Average gross receivables instead of
ver in Days
eivable Turnover in Days)
2005
TO THE TOP ^^^
2004 2005
17.86 16.21
operating revenues , * for example in 2005 the

he realization of cash through operating revenues .
n Inventory)
n Inventory)
2005
TO THE TOP ^^^
2004 2005
20.10 22.73
pany can sell its inventory during the year, * for

the year .
2005
TO THE TOP ^^^
2004 2005
18.16 16.05
he Average inventory instead of ending inventory .
y Turnover in Days)
2005
TO THE TOP ^^^
2004 2005
1.03 1.30
use we exclude inventory from it because inventory
tio)
est Ratio (Quick Ratio))
2005
TO THE TOP ^^^

2004 2005
0.67 0.76
y conservative because it uses only cash and
tio )
2005
TO THE TOP ^^^
2004 2005
$ 1,829,583 $ 5,430,906
increased .
s.
04 2005
TO THE TOP ^^^
2004 2005
(11.42) 13.36
capital to create operating revenues , in other word

e in relation to the available working capital .
ital
o working Capital)
4 2005
TO THE TOP ^^^

2004 2005
57.17 46.85
ion of goods and the final cash relization resulting
ntly compared to 2002 .

entory Turnover in Days .
ng Cycle)
2005
TO THE TOP ^^^
GO TO MAIN MENU==>
LONG-TERM DEBT-PAYING ABILITY RATIOS .
2002 2003 2004

* Times Interest earned (1.70) (1.61) (0.22)
more is better
This ratio indicates how many times the earnings of the company have ability to cover its interest obligation
the year, * for example in 2005 the company's earnings were able to cover the interest obligation (1.68) time
Comments :
The increase in this ratio due to the decrease in interest expense with increase in net income before tax .
* Times Interest earned
* Times Interest earned Linear (* Times Interest earned)
2.00
1.00
-
2002 2003 2004 2005
(1.00)
(2.00)
2002 2003 2004

* Fixed Charge Coverage (1.70) (1.61) (0.22)
more is better
The result of this ratio is the same as Times Interest Earned because we didn't have any Fixed Charges.
* Fixed Charge Coverage
* Fixed Charge Coverage Linear (* Fixed Charge Coverage)
2.00
1.00
-
2002 2003 2004 2005
(1.00)
(2.00)
2002 2003 2004

* Debt Ratio 40.00% 43.93% 45.07%
less is better
This ratio indicates the percentage of Assets financed by Creditors, * for example in 2005 each one JD of as
have (37.99%) obligation .
Comments :
1- In 2005 total liabilities decreased , but greater than decrease in the total Assets .
2- In 2004 compared with 2003 the increase in this ratio because the decrease in total liabilities , but less th
decrease in total assets .
3- In 2003 compared with 2002 the increase in this ratio because the decrease in total assets and increase i
liabilities .
* Debt Ratio
* Debt Ratio Linear (* Debt Ratio )
46.00%
41.00%
* Debt Ratio
* Debt Ratio Linear (* Debt Ratio )
46.00%
41.00%
36.00%
2002 2003 2004 2005
2002 2003 2004

* Debt - Equity Ratio 74.27% 88.04% 92.79%
less is better
This ratio indicates how well creditors are protected in case of insolvency, * for example in 2005 each one J
equity have (6.8996 JD) debt .
Comments :
1- In 2004 compared with 2003 the increase in this ratio because the decrease in total liabilities , but less th
decrease in shareholders' equity .
2- In 2003 compared with 2002 the increase in this ratio because the decrease in shareholders' equity and in
in total liabilities .
* Debt - Equity Ratio
* Debt - Equity Ratio Linear (* Debt - Equity Ratio)
100.00%
80.00%
60.00%
2002 2003 2004 2005
2002 2003 2004
* Debt to Tangible Net Worth Ratio 74.27% 88.04% 92.79%
less is better
This ratio indicates how well creditors are protected in case of insolvency (Excluding Intangible Assets),
example in 2005 each one JD of equity have (6.8996 JD) debt .
Comments :
The Company didn't have any Intangible Assets which result in a same percentages as Debt/Equity Ratio .
* Debt to Tangible Net Worth Ratio
* Debt to Tangible Net Worth Ratio Linear (* Debt to Tangible Net Worth Ratio)
100.00%
80.00%
60.00%
2002 2003 2004 2005
LITY RATIOS .
Fixed Charge Coverage

