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 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
Pumpkin Patch Limited & Subsidiaries notes to and forming part of the financial statements for the 12 months ended 31 July 2005 Cash Flow Summary For the year ended 31 July 2005 Actual 2005 $000 Forecast 2005 $000 Net cash flow from operating activities 24,600 22,699 Net cash flow from investing activities (13,633) (4,350) Net cash flow from financing activities (6,353) (2,400) Net increase/(decrease) in cash held 4,614 15,949 Forecasted landlord fitout contributions of $600,000 which were disclosed in the Prospectus as investing cash flows have been reclassified as operating cash flows to allow comparison with the statement of cash flows for the year ended 31 July 2005. • Cash flows from operating activities were higher than forecast due to the improved trading result for the period, mostly offset by increases in other working capital items. • Higher than forecasted cash out flows from investing activities was the result of the opening of 14 stores not forecasted in 2005 and other general capital expenditure relating to the overall larger retail and wholesale operations. • Higher than forecasted cash outflows from financing activities resulted from dividend payments being above forecasted levels due to the better than forecasted trading result. 49
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 51: 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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