| 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 |
|
63
|
85.5
|
90.6
|
113.8
|
128.8
|
148.6
|
163.3
|
53.1
|
56.6
|
54.7
|
47.9
|
62.7
|
47.2
|
47.2 |
|
| Current asset ratio (times) |
|
1.0
|
1.0
|
1.0
|
0.9
|
0.9
|
1.0
|
1.6
|
1.5
|
1.5
|
1.7
|
1.9
|
2.1
|
2.1 |
|
| |
|
|
Avg |
|
| Accounts
receivable (as days annualized sales) |
|
47 |
37 |
36 |
37 |
39 |
37 |
38 |
38 |
37 |
38 |
38 |
38 |
38 |
|
| Inventory
(as days annualized sales) |
|
|
31 |
26 |
27 |
25 |
28 |
24 |
25 |
24 |
23 |
23 |
23 |
23 |
25 |
|
| Accounts
payable (as days annualized costs) |
|
28 |
29 |
28 |
28 |
28 |
29 |
29 |
29 |
30 |
30 |
30 |
30 |
29 |
|
| |
|
|
|
|
| As % sales: |
|
|
Avg |
|
| -Materials/packaging & goods |
|
|
36.3
|
37.4
|
32.1
|
35.4
|
30.8
|
37.3
|
32.6
|
36.0
|
35.5
|
33.2
|
34.6
|
35.3
|
34.7 |
|
| -Direct labor |
|
|
5.0
|
3.6
|
4.2
|
4.0
|
5.2
|
4.1
|
4.7
|
4.6
|
4.4
|
4.6
|
5.0
|
5.0
|
4.5 |
|
| -Gross margin |
|
|
46.3
|
50.7
|
54.9
|
51.4
|
53.0
|
49.3
|
52.7
|
50.2
|
51.8
|
52.8
|
50.9
|
50.5
|
51.3 |
|
| -Research & development |
|
|
8.9
|
7.0
|
7.1
|
6.4
|
7.0
|
5.8
|
5.8
|
5.4
|
4.9
|
4.9
|
4.8
|
4.6
|
5.8 |
|
| -Selling/freight expenses |
|
|
15.1
|
12.5
|
12.7
|
11.6
|
12.5
|
10.8
|
10.9
|
10.3
|
9.7
|
9.6
|
9.6
|
9.3
|
10.9 |
|
| -Income from operations |
|
|
(28.6) |
(8.6) |
(5.3) |
(2.8) |
(6.6) |
(0.3) |
2.5
|
3.6
|
8.7
|
9.9
|
8.4
|
9.8
|
1.0 |
|
| -Net income before taxes |
|
|
(31.4) |
(11.0) |
(8.0) |
(5.4) |
(11.2) |
(3.6) |
(0.5) |
0.2
|
6.6
|
8.6
|
5.6
|
17.1
|
-0.7 |
|
| |
|
|
Avg |
|
| Average number of employees
(persons) |
|
55.0
|
56.0
|
57.0
|
58.0
|
59.0
|
60.0
|
61.0
|
62.0
|
63.0
|
64.0
|
65.0
|
66.0
|
60.5 |
|
| Annualized
sales per employee ($000) |
|
51.3 |
64.3 |
62.1 |
68.3 |
61.0 |
73.0 |
70.8 |
75.5 |
81.0 |
80.6 |
80.3 |
82.7 |
70.9 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|