annual report 2005 - Pumpkin Patch investor relations

Pumpkin Patch Limited & Subsidiaries notes to and forming part of the financial statements
for the 12 months ended 31 July 2005
23. comparison against prospectus forecast
Summary Statement of Financial Performance for the year ended 31 July 2005
Actual 2005
$000
Forecast 2005
$000
Operating revenue 280,378 246,774
Group earnings before interest and tax 36,357 23,035
Net profit after income tax 24,599 15,331
• Operating revenue was higher than forecast due to sales growth across United Kingdom and Australian stores, and
wholesale accounts.
• EBIT was higher than forecast due to the above noted sales growth and improved sales margins.
Summary Statement of Financial Position as at 31 July 2005
Actual
2005
$000
Forecast
2005
$000
Current assets 72,070 67,137
Non-current assets 39,269 27,811
Total Assets 111,339 94,948
Other current liabilities 25,722 15,525
Non-current liabilities 3,360 1,913
Total Liabilities 29,082 17,438
Net Assets 82,257 77,510
Represented by:
Share capital 56,134 60,620
Retained earnings 26,123 16,890
Total Equity 82,257 77,510
• Share capital is lower than forecast due to the lower carried forward balance from 2004 resulting from the
forecasted final price on listing in 2004 being $1.25 compared to the forecasted $1.32, and total issue costs
being higher than forecasted.
• Current assets includes higher than forecasted inventory levels resulting from increased purchases for the higher than
forecasted number of stores and increased wholesale account activity. Higher than forecasted wholesale sales has
also led to higher than forecasted trade debtors.
• Non current assets are higher than forecast due to an increase in fixed assets resulting from the opening of more
stores than forecasted for 2004 and 2005.
• Other current liabilities are higher than forecast due to increased accounts payable resulting from increased stock
and general expense purchases for the larger than forecasted retail and wholesale operations.
48