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36 Months         2004 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2005 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2006 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2005 2006 2007  
to end Dec 2007         Year Jan Feb Mar  Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar  Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar  Apr May Jun Jul Aug Sep Oct Nov Dec Year Year Year  
PERFORMANCE REVIEW (Annualized averages where appropriate)          
           
Net debt (cash surplus) as percentage            
  of owners' equity 33 50 -31 -25 -21 -14 -9 -3 4 16 21 70 60 83 -38 -33 -15 1 11 15 17 23 24 28 25 31 31 41 41 13 28 30 27 28 20 20 10 60 25 10  
Current asset ratio (times) 1.5 1.3 3.0 3.2 2.6 2.6 2.4 2.3 2.1 1.4 1.4 1.6 1.6 1.4 2.4 1.8 1.8 2.0 1.9 1.9 1.8 1.9 1.8 1.9 1.8 1.8 1.7 1.3 1.0 1.4 1.4 1.5 1.5 1.6 1.7 1.9 1.8 1.6 1.8 1.8  
        Avg Avg Avg  
Accounts receivable (days annualized sales) 45 49 41 39 40 43 40 42 41 41 42 42 42 42 41 40 41 41 41 41 41 41 41 41 41 42 42 42 42 42 42 42 42 42 42 42 42 42 41 42  
Inventory (days annualized sales) 95 60 39 38 36 42 35 37 34 33 34 33 32 35 33 32 32 31 31 31 30 30 30 30 29 30 30 29 29 29 28 28 28 28 27 27 27 38 31 28  
Accounts payable (days annualized costs) 31 18 19 25 26 26 25 26 26 26 26 26 26 25 27 27 28 27 27 27 27 27 27 27 27 26 26 26 26 25 25 25 25 25 25 25 25 25 27 25  
           
As % sales:          
 -Materials/packaging & goods 36.7 53.4 67.6 36.0 37.8 31.3 41.8 35.0 39.3 37.4 35.7 37.6 38.0 33.2 37.3 35.8 35.2 35.1 34.8 34.7 34.3 34.1 33.9 33.5 33.4 32.1 32.8 32.7 32.3 32.1 31.8 31.5 31.2 30.9 30.6 30.2 30.0 40.2 34.4 31.4  
 -Direct labor 9.7 35.5 23.5 14.1 13.4 16.3 15.4 14.6 15.3 14.6 15.1 15.7 15.4 18.9 17.7 15.9 15.1 14.5 13.9 13.5 13.0 12.7 12.5 12.3 12.1 13.4 13.6 13.3 13.1 12.8 12.6 12.4 12.1 11.9 11.7 11.5 11.3 16.8 13.8 12.3  
 -Gross margin 41.6 (13.7) (7.1) 41.0 39.1 41.2 32.1 39.6 35.4 38.8 38.8 36.2 36.6 38.2 35.6 39.8 41.6 42.5 43.7 44.5 45.4 46.2 46.7 47.4 47.9 48.3 47.3 47.8 48.6 49.2 49.9 50.4 51.2 51.8 52.4 53.1 53.7 31.6 44.3 50.7  
 -Research & development 8.6 8.9 7.6 7.3 6.7 7.6 6.2 6.3 5.7 5.4 5.4 5.3 5.0 5.3 5.4 5.4 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.5 5.4 5.7 5.7 5.6 5.5 5.5 5.4 5.4 5.3 5.2 5.1 5.0 5.0 6.3 5.5 5.3  
 -Selling/freight expenses 8.6 18.4 16.2 15.7 14.6 16.2 13.7 14.0 13.0 12.4 12.3 12.1 11.8 21.0 19.1 17.2 15.8 14.6 13.7 12.8 12.0 11.4 10.8 10.3 9.9 11.9 11.7 11.4 11.2 11.0 10.8 10.6 10.5 10.3 10.1 9.9 9.8 13.9 13.1 10.6  
 -Income from operations (5.5) (93.7) (76.0) (25.4) (21.5) (29.2) (25.7) (19.4) (18.2) (11.7) (13.2) (14.9) (12.5) (32.5) (30.7) (23.2) (17.8) (14.0) (10.1) (6.6) (3.4) (0.9) 1.5 3.7 5.6 (0.3) (0.3) 1.5 3.2 3.7 5.4 6.7 8.4 10.0 11.5 13.1 14.6 -26.8 -7.2 7.4  
 -Net income before taxes (7.0) (97.0) (76.6) (18.2) (22.2) (32.9) (25.7) (20.3) (21.0) (12.0) (14.5) (18.7) 5.6 (33.7) (32.7) (22.1) (17.1) (13.6) (12.2) 0.1 (3.3) (0.8) (0.2) 3.8 5.7 (0.3) (1.7) 1.4 3.1 3.6 7.2 6.6 8.3 9.8 10.5 13.1 14.6 -25.8 -6.9 7.3  
           
