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Exhibit 1

Financial Statement Projection

(Unit: thousands of dollars)


2002 2003 2004 2005 2006 F
Profit and loss statement
Revenue 788.5 807.6 908.2 1048.8 1363.4
Cost of goods sold 402.9 428.8 437.7 503.4 654.4
Gross profit 385.6 378.8 470.5 545.4 709.0
SG&A expense 301.2 302.0 356.0 404.5 522.7
Depreciation 34.2 38.4 36.3 40.9 46.0
Operating profit 50.2 38.4 78.2 100.0 140.3
Taxes 17.6 13.1 26.2 39.2 49.8
Net profit 32.6 25.3 52.0 60.8 90.5

Balance sheet
Cash 120.1 105.2 66.8 9.4 (165.3)
Accounts receivable 90.6 99.5 119.5 146.4 190.3
Inventory 468.3 507.6 523.4 656.9 854.0
Other current assets 20.9 19.3 22.6 20.9 32.5
Current assets 699.9 731.6 732.3 833.6 911.4
Net fixed assets 332.1 332.5 384.3 347.9 376.9
Total assets 1032.0 1064.1 1116.6 1181.5 1288.3

Accounts payable 6.0 5.3 4.5 5.0 6.56


Wages payable 19.7 22.0 22.1 24.4 34.1
Other payables 10.2 15.4 16.6 17.9 23.0
Current liabilities 35.9 42.7 43.2 47.3 63.6
Net worth 996.1 1021.4 1073.4 1134.2 1224.7

Capital expenditure 22.0 38.8 88.1 4.5 75


Purchases 140.8 145.2 161.2 185.1 242.8

Exhibit 2
Free Cash Flow Analysis
(Unit: thousands of dollars)
2002 2003 2004 2005 2006 F
Net profit 25.3 52.0 60.8 90.5
Add: Depreciation 38.4 36.3 40.9 46.0
Less: Increase in Working Capital -39.8 -38.6 -154.6 -236.3
Less: CAPEX -38.8 -88.1 -4.5 -75.0
FCF -14.9 -38.4 -57.4 -174.7

Check 0.0 0.0 0.0 0.0

Exhibit 3
Details of change in net working capital
(Unit: thousands of dollars)
2002 2003 2004 2005 2006 F
Change in Accounts receivable 8.9 20.0 26.9 43.9
Change in Inventory 39.3 15.8 133.5 197.1
Change in Other current assets -1.6 3.3 -1.7 11.6
Change in Accounts payable -0.7 -0.8 0.5 1.6
Change in Wages payable 2.3 0.1 2.3 9.7
Change in Other payables 5.2 1.2 1.3 5.1
Increase in Working Capital 39.8 38.6 154.6 236.3

2002 2003 2004 2005 2006 F


Revenue growth 2% 12% 15% 30%
Accounts receivable growth 10% 20% 23% 30%
Percentage of Net Operating of Working Capital
2002 2003 2004 2005
Net Operating Working Capital 100.0% 100.0% 100.0% 100.0%
Accounts receivable 16.7% 17.0% 19.2% 18.8%
Inventory 86.1% 87.0% 84.1% 84.6%
Other current assets 3.8% 3.3% 3.6% 2.7%
Accounts payable -1.1% -0.9% -0.7% -0.6%
Wages payable -3.6% -3.8% -3.6% -3.1%
Other payables -1.9% -2.6% -2.7% -2.3%

Exhibit 4
Gowth of Revenue and Account Receivable

Inventory growth 8% 3% 26%


Working Capital
ar Average
100.0%
17.9%
85.4%
3.4%
-0.8%
-3.5%
-2.4%

30%
Exhibit 5
Financial Ratio and Benchmarking

2002 2003 2004 2005 Benchmark1

Revenue growth 2.9% 2.4% 12.5% 15.5% (1.8)%


Gross margin (Gross profit / Revenue) 48.9% 46.9% 51.8% 52.0% 48.9%
Operating margin (Op. profit / Revenue) 6.4% 4.8% 8.6% 9.5% 7.6%
Net profit margin (Net profit / Revenue) 4.1% 3.1% 5.7% 5.8% 2.8%

