Income Statement and Balance Sheet for Vitex Corp

Income Statement ($ Million)

Forecast Pe
1999 2000 2001 2002 2003
Sales 1,234.9 1,251.7 1,300.4 1,334.4 1,401.1
Cost of Sales 679.1 659.0 681.3 667.0 728.6
Gross Operating income 555.8 592.7 619.1 667.4 672.5

Selling, General & Admin. Expenses 339.7 348.6 351.2 373.3 406.3
Depreciation 47.5 52.0 55.9 75.2 81.1
Other Net (Income)/Expenses (11.8) (7.6) (7.0) (8.2) (9.8)
EBIT 180.4 199.7 219.0 227.1 194.9

Interest (Income) (1.3) (1.4) (1.7) (2.0) (1.7)

Interest Expense 16.2 15.1 20.5 23.7 21.2
Pre-Tax Income 165.5 186.0 200.2 205.4 175.5

Income Taxes 56.8 64.2 67.5 72.6 61.4

Net Income 108.7 121.8 132.7 132.8 114.0

Dividends 38.3 38.7 67.5 40.1 45.6

Addition to Retained Earnings 70.4 83.1 65.2 92.7 68.4

Balance Sheet ($ Million)

Assets
Cash and Marketable Securities 25.6 23.0 32.1 28.4 29.4
Accounts Receivable 99.4 102.9 107.3 120.1 117.7
Inventories 109.6 108.0 114.9 116.8 123.3
Other Current Assets 96.7 91.4 103.7 97.5 106.5
Total Current Assets 331.3 325.3 358.0 362.8 376.9

Property, Plant and Equipment, Gross 680.9 734.3 820.8 913.1 1,013.5
Accumulated Depreciation 244.8 296.8 352.7 427.9 509.0
Property, Plant and Equipment, Net 436.1 437.5 468.1 485.2 504.6

Other Non Current Assets 203.2 205.1 407.0 456.3 501.9

Total Non Current Assets 639.3 642.6 875.1 941.5 1,006.5

Total Assets 970.6 967.9 1,233.1 1,304.3 1,383.4

Liabilities and Shareholders' Equity

Accounts Payable 82.8 77.1 71.8 80.5 85.5
Short Term Debt 39.1 29.7 79.8 110.3 110.3
Other Current Liabilities 152.0 123.8 172.1 111.3 116.3
Total Current Liabilities 273.9 230.6 323.7 302.1 312.1

Long Term Debt 163.5 145.0 201.8 218.1 218.1

Deferred Income Taxes 22.3 19.6 15.0 12.7 19.6
Other Non Current Liabilities 100.6 80.1 115.0 94.5 106.5
Total Liabilities 560.3 475.3 655.5 627.4 656.3

Paid in Capital 46.9 46.1 38.2 44.8 44.8

Retained Earning 363.4 446.5 539.4 632.1 700.5
Total Shareholders' Equity 410.3 492.6 577.6 676.9 745.3

Total Liabilities and Shareholders' Equity 970.6 967.9 1,233.1 1,304.3 1,401.6

Discretionary Funding Need (DFN) (18.2)

Others Data
Stock Price (year end) 55.5 65.3 55.7 51.4
Average number of shares oustanding (millions) 48.0 47.3 46.8 46.2

Sensitivity Analysis for Vitex Corp

 For
Net Income

Sales growth rates per year>

Cost of sales to sales ratio>

Sales growth rates per years>
Forecast Period Forecasting
2004 2005 2006 Factor
1,471.2 1,544.7 1,622.0 5%
765.0 803.3 843.4 52%
706.2 741.5 778.5

426.6 448.0 470.4 29%

90.0 99.9 110.9 8%
(10.3) (10.8) (11.4) -0.7%
199.8 204.4 208.6

(1.8) (1.9) (2.0) 6%

21.2 21.2 21.2 7%
180.4 185.1 189.4

63.1 64.8 66.3 35%

117.3 120.3 123.1

46.9 48.1 49.2 40%

70.4 72.2 73.9

30.9 32.4 34.1 2.1%

123.6 129.8 136.2 8.4%
129.5 135.9 142.7 8.8%
111.8 117.4 123.3 7.6%
395.7 415.5 436.3

1,125.0 1,248.8 1,386.2 11%

599.0 698.9 809.8
526.0 549.9 576.4

552.1 607.3 668.1 10%

1,078.2 1,157.2 1,244.4

1,473.9 1,572.8 1,680.7

89.7 94.2 98.9 6.1%

110.3 110.3 110.3
122.1 128.2 134.6 8.3%
322.1 332.7 343.9

218.1 218.1 218.1

20.6 21.6 22.7 1.4%
111.8 117.4 123.3 7.6%
672.7 689.9 707.9

44.8 44.8 44.8

 770.9 843.1 916.9
815.7 887.9 961.7

1,488.3 1,577.7 1,669.7

(14.43) (5.0) 11.1

 For 2006
EPS Div./Share Stock Price

EBIT for 2003

Income Statement and Balance Sheet for Vitex Corp

Income Statement ($ Million)

Forecast Period
2002 2003 2004 2005
Sales 1,334.4 1,401.1 1,471.2 1,544.7
Cost of Sales 667.0 728.6 765.0 803.3
Gross Operating income 667.4 672.5 706.2 741.5

Selling, General & Admin. Expenses 373.3

Depreciation 75.2
Other Net (Income)/Expenses (8.2)
EBIT 227.1

Interest (Income) (2.0)

Interest Expense 23.7
Pre-Tax Income 205.4

Income Taxes 72.6

Net Income 132.8

Dividends 40.1
Addition to Retained Earnings 92.7

Balance Sheet ($ Million)

Assets
Cash and Marketable Securities 28.4
Accounts Receivable 120.1
Inventories 116.8
Other Current Assets 97.5
Total Current Assets 362.8

Property, Plant and Equipment, Gross 913.1

Accumulated Depreciation 427.9
Property, Plant and Equipment, Net 485.2

Other Non Current Assets 456.3

Total Non Current Assets 941.5

Total Assets 1,304.3

Liabilities and Shareholders' Equity

Accounts Payable 80.5
Short Term Debt 110.3
Other Current Liabilities 111.3
Total Current Liabilities 302.1

Long Term Debt 218.1

Deferred Income Taxes 12.7
Other Non Current Liabilities 94.5
Total Liabilities 627.4

Paid in Capital 44.8

Retained Earning 632.1
Total Shareholders' Equity 676.9

Total Liabilities and Shareholders' Equity 1,304.3

Discretionary Funding Need (DFN)

Sensitivity Analysis for Vitex Corp

 For 2006
Net Income EPS Div./Share

Sales growth rates per year>

EBIT for 2003

Cost of sales to sales ratio>

Sales growth rates per years>
 Forecasting
2006 Factor
1,622.0 5%
843.4 52%
778.5
006
Stock Price

BIT for 2003

Scenario Summary

Changing Cells
Sales growth rate
Cost of sales to sales ratio
SG&A to sales ratio
Gross PP&E growth rate
Result Cells:
2003
Net Income
EPS
Dividend per Share
Return on Equity
Times Interest earned
2006
Net Income
EPS
Dividend per Share
Return on Equity
Times Interest earned