I.

S 2014
Operating Revenues 10,883,815
Operating Costs (6,161,817)
Gross Profit 4,721,998
Other Income 171,476
Selling & Distribution Expenses (1,002,054)
General & Administrative Expenses (1,714,397)
Other Expenses (375,197)
Operating Profit 1,801,826
Finance Income 337,848
Finance Cost (154,469)
Net Finance Income 183,379
Income From Investments 204,991
Profit Before Tax 2,190,196
Income Tax Expense (719,213)
Deferred Tax 44,895
Total Income Tax (674,318)
Profit For The Year 1,515,878

B.S 2014 2013

Long Term Assets
Fixed Assets 10,831,035 10,737,745
Projects In Progress 1,062,478 405,964
Investment In Subsidaries 6,652,300 6,586,503
Available for Sale Investments 99,014 100,319
Other Assets 1,013,274 915,954
Deferred Tax Assets 353,717 308,822
Total Long Term Assets 20,011,818 19,055,307
Current Assets
Inventories 418,454 438,929
Trade Receivables 4,655,834 3,366,138
Debtors & Other Debit Balances 1,527,587 1,599,349
Held To Maturity Investments 277,398 0
Cash & Cash Equivalents 2,267,112 5,143,426
Total Current Assets 9,146,385 10,547,842
Current Liabilities
Loans 62,628 96,435
Creditors & Other Credit Balances 3,996,871 3,009,766
Provisions 546,967 467,690
Total Current Liabilities 4,606,466 3,573,891
Working Capital 4,539,919 6,973,951
Total Investments 24,551,737 26,029,258
Equity & Long Term Liabilities
Equity
Capital 17,070,716 17,070,716
Reserves 6,298,316 6,144,686
Retained earning 18,054 112,842
Net Profit For The Year 1,515,878 2,214,389
Dividends (736,209) 0
Total Equity 24,166,755 25,426,333
Long Term Liabilities
Loans 382,544 475,266
Creditors & Other Credit Balances 2,438 11,359
Total Long Term Liabilities 384,982 486,625
Total Equity & Long Term Liabilities 24,551,737 26,029,258

C.F 2014 2013

Cash Flows From Operating Activities
Cash Receipts 6,792,050 6,697,777
Sales Tax 253,500 294,043
Stamp Tax 31,579 34,607
Deposits Returned (4,225) (8,468)
Cash Paid To Suppliers (799,601) (558,221)
Payments Of NTRA (452,569) (150,080)
Payments Of Financial Lease 0 (1,116)
Dividends (569,641) (463,190)
Cash Paid To Employees (2,303,446) (2,148,464)
Cash Paid To Third Party (415,980) (453,338)
Cash Provided By Operating Activities 2,531,367 3,243,550
Interest Paid (8,134) (13,479)
Income Tax (573,793) (517,935)
Sales Tax (648,453) (479,401)
Other Tax (423,173) (339,817)
Other Payments (70,859) (407,722)
Net Cash Provided By Operating Activities 806,955 1,485,196
Cash Flows From Investing Activities
Purchase Of Fixed Assets (1,309,383) (560,948)
Acquisition Of Investments (65,797) (32,855)
Held To Maturity Investments (1,370,222) 0
Interest Received 28,342 37,824
Dividends Collected 141,505 380,449
Proceeds From Sale Of Held To Maturity 1,105,149 0
Proceeds From Securities 197,925 233,025
Proceeds From Money Market Fund 2,585 38,299
Net Cash Provided By Investing Activities (1,269,896) 95,794
Cash Flow From Financing Activities
Payment Of Loans (94,454) (131,162)
Dividends Paid To Shareholders (2,318,634) (769,365)
Net Cash Used In Financing Activities (2,413,088) (2,350,355)
Net Change In Cash (2,876,029) (769,365)
Cash & Cash Equivalents At Beg. 5,132,046 5,901,411
Cash & Cash Equivalents At End. 2,256,017 5,132,046
 Vertical Analysis 2014 (%)
Operating Revenues 10,883,815 100.00%
Operating Costs (6,161,817) -56.61%
Gross Profit 4,721,998 43.39%
Other Income 171,476 1.58%
Selling & Distribution Expenses (1,002,054) -9.21%
General & Administrative Expenses (1,714,397) -15.75%
Other Expenses (375,197) -3.45%
Operating Profit 1,801,826 16.56%
Finance Income 337,848 3.10%
Finance Cost (154,469) -1.42%
Net Finance Income 183,379 1.68%
Income From Investments 204,991 1.88%
Profit Before Tax 2,190,196 20.12%
Income Tax Expense (719,213) -6.61%
Deferred Tax 44,895 0.41%
Total Income Tax (674,318) -6.20%
Profit For The Year 1,515,878 13.93%

Vertical Analysis 2014

Long Term Assets
Fixed Assets 10,831,035
Projects In Progress 1,062,478
Investment In Subsidaries 6,652,300
Available for Sale Investments 99,014
Other Assets 1,013,274
Deferred Tax Assets 353,717
Total Long Term Assets 20,011,818
Current Assets
Inventories 418,454
Trade Receivables 4,655,834
Debtors & Other Debit Balances 1,527,587
Held To Maturity Investments 277,398
Cash & Cash Equivalents 2,267,112
Total Current Assets 9,146,385
Current Liabilities
Loans 62,628
Creditors & Other Credit Balances 3,996,871
Provisions 546,967
Total Current Liabilities 4,606,466
Working Capital 4,539,919
Total Investments 24,551,737
Equity & Long Term Liabilities
Equity
Capital 17,070,716
Reserves 6,298,316
Retained earning 18,054
Net Profit For The Year 1,515,878
Dividends (736,209)
Total Equity 24,166,755
Long Term Liabilities
Loans 382,544
Creditors & Other Credit Balances 2,438
Total Long Term Liabilities 384,982
Total Equity & Long Term Liabilities 24,551,737

Vertical Analysis 2014

Cash Flows From Operating Activities
Cash Receipts 6,792,050
Sales Tax 253,500
Stamp Tax 31,579
Deposits Returned (4,225)
Cash Paid To Suppliers (799,601)
Payments Of NTRA (452,569)
Payments Of Financial Lease 0
Dividends (569,641)
Cash Paid To Employees (2,303,446)
Cash Paid To Third Party (415,980)
Cash Provided By Operating Activities 2,531,367
Interest Paid (8,134)
Income Tax (573,793)
Sales Tax (648,453)
Other Tax (423,173)
Other Payments (70,859)
Net Cash Provided By Operating Activities 806,955
Cash Flows From Investing Activities
Purchase Of Fixed Assets (1,309,383)
Acquisition Of Investments (65,797)
Held To Maturity Investments (1,370,222)
Interest Received 28,342
Dividends Collected 141,505
Proceeds From Sale Of Held To Maturity 1,105,149
Proceeds From Securities 197,925
Proceeds From Money Market Fund 2,585
Net Cash Provided By Investing Activities (1,269,896)
Cash Flow From Financing Activities
Payment Of Loans (94,454)
Dividends Paid To Shareholders (2,318,634)
Net Cash Used In Financing Activities (2,413,088)
Net Change In Cash (2,876,029)
Cash & Cash Equivalents At Beg. 5,132,046
Cash & Cash Equivalents At End. 2,256,017
 2013 2014 (%) 2013 (%)

10,737,745 44.12% 41.25%

405,964 4.33% 1.56%
6,586,503 27.10% 25.30%
100,319 0.40% 0.39%
915,954 4.13% 3.52%
308,822 1.44% 1.19%
19,055,307 81.51% 73.21%

438,929 1.70% 1.69%

3,366,138 18.96% 12.93%
1,599,349 6.22% 6.14%
0 1.13% 0.00%
5,143,426 9.23% 19.76%
10,547,842 37.25% 40.52%

96,435 0.26% 0.37%

3,009,766 16.28% 11.56%
467,690 2.23% 1.80%
3,573,891 18.76% 13.73%
6,973,951 18.49% 26.79%
26,029,258 100.00% 100.00%
17,070,716 69.53% 65.58%
6,144,686 25.65% 23.61%
112,842 0.07% 0.43%
2,214,389 6.17% 8.51%
0 -3.00% 0.00%
25,426,333 98.43% 97.68%

475,266 1.56% 1.83%

11,359 0.01% 0.04%
486,625 1.57% 1.87%
26,029,258 100.00% 100.00%

2013 2014 (%) 2013 (%)

6,697,777 301.06% 130.51%

294,043 11.24% 5.73%
34,607 1.40% 0.67%
(8,468) -0.19% -0.17%
(558,221) -35.44% -10.88%
(150,080) -20.06% -2.92%
(1,116) 0.00% -0.02%
(463,190) -25.25% -9.03%
(2,148,464) -102.10% -41.86%
(453,338) -18.44% -8.83%
3,243,550 112.21% 63.20%
(13,479) -0.36% -0.26%
(517,935) -25.43% -10.09%
(479,401) -28.74% -9.34%
(339,817) -18.76% -6.62%
(407,722) -3.14% -7.94%
1,485,196 35.77% 28.94%

(560,948) -58.04% -10.93%

(32,855) -2.92% -0.64%
0 -60.74% 0.00%
37,824 1.26% 0.74%
380,449 6.27% 7.41%
0 48.99% 0.00%
233,025 8.77% 4.54%
38,299 0.11% 0.75%
95,794 -56.29% 1.87%
 (131,162) -4.19% -2.56%
(769,365) -102.78% -14.99%
(2,350,355) -106.96% -45.80%
(769,365) -127.48% -14.99%
5,901,411 227.48% 114.99%
5,132,046 100.00% 100.00%
 I.S 2015
Operating Revenues 10,390,211
Operating Costs (6,232,739)
Gross Profit 4,157,472
Other Income 198,363
Selling & Distribution Expenses (1,028,808)
General & Administrative Expenses (1,870,797)
Other Expenses (487,566)
Operating Profit 968,664
Finance Income 263,788
Finance Cost (14,981)
Net Finance Income 248,807
Income From Investments 421,522
Profit Before Tax 1,638,993
Income Tax Expense (358,353)
Deferred Tax (19,113)
Total Income Tax (377,466)
Profit For The Year 1,261,527

