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APPENDIX I: BLUE WOOD CHOCOLATES

STATEMENTS OF INCOME AND RETAINED EARNINGS

6 Mos to June 30

Year to December 31

(SOOO's)

2013

2012

2012

2011

2010

2009

Sales

95,188

97,760

244,387

236,669

231,755

221,925

Cost of sales

62,421

66,109

163,169

166,307

153,671

142,294

Gross profit

32,767

31,651

81,218

70,362

78,084

79,631

Selling, general, and administrative expenses

29,202

28,227

60,596

58,123

57,252

56,113

Income before interest and income taxes

3,565

3,424

20,622

12,239

20,832

23,518

Impairment charge

0

0

0

0

0

(6,222)

Interest & other income

1,409

1,035

1,582

1,059

3,715

933

Interest expense

(6,000)

(6,000)

(12,000)

(12,000)

(12,000)

(12,000)

Income before income taxes

(1,026)

(1,541)

10,204

1,298

12,547

6,229

Provision for income taxes

(308)

(462)

3,061

390

3,764

1,869

Net income

(718)

(1,079)

7,143

908

8,783

4,360

Retained earnings start of period

40,401

54,471

54,471

61,723

60,975

64,522

Dividends

(4,187)

(4,128)

(21,213)

(8,160)

(8,035)

(7,907)

Retained earnings end of period

35,496

49,264

40,401

54,471

61,723

60,975

Gains/(losses) on derivatives included in income statement

(370)

(211)

(259)

(3,523)

2,072

207

FINANCIAL RATIOS

6 Mos to June 30

Year to December 31

2013

2012

2012

2011

2010

2009

Sales growth

-2.6%

3.3%

2.1%

4.4%

Gross margin

34.4%

32.4%

33.2%

29.7%

33.7%

35.9%

SG&A expense growth

3.5%

4.3%

1.5%

2.0%

SG&A/Sales

307%

28.9%

24.8%

24.6%

24.7%

25.3%

Operating margin

3.7%

3.5%

8.4%

5.2%

9.0%

10.6%

EBITDA/Interest coverage

1.3

1.3

2.5

1.7

2.4

2.8

Debt/Equity

2.0

1.7

1.9

1.7

1.5

1.5

Current ratio

1.8

2.0

1.8

2.4

3.3

3.3

STATEMENTS OF CASH FLOWS

6 Mos to June 30

Year

to December 31

($000's)

2013

2012

2012

2011

2010

2009

Operating Activities

Net Income

Adjustments for noncash items

(718)

5,212

(1,079)

4,977

7,143

10,474

908

9,195

8,783

8,508

4,360

10,141

Changes in operating assets and liabilities

(1,276)

736

9,547

(4,469)

2,705

1,049

Cash from operations

3,218

4,634

27,164

5,634

19,996

15,550

Investing Activities

Additions to property, plant, and equipment

(2,649)

(2,388)

(3,949)

(7,267)

(5,695)

(9,258)

Net purchases of trading securities

(1,008)

(963)

(1,331)

(1,437)

(1,290)

(761)

Purchase of available for sale securities

(8,441)

(8,920)

(17,340)

(7,445)

(4,134)

(5,036)

Sale and maturity of available for sale securities

8,236

1,375

4,649

3,413

3,648

7,783

Net cash used in

investing activities

(3,862)

(10,896)

(17,971)

(12,736)

(7,471)

(7,272)

Financing Activities

Bank term loan repayments

(5,000)

(5,000)

(5,000)

0

0

0

Dividends paid

(2,111)

(4,123)

(23,303)

(8,181)

(8,058)

(7,922)

Net cash use in financing activities

(7,111)

(9,123)

(28,303)

(8,181)

(8,058)

(7,922)

Net increase/ (decrease) in cash

(7,755)

(15,385)

(19,110)

(15,283)

4,467

356

Opening (bank revolver) / Cash

(2,278)

16,832

16,832

32,115

27,648

27,292

Closing (bank revolver)/Cash

(10,033)

1,447

(2,278)

16,832

32,115

27,648

BALANCE SHEETS

6 Mos to June 30

Year to December 31

($000's)

