annual report 2005 - Pumpkin Patch investor relations

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Pumpkin Patch Limited & Subsidiaries notes to and forming part of the financial statements for the 12 months ended 31 July 2005 14. contingent liabilities Group and Parent Company The Company has guaranteed, together with subsidiary companies, the indebtedness of Pumpkin Patch Limited and subsidiaries at 31 July 2005, together with, in all cases, interest thereon under a deed of guarantee dated 18 April 1996. The deed with the ANZ National Bank Limited provides for the issue of securities in respect of indebtedness from time to time of Pumpkin Patch Limited and/or any guaranteeing subsidiary. At 31 July 2005 the total indebtedness guaranteed by the deed amounted to $5,200,156 (2004: $8,165,004). Other guarantees held by the ANZ National Bank Limited include rent guarantees to certain landlords amounting to $1,607,021 (2004: $1,468,352), rent guarantees provided to the landlords of a subsidiary, Pumpkin Patch Limited (UK), amounting to $1,447,787 (2004: $1,216, 646), and a guarantee of $75,000 (2004: $75,000) to the NZX. The amount of outstanding liabilities under Letters of Credit at 31 July 2005 amounted to $144,652 (2004: Nil). 15. capital expenditure commitments The Group has commitments for future capital expenditure at 31 July 2005 amounting to $3,642,084 (2004: $1,830,000). 16. operating lease obligations Obligations payable after balance date on non-cancellable operating leases as follows: Group Parent 31 July 2005 $000 31 July 2004 $000 31 July 2005 $000 31 July 2004 $000 Not later than one year 25,362 25,851 1,940 1,622 Later than one year and not later than two years 19,717 18,789 1,831 1,518 Later than two years and not later than five years 33,394 28,916 4,750 4,555 Later than five years 10,790 10,071 4,822 6,050 89,263 83,627 13,343 13,745 17. related party transactions The parent company has entered into certain transactions in the form of recharging of expenses and overheads with its subsidiaries. Details of the identity of subsidiaries are disclosed in Note 12 - Investments in subsidiaries. The Group has paid rent of $54,853 (2004: $8,042) to The Dickens Street Partnership which is 66% owned by The Opito Family Trust, a shareholder in Pumpkin Patch Limited. These payments were made on normal commercial terms and there are no outstanding balances at period end. The Group has made purchases of shop fixtures and fittings from Espies Shopfitters Limited of $3,677,690 (2004: $2,984,717). Espies Shopfitters Limited is 48.75% beneficially owned by Kezza Family Trust, a shareholder of Pumpkin Patch Limited. Kezza Family Trust is associated with Maurice Prendergast, a Director in Pumpkin Patch Limited. These were made on normal commercial terms. At period end $129,775 was outstanding (2004: $321,626). 42
Pumpkin Patch Limited & Subsidiaries notes to and forming part of the financial statements for the 12 months ended 31 July 2005 18. intangible assets Group Parent 31 July 2005 $000 31 July 2004 $000 31 July 2005 $000 31 July 2004 $000 Patents and Trademarks Patents and trademarks at beginning of period 210 207 - - Acquisitions 91 54 - - Current period amortisation (63) (51) - - Patents and trademarks at end of period 238 210 - - Total intangible assets 238 210 - - 19. financial instruments (a) Currency and Interest Rate Risk Nature of activities and management policies with respect to financial instruments: 1. Currency The Group undertakes transactions denominated in foreign currencies from time to time and resulting from these activities, exposures in foreign currency arise. It is the Group’s policy to hedge foreign currency risks as they arise except for foreign currency risks authorised by the Board. To manage these exposures, the Group uses forward foreign exchange contracts and foreign currency options. The notional principal or contract amounts of foreign exchange instruments outstanding at balance date are: 2005 $000 2004 $000 Forward foreign exchange contracts - buy 62,168 50,946 Forward foreign exchange contracts – sell 19,794 38,914 Forward options - buy 72,865 4,839 Forward options - sell 16,199 - Total 171,026 94,699 The cash settlement requirements of the forward foreign exchange contracts and options approximates the notional amount shown above. 2. Interest Rate The Group utilises as required long-term fixed rate borrowings which are used to fund on-going activities. Management monitors the levels of interest rates on an on-going basis and periodically will lock in fixed rates on the next floating reset, when they are of the view that interest rates may increase. 43
Page 1 and 2: annual report 2005
Page 4 and 5: contents performance highlights 1 f
Page 6 and 7: financial highlights Year ended 31
Page 8 and 9: id culture
Page 10 and 11: id culture managing director’s re
Page 12 and 13: id culture United Kingdom retail 20
Page 14 and 15: ur team spirit! directors Greg Muir
Page 16 and 17: ur team spirit! senior management t
Page 19 and 20: corporate governance The Board of D
Page 21: external auditor independence To en
Page 24 and 25: directors shareholdings 31 July 200
Page 27 and 28: Pumpkin Patch Limited & Subsidiarie
Page 45: Pumpkin Patch Limited & Subsidiarie
Page 56 and 57: shareholder information for the yea
Page 59 and 60: corporate directory registered offi

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