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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 |
|
|
|
|
|