Debt Ratio
Debt - Equity Ratio
2005 Debt to Tangible Net Worth Ratio
1.68
cover its interest obligation during

terest obligation (1.68) times.
n net income before tax .
ned)
2005
TO THE TOP ^^^
2005
1.68
ave any Fixed Charges.
rage)
2005
TO THE TOP ^^^
2005
37.99%
e in 2005 each one JD of assets
ets .
total liabilities , but less than
total assets and increase in total

2005
TO THE TOP ^^^
2005
69.00%
example in 2005 each one JD of
total liabilities , but less than
shareholders' equity and increase
2005
TO THE TOP ^^^

2005
69.00%
uding Intangible Assets), * for
ges as Debt/Equity Ratio .
Worth Ratio)
2005
TO THE TOP ^^^
GO TO MAIN MENU==>
PROFITABILITY RATIOS .
2002 2003 2004

* Net profit margin -50.92% -49.47% -14.79%
more is better
This ratio gives a measure of net income JDs generated by each one JD of operating revenues, * for examp
one JD of operating revenues generate (5.60%) net income .
Comments :
1. We observe a low level for this ratio between 2002 - 2004 with a positive increase in 2005 .
2. Increase the volume of operating revenues in 2005 but less than the increase of Net Income .
* Net profit margin
* Net profit margin Linear (* Net profit margin)
30.00%
0.00%
2002 2003 2004 2005 2006
-30.00%
-60.00%
2002 2003 2004

* Total Asset Turnover 0.127 0.140 0.199
more is better
This ratio measures the activity of the assets and the ability of the firm to generate operating revenues thro
the assets, in 2005 the company was able to use its assets (0.247) Times in order to generate operating reve
Comments :
The increase in this ratio due to the increase in operating revenues
* Total Asset Turnover
* Total Asset Turnover Linear (* Total Asset Turnover)
0.300
0.150
0.000
2002 2003 2004 2005 2006
-0.150
2002 2003 2004

* Return On Assets -6.48% -6.94% -2.95%
more is better
This ratio measures the firms ability to utilize its assets to create profits by comparing profits with the asse
the profits .
* Return On Assets
* Return On Assets Linear (* Return On Assets)
6.00%
4.00%
2.00%
0.00%
2002 2003 2004 2005 2006
-2.00%
-4.00%
-6.00%
-8.00%
6.00%
4.00%
2.00%
0.00%
2002 2003 2004 2005 2006
-2.00%
-4.00%
-6.00%
-8.00%
2002 2003 2004

* Dupont Return on Asset -6.48% -6.94% -2.95%
more is better
It’s the same as Return on Assets ratio - but in a different formula - to show us the most effective items in ra
* Dupont Return on Asset
* Dupont Return on Asset Linear (* Dupont Return on Asset)
4.00%
0.00%
2002 2003 2004 2005 2006
-4.00%
-8.00%
2002 2003 2004

* Operating Income Margin 17.83% 21.45% 32.09%
more is better
This ratio gives a measure of the operational net income JDs generated by each one JD of operating revenu
in 2005 each one JD of operating revenues generate (39.50%) net income .
Comments :
This ratio is greater than Net Profit Margin ratio because we did not deduct other expenses from it like the N
Income.
* Operating Income Margin
* Operating Income Margin Linear (* Operating Income Margin)
50.00%
25.00%
0.00%
2002 2003 2004 2005 2006
2002 2003 2004

