| 12 Months |
|
|
|
|
04-05 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2006 |
05-06 |
|
| to end Jan |
|
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|
|
Year |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
Jan |
Year |
|
| PERFORMANCE
REVIEW |
(Annualized averages where
appropriate) |
|
|
|
| |
|
|
|
| Net
debt (cash surplus) as percentage of |
|
|
|
|
| owners' equity |
|
289
|
330
|
233
|
211
|
206
|
188
|
167
|
149
|
131
|
189
|
167
|
147
|
127
|
127 |
|
| Current asset ratio (times) |
|
0.6 |
0.7 |
0.7 |
1.0 |
0.9 |
1.0 |
1.1 |
1.0 |
1.1 |
0.7 |
0.7 |
0.8 |
0.9 |
0.9 |
|
| |
|
Avg |
|
| Accounts
receivable (days annualized sales) |
77 |
48 |
40 |
36 |
38 |
38 |
38 |
38 |
38 |
38 |
38 |
38 |
38 |
39 |
|
| Inventory
(days annualized sales) |
22 |
14 |
13 |
13 |
13 |
12 |
12 |
11 |
11 |
11 |
10 |
10 |
10 |
12 |
|
| Accounts
payable (days annualized costs) |
54 |
33 |
26 |
21 |
17 |
18 |
18 |
18 |
18 |
18 |
18 |
19 |
19 |
20 |
|
| |
|
|
|
| As % sales: |
|
|
|
| -Materials/packaging & goods |
|
51.5 |
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 |
|
6.1 |
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 |
|
24.2 |
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 |
|
| -Income from operations |
|
(23.0) |
7.0 |
8.2 |
9.4 |
8.7 |
9.9 |
10.9 |
10.4 |
11.4 |
12.4 |
13.1 |
14.1 |
15.0 |
11.1 |
|
| -Net income before taxes |
|
(19.8) |
4.1 |
5.3 |
15.0 |
6.1 |
7.3 |
8.5 |
8.2 |
9.4 |
10.0 |
10.4 |
11.5 |
12.7 |
9.2 |
|
| |
|
|
|
| Average
number of employees (headcount) |
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 |
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