VFS Corporation- Balance Sheet

Particulars
ASSETS
Current Assets
Cash and equivalents
Accounts receivable, less allowances
Inventories
Deferred income taxes
Other current assets
Total current assets
Property, plant and equipment
Intangible assets
Other assets

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities
Short-term borrowings
Current portion of long-term debt
Accounts payable
Accrued liabilities
Total current liabilities
Long-term debt
Other liabilities
Redeemable preferred stock
Deferred contribution to ESOP
Total liabilities
Common Shareholders' Equity
Common stock
Additional paid-in capital
Accumulated other comprehensive income
Retained earnings
Total shareholders equity

Corporation- Balance Sheet

1999

1998

63,208.00
705,734.00
954,007.00
99,608.00
25,595.00
1,848,152.00
776,091.00
951,562.00
260,861.00
3,836,666.00
==========

124,094.00
587,934.00
774,755.00
94,750.00
19,933.00
1,601,466.00
705,990.00
814,332.00
200,994.00
3,322,782.00
==========

244,910.00
969.00
341,126.00
446,001.00
1,033,006.00
521,657.00
181,750.00
54,344.00
(20,399.00)
1,770,358.00

24,191.00
450.00
301,103.00
440,164.00
765,908.00
516,226.00
143,813.00
56,341.00
(26,275.00)
1,456,013.00

119,466.00
801,511.00
(25,639.00)
1,170,970.00
2,066,308.00
3,836,666.00
==========

121,225.00
744,108.00
(36,110.00)
1,037,546.00
1,866,769.00
3,322,782.00
==========

VFS Income Statement

FISCAL YEAR ENDED
NET SALES
COSTS AND OPERATING EXPENSES
Cost of products sold
Marketing, administrative & general expenses
Other operating expense
OPERATING INCOME
OTHER INCOME (EXPENSE)
Interest income
Interest expense
Miscellaneous, net
INCOME BEFORE INCOME TAXES
INCOME TAXES
NET INCOME
OTHER COMPREHENSIVE INCOME
Foreign currency translation
COMPREHENSIVE INCOME

ome Statement
2-Jan
1999

3-Jan
1998
5,478,807.00

5,222,246.00

3,586,686.00
1,198,854.00
9,098.00
4,794,638.00
684,169.00

3,440,611.00
1,175,598.00
964.00
4,617,173.00
605,073.00

6,411.00
(62,282.00)
3,300.00
(52,571.00)
631,598.00
243,292.00
388,306.00
10,471.00
398,777.00
==========
0.385200713

23,818.00
(49,695.00)
6,684.00
(19,193.00)
585,880.00
234,938.00
350,942.00
(42,538.00)
308,404.00
==========
0.401000205

Gentech Balance Sheet

Paticulars
ASSETS:
Current assets
Cash and cash equivalents
Short-term investments
Accounts receivable (less allowances)
Inventories
Prepaid expenses & other current assets
Total current assets
Long-term marketable securities
Property, plant and equipment, at cost:
Land
Buildings
Equipment
Leasehold improvements
Construction in progress
Less accumulated depreciation
Net property, plant and equipment
Other assets
Total assets
LIABILITIES AND SHAREHOLDERS EQUITY:
Current liabilities:
Accounts payable
Accrued compensation
Accrued royalties
Accrued marketing and promotion costs
Accrued clinical and other studies
Income taxes payable
Other accrued liabilities
Current portion of long-term debt
Total current liabilities
Long-term debt
Other long-term liabilities
Total liabilities
Stockholders' equity:
Preferred stock
Special common stock
Redeemable common stock
Common stock
Additional paid-in capital
Retained earnings

Net unrealized gain on securities

available for sale
Total stockholders' equity
Total liabilities and stockholders' equity

Gentech Balance Sheet

1995

137,043.00
603,296.00
172,160.00
93,648.00
39,267.00
1,045,414.00
356,475.00
57,313.00
258,717.00
383,387.00
12,508.00
60,480.00
(268,751.00)
503,654.00
105,452.00
2,010,995.00

