ARTHALAND CORPORATION AND SUBSIDIARIES

FINANCIAL RATIOS

2014 2013 2012

Current/Liquidity Ratio 2.95 1.95 1.25

Current Assets 4,025,149,902 3,557,188,941 2,865,357,308 Current
Liabilities 1,363,832126 1,825,746,502 2,299,670,661

Solvency Ratio 0.05 0.10 0.12

Net Income before depreciation 231,073,708 320,102,849 283,761,241
Total Liabilities 3,837,098,074 2,790,649,469 2,314,657,263

Receivable Turnover 1.05 1.65 1.81

Net sales 2,053,012,855 2,332,118,302 1,453,263,809
Trade Receivables 1,946,089,269 1,416,114,777 801,278,453

Inventory Turnover 1.71 1.11 0.75

Cost of Goods Sold 1,216,469,030 1,540,944,867 1,167,802,556
Inventory 713,026,538 1,388,489,169 1,554,389,856

Debt Ratio 144.27% 156.03% 157.25%

Total Assets 5,535,703,159 4,354,320,624 3,639,911,260
Total Liabilities 3,837,098,074 2,790,649,469 2,314,657,263

Debt-to-Equity Ratio 225.90% 178.47% 175.111%

Total Liabilities 3,837,098,074 2,790,649,469 2,314,657,263
Total Equity 1,698,605,085 1,563,671,155 1,321,806,861

Gross Profit Margin 40.75% 33.92% 19.64%

Gross Profit 836,543,825 791,173,435 285,461,253
Net Sales 2,053,012,855 2,332,118,302 1,453,263,809

Return on Equity 21.33% 33.27% 32.04%

Net Income 203,754,675 283,019,859 265,993,957
Ordinary Equity 955,107,136 850,786,496 830,181,736

Profitability Ratio 0.12 0.18 0.20

Net Income 203,754,675 283,019,859 265,993,958
Total Equity 1,698,605,085 1,563,671,155 1,321,806,861

Earnings per share 0.0383 0.0532 0.0500

Net Income 203,754,675 283,019,859 265,993,957
Outstanding Ordinary Shares 5,318,095,199 5,318,095,199 5,318,095,199