| 12 Months |
|
|
|
|
04-05 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2005 |
2006 |
05-06 |
|
| to end Jan |
|
|
|
|
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 |
|
66
|
96
|
110
|
135
|
163
|
209
|
243
|
87
|
100
|
105
|
104
|
172
|
150
|
150 |
|
| Current asset ratio (times) |
|
0.9 |
1.0 |
1.0 |
1.0 |
0.9 |
0.8 |
0.9 |
1.3 |
1.2 |
1.1 |
1.2 |
1.2 |
1.3 |
1.3 |
|
| |
|
Avg |
|
| Accounts
receivable (days annualized sales) |
55 |
46 |
37 |
35 |
36 |
38 |
36 |
37 |
37 |
36 |
37 |
37 |
37 |
37 |
|
| Inventory
(days annualized sales) |
47 |
35 |
28 |
29 |
26 |
31 |
26 |
27 |
27 |
25 |
25 |
25 |
24 |
27 |
|
| Accounts
payable (days annualized costs) |
31 |
27 |
24 |
22 |
22 |
23 |
22 |
23 |
23 |
23 |
23 |
23 |
23 |
23 |
|
| |
|
|
|
| As % sales: |
|
|
|
| -Materials/packaging & goods |
|
44.7 |
40.5 |
33.5 |
35.2 |
32.2 |
36.0 |
32.7 |
35.9 |
34.7 |
34.6 |
33.9 |
34.9 |
34.3 |
34.7 |
|
| -Direct labor |
|
11.8 |
13.3 |
12.9 |
13.1 |
13.9 |
13.8 |
14.6 |
14.1 |
14.5 |
14.8 |
14.9 |
15.4 |
15.7 |
14.4 |
|
| -Gross margin |
|
28.9 |
36.2 |
44.6 |
43.1 |
43.8 |
40.8 |
42.9 |
40.0 |
42.0 |
41.9 |
41.6 |
40.2 |
40.7 |
41.5 |
|
| -Research & development |
|
10.5 |
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 |
|
10.5 |
12.5 |
10.0 |
10.1 |
9.3 |
10.4 |
8.7 |
9.1 |
8.5 |
7.9 |
7.9 |
7.9 |
7.5 |
8.9 |
|
| -Income from operations |
|
(28.4) |
(34.2) |
(10.8) |
(13.1) |
(6.8) |
(15.7) |
(3.8) |
(7.7) |
(2.1) |
1.4 |
0.8 |
(0.4) |
1.9 |
-5.9 |
|
| -Net income before taxes |
|
(30.3) |
(35.8) |
(12.3) |
(8.1) |
(9.3) |
(19.7) |
(5.8) |
(10.0) |
(4.4) |
0.2 |
0.2 |
(2.3) |
9.9 |
-6.3 |
|
| |
|
|
|
| Gross
margin breakdown ($000): |
|
|
|
| - Group1 |
|
41.6 |
51.4 |
40.7 |
50.3 |
31.1 |
55.6 |
40.3 |
49.7 |
59.1 |
60.8 |
52.6 |
60.1 |
593.3 |
|
| - Group2 |
|
(0.5) |
13.9 |
23.7 |
27.2 |
22.2 |
29.5 |
35.0 |
39.9 |
44.4 |
42.2 |
48.2 |
44.1 |
369.8 |
|
| - Group3 |
|
2.0 |
7.5 |
13.1 |
15.4 |
13.3 |
16.7 |
12.4 |
23.1 |
17.5 |
17.0 |
20.3 |
18.8 |
177.3 |
|
| - Group4 |
|
41.9 |
61.1 |
49.7 |
51.6 |
55.8 |
54.7 |
56.1 |
50.9 |
57.1 |
59.1 |
53.7 |
62.1 |
653.7 |
|
| Overall
gross profit ($000) |
|
85.0
|
133.9
|
127.3
|
144.5
|
122.4
|
156.5
|
143.8
|
163.7
|
178.1
|
179.0
|
174.8
|
185.1
|
1794.1 |
|
| |
|
|
|
| Gross margin as % sales: |
|
|
|
| - Group1 |
|
41.6 |
46.7 |
42.8 |
43.8 |
36.6 |
42.8 |
38.4 |
39.8 |
42.2 |
41.9 |
38.9 |
40.0 |
41.3 |
|
| - Group2 |
|
(1.5) |
24.3 |
33.7 |
35.3 |
31.6 |
35.2 |
37.3 |
38.4 |
40.1 |
39.3 |
40.0 |
38.7 |
35.5 |
|
| - Group3 |
|
12.2 |
26.9 |
37.8 |
40.5 |
38.3 |
40.4 |
26.9 |
45.0 |
32.2 |
32.3 |
34.2 |
33.6 |
34.5 |
|
| - Group4 |
|
49.3 |
58.2 |
52.3 |
51.6 |
50.7 |
49.7 |
48.8 |
46.3 |
47.6 |
47.3 |
44.7 |
46.0 |
49.2 |
|
| |
|
|
|
| Average
number of employees (headcount) |
78.0
|
80.5
|
83.0
|
85.5
|
88.0
|
95.5
|
93.0
|
100.5
|
103.0
|
105.5
|
108.0
|
110.5
|
94.3 |
|
| Annualized
sales per employee ($000) |
36.2 |
44.7 |
42.7 |
46.3 |
40.9 |
45.9 |
46.5 |
46.6 |
49.5 |
48.9 |
48.3 |
49.4 |
45.5 |
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