Historical Income Statement and Balance Sheets for Vitex Corp.

Income Statement ($ Million)

Year Ending Dec. 31,
2005 2006 2007
Sales $1,234.9 $1,251.7 $1,300.4
Cost of Sales $679.1 $659.0 $681.3
Gross Operating Income $555.8 $592.7 $619.1

Selling, General & Admn. Expenses $339.7 $348.6 $351.2

Depreciation $47.5 $52.0 $55.9
Other net (Income)/Expenses ($11.8) ($7.6) ($7.0)
EBIT $180.4 $199.7 $219.0

Interest (Income) ($1.3) ($1.4) ($1.7)

Interest Expense $16.2 $15.1 $20.5
Pre-Tax Income $165.5 $186.0 $200.2

Income Taxes $56.8 $64.2 $67.5

Net Income $108.7 $121.8 $132.7

Dividends $38.3 $38.7 $39.8

Addition to Retained Earnings $70.4 $83.1 $92.9

Balance Sheet ($ Million)

Assets
Cash and Marketable Securities $25.6 $23.0 $32.1
Accounts Receivable $99.4 $102.9 $107.3
Inventories $109.6 $108.0 $114.9
Other Current Assets $96.7 $91.4 $103.7
Total Current Assets $331.3 $325.3 $358.0

Property, Plant and Equipment, Gross $680.9 $734.3 $820.8

Accumulated Depreciation $244.8 $296.8 $352.7
Property, Plant, and equipment, Net $436.1 $437.5 $468.1

Other Non-Current Assets $203.2 $205.1 $407.0

Total Non-Current Assets $639.3 $642.6 $875.1

Total Assets $970.6 $967.9 $1,233.1

Liabilities and Shareholders' Equity

Accounts Payable $82.8 $77.1 $71.8
Short-Term Debt $39.1 $29.7 $79.8
Other Current Liabilities $152.0 $123.8 $172.1
Total Current Liabilities $273.9 $230.6 $323.7

Long-Term Debt $163.5 $145.0 $201.8

Deferred Income Taxes $22.3 $19.6 $15.0
Other Non-Current Liabilities $100.6 $80.1 $115.0
 Total Liabilities $560.3 $475.3 $655.5

Paid-In Capital $46.9 $46.1 $38.2

Retained Earnings $363.4 $446.5 $539.4
Total Shareholders' Equity $410.3 $492.6 $577.6

Total Liabilities and Shareholders' Equity $970.6 $967.9 $1,233.1

Other Data
Stock price (year-end) $55.50 $65.30 $55.70
Average number of shares outstanding (millions) 48.0 47.3 46.8
Dec. 31,
2008
$1,334.4
$667.0
$667.4

$373.3
$75.2
($8.2)
$227.1

($2.0)
$23.7
$205.4

$72.6
$132.8

$40.1
$92.7

$28.4
$120.1
$116.8
$97.5
$362.8

$913.1
$427.9
$485.2

$456.3
$941.5

$1,304.3

$80.5
$110.3
$111.3
$302.1

$218.1
$12.7
$94.5
 $627.4

$44.8
$632.1
$676.9

$1,304.3

$51.40
46.2
Historical Income Statements and Balance Sheets for Vitex Corp.

Income Statement ($ Million)

Year Ending Dec. 31,
2005 2006 2007
Sales $1,234.9 $1,251.7 $1,300.4
Cost of Sales $679.1 $659.0 $681.3
Gross Operating Income $555.8 $592.7 $619.1

Selling, General & Admn. Expenses $339.7 $348.6 $351.2

Depreciation $47.5 $52.0 $55.9
Other net (Income)/Expenses ($11.8) ($7.6) ($7.0)
EBIT $180.4 $199.7 $219.0

Interest (Income) ($1.3) ($1.4) ($1.7)

Interest Expense $16.2 $15.1 $20.5
Pre-Tax Income $165.5 $186.0 $200.2

Income Taxes $56.8 $64.2 $67.5

Net Income $108.7 $121.8 $132.7

Dividends $38.3 $38.7 $39.8

Addition to Retained Earnings $70.4 $83.1 $92.9

Balance Sheet ($ Million)

Assets
Cash and Marketable Securities $25.6 $23.0 $32.1
Accounts Receivable $99.4 $102.9 $107.3
Inventories $109.6 $108.0 $114.9
Other Current Assets $96.7 $91.4 $103.7
Total Current Assets $331.3 $325.3 $358.0

