| Long-Term Trend Analysis &
Charts |
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| Years: |
1996 |
1997 |
1998 |
1999 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
|
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| No. of Months in Year: |
12 |
12 |
12 |
12 |
12 |
12 |
12 |
12 |
12 |
12 |
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| INCOME
STATEMENTS |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
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| |
Act |
Act |
Act |
Act |
Est |
Proj |
Proj |
Proj |
Proj |
Proj |
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| |
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| Sales |
|
|
200 |
1,300 |
2,313 |
4,027
|
8,911
|
19,402
|
29,796
|
39,379
|
|
|
| Cost of sales |
|
150 |
1,050 |
1,350 |
2,754
|
4,963
|
9,569
|
14,187
|
18,918
|
|
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| Gross margin |
|
|
50 |
250 |
963 |
1,273
|
3,949
|
9,833
|
15,609
|
20,461
|
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| |
|
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|
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| Overhead expenses |
|
100 |
750 |
990 |
2,077
|
4,079
|
7,731
|
11,272
|
14,729
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|
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| Bad debts |
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|
|
3 |
5 |
20 |
45 |
97 |
162 |
238
|
|
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| Depreciation |
|
13 |
40 |
50 |
191 |
358 |
462 |
715 |
1,089 |
|
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| Operating lease payments |
|
17 |
45 |
45 |
66 |
108 |
108 |
140 |
180 |
|
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| Total operating expenses |
|
|
130 |
838 |
1,090 |
2,354
|
4,589
|
8,399
|
12,289 |
16,236
|
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| |
|
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|
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| Income from operations |
|
|
(80) |
(588) |
(127) |
(1,081) |
(641) |
1,435
|
3,320
|
4,225
|
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| |
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| Other income/expenses: |
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| -Profit (loss) fixed asset disposals |
|
|
100 |
50 |
45 |
150 |
|
|
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| -Intangible asset amortization |
|
|
60 |
10 |
|
|
|
|
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| -Miscellaneous income |
|
30 |
75 |
120 |
120 |
120 |
120 |
120 |
|
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| Total other income
(expenses) |
|
|
|
30 |
75 |
160 |
160 |
165 |
270 |
120 |
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| |
|
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| Earnings before
interest/taxes |
|
|
(80) |
(558) |
(52) |
(921) |
(481) |
1,600
|
3,590
|
4,345
|
|
|
| |
|
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| Interest expense/income: |
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|
|
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|
|
| -Interest expense |
|
26 |
43 |
57 |
35 |
62 |
78 |
48 |
67 |
|
|
| -Lease interest expense |
|
40 |
55 |
103 |
102 |
111 |
200 |
200 |
|
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| -Interest income |
|
2 |
18 |
26 |
3 |
34 |
40 |
|
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| Net interest expense
(income) |
|
|
26 |
83 |
110 |
119 |
137 |
186 |
214 |
227
|
|
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| |
|
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| Net income before taxes |
|
|
(106) |
(641) |
(162) |
(1,040) |
(618) |
1,414
|
3,375
|
4,118
|
|
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| Taxes |
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|
|
|
113
|
506
|
824
|
|
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| Net income |
|
|
(106) |
(641) |
(162) |
(1,040) |
(618) |
1,301
|
2,869
|
3,294
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|
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| Dividends declared |
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|
|
|
300 |
1,000 |
1,250 |
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| Transferred to reserves |
|
|
(106) |
(641) |
(162) |
(1,040) |
(618) |
1,001
|
1,869
|
2,044
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| Years: |
1996 |
1997 |
1998 |
1999 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
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| |
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| BALANCE
SHEETS |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
$000 |
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| |
Act |
Act |
Act |
Act |
Est |
Proj |
Proj |
Proj |
Proj |
Proj |
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| |
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| ASSETS |
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| Current assets: |
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|
|
|
|
|
|
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| Cash at bank |
|
10 |
161 |
123 |
193 |
1481 |
927 |
|
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| Accounts receivable |
|
285 |
570 |
1492 |
2937 |
3985 |
5216 |
|
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| Inventory |
|
603 |
438 |
1058 |
1877 |
2626 |
3438 |
|
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| Prepaid expenses |
|
75 |
65 |
65 |
65 |
80 |
80 |
|
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| Sales tax recoverable |
|
25 |
|
|
|
|
|
|
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| Total current assets |
|
|
|
|
998 |
1235 |
2738 |
5073 |
8172 |
9660 |
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|
| |
|
|
|
|
|
|
|
|
| Net fixed assets |
|
825 |
1269 |
1856 |
2959 |
5594 |
7505 |
|
|
| |
|
|
|
|
|
|
|
|
| Net intangible assets |
|
70 |
10 |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
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| Total assets |
|
|
|
|
1893 |
2513 |
4594 |
8032 |
13766 |
17165 |
|
|
| |
|
|
|
|
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| LIABILITIES |