B.S 2015 2014

Long Term Assets
Fixed Assets 11,484,056 10,831,035
Projects In Progress 1,995,617 1,062,478
Investment In Subsidaries 6,377,283 6,652,300
Available for Sale Investments 98,639 99,014
Other Assets 903,240 1,013,274
Deferred Tax Assets 334,604 353,717
Total Long Term Assets 21,193,439 20,011,818
Current Assets
Inventories 501,850 418,454
Trade Receivables 4,734,369 4,655,834
Debtors & Other Debit Balances 1,656,258 1,527,587
Held To Maturity Investments 0 277,398
Cash & Cash Equivalents 1,646,158 2,267,112
Total Current Assets 8,538,635 9,146,385
Current Liabilities
Loans 57,424 62,628
Creditors & Other Credit Balances 3,672,998 3,996,871
Provisions 996,790 546,967
Total Current Liabilities 4,727,212 4,606,466
Working Capital 3,811,423 4,539,919
Total Investments 25,004,862 24,551,737
Equity & Long Term Liabilities
Equity
Capital 17,070,716 17,070,716
Reserves 6,317,415 6,298,316
Retained earning 28,290 18,054
Net Profit For The Year 1,261,527 1,515,878
Dividends 0 (736,209)
Total Equity 24,677,984 24,166,755
Long Term Liabilities
Loans 326,914 382,544
Creditors & Other Credit Balances 0 2,438
Total Long Term Liabilities 326,914 384,982
Total Equity & Long Term Liabilities 25,004,862 24,551,737

C.F 2015 2014

Cash Flows From Operating Activities
Cash Receipts 7,915,642 6,792,050
Sales Tax 209,635 253,500
Stamp Tax 31,375 31,579
Deposits Returned (1,915) (4,225)
Cash Paid To Suppliers (1,032,623) (799,601)
Payments Of NTRA (352,436) (452,569)
Payments Of Financial Lease 0 0
Dividends (494,137) (569,641)
Cash Paid To Employees (2,542,363) (2,303,446)
Cash Paid To Third Party (482,325) (415,980)
Cash Provided By Operating Activities 3,250,817 2,531,367
Interest Paid (7,176) (8,134)
Income Tax (607,988) (573,793)
Sales Tax (496,529) (648,453)
Other Tax (389,782) (423,173)
Other Payments (91,455) (70,859)
Net Cash Provided By Operating Activities 1,657,887 806,955
Cash Flows From Investing Activities
Purchase Of Fixed Assets (2,460,719) (1,309,383)
Acquisition Of Investments 0 (65,797)
Held To Maturity Investments 0 (1,370,222)
Interest Received 30,504 28,342
Dividends Collected 201,311 141,505
Proceeds From Sale Of Held To Maturity 265,083 1,105,149
Proceeds From Securities 90,576 197,925
Proceeds From Money Market Fund 0 2,585
Net Cash Provided By Investing Activities (1,873,245) (1,269,896)
Cash Flow From Financing Activities
Payment Of Loans (62,328) (94,454)
Dividends Paid To Shareholders (341,414) (2,318,634)
Net Cash Used In Financing Activities (403,742) (2,413,088)
Net Change In Cash (619,100) (2,876,029)
Cash & Cash Equivalents At Beg. 2,256,017 5,132,046
Cash & Cash Equivalents At End. 1,636,917 2,256,017
 Vertical Analysis 2015 (%)
Operating Revenues 10,390,211 100.00%
Operating Costs (6,232,739) -59.99%
Gross Profit 4,157,472 40.01%
Other Income 198,363 1.91%
Selling & Distribution Expenses (1,028,808) -9.90%
General & Administrative Expenses (1,870,797) -18.01%
Other Expenses (487,566) -4.69%
Operating Profit 968,664 9.32%
Finance Income 263,788 2.54%
Finance Cost (14,981) -0.14%
Net Finance Income 248,807 2.39%
Income From Investments 421,522 4.06%
Profit Before Tax 1,638,993 15.77%
Income Tax Expense (358,353) -3.45%
Deferred Tax (19,113) -0.18%
Total Income Tax (377,466) -3.63%
Profit For The Year 1,261,527 12.14%

Vertical Analysis 2015

Long Term Assets
Fixed Assets 11,484,056
Projects In Progress 1,995,617
Investment In Subsidaries 6,377,283
Available for Sale Investments 98,639
Other Assets 903,240
Deferred Tax Assets 334,604
Total Long Term Assets 21,193,439
Current Assets
Inventories 501,850
Trade Receivables 4,734,369
Debtors & Other Debit Balances 1,656,258
Held To Maturity Investments 0
Cash & Cash Equivalents 1,646,158
Total Current Assets 8,538,635
Current Liabilities
Loans 57,424
Creditors & Other Credit Balances 3,672,998
Provisions 996,790
Total Current Liabilities 4,727,212
Working Capital 3,811,423
Total Investments 25,004,862
Equity & Long Term Liabilities
Equity
Capital 17,070,716
Reserves 6,317,415
Retained earning 28,290
Net Profit For The Year 1,261,527
Dividends 0
Total Equity 24,677,984
Long Term Liabilities
Loans 326,914
Creditors & Other Credit Balances 0
Total Long Term Liabilities 326,914
Total Equity & Long Term Liabilities 25,004,862

Vertical Analysis 2015

Cash Flows From Operating Activities
Cash Receipts 7,915,642
Sales Tax 209,635
Stamp Tax 31,375
Deposits Returned (1,915)
Cash Paid To Suppliers (1,032,623)
Payments Of NTRA (352,436)
Payments Of Financial Lease 0
Dividends (494,137)
Cash Paid To Employees (2,542,363)
Cash Paid To Third Party (482,325)
Cash Provided By Operating Activities 3,250,817
Interest Paid (7,176)
Income Tax (607,988)
Sales Tax (496,529)
Other Tax (389,782)
Other Payments (91,455)
Net Cash Provided By Operating Activities 1,657,887
Cash Flows From Investing Activities
Purchase Of Fixed Assets (2,460,719)
Acquisition Of Investments 0
Held To Maturity Investments 0
Interest Received 30,504
Dividends Collected 201,311
Proceeds From Sale Of Held To Maturity 265,083
Proceeds From Securities 90,576
Proceeds From Money Market Fund 0
Net Cash Provided By Investing Activities (1,873,245)
Cash Flow From Financing Activities
Payment Of Loans (62,328)
Dividends Paid To Shareholders (341,414)
Net Cash Used In Financing Activities (403,742)
Net Change In Cash (619,100)
Cash & Cash Equivalents At Beg. 2,256,017
Cash & Cash Equivalents At End. 1,636,917
 2014 2015 (%) 2014 (%)

10,831,035 45.93% 44.12%

1,062,478 7.98% 4.33%
6,652,300 25.50% 27.10%
99,014 0.39% 0.40%
1,013,274 3.61% 4.13%
353,717 1.34% 1.44%
20,011,818 84.76% 81.51%

418,454 2.01% 1.70%

4,655,834 18.93% 18.96%
1,527,587 6.62% 6.22%
277,398 0.00% 1.13%
2,267,112 6.58% 9.23%
9,146,385 34.15% 37.25%

62,628 0.23% 0.26%

3,996,871 14.69% 16.28%
546,967 3.99% 2.23%
4,606,466 18.91% 18.76%
4,539,919 15.24% 18.49%
24,551,737 100.00% 100.00%
17,070,716 68.27% 69.53%
6,298,316 25.26% 25.65%
18,054 0.11% 0.07%
1,515,878 5.05% 6.17%
(736,209) 0.00% -3.00%
24,166,755 98.69% 98.43%

382,544 1.31% 1.56%

2,438 0.00% 0.01%
384,982 1.31% 1.57%
24,551,737 100.00% 100.00%

2014 2015 (%) 2014 (%)

6,792,050 483.57% 301.06%

253,500 12.81% 11.24%
31,579 1.92% 1.40%
(4,225) -0.12% -0.19%
(799,601) -63.08% -35.44%
(452,569) -21.53% -20.06%
0 0.00% 0.00%
(569,641) -30.19% -25.25%
(2,303,446) -155.31% -102.10%
(415,980) -29.47% -18.44%
2,531,367 198.59% 112.21%
(8,134) -0.44% -0.36%
(573,793) -37.14% -25.43%
(648,453) -30.33% -28.74%
(423,173) -23.81% -18.76%
(70,859) -5.59% -3.14%
806,955 101.28% 35.77%

(1,309,383) -150.33% -58.04%

(65,797) 0.00% -2.92%
(1,370,222) 0.00% -60.74%
28,342 1.86% 1.26%
141,505 12.30% 6.27%
1,105,149 16.19% 48.99%
197,925 5.53% 8.77%
2,585 0.00% 0.11%
(1,269,896) -114.44% -56.29%
 (94,454) -3.81% -4.19%
(2,318,634) -20.86% -102.78%
(2,413,088) -24.66% -106.96%
(2,876,029) -37.82% -127.48%
5,132,046 137.82% 227.48%
2,256,017 100.00% 100.00%
 I.S 2016
Operating Revenues 12,092,887
Operating Costs (6,838,891)
Gross Profit 5,253,996
Other Income 358,927
Selling & Distribution Expenses (1,184,663)
General & Administrative Expenses (2,326,623)
Other Expenses (586,835)
Operating Profit 1,514,802
Finance Income 1,270,747
Finance Cost (316,799)
Net Finance Income 953,984
Income From Investments 1,511,879
Profit Before Tax 3,980,629
Income Tax Expense (344,940)
Deferred Tax (243,219)
Total Income Tax (588,159)
Profit For The Year 3,392,470

