annual report - Pumpkin Patch investor relations

PUMPKIN PATCH LIMITED & SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS 31 JULY 2010
PUMPKIN PATCH LIMITED & SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS 31 JULY 2010
5 SEGMENT INFORMATION continued
Australia
Retail
New
Zealand
Retail
United
Kingdom
Retail
United
States Wholesale
Retail & Direct
Head
Office
Group
2010 $Õ000 $Õ000 $Õ000 $Õ000 $Õ000 $Õ000 $Õ000
Total revenue 198,276 58,908 52,455 19,138 53,217 204 382,198
Total segment result before
non-recurring expenses 38,705 11,310 (885) (2,685) 13,708 (22,393) 37,760
Non-recurring expenses (note 4) - - - - - - -
Total segment result before
income tax 38,705 11,310 (885) (2,685) 13,708 (22,393) 37,760
Income tax - - - - - (12,258) (12,258)
Profit for the year 38,705 11,310 (885) (2,685) 13,708 (34,651) 25,502
Segment total assets 57,986 19,567 26,199 6,030 21,449 47,358 178,589
Segment non-current assets 23,664 5,546 8,787 270 - 34,984 73,251
Acquisitions of property, plant and
equipment, intangibles and other
non-current segment assets 6,757 1,311 1,368 - 70 5,512 15,018
Depreciation and amortisation
expense 4,229 1,045 1,482 - 47 4,607 11,410
Interest expense - - - - - 2,549 2,549
2009
Total revenue 203,426 64,357 59,200 22,825 62,540 197 412,545
Total segment result before
non-recurring expenses 38,469 11,125 (4,962) (9,289) 16,583 (24,543) 27,383
Non-recurring expenses (note 4) - (163) (6,377) (10,247) - - (16,787)
Total segment result before
income tax 38,469 10,962 (11,339) (19,536) 16,583 (24,543) 10,596
Income tax (note 6) - - - - - (8,834) (8,834)
(Loss) from discontinuing operations
net of tax (note 4) - - - - - - (28,501)
(Loss) for the year - - - - - - (26,739)
Segment total assets 57,348 18,504 31,921 9,412 18,373 52,631 188,189
Segment non-current assets 23,144 6,248 9,988 - 73 32,280 71,733
Acquisitions of property, plant and
equipment, intangibles and other
non-current segment assets 3,686 719 1,708 583 73 4,961 11,730
Depreciation and amortisation
expense 4,833 1,312 3,262 2,323 32 3,295 15,057
Interest expense - - - - - 5,144 5,144
The GroupÕs liabilities are not analysed on a segmental basis and therefore have not been reported.
6 INCOME TAX EXPENSE/(CREDIT)
Consolidated - Year ended Parent - Year ended
31 July 2010 31 July 2009 31 July 2010 31 July 2009
$Õ000 $Õ000 $Õ000 $Õ000
(A) INCOME TAX EXPENSE/(CREDIT
Current tax expense/(credit) 5,403 17,858 (1,405) 363
Prior period adjustment 210 31 93 1,025
Deferred tax (note 13) 6,371 629 240 116
Tax impact on equity - (9,835) - -
Foreign tax credits not utilised 21 151 - -
Effect of change in tax rate 3 - (92) -
Adjustment for removal of building depreciation 250 - 250 -
12,258 8,834 (914) 1,504
(B) NUMERICAL RECONCILIATION OF INCOME TAX EXPENSE TO PRIMA FACIE TAX PAYABLE
Profit before income tax expense 37,760 10,596 20,904 (19,556)
Tax at other jurisdictions tax rate of 30%
(2009 - 30%) 11,328 3,179 6,273 (5,867)
Adjustments to taxation for:
Non-assessable income - (1,143) (7,438) (38)
Non-deductible expenses 446 1,628 - 6,384
Non-deductible impairment charge - 4,988 - -
Prior period adjustment 210 31 93 1,025
Foreign tax credits not utilised 21 151 - -
Effect of change in tax rate from 30% to 28% 3 - (92) -
Adjustment for removal of building
depreciation 250 - 250 -
Income tax expense/(credit) 12,258 8,834 (914) 1,504
During the year, as a result of the change in the NZ corporate tax rate from 30% to 28% which was
enacted on 27 May 2010 and which will be effective from 1 June 2011, the relevant deferred tax
balances have been remeasured. Deferred tax expected to reverse in the year to 31 May 2012 or
later has been measured using the effective rate that will apply for that period, being 28%.
(C) UNRECOGNISED TAX LOSSES
The Group has estimated tax losses to carry forward from:
- Pumpkin Patch Limited (UK) of GBP 146,000 (NZD 314,000) (2009: GBP 1,002,000; NZD
2,532,000) which can be carried forward indefinitely to be offset against future profits; and
- Pumpkin Patch LLC USD 16,302,000 (NZD 22,424,000) (2009: USD 15,426,000; NZD
23,617,000) which expire between 2026 and 2030.
The Group operates in a number of tax jurisdictions where the tax rates range from
28% - 34% (2009: 28% - 34%).
20
years
young
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