2013

2012

2012

2011

2010

2009

ASSETS

Current Assets

Cash and cash equivalents

0

1,447

0

16,832

32,115

27,648

Investments

11,052

5,698

8,332

4,842

3,554

3,850

Receivables

17,905

10,358

20,513

17,375

15,320

15,318

Prepaid expenses and other receivables

2,352

2,319

2,457

2,935

7,396

3,732

Inventory

Finished goods and WIP

30,984

27,941

16,465

18,967

15,740

15,809

Raw materials

13,263

14,716

11,261

12,926

9,438

8,854

Deferred income tax

2,193

257

20 7

257

306

608

Prepayments and other

987

2,568

1,844

2,253

2,888

7,391

Total Current Assets

78,736

65,304

61,079

76,387

86,757

83,210

BALANCE SHEETS (continued)

6 Mos to June 30

Year to December 31

($000's)

2013

2012

2012

2011

2010

2009

Property, plant, and equipment at cost

208,144

204,680

206,101

202,265

195,988

190,043

Less accumulated depreciation

(120,368)

(112,348)

(116,639)

(107,971)

(100,214)

(91,945)

Net property, plant, and equipment

87,776

92,332

89,462

94,294

95,774

98,098

Goodwill and trademarks

80,338

80,338

80,338

80,338

80,338

80,338

Investments

45,000

41,062

45,416

32,739

28,650

25,838

Split dollar life insurance

18,400

31,357

29,737

32,982

33,085

33,174

Equity method investments

721

1,453

945

1,749

1,891

2,205

Deferred income tax

2,634

3,432

2,765

3,429

4,090

5,147

Total Assets

313,605

315,278

309,742

321,918

330,585

328,010

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities

Bank revolver

10,033

0

2,278

0

0

0

Payables and accruals

25,512

25,450

24,041

23,890

23,989

22,937

Dividend payable

2,121

2,095

0

2,046

2,013

1,981

Current portion of bank term loan

5,000

5,000

5,000

5,000

0

0

Postretirement health care and life insurance

247

255

247

255

0

0

Accrued income taxes

111

0

2,719

0

0

0

Total Current Liabilities

43,024

32,800

34,285

31,191

26,002

24,918

Long-term debt – senior note 8% due 2014

100,000

100,000

100,000

100,000

100,000

100,000

Bank term loan due 2014

35,000

40,000

40,000

45,000

50,000

50,000

Postretirement health care and life insurance

12,528

12,023

11,923

11,348

9,195

7,411

Liability for uncertain tax positions

3,672

3,369

3,496

3,709

4,371

8,199

Deferred income taxes

19,050

19,249

17,221

19,343

21,273

19,814

Deferred compensation and other liabilities

27,085

22,953

24,541

21,374

20,514

17,706

Total Liabilities

240,359

230,394

231,466

231,965

231,355

228,048

BALANCE SHEETS (Continued)

6 Mos to June 30

Year to December 31

($000's)

2013

2012

2012

2011

2010

2009

Stockholders' Equity

Common stock and additional paid in capital

44,000

44,000

44,000

44,000

44,000

44,000

Retained earnings

35,496

49,264

40,401

54,471

61,723

60,975

Other comprehensive income/(loss)

(6,250)

(8,380)

(6,125)

(8,518)

(6,493)

(5,013)

Total Stockholders' Equity

73,246

84,884

78,276

89,953

99,230

99,962

Total Liabilities and Stockholders' Equity

313,605

315,278

309,742

321,918

330,585

328,010

STATEMENTS OF OTHER COMPREHENSIVE INCOME

6 Mos to June 30

Year to December 31

($000's)

2013

2012

2012

2011

2010

2009

Other Comprehensive Income/(Loss) Net of Tax

Foreign currency translation

(45)

152

579

(1,109)

380

(487)

Pension and postretirement plans

Gains/(losses)

0

0

474

(1,597)

(1,393)

811

Reclassification to earnings

0

0

460

223

57

328

Unrealized gains/(losses) on investments

(80)

(14)

880

458

(524)

1,207

Total other comprehensive income net of tax

(125)

138

2,393

(2,025)

(1,480)

1,859

Opening other

comprehensive income

(6,125)

(8,518)

(8,518)

(6,493)

(5,013)

(6,872)

Closing other

comprehensive income

(6,250)

(8,380)

(6,125)

(8,518)

(6,493)

(5,013)

Derivatives included in OCI

Opening balance

(49)

115

115

2,334

1,028

98

Unrealized gain/(loss)

(770)

(86)

(151)

(176)

3,250

1,929

Reclassified to earnings

400

(125)

(108)

(3,347)

(1,178)

(451)

Net

(370)

(211)

(259)

(3,523)

2,072

1,478

Tax effect

134

78

95

1,304

(766)

(548)

Closing balance

(285)

(18)

(49)

115

2,334

1,028

 
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