37,101.00
36,945.00
23,159.00
18,863.00
33,621.00
14,329.00
69,068.00
358.00
233,444.00
150,000.00
25,504.00
408,948.00

853.00
1,532.00
1,281,640.00
263,749.00

1994

66,713.00
652,461.00
146,267.00
103,200.00
28,475.00
997,116.00
201,726.00
55,998.00
245,871.00
331,392.00
11,988.00
55,299.00
(215,255.00)
485,293.00
60,989.00
1,745,124.00

30,963.00
36,939.00
25,864.00
27,463.00
36,277.00
17,839.00
44,283.00
871.00
220,499.00
150,358.00
25,483.00
396,340.00
1,002.00
1,343.00
1,207,720.00
129,127.00

54,273.00
1,602,047.00
2,010,995.00

9,592.00
1,348,784.00
1,745,124.00

==========

==========

Gentech Income Statement

YEAR ENDED DECEMBER 31
Revenues
Product sales
Royalties
Contract and other
Interest
Total revenues
Costs and expenses
Cost of sales
Research and development
Marketing, general and administrative
Special charge (primarily merger related)
Interest
Total costs and expenses
Income before taxes
Income tax provision
Net income
Net income per share
Weighted average number of shares used
in computing per share amounts

ech Income Statement

1995

1994
635,263.00
190,811.00
31,209.00
60,562.00
917,845.00

601,064.00
126,022.00
25,556.00
42,748.00
795,390.00

97,930.00
363,049.00
251,653.00
25,000.00
7,940.00
745,572.00
172,273.00
25,841.00
146,432.00

95,829.00
314,322.00
248,604.00

========

7,058.00
665,813.00
129,577.00
5,183.00
124,394.00
========

1.21

1.04

121,220.00

119,465.00

0.15000029

0.039999383

Particulars
Operating Assets:
Cash and equivalents
Accounts receivable, less allowances
Inventories
Deferred income taxes
Other current assets
Property, plant and equipment
Intangible assets
Other assets *(Note 2)
Total Operating Assets
Operating Liabilities:
Short-term borrowings
Accounts payable
Accrued liabilities
Other liabilities* (Note 2)
Total Operating liabilities
NET OPERATING ASSETS
Financial Liabilities:
Long-term debt
Redeemable preferred stock
Deferred contribution to ESOP
Current portion of long-term debt
Total financial liabilities
Financial Assets:
Cash and equivalents
Total financial Assets
NET FINANCIAL OBLIGATIONS
Common Shareholders' Equity
Common stock
Additional paid-in capital
Accumulated other comprehensive income
Retained earnings
Total shareholders equity
Total NFO and CSE

1999

1989

63,208.00
705,734.00
954,007.00
99,608.00
25,595.00
776,091.00
951,562.00
260,861.00
3,836,666.00

104,444.92
587,934.00
774,755.00
94,750.00
19,933.00
705,990.00
814,332.00
200,994.00
3,303,132.92

244,910.00
341,126.00
446,001.00
181,750.00
1,213,787.00
2,622,879.00

24,191.00
301,103.00
440,164.00
143,813.00
909,271.00
2,393,861.92

521,657.00
54,344.00
(20,399.00)
969.00
556,571.00

516,226.00
56,341.00
(26,275.00)
450.00
546,742.00

556,571.00

19,649.08
19,649.08
527,092.92

119,466.00
801,511.00
(25,639.00)
1,170,970.00
2,066,308.00
2,622,879.00

121,225.00
744,108.00
(36,110.00)
1,037,546.00
1,866,769.00
2,393,861.92

NOTE 1-We have assumed 2% of the sales figure to be Operating cash assets and the remaining as financial asset
NOTE 2-Other assets & other liabilities are assumed to be Operating assets as no information about the nature
of their use is mentioned

Particulars
NET SALES-Operating revenues
COSTS AND OPERATING EXPENSES
Cost of products sold
Marketing, administrative & general expenses
Other operating expense
OPERATING INCOME BEFORE TAX
Taxes
OPERATING INCOME AFTER TAX
Financial Income and Expenses:
Interest income
Interest expense
Miscellaneous, net
NET FINANCIAL INCOME BEFORE TAX
Taxes
NET FINANCIAL INCOME AFTER TAX
OTHER COMPREHENSIVE INCOME
Foreign currency translation
COMPREHENSIVE INCOME

