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Exhibit 1

HPL historical financial statements

Income statement (M)


Revenue
Cost of goods sold
Grost profit
SG&A
EBITDA
Depreciation expense
EBIT
Interest expense
Pre-tax income

2003
503.40
405.20
98.20
37.80
60.40
6.80
53.60
5.50
48.10

Year ended December 31,


2004
2005
2006
543.70
587.20
636.10
432.30
496.20
513.40
111.40
91.00
122.70
44.60
45.80
51.50
66.80
45.20
71.20
6.20
6.00
5.90
60.60
39.20
65.30
5.80
5.90
5.30
54.80
33.30
60.00

2007
680.70
558.20
122.50
49.00
73.50
6.10
67.40
3.30
64.10

CAGR
7.84%
8.34%
5.68%
6.70%
5.03%
5.89%
7.44%

Tax expense
Net income

19.20
28.90

22.00
32.80

13.30
20.00

24.00
36.00

25.60
38.50

Revenue Growth
Gross Margin
SG&A
EBITDA Margin
EBIT Margin
Net Income Margin
Effective Tax Rate

19.5%
7.5%
12.0%
10.6%
5.7%
39.9%

8.0%
20.5%
8.2%
12.3%
11.1%
6.0%
40.1%

8.0%
15.5%
7.8%
7.7%
6.7%
3.4%
39.9%

8.3%
19.3%
8.1%
11.2%
10.3%
5.7%
40.0%

7.0%
18.0%
7.2%
10.8%
9.9%
5.7%
39.9%

Balance Sheet (M)


Cash and equivalents
A/R
Inventory
Total Current Assets

2003
4.3
62.1
57.7
124.1

2004
5.1
70.1
58.0
133.2

December 31,
2005
4.8
78.8
61.2
144.8

2006
7.8
87.1
61.9
156.8

2007
5.0
93.3
67.3
165.6

3.84%
10.71%
3.92%

Property, Plant and Equipment


Other non-current assets
Total assets

201.4
12.3
337.8

202.9
12.1
348.2

203.1
11.8
359.7

202.3
12.5
371.6

204.4
10.8
380.8

0.37%
-3.20%
3.04%

A/P and accrued current liabilities

7.43%

42.2

45.0

51.6

53.4

58.1

8.32%

Long-term debt
Shareholder equity

91.6
204.0

82.8
220.4

73.8
234.3

65.8
252.4

54.8
267.9

-12.05%
7.05%

Total liabalities and equity

337.8

348.2

359.7

371.6

380.8

3.04%

62.1
57.7
42.2
77.6

70.1
58.0
45.0
83.1

78.8
61.2
51.6
88.4

87.1
61.9
53.4
95.6

93.3
67.3
58.1
102.5

DU PONT
Margin
Asset Turnover
ROA
MF
ROE

5.74%
1.49
8.6%
1.66
14.2%

6.03%
1.56
9.4%
1.58
14.9%

3.41%
1.63
5.6%
1.54
8.5%

5.66%
1.71
9.7%
1.47
14.3%

5.66%
1.79
10.1%
1.42
14.4%

Cash flow statement (M)


Net Income
Depreciation
(Increase) / decrease in A/R
(Increase) / decrease in Inventory
Increase / (decrease) int current liabilities
Total cash flow from / (used in) operations

2003
28.90
6.80
3.10
0.50
0.30
32.40

Year ended December 31,


2004
2005
2006
32.80
20.00
36.00
6.20
6.00
5.90
8.00
8.70
8.30
0.30
3.20
0.70
2.80
6.60
1.80
33.50
20.70
34.70

2007
38.50
6.10
6.20
5.40
4.70
37.70

(Purchases) / sales of PP&E


(Increase) / decrease in other non current assets
Total cash flow from / (used in) investements