* Operating Asset Turnover 0.13 0.14 0.20
more is better
This ratio measures the activity of the operating assets and the ability of the firm to generate operating reve
use of the operating assets, in 2005 the company was able to use its operating assets (0.25) Times in order
operating revenues .
Comments :
This ratio is greater than the Total Assets Turnover ratio because we excluded the construction in progress
the dominator .
* Operating Asset Turnover
* Operating Asset Turnover Linear (* Operating Asset Turnover)
0.45
0.30
* Operating Asset Turnover
* Operating Asset Turnover Linear (* Operating Asset Turnover)
0.45
0.30
0.15
0.00
2002 2003 2004 2005 2006
2002 2003 2004

* Return on Operating Assets 2% 3.06% 6.48%
more is better
This ratio measures the firms ability to utilize its operating assets to create profits by comparing profits wit
generate the profits .
Comments :
This ratio is the same as Return on Total Assets except that we use operating Assets .
* Return on Operating Assets
* Return on Operating Assets Linear (* Return on Operating Assets)
15%
10%
5%
0%
2002 2003 2004 2005 2006
2002 2003 2004
* Dupont Return on Operating assets 2.32% 3.06% 6.48%
more is better
It’s the same as Return on operating Assets ratio - but in a different formula - to show us the most effective
* Dupont Return on Operating assets
* Dupont Return on Operating assets Linear (* Dupont Return on Operating assets)
16.00%
8.00%
0.00%
2002 2003 2004 2005 2006
2002 2003 2004

* revenues to fixed assets 0.140 0.155 0.227
more is better
This ratio measures the firm ability to make productive use of its property, plant, and equipment by generat
revenues JDs .
Comments :
The company has used its Fixed assets more efficiently in 2005 than the previous two years to create oper
revenues .
* revenues to fixed assets
* revenues to fixed assets Linear (* revenues to fixed assets)
0.400
0.300
* revenues to fixed assets
* revenues to fixed assets Linear (* revenues to fixed assets)
0.400
0.300
0.200
0.100
0.000
2002 2003 2004 2005 2006
2002 2003 2004

* Return On Investment -5.42% -6.01% -1.50%
more is better
This ratio measures the income earned on the invested capital.
Comments :
From 2004 - 2005 there was no long term note payable which cause an increase in this ratio.
* Return On Investment
* Return On Investment Linear (* Return On Investment)
8.00%
0.00%
2002 2003 2004 2005 2006
-8.00%
2002 2003 2004
* Return On Total Equity -10.87% -13.02% -6.01%
more is better
This ratio measures the return on both the common and preferred stockholders , for example in 2005 the re
common and preferred stocks were (1.98 %)
Comments :
We observe that Return on Total equity in 2005 compared to prior years was higher for the following reason
1- Increase the volume of operating revenues .
2-There was no Redeemable Preferred stocks.
3- Also there was an increase in Total Equity but it was less than the increase in Net Income .
* Return On Total Equity
* Return On Total Equity Linear (* Return On Total Equity)
10.00%
0.00%
2002 2003 2004 2005 2006
-10.00%
-20.00%
2002 2003 2004

* Return On Common Equity -10.87% -13.02% -6.01%
more is better
This ratio measures the return to the common stockholders' ( the residual owners ) , * for example in 2005 t
common equity (1.98 %)
Comments :
The results were the same as Return on Total Equity because we did not have any Preferred Stock .
2002 2003 2004