B.S 2016 2015

Long Term Assets
Fixed Assets 14,020,657 11,484,056
Projects In Progress 7,384,247 1,995,617
Investment In Subsidaries 6,377,283 6,377,283
Available for Sale Investments 81,273 98,639
Other Assets 1,215,509 903,240
Deferred Tax Assets 408,552 334,604
Total Long Term Assets 29,487,521 21,193,439
Current Assets
Inventories 612,467 501,850
Trade Receivables 4,652,069 4,734,369
Debtors & Other Debit Balances 1,613,138 1,656,258
Held To Maturity Investments 101,922 0
Cash & Cash Equivalents 530,195 1,646,158
Total Current Assets 7,509,791 8,538,635
Current Liabilities
Loans 2,710,704 57,424
Creditors & Other Credit Balances 5,937,674 3,672,998
Provisions 1,057,657 996,790
Total Current Liabilities 9,706,035 4,727,212
Working Capital 0 3,811,423
Total Investments 0 25,004,862
Equity & Long Term Liabilities
Equity
Capital 17,070,716 17,070,716
Reserves 4,380,491 6,317,415
Retained earning 4,782,442 28,290
Net Profit For The Year 3,392,470 1,261,527
Dividends 0 0
Total Equity 26,233,649 24,677,984
Long Term Liabilities
Loans 626,235 326,914
Creditors & Other Credit Balances 114,226 0
Total Long Term Liabilities 1,057,628 326,914
Total Equity & Long Term Liabilities 36,997,312 25,004,862

C.F 2016 2015

Cash Flows From Operating Activities
Cash Receipts 10,963,912 7,915,642
Sales Tax 253,929 209,635
Stamp Tax 30,763 31,375
Deposits Returned 5,767 (1,915)
Cash Paid To Suppliers (1,186,736) (1,032,623)
Payments Of NTRA (236,691) (352,436)
Payments Of Financial Lease 0 0
Dividends (562,748) (494,137)
Cash Paid To Employees (3,169,764) (2,542,363)
Cash Paid To Third Party (533,286) (482,325)
Cash Provided By Operating Activities 5,565,146 3,250,817
Interest Paid (7,224) (7,176)
Income Tax (211,961) (607,988)
Sales Tax (766,972) (496,529)
Other Tax (332,948) (389,782)
Other Payments 91,270 (91,455)
Net Cash Provided By Operating Activities 4,337,311 1,657,887
Cash Flows From Investing Activities
Purchase Of Fixed Assets (3,203,212) (2,460,719)
Acquisition Of Investments (5,293,798) 0
Held To Maturity Investments (254,901) 0
Interest Received 32,670 30,504
Dividends Collected 1,813,053 201,311
Proceeds From Sale Of Held To Maturity 11,183 265,083
Proceeds From Securities 154,888 90,576
Proceeds From Money Market Fund 54,375 0
Net Cash Provided By Investing Activities (6,685,742) (1,873,245)
Cash Flow From Financing Activities
Payment Of Loans (69,000) (62,328)
Dividends Paid To Shareholders (1,280,304) (341,414)
Net Cash Used In Financing Activities 1,232,244 (403,742)
Net Change In Cash (1,116,187) (619,100)
Cash & Cash Equivalents At Beg. 1,636,917 2,256,017
Cash & Cash Equivalents At End. 520,730 1,636,917
 Vertical Analysis 2016 (%)
Operating Revenues 12,092,887 100.00%
Operating Costs (6,838,891) -56.55%
Gross Profit 5,253,996 43.45%
Other Income 358,927 2.97%
Selling & Distribution Expenses (1,184,663) -9.80%
General & Administrative Expenses (2,326,623) -19.24%
Other Expenses (586,835) -4.85%
Operating Profit 1,514,802 12.53%
Finance Income 1,270,747 10.51%
Finance Cost (316,799) -2.62%
Net Finance Income 953,984 7.89%
Income From Investments 1,511,879 12.50%
Profit Before Tax 3,980,629 32.92%
Income Tax Expense (344,940) -2.85%
Deferred Tax (243,219) -2.01%
Total Income Tax (588,159) -4.86%
Profit For The Year 3,392,470 28.05%

Vertical Analysis 2016

Long Term Assets
Fixed Assets 14,020,657
Projects In Progress 7,384,247
Investment In Subsidaries 6,377,283
Available for Sale Investments 81,273
Other Assets 1,215,509
Deferred Tax Assets 408,552
Total Long Term Assets 29,487,521
Current Assets
Inventories 612,467
Trade Receivables 4,652,069
Debtors & Other Debit Balances 1,613,138
Held To Maturity Investments 101,922
Cash & Cash Equivalents 530,195
Total Current Assets 7,509,791
Current Liabilities
Loans 2,710,704
Creditors & Other Credit Balances 5,937,674
Provisions 1,057,657
Total Current Liabilities 9,706,035
Working Capital 0
Total Investments 0
Equity & Long Term Liabilities
Equity
Capital 17,070,716
Reserves 4,380,491
Retained earning 4,782,442
Net Profit For The Year 3,392,470
Dividends 0
Total Equity 26,233,649
Long Term Liabilities
Loans 626,235
Creditors & Other Credit Balances 114,226
Total Long Term Liabilities 1,057,628
Total Equity & Long Term Liabilities 36,997,312

Vertical Analysis 2016

Cash Flows From Operating Activities
Cash Receipts 10,963,912
Sales Tax 253,929
Stamp Tax 30,763
Deposits Returned 5,767
Cash Paid To Suppliers (1,186,736)
Payments Of NTRA (236,691)
Payments Of Financial Lease 0
Dividends (562,748)
Cash Paid To Employees (3,169,764)
Cash Paid To Third Party (533,286)
Cash Provided By Operating Activities 5,565,146
Interest Paid (7,224)
Income Tax (211,961)
Sales Tax (766,972)
Other Tax (332,948)
Other Payments 91,270
Net Cash Provided By Operating Activities 4,337,311
Cash Flows From Investing Activities
Purchase Of Fixed Assets (3,203,212)
Acquisition Of Investments (5,293,798)
Held To Maturity Investments (254,901)
Interest Received 32,670
Dividends Collected 1,813,053
Proceeds From Sale Of Held To Maturity 11,183
Proceeds From Securities 154,888
Proceeds From Money Market Fund 54,375
Net Cash Provided By Investing Activities (6,685,742)
Cash Flow From Financing Activities
Payment Of Loans (69,000)
Dividends Paid To Shareholders (1,280,304)
Net Cash Used In Financing Activities 1,232,244
Net Change In Cash (1,116,187)
Cash & Cash Equivalents At Beg. 1,636,917
Cash & Cash Equivalents At End. 520,730
 2015 2016 (%) 2015 (%)

11,484,056 37.90% 45.93%

1,995,617 19.96% 7.98%
6,377,283 17.24% 25.50%
98,639 0.22% 0.39%
903,240 3.29% 3.61%
334,604 1.10% 1.34%
21,193,439 79.70% 84.76%

501,850 1.66% 2.01%

4,734,369 12.57% 18.93%
1,656,258 4.36% 6.62%
0 0.28% 0.00%
1,646,158 1.43% 6.58%
8,538,635 20.30% 34.15%

57,424 7.33% 0.23%

3,672,998 16.05% 14.69%
996,790 2.86% 3.99%
4,727,212 26.23% 18.91%
3,811,423 0.00% 15.24%
25,004,862 0.00% 100.00%
17,070,716 46.14% 68.27%
6,317,415 11.84% 25.26%
28,290 12.93% 0.11%
1,261,527 9.17% 5.05%
0 0.00% 0.00%
24,677,984 70.91% 98.69%

326,914 1.69% 1.31%

0 0.31% 0.00%
326,914 2.86% 1.31%
25,004,862 100.00% 100.00%

2015 2016 (%) 2015 (%)

7,915,642 2105.49% 483.57%

209,635 48.76% 12.81%
31,375 5.91% 1.92%
(1,915) 1.11% -0.12%
(1,032,623) -227.90% -63.08%
(352,436) -45.45% -21.53%
0 0.00% 0.00%
(494,137) -108.07% -30.19%
(2,542,363) -608.72% -155.31%
(482,325) -102.41% -29.47%
3,250,817 1068.72% 198.59%
(7,176) -1.39% -0.44%
(607,988) -40.70% -37.14%
(496,529) -147.29% -30.33%
(389,782) -63.94% -23.81%
(91,455) 17.53% -5.59%
1,657,887 832.93% 101.28%

(2,460,719) -615.14% -150.33%

0 -1016.61% 0.00%
0 -48.95% 0.00%
30,504 6.27% 1.86%
201,311 348.18% 12.30%
265,083 2.15% 16.19%
90,576 29.74% 5.53%
0 10.44% 0.00%
(1,873,245) -1283.92% -114.44%
 (62,328) -13.25% -3.81%
(341,414) -245.87% -20.86%
(403,742) 236.64% -24.66%
(619,100) -214.35% -37.82%
2,256,017 314.35% 137.82%
1,636,917 100.00% 100.00%
 I.S 2014
Operating Revenues 10,883,815
Operating Costs (6,161,817)
Gross Profit 4,721,998
Other Income 171,476
Selling & Distribution Expenses (1,002,054)
General & Administrative Expenses (1,714,397)
Other Expenses (375,197)
Operating Profit 1,801,826
Finance Income 337,848
Finance Cost (154,469)
Net Finance Income 183,379
Income From Investments 204,991
Profit Before Tax 2,190,196
Income Tax Expense (719,213)
Deferred Tax 44,895
Total Income Tax (674,318)
Profit For The Year 1,515,878