-7.30
-0.50
-7.80

-7.70
0.20
-7.50

-6.20
0.30
-5.90

-5.10
-0.70
-5.80

-8.20
1.70
-6.50

-8.00
-14.40
-22.40

-8.80
-16.40
-25.20

-9.00
-6.10
-15.10

-8.00
-17.90
-25.90

-11.00
-23.00
-34.00

2.20

0.80

-0.30

3.00

-2.80

Net Working Capital


Accounts Receivable
Inventory
Accounts Payable & accrued expenses
Net Working Capital

Issuance / (repayment) of debt


(Dividends paid)
Total cash flow from / (used ind) financing
Total cash generated / (used)

Exhibit 4

HPL's Sales into Its Retail Channels


Year ended December 31,

Sales (US$ millions)

2003

Mass merchants
Grocery
Club
Drug
Dollar
Al others

$170
$91
$136
$55
$22
$31

Total

$505

2004
34%
18%
27%
11%
4%
6%

$193
$92
$141
$60
$24
$33
$543

2005
36%
17%
26%
11%
4%
6%

$220
$92
$149
$66
$26
$34
$587

2006
37%
16%
25%
11%
4%
6%

$247
$92
$159
$73
$29
$37
$637

2007
39%
14%
25%
11%
5%
6%

$268
$94
$167
$80
$32
$40
$681

39%
14%
25%
12%
5%
6%

2009
Revenue Projection
Total Capacity (000)
Capacity Utilization
Unit Volume
Selling price per unit - growing at
Revenue
Production Costs
Raw Materials - growth
Manufacturing overhead - growth
Maintenance Expense - growth
Salaried labor cost
Managers
Averaged annually fully loaded cost
Total salaried labor cost
Hourly Labor Cost
Average Fully loaded hourly cost
hours per year
Cost per hourly employee
number of hourly workers
total hourly labor cost (000,s)

total labor cost


Selling, General & administrative / Revenue
Working Capital Assumptions
Days sales outstanding
Days sales inventory
Days Payable Outstanding

2010

2011

2012

2013

2014

2015

2016

2017

2018

80,000
60.0%
48,000
1.77
84,960

###
65.0%
52,000
1.81
93,881

80,000
70.0%
56,000
1.84
103,124

80,000
75.0%
60,000
1.88
112,700

80,000
80.0%
64,000
1.92
122,618

80,000
85.0%
68,000
1.95
132,887

80,000
85.0%
68,000
1.99
135,545

80,000
85.0%
68,000
2.03
138,256

80,000
85.0%
68,000
2.07
141,021

80,000
85.0%
68,000
2.12
143,841

1.0%
3.0%
3.0%

0.94
3,600.0
2,250.0

0.95
3,708.0
2,317.5

0.96
3,819.2
2,387.0

0.97
3,933.8
2,458.6

0.98
4,051.8
2,532.4

0.99
4,173.4
2,608.4

1.00
4,298.6
2,686.6

1.01
4,427.5
2,767.2

1.02
4,560.4
2,850.2

1.03
4,697.2
2,935.7

3.5%

4
160
640.0

4
165.6
662.4

6
171.4
1,028.4

6
177.4
1,064.4

8
183.6
1,468.8

8
190.0
1,520.2

8
196.7
1,573.4

8
203.6
1,628.5

8
210.7
1,685.5

8
218.1
1,744.5

20.00
2,000
40,000
450.0
18,000
107

20.70
###
41,400
473.00
19,582
110

21.42
2,000
42,849
509.00
21,810
110

22.17
2,000
44,349
545.00
24,170
110

22.95
2,000
45,901
582.00
26,714
110

23.75
2,000
47,507
618.00
29,360
110

24.59
2,000
49,170
618.00
30,387
110

25.45
2,000
50,891
618.00
31,451
110

26.34
2,000
52,672
618.00
32,552
110

27.26
2,000
54,516
618.00
33,691
110

18,640

20,245

22,839

25,234

28,183

30,880

31,961

33,079

34,237

35,435

2.0%

3.5%

7.8%

47.6
37.6
34.2

7.8%

7.8%

7.8%

7.8%

7.8%

7.8%

7.8%

7.8%

7.8%

Comparable Company Analysis

miles de dlares (USD)