* Gross Profit Margin 22.18% 26.59% 35.19%
more is better
This ratio indicates how much operating revenues contribute in Gross Profit , * for example in 2005 each on
operating revenues result in (38.19%) in gross profit .
Comments :
The percentage of operating expenses from operating revenues have increase due to the increase in operat
* Gross Profit Margin
* Gross Profit Margin Linear (* Gross Profit Margin)
50.00%
40.00%
30.00%
20.00%
2002 2003 2004 2005 2006
Total Assets Turnover
Return On Assets
Prediction Dupont Return On Assets
2005 2006 Operating Income Margin
5.60% 12.9% Operating Assets Turnover
Return On Operating Assets
Dupont Return On Operating Assets
Revenues to Fixed Assets
Return On Investment
g revenues, * for example in 2005 each
Return On Total Equity
Return On Common Equity
Gross Profit Margin
Net Income .
2006
TO THE TOP ^^^
Prediction
2005 2006
0.247 0.294
operating revenues through the use of
generate operating revenues .
2006
TO THE TOP ^^^
Prediction
2005 2006
1.38% 3.5%
ng profits with the assets that generate
2006
2006
TO THE TOP ^^^
Prediction
2005 2006
1.38% 3.80%
most effective items in ratios .
set)
2006
TO THE TOP ^^^
Prediction
2005 2006
39.50% 46.9%
e JD of operating revenues, for example
penses from it like the Net
argin)
2006
TO THE TOP ^^^
Prediction
2005 2006
0.25 0.31
generate operating revenues through the

ets (0.25) Times in order to generate
construction in progress from
ver)
ver)
2006
TO THE TOP ^^^
Prediction
2005 2006
9.92% 12%
by comparing profits with the assets that
ts .
ssets)
2006
TO THE TOP ^^^

Prediction
2005 2006
9.92% 14.5%
ow us the most effective items in ratios.
perating assets)
2006
TO THE TOP ^^^
Prediction
2005 2006
0.296 0.325
d equipment by generating operating
wo years to create operating
ets)
ets)
2006
TO THE TOP ^^^
Prediction
2005 2006
1.61% 5.30%
this ratio.
t)
2006
TO THE TOP ^^^

Prediction
2005 2006
1.98% 4.50%
or example in 2005 the return on both
for the following reasons:
t Income .
TO THE TOP ^^^
2005
1.98%
, * for example in 2005 the return on
Preferred Stock .
TO THE TOP ^^^
Prediction
2005 2006
38.44% 46%
example in 2005 each one JD Net
to the increase in operating revenues .
2006
TO THE TOP ^^^
GO TO MAIN MENU ==>

FOR THE INVESTORS .
2002 2003 2004

* Degree of financial leverage 0.63 0.62 0.18
The Degree of Financial Leverage is the multiplication factor by which the net income changes as compared
change in Earnings Before Interest & Tax, for example in 2005 if Earnings Before Interest & Tax have increa
(10%) then the Net Income will increase { 10% X 2.48 } =(24.8%) .
Comments :
We observe a positive increase in the Degree of Financial Leverage in 2002,2003 and 2005 , which have a po
effect on Net Income also the Earnings per Share but in 2004 decreased .
* Degree of financial leverage
* Degree of financial leverage

Linear (* Degree of financial leverage)
3.00
2.50
2.00
1.50
1.00
0.50
0.00
2002 2003 2004 2005
2002 2003 2004

* Earnings per Common Share (0.103) (0.116) (0.049)
This ratio indicates the amount of income earned on a share of common stock during the accounting perio
Comments :
It's the same as Earnings per Share in the face of the Income Statement .
* Earnings per Common Share

* Earnings per Common Share
Linear (* Earnings per Common Share )
0.040
0.020
-
(0.020)2002 2003 2004 2005
(0.040)
(0.060)
(0.080)
(0.100)
(0.120)
(0.140)
2002 2003 2004

* Price/Earnings Ratio (8.08) (7.43) (27.32)
This ratio expresses the relationship between the market price of a share of common stock and the stock's
earnings per share, For example in 2005 market price per share equal (139.29) times the EPS.
Comments :
1- The increase in 2005 was due to the higher market price .