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|
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|
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| Current liabilities: |
|
|
|
|
|
|
|
|
| Accounts payable |
|
210 |
399 |
914 |
1503 |
2089 |
2725 |
|
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| Capital expenditure creditors |
|
45 |
|
|
|
2000 |
1700 |
|
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| Accrued expenses |
|
30 |
10 |
10 |
10 |
15 |
15 |
|
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| Payroll taxes/benefits |
|
25 |
64 |
159 |
297 |
297 |
297 |
|
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| Dividends |
|
|
|
|
300 |
1000 |
1250 |
|
|
| Taxes |
|
|
|
|
113 |
506 |
824 |
|
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| Sales tax payable |
|
20 |
59 |
186 |
430 |
651 |
1092 |
|
|
| Short-term loans/line of credit |
|
120 |
|
|
|
|
|
|
|
| Current portion of longterm
liabilities: |
|
|
|
|
|
|
|
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| Longterm debt/loans |
|
100 |
163 |
150 |
138 |
125 |
113 |
|
|
| Other loans |
|
25 |
30 |
26 |
22 |
18 |
14 |
|
|
| Lease debt |
|
90 |
35 |
45 |
82 |
91 |
115 |
|
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| Total current liabilities |
|
|
|
|
665 |
760 |
1490 |
2894 |
6792 |
8144 |
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|
| |
|
|
|
|
|
| Longterm liabilities: |
|
|
|
|
|
|
|
|
| Longterm debt/notes |
|
100 |
488 |
450 |
413 |
375 |
338 |
|
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| Other loans |
|
25 |
120 |
104 |
88 |
72 |
56 |
|
|
| Lease debt |
|
|
83 |
105 |
191 |
212 |
268 |
|
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| Total longterm liabilities |
|
|
|
|
125 |
690 |
659 |
692 |
659 |
662 |
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|
| |
|
|
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| Equity: |
|
|
|
|
|
|
|
|
| Equity investments |
|
1338 |
2338 |
4338 |
5338 |
5338 |
5338 |
|
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| Retained earnings |
|
-235 |
-1275 |
-1893 |
-893 |
977 |
3021 |
|
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| Total owners' equity |
|
|
|
|
1103 |
1063 |
2445 |
4446 |
6315 |
8359 |
|
|
| |
|
|
|
|
|
| Total liabilities &
equity |
|
|
|
|
1893 |
2513 |
4594 |
8032 |
13766 |
17165 |
|
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| |
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| CHECK
balance sheets balance ->> |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000
|
0.000 |
0.000 |
0.000
|
0.000
|
|
|
|
|
|
|
|
|
|
|
| Years: |
1996 |
1997 |
1998 |
1999 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
|
|
| No. of Months in
Year: |
12 |
12 |
12 |
12 |
12 |
12 |
12 |
12 |
12 |
12 |
|
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| PERFORMANCE
REVIEW |
Act |
Act |
Act |
Act |
Est |
Proj |
Proj |
Proj |
Proj |
Proj |
|
|
| (All ratios annualized) |
|
|
|
|
| Months per year factor |
1.0 |
1.0 |
1.0 |
1.0 |
1.0 |
1.0 |
1.0 |
1.0 |
1.0 |
1.0 |
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| |
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| As % total
sales: |
|
|
|
|
| -Gross margin |
n/a |
n/a |
25.0
|
19.2 |
41.6 |
31.6 |
44.3 |
50.7 |
52.4 |
52.0 |
|
|
| -Income from operations |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
7.4 |
11.1 |
10.7 |
|
|
| -Net income before taxes |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
7.3 |
11.3 |
10.5 |
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| |
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|
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| Projected
sales as % breakeven |
n/a |
n/a |
50
|
33
|
97
|
61
|
97
|
127
|
138
|
139
|
|
|
| Headcount |
23 |
23 |
23 |
23 |
23 |
104 |
219 |
368 |
424 |
481 |
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| |
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| Changes
over previous year (%): |
|
|
|
|
| -Sales |
- |
n/a |
n/a |
550 |
78 |
74 |
121 |
118 |
54 |
32 |
|
|
| -Net income before taxes |
- |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
139
|
22
|
|
|
| -Transfers to reserves |
- |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
87
|
9
|
|
|
| -Owners' equity |
- |
n/a |
n/a |
n/a |
n/a |
(4) |
130
|
82
|
42
|
32
|
|
|
| -Dividends per share |
- |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
233
|
25
|
|
|
| -Earnings per share |
- |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
121
|
15
|
|
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| |
|
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|
|
| Net income
before taxes/total assets (% pa) |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
17.6 |
24.5 |
24.0 |
|
|
| Return on
owners' equity (% pa) |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
29.3 |
45.4 |
39.4 |
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| |
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| Annual
sales/total assets (times) |
n/a |
n/a |
n/a |
n/a |
1.2 |
1.6 |
1.9 |
2.4 |
2.2 |
2.3 |
|
|
| Annual
sales/net fixed assets (times) |
n/a |
n/a |
n/a |
n/a |
2.8 |
3.2 |
4.8 |
6.6 |
5.3 |
5.2 |
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| |
|
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| Net debt
as percentage of |
|
|
|
|
| owners' equity |
n/a |
n/a |
n/a |
n/a |
33
|
60
|
25
|
10
|
n/a |
n/a |
|
|
| Interest
cover (times) |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
19.9
|
236.2
|
154.2
|
|
|
| |
|
|
|
|
| Current
asset ratio (times) |
n/a |
n/a |
n/a |
n/a |
1.5 |
1.6 |
1.8 |
1.8 |
1.2 |
1.2 |
|
|
| |
|
|
|
|
| Accounts
receivable (days sales) |
n/a |
n/a |
n/a |
n/a |
45 |
52 |
61 |
55 |
49 |
48 |
|
|
| Inventory
(days sales) |
n/a |
n/a |
n/a |
n/a |
95 |
40 |
43 |
35 |
32 |
32 |
|
|
| Accounts
payable (days costs & expenses) |
n/a |
n/a |
n/a |
n/a |
33
|
30
|
37
|
32
|
30
|
30
|
|
|
| |
|
|
|
|
|
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|
|
| Cumulative
issued shares (000s) |
100 |
100 |
100 |
100 |
500 |
800 |
1,200 |
1,350 |
1,350 |
1,350 |
|
|
| Net assets
per share ($) |
n/a |
n/a |
n/a |
n/a |
2.21
|
1.33
|
2.04
|
3.29
|
4.68
|
6.19
|
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
n/a |