Return on assets (Net profit / Total assets) 3.2% 2.4% 4.7% 5.1% 2.9%
Return on capital (Net profit / Total capital) 3.3% 2.5% 4.8% 5.4% 4.0%

Receivable days (AR / Revenue * 365) 41.9 45.0 48.0 50.9 21.8
Inventory days (Inventory / COGS * 365) 424.2 432.1 436.5 476.3 386.3
Payable days (AP / Purchases * 365) 15.6 13.3 10.2 9.9 26.9
NFA turnover (Revenue / NFA) 2.4 2.4 2.4 3.0 2.7
Cash Conversion Cycle 450.6 463.7 474.3 517.4 381.2
1
Benchmark figures are based on 2004 financial ratios of publicly traded horticulture producers.
Exhibit 1
Financial Statement Projection

(Unit: thousands of dollars)


2002 2003 2004 2005 2006 F
Profit and loss statement
Revenue 788.5 807.6 908.2 1048.8 1363.4
Cost of goods sold 402.9 428.8 437.7 503.4 654.4
Gross profit 385.6 378.8 470.5 545.4 709.0
SG&A expense 301.2 302.0 356.0 404.5 522.7
Depreciation 34.2 38.4 36.3 40.9 46.0
Operating profit 50.2 38.4 78.2 100.0 140.3
Taxes 17.6 13.1 26.2 39.2 49.8
Net profit 32.6 25.3 52.0 60.8 90.5

Balance sheet
Cash 120.1 105.2 66.8 9.4 (165.3)
Accounts receivable 90.6 99.5 119.5 146.4 190.3
Inventory 468.3 507.6 523.4 656.9 854.0
Other current assets 20.9 19.3 22.6 20.9 32.5
Current assets 699.9 731.6 732.3 833.6 911.4
Net fixed assets 332.1 332.5 384.3 347.9 376.9
Total assets 1032.0 1064.1 1116.6 1181.5 1288.3

Accounts payable 6.0 5.3 4.5 5.0 6.56


Wages payable 19.7 22.0 22.1 24.4 34.1
Other payables 10.2 15.4 16.6 17.9 23.0
Current liabilities 35.9 42.7 43.2 47.3 63.6
Net worth 996.1 1021.4 1073.4 1134.2 1224.7

Capital expenditure 22.0 38.8 88.1 4.5 75


Purchases 140.8 145.2 161.2 185.1 242.8

Exhibit 2
Free Cash Flow Analysis
(Unit: thousands of dollars)
2002 2003 2004 2005 2006 F
Net profit 25.3 52.0 60.8 90.5
Depreciation 38.4 36.3 40.9 46.0
Net Change in Working Capital -39.8 -38.6 -154.6 -236.3
CAPEX -38.8 -88.1 -4.5 -75.0
FCF -14.9 -38.4 -57.4 -174.7

Check 0.0 0.0 0.0 0.0


Exhibit 6
Financial Ratio & Assumption for 2006 Pro forma

2002 2003 2004 2005 2006F Basis


Profit and loss statement
Revenue growth 2.9% 2.4% 12.5% 15.5% 30.0% /1 Plug-in as given
Cost of goods sold 51.1% 53.1% 48.2% 48.0% 48.0% /2 % of Revenue
Gross profit 48.9% 46.9% 51.8% 52.0%
SG&A expense 38.2% 37.4% 39.2% 38.6% 38.3% /3 % of Revenue
Depreciation 46.00 Plug-in as given
Operating profit 6.4% 4.8% 8.6% 9.5% 7.3% % of Revenue
Taxes 35.1% 34.1% 33.5% 39.2% 35.5% /3 % of EBT
Net profit 4.1% 3.1% 5.7% 5.8%