2- In 2004 the ratio decreased because the increase in EPS as a percentage was higher than the increase in
price .
3- In 2002 to 2004 the ratio was low due to the losses in the net income which lead to make the EPS in the n
.
* Price/Earnings Ratio
* Price/Earnings Ratio Linear (* Price/Earnings Ratio)
150.00
100.00
50.00
-
2002 2003 2004 2005
(50.00)
* Price/Earnings Ratio Linear (* Price/Earnings Ratio)
150.00
100.00
50.00
-
2002 2003 2004 2005
(50.00)
2002 2003 2004

* Percentage of Earnings Retained 100% 100% 100%
This ratio indicates the proportion of current earnings retained for internal growth (not paid out as dividend
Comments :
In the four years the earnings retained was 100% because the company wasn't have any dividends from pro
* Percentage of Earnings Retained
* Percentage of Earnings Retained
120%
60%
0%
2002 2003 2004 2005
2002 2003 2004

* Book Value per Share 0.95 0.83 0.79
This ratio indicates the amount of stockholder's equity that relates to each share of outstanding common st
For example in 2005 each Common Share has (0.84) of Stockholders' Equity.
Comments :
In 2005 this ratio was increased due to the increase in the Stockholders' Equity.
* Book Value per Share
* Book Value per Share

Linear (* Book Value per Share)
1.00
0.80
0.60
2002 2003 2004 2005
2002 2003 2004

* Market price / Book Value Per Share 0.88 1.03 1.69
Comments :
1- If the result of this ratio is greater than ( 1 ) that means the Market Price per share is greater than the Boo
Value per share which is better for the company .
2- Also, this means that the copmany has an efficient use of its resources, which reflected on its Stock Pric
3- Another reason can be the Speculation in Amman Stock Exchange.
4- In 2002 this ratio was low because increase in book value per share
* Market price / Book Value Per Share
* Market price / Book Value Per Share
3.00
1.75
0.50
2002 2003 2004 2005
3.00
1.75
0.50
2002 2003 2004 2005
NVESTORS .
Earnings Per Common Share

Price / Earnings Ratio
Percentage of Earnings Retained
2005 Book Value per Share
2.48 Market price / Book Value Per Share
come changes as compared to the

e Interest & Tax have increased
and 2005 , which have a positive
2005
TO THE TOP ^^^
2005
0.016
during the accounting period.

2005
TO THE TOP ^^^
2005
139.29
mon stock and the stock's current

mes the EPS.
higher than the increase in market
ad to make the EPS in the negative
Ratio)
2005
Ratio)
2005
TO THE TOP ^^^
2005
100%
th (not paid out as dividends).
ave any dividends from profits for shareholders .
2005
TO THE TOP ^^^
2005
0.84
e of outstanding common stock , *
2005
TO THE TOP ^^^
2005
2.67
hare is greater than the Book
h reflected on its Stock Price.
2005
2005
TO THE TOP ^^^
GO TO MENU==>
CASH FLOW (CF) RATIOS .
2002 2003 2004

* Operating(CF) / Current L-T D and Current N-P 0.39 1.80 4.10
more is better
This ratio indicates a firm's ability to meet its current maturities of debt.
Comments :
1- the company it was able to meet it's debt because of the positive operating cash flow for year 2002-2005
2- In 2005 the company could cover it's current debt (3.29) times by the operating cash only .
3- In 2005 the decrease in this ratio due to the increase in current portion of long term loans .
* Operating(CF) / Current L-T D and Current N-P
* Operating(CF) / Current L-T D and Current N-P

Linear (* Operating(CF) / Current L-T D and Current N-P)
5.00
2.50
0.00
2002 2003 2004 2005
2002 2003 2004

* Operating Cash Flow / Total Debt 7.60% 5.12% 16.16%
more is better
This ratio indicates a firm's ability to cover total debt with the yearly operating cash flows.
Comments :
This ratio is the same as Operating Cash Flow / Current except it covers total debt.
* Operating Cash Flow / Total Debt
* Operating Cash Flow / Total Debt Linear (* Operating Cash Flow / Total Debt)
25.00%
12.50%
0.00%
2002 2003 2004 2005
2002 2003 2004

