Ceres exhibits

Cash Flow Statement

Exhibit 2 - Balance Sheet US$ thousands
At December 31 2002 2003 2004 2005 2006E 2003 2004 2005 2006E
Assets
Cash 705 1,542 1,818 2,158 1,955 Net Income 1293 1279 1488 1534
Accounts Receivable 3,485 4,405 6,821 10,286 14,471 Adjustments:
Inventories 3,089 2,795 3,201 3,291 3,847
Current Assets 7,279 8,742 11,839 15,735 20,273 Depreciation 412 455 557 669
(-)Increase in AR (920) (2,416) (3,465) (4,185)
Plant, Property, & Equipment (net) 2,257 2,680 2,958 3,617 4,347 (-)Increase in Inventories (406) (90) (556)
Other Assets 645 645 645 645 645 (+)Decrease in inv 294
Land 450 1,750 2,853 2,853 2,853 (+)Increase in AP 939 1,926 1,761 2,765

Non-Current Assets 3,352 5,075 6,456 7,115 7,844 (+)Increase in Current Portion 37 172 206

(-)Decrease in Current Portion -81

Total Assets 10,631 13,817 18,295 22,850 28,117

Net Cash provided by operating Activities 2055.91 1010.73 455.53 145.21

Liabilities & Shareholders Equity Cash Flows from Investing Activities

Accounts Payable 2,034 2,973 4,899 6,660 9,424 (-)Increase in PPE -835.18 -733.95 -1215.37 -1398.02
Current Portion of Long-term Debt 315 352 525 730 649 (-)Increase in Land -1300 -1103

Current Liabilities 2,349 3,325 5,423 7,390 10,074 Net Cash provided by Investing Activities -2135.18 -1836.45 -1215.37 -1398.02

Cash Flows from Financing Activities

Long-Term Debt 3,258 4,400 5,726 7,123 8,480 (+) Increase in LT Debt 1142.46 1325.36 1397.58 1356.59
Shareholders Equity 5,024 6,091 7,146 8,336 9,563 (-)Dividend Paid -226.27 -223.82 -297.58 -306.82

Net Cash provided by Financing Activities 916.19 1101.54 1100.00 1049.77

Total Liabilities & Shareholders Equity 10,631 13,817 18,295 22,850 28,117

Net increase (decrese) in cash and cash

836.92 275.82 340.16 -203.03
equivalents

Cash and Cash Equivalents at the

Exhibit 3 - Income Statement 705.00 1541.92 1817.74 2157.90
beginning of the year

Cash and Cash Equivalents at the end of

For Years Ending December 31 2002 2003 2004 2005 2006E 1542 1818 2158 1955
the year

Sales 24,652 26,797 29,289 35,088 42,597

Cost of Goods Sold 20,461 21,706 23,841 28,597 35,100
Gross Profit 4,191 5,091 5,448 6,491 7,497

General & Administrative Expense 1,999 2,138 2,372 2,877 3,578

Research & Development 203 203 212 222 232
Depreciation & Amortization 347 412 455 557 669
Earnings before Interest & Taxes 1,641 2,338 2,408 2,836 3,018

Interest 187 349 440 547 658

Earnings before Taxes 1,454 1,989 1,968 2,289 2,360
Taxes 264 696 689 801 826
Net Income 1,191 1,293 1,279 1,488 1,534