METAX PAST AND LATEST FINANCIAL RESULTS

The following consolidated financial information should be read in conjunction with the full text and notes to the financial statements in the auditors' reports, which can be found in the prospectus and/or the relevant annual report(s). The prospectus/reports can be found in the relevant sections on this site. Unless otherwise indicated, all figures are extracted from our audited accounts.

Please note that Metax Engineering's initial public offer concluded on the 27th February 2006 with the first days' trading.

INVESTOR RELATIONS
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Board of Directors

Profit and Loss a/c| |Balance Sheet| |Cash Flow Statement

CONSOLIDATED INCOME STATEMENT

Year ended 30 June	2003 S$	2004 S$	2005 S$	2006 S$	2007 S$
Revenue	11,323,802	23,509,688	31,922,152	33,615,213	24,852,205
Cost of sales	(9,850,995)	(20,098,407)	(27,660,483)	(29,747,968)	(20,853,868)
Gross profit	1,472,807	3,411,281	4,261,669	3,867,245	3,998,337
Other income	252,177	638,404	124,678	327,930	227,622
Selling and distribution expenses	(9,087)	(35,361)	(76,768)	(45,824)	(127,357)
Administrative expenses	(1,736,482)	(1,986,414)	(2,002,585)	(2,205,306)	(2,388,702)
Other operating expenses	-	-	(11,359)	-	(1,570)
(Loss)/Profit from operations	(20,585)	2,027,910	2,295,635	1,944,045	1,708,330
Finance costs	(44,383)	(30,171)	(35,934)	(29,267)	(58,946)
(Loss)/Profit before taxation	(64,968)	1,997,739	2,259,701	1,914,778	1,649,384
Taxation	(33,624)	(386,526)	(504,000)	(387,000)	(372,235)
(Loss)/Profit attributable to shareholders	(98,592)	1,611,213	1,755,701	1,527,778	1,277,149

Profit and Loss a/c| |Balance Sheet| |Cash Flow Statement

CONSOLIDATED BALANCE SHEETS

ASSETS

As at 30 June	2003 S$	2004 S$	2005 S$	2006 S$	2007 S$
*ASSETS:-*
*Non-current assets*
Property, plant and equipment	3,375,910	3,309,662	2,987,304	2,687,814	2,603,769
Properties under construction	578,736	-	-	-	-
Investments	-	-	-	-	-
Deferred tax assets	309,526	-	-	-	-
Total non-current assets	4,264,172	3,309,662	2,987,304	2,687,814	2,603,769
*Current assets*
Contract work-in-progress	436,419	5,876,556	8,603,599	20,679,344	14,026,282
Trade and other receivables	2,243,105	2,426,423	3,143,974	1,085,060	1,293,899
Amount owing by a related party	53,303	-	-	-	-
Fixed deposits	647,686	650,440	-	2,020,429	1,039,231
Cash and bank balances	43,578	823,283	736,973	340,368	25,609
Total current assets	3,424,091	9,776,702	12,484,546	24,125,201	16,385,021
Total assets	7,688,263	13,086,364	15,471,850	26,813,015	18,988,790

EQUITY AND LIABILITIES

As at 30 June	2003 S$	2004 S$	2005 S$	2006 S$	2007 S$
*EQUITY AND LIABILITIES:-*
*Shareholder's equity*
Share capital	2,500,000	2,500,000	2,500,000	7,257,417	7,257,417
Reserves	25,795	1,725,936	596,043	1,546,835	2,061,376
Shareholders' equity	2,525,795	4,225,936	3,096,043	8,804,252	9,318,793
*Non-current liability*
Obligations under finance leases	202,508	188,819	83,640	20,641	9,308
Total non-current liability	202,508	188,819	83,640	20,641	9,308
*Current liabilities*
Excess of progress billings over work-in-progress	169,317	-	1,506	449,837	15,291
Trade and other payables	2,327,458	6,038,031	8,682,943	15,535,290	4,411,327
Amount owing to a related party	-	65,656	20,602	-	-
Amount owing to director	464,459	3,723	5,396	-	200,000
Obligations under finance leases	47,165	79,314	67,986	11,333	11,333
Amount owing to financial institutions	1,951,561	2,407,885	1,560,734	1,585,489	4,668,238
Dividends payable	-	-	1,380,000	-	-
Provision for tax	-	77,000	573,000	406,173	354,500
Total current liabilities	4,959,960	8,671,609	12,292,167	17,988,122	9,660,689
Total liabilities	5,162,468	8,860,428	12,375,807	18,008,763	9,669,997
Total equity and liabilities	7,688,263	13,086,364	15,471,850	26,813,015	18,988,790

