| Years ending |
|
|
|
|
|
05-06 |
05-06 |
05-06 |
05-06 |
06-07 |
06-07 |
06-07 |
06-07 |
07-08 |
07-08 |
07-08 |
07-08 |
04-05 |
05-06 |
06-07 |
07-08 |
|
| Jan |
|
|
|
|
|
1 Qtr |
2 Qtr |
3 Qtr |
4 Qtr |
1 Qtr |
2 Qtr |
3 Qtr |
4 Qtr |
1 Qtr |
2 Qtr |
3 Qtr |
4 Qtr |
Year |
Year |
Year |
Year |
|
| PERFORMANCE REVIEW |
|
(Annualized where appropriate) |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| As % total sales: |
|
|
|
|
|
|
|
|
|
|
|
| -Gross margin |
|
41.6 |
40.3 |
39.3 |
40.0 |
41.0
|
41.0
|
42.0
|
42.0
|
43.0
|
43.0
|
44.0
|
44.0
|
24.2 |
40.2 |
41.5 |
43.5 |
|
| -Income from operations |
|
8.2 |
9.9 |
11.4 |
14.1 |
14.4 |
13.6 |
8.4 |
10.1 |
12.6 |
13.5 |
12.5 |
13.0 |
(23.0) |
11.1 |
11.6 |
12.9 |
|
| -Net income before taxes |
|
8.3 |
7.3 |
9.2 |
11.5 |
20.0 |
23.9 |
17.7 |
26.0 |
20.2 |
20.4 |
23.3 |
19.7 |
(19.8) |
9.2 |
22.1 |
20.9 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Projected sales as % breakeven |
|
125
|
132
|
141
|
155
|
154
|
149
|
125
|
132
|
141
|
146
|
140
|
142
|
51
|
138
|
139
|
142
|
|
| Headcount |
|
3 |
4 |
4 |
4 |
4 |
4 |
4 |
5 |
5 |
6 |
6 |
7 |
- |
4 |
5 |
7 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Changes over previous year
(%): |
|
|
|
|
|
|
|
|
|
|
|
| -Sales |
|
- |
- |
- |
- |
32
|
30
|
11
|
17
|
34
|
38
|
47
|
39
|
- |
92
|
22
|
39
|
|
| -Net income before taxes |
|
- |
- |
- |
- |
220
|
326
|
114
|
164
|
35
|
18
|
93
|
5
|
- |
na |
192
|
32
|
|
| -Transfers to reserves |
|
- |
- |
- |
- |
252
|
370
|
129
|
17
|
35
|
(25) |
93
|
(57) |
- |
na |
155
|
13
|
|
| -Owner's equity |
|
- |
- |
- |
- |
142
|
267
|
243
|
198
|
155
|
57
|
62
|
52
|
- |
179
|
198
|
52
|
|
| -Dividends per share |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
na |
na |
150
|
|
| -Earnings per share |
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
na |
162
|
20
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Net
income before taxes/total assets (% pa) |
21.0 |
20.4 |
22.1 |
30.4 |
53.1 |
57.4 |
36.2 |
58.0 |
44.0 |
46.6 |
46.8 |
40.5 |
(25.9) |
21.3 |
44.9 |
39.3 |
|
| Return
on owners' equity (% pa) |
|
72.9 |
60.3 |
70.6 |
79.2 |
105.8 |
77.1 |
47.2 |
57.7 |
56.2 |
57.7 |
56.4 |
35.1 |
(181.1) |
54.1 |
53.1 |
45.4 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Annual sales/total assets
(times) |
|
2.5
|
2.8
|
2.4
|
2.6
|
2.6
|
2.4
|
2.1
|
2.2
|
2.2
|
2.3
|
2.0
|
2.1
|
1.3
|
2.3
|
2.0
|
1.9
|
|
| Annual sales/net fixed assets
(times) |
|
6.0
|
6.7
|
4.4
|
4.9
|
5.0
|
5.9
|
3.2
|
3.9
|
4.6
|
5.2
|
5.6
|
6.3
|
3.3
|
4.3
|
3.5
|
5.8
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Net debt as percentage of |
|
#REF! |
|
|
|
|
|
|
|
|
|
|
|
| owners' equity |
|
211
|
167
|
189
|
127
|
53
|
na |
8
|
na |
na |
na |
na |
na |
289
|
127
|
na |
na |
|
| Interest cover (times) |
|
3.9
|
3.9
|
5.2
|
5.5
|
10.5
|
28.3
|
33.2
|
139.8
|
na |
na |
na |
na |
na |
4.6
|
25.7
|
na |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Current asset ratio (times) |
|
|
1.0 |
1.1 |
0.7 |
0.9 |
1.1 |
2.6 |
1.7 |
2.0 |
2.4 |
2.9 |
3.8 |
3.3 |
0.6 |
0.9 |
2.0 |
3.3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts receivable (days
sales) |
|
38 |
39 |
39 |
39 |
45 |
45 |
45 |
45 |
45 |
45 |
45 |
45 |
77 |
45 |
49 |
49 |
|
| Inventory (days sales) |
|
13 |
12 |
11 |
10 |
12 |
12 |
12 |
12 |
12 |
12 |
12 |
12 |
22 |
12 |
13 |
13 |
|
| Accounts
payable (days costs & expenses) |
23 |
19 |
20 |
20 |
23 |
23 |
23 |
23 |
23 |
23 |
23 |
23 |
58
|
22
|
26
|
25
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
| Cumulative
issued shares (000s) |
|
103
|
103
|
103
|
103
|
103
|
123
|
123
|
123
|
123
|
123
|
123
|
123
|
100
|
103 |
123 |
123 |
|
| Net
assets per share ($) |
|
|
0.27
|
0.32
|
0.39
|
0.49
|
0.66
|
0.99
|
1.12
|
1.21
|
1.41
|
1.56
|
1.81
|
1.85
|
0.18
|
0.49
|
1.21
|
1.85
|
|
| Earnings
per share ($) |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
(0.33) |
0.27
|
0.70
|
0.84
|
|
| Dividend
per share ($) |
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
0.08
|
0.20
|
|
| Dividend
cover (times) |
|
|
|
|
|
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
na |
na |
7.9
|
4.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|