CADBURY NIGERIA PLC. . If II RC 4151.... In pursuit OJexce ence

CHAIRMAN'S STATEMENT

OverviewWe are pleased ta repart anather set af results thatare in line with the lang term grawth targets we setfar aurselves, and the performance in 2003 reflectspositive achievement against the critical task ofgrowing share profitably in our key markets. Theclarity and single-minded pursuit of strategy has beenthe uriderpinning strength of the business, and theBoard has revalidated our long-term growth targetwith milestones in the context of opportunities in thegrowing Nigerian market and the West African sub-region. Our capital expenditure plan has beensustained ond we are delighted to report that theseinvestments are yielding positive results. Our factoryupgrade project has come off nicely and broughtmore of our processes to world class standards,enobling us to achieve phenomenal consistency,product quality, and plant efficiency. We hove alsocommissioned new production facilities for themanufacture of Bubba Bubble Gum, which wasintroduced to the market at the end of the 2003.

aided by our Integrated Product Development template.Engineering Services equipment have had to be upgradedas well to meet the expansion in the manufacturing lines,and a II investments are executed with a keen eye on ou rcommitment to high standards of safety, health and theenvironment.These investments are being carefully implemented wijh thecardinal objective of enhancing plant copodtv and flexibilitywhile raising product quality ond compliance with rigorausstondards of manufacturing proctice and businessprocesses,as well os drive growth and prafitobilijy.We ore commnted toserving our customers better and faster, and olTering ourconsumers increasingvarietyina manner thotaeotes realvalue.This commitment to sharehalder value remains the governingobjective,driven bya portfOlioof strong brands and an effediveroute to market structure. The dedsion to focus on ouradvantaged brandsond to increasemarketing spending behindthem has paid handsome dividend, as the consumer demandhas remained strong in the face of increasing competition. Wehove in the processgained in our understanding of consumerbehaviour, and this knowledge will help usgrow.

Investing in tomorrow's leaders

Other new products in the canfectionery rangeinclude Ahomka Ginger, and Take 5, both designedand developed locally to suit the preference ofNigerians and sold under the Halls brand name whichcame to us following the acquisition of AdamsConfectionery by Cadbury Schweppes during 2003.The adaptation of an international brand name forlocally developed products is another example of oursmart variety offering. Both functional candies conformto our philosophy of offering consumers real value theycan experience. More new products are in the pipeline,

Our profit distribution policy has been consistentlydesigned to ensure a balance between the need ofshareowners for healthy returns and the imperative toinvest in the future prasperity and integrity of the business.In this we have an uncompromising desire to safeguardthe long term securityof future cash flows forthe benefit afthe investng public.

Cad bury Nigeria has more than tripled shareholders'investment over the lastfour years, delivering annual totalshareholder retums of 55%.

BusinessPerformanceSales revenue grew 28% to N20.6 billion, driven bysignificant volume growth of the lecd brands ecch ofwhich holds rnorket lecdership positions. Mar~ins havebeen well preserved in spite of the escalation in inflationrate and, with the bulk of imports originating from the eurazone, the adverse impact of a strong euro against thereference US Dollar. The exchange rate drawback waspartly offset by the gains to Stanmarl<on exparts trade, aswell as the benefit of the export expansion grant fromgovemment. Efficiency gains have helped cushion thecost escalation. However the indirect cost increase wassuch that could not be completely recovered, and thehigher depreciation charge due to increased assetsmade Operating Profit grawth at 20% slower than salesrevenue growth.

Underlying earnings per share at 358 kobo were19.3% up on last year, and the Capital Marketrewarded the Cadbury stock which almost doubledin price during the year.

Financial SummaryThe details of the financial performance arediscussed extensively in the body of the report. Thepre-tax profit return on sales has been preserved at19% in spite of cast escalation, which underscores theinherent soundness of the business model. Gross

profit as a percentage of sales also closed at 32.3%.Growth of Gross Profit and Pre-tax Profit over theprevious yearwas 22.9% and 19.7% respectively.