Profit and Loss a/c| |Balance Sheet| |Cash Flow Statement

CONSOLIDATED CASH FLOW STATEMENT

Year ended 30 June	2003 S$	2004 S$	2005 S$	2006 S$	2007 S$
*Cash flows from operating activities*
(Loss)/Profit before taxation	(64,968)	1,997,739	2,259,701	1,914,778	1,649,384
*Adjustments for:-*
Depreciation of property, plant and equipment	188,946	203,813	191,101	116,661	119,867
(Gain)/Loss on disposal of property, plant and equipment	-	(3,795)	11,359	(36,904)	1,570
Exchange realignment	(45,833)	140,150	2,207	1,146	11
Interest expense	44,383	30,171	35,934	29,267	58,946
Interest income	(186)	(2,754)	(5,404)	(25,256)	(46,404)
Waiver of debt	-	(481,078)	-	-	-
Operating profit before capital changes	122,342	1,884,246	2,494,898	1,999,692	1,783,374
*Changes in working capital:*
Contract work-in-progress/ Excess of progress billings over work-in-progress	(239,510)	(5,609,454)	(2,725,537)	(11,627,414)	6,218,516
Trade and other receivables	(991,840)	(183,318)	(717,551)	2,058,914	(208,839)
Trade and other payables	1,237,921	3,710,573	2,644,912	6,852,347	(11,123,963)
Amount owing by/to a related party	(53,303)	118,959	(45,054)	(20,602)	-
Amount due to a director	40,277	131,166	1,673	(5,396)	200,000
Cash generated from operations	115,887	52,172	1,653,341	(742,459)	(3,130,912)
Income taxes paid	-	-	(8,000)	(553,827)	(423,908)
Net cash generated from operating activities	115,887	52,172	1,645,341	(1,296,286)	(3,554,820)
*Cash flow from investing activities*
Purchase of property, plant and equipment	(139,770)	(127,117)	(112,903)	(3,399)	(39,081)
Proceeds from sale of property, plant and equipment	-	81,036	225,000	220,000	1,570
Proceeds from sale of propert under construction	-	459,001	-	-	-
Interest received	186	2,754	5,404	25,256	46,404
Net cash (used in)/ generated from investing activities	(139,584)	415,674	117,501	241,857	8,893
*Cash flow from financing activities*
Pledged deposit	-	-	-	-	(1,039,231)
Interest paid	(44,383)	(30,171)	(35,934)	(29,267)	(58,946)
Dividends paid	-	-	(1,500,000)	(1,380,000)	(762,500)
Payment of finance lease liabilities	(24,740)	(111,540)	(116,507)	(119,652)	(11,333)
Proceeds from financial institutions	2,016,199	8,088,663	5,917,224	809,337	5,480,220
Repayment of amount owing to financial institutions	(711,991)	(7,563,930)	(6,764,375)	(1,545,213)	(3,364,148)
New issue of shares	-	-	-	4,182,417	-
Net cash generated from/ (used in) financing activities	1,235,085	383,022	(2,499,592)	1,917,622	244,062
Net increase/ (decrease) in cash and cash equivalents	1,211,388	850,868	(736,750)	863,193	(3,301,865)
Cash and cash equivalents at beginning of year	(588,533)	622,855	1,473,723	736,973	1,600,166
Cash and cash equivalents at end of year*	622,855	1,473,723	736,973	1,600,166	(1,701,699)

*CASH AND CASH EQUIVALENTS

As at 30 June	2003 S$	2004 S$	2005 S$	2006 S$	2007 S$
Cash and bank balances	43,578	823,283	736,973	340,368	25,609
Fixed deposits	647,686	650,440	-	2,020,429	1,039,231
Bank overdraft	(68,409)	-	-	(760,631)	(1,727,308)
Pledged deposits	-	-	-	-	(1,039,231)
Cash and cash equivalents at end of year	622,855	1,473,723	736,973	1,600,166	(1,701,699)

Profit and Loss a/c| |Balance Sheet| |Cash Flow Statement

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