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) - - -

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) - - -

 Crecieinto en ventas

2002 2003 2004

Crecimiento Ingresos 8.7% 9.3%
Crecimiebto costos y gastos 6.2% 9.9%

RC 3.1 2.6 2.2

Días CxC 52 60 85
Días Inventarios 55 47 49
Días proveedores 36 50 75
Ciclo efectivo 70 57 59

Ebitda 1,989 2,750 2,863

M ebitda 8.1% 10.3% 9.8%
M. operacional 6.7% 8.7% 8.2%

UODI/NOPAT 1,067 1,520 1,565

KTNO 4,540 4,227 5,122
AFN 2,257 2,680 2,958
Capital invertido oepración 6,797 6,906 8,081
ROIC = UODI / CIO t-1 22.4% 22.7%
wacc 14% 14%
Creacion valor 8.4% 8.7%

(+) Ebit
(-) Adjusted taxes .
(=) Noplat Nopat 1,067 1,520 1,565
(+) Depreciations & Amortizations (+) Dep y Amortizacin 347 412 455
(=) Gross Cash Flow (=) Flujo de caja bruto 1414 1932 2020
(-) Increase Working Capital (-) Reposicion KTNO (313) 896
(-) Capex . (-) Reposicion Capex 423 279
(=) Free Cash Flow FCL 1,823 846
(-) Debt Service* (k+i) .
(=) Equity Cash Flow
500 500
120 200
380 300
250 100
130 200
2005 2006E 2007F 2008F 2009F
19.8% 21.4%
20.1% 22.9%

2.1 2.0

107 124
42 40
85 98
64 66

3,392 3,687
9.7% 8.7%
8.1% 7.1%

1,843 1,962
6,917 8,894
3,617 4,347
10,535 13,240
22.8% 18.6% Genero valor por que el
14% 14% ROIC > WACC
8.8% 4.6%

1,843 1,962
557 669
2400 2631
1,795 1,977
659 729
(54) (75) Cuando un flujo de caja es negativo significa que, se
usa la deuda para pagar deuda