Capacidad de linea
Numero de lineas
Porcentaje de utilizacion

20,000
4
2009
2010
2011
2012
2013
2014

Precio inicial
Incremento anual en el precio

60%
65%
70%
75%
80%
85%

$ 1.77
2.00%

Costo gerente
crecimiento

Building
Manufacturing equipment
Packaging equipment
Working capital
Tasa Impositiva
Recupero activo fijo
Recupero capitl de trabajo
Discount rate, after tax
Fondo de Maniobra
Inversin en clientes
Inventarios
Proveedores
base de calculo Ao

2,250.00
3.00%
160.00
3.50%

$
$
$
$
$

10,000
20,000
15,000
45,000
12,817

20
10
10

10

2014

2015

2016

2017

2018

68,000
1.95
0.99
8.00
190.03
23.75

68,000
1.99
1.00
8.00
196.68
24.59

68,000
2.03
1.01
8.00
203.56
25.45

68,000
2.07
1.02
8.00
210.69
26.34

68,000
2.12
1.03
8.00
218.06
27.26

trabajadores

450.00

473.00

509.00

545.00

582.00

618.00

618.00

618.00

618.00

618.00

84,960
-18,000
-45,120
-3,600
-2,250
-640
15,350
-6,627
8,723
10.3%
-4,000
4,723
-1,889
4,000
6,834

93,881
-19,582
-49,369
-3,708
-2,318
-662
18,242
-7,323
10,919
11.6%
-4,000
6,919
-2,768
4,000
8,152

103,124
-21,810
-53,698
-3,819
-2,387
-1,028
20,382
-8,044
12,338
12.0%
-4,000
8,338
-3,335
4,000
9,003

112,700
-24,170
-58,109
-3,934
-2,459
-1,064
22,964
-8,791
14,174
12.6%
-4,000
10,174
-4,070
4,000
10,104

122,618
-26,714
-62,603
-4,052
-2,532
-1,469
25,248
-9,564
15,684
12.8%
-4,000
11,684
-4,673
4,000
11,010

132,887
-29,360
-67,181
-4,173
-2,608
-1,520
28,045
-10,365
17,680
13.3%
-4,000
13,680
-5,472
4,000
12,208

135,545
-30,387
-67,852
-4,299
-2,687
-1,573
28,747
-10,573
18,174
13.4%
-4,000
14,174
-5,670
4,000
12,505

138,256
-31,451
-68,531
-4,428
-2,767
-1,629
29,451
-10,784
18,667
13.5%
-4,000
14,667
-5,867
4,000
12,800

141,021
-32,552
-69,216
-4,560
-2,850
-1,686
30,157
-11,000
19,157
13.6%
-4,000
15,158
-6,063
4,000
13,095

143,841
-33,691
-69,908
-4,697
-2,936
-1,745
30,865
-11,220
19,645
13.7%
-4,000
15,645
-6,258
4,000
13,387

-45,000
-11,660

-1,220

-1,263

-1,308

-1,354

-1,401

-358

-365

-372

-379

(56,660)

5,614

6,888

7,695

8,751

9,609

11,850

12,140

12,428

12,715

5,000
19,679
38,066

5,119
-51,541

5,727
-45,813

5,834
-39,980

6,049
-33,931

6,057
-27,874

6,811
-21,063

6,362
-14,701

5,939
-8,762

5,540
-3,222

15,124
11,902

valor presente flujo


Recupero descontado

costo de mantenimiento
crecimiento anual

$ 3,600
3.00%

5
2013

64,000
1.92
0.98
8.00
183.60
22.95

$ 1.00
3.00%

Costos fijos manufactura


incremento anual (goemetrico)