The sustained profitability derives from betterdeployment of assets and the sustained benefit ofworking capital reduction. The increasing level ofautomation accords with our quality commitment,which demands reducing physical handling of productIn the manufacturing process. The capacity of ourpeople to assimilate degrees of complexity andtechnology has been mostencouroging.

DividendThe Board has recommended a dividend ofNl,313,603,310.25 or N1.75 per share, up fromN 1.50 last year, as well as a Scrip Issue of one new sharefor every three held as at close of the register. Theconsistency in Our distribution policy enables us to assuresustainability, while guaranteeing healthy track record ofreturns to shareholders. The Total Shoreholder Return(TSR)for the four-year period to 2003 came to 55% perannum, way ahead of the industry and sector averagesof 28% and 39% respectively.

The Board

Further steps have been taken to strengthen the Boardand raise its performance and governance standards.

Investing in tomorrow's leaders

CADBURY Annual Report 2003

Cadbury Schweppes PicI reported the acquisition of Adams Confectioneryby Cad bury Schweppes lost year, making Cad burySchweppes the global leader in Confectionery. Thatacquisition has made leading brands and theirassocioted technologies available for developmentin Nigeria, and I am pleased that your company isalready exploiting this opportunity. Furthermore, thereorganization of the Cad bury Schweppes businessregions, management structure and reporting linesresulted in the consolidation of major regionaloperating units from nine to five namely AmericasBeverages; Americas Confectionery; Europe,Middle East and Africa (EMEA); Europe Beveragesand Asia Pacific. Cadbury Nigeria, as part of theAfrica Middle East community, is grouped in EMEA.This has also enhanced the access to technologiesand support needed for the extensive expansionprogramme we have undertaken.

RegistrarsI am pleased to note that Union Bank Registrars havelived up to the high expectationsof shareholdersand, sincetaking over the register lastyecr, have provided the servicesto satisfactory standards. We always appreciate thefeedback from shareholders on their experiences as suchinfomnationhelpsusimprovethe servicelevelevenfurther.

Our forecast for 2004 maintains the huge strides wehave achieved in the last few years. We projectacceleration)n the pace of growth driven by thestrength Bt5'ur brands, the robustness of our businessmodel, the dedication of our people, and above allthe grace of the Almighty. Our projection is also areflection of the view that the economic environmentwill progressively improve as Government pursuesthe path of liberalization, deregulation andwithdrawal from the commanding heights ofeconomic activity. This is the only path to truly pavingthe way for private investment, job and wealth'erection, as well as real growth. Clearly we now muststay the course in restructuring the economy in amanner thot grows the non-oil sector, liberates theenergies ofthe Nigerian people and makes them moreeconomically active. A relentless drive to strengthen theformal pracesses, build modern governance systemsand achieve a better coordination between fiscal andmonetary policies will help promote a gradualmigration from the informal sector to the formal and amore healthy social structure. It is important thatgovernment's agenda to steer the economy awayfram the current commodity trap is sustained.This will require conscious steps to diversify theeconomy, and a sustained investment in human capitaldevelopment.

Investing in tomorrow's leaders~""""""",~- .....--

Mr Olatunde Falase was appointed Executive Directorwith effect from December 12, 2003 with executiveresponsibility for Human Resources management. MrFalase ha~ served the company in various capacitiesSince he [oined In 1992. He will be presented formally atthe AGM for election.

,In accordance with Article 91 of the cornponv's Articlesof Association, Dr. U J Itsueli, Dr. J ST Bogunjoko, Mr. Ga Onabote and Alhaji A M Mohammed will retire byratation at the AGM. Shareholders will be invited to re-elect Directors presenting themselves for re-election.