B.S 2014 2013

Long Term Assets
Fixed Assets 10,831,035 10,737,745
Projects In Progress 1,062,478 405,964
Investment In Subsidaries 6,652,300 6,586,503
Available for Sale Investments 99,014 100,319
Other Assets 1,013,274 915,954
Deferred Tax Assets 353,717 308,822
Total Long Term Assets 20,011,818 19,055,307
Current Assets
Inventories 418,454 438,929
Trade Receivables 4,655,834 3,366,138
Debtors & Other Debit Balances 1,527,587 1,599,349
Held To Maturity Investments 277,398 0
Cash & Cash Equivalents 2,267,112 5,143,426
Total Current Assets 9,146,385 10,547,842
Current Liabilities
Loans 62,628 96,435
Creditors & Other Credit Balances 3,996,871 3,009,766
Provisions 546,967 467,690
Total Current Liabilities 4,606,466 3,573,891
Working Capital 4,539,919 6,973,951
Total Investments 24,551,737 26,029,258
Equity & Long Term Liabilities
Equity
Capital 17,070,716 17,070,716
Reserves 6,298,316 6,144,686
Retained earning 18,054 112,842
Net Profit For The Year 1,515,878 2,214,389
Dividends (736,209) 0
Total Equity 24,166,755 25,426,333
Long Term Liabilities
Loans 382,544 475,266
Creditors & Other Credit Balances 2,438 11,359
Total Long Term Liabilities 384,982 486,625
Total Equity & Long Term Liabilities 24,551,737 26,029,258

C.F 2014 2013

Cash Flows From Operating Activities
Cash Receipts 6,792,050 6,697,777
Sales Tax 253,500 294,043
Stamp Tax 31,579 34,607
Deposits Returned (4,225) (8,468)
Cash Paid To Suppliers (799,601) (558,221)
Payments Of NTRA (452,569) (150,080)
Payments Of Financial Lease 0 (1,116)
Dividends (569,641) (463,190)
Cash Paid To Employees (2,303,446) (2,148,464)
Cash Paid To Third Party (415,980) (453,338)
Cash Provided By Operating Activities 2,531,367 3,243,550
Interest Paid (8,134) (13,479)
Income Tax (573,793) (517,935)
Sales Tax (648,453) (479,401)
Other Tax (423,173) (339,817)
Other Payments (70,859) (407,722)
Net Cash Provided By Operating Activities 806,955 1,485,196
Cash Flows From Investing Activities
Purchase Of Fixed Assets (1,309,383) (560,948)
Acquisition Of Investments (65,797) (32,855)
Held To Maturity Investments (1,370,222) 0
Interest Received 28,342 37,824
Dividends Collected 141,505 380,449
Proceeds From Sale Of Held To Maturity 1,105,149 0
Proceeds From Securities 197,925 233,025
Proceeds From Money Market Fund 2,585 38,299
Net Cash Provided By Investing Activities (1,269,896) 95,794
Cash Flow From Financing Activities
Payment Of Loans (94,454) (131,162)
Dividends Paid To Shareholders (2,318,634) (769,365)
Net Cash Used In Financing Activities (2,413,088) (2,350,355)
Net Change In Cash (2,876,029) (769,365)
Cash & Cash Equivalents At Beg. 5,132,046 5,901,411
Cash & Cash Equivalents At End. 2,256,017 5,132,046
 Horizontal Analysis 2014 2013 Amount (%)
Operating Revenues 10,390,211 9,880,578 509,633 5.16%
Operating Costs (6,232,739) (5,890,735) (342,004) 5.81%
Gross Profit 4,157,472 3,989,843 167,629 4.20%
Other Income 198,363 156,326 42,037 26.89%
Selling & Distribution Expenses (1,028,808) (905,920) (122,888) 13.56%
General & Administrative Expenses (1,870,797) (1,394,623) (476,174) 34.14%
Other Expenses (487,566) (223,920) (263,646) 117.74%
Operating Profit 968,664 1,621,706 (653,042) -40.27%
Finance Income 263,788 835,586 (571,798) -68.43%
Finance Cost (14,981) (11,117) (3,864) 34.76%
Net Finance Income 248,807 824,469 (575,662) -69.82%
Income From Investments 421,522 475,584 (54,062) -11.37%
Profit Before Tax 1,638,993 2,921,759 (1,282,766) -43.90%
Income Tax Expense (358,353) (635,442) 277,089 -43.61%
Deferred Tax (19,113) (71,927) 52,814 -73.43%
Total Income Tax (377,466) (707,370) 329,904 -46.64%
Profit For The Year 1,261,527 2,214,389 (952,862) -43.03%

Horizontal Analysis 2014 2013 Amount (%)

Long Term Assets
Fixed Assets 10,831,035 10,737,745 93,290 0.87%
Projects In Progress 1,062,478 405,964 656,514 161.72%
Investment In Subsidaries 6,652,300 6,586,503 65,797 1.00%
Available for Sale Investments 99,014 100,319 (1,305) -1.30%
Other Assets 1,013,274 915,954 97,320 10.62%
Deferred Tax Assets 353,717 308,822 44,895 14.54%
Total Long Term Assets 20,011,818 19,055,307 956,511 5.02%
Current Assets
Inventories 418,454 438,929 (20,475) -4.66%
Trade Receivables 4,655,834 3,366,138 1,289,696 38.31%
Debtors & Other Debit Balances 1,527,587 1,599,349 (71,762) -4.49%
Held To Maturity Investments 277,398 0 277,398 NA
Cash & Cash Equivalents 2,267,112 5,143,426 (2,876,314) -55.92%
Total Current Assets 9,146,385 10,547,842 (1,401,457) -13.29%
Current Liabilities
Loans 62,628 96,435 (33,807) -35.06%
Creditors & Other Credit Balances 3,996,871 3,009,766 987,105 32.80%
Provisions 546,967 467,690 79,277 16.95%
Total Current Liabilities 4,606,466 3,573,891 1,032,575 28.89%
Working Capital 4,539,919 6,973,951 (2,434,032) -34.90%
Total Investments 24,551,737 26,029,258 (1,477,521) -5.68%
Equity & Long Term Liabilities
Equity
Capital 17,070,716 17,070,716 0 0.00%
Reserves 6,298,316 6,144,686 153,630 2.50%
Retained earning 18,054 112,842 (94,788) -84.00%
Net Profit For The Year 1,515,878 2,214,389 (698,511) -31.54%
Dividends (736,209) 0 (736,209) NA
Total Equity 24,166,755 25,426,333 (1,259,578) -4.95%
Long Term Liabilities
Loans 382,544 475,266 (92,722) -19.51%
Creditors & Other Credit Balances 2,438 11,359 (8,921) -78.54%
Total Long Term Liabilities 384,982 486,625 (101,643) -20.89%
Total Equity & Long Term Liabilities 24,551,737 26,029,258 (1,477,521) -5.68%

Horizontal Analysis 2014 2013 Amount (%)

Cash Flows From Operating Activities
Cash Receipts 6,792,050 6,697,777 94,273.00 1.41%
Sales Tax 253,500 294,043 (40,543.00) -13.79%
Stamp Tax 31,579 34,607 (3,028.00) -8.75%
Deposits Returned (4,225) (8,468) 4,243.00 -50.11%
Cash Paid To Suppliers (799,601) (558,221) (241,380.00) 43.24%
Payments Of NTRA (452,569) (150,080) (302,489.00) 201.55%
Payments Of Financial Lease 0 (1,116) 1,116.00 -100.00%
Dividends (569,641) (463,190) (106,451.00) 22.98%
Cash Paid To Employees (2,303,446) (2,148,464) (154,982.00) 7.21%
Cash Paid To Third Party (415,980) (453,338) 37,358.00 -8.24%
Cash Provided By Operating Activities 2,531,367 3,243,550 (712,183.00) -21.96%
Interest Paid (8,134) (13,479) 5,345.00 -39.65%
Income Tax (573,793) (517,935) (55,858.00) 10.78%
Sales Tax (648,453) (479,401) (169,052.00) 35.26%
Other Tax (423,173) (339,817) (83,356.00)
Other Payments (70,859) (407,722) 336,863.00 -82.62%
Net Cash Provided By Operating Activities 806,955 1,485,196 (678,241.00) -45.67%
Cash Flows From Investing Activities
Purchase Of Fixed Assets (1,309,383) (560,948) (748,435.00) 133.42%
Acquisition Of Investments (65,797) (32,855) (32,942.00) 100.26%
Held To Maturity Investments (1,370,222) 0 (1,370,222.00) NA
Interest Received 28,342 37,824 (9,482.00)
Dividends Collected 141,505 380,449 (238,944.00)
Proceeds From Sale Of Held To Maturity 1,105,149 0 1,105,149.00 NA
Proceeds From Securities 197,925 233,025 (35,100.00) -15.06%
Proceeds From Money Market Fund 2,585 38,299 (35,714.00) -93.25%
Net Cash Provided By Investing Activities (1,269,896) 95,794 (1,365,690.00) -1425.65%
Cash Flow From Financing Activities
Payment Of Loans
Dividends Paid To Shareholders
Net Cash Used In Financing Activities
Net Change In Cash
Cash & Cash Equivalents At Beg.
Cash & Cash Equivalents At End.
(94,454) (131,162) 36,708.00 -27.99%
(2,318,634) (769,365) (1,549,269.00)
(2,413,088) (2,350,355) (62,733.00) 2.67%
(2,876,029) (769,365) (2,106,664.00) 273.82%
5,132,046 5,901,411 (769,365.00) -13.04%
2,256,017 5,132,046 (2,876,029.00) -56.04%
 I.S 2015
Operating Revenues 10,390,211
Operating Costs (6,232,739)
Gross Profit 4,157,472
Other Income 198,363
Selling & Distribution Expenses (1,028,808)
General & Administrative Expenses (1,870,797)
Other Expenses (487,566)
Operating Profit 968,664
Finance Income 263,788
Finance Cost (14,981)
Net Finance Income 248,807
Income From Investments 421,522
Profit Before Tax 1,638,993
Income Tax Expense (358,353)
Deferred Tax (19,113)
Total Income Tax (377,466)
Profit For The Year 1,261,527

