[MSNIAGA] YoY Annualized Quarter Result on 31-Dec-2003 [#4]

Announcement Date
26-Feb-2004
Admission Sponsor
-
Sponsor
-
Financial Year
31-Dec-2003
Quarter
31-Dec-2003 [#4]
Profit Trend
QoQ- 18.75%
YoY- -1.02%
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Annualized Quarter Result
31/12/06 31/12/05 31/12/04 31/12/03 31/12/02 31/12/01 31/12/00 CAGR
Revenue 316,226 322,493 297,380 269,742 230,354 248,261 229,379 5.49%
PBT 22,549 23,931 23,482 27,029 26,677 26,386 21,136 1.08%
Tax -6,986 -7,028 -7,428 -8,408 -7,865 -7,749 -5,829 3.06%
NP 15,563 16,903 16,054 18,621 18,812 18,637 15,307 0.27%
-
NP to SH 14,727 16,395 16,054 18,621 18,812 18,637 15,307 -0.64%
-
Tax Rate 30.98% 29.37% 31.63% 31.11% 29.48% 29.37% 27.58% -
Total Cost 300,663 305,590 281,326 251,121 211,542 229,624 214,072 5.82%
-
Net Worth 173,365 167,315 163,239 144,504 131,623 112,061 99,671 9.65%
Dividend
31/12/06 31/12/05 31/12/04 31/12/03 31/12/02 31/12/01 31/12/00 CAGR
Div - - - - - 9,588 6,004 -
Div Payout % - - - - - 51.45% 39.23% -
Equity
31/12/06 31/12/05 31/12/04 31/12/03 31/12/02 31/12/01 31/12/00 CAGR
Net Worth 173,365 167,315 163,239 144,504 131,623 112,061 99,671 9.65%
NOSH 60,406 60,402 60,458 60,210 60,102 59,926 60,043 0.10%
Ratio Analysis
31/12/06 31/12/05 31/12/04 31/12/03 31/12/02 31/12/01 31/12/00 CAGR
NP Margin 4.92% 5.24% 5.40% 6.90% 8.17% 7.51% 6.67% -
ROE 8.49% 9.80% 9.83% 12.89% 14.29% 16.63% 15.36% -
Per Share
31/12/06 31/12/05 31/12/04 31/12/03 31/12/02 31/12/01 31/12/00 CAGR
RPS 523.50 533.91 491.87 448.00 383.27 414.28 382.02 5.38%
EPS 24.38 27.14 26.60 30.94 31.30 31.10 25.50 -0.74%
DPS 0.00 0.00 0.00 0.00 0.00 16.00 10.00 -
NAPS 2.87 2.77 2.70 2.40 2.19 1.87 1.66 9.54%
Adjusted Per Share Value based on latest NOSH - 60,404
31/12/06 31/12/05 31/12/04 31/12/03 31/12/02 31/12/01 31/12/00 CAGR
RPS 523.83 534.21 492.61 446.83 381.58 411.24 379.96 5.49%
EPS 24.40 27.16 26.59 30.85 31.16 30.87 25.36 -0.64%
DPS 0.00 0.00 0.00 0.00 0.00 15.88 9.95 -
NAPS 2.8718 2.7716 2.704 2.3937 2.1803 1.8563 1.6511 9.65%
Price Multiplier on Financial Quarter End Date
31/12/06 31/12/05 31/12/04 31/12/03 31/12/02 31/12/01 31/12/00 CAGR
Date 29/12/06 30/12/05 31/12/04 31/12/03 31/12/02 31/12/01 26/12/00 -
Price 2.70 2.66 3.54 5.10 4.50 4.38 4.42 -
P/RPS 0.52 0.50 0.72 1.14 1.17 1.06 1.16 -12.51%
P/EPS 11.07 9.80 13.33 16.49 14.38 14.08 17.34 -7.20%
EY 9.03 10.20 7.50 6.06 6.96 7.10 5.77 7.74%
DY 0.00 0.00 0.00 0.00 0.00 3.65 2.26 -
P/NAPS 0.94 0.96 1.31 2.12 2.05 2.34 2.66 -15.91%
Price Multiplier on Announcement Date
31/12/06 31/12/05 31/12/04 31/12/03 31/12/02 31/12/01 31/12/00 CAGR
Date 28/02/07 24/02/06 25/02/05 26/02/04 25/02/03 20/02/02 19/02/01 -
Price 2.55 2.75 3.34 4.80 3.84 4.50 4.80 -
P/RPS 0.49 0.52 0.68 1.07 1.00 1.09 1.26 -14.55%
P/EPS 10.46 10.13 12.58 15.52 12.27 14.47 18.83 -9.32%
EY 9.56 9.87 7.95 6.44 8.15 6.91 5.31 10.29%
DY 0.00 0.00 0.00 0.00 0.00 3.56 2.08 -
P/NAPS 0.89 0.99 1.24 2.00 1.75 2.41 2.89 -17.81%

PBT = Profit before Tax, NP = Net Profit, NP to SH = Net Profit Attributable to Shareholder, Div = Dividend, NP Margin = Net Profit Margin, ROE = Return on Equity, NOSH = Number of Shares, RPS = Revenue per Share, EPS = Earning Per Share, DPS = Dividend Per Share, NAPS = Net Asset Per Share, EOQ = End of Quarter, ANN = Announcement, P/RPS = Price/Revenue per Share, P/EPS = Price/Earning per Share, P/NAPS = Price/Net Asset per Share, EY = Earning Yield, DY = Dividend Yield.

NOSH is estimated based on the NP to SH and EPS. Div is an estimated figure based on the DPS and NOSH. Net Worth is an estimated figure based on the NAPS and NOSH.

Div Payout %, NP Margin, ROE, DY, QoQ & YoY figures in Percentage; RPS, EPS & DPS's figures in Cent; and NAPS's figures in Dollar.

All figures in '000 unless specified.

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