Property, Plant and Equipment, Gross $680.9 $734.3 $820.8

Accumulated Depreciation $244.8 $296.8 $352.7
Property, Plant and Equipment, Net $436.1 $437.5 $468.1

Other Non-Current Assets $203.2 $205.1 $407.0

Total Non-Current Assets $639.3 $642.6 $875.1

Total Assets $970.6 $967.9 $1,233.1

Liabilities and Shareholders' Equity

Accounts Payable $82.8 $77.1 $71.8
Short-Term Debt $39.1 $29.7 $79.8
Other Current Liabilities $152.0 $123.8 $172.1
Total Current Liabilities $273.9 $230.6 $323.7

Long-Term Debt $163.5 $145.0 $201.8

Deferred Income Taxes $22.3 $19.6 $15.0
Other Non-Current Liabilities $100.6 $80.1 $115.0
 Total Liabilities $560.3 $475.3 $655.5

Paid-In Capital $46.9 $46.1 $38.2

Retained Earnings $363.4 $446.5 $539.4
Total Shareholders' Equity $410.3 $492.6 $577.6

Total Liabilities and Shareholders' Equity $970.6 $967.9 $1,233.1

Other Data
Stock price (year-end) $55.50 $65.30 $55.70
Average number of shares outstanding (millions) 48.0 47.3 46.8

Financial Indicators for Vitex Corp. 2005 2006 2007

Valuation Ratios
EPS $2.26 $2.58 $2.83
Dividend per Share $0.80 $0.82 $0.85
P/E Ratio 24.5 25.3 19.6
P/B (price to book) Ratio 6.5 6.3 4.5
Dividend Payout Ratio 35% 32% 30%

Profitability Ratios
Return on Equity (ROE) 27.0% 24.8%
Return on Sales (ROS) 14.6% 16.0% 16.8%

Growth Rates
EPS Growth Rate 13.7% 10.0%
Dividend Growth Rate 2.6% 3.9%
Sales Growth Rate 1.4% 3.9%
EBIT Growth Rate 10.7% 9.7%
Net Income Growth Rate 12.1% 8.9%

Liquidity Ratios
Current Ratio 1.21 1.41 1.11
Quick Ratio 0.46 0.55 0.43

Operating Efficiency Ratios

Inventory Turnover Ratio 6.2 6.1 5.9
Receivable Turnover Ratio 12.4 12.2 12.1

Leverage Ratios
Total Debt to Total Capitalization 33.1% 26.2% 32.8%
Long-Term Debt to Total Capitalization 26.7% 21.7% 23.5%
Total Debt to Equity 49.4% 35.5% 48.8%

Coverage Ratios
Times Interest Earned (TIE) 11.1 13.2 10.7
Cash Coverage Ratio 14.1 16.7 13.4
Dec. 31,
2008
$1,334.4
$667.0
$667.4

$373.3
$75.2
($8.2)
$227.1

($2.0)
$23.7
$205.4

$72.6
$132.8

$40.1
$92.7

$28.4
$120.1
$116.8
$97.5
$362.8

$913.1
$427.9
$485.2

$456.3
$941.5

$1,304.3

$80.5
$110.3
$111.3
$302.1

$218.1
$12.7
$94.5
 $627.4

$44.8
$632.1
$676.9

$1,304.3

$51.40
46.2

2008

$2.87
$0.87
17.9
3.5
30%

21.2%
17.0%

1.4%
2.1%
2.6%
3.7%
0.1%

1.20
0.49

5.7
11.1

32.7%
21.7%
48.5%

9.6
12.8
Statements of Cash Flows for Vitex Corp.
Millions of Dollars

Year Ending Dec. 31,

2005 2006 2007
Cash Flows from Operations
Net Income $121.8 $132.7
Depreciation Expense $52.0 $55.9
Decrease/(Increase) in Accounts Receivable ($3.5) ($4.4)
Decrease/(Increase) in Inventories $1.6 ($6.9)
Decrease/(Increase) in Other Current Assets $5.3 ($12.3)
Increase/(Decrease) in Accounts Payable ($5.7) ($5.3)
Increase/(Decrease) in Other Current Liabilities ($28.2) $48.3
Increase/(Decrease) in Deferred Income Taxes ($2.7) ($4.6)
Increase/(Decrease) in Other Non-Current Liabilities ($20.5) $34.9
Total Cash Flows from Operations $120.1 $238.3

