| 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 |
|
59
|
86
|
97
|
110
|
135
|
171
|
201
|
78
|
90
|
96
|
97
|
171
|
152
|
152 |
|
| Current asset ratio (times) |
|
1.0 |
1.0 |
1.0 |
1.1 |
0.9 |
0.9 |
0.9 |
1.3 |
1.2 |
1.1 |
1.1 |
1.1 |
1.2 |
1.2 |
|
| |
|
Avg |
|
| Accounts
receivable (days annualized sales) |
45 |
44 |
36 |
35 |
36 |
38 |
36 |
37 |
37 |
36 |
37 |
37 |
37 |
37 |
|
| Inventory
(days annualized sales) |
46 |
34 |
28 |
30 |
26 |
31 |
27 |
28 |
27 |
25 |
25 |
26 |
25 |
28 |
|
| Accounts
payable (days annualized costs) |
31 |
26 |
25 |
24 |
23 |
25 |
24 |
24 |
25 |
24 |
24 |
24 |
24 |
24 |
|
| |
|
|
|
| As % sales: |
|
|
|
| -Materials/packaging & goods |
|
36.7 |
42.1 |
32.8 |
34.4 |
31.7 |
35.1 |
32.2 |
35.1 |
34.1 |
34.0 |
33.4 |
34.3 |
33.8 |
34.2 |
|
| -Direct labor |
|
9.7 |
14.5 |
13.0 |
13.2 |
13.9 |
13.8 |
14.6 |
14.2 |
14.5 |
14.8 |
14.9 |
15.4 |
15.7 |
14.5 |
|
| -Gross margin |
|
41.6 |
33.6 |
45.9 |
44.6 |
45.1 |
42.4 |
44.1 |
41.4 |
43.2 |
43.0 |
42.8 |
41.4 |
41.8 |
42.6 |
|
| -Research & development |
|
8.6 |
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 |
|
8.6 |
17.5 |
14.2 |
14.4 |
13.2 |
14.6 |
12.4 |
12.8 |
12.0 |
11.1 |
11.1 |
11.0 |
10.5 |
12.6 |
|
| -Income from operations |
|
(5.5) |
(36.5) |
(10.7) |
(12.7) |
(6.9) |
(15.5) |
(4.5) |
(8.1) |
(2.9) |
0.4 |
(0.1) |
(1.5) |
0.7 |
-6.7 |
|
| -Net income before taxes |
|
(7.0) |
(38.0) |
(12.1) |
(2.0) |
(9.9) |
(19.0) |
(6.2) |
(10.8) |
(5.0) |
(0.6) |
(1.2) |
(3.3) |
8.2 |
-6.8 |
|
| |
|
|
|
| Gross
margin breakdown ($000): |
|
|
|
| - Group1 |
|
41.7 |
52.3 |
41.5 |
51.2 |
32.0 |
56.6 |
41.1 |
50.7 |
59.9 |
61.5 |
53.4 |
60.9 |
602.9 |
|
| - Group2 |
|
(0.5) |
14.9 |
24.6 |
28.0 |
23.1 |
30.3 |
35.7 |
40.7 |
45.0 |
42.8 |
48.8 |
44.7 |
378.0 |
|
| - Group3 |
|
2.0 |
8.0 |
13.5 |
15.7 |
13.6 |
17.0 |
12.9 |
23.4 |
18.0 |
17.5 |
20.8 |
19.3 |
181.8 |
|
| - Group4 |
|
|
3.2 |
3.6 |
3.6 |
3.5 |
3.5 |
3.5 |
3.5 |
3.6 |
3.6 |
3.5 |
3.6 |
38.8 |
|
| - Group5 |
|
3.8 |
11.4 |
11.4 |
11.5 |
11.3 |
11.4 |
11.4 |
11.3 |
11.5 |
11.5 |
11.4 |
11.5 |
129.4 |
|
| - Group6 |
|
42.1 |
61.7 |
50.4 |
52.3 |
56.6 |
55.4 |
56.8 |
51.8 |
57.8 |
59.8 |
54.4 |
62.9 |
662.0 |
|
| Overall
gross profit ($000) |
|
89.1
|
151.5
|
145.0
|
162.3
|
140.1
|
174.3
|
161.5
|
181.4
|
195.8
|
196.7
|
192.4
|
202.7
|
1992.8 |
|
| |
|
|
|
| Gross margin as % sales: |
|
|
|
| - Group1 |
|
41.7 |
47.5 |
43.7 |
44.5 |
37.7 |
43.5 |
39.2 |
40.6 |
42.8 |
42.4 |
39.6 |
40.6 |
42.0 |
|
| - Group2 |
|
(1.6) |
26.1 |
34.9 |
36.3 |
32.7 |
36.1 |
38.0 |
39.2 |
40.7 |
39.9 |
40.5 |
39.3 |
36.3 |
|
| - Group3 |
|
12.2 |
28.6 |
38.9 |
41.4 |
39.3 |
41.3 |
28.0 |
45.7 |
33.1 |
33.1 |
35.0 |
34.3 |
35.4 |
|
| - Group4 |
|
|
31.5 |
36.0 |
36.4 |
34.9 |
35.5 |
35.3 |
34.7 |
36.2 |
36.4 |
35.3 |
35.6 |
32.3 |
|
| - Group5 |
|
19.0 |
57.2 |
57.0 |
57.3 |
56.6 |
56.9 |
56.9 |
56.6 |
57.4 |
57.6 |
57.0 |
57.3 |
53.9 |
|
| - Group6 |
|
49.5 |
58.7 |
53.1 |
52.3 |
51.4 |
50.4 |
49.4 |
47.1 |
48.2 |
47.8 |
45.3 |
46.6 |
49.8 |
|
| |
|
|
|
| Average
number of employees (headcount) |
82.0
|
84.5
|
87.0
|
89.5
|
92.1
|
99.6
|
97.1
|
104.6
|
107.1
|
109.6
|
112.2
|
114.7
|
98.3 |
|
| Annualized
sales per employee ($000) |
38.8 |
46.9 |
44.8 |
48.3 |
43.0 |
47.6 |
48.2 |
48.2 |
51.0 |
50.3 |
49.8 |
50.8 |
47.3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|