4
2012

60,000
1.88
0.97
6.00
177.39
22.17

Gtos generales y administrativos


Incremento gtos grales y ad

$ 0.94 unitario
1.00%

3
2011

56,000
1.84
0.96
6.00
171.40
21.42

7.80% de ventas

Costo unitario Materiales


Crecimiento costos

2
2010

52,000
1.81
0.95
4.00
165.60
20.70

Gtos marketing y ventas

$ 20.00
3.50%
2,000.00

1
2009

48,000
1.77
0.94
4.00
160.00
20.00

Ingresos
Costo MOD
Costo Materiales
Costos Fijos manufactura
Mantenimiento
Gerentes
Margen bruto
Gastos marketing y ventas
EBITDA
EBTIDA Margin
Depreciacin
EBIT
Impuestos
Depreciacion
NOPAT
CAPEX
Inv k de w
Valor de rescate
Recuperacion k w
FCF

costo hora
crecimiento
horas trabajador

0
2008

Numero de unidades producidas


Precio
costo unitario materiales
Managers
Costo gerentes
costo hora

CCPP
VAN
TIR

9.67%
11,902
13.20%

Cuentas por cobrar


Inventarios
40.0%
Cuentas por pagar
100.00% de af neto
Fondo de maniobra
100.00% de fondo man Inversiones
9.67%
47.60
37.60
34.20
360.00 das

Activo bruto
Depreciacion edificios
depreciacion eq manufact
Depreciacion eq empaque
Activos fijos neto
ROI Principio
ROIC
CFROI
Economic Profit
EVA

45,000

45,000

disc pback
PI

1.21

11,234
4,713
4,286
11,660
(11,660)

12,413
5,156
4,690
12,879
(1,220)

13,635
5,608
5,101
14,142
(1,263)

14,901
6,069
5,520
15,450
(1,308)

16,213
6,539
5,947
16,804
(1,354)

17,571
7,017
6,382
18,205
(1,401)

17,922
7,087
6,446
18,563
(358)

18,280
7,158
6,510
18,928
(365)

18,646
7,229
6,576
19,300
(372)

19,019
7,302
6,641
19,679
(379)

45,000
500
2,000
1,500
41,000

45,000
500
2,000
1,500
37,000

45,000
500
2,000
1,500
33,000

45,000
500
2,000
1,500
29,000

45,000
500
2,000
1,500
25,000

45,000
500
2,000
1,500
21,000

45,000
500
2,000
1,500
17,000

45,000
500
2,000
1,500
13,000

45,000
500
2,000
1,500
9,000

45,000
500
2,000
1,500
5,000

73.6%
35.2%
106.9%
9,066
9,066

98.5%
40.1%
143.6%
9,713
9,713

145.5%
46.3%
212.9%
10,358
10,358

267.7%
54.2%
392.9%
11,001
11,001

16.7%
13.0%
21.3%
1,742
1,742

22.0%
16.3%
29.5%
3,328
3,328

Pgina 6 de 323429680.xls

27.3%
19.1%
37.4%
4,444
4,444

34.8%
22.7%
48.9%
5,806
5,806

44.0%
26.3%
62.7%
6,968
6,968

58.1%
31.1%
84.2%
8,417
8,417

miles de dlares (USD)


Capacidad de linea
Numero de lineas
Porcentaje de utilizacion

20,000
4
2009
2010
2011

Precio inicial
Incremento anual en el precio
costo hora
crecimiento
horas trabajador

$ 1.77
2.00%
$ 20.00
3.50%
2,000.00

Costo unitario Materiales


Crecimiento costos

$ 0.94 unitario
1.00%

Costos fijos manufactura


incremento anual (goemetrico)
costo de mantenimiento
crecimiento anual
Costo gerente
crecimiento