* Operating Cash Flow Per Share 0.05 0.04 0.12
more is better
This ratio indicates the funds flow per common share outstanding.
Comments :
1- In 2005 each Common Share have been covered by (0.13) JD from the operating cash.
2- In 2003 the decrease in this ratio due to the decrease in operating cash flow in this year .
* Operating Cash Flow Per Share
* Operating Cash Flow Per Share Linear (* Operating Cash Flow Per Share)
0.14
0.07
* Operating Cash Flow Per Share
* Operating Cash Flow Per Share Linear (* Operating Cash Flow Per Share)
0.14
0.07
-
2002 2003 2004 2005
Operating Cash Flow / Total Debt
Operating Cash Flow Per Share
2005
3.29
g cash flow for year 2002-2005 .

ating cash only .
ong term loans .
nd Current N-P
P)
2005
TO THE TOP ^^^
2005
22.02%
g cash flows.
debt.
bt
w / Total Debt)
2005
TO THE TOP ^^^
2005
0.13
rating cash.
w in this year .
h Flow Per Share)

h Flow Per Share)
2005
TO THE TOP ^^^
GO TO MAIN MENU==>
MULTIVARIATE MODEL .
* Edward Altman developed a multivariate model to predict bankruptcy .
The model produces an overall discriminate score, called Z score .

* Z score of (2.675) was established as a practical cutoff point.
Z = 0.012 A + 0.014 B + 0.033 C + 0.006 D + 0.010 E
2002 2003 2004

While:
A= Working Capital (0.07) (0.04) 0.01
Total Assets
B= Retaimed Earnings 0.03 0.10 0.14

Total Assets
C= Earnings Before Interest & Tax 0.02 0.03 0.06

Total Assets
D= Market Value of Equity 1.18 1.17 1.82

Book Value of Total Debt
E= Sales 0.13 0.14 0.20

Total Assets
Z= 0.8697 1.0436 1.7125
* Because Z score of (3.1389) is greater than (2.675) in 2005, The Company is moving toward a less likely pos
regard to bankruptcy that mean the company is in a good financial position
* In 2002-2004 the z score close to bankruptcy and the company is moving toward a less likely position in reg
bankruptcy in 2005
y.
+ 0.010 E
2005
0.03
0.14
0.10
3.88
0.25
3.1389
moving toward a less likely position in
ward a less likely position in regared to

Trading Information 2001 2002
Par Value/Share (JD) 1 1
Closing Price (JD) 1.22 0.83
Value Traded (JD) 6,981,776 411,690
No. of Shares Traded 5,588,065 413,826
No. of Transactions 235 52
No. of Subscribed Shares 125,000,000 125,000,000
Market Capitalization 152,500,000 103,750,000
Fiscal Year Ended 31/12/2001 31/12/2003
Assets (JD) 2001 2002

Cash on Hand & at Banks 4,878,596 3,974,915
Account Receivables, Net 2,124,583 2,678,482
Short Term Investments 0 0
Total Current Assets 13,936,381 10,001,190
Long Term Investments 4,464,855 4,837,888
Fixed Assets, Net 186,412,112 200,004,379

Projects in Progress 25,172,545 4,552,017
Total fixed Assets 211,584,657 204,556,396
Other Assets 0 0
Total Assets 229,985,893 219,395,474
Liabilities & Shareholders Equity
Liabilities (JD) 2001 2002

Accounts and Notes Payable 3,917,088 2,868,286
Credit Banks 2,036,920 880,018
Short Term Loans 0 0
Accrued Part of Long Term Loans 11,098,375 17,138,690
Total Current Liabilities 25,642,484 26,203,872
Long Term Loans & Notes Payable 31,564,157 32,754,463
Corporate Bonds 20,000,000 20,000,000
Other Liabilities 21,346,994 22,275,315
Total Liabilities 98,553,635 101,233,650
Shareholders Equity (JD) 2001 2002