Looking ahead2004 has started satisfactorily despite the veryfamiliar challenges that face the manufacturingindustry, as well as the wider global issues thatimpact on economies in the developing world. Thehigh cost profile in the industry remains a continuingchallenge, especially with respect to infrastructureand tariffs. We are glad to note the effort ofgovernment on a tariff harmonization in theECOWAS zone, and this effort will continue tareceive our support. Industry will be morecompetitive and will be in a better position to servethe cansumers across the sub-region.

For us in Cadbury, our core purpase - WorkingTogether to Create Brands People Love -reinforces our belief that our people, through theirengagement with other stakeholders, create valuefor our business. I am confident that this passion,combined with a drive for capability improvementand a focus an our strategy will see the companyin sustained leadership, and helping to shape thecommercial landscape of Nigeria.

$~'Dr. Udulmo ItsueliChairman

SIGNIFICANT ACCOUNTING POLICIES

1. Basis of AccountingThe accounts are prepored under the historical cost convention.

Basis of consolidationThe group financiol statements include the financial statements of the holding company and it b idiforthe year ended 31 December,2003. IS su sr rorv

2.

3. TurnoverTurnavercamprises the net invoice value of sale~ to external customers.

.Fixed AssetsFixed assets are stated at cost less accumulated depreciation.

DepreciationDepreciation of fixed assets is calculated to write off their cost/valuation on a straight-line basis over theexpected useful lives of the assets concerned at the following rates:

%Nil2.51015 - 33.320

4.

5.

LandLeasehold buildingsPlant and machineryFurniture and FittingsMotor Vehicles

6. InvestmentsInvestments are stated at cost.

7. StocksStocks and work-in-pragress ore valued at cost.

DebtorsDebtors are stated after deduction of specific provision for debts considered doubtful of recovery.

Research and development costsResearch and development costs are written off in the year incurred.

Deferred TaxationDeferred taxation is provided by the liability method at the current tax rate on differences arising from theinclusion of Items of Income and expenditure in taxation computations in periods different from those in whichthey are Included In the financial statements to the extentthata liability or asset may crystallise in future.

Foreign CurrenciesTransactions in foreign. currencies are translated into Naira at the rate of exchange ruling at the time theanse. Assets and liobilities denominated in currencies other than the Naira are converted at the rates ofexcdhange ruling as at the balance sheet date. Profits and losses arising therefrom are included in the Profiton LossAccount.

8.

9.

10.

11.

12. Leases

Assets. held under lease are recorded in the balance sheet at the fair value of the leased assets at the;nceptlon ~f the lease. The excess of the lease payments over the recorded lease obligations are treated asInance. c arges which are amortised over each lease term to give a constant rate of charge on theremaining balance on the obligation.

StaH provident fundThe c.ompany operates a defined contribution scheme for its employees. The scheme, which is funded bcontnbuhons from the Company and the employees, is managed by a Board of trustees. y

Page 42

CONSOLIDATED PROFIT AND LOSSACCOUNTYear Ended 31 December, 2003

The Group The Company

Note 2003 2002 2003 2002

N'OOO 1"1'000 N'OOO 1"1'000

Turnover 2 20,576,177 16,014,709 18,550,884 14,752,9B2

Cost of sales (12,758,380) (9,625,688) (11,604,436) (8,846,397)

Gross profit 7,817,797 6,389,021 6,946,448 5,906,585

Interest receivable 305,098 369,601 305,098 369,601

Distribution expenses (501,487) (431,197) (501,487) (431,197)

Administrative expenses (3,388,947) (2,688,030) (3,041,378) (2,455,624)

Operating profit 4,232,461 3,639,395 3,708,681 3,389,365

Interest expense and similar charges (439,955) (379,529) (195,093) (86,135)

Profit on ordinary activities before taxation 3 3,792,506 3,259,.866 3,513,588 3,303,230

Tax on profit on ordinary activities 5 (1,107,579) (1,010,788) (1,107,579) (1,010,788)

Profit on ordinary activitiesafter taxation 2,684,927 2,249,078 2,406,009 2,292,442

