Restricted deposits with banks - 0.00% 6,819 2.55% 4,078 1.62% 3,717 1.34% Property, plant and equipment 26,602 22.14% 158,537 59.26% 117,152 46.63% 119,948 43.29% (Net) Other non current assets 6,104 5.08% 3,944 1.48% 4,117 1.64% 2,913 1.05% Total assets 120,168 100.00% 267,381 100.00% 251,257 100.00% 277,105 100.00% Master Ad Public Company Limited Balance Sheets Year 2000-2003 Company Consolidated 2000 2001 2002* Jan - June 2003 Liabilities and Shareholders' Equity Current Liabilities Bank overdraft 828 0.69% - 0.00% - 0.00% 4,353 1.57% Promissory note - 0.00% - 0.00% 7,000 2.79% - 0.00% Current portion of hire - 0.00% - 0.00% 132 0.05% 494 0.18% purchase payables Account payable-other companies 2,754 2.29% 5,138 1.92% 7,352 2.93% 11,498 4.15% Account payable-related companies - 0.00% 6,877 2.57% 3,463 1.38% 5,416 1.95% Other payables - 0.00% 2,157 0.81% 164 0.07% 166 0.06% Income received in advance - 0.00% 2,383 0.89% 9,459 3.76% 12,126 4.38% Accrued dividend - 0.00% - 0.00% 10,000 4.03% - 0.00% Accrued Income tax - 0.00% 1,609 0.60% 7,518 2.99% 16,395 5.92% Accrued expense 4,210 3.50% 8,873 3.32% 4,785 1.90% 4,699 1.70% Undue output VAT - 0.00% - 0.00% 4,612 1.84% 5,171 1.87% Other current liabilities 509 0.42% 2,859 1.07% 5,363 2.13% 2,552 0.92% Total current liabilities 8,301 6.91% 29,896 11.18% 59,849 23.82% 62,870 22.69% Loan from shareholders - 0.00% 191,450 71.60% 68,687 27.34% 51,455 18.57% Other non current liabilities 82,125 68.34% 159 0.06% 473 0.19% 1,232 0.44% Total liabilities 90,425 75.25% 221,505 82.84% 129,008 51.35% 115,557 41.70% Master Ad Public Company Limited Balance Sheets Year 2000-2003 Company Consolidated 2000 2001 2002* Jan - June 2003 Shareholders' equity Issued and paid up capital 6,000 4.99% 6,000 2.24% 100,000 39.80% 100,000 36.09% Retained earning - appropriated for legal reserve - 0.00% - 0.00% 2,290 0.91% 2,290 0.83% - un appropriated 23,743 19.76% 29,168 10.91% 8,501 3.38% 39,639 14.30% Total shareholders' equity of 29,743 24.75% 35,168 13.15% 110,791 44.09% 141,929 1.22% the company Minority interest in subsidiary - 0.00% 10,708 4.00% 11,458 4.56% 19,619 7.22% company Total shareholders' equity - 0.00% 45,876 17.16% 122,249 48.65% 161,548 59.47% Total liabilities and 120,168 100.00% 267,381 100.00% 251,257 100.00% 277,105 100.00% shareholders' equity Remark *In 2nd quarter of year 2003, the auditor adjusted the figure in balance sheet as of December 31, 2002 by adding VAT to both assets and liabilities Master Ad Public Company Limited Statements of Income Statements of Income Company Consolidated 2000 2001 2002* Jan - June 2003 Revenues Sales and service income 125,859 95.23% 210,907 97.32% 288,938 97.77% 165,961 98.17% Other income 6,302 4.77% 5,030 2.32% 5,384 1.82% 2,098 1.24% Equity in net income of 0.00% 778 0.36% 1,217 0.41% 1,001 0.59% subsidiary and associated companies Total Revenues 132,161 100.00% 216,714 100.00% 295,538 100.00% 169,060 100.00% Cost and expenses Cost of sales and services 90,343 68.36% 144,727 66.78% 194,955 65.97% 76,106 45.02% Selling and administrative 34,498 26.10% 54,147 24.99% 66,190 22.40% 31,793 18.81% expenses Total Costs and Expenses 124,842 94.46% 198,874 91.77% 261,145 88.36% 107,899 63.82% Net Income Before Interest 7,319 5.54% 17,841 8.23% 34,393 11.64% 61,161 36.18% Expense and Income Tax Interest expense 0.00% 2,669 1.23% 3,787 1.28% 2,019 1.19% Income tax 2,196 1.66% 5,277 2.44% 13,234 4.48% 19,843 11.74% Net Income after Income Tax 5,124 3.88% 9,894 4.57% 17,372 5.88% 39,229 23.25% Minority interest in net income - 0.00% (2,737) (1.26%) (750) (0.25%) (8,161) (4.83%) Net Income 5,124 3.88% 7,157 3.30% 16,623 5.62% 31,138 18.42% Master Ad Public Company Limited Statements of Cash Flows 2002 2003 Consolidated Company Jan-June Net cash provide from (use in) operating activities 49,619 23,849 60,644 Net cash provide from (use in) investing activities (8,787) 15,713 (22,502) Net cash provide from (use in) financing activities (46,763) (44,108) (28,965) Net increase (decrease) in cash and cash at banks (5,930) (4,546) 9,177 Cash and cash at bank - beginning of the year 30,664 12,017 24,886 Cash and cash at bank - end of the year 24,734 7,467 34,063 Prepared by IB Securities Company a:\maco-e.txt