60%
60%
60%

$ 3,600
3.00%
2,250.00
3.00%
160.00
3.50%

Gtos marketing y ventas

7.80% de ventas

Gtos generales y administrativos


Incremento gtos grales y ad

$ 1.00
3.00%

Building
Manufacturing equipment
Packaging equipment
Working capital

$
$
$
$
$

10,000
20,000
15,000
45,000
12,817

20
10
10

Tasa Impositiva
Recupero activo fijo
Recupero capitl de trabajo

40.0%
100.00% de af neto
100.00% de fondo man

Discount rate, after tax


Fondo de Maniobra
Inversin en clientes
Inventarios
Proveedores
base de calculo Ao

Rf
Market Risk Premium
Tax
Beta
Rd
Wd
We
Beta levered
WACC

9.67%
47.60
37.60
34.20
360.00 das

3.75%
5.00%
40.00%
1.18
7.75%
25.00%
75.00%
100.00%
1.416
9.2850%

2008

2009

2010

2011

Numero de unidades producidas


Precio
costo unitario materiales
Managers
Costo gerentes
costo hora

48,000
1.77
0.94
4.00
160.00
20.00

48,000
1.81
0.95
4.00
165.60
20.70

48,000
1.84
0.96
6.00
171.40
21.42

trabajadores

450.00

450.00

450.00

Ingresos
Costo MOD
Costo Materiales
Costos Fijos manufactura
Mantenimiento
Gerentes
Margen bruto
Gastos marketing y ventas
EBITDA
EBTIDA Margin
Depreciacin
EBIT
Impuestos
Depreciacion
NOPAT
CAPEX
Inv k de w
Valor de rescate
Recuperacion k w
FCF

84,960
-18,000
-45,120
-3,600
-2,250
-640
15,350
-6,627
8,723
10.3%
-4,000
4,723
-1,889
4,000
6,834

86,659
-18,630
-45,571
-3,708
-2,318
-662
15,770
-6,759
9,011
10.4%
-4,000
5,011
-2,004
4,000
7,006

88,392
-19,282
-46,027
-3,819
-2,387
-1,028
15,849
-6,895
8,954
10.1%
-4,000
4,954
-1,982
4,000
6,973

-11,660

-229

-4,826

6,778

-233
33,000
7,315
47,054

-4,400
-49,400

5,635
-43,765

35,672
-8,093

-45,000

(45,000)

valor presente flujo


Recupero descontado
CCPP
VAN
TIR
Cuentas por cobrar
Inventarios
Cuentas por pagar
Fondo de maniobra
Inversiones

9.67%
(8,093)
2.82%

disc pback
PI
11,234
4,713
4,286
11,660
(11,660)

11,458
4,760
4,329
11,889
(229)

0.82
11,687
4,807
4,373
12,122
(233)

Activo bruto
Depreciacion edificios
depreciacion eq manufact
Depreciacion eq empaque
Activos fijos neto

45,000

45,000

ROI Principio
ROIC
CFROI
Economic Profit
EVA

45,000
500
2,000
1,500
41,000

45,000
500
2,000
1,500
37,000

45,000
500
2,000
1,500
33,000

16.7%
13.0%
21.3%
1,742
1,742

18.9%
14.3%
24.4%
2,279
2,279

21.1%
15.5%
27.1%
2,609
2,609

90%
8.69%
9.09%
9.50%
9.91%
10.32%
10.73%

85%
8.20%
8.61%
9.02%
9.43%
9.84%
10.25%

Wd
9.2850%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%

100%
9.65%
10.06%
10.47%
10.88%
11.29%
11.70%

95%
9.17%
9.58%
9.99%
10.40%
10.81%
11.22%

60.00%
70.00%
74.40%
80.00%
90.00%
100.00%

VAN
(8,093)
(8,093)
(430)
2,944
7,233
14,896
22,559

TIR
2.82%
2.82%
9.31%
12.09%
15.55%
21.56%
27.38%

ROI = NOPAT / ACTIVO FIJO NETO


ROIC = NOPAT / ACTIVO OPERATIVO
CFROI = EBITDA / ACTIVO FIJO NETO
EP = ACTIVO OPERATIVO X ( ROIC - CCPP)
EVA = NOPAT - ACTIVO OPERATIVO X CCPP