| 12 Months |
|
|
|
|
|
2004 |
2004 |
2004 |
2004 |
2004 |
2004 |
2004 |
2004 |
2004 |
2004 |
2004 |
2004 |
2004 |
|
| to end
Dec |
|
|
|
|
|
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
Year |
|
| PERFORMANCE REVIEW |
|
(Annualized
averages where appropriate) |
|
|
|
| |
|
|
|
|
| Net debt (cash surplus) as
percentage |
|
|
|
|
Yr end |
|
| of owners' equity |
|
#REF! |
71.8
|
64.3
|
79.0
|
86.0
|
97.8
|
101.1
|
66.2
|
70.9
|
68.9
|
60.8
|
83.5
|
67.3
|
67.3 |
|
| Current asset ratio (times) |
|
0.9
|
1.0
|
1.0
|
0.9
|
0.8
|
0.9
|
1.0
|
1.0
|
1.1
|
1.4
|
1.6
|
1.8
|
1.8 |
|
| |
|
|
Avg |
|
| Accounts
receivable (as days annualized sales) |
|
52 |
40 |
38 |
38 |
39 |
37 |
39 |
38 |
37 |
38 |
39 |
38 |
39 |
|
| Inventory
(as days annualized sales) |
|
|
24 |
21 |
23 |
21 |
23 |
18 |
20 |
19 |
17 |
16 |
17 |
15 |
19 |
|
| Accounts
payable (as days annualized costs) |
|
32 |
29 |
24 |
24 |
25 |
25 |
25 |
25 |
25 |
25 |
25 |
26 |
26 |
|
| |
|
|
|
|
| As % sales: |
|
|
Avg |
|
| -Materials/packaging & goods |
|
|
21.9
|
22.3
|
22.5
|
22.0
|
23.5
|
21.9
|
22.8
|
22.0
|
21.9
|
21.9
|
22.1
|
22.1
|
22.2 |
|
| -Direct labor |
|
|
5.9
|
5.6
|
6.9
|
6.7
|
7.9
|
6.9
|
8.0
|
8.0
|
7.6
|
7.7
|
9.5
|
8.9
|
7.6 |
|
| -Gross margin |
|
|
65.4
|
66.2
|
64.0
|
64.4
|
60.9
|
64.0
|
61.2
|
62.6
|
63.7
|
62.9
|
59.8
|
60.6
|
62.9 |
|
| -Selling/freight expenses |
|
|
17.4
|
15.3
|
17.0
|
15.3
|
16.6
|
13.9
|
15.0
|
14.1
|
13.0
|
12.6
|
13.2
|
12.0
|
14.4 |
|
| -Income from operations |
|
|
(11.5) |
(0.2) |
(11.0) |
(2.1) |
(12.4) |
4.0
|
(4.1) |
1.3
|
8.2
|
8.9
|
2.7
|
9.3
|
0.4 |
|
| -Net income before taxes |
|
|
(13.5) |
(2.0) |
(13.0) |
(4.1) |
(17.4) |
1.9
|
(6.2) |
(2.5) |
6.3
|
8.9
|
0.2
|
17.7
|
-0.7 |
|
| |
|
|
Avg |
|
| Average number of employees
(persons) |
|
45.0
|
46.0
|
47.0
|
48.0
|
49.0
|
50.0
|
51.0
|
52.0
|
53.0
|
54.0
|
57.0
|
58.0
|
50.8 |
|
| Annualized
sales per employee ($000) |
|
49.3 |
56.1 |
48.5 |
53.8 |
47.8 |
57.6 |
51.8 |
54.2 |
58.9 |
60.0 |
53.7 |
59.0 |
54.2 |
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