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!	93.2	78.6	77.2	77.9	73.0	67.4	62.0	56.2	87.2	80.2	72.7	64.9	64.9
Current asset ratio (times)						1.2	1.4	1.8	1.8	1.9	2.0	1.9	2.1	1.3	1.3	1.4	1.5	1.5
																		Avg
Accounts receivable (as days annualized sales)						48	40	36	38	38	38	38	38	38	38	38	38	39
Inventory (as days annualized sales)						69	67	65	63	61	59	57	55	54	52	50	49	58
Accounts payable (as days annualized costs)						34	29	24	21	21	21	21	21	21	22	22	22	23
As % sales:																		Avg
-Materials/packaging & goods						41.0	41.0	41.0	41.0	41.0	41.0	41.0	41.0	41.0	41.0	41.0	41.0	41.0
-Direct labor						3.9	3.8	3.7	5.3	5.2	5.0	6.5	6.3	6.1	5.9	5.7	5.6	5.3
-Gross margin						41.4	41.6	41.7	40.1	40.3	40.5	39.0	39.3	39.5	39.7	40.0	40.2	40.2
-Selling/freight expenses						4.3	4.2	4.1	4.1	4.0	3.9	3.9	3.8	3.8	3.7	3.7	3.6	3.9
-Income from operations						5.0	6.3	7.5	7.1	8.3	9.4	8.8	9.9	11.0	11.2	12.2	13.2	9.4
-Net income before taxes						2.2	3.5	13.4	4.6	5.9	7.2	6.9	8.1	8.8	8.6	9.8	11.0	7.7
																		Avg
Average number of employees (persons)						3.0	3.0	3.0	3.5	3.5	3.5	4.0	4.0	4.0	4.0	4.0	4.0	3.6
Annualized sales per employee ($000)						88.0	91.0	94.1	83.3	86.0	88.7	80.1	82.6	85.2	87.8	90.4	93.2	87.5