Cash Flows from Investing

(Additions to) Property, Plant & Equipment ($53.4) ($86.5)
(Investment) in Other Non-Current Assets ($1.9) ($201.9)
Total Cash Flows from Investing ($55.3) ($288.4)

Cash Flows from Financing

From Issuance/(Repayment) of Short-Term Debt ($9.4) $50.1
From Issuance/(Repayment) of Long-Term Debt ($18.5) $56.8
From Sale/(Repurchase) of Equity ($0.8) ($7.9)
Cash Dividends Paid to Shareholders ($38.7) ($39.8)
Total Cash Flows from Financing ($67.4) $59.2

Net Change in Cash & Marketable Securities ($2.6) $9.1

Beginning Cash & Marketable Securities $25.6 $23.0

Ending Cash & Marketable Securities $23.0 $32.1
Net Change in Cash & Marketable Securities ($2.6) $9.1
Dec. 31,
2008

$132.8
$75.2
($12.8)
($1.9)
$6.2
$8.7
($60.8)
($2.3)
($20.5)
$124.6

($92.3)
($49.3)
($141.6)

$30.5
$16.3
$6.6
($40.1)
$13.3

($3.7)

$32.1
$28.4
($3.7)
Income Statement for Vitex Corp.
Millions of Dollars

Year Ending Dec. 31,

2005 2006 2007
Sales $1,234.9 $1,251.7 $1,300.4
Cost of Sales $679.1 $659.0 $681.3
Gross Operating Income $555.8 $592.7 $619.1

Selling, General & Admn. Expenses $339.7 $348.6 $351.2

Depreciation $47.5 $52.0 $55.9
Other net (Income)/Expenses ($11.8) ($7.6) ($7.0)
EBIT $180.4 $199.7 $219.0

Interest (Income) ($1.3) ($1.4) ($1.7)

Interest Expense $16.2 $15.1 $20.5
Pre-Tax Income $165.5 $186.0 $200.2

Income Taxes $56.8 $64.2 $67.5

Net Income $108.7 $121.8 $132.7

Dividends $38.3 $38.7 $39.8

Addition to Retained Earnings $70.4 $83.1 $92.9

Balance Sheet for Vitex Corp.

Millions of Dollars

Year Ending Dec. 31,

2005 2006 2007
Assets
Cash and Marketable Securities $25.6 $23.0 $32.1
Accounts Receivable $99.4 $102.9 $107.3
Inventories $109.6 $108.0 $114.9
Other Current Assets $96.7 $91.4 $103.7
Total Current Assets $331.3 $325.3 $358.0

Property, Plant and Equipment, Gross $680.9 $734.3 $820.8

Accumulated Depreciation $244.8 $296.8 $352.7
Property, Plant and Equipment, Net $436.1 $437.5 $468.1

Other Non-Current Assets $203.2 $205.1 $407.0

Total Non-Current Assets $639.3 $642.6 $875.1

Total Assets $970.6 $967.9 $1,233.1

Liabilities and Shareholders' Equity

Accounts Payable $82.8 $77.1 $71.8
Short-Term Debt $39.1 $29.7 $79.8
Other Current Liabilities $152.0 $123.8 $172.1
Total Current Liabilities $273.9 $230.6 $323.7

Long-Term Debt $163.5 $145.0 $201.8

Deferred Income Taxes $22.3 $19.6 $15.0
Other Non-Current Liabilities $100.6 $80.1 $115.0
Total Liabilities $560.3 $475.3 $655.5

Paid-In Capital $46.9 $46.1 $38.2

Retained Earnings $363.4 $446.5 $539.4
Total Shareholders' Equity $410.3 $492.6 $577.6

Total Liabilities and Shareholders' Equity $970.6 $967.9 $1,233.1

Dec. 31,
2008
$1,334.4
$667.0
$667.4

$373.3
$75.2
($8.2)
$227.1

($2.0)
$23.7
$205.4

$72.6
$132.8

$40.1
$92.7

Dec. 31,
2008

$28.4
$120.1
$116.8
$97.5
$362.8

$913.1
$427.9
$485.2

$456.3
$941.5

$1,304.3

$80.5
$110.3
 $111.3
$302.1

$218.1
$12.7
$94.5
$627.4

$44.8
$632.1
$676.9

$1,304.3