Gross margin breakdown ($000):          
 - Group1 46.4 36.4 44.9 45.5 43.5 40.1 52.5 38.4 59.6 61.9 54.3 54.0 70.7 83.4 90.2 98.2 105.9 113.8 121.7 129.7 137.6 145.7 153.9 162.1 169.4 171.9 179.7 187.8 195.6 203.5 211.4 219.4 227.3 235.3 243.4 251.5 577.5 1412.9 2496.3  
 - Group2 (24.1) (63.0) 26.3 29.0 25.1 25.0 35.4 39.8 44.6 43.1 44.9 47.2 36.8 28.1 36.4 39.6 42.9 46.5 50.4 54.6 59.1 64.0 69.3 74.9 80.2 82.7 89.1 96.2 103.6 111.6 120.0 129.0 138.5 148.7 159.6 171.2 273.3 602.6 1430.5  
 - Group3 (42.6) (27.8) 12.7 14.3 12.8 11.7 11.4 19.7 15.1 15.0 15.1 21.0 20.2 12.4 17.4 19.4 21.6 24.1 26.9 30.2 33.8 37.9 42.7 47.9 52.6 53.5 63.9 76.1 89.9 105.8 123.8 144.3 167.3 193.5 223.0 256.0 78.4 334.6 1549.6  
 - Group4 4.3 4.1 4.2 4.2 4.1 4.1 4.1 4.1 4.2 4.2 4.1 4.2 4.0 6.9 14.0 19.7 25.5 31.4 37.3 43.3 49.3 55.4 61.5 67.6 73.5 78.6 84.5 90.5 96.4 102.2 107.9 113.6 119.1 124.5 129.7 134.8 50.0 415.8 1255.1  
 - Group5 5.2 8.2 7.9 7.6 7.0 6.8 6.4 5.9 5.8 5.5 4.9 4.6 4.3 13.4 29.8 42.5 55.6 68.5 81.6 95.2 108.3 121.5 135.2 148.4 161.7 175.0 188.3 201.7 215.8 229.2 242.7 257.1 270.5 284.2 299.2 312.7 75.9 904.3 2838.0  
 - Group6 (21.7) 22.3 21.5 22.6 21.4 21.5 21.6 22.0 22.1 22.2 21.5 21.4 23.4 22.2 23.1 24.0 23.3 23.1 23.2 23.9 23.3 23.2 23.0 22.7 24.5 20.6 21.4 22.5 21.8 21.7 21.8 22.6 22.0 21.9 21.8 21.3 218.2 278.5 263.8  
 - Group7          
 - Group8          
 - Group9          
 - Group10          
Overall gross margin ($000) (32.5) (19.7) 117.5 123.2 113.9 109.2 131.3 129.9 151.4 151.8 144.9 152.4 159.3 166.4 211.0 243.5 274.9 307.5 341.2 376.9 411.3 447.7 485.5 523.6 561.9 582.3 626.8 674.8 723.1 774.0 827.6 885.9 944.8 1,008.1 1,076.7 1,147.4 1273.3 3948.7 9833.3  
           
Gross margin as % sales:          
 - Group1 46.4 33.1 47.3 39.6 51.2 30.9 50.0 30.7 42.6 42.7 40.3 36.0 41.6 45.1 45.1 45.7 46.1 46.5 46.8 47.2 47.5 47.8 48.1 48.4 48.4 47.1 47.3 47.5 47.7 47.9 48.1 48.2 48.4 48.5 48.7 48.8 40.2 46.6 48.1  
 - Group2 (71.9) (110.6) 37.4 37.6 35.6 29.9 37.7 38.3 40.4 40.2 37.2 41.0 36.8 26.8 33.0 34.2 35.3 36.5 37.6 38.8 40.0 41.2 42.5 43.8 44.7 43.8 45.0 46.3 47.5 48.7 49.8 51.0 52.2 53.4 54.6 55.7 26.2 37.9 50.0  
 - Group3 (258.1) (98.9) 36.5 37.7 36.8 28.2 24.6 38.6 27.7 28.5 25.5 32.3 33.7 18.8 23.9 24.3 24.6 25.0 25.3 25.8 26.3 26.8 27.4 28.0 27.9 25.8 28.0 30.4 32.6 34.9 37.1 39.3 41.5 43.6 45.6 47.6 15.0 26.1 38.5  
 - Group4 43.1 41.3 41.6 41.9 41.1 41.4 41.3 41.0 41.9 42.0 41.5 41.7 39.7 34.4 46.7 49.3 51.0 52.3 53.3 54.1 54.8 55.4 55.9 56.3 56.5 56.1 56.3 56.6 56.7 56.8 56.8 56.8 56.7 56.6 56.4 56.2 41.7 53.3 56.5  
 - Group5 26.1 41.1 39.5 38.1 35.2 33.8 31.8 29.4 29.0 27.5 24.6 23.2 21.3 33.6 49.6 53.2 55.6 57.1 58.3 59.5 60.1 60.8 61.5 61.8 62.2 62.5 62.8 63.0 63.5 63.7 63.9 64.3 64.4 64.6 65.0 65.1 31.6 58.0 63.9  
 - Group6 (38.4) 43.7 38.0 41.2 37.8 39.2 38.1 38.8 40.3 39.1 39.2 37.7 41.3 43.4 40.9 43.8 41.2 42.2 41.0 42.2 42.5 41.0 42.0 40.1 43.2 40.2 37.7 41.1 38.5 39.6 38.5 39.9 40.2 38.6 39.7 37.6 32.7 41.8 39.6  
 - Group7          
 - Group8          
 - Group9          
 - Group10          
           
Average number of employees (Headcount) 80.7 81.7 84.5 85.8 87.9 94.2 91.3 97.6 99.3 101.4 103.1 104.4 121.7 128.6 137.5 145.2 153.8 161.9 171.1 179.8 189.1 199.2 209.3 219.4 240.4 250.3 262.2 272.8 284.3 295.3 307.2 318.5 330.5 343.1 355.5 367.9 92.6 168.0 302.3  
Annualized sales per employee ($000) 35.2 40.6 40.7 44.0 37.8 43.3 43.6 45.1 47.1 46.4 46.6 47.9 41.1 43.6 46.2 48.4 50.4 52.2 53.8 55.4 56.5 57.7 58.7 59.8 58.1 59.1 60.1 61.1 62.1 63.1 64.1 65.2 66.2 67.3 68.4 69.7 43.2 52.0 63.7