B.S 2015 2014

Long Term Assets
Fixed Assets 11,484,056 10,831,035
Projects In Progress 1,995,617 1,062,478
Investment In Subsidaries 6,377,283 6,652,300
Available for Sale Investments 98,639 99,014
Other Assets 903,240 1,013,274
Deferred Tax Assets 334,604 353,717
Total Long Term Assets 21,193,439 20,011,818
Current Assets
Inventories 501,850 418,454
Trade Receivables 4,734,369 4,655,834
Debtors & Other Debit Balances 1,656,258 1,527,587
Held To Maturity Investments 0 277,398
Cash & Cash Equivalents 1,646,158 2,267,112
Total Current Assets 8,538,635 9,146,385
Current Liabilities
Loans 57,424 62,628
Creditors & Other Credit Balances 3,672,998 3,996,871
Provisions 996,790 546,967
Total Current Liabilities 4,727,212 4,606,466
Working Capital 3,811,423 4,539,919
Total Investments 25,004,862 24,551,737
Equity & Long Term Liabilities
Equity
Capital 17,070,716 17,070,716
Reserves 6,317,415 6,298,316
Retained earning 28,290 18,054
Net Profit For The Year 1,261,527 1,515,878
Dividends 0 (736,209)
Total Equity 24,677,984 24,166,755
Long Term Liabilities
Loans 326,914 382,544
Creditors & Other Credit Balances 0 2,438
Total Long Term Liabilities 326,914 384,982
Total Equity & Long Term Liabilities 25,004,862 24,551,737

C.F 2015 2014

Cash Flows From Operating Activities
Cash Receipts 7,915,642 6,792,050
Sales Tax 209,635 253,500
Stamp Tax 31,375 31,579
Deposits Returned (1,915) (4,225)
Cash Paid To Suppliers (1,032,623) (799,601)
Payments Of NTRA (352,436) (452,569)
Payments Of Financial Lease 0 0
Dividends (494,137) (569,641)
Cash Paid To Employees (2,542,363) (2,303,446)
Cash Paid To Third Party (482,325) (415,980)
Cash Provided By Operating Activities 3,250,817 2,531,367
Interest Paid (7,176) (8,134)
Income Tax (607,988) (573,793)
Sales Tax (496,529) (648,453)
Other Tax (389,782) (423,173)
Other Payments (91,455) (70,859)
Net Cash Provided By Operating Activities 1,657,887 806,955
Cash Flows From Investing Activities
Purchase Of Fixed Assets (2,460,719) (1,309,383)
Acquisition Of Investments 0 (65,797)
Held To Maturity Investments 0 (1,370,222)
Interest Received 30,504 28,342
Dividends Collected 201,311 141,505
Proceeds From Sale Of Held To Maturity 265,083 1,105,149
Proceeds From Securities 90,576 197,925
Proceeds From Money Market Fund 0 2,585
Net Cash Provided By Investing Activities (1,873,245) (1,269,896)
Cash Flow From Financing Activities
Payment Of Loans (62,328) (94,454)
Dividends Paid To Shareholders (341,414) (2,318,634)
Net Cash Used In Financing Activities (403,742) (2,413,088)
Net Change In Cash (619,100) (2,876,029)
Cash & Cash Equivalents At Beg. 2,256,017 5,132,046
Cash & Cash Equivalents At End. 1,636,917 2,256,017
 Horizontal Analysis 2015 2014 Amount (%)
Operating Revenues 10,390,211 10,883,815 (493,604) -4.54%
Operating Costs (6,232,739) (6,161,817) (70,922) 1.15%
Gross Profit 4,157,472 4,721,998 (564,526) -11.96%
Other Income 198,363 171,476 26,887 15.68%
Selling & Distribution Expenses (1,028,808) (1,002,054) (26,754) 2.67%
General & Administrative Expenses (1,870,797) (1,714,397) (156,400) 9.12%
Other Expenses (487,566) (375,197) (112,369) 29.95%
Operating Profit 968,664 1,801,826 (833,162) -46.24%
Finance Income 263,788 337,848 (74,060) -21.92%
Finance Cost (14,981) (154,469) 139,488 -90.30%
Net Finance Income 248,807 183,379 65,428 35.68%
Income From Investments 421,522 204,991 216,531 105.63%
Profit Before Tax 1,638,993 2,190,196 (551,203) -25.17%
Income Tax Expense (358,353) (719,213) 360,860 -50.17%
Deferred Tax (19,113) 44,895 (64,008) -142.57%
Total Income Tax (377,466) (674,318) 296,852 -44.02%
Profit For The Year 1,261,527 1,515,878 (254,351) -16.78%

Horizontal Analysis 2015 2014 Amount (%)

Long Term Assets
Fixed Assets 11,484,056 10,831,035 653,021 6.03%
Projects In Progress 1,995,617 1,062,478 933,139 87.83%
Investment In Subsidaries 6,377,283 6,652,300 (275,017) -4.13%
Available for Sale Investments 98,639 99,014 (375) -0.38%
Other Assets 903,240 1,013,274 (110,034) -10.86%
Deferred Tax Assets 334,604 353,717 (19,113) -5.40%
Total Long Term Assets 21,193,439 20,011,818 1,181,621 5.90%
Current Assets
Inventories 501,850 418,454 83,396 19.93%
Trade Receivables 4,734,369 4,655,834 78,535 1.69%
Debtors & Other Debit Balances 1,656,258 1,527,587 128,671 8.42%
Held To Maturity Investments 0 277,398 (277,398) NA
Cash & Cash Equivalents 1,646,158 2,267,112 (620,954) -27.39%
Total Current Assets 8,538,635 9,146,385 (607,750) -6.64%
Current Liabilities
Loans 57,424 62,628 (5,204) -8.31%
Creditors & Other Credit Balances 3,672,998 3,996,871 (323,873) -8.10%
Provisions 996,790 546,967 449,823 82.24%
Total Current Liabilities 4,727,212 4,606,466 120,746 2.62%
Working Capital 3,811,423 4,539,919 (728,496) -16.05%
Total Investments 25,004,862 24,551,737 453,125 1.85%
Equity & Long Term Liabilities
Equity
Capital 17,070,716 17,070,716 0 0.00%
Reserves 6,317,415 6,298,316 19,099 0.30%
Retained earning 28,290 18,054 10,236 56.70%
Net Profit For The Year 1,261,527 1,515,878 (254,351) -16.78%
Dividends 0 (736,209) 736,209 NA
Total Equity 24,677,984 24,166,755 511,229 2.12%
Long Term Liabilities
Loans 326,914 382,544 (55,630) -14.54%
Creditors & Other Credit Balances 0 2,438 (2,438) NA
Total Long Term Liabilities 326,914 384,982 (58,068) -15.08%
Total Equity & Long Term Liabilities 25,004,862 24,551,737 453,125 1.85%

Horizontal Analysis 2015 2014 Amount (%)

Cash Flows From Operating Activities
Cash Receipts 7,915,642 6,792,050 1,123,592.00 16.54%
Sales Tax 209,635 253,500 (43,865.00) -17.30%
Stamp Tax 31,375 31,579 (204.00) -0.65%
Deposits Returned (1,915) (4,225) 2,310.00 -54.67%
Cash Paid To Suppliers (1,032,623) (799,601) (233,022.00) 29.14%
Payments Of NTRA (352,436) (452,569) 100,133.00 -22.13%
Payments Of Financial Lease 0 0 0.00 NA
Dividends (494,137) (569,641) 75,504.00 -13.25%
Cash Paid To Employees (2,542,363) (2,303,446) (238,917.00) 10.37%
Cash Paid To Third Party (482,325) (415,980) (66,345.00) 15.95%
Cash Provided By Operating Activities 3,250,817 2,531,367 719,450.00 28.42%
Interest Paid (7,176) (8,134) 958.00 -11.78%
Income Tax (607,988) (573,793) (34,195.00) 5.96%
Sales Tax (496,529) (648,453) 151,924.00 -23.43%
Other Tax (389,782) (423,173) 33,391.00 -7.89%
Other Payments (91,455) (70,859) (20,596.00) 29.07%
Net Cash Provided By Operating Activities 1,657,887 806,955 850,932.00 105.45%
Cash Flows From Investing Activities
Purchase Of Fixed Assets (2,460,719) (1,309,383) (1,151,336.00) 87.93%
Acquisition Of Investments 0 (65,797) 65,797.00 -100.00%
Held To Maturity Investments 0 (1,370,222) 1,370,222.00 -100.00%
Interest Received 30,504 28,342 2,162.00 7.63%
Dividends Collected 201,311 141,505 59,806.00 42.26%
Proceeds From Sale Of Held To Maturity 265,083 1,105,149 (840,066.00) -76.01%
Proceeds From Securities 90,576 197,925 (107,349.00) -54.24%
Proceeds From Money Market Fund 0 2,585 (2,585.00) -100.00%
Net Cash Provided By Investing Activities (1,873,245) (1,269,896) (603,349.00) 47.51%
Cash Flow From Financing Activities
Payment Of Loans (62,328) (94,454) 32,126.00 -34.01%
Dividends Paid To Shareholders (341,414) (2,318,634) 1,977,220.00 -85.28%
Net Cash Used In Financing Activities (403,742) (2,413,088) 2,009,346.00 -83.27%
Net Change In Cash (619,100) (2,876,029) 2,256,929.00 -78.47%
Cash & Cash Equivalents At Beg. 2,256,017 5,132,046 (2,876,029.00) -56.04%
Cash & Cash Equivalents At End. 1,636,917 2,256,017 (619,100.00) -27.44%
 I.S 2016
Operating Revenues 12,092,887
Operating Costs (6,838,891)
Gross Profit 5,253,996
Other Income 358,927
Selling & Distribution Expenses (1,184,663)
General & Administrative Expenses (2,326,623)
Other Expenses (586,835)
Operating Profit 1,514,802
Finance Income 1,270,747
Finance Cost (316,799)
Net Finance Income 953,984
Income From Investments 1,511,879
Profit Before Tax 3,980,629
Income Tax Expense (344,940)
Deferred Tax (243,219)
Total Income Tax (588,159)
Profit For The Year 3,392,470

