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Summary of Financial Statement

PT. Great River International Tbk.

(million rupiah)
2002 2003 2004

Total Assets 987.026 1.089.263 1.200.646
Current Assets 389.087 485.448 538.083
of which
Cash and cash equivalents 6.788 7.591 3.043
Trade receivables 81.212 110.898 211.297
Inventories 270.016 334.968 273.406
Non-Current Assets 597.940 603.815 662.564
of which
Fixed Assets-Net 583.713 583.768 632.023
Investments 1.208 1.208 1.208
Others n.a 3 n.a

Liabilities 559.409 642.833 748.757 984.921
Current Liabilities 331.923 542.068 350.380 1.086.974
of which 1.214.453
Bank loans 94.930 107.909 120.558
Trade payables 73.722 89.242 35.368
Current maturities
of long-term debt 493 222.082 693
Non-Current Liabilities 227.486 100.765 398.378
Minority Interests in Subsidiaries 2.105 2.289 2.490 746.268

Shareholders' Equity 425.513 444.141 465.696
Paid-up capital 194.040 194.040 465.696
Paid-up capital
in excess of par value 14.725 14.725 n.a
Retained earnings (Accumulated Loss) 216.748 235.376 449.399

Net Sales 423.775 354.114 327.823
Cost of Goods Sold 276.748 219.156 182.816
Gross Profit 147.027 134.959 145.007
Operating Expenses 144.718 78.411 70.423
Operating Profit (Loss) 2.309 56.547 74.584 1.190
Other Income (Expenses) (687.045) (35.013) (64.363)
Profit (Loss) before Taxes (684.735) 21.534 10.221
Profit (Loss) after Taxes 925.226 14.390 7.203

Per Share Data (Rp)
Earnings (Loss) per Share 2.384 37 10
Equity per Share 1.096 1.144 500
Dividend per Share n.a n.a n.a
Closing Price 550 410 450 460

Financial Ratios
PER (x) 0,23 11,06 43,64
PBV (x) 0,50 0,36 0,90
Dividend Payout (%) n.a n.a n.a
Dividend Yield (%) n.a n.a n.a

Current Ratio (x) 1,17 0,90 1,54
Debt to Equity (x) 1,31 1,45 1,61
Leverage Ratio (x) 0,57 0,59 0,62
Gross Profit Margin (x) 0,35 0,38 0,44
Operating Profit Margin (x) 0,01 0,16 0,23
Net Profit Margin (x) 2,18 0,04 0,02
Inventory Turnover (x) 1,02 0,65 0,67
Total Assets Turnover (x) 0,43 0,33 0,27
ROI (%) 93,74 1,32 0,60
ROE (%) 217,44 3,24 1,55

PER = 33.23x ; PBV = 0.95x (June 2006)
Financial Year: September 31
Public Accountant: Drs. Johan, Malonda &Co.