Ceres Gardening Calculations

2005 Assets Cash Account Receivable Inventories Current Assets

2006e

2007f

2,158 10,286 3,291 15,735

1,955 14,471 3,847 20,273

4,181 15,846 4,212 24,239

3,617 645 2,853 7,115

4,347 645 2,853 7,844

4,760 645 2,853 8,258

22,850

28,117

32,497

Liabilities & Shareholder's Equity Accounts Payable Current Portion of Log-term Debt Current Liabilities

6,660 730 7,390

9,424 649 10,074

11,780 677 12,457

Long-term Debt Shareholder's Equity

7,123 8,336

8,480 9,563

8,371 10,962

22,850 0

28,117

31,791 625

Property Plant & Equipment (net) Other Assets Land Non-current Assets Total Assets

Total liabilities and Shareholder's Equity AFN =

2008f 6,481 17,351 4,613 28,445 5,212 645 2,853 8,710 37,155

14,725 730 15,455 7,641 12,603 35,700 72

2005 2006e 2007f Sales (retail)

0

34077.6

37315

Sales (direct) Sales CGS G.P

0

8519

9286

35088 28597 6491

42597 35100 7497

46601 38399 8202

Gen. and Admin Exp. R&D EBITDA D&A EBIT

2877 222 3392 557 2835

3578 232 3687 669 3018

3914 242 4045 733 3312

Int. EBT Tax N.I Dividend (0.1/share for 3M) Addition to R.E

547 2288 801 1487 300 1187

658 2360 826 1534 300 1234

698 2614 915 1699 300 1399

2008f 40860 10122 50982 42009 8973 4282 253 4437 802 3635 649 2986 1045 1941 300 1641

Total Installment 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

1326 1326 1326 1326 1326 1326 1326 1326 1326 1326

LT Debt EBITDA 3.25*EBITDA Interest Charges Rent on lease Fixed Financial Charges Fixed Financial Charges*2

Interest Payment Principal Repayment Principal Balance 698 649 596 540 479 413 342 266 184 95

629 677 730 786 847 913 984 1060 1142 1231

2007 8371 4045 13146 698 965 1663 3325

2008 7694 4437 14420 649 965 1614 3228

8371 7694 6964 6178 5330 4417 3433 2373 1231 0

Payment of princip

Debt Covenants Payment of principal only made if there is no revolving credit Max. LT Debt 2*Fixed Financial Charges

2007

2008

1699 733 -1375 -365 2356 3048

1941 802 -1505 -400 2945 3782

413 -413

452 -452

Longterm Debt Dividend Total CFF

-109 300 -409

-730 300 -1030

Total CF

2226

2300

Cash Flow from Operations (CFO) Net Profit After Taxation Depreciation Receivables Inventory Payables Total CFO

Cash Flow from Investing (CFI) PPE Total CFI

Cash Flow from Financing (CFF)

Sales to Dealers (2006) = Increase in Sales (2006) = Increase in Dealer Inventories (2006) = Increase in Receivables (2006) = So actual increase in sales (2006) = So %age increase in sales =

6007 7509 13000 4185 1822.2 6.49

2006 2007 2008

Sell Through = Purchases + O.I = E.I + CoGs

Opening Inventory 10000 23000 37207

Ending Inventory Purchases 23000 28080 37207 30720 52733 33607

CoGS 15080 16513 18081

Units Sold/Units Received O.I = E.I + CoGs For Retailers Purchases + 10M = 23M + CoGS CoGS = Implied Sell Through Purchases = CoGS of Ceres CoGs of Ceres = 28080 28.08M Implied Sell-Through = 15080 15.08M