Group Financial Statements/Auditors' Report - Pumpkin Patch ...
Group Financial Statements/Auditors' Report - Pumpkin Patch ...
Group Financial Statements/Auditors' Report - Pumpkin Patch ...
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PUMPKIN PATCH LIMITED & SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS 31 JULY 2010<br />
PUMPKIN PATCH LIMITED & SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS 31 JULY 2010<br />
5 SEGMENT INFORMATION continued<br />
Australia<br />
Retail<br />
New<br />
Zealand<br />
Retail<br />
United<br />
Kingdom<br />
Retail<br />
United<br />
States Wholesale<br />
Retail & Direct<br />
Head<br />
Office<br />
<strong>Group</strong><br />
2010 $’000 $’000 $’000 $’000 $’000 $’000 $’000<br />
Total revenue 198,276 58,908 52,455 19,138 53,217 204 382,198<br />
Total segment result before<br />
non‐recurring expenses 38,705 11,310 (885) (2,685) 13,708 (22,393) 37,760<br />
Non‐recurring expenses (note 4) - - - - - - -<br />
Total segment result before<br />
income tax 38,705 11,310 (885) (2,685) 13,708 (22,393) 37,760<br />
Income tax - - - - - (12,258) (12,258)<br />
Profit for the year 38,705 11,310 (885) (2,685) 13,708 (34,651) 25,502<br />
Segment total assets 57,986 19,567 26,199 6,030 21,449 47,358 178,589<br />
Segment non‐current assets 23,664 5,546 8,787 270 - 34,984 73,251<br />
Acquisitions of property, plant and<br />
equipment, intangibles and other<br />
non‐current segment assets 6,757 1,311 1,368 - 70 5,512 15,018<br />
Depreciation and amortisation<br />
expense 4,229 1,045 1,482 - 47 4,607 11,410<br />
Interest expense - - - - - 2,549 2,549<br />
2009<br />
Total revenue 203,426 64,357 59,200 22,825 62,540 197 412,545<br />
Total segment result before<br />
non‐recurring expenses 38,469 11,125 (4,962) (9,289) 16,583 (24,543) 27,383<br />
Non‐recurring expenses (note 4) - (163) (6,377) (10,247) - - (16,787)<br />
Total segment result before<br />
income tax 38,469 10,962 (11,339) (19,536) 16,583 (24,543) 10,596<br />
Income tax (note 6) - - - - - (8,834) (8,834)<br />
(Loss) from discontinuing operations<br />
net of tax (note 4) - - - - - - (28,501)<br />
(Loss) for the year - - - - - - (26,739)<br />
Segment total assets 57,348 18,504 31,921 9,412 18,373 52,631 188,189<br />
Segment non‐current assets 23,144 6,248 9,988 - 73 32,280 71,733<br />
Acquisitions of property, plant and<br />
equipment, intangibles and other<br />
non‐current segment assets 3,686 719 1,708 583 73 4,961 11,730<br />
Depreciation and amortisation<br />
expense 4,833 1,312 3,262 2,323 32 3,295 15,057<br />
Interest expense - - - - - 5,144 5,144<br />
The <strong>Group</strong>’s liabilities are not analysed on a segmental basis and therefore have not been reported.<br />
6 INCOME TAX EXPENSE/(CREDIT)<br />
Consolidated - Year ended Parent - Year ended<br />
31 July 2010 31 July 2009 31 July 2010 31 July 2009<br />
$’000 $’000 $’000 $’000<br />
(A) INCOME TAX EXPENSE/(CREDIT<br />
Current tax expense/(credit) 5,403 17,858 (1,405) 363<br />
Prior period adjustment 210 31 93 1,025<br />
Deferred tax (note 13) 6,371 629 240 116<br />
Tax impact on equity - (9,835) - -<br />
Foreign tax credits not utilised 21 151 - -<br />
Effect of change in tax rate 3 - (92) -<br />
Adjustment for removal of building depreciation 250 - 250 -<br />
12,258 8,834 (914) 1,504<br />
(B) NUMERICAL RECONCILIATION OF INCOME TAX EXPENSE TO PRIMA FACIE TAX PAYABLE<br />
Profit before income tax expense 37,760 10,596 20,904 (19,556)<br />
Tax at other jurisdictions tax rate of 30%<br />
(2009 ‐ 30%) 11,328 3,179 6,273 (5,867)<br />
Adjustments to taxation for:<br />
Non‐assessable income - (1,143) (7,438) (38)<br />
Non‐deductible expenses 446 1,628 - 6,384<br />
Non‐deductible impairment charge - 4,988 - -<br />
Prior period adjustment 210 31 93 1,025<br />
Foreign tax credits not utilised 21 151 - -<br />
Effect of change in tax rate from 30% to 28% 3 - (92) -<br />
Adjustment for removal of building<br />
depreciation 250 - 250 -<br />
Income tax expense/(credit) