| 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 |
|
61
|
78.7
|
78.1
|
94.0
|
101.3
|
110.7
|
115.4
|
35.0
|
35.8
|
32.8
|
26.1
|
37.1
|
24.4
|
24.4 |
|
| Current asset ratio (times) |
|
1.0
|
1.1
|
1.1
|
1.0
|
1.0
|
1.2
|
1.8
|
1.8
|
1.7
|
1.9
|
2.1
|
2.3
|
2.3 |
|
| |
|
|
Avg |
|
| Accounts
receivable (as days annualized sales) |
|
45 |
37 |
37 |
37 |
39 |
37 |
38 |
38 |
37 |
38 |
38 |
38 |
38 |
|
| Inventory
(as days annualized sales) |
|
|
31 |
26 |
27 |
26 |
28 |
25 |
26 |
24 |
23 |
24 |
24 |
23 |
26 |
|
| Accounts
payable (as days annualized costs) |
|
29 |
30 |
29 |
30 |
29 |
30 |
30 |
30 |
31 |
31 |
31 |
30 |
30 |
|
| |
|
|
|
|
| As % sales: |
|
|
Avg |
|
| -Materials/packaging & goods |
|
|
33.1
|
36.1
|
31.7
|
34.5
|
30.7
|
36.0
|
32.3
|
35.2
|
34.8
|
32.7
|
34.0
|
34.7
|
33.9 |
|
| -Direct labor |
|
|
4.2
|
3.3
|
3.9
|
3.7
|
4.8
|
3.8
|
4.4
|
4.3
|
4.1
|
4.3
|
4.6
|
4.7
|
4.2 |
|
| -Gross margin |
|
|
52.3
|
53.1
|
56.4
|
53.5
|
54.5
|
51.6
|
54.1
|
52.0
|
53.3
|
54.1
|
52.3
|
52.0
|
53.2 |
|
| -Research & development |
|
|
7.9
|
6.4
|
6.5
|
5.8
|
6.4
|
5.3
|
5.4
|
5.0
|
4.6
|
4.6
|
4.5
|
4.3
|
5.4 |
|
| -Selling/freight expenses |
|
|
16.8
|
14.1
|
14.2
|
13.1
|
14.1
|
12.2
|
12.4
|
11.7
|
11.0
|
10.9
|
10.8
|
10.5
|
12.4 |
|
| -Income from operations |
|
|
(17.4) |
(3.6) |
(1.1) |
1.2
|
(2.4) |
3.5
|
5.4
|
6.6
|
11.1
|
12.1
|
10.7
|
11.9
|
4.5 |
|
| -Net income before taxes |
|
|
(20.0) |
(5.7) |
(3.4) |
(1.0) |
(6.5) |
0.6
|
2.9
|
3.6
|
9.2
|
10.9
|
8.2
|
18.9
|
3.1 |
|
| |
|
|
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) |
|
57.8 |
70.7 |
68.4 |
74.5 |
67.1 |
79.0 |
76.7 |
81.3 |
86.7 |
86.3 |
85.8 |
88.2 |
76.9 |
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