B.S 2016 2015

Long Term Assets
Fixed Assets 14,020,657 11,484,056
Projects In Progress 7,384,247 1,995,617
Investment In Subsidaries 6,377,283 6,377,283
Available for Sale Investments 81,273 98,639
Other Assets 1,215,509 903,240
Deferred Tax Assets 408,552 334,604
Total Long Term Assets 29,487,521 21,193,439
Current Assets
Inventories 612,467 501,850
Trade Receivables 4,652,069 4,734,369
Debtors & Other Debit Balances 1,613,138 1,656,258
Held To Maturity Investments 101,922 0
Cash & Cash Equivalents 530,195 1,646,158
Total Current Assets 7,509,791 8,538,635
Current Liabilities
Loans 2,710,704 57,424
Creditors & Other Credit Balances 5,937,674 3,672,998
Provisions 1,057,657 996,790
Total Current Liabilities 9,706,035 4,727,212
Working Capital 0 3,811,423
Total Investments 0 25,004,862
Equity & Long Term Liabilities
Equity
Capital 17,070,716 17,070,716
Reserves 4,380,491 6,317,415
Retained earning 4,782,442 28,290
Net Profit For The Year 3,392,470 1,261,527
Dividends 0 0
Total Equity 26,233,649 24,677,984
Long Term Liabilities
Loans 626,235 326,914
Creditors & Other Credit Balances 114,226 0
Total Long Term Liabilities 1,057,628 326,914
Total Equity & Long Term Liabilities 36,997,312 25,004,862

C.F 2016 2015

Cash Flows From Operating Activities
Cash Receipts 10,963,912 7,915,642
Sales Tax 253,929 209,635
Stamp Tax 30,763 31,375
Deposits Returned 5,767 (1,915)
Cash Paid To Suppliers (1,186,736) (1,032,623)
Payments Of NTRA (236,691) (352,436)
Payments Of Financial Lease 0 0
Dividends (562,748) (494,137)
Cash Paid To Employees (3,169,764) (2,542,363)
Cash Paid To Third Party (533,286) (482,325)
Cash Provided By Operating Activities 5,565,146 3,250,817
Interest Paid (7,224) (7,176)
Income Tax (211,961) (607,988)
Sales Tax (766,972) (496,529)
Other Tax (332,948) (389,782)
Other Payments 91,270 (91,455)
Net Cash Provided By Operating Activities 4,337,311 1,657,887
Cash Flows From Investing Activities
Purchase Of Fixed Assets (3,203,212) (2,460,719)
Acquisition Of Investments (5,293,798) 0
Held To Maturity Investments (254,901) 0
Interest Received 32,670 30,504
Dividends Collected 1,813,053 201,311
Proceeds From Sale Of Held To Maturity 11,183 265,083
Proceeds From Securities 154,888 90,576
Proceeds From Money Market Fund 54,375 0
Net Cash Provided By Investing Activities (6,685,742) (1,873,245)
Cash Flow From Financing Activities
Payment Of Loans (69,000) (62,328)
Dividends Paid To Shareholders (1,280,304) (341,414)
Net Cash Used In Financing Activities 1,232,244 (403,742)
Net Change In Cash (1,116,187) (619,100)
Cash & Cash Equivalents At Beg. 1,636,917 2,256,017
Cash & Cash Equivalents At End. 520,730 1,636,917
 Horizontal Analysis 2016 2015 Amount (%)
Operating Revenues 12,092,887 10,390,211 1,702,676 16.39%
Operating Costs (6,838,891) (6,232,739) (606,152) 9.73%
Gross Profit 5,253,996 4,157,472 1,096,524 26.37%
Other Income 358,927 198,363 160,564 80.94%
Selling & Distribution Expenses (1,184,663) (1,028,808) (155,855) 15.15%
General & Administrative Expenses (2,326,623) (1,870,797) (455,826) 24.37%
Other Expenses (586,835) (487,566) (99,269) 20.36%
Operating Profit 1,514,802 968,664 546,138 56.38%
Finance Income 1,270,747 263,788 1,006,959 381.73%
Finance Cost (316,799) (14,981) (301,818) 2014.67%
Net Finance Income 953,984 248,807 705,177 283.42%
Income From Investments 1,511,879 421,522 1,090,357 258.67%
Profit Before Tax 3,980,629 1,638,993 2,341,636 142.87%
Income Tax Expense (344,940) (358,353) 13,413 -3.74%
Deferred Tax (243,219) (19,113) (224,106) 1172.53%
Total Income Tax (588,159) (377,466) (210,693) 55.82%
Profit For The Year 3,392,470 1,261,527 2,130,943 168.92%

Horizontal Analysis 2016 2015 Amount (%)

Long Term Assets
Fixed Assets 14,020,657 11,484,056 2,536,601 22.09%
Projects In Progress 7,384,247 1,995,617 5,388,630 270.02%
Investment In Subsidaries 6,377,283 6,377,283 0 0.00%
Available for Sale Investments 81,273 98,639 (17,366) -17.61%
Other Assets 1,215,509 903,240 312,269 34.57%
Deferred Tax Assets 408,552 334,604 73,948 22.10%
Total Long Term Assets 29,487,521 21,193,439 8,294,082 39.14%
Current Assets
Inventories 612,467 501,850 110,617 22.04%
Trade Receivables 4,652,069 4,734,369 (82,300) -1.74%
Debtors & Other Debit Balances 1,613,138 1,656,258 (43,120) -2.60%
Held To Maturity Investments 101,922 0 101,922 NA
Cash & Cash Equivalents 530,195 1,646,158 (1,115,963) -67.79%
Total Current Assets 7,509,791 8,538,635 (1,028,844) -12.05%
Current Liabilities
Loans 2,710,704 57,424 2,653,280 4620.51%
Creditors & Other Credit Balances 5,937,674 3,672,998 2,264,676 61.66%
Provisions 1,057,657 996,790 60,867 6.11%
Total Current Liabilities 9,706,035 4,727,212 4,978,823 105.32%
Working Capital 0 3,811,423 (3,811,423) -100.00%
Total Investments 0 25,004,862 (25,004,862) -100.00%
Equity & Long Term Liabilities
Equity
Capital 17,070,716 17,070,716 0 0.00%
Reserves 4,380,491 6,317,415 (1,936,924) -30.66%
Retained earning 4,782,442 28,290 4,754,152 16805.06%
Net Profit For The Year 3,392,470 1,261,527 2,130,943 168.92%
Dividends 0 0 0 NA
Total Equity 26,233,649 24,677,984 1,555,665 6.30%
Long Term Liabilities
Loans 626,235 326,914 299,321 91.56%
Creditors & Other Credit Balances 114,226 0 114,226 NA
Total Long Term Liabilities 1,057,628 326,914 730,714 223.52%
Total Equity & Long Term Liabilities 36,997,312 25,004,862 11,992,450 47.96%

Horizontal Analysis 2016 2015 Amount (%)

Cash Flows From Operating Activities
Cash Receipts 10,963,912 7,915,642 3,048,270.00 38.51%
Sales Tax 253,929 209,635 44,294.00 21.13%
Stamp Tax 30,763 31,375 (612.00) -1.95%
Deposits Returned 5,767 (1,915) 7,682.00 -401.15%
Cash Paid To Suppliers (1,186,736) (1,032,623) (154,113.00) 14.92%
Payments Of NTRA (236,691) (352,436) 115,745.00 -32.84%
Payments Of Financial Lease 0 0 0.00 NA
Dividends (562,748) (494,137) (68,611.00) 13.89%
Cash Paid To Employees (3,169,764) (2,542,363) (627,401.00) 24.68%
Cash Paid To Third Party (533,286) (482,325) (50,961.00) 10.57%
Cash Provided By Operating Activities 5,565,146 3,250,817 2,314,329.00 71.19%
Interest Paid (7,224) (7,176) (48.00) 0.67%
Income Tax (211,961) (607,988) 396,027.00 -65.14%
Sales Tax (766,972) (496,529) (270,443.00) 54.47%
Other Tax (332,948) (389,782) 56,834.00 -14.58%
Other Payments 91,270 (91,455) 182,725.00 -199.80%
Net Cash Provided By Operating Activities 4,337,311 1,657,887 2,679,424.00 161.62%
Cash Flows From Investing Activities
Purchase Of Fixed Assets (3,203,212) (2,460,719) (742,493.00) 30.17%
Acquisition Of Investments (5,293,798) 0 (5,293,798.00) NA
Held To Maturity Investments (254,901) 0 (254,901.00) NA
Interest Received 32,670 30,504 2,166.00 7.10%
Dividends Collected 1,813,053 201,311 1,611,742.00 800.62%
Proceeds From Sale Of Held To Maturity 11,183 265,083 (253,900.00) -95.78%
Proceeds From Securities 154,888 90,576 64,312.00 71.00%
Proceeds From Money Market Fund 54,375 0 54,375.00 NA
Net Cash Provided By Investing Activities (6,685,742) (1,873,245) (4,812,497.00) 256.91%
Cash Flow From Financing Activities
Payment Of Loans (69,000) (62,328) (6,672.00) 10.70%
Dividends Paid To Shareholders (1,280,304) (341,414) (938,890.00) 275.00%
Net Cash Used In Financing Activities 1,232,244 (403,742) 1,635,986.00 -405.21%
Net Change In Cash (1,116,187) (619,100) (497,087.00) 80.29%
Cash & Cash Equivalents At Beg. 1,636,917 2,256,017 (619,100.00) -27.44%
Cash & Cash Equivalents At End. 520,730 1,636,917 (1,116,187.00) -68.19%
 I.S 2016 2015 2014 2013
Operating Revenues 12,092,887 10,390,211 10,883,815 9,880,578
Operating Costs (6,838,891) (6,232,739) (6,161,817) (5,890,735)
Gross Profit 5,253,996 4,157,472 4,721,998 3,989,843
Other Income 358,927 198,363 171,476 156,326
Selling & Distribution Expenses (1,184,663) (1,028,808) (1,002,054) (905,920)
General & Administrative Expenses (2,326,623) (1,870,797) (1,714,397) (1,394,623)
Other Expenses (586,835) (487,566) (375,197) (223,920)
Operating Profit 1,514,802 968,664 1,801,826 1,621,706
Finance Income 1,270,747 263,788 337,848 835,586
Finance Cost (316,799) (14,981) (154,469) (11,117)
Net Finance Income 953,984 248,807 183,379 824,469
Income From Investments 1,511,879 421,522 204,991 475,584
Profit Before Tax 3,980,629 1,638,993 2,190,196 2,921,759
Income Tax Expense (344,940) (358,353) (719,213) (635,442)
Deferred Tax (243,219) (19,113) 44,895 (71,927)
Total Income Tax (588,159) (377,466) (674,318) (707,370)
Profit For The Year 3,392,470 1,261,527 1,515,878 2,214,389