Minority interest (3,493) 241

Profit attributable to members 2,681,434 2,249,319 2,406,009 2,292,442

AppropriationsProposed dividend (1,313,603) (1,125,946) (1,313,603) (1,125,946)

Retained profit transferred to generalreserve 1,367,831 1,123,373 1,092,406 1,166,496

PERSHARE DATA (KOBO)Earnings per share(Actual) 358 300 321 305

.Earnings per share(Adjusted) 358 300 321 305

Dividend per shore(Actual) 175 150 175 150

Dividend per share(Adjusted) 175 150 175 150

The accounting policies on page 42 and the notes on pages 46 to 52 form part of these accounts.

. - P09!143

CONSOLIDATED BALANCE SHEET~ 01 Ended 3 J December, 2003

The Group The Company

Note 2003 2002 2003 2002H'OOO N'OOO H'OOO N'OOO

FIXED ASSETS 6 3,759,882 3,337,240 2,677,203 2,391,065LONG TERM INVESTMENTS 7 1,088,267 1,088,267

CURRENT ASSETSStocks 8 3,245,680 2,700,984 2,595,533 2,393,915Trade debtors 3,814,029 1,720,500 3,214,586 1,253,707Other debtors 1,204,521 1,032,691 618,582 420,045Prepayments 21,636 368,640 21,290 367,365Due fram subsidiary 1,647,924 1,891,406Bank and cash balances 2,684,784 3,490,407 2,665,645 3,337,683

10,970,650 9,313,222 10,763,560 9,664,121CREDITORS: Amounts fallingdue within one yearBank overdrafts 616 26,299 24,501Trade creditors 1,647,765 1,886,454 1,351,148 1,846,584Other creditors 9 4,243,784 3,353,162 4,054,038 3,299,693Leases 10 13,902 13,902

5,892,165 5,279,817 5,405,186 5,184,680

NETCURRENTASSETS 5,078,485 4,033,405 5,358,374 4,479,441

TOTAL ASSETSLESSCURRENTLIABILITIES 8,838,367 7,370,645 9,123,844 7,958,773

PROVISION FOR LIABILITIESAND CHARGESDeferred taxation 595,278 505,244 595,278 505,244TOTAL NET ASSETS 8,243,089 6,865,401 8,528,566 7,453,529

CAPITAL AND RESERVESCalled-up share capital 11 375,315 375,315 375,315 375,315Share premium account 12 2,534,669 2,551,807 2,534,669 2,551,807Reserve for bonus issue 125,105 125,105General reserve 13 5,198,766 3,932,539 5,493,477 4,526,407

8,233,855 6,859,661 8,528,566 7,453,529Minority interest 9,234 5,740

~.8,243,089 6,865,401 8,528,566 7,453,529

lfJ~} Directors

The accounting policies on page 42 and the notes on pcqes 46 to 52 form part of these accounts.

.. - , ,

CONSOLIDATED STATEMENT OF CASH FLOWSYear Ended 31 December, 2003

The Group The Company

2003 2002 2003 2002

H'OOO HOOO H'OOO f>l'OOO

Cash flows from Operating Activities

Cash receipts from customers 18,657,821 16,175,205 16,737,543 15,172,040

Cash paid to suppliers and employees (16,575,853) (12,959,004) (14,973,123) (12,520,031)

Income Taxpaid (827,528) (751,648) (827,528) (751,648).'

Net cash provided byoperating activities 1,254,440 2,464,553 936,892 1,900,361

Cash flows from Investing Activities

Proceeds from treasury activities 305,098 369,601 305,098 369,601

Proceeds from sale of equipment 3,311 19,463 5,178 19,358

Purchase of fixed assets (819,990) (1,455,818) (616,768) (1,366,328)

Net cash provided by investing activities (511,581) (1,066,754) (306,492) (977,369)

Cash flows from Financing activities

Interest paid (439,955) (379,529) (195,093) (86,135)

Dividend paid (1,068,942) (864,986) (1,068,942) (864,986)

