TrueSuccess - True Corporation Public Company Limited

12 ANNUAL REPORT 2004 TRUE CORPORATION PUBLIC COMPANY LIMITED(Unit : Million Baht)2004 2003 2002Consolidated Financial ResultsTotal revenues 33,010 27,950 25,783EBITDA (normalized) 1/ 13,164 11,642 9,798Operating profit 2/ 1,379 491 521Net profit (loss) 605 (5,674) (5,395)Consolidated Balance Sheets and Cash FlowsTotal assets 102,625 86,760 92,977Total liabilities 97,888 85,265 85,779Total shareholderûs equity 4,738 1,495 7,198Free cash flow 3/ 3,419 (3,303) (4,298)Free cash flow, excluding TA Orange 3/ 6,231 5,162 4,682Key Financial and Efficiency RatiosEBITDA margin 39.9% 41.7% 38.0%Operating profit margin 4.2% 1.8% 2.0%Asset Turnover 32.2% 32.2% 27.7%EBITDA / Interest coverage ratio (Times) 3.1 2.6 2.5Net debt / EBITDA (Times) 6.0 5.9 6.6EBITDA / Interest coverage ratio, excluding TA Orange (Times) 3.6 3.1 3.2Net debt / EBITDA, excluding TA Orange (Times) 4.3 4.7 5.1Per Share Data and OthersLoss per share (Baht) 4/ (0.03) (2.13) (2.34)Book value per share (Baht) 1.16 0.40 1.95Share price at year end (Baht) 8.10 7.30 4.60No. of outstanding shares at year end (Million shares) 4,092.53 3,694.50 3,694.50Market capitalization 33,149.47 26,969.83 16,994.701/ Excluding one-off transactions which consisted of the followings;- out-of-period booking of leased circuit and conduit rental of Baht 286 million in 2002,- one-time compensation of Baht 33 million for workforce reduction in 2002.2/ Excluding one-time write-off for PCT subscriber acquisition cost of Baht 215million in 2003.3/ Cash flow from operations less capital expenditure.4/ After accumulated dividend for preferred shares.