B.S 2016 2015 2014 2013

Long Term Assets
Fixed Assets 14,020,657 11,484,056 10,831,035 10,737,745
Projects In Progress 7,384,247 1,995,617 1,062,478 405,964
Investment In Subsidaries 6,377,283 6,377,283 6,652,300 6,586,503
Available for Sale Investments 81,273 98,639 99,014 100,319
Other Assets 1,215,509 903,240 1,013,274 915,954
Deferred Tax Assets 408,552 334,604 353,717 308,822
Total Long Term Assets 29,487,521 21,193,439 20,011,818 19,055,307
Current Assets
Inventories 612,467 501,850 418,454 438,929
Trade Receivables 4,652,069 4,734,369 4,655,834 3,366,138
Debtors & Other Debit Balances 1,613,138 1,656,258 1,527,587 1,599,349
Held To Maturity Investments 101,922 0 277,398 0
Cash & Cash Equivalents 530,195 1,646,158 2,267,112 5,143,426
Total Current Assets 7,509,791 8,538,635 9,146,385 10,547,842
Current Liabilities
Loans 2,710,704 57,424 62,628 96,435
Creditors & Other Credit Balances 5,937,674 3,672,998 3,996,871 3,009,766
Provisions 1,057,657 996,790 546,967 467,690
Total Current Liabilities 9,706,035 4,727,212 4,606,466 3,573,891
Working Capital 0 3,811,423 4,539,919 6,973,951
Total Investments 0 25,004,862 24,551,737 26,029,258
Equity & Long Term Liabilities
Equity
Capital 17,070,716 17,070,716 17,070,716 17,070,716
Reserves 4,380,491 6,317,415 6,298,316 6,144,686
Retained earning 4,782,442 28,290 18,054 112,842
Net Profit For The Year 3,392,470 1,261,527 1,515,878 2,214,389
Dividends 0 0 (736,209) 0
Total Equity 26,233,649 24,677,984 24,166,755 25,426,333
Long Term Liabilities
Loans 626,235 326,914 382,544 475,266
Creditors & Other Credit Balances 114,226 0 2,438 11,359
Total Long Term Liabilities 1,057,628 326,914 384,982 486,625
Total Equity & Long Term Liabilities 36,997,312 25,004,862 24,551,737 26,029,258

C.F 2016 2015 2014 2013

Cash Flows From Operating Activities
Cash Receipts 10,963,912 7,915,642 6,792,050 6,697,777
Sales Tax 253,929 209,635 253,500 294,043
Stamp Tax 30,763 31,375 31,579 34,607
Deposits Returned 5,767 (1,915) (4,225) (8,468)
Cash Paid To Suppliers (1,186,736) (1,032,623) (799,601) (558,221)
Payments Of NTRA (236,691) (352,436) (452,569) (150,080)
Payments Of Financial Lease 0 0 0 (1,116)
Dividends (562,748) (494,137) (569,641) (463,190)
Cash Paid To Employees (3,169,764) (2,542,363) (2,303,446) (2,148,464)
Cash Paid To Third Party (533,286) (482,325) (415,980) (453,338)
Cash Provided By Operating Activities 5,565,146 3,250,817 2,531,367 3,243,550
Interest Paid (7,224) (7,176) (8,134) (13,479)
Income Tax (211,961) (607,988) (573,793) (517,935)
Sales Tax (766,972) (496,529) (648,453) (479,401)
Other Tax (332,948) (389,782) (423,173) (339,817)
Other Payments 91,270 (91,455) (70,859) (407,722)
Net Cash Provided By Operating Activities 4,337,311 1,657,887 806,955 1,485,196
Cash Flows From Investing Activities
Purchase Of Fixed Assets (3,203,212) (2,460,719) (1,309,383) (560,948)
Acquisition Of Investments (5,293,798) 0 (65,797) (32,855)
Held To Maturity Investments (254,901) 0 (1,370,222) 0
Interest Received 32,670 30,504 28,342 37,824
Dividends Collected 1,813,053 201,311 141,505 380,449
Proceeds From Sale Of Held To Maturity 11,183 265,083 1,105,149 0
Proceeds From Securities 154,888 90,576 197,925 233,025
Proceeds From Money Market Fund 54,375 0 2,585 38,299
Net Cash Provided By Investing Activities (6,685,742) (1,873,245) (1,269,896) 95,794
Cash Flow From Financing Activities
Payment Of Loans (69,000) (62,328) (94,454) (131,162)
Dividends Paid To Shareholders (1,280,304) (341,414) (2,318,634) (769,365)
Net Cash Used In Financing Activities 1,232,244 (403,742) (2,413,088) (2,350,355)
Net Change In Cash (1,116,187) (619,100) (2,876,029) (769,365)
Cash & Cash Equivalents At Beg. 1,636,917 2,256,017 5,132,046 5,901,411
Cash & Cash Equivalents At End. 520,730 1,636,917 2,256,017 5,132,046
 I.S 2016 (%) 2015 (%) 2014 (%)
Operating Revenues 122.39% 105.16% 110.15%
Operating Costs 116.10% 105.81% 104.60%
Gross Profit 131.68% 104.20% 118.35%
Other Income 229.60% 126.89% 109.69%
Selling & Distribution Expenses 130.77% 113.56% 110.61%
General & Administrative Expenses 166.83% 134.14% 122.93%
Other Expenses 262.07% 217.74% 167.56%
Operating Profit 93.41% 59.73% 111.11%
Finance Income 152.08% 31.57% 40.43%
Finance Cost 2849.68% 134.76% 1389.48%
Net Finance Income 115.71% 30.18% 22.24%
Income From Investments 317.90% 88.63% 43.10%
Profit Before Tax 136.24% 56.10% 74.96%
Income Tax Expense 54.28% 56.39% 113.18%
Deferred Tax 338.15% 26.57% -62.42%
Total Income Tax 83.15% 53.36% 95.33%
Profit For The Year 153.20% 56.97% 68.46%

B.S 2016 (%) 2015 (%) 2014 (%)

Long Term Assets
Fixed Assets 130.57% 106.95% 100.87%
Projects In Progress 1818.94% 491.57% 261.72%
Investment In Subsidaries 96.82% 96.82% 101.00%
Available for Sale Investments 81.01% 98.33% 98.70%
Other Assets 132.70% 98.61% 110.62%
Deferred Tax Assets 132.29% 108.35% 114.54%
Total Long Term Assets 154.75% 111.22% 105.02%
Current Assets
Inventories 139.54% 114.34% 95.34%
Trade Receivables 138.20% 140.65% 138.31%
Debtors & Other Debit Balances 100.86% 103.56% 95.51%
Held To Maturity Investments NA NA NA
Cash & Cash Equivalents 10.31% 32.01% 44.08%
Total Current Assets 71.20% 80.95% 86.71%
Current Liabilities
Loans 2810.91% 59.55% 64.94%
Creditors & Other Credit Balances 197.28% 122.04% 132.80%
Provisions 226.14% 213.13% 116.95%
Total Current Liabilities 271.58% 132.27% 128.89%
Working Capital 0.00% 54.65% 65.10%
Total Investments 0.00% 96.06% 94.32%
Equity & Long Term Liabilities
Equity
Capital 100.00% 100.00% 100.00%
Reserves 71.29% 102.81% 102.50%
Retained earning 4238.18% 25.07% 16.00%
Net Profit For The Year 153.20% 56.97% 68.46%
Dividends NA NA NA
Total Equity 103.18% 97.06% 95.05%
Long Term Liabilities
Loans 131.77% 68.79% 80.49%
Creditors & Other Credit Balances 1005.60% 0.00% 21.46%
Total Long Term Liabilities 217.34% 67.18% 79.11%
Total Equity & Long Term Liabilities 142.14% 96.06% 94.32%

C.F 2016 (%) 2015 (%) 2014 (%)