Repayment of laans and leases (13,902) (363,901) (13,902) (363,901)

Net cash provided by financing activities (1,522,799) (1,608,416) (1,277,937) (1,315,022)

Net decrease in cash and cash equivalents (779,940) (210,617) (647,537) (392,030)

Cash and cash equivalents at 1 January 3,464,108 3,674,725 3,313,182 3,705,212

Cash & cash equivalents at 31 December 2,684,168 3,464,108 2,665,645 3,313,182

NOTES TO THE ACCOUNTS '~.",!. NOTES TO THE ACCOUNTS (Cont'd)

1. The Company

Cad bury Nigeria Picwas incorporated on 9 Jonuary, 1965 and engages in the food processing business. Its Scale of Directors' emolumentsmojor product lines consist oHood, food drinks, sugar confectionery, chocolate and seasoning cubes.

The Group The CompanyThe Cadbury Scheweppes Group of United Kingdom, which provides the Company with technical servicesunder a Technical Services Agreement approved by National Ollice for Technoloqy Acquisition and 2003 2002 2003 2002Promotion (NOTAP)holds 46.4% of the issued share capital while the balance isheld bythe Nigerion public.

~ Number Number Number Number~The Group The Company

2003 2002 2003 2002 3,000,001 4,000,000 1 1N'OOO H'OOO N'OOO ~'OOO

4,000,001 6,000,000 3 3 3 32. Turnover

7,000,001 10,000,000 3 1 3 1-This comprises of :

10,000,001 13,000,000 1 1 1 1-Domestic Sales 18,398,527 14,872,608 18,398,527 14,652,433

Foreign Sales 2,177,650 1,142,101 152,357 100,549 7 6 7 6

20,576,177 16,014,709 18,550,884 14,752,982 (b) Employees

3. Profit on ordinary activitiesThe average number of persons including

before Taxation Directors employed by the Company during

theyearwas 2,301 1,242 2,183 1,162Profiton ordinary activities before taxation

is stated altercharging/( crediting)-. Stall costs forthe above persons were: N'OOO ~'OOO N'OOO HOOODepreciation 388,262 333,172 319,425 276,675 Salaries ond Allowances 1,727,446 1,603,394 1,674,156 1,556,680

Directors' emoluments 50,015 43,215 50,015 43,215 Provident Contribution 109,796 75,918 109,153 75,542

Auditors' remuneration 11,675 7,300 8,370 6,000Lass/(Profit)on disposal offixed assets 5,774 (717) 6,026 (637) 1,837,242 1,679,312 1,783,309 1,632,222

Earned more than N60,000 in the year

4. Information regarding directors N N Number Number Number Number

and employees 60,001 100,000 932 932

(a) Directors 100,001 140,000 106 20 66

Directors' emoluments are mode up of: 140,001 180,000 10 69 41

Fees 2,958 2,465 2,958 2,465 180,001 220,000 10 416 404

Salaries 47,057 40,750 47,057 40,750 220,001 260,000 101 322 91 319

--- 260,001 300,000 327 104 316 10150,015 43,215 50,015 43,215

225 19 215 14= 300,001 340,000Included in the above are payments340,001 380,000 218 4 208 2

madetothefollowing :-380,001 420,000 62 52

Chairman 500 400 500 400420,001 and above 310 288 303 281

Highest paid director 12,300 10,250 12,300 10,250~ =2,301 1,242 2,183 1,162

, . ••.•• i

( ADBURY Annual Report 2003

NOTES TO THE ACCOUNTS (Cont'd) NOTES TO THE ACCOUNTS (Cont'd)

The Group The Company6. Fixed assets

b. The Company Plant, Projects

2003 2002 2003 2002 Land machinery, underN'OOO N'OOO N'OOO N'OOO and furniture & Motor develop- Leased

Buildings equipment vehicles ment assets Tatol5. Tax on profit on ordinary activities

