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