Balance sheet
Cash 15.2% 13.0% 7.4% 0.9% Formula
Accounts receivable 41.9 45.0 48.0 50.9 50.9 /2 Receivable days
Inventory 424.2 432.1 436.5 476.3 476.3 /2 Inventory days
Other current assets 2.7% 2.4% 2.5% 2.0% 2.4% /3 % of Revenue
Current assets
Net fixed assets Formula
Total assets

Accounts payable 15.6 13.3 10.2 9.9 9.9 /2 Payable days


Wages payable 6.5% 7.3% 6.2% 6.0% 6.5% % of SG&A
Other payables 3.4% 5.1% 4.7% 4.4% 4.4% /3 % of SG&A
Current liabilities
Net worth

Capital expenditure 75 Plug-in as given


Purchases 17.9% 18.0% 17.7% 17.6% 17.8% /3 % of SG&A

/1 CAGR
/2 Applying 2005 financial ratio
/3 Applying 4-year average financial ratio
Revenue G
-165.34 -165.3 -25% -20% -15% -10% -5% 0%
34%
36%

COGS (% of Revenue)
38%
40%
42%
44%
46%
48%
50%
52%

Exhibit 5
Sensitivity Analysis for Cash Balance

AP Day
### 7.9 9.9 11.9 13.9 15.9 17.9
75.9
70.9
65.9
60.9
55.9
50.9
AR Days

45.9
40.9
35.9
30.9
25.9
20.9
15.9
10.9
5.9
Revenue Growth
5% 10% 15% 20% 25% 30% 35% 40%

AP Days
19.9 21.9 23.9 25.9 27.9 29.9 31.9 33.9
Exhibit 1
Financial Statement Projection
Scenario: Funding with loan
(Unit: thousands of dollars)
2002 2003 2004 2005 2006 F
Profit and loss statement
Revenue 788.5 807.6 908.2 1048.8 1363.4
Cost of goods sold 402.9 428.8 437.7 503.4 654.4
Gross profit 385.6 378.8 470.5 545.4 709.0
SG&A expense 301.2 302.0 356.0 404.5 522.7
Depreciation 34.2 38.4 36.3 40.9 46.0
Operating profit 50.2 38.4 78.2 100.0 140.3
Interest 18.6
Taxes 17.6 13.1 26.2 39.2 43.2
Net profit 32.6 25.3 52.0 60.8 78.5

Balance sheet
Cash 120.1 105.2 66.8 9.4 109.1
Accounts receivable 90.6 99.5 119.5 146.4 190.3
Inventory 468.3 507.6 523.4 656.9 854.0
Other current assets 20.9 19.3 22.6 20.9 32.5
Current assets 699.9 731.6 732.3 833.6 1185.8
Net fixed assets 332.1 332.5 384.3 347.9 376.9
Total assets 1032.0 1064.1 1116.6 1181.5 1562.7

Accounts payable 6.0 5.3 4.5 5.0 6.56


Wages payable 19.7 22.0 22.1 24.4 34.1
Other payables 10.2 15.4 16.6 17.9 23.0
Current liabilities 35.9 42.7 43.2 47.3 63.6
Borrowing 286.4
Net worth 996.1 1021.4 1073.4 1134.2 1212.7

Capital expenditure 22.0 38.8 88.1 4.5 75


Purchases4 140.8 145.2 161.2 185.1 242.8

Exhibit 2
Free Cash Flow Analysis
(Unit: thousands of dollars)
2002 2003 2004 2005 2006 F
Net profit 25.3 52.0 60.8 78.5
Depreciation 38.4 36.3 40.9 46.0
Net Change in Working Capital -39.8 -38.6 -154.6 -236.3
After Tax Interest 12.0
CAPEX -38.8 -88.1 -4.5 -75.0
FCF -14.9 -38.4 -57.4 -174.7

FCFD -14.9 -38.4 -57.4 -186.7


FCFE 0.0 0.0 0.0 12.0
Check 0.0 0.0 0.0 -274.4
Interest Rate 6.50% p.a.

Cash 8% of Revenue

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