Authorized Capital 125,000,000 125,000,000
Subscribed Capital 125,000,000 125,000,000
Paid In Capital 125,000,000 125,000,000
Compulsory Reserves 344,748 344,748
Voluntary Reserve 689,496 689,496
Other Liabilities 0 0
Issuance Premium 33,089,781 0
Issuance Discount 0 0
Treasury Stocks 0 0
Proposed Dividends 0 0
Accumulated Change in Fair Value -101,854 -530,817
Retained Earnings -27,589,913 -7,341,603
Total Shareholders Equity 131,432,258 118,161,824
Total Liabilities & Shareholders Equity 229,985,893 219,395,474
Income Statement (JD) 2001 2002

Operating Revenues 29,366,683 27,919,913
Operating Expenses 21,997,212 21,726,592
Gross Profit 7,369,471 6,193,321
General and Administrative Expenses 2,186,335 2,476,479
Selling and Distribution Expenses 0 0
Depreciation (period) 13,363,151 14,050,564
Other Operating Expenses 13,363,151 14,050,564
Net Operating Income -8,180,015 -10,333,722
Other Revenues 1,313,436 1,259,902
Other Expenses 0 0
Minority Interest -1,079,507 -1,376,586
Income Before Interest & Tax -5,787,072 -7,697,234
Interest Expenses 5,537,706 5,270,617
Net Income Before Tax -11,324,778 -12,967,851
Income Tax (Period) 26,326 10,526
Income Tax (Previous years) 0 0
Other Provisions 0 0
Net Income -11,351,104 -12,978,377
Cash Flow (JD) 2001 2002

Cash Balance (Beginning) 14,255,328 4,878,596
Net Cash Flow from (Used In) Operating
Activities 4,260,771 6,666,570
Net Cash Flow from (Used In) Investing
Activities -16,079,002 -8,005,453
Net Cash Flow from (Used In) Financing
Activities 2,441,499 435,202
Cash Balance (Ending) 4,878,596 3,974,915
Financial Ratios 2001 2002
Turnover Ratio % 4.47 0.33
Earning Per Share (JD) 0 0
Dividend Per Share (JD) 0 0
Book Value Per Share (JD) 1.05 0.95
Price Earnings Ratio (Times) -13 -8
Dividend Yield % 0 0
Dividends Per Share to Earning Per Share
% 0 0
Price to Book Value (Times) 1.16 0.88
Gross Margin % 25.09 22.18

Margin Before Interest and Tax % -20 -28
Profit Margin % -39 -46
Return on Assets % -5 -6
Return on Equity % -9 -11
Debit Ratio % 42.85 46.14

Equity Ratio % 57.15 53.86
Interest Coverage Ratio (Times) -1 -1
Total Assets Turnover (Times ) 0.13 0.13

Fixed Assets Turnover (Times) 0.14 0.14
Working Capital Turnover (Times) -3 -2
Current Ratio (Times) 0.54 0.38

Working Capital (JD) -11,706,103 -16,202,682
2003 2004
1 1
0.86 1.33
365,784 3,434,081
407,066 2,957,588
292 1,333
125,000,000 125,000,000
107,500,000 166,250,000
31/12/2003 31/12/2004
2003 2004
5,016,918 10,301,423
4,123,982 3,511,649
0 0
12,487,408 17,206,673
6,833,118 7,744,591
186,633,104 175,213,296
2,748,788 2,468,879
189,381,892 177,682,175
0 0
208,702,418 202,633,439
2003 2004
2,574,962 2,748,879
585,238 151,268
10,000,000 3,000,000
2,609,142 3,596,717
21,494,103 15,377,090
51,404,425 15,135,349
10,000,000 52,000,000
21,664,523 21,705,848
104,563,051 104,218,287
2003 2004
125,000,000 125,000,000
125,000,000 125,000,000
125,000,000 125,000,000
344,748 344,748
689,496 689,496
0 0
0 0
0 0
0 0
0 0
-82,596 279,392
-21,812,281 -27,898,484
104,139,367 98,415,152
208,702,418 202,633,439
2003 2004
30,007,537 40,995,111
22,029,970 26,570,871
7,977,567 14,424,240
2,175,746 1,859,038
0 0
14,399,445 14,333,896
14,399,445 14,333,896
-8,597,624 -1,768,694
635,937 591,910
1,272,926 0
-374,965 22,137
-8,859,648 -1,198,921
5,611,030 4,877,793
-14,470,678 -6,076,714
0 9,489
0 0
0 0
-14,470,678 -6,086,203
2003 2004
3,974,915 5,016,918
4,690,074 14,761,045
-1,764,290 -3,159,332
-1,883,781 -6,317,208
5,016,918 10,301,423
2003 2004
0.33 2.37
0 0
0 0
0.83 0.79
-7 -27
0 0
0 0
1.03 1.69
26.59 35.19
-30 -3
-48 -15
-7 -3
-14 -6
50.1 51.43
49.9 48.57
-2 0
0.14 0.2
0.16 0.23
-3 22.41
0.58 1.12
-9,006,695 1,829,583
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FINANCIAL ANALYSIS