Cash Flows From Operating Activities
Cash Receipts 163.69% 118.18% 101.41%
Sales Tax 86.36% 71.29% 86.21%
Stamp Tax 88.89% 90.66% 91.25%
Deposits Returned -68.10% 22.61% 49.89%
Cash Paid To Suppliers 212.59% 184.98% 143.24%
Payments Of NTRA 157.71% 234.83% 301.55%
Payments Of Financial Lease 0.00% 0.00% 0.00%
Dividends 121.49% 106.68% 122.98%
Cash Paid To Employees 147.54% 118.33% 107.21%
Cash Paid To Third Party 117.64% 106.39% 91.76%
Cash Provided By Operating Activities 171.58% 100.22% 78.04%
Interest Paid 53.59% 53.24% 60.35%
Income Tax 40.92% 117.39% 110.78%
Sales Tax 159.99% 103.57% 135.26%
Other Tax 97.98% 114.70% 124.53%
Other Payments -22.39% 22.43% 17.38%
Net Cash Provided By Operating Activities 292.04% 111.63% 54.33%
Cash Flows From Investing Activities NA NA NA
Purchase Of Fixed Assets 571.04% 438.67% 233.42%
Acquisition Of Investments 16112.61% 0.00% 200.26%
Held To Maturity Investments NA NA NA
Interest Received 86.37% 80.65% 74.93%
Dividends Collected 476.56% 52.91% 37.19%
Proceeds From Sale Of Held To Maturity NA NA NA
Proceeds From Securities 66.47% 38.87% 84.94%
Proceeds From Money Market Fund 141.97% 0.00% 6.75%
Net Cash Provided By Investing Activities -6979.29% -1955.49% -1325.65%
Cash Flow From Financing Activities NA NA NA
Payment Of Loans 52.61% 47.52% 72.01%
Dividends Paid To Shareholders 166.41% 44.38% 301.37%
Net Cash Used In Financing Activities -52.43% 17.18% 102.67%
Net Change In Cash 145.08% 80.47% 373.82%
Cash & Cash Equivalents At Beg. 27.74% 38.23% 86.96%
Cash & Cash Equivalents At End. 10.15% 31.90% 43.96%
2013 (%)
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%

2013 (%)

100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%

100.00%
100.00%
100.00%

100.00%
100.00%

100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
NA
100.00%

100.00%
100.00%
100.00%
100.00%

2013 (%)

100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
NA
100.00%
100.00%
NA
100.00%
100.00%
NA
100.00%
100.00%
100.00%
NA
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
 I.S 2016 2015 2014 2013
Operating Revenues 12,092,887 10,390,211 10,883,815 9,880,578
Operating Costs (6,838,891) (6,232,739) (6,161,817) (5,890,735)
Gross Profit 5,253,996 4,157,472 4,721,998 3,989,843
Other Income 358,927 198,363 171,476 156,326
Selling & Distribution Expenses (1,184,663) (1,028,808) (1,002,054) (905,920)
General & Administrative Expenses (2,326,623) (1,870,797) (1,714,397) (1,394,623)
Other Expenses (586,835) (487,566) (375,197) (223,920)
Operating Profit 1,514,802 968,664 1,801,826 1,621,706
Finance Income 1,270,747 263,788 337,848 835,586
Finance Cost (316,799) (14,981) (154,469) (11,117)
Net Finance Income 953,984 248,807 183,379 824,469
Income From Investments 1,511,879 421,522 204,991 475,584
Profit Before Tax 3,980,629 1,638,993 2,190,196 2,921,759
Income Tax Expense (344,940) (358,353) (719,213) (635,442)
Deferred Tax (243,219) (19,113) 44,895 (71,927)
Total Income Tax (588,159) (377,466) (674,318) (707,370)
Profit For The Year 3,392,470 1,261,527 1,515,878 2,214,389

B.S 2016 2015 2014 2013

Long Term Assets
Fixed Assets 14,020,657 11,484,056 10,831,035 10,737,745
Projects In Progress 7,384,247 1,995,617 1,062,478 405,964
Investment In Subsidaries 6,377,283 6,377,283 6,652,300 6,586,503
Available for Sale Investments 81,273 98,639 99,014 100,319
Other Assets 1,215,509 903,240 1,013,274 915,954
Deferred Tax Assets 408,552 334,604 353,717 308,822
Total Long Term Assets 29,487,521 21,193,439 20,011,818 19,055,307
Current Assets
Inventories 612,467 501,850 418,454 438,929
Trade Receivables 4,652,069 4,734,369 4,655,834 3,366,138
Debtors & Other Debit Balances 1,613,138 1,656,258 1,527,587 1,599,349
Held To Maturity Investments 101,922 0 277,398 0
Cash & Cash Equivalents 530,195 1,646,158 2,267,112 5,143,426
Total Current Assets 7,509,791 8,538,635 9,146,385 10,547,842
Current Liabilities
Loans 2,710,704 57,424 62,628 96,435
Creditors & Other Credit Balances 5,937,674 3,672,998 3,996,871 3,009,766
Provisions 1,057,657 996,790 546,967 467,690
Total Current Liabilities 9,706,035 4,727,212 4,606,466 3,573,891
Working Capital 0 3,811,423 4,539,919 6,973,951
Total Investments 0 25,004,862 24,551,737 26,029,258
Equity & Long Term Liabilities
Equity
Capital 17,070,716 17,070,716 17,070,716 17,070,716
Reserves 4,380,491 6,317,415 6,298,316 6,144,686
Retained earning 4,782,442 28,290 18,054 112,842
Net Profit For The Year 3,392,470 1,261,527 1,515,878 2,214,389
Dividends 0 0 (736,209) 0
Total Equity 26,233,649 24,677,984 24,166,755 25,426,333
Long Term Liabilities
Loans 626,235 326,914 382,544 475,266
Creditors & Other Credit Balances 114,226 0 2,438 11,359
Total Long Term Liabilities 1,057,628 326,914 384,982 486,625
Total Equity & Long Term Liabilities 36,997,312 25,004,862 24,551,737 26,029,258

C.F 2016 2015 2014 2013

Cash Flows From Operating Activities
Cash Receipts 10,963,912 7,915,642 6,792,050 6,697,777
Sales Tax 253,929 209,635 253,500 294,043
Stamp Tax 30,763 31,375 31,579 34,607
Deposits Returned 5,767 (1,915) (4,225) (8,468)
Cash Paid To Suppliers (1,186,736) (1,032,623) (799,601) (558,221)
Payments Of NTRA (236,691) (352,436) (452,569) (150,080)
Payments Of Financial Lease 0 0 0 (1,116)
Dividends (562,748) (494,137) (569,641) (463,190)
Cash Paid To Employees (3,169,764) (2,542,363) (2,303,446) (2,148,464)
Cash Paid To Third Party (533,286) (482,325) (415,980) (453,338)
Cash Provided By Operating Activities 5,565,146 3,250,817 2,531,367 3,243,550
Interest Paid (7,224) (7,176) (8,134) (13,479)
Income Tax (211,961) (607,988) (573,793) (517,935)
Sales Tax (766,972) (496,529) (648,453) (479,401)
Other Tax (332,948) (389,782) (423,173) (339,817)
Other Payments 91,270 (91,455) (70,859) (407,722)
Net Cash Provided By Operating Activities 4,337,311 1,657,887 806,955 1,485,196
Cash Flows From Investing Activities
Purchase Of Fixed Assets (3,203,212) (2,460,719) (1,309,383) (560,948)
Acquisition Of Investments (5,293,798) 0 (65,797) (32,855)
Held To Maturity Investments (254,901) 0 (1,370,222) 0
Interest Received 32,670 30,504 28,342 37,824
Dividends Collected 1,813,053 201,311 141,505 380,449
Proceeds From Sale Of Held To Maturity 11,183 265,083 1,105,149 0
Proceeds From Securities 154,888 90,576 197,925 233,025
Proceeds From Money Market Fund 54,375 0 2,585 38,299
Net Cash Provided By Investing Activities (6,685,742) (1,873,245) (1,269,896) 95,794
Cash Flow From Financing Activities
Payment Of Loans (69,000) (62,328) (94,454) (131,162)
Dividends Paid To Shareholders (1,280,304) (341,414) (2,318,634) (769,365)
Net Cash Used In Financing Activities 1,232,244 (403,742) (2,413,088) (2,350,355)
Net Change In Cash (1,116,187) (619,100) (2,876,029) (769,365)
Cash & Cash Equivalents At Beg. 1,636,917 2,256,017 5,132,046 5,901,411
Cash & Cash Equivalents At End. 520,730 1,636,917 2,256,017 5,132,046
 2016 2015 2014
Current Ratio 0.77 1.81 1.99
Working Capital (2,196,244.00) 3,811,423.00 4,539,919.00
Acid-Test 0.71 1.70 1.89
Cash Ratio 0.07 0.37 0.54
Working Capital Turnover 5.51 2.73 2.40
AR Turnover 2.60 2.19 2.34
Days To AR Turnover 140.41 166.31 156.14
Inventory Turnover 11.17 12.42 14.73
Days To Inventory Turnover 32.69 29.39 24.79
Times Interest Earned 209.69 134.99 221.52
Debt Ratio 0.29 0.17 0.17
Net Profit Margin 0.65 0.30 0.32
Total Assets Turnover 0.14 0.14 0.16
ROA 0.09 0.04 0.05
Operating Income Margin 0.29 0.23 0.38
ROI 0.10 0.04 0.03
ROE 0.13 0.05 0.06
% Of Acc. Retained Earnings 140.97% 2.24% 1.19%
% Of Retained Earnings 140.97% 2.24% 1.77%
CF Return On TA 0.27 0.19 0.13
 2013
2.95
6,973,951.00
2.83
1.50
1.42
2.94
124.35
13.42
27.20
120.31
0.14
0.56
0.13
0.07
0.41
0.06
0.09
5.10%
5.10%
0.17