Income tax based on profit forthe year Cost N'OOO N'OOO N'OOO N'OOO N'OOO N'OOO941,092 750,365 94ql92 750,365

Educational tax 76,453 71,417 76,453 71,417

Under Provision in Prior Years 286 286 At 1 January, 2003 202,921 2,347,107 149,471 898,989 108,632 3,707,120

Deferred Taxation 90,034 188,720 90,034 188,720 Additions 88,834 26,524 501,410 616,768

Disposals (5,204) (21,052) (26,256)Per Profita nd LossAccou nt 1,107,579 1,010,788 1,107,579 1,010,788 (6,043)Transfer 6,043

6. Fixed Assets At31 Dee.,2003 202,921 2,436,780 154,943 1,394,356 108,632 4,297,632

a. The Group Plant, Projects

Land machinery, under Depreciation

and furniture & Motor develop- Leased At 1 January, 2003 38,187 1,118,967 84,563 74,338 1,316,055

Buildings equipment vehicles ment assets Total Charge forthe year 32,106 247,381 39,938 319,425

Cost N'OOO N'OOO N'OOO N'OOO N'OOO N'OOO (966) (14,085) (15,051)On disposals

At 1 January, 2003 232,638 3,564,083 161,690 898,990 108,631 4,966,032

Additions 7,084 279,956 31,540 501,410 819,990 At 31 Dee., 2003 70,293 1,365,382 110,416 74,338 1,620,429

Disposals (5,204) (21,052) (26,256)

Transfer 6,043 (6,043)Net BookValue

At 31 Dec.,2003 239,722 3,844,878 172,178 1,394,357 108,631 5,759,766 At31 Dec., 2003 132,628 1,071 ,398 44,527 1,394,356 34,294 2,677,203

Depreciation At 31 Dee., 2002 164,734 1,228,140 64,908 898,989 34,294 2,391,065

At 1 January, 2003 44,581 1,413,336 96,538 74,337 1,628,792

Charge forthe year 32,902 315,424 39,936 388,262

On disposals (966) (16,204) (17,170)

At31 Dec.,2003 77,483 1,727,794 120,270 74,337 1,999,884

Net book value••......•.At31 Dec.,2003 162,239 2,117,084 51,908 1,394,357 34,294 3,759,882

At 31 Dee., 2002 188,057 2,150,747 65,152 898,990 34,294 3,337,240

Page '''8

NOTES TO THE ACCOUNTS (Cont'd)

The Group The Company2003 2002 2003 2002

H'OOO HOOO H'OOO N'OOO13. General reserve

At 1 January 3,932,539 2,795,584 4,526,407 3,334,890Goodwill 23,542 (11,528)Prior year adjustment (41) 25,110 (231) 25,021Reserve for bonus issue (125,105) (125,105)Profit retained forthe year 1,367,831 1,123,373 1,092,406 1,166,496

5,198,766 3,932,539 5,493,477 4,526,407

14. Earnings and Dividend Per Share

Earnings and dividend per share are based on the issued and fullypaid share capital of750,630,463 at 31 December, 2003.

15. Capital commitment

The total capital commitments at 31 December, 2003 isN97.503 million (2002: N42.395 million) and ismade up as follows:

Bournvita New ProcessBubbleGum

Absorption Chiller

I>¥OOO

26,870

48,775

21,858

97,50316. Contingent liabilities

The company had some pending litigations as at 31 December, 2003. The Directors are, however, of theopinion that no material liabilities would arise fram those litigations against the company.

17. Approval of financial statements

The financial statements were approved by the boord of directors on 12 February, 2004.

