Ceres exhibits

Exhibit 2 - Balance Sheet

At December 31 2002 2003 2004 2005 2006E 2007F 2008F 2009F
Assets
Cash 705 1,542 1,818 2,158 1,955
Accounts Receivable 3,485 4,405 6,821 10,286 14,471
Inventories 3,089 2,795 3,201 3,291 3,847
Current Assets 7,279 8,742 11,839 15,735 20,273 - - -

Plant, Property, & Equipment (net) 2,257 2,680 2,958 3,617 4,347
Other Assets 645 645 645 645 645
Land 450 1,750 2,853 2,853 2,853
Non-Current Assets 3,352 5,075 6,456 7,115 7,844 - - -

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

Liabilities & Shareholders Equity

Accounts Payable 2,034 2,973 4,899 6,660 9,424
Current Portion of Long-term Debt 315 352 525 730 649
Current Liabilities 2,349 3,325 5,423 7,390 10,074 - - -

Long-Term Debt 3,258 4,400 5,726 7,123 8,480

Shareholders Equity 5,024 6,091 7,146 8,336 9,563

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

Exhibit 3 - Income Statement

For Years Ending December 31 2002 2003 2004 2005 2006E 2007F 2008F 2009F
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 - - -

Derived Statement of Cash Flows

For Years Ending December 31 2003 2004 2005 2006E 2007F 2008F 2009F
Net Income 1,293 1,279 1,488 1,534
Depreciation & Amortization 412 455 557 669
Change in Accounts Receivable (920) (2,416) (3,465) (4,185)
Change in Inventories 294 (406) (90) (556)
Change in Accounts Payable 939 1,926 1,761 2,765
Operating Cash Flow 2,019 838 250 226 - - -

Investment in PP&E (835) (734) (1,215) (1,398)

Investment in Other Assets - - - -
Investment in Land (1,300) (1,103) - -
Investing Cash Flow (2,135) (1,836) (1,215) (1,398) - - -

Debt Issuance 1,494 1,850 2,128 2,006

Retirement of Debt (315) (352) (525) (730)
Dividends (226) (224) (298) (307)
Financing Cash Flow 953 1,274 1,306 969 - - -

Change in Cash 837 276 340 (203) - - -

Metric Formula Result
Metric Formula 2002 2003
Sales 24,652 26,797
Sales / Day 68 74
COGS 20,461 21,706
COGS / Day 57 60
Operating Working Accounts receivables + Inventory - Accounts
Capital payables 4,540 4,227
Operating Working
Capital Ratio Operating working capital/ Sales 18% 16%
Days Inventory
Outstanding Inventory / Cost of goods sold per day 54 46
Days Sales
Outstanding Accounts receivables / Sales revenue per day 51 59
Days Payables
Outstanding Accounts payables / Cost of goods sold per day 36 49
Variable Margin (Sales revenue - cost of goods sold) / Sales 17% 19%
Operating Margin Operating income / Sales 7% 9%
Return on Equity (ROE) Net profit (Gross) / Owners' equity 83% 84%
Return on Equity (ROE) Return on Equity (ROE) 24% 21%
EAT 1190.71 1292.96
2002 2003
EBIT 1641 2338
Tax 264 696
Earnings after taxes before interest 1378 1642
Opening Capital Employed 7892 7892
Average Capital Employed 7892 9301
{(Opening
capital employed + Closing capital employed)/2} 7892 8597
Return on Average
Capital Employed (ROACE) 17% 19%

Operating Working Capital acct receivables + inventory - acct payable 4,540 4,227
Operating Working Capital + Property, plant,
Capital Employed equipment 6,797 6,906
2004 2005 2006E
29,289 35,088 42,597
81 97 118
23,841 28,597 35,100
66 79 98

5,122 6,917 8,894

17% 20% 21%

48 41 39

84 106 122

74 84 97
19% 19% 18%
8% 8% 7%
76% 78% 78%
18% 18% 16%
1278.97 1487.88 1534.09
2004 2005 2006E
2408 2836 3018
689 801 826
1719 2034 2192
9301 11578 14032
11578 14032 16738

