Financial ratios

  Dec 31, 2002 Dec 31, 2001 % Evolution
 Gross Operating Surplus 49,4% 55,3% -11%
 Return on Equity* 14% 19% -29%
 Debt to Equity 0% 0% -
 Price Earnings Ratio* 12,4 7,3 70%
 Income per share 45,0 135,6 -67%
 Income per share adjusted for depletion reserves 75,2 103,0 -27%
 Cash flow per share 123,5 146,0 -15%
 Dividend 60,0 60,0 0%
 Performance 10,8% 6,1% 77%
 Pay out 133% 44% 201%

* Adjusted on the basis of reserves and provisions write-offs
* Based on the rates of January 3, 2003 and 2002.                    556                985