1999
5,478,807.00

1998
5,222,246.00

3,586,686.00
1,198,854.00
9,098.00
4,794,638.00

3,440,611.00
1,175,598.00
964.00

684,169.00
263,541.90
420,627.10

605,073.00
242,634.27
362,438.73

6,411.00
(62,282.00)
3,300.00
(52,571.00)
(20,250.35)
(32,320.65)

23,818.00
(49,695.00)
6,684.00
(19,193.00)

4,617,173.00

(7,696.39)
(11,496.61)

10,471.00
(42,538.00)
398,777.45
308,404.12
==========
==========

Particulars
Operating Assets:
Cash and equivalents
Accounts receivable, less allowances
Inventories
Prepaid expenses & other current assets
Land
Buildings
Equipment
Leasehold improvements
Construction in progress
Less accumulated depreciation
Net property, plant and equipment
Other assets
Total operating assets
Operating Liabilities:
Accounts payable
Accrued compensation
Accrued royalties
Accrued marketing and promotion costs
Accrued clinical and other studies
Income taxes payable
Other accrued liabilities
Total operating liabilities
NET OPERATING ASSETS
Financial Liablities:
Current portion of long-term debt
Long-term debt
Other long-term liabilities
Total financial liabilities
Financial Assets:
Cash and cash equivalents
Long-term marketable securities
Short-term investments
Total financial Assets
NET FINANCIAL OBLIGATIONS
Stockholders' equity:
Preferred stock
Special common stock
Redeemable common stock
Common stock

1999

1989

12,705.26
172,160.00
93,648.00
39,267.00
57,313.00
258,717.00
383,387.00
12,508.00
60,480.00
(268,751.00)

12,021.28
146,267.00
103,200.00
28,475.00
55,998.00
245,871.00
331,392.00
11,988.00
55,299.00
(215,255.00)

105,452.00
926,886.26

60,989.00
836,245.28

37,101.00
36,945.00
23,159.00
18,863.00
33,621.00
14,329.00
69,068.00
233,086.00
693,800.26

30,963.00
36,939.00
25,864.00
27,463.00
36,277.00
17,839.00
44,283.00
219,628.00
616,617.28

358.00
150,000.00
25,504.00
175,862.00

871.00
150,358.00
25,483.00

124,337.74
356,475.00
603,296.00
1,084,108.74
(908,246.74)

54,691.72
201,726.00
652,461.00
908,878.72
(732,166.72)

853.00
1,532.00

176,712.00

1,002.00
1,343.00

Additional paid-in capital

Retained earnings
Net unrealized gain on securities
available for sale
Total stockholders' equity
NFO & CSE

1,281,640.00
263,749.00

1,207,720.00
129,127.00

54,273.00
1,602,047.00

9,592.00
1,348,784.00

693,800.26

616,617.28

Gentech Income Statement

Particulars
Product sales
COSTS AND OPERATING EXPENSES
Cost of sales
Research and development
Marketing, general and administrative

1999
635,263.00

1998
601,064.00

97,930.00
363,049.00
251,653.00

95,829.00
314,322.00
248,604.00

OPERATING INCOME BEFORE TAX

Taxes
OPERATING INCOME AFTER TAX
Financial Income and Expenses:
Royalties
Contract and other
Interest
Special charge (primarily merger related)
Interest
NET FINANCIAL INCOME BEFORE TAX
Taxes
NET FINANCIAL INCOME AFTER TAX
Net income

(77,369.00)
(11,605.35)
(65,763.65)

(57,691.00)
(2,307.06)
(55,383.94)

190,811.00
31,209.00
60,562.00
(25,000.00)
(7,940.00)
249,642.00
37,446.30
212,195.70
146,432.05

126,022.00
25,556.00
42,748.00
(7,058.00)
187,268.00
7,488.85
179,779.15
124,395.22