10440 12805 15385

16% 16% 14%

5,122 6,917 8,894

8,081 10,535 13,240

 Exhibit 2 - Economic Balance Sheet (in $ thousand, some numbers are rounded)
At December 31 2002 2003 2004 2005
Capital Employed
Assets
Plant, Property, & Equipment (net) 2,257 2,680 2,958 3,617
Other Assets 645 645 645 645
Land 450 1,750 2,853 2,853
Inventories 3,089 2,795 3,201 3,291
Accounts Receivable 3,485 4,405 6,821 10,286
Accounts Payable 2,034 2,973 4,899 6,660
Capital Employed 7,892 9,301 11,578 14,032
Invested Capital
Shareholders Equity 5,024 6,091 7,146 8,336
Long-Term Debt 3,258 4,400 5,726 7,123
Current Portion of Long-term Debt 315 352 525 730
Cash 705 1,542 1,818 2,158
Net Debt 2868 3211 4433 5696
Invested Capital 7892 9301 11578 14032
nded)
2006E

4,347
645
2,853
3,847
14,471
9,424
16,738

9,563
8,480
649
1,955
7175
16738
 Exhibit 2 - Balance Sheet (in $ thousand, some numbers are rounded)
At December 31 2002 2003 2004 2005
Assets
Cash 705 1,542 1,818 2,158
Accounts Receivable 3,485 4,405 6,821 10,286
Inventories 3,089 2,795 3,201 3,291
Current Assets 7,279 8,742 11,839 15,735
Plant, Property, & Equipment (net) 2,257 2,680 2,958 3,617
Other Assets 645 645 645 645
Land 450 1,750 2,853 2,853
Non-Current Assets 3,352 5,075 6,456 7,115
Total Assets 10,631 13,817 18,295 22,850
Liabilities & Shareholders Equity
Accounts Payable 2,034 2,973 4,899 6,660
Current Portion of Long-term Debt 315 352 525 730
Current Liabilities 2,349 3,325 5,423 7,390
Long-Term Debt 3,258 4,400 5,726 7,123
Shareholders Equity 5,024 6,091 7,146 8,336

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

Economic Balance Sheet

2006E

1,955
14,471
3,847
20,273
4,347
645
2,853
7,844
28,117

9,424
649
10,074
8,480
9,563

28,117
Exhibit 3 - Income Statement (in $ thousand, some numbers are rounded)
For Years Ending December 31 2002 2003 2004 2005 2006E
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 1,999 2,138 2,372 2,877 3,578

Expense
Research & Development 203 203 212 222 232
Depreciation & Amortization 347 412 455 557 669

1,641 2,338 2,408 2,836 3,018

Earnings before Interest & Taxes
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

Earnings after Tax before 1,378 1,642 1,719 2,034 2,192

Interest
32%
Derived Statement of Cash Flows (in $ thousand, some numbers are rounded)
For Years Ending December 31 2003 2004 2005 2006E
Net Income 1,293 1,279 1,488 1,534
Depreciation & Amortization 412 455 557 669
Change in Accounts Receivable -920 -2,416 -3,465 -4,185
Change in Inventories 294 -406 -90 -556
Change in Accounts Payable 939 1,926 1,761 2,765
Operating Cash Flow 2,019 838 250 226

Investment in PP&E -835 -734 -1,215 -1,398

Investment in Other Assets 0 0 0 0
Investment in Land -1,300 -1,103 0 0
Investing Cash Flow -2,135 -1,836 -1,215 -1,398

Debt Issuance 1,494 1,850 2,128 2,006

Retirement of Debt -315 -352 -525 -730
Dividends -226 -224 -298 -307
Financing Cash Flow 953 1,274 1,306 969

Change in Cash 837 276 340 -203

Start 0 2115.89 1763.70 1874.25
End 836.92 2391.71 2103.86 1671.21

1
2
16%