Under The Supervision of

HOLDING) COMPANY LIMITED

3. CASH FLOW STATEMENT

5. COMMON ANALYSIS BALANCE SHEET

6. COMMON ANALYSIS CHARTS FOR BALANCE

7. COMMON ANALYSIS INCOME STATEMENT

8. COMMON ANALYSIS CHARTS FOR INCOME S

10. LONG-TERM RATIOS

11. PROFITABILITY RATIOS

13. CASH FLOW RATIOS

14. MULTIVARIATE MODEL

ARTS FOR BALANCE SHEET

ARTS FOR INCOME STATEMENT

(In Jordanian dinars)

LIABILITIES AND SHAREHOLDERS' EQUITY

CHECK: T.ASSETS = T.LIA +T.EQUITY 0.00

2003 2004 2005

5,016,918 10,301,423 10,538,610

585,238 151,268 32,965

125,000,000 125,000,000 125,000,000

0.00 0.00 0.00

(In Jordanian Dinars)

For The Year Ended December 31,

net operating income

net profit from operation

net profit (loss)

r Ended December 31, 2002 2003 2004

27,919,913 30,007,537 40,995,111

6,193,321 7,977,567 14,424,240

4,976,744 6,437,758 13,157,112

(14,218,057) (14,845,643) (6,064,066)

(12,841,471) (14,470,678) (6,086,203)

GO TO MAIN MENU ==>

MAIN MENU ==>

(In Jordanian Dinars)

For The Year Ended December 31,

Cash Flow from Operating Activities

change in assets and liabilities

(increase) decrease in inventory

cash flow from investing activities

cash flows from financing activities

net increase (decrease) in cash on hand and at banks

2002 2003 2004 2005

(14,207,531) (14,845,643) (6,054,577) 2,753,715

14,050,564 14,399,445 14,333,896 13,599,712

233,021 (5,521) 44,192 (25,967)

(903,681) 1,042,003 5,284,505 355,490

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1. Market price per shares : 2002 2003

3- Provisions for doubtful debts ((allowance A\R)) 959,868 582,880

4. interest expences 5,270,617 5,682,969

ASSETS 2002 2003 2004

LIABILITIES AND SHAREHOLDERS' EQUITY

ANALYSIS HORIZONTAL ANALYSIS

2005 2002 2003 2004 2005

5.54% 100.00% 126.21% 259.16% 265.13%

0.02% 100.00% 66.50% 17.19% 3.75%

65.73% 100.00% 100.00% 100.00% 100.00%

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cash on hand at banks accounts receivable

cash on hand at banks accounts receivab

6.00% 5.54% 2.50%

ط§ظƒط³ظ„ ط´ظٹطھ ط±ط§ط¦ط¹ ظپظٹ ط§ظ„طھطظ„ظٹظ„ ط§ظ„ظ…ط§ظ„ظٹ

ط§ظƒط³ظ„ ط´ظٹطھ ط±ط§ط¦ط¹ ظپظٹ ط§ظ„طھطظ„ظٹظ„ ط§ظ„ظ…ط§ظ„ظٹ