Page

STATEMENT OF VALUE ADDEDYear ended 31 December, 2003

The Group The Company'

2003 2002 2003 2002N'OOO % 1'01'000 % N'OOO % 1'01'000 %

Turnover 20,576,177 16,014,709 18,550,884 14,752,982

Interest receivable 305,098 369,601 305,098 369,601

Bought-in-materials

and services (14,235,271 ) (10,552,192) (12,836,037) (10,338,709)

VALUE ADDED 6,646,003 100 5,832,118 100 6,019,945 100 4,783,874 100

DistributionEmployee costs 2,028,773 30 1,859,310 32 1,977,770 33 1,117,834 23

Government:-

Taxation 1,017,545 15 822,068 14 1,017,545 17 822,068 17

Providers of capital :-

Dividend 1,313,603 20 1,125,946 19 1,313,603 21 1,125,946 24

Interest on borrowings 439,955 7 379,529 7 209,162 4 86,135 2

Maintenance of assets

and provision for growth:

Depreciation 388,262 6 333,172 3 319,425 5 276,675 4

Deferred taxation 90,034 1 188,720 6 90,034 1 188,720 6Retained profit 1,367,831 21 1,123,373 19 1,092,406 19 1,166,496 24

6,646,003 100 5,832,118 100 6,019,945 100 4,783,874 100

GROUP FIVE YEAR FINANCIAL SUMMARY SHAREHOLDERS' INFORMATION

2003 2002 2001 2000 1999 Range AnalysisN'OOO ~'OOO HOOO ~'OOO HOOO

HOLDERS HOLDINGSBALANCESHEET RangeFixed Assets 3,759,882 3,337,240 2,245,052 2,204,575 1,970,971

Unit PercentNet Current Assets 5,078,485 4,033,405 3,893,842 847,555 837,893

1 100 2,209 174,748 0.02Creditors: Amounts falling due101 1,000 17,584 8,520,940 1.14

after more than one year (595,278) (505,244) (2,830,426) (430,053) (373,260) 1001 5,000 18,092 45,626,546 6.105001 10,000 7,145 51,107,498 6.828,243,089 6,865,401 3,308,468 2,622,077 2,435,604 10,001 50,000 5,524 102,794,862 13.69

50,001 100,000 477 33,514,134 4.46100.001 700,000 313 68,724,094 9.15Called up Share capital 375,315 375,315 330,178 264,143 264,143700,001 1,000,000 15 12,757,664 1.70Capital Reserve 2,534,669 2,551,807 176,636 176,636 176,636 1,000,001 10,000,000 18 39,360,526 5.24Reserve for bonus issue 125,105 66,036 10,000,001 50,000,000 2 39,859,374 5.31

50,000,001 andabove 1 348,190,077 46.37 .General Reserve 5,198,766 3,932,450 2,795,584 2,109,866 2,050,285Minority interest 9,234 5,829 6,070 5,396 (55,460) Total 51,380 750,630,463 10000

I8,243,089 6,865,401 3,308,468 2,622,077 2,435,604TURNOVER, PROFITAND

IAPPROPRIATIONSTurnover 20,576,177 16,014,709 13,246,408 10,144,899 8,898,107Profit on ordinary activitiesbefore taxation 3,792,506 . 3,259,866 2,405,720 1,637,205 1,236,913Tax on ordinary activities 1,107,579 1,010,788 757,884 573,042 485,173Profit on ordinary activitiesafter Taxation 2,684,927 2,249,078 1,647,836 1,064,163 751,740

Minority Interests (3,493) 241 (585) 1,252 45,297Dividends 1,313,603 1,125,946 959,230 581,114 528,285Retained forthe Year 1,367,831 1,123,373 688,021 418,265 268,752

PERSHARE DATA (KOBO)Earnings Per Share(Actual) 358 300 206 202 151Earnings Per Share(Adjusted) 358 300 220 142 94Dividend Per Share (Actual) 175 150 120 110 100Dividend Per Share (Adjusted) 175 150 128 77 70Dividend Cover (times) 2 2 2 2 1Net Assets Per Share(Actuol) 1,098 915 414 495 461Net Assets Per Share(Adjusted) 1,098 915 441 349 324

OTE: Earnings and dividend per share are based on the issued and fully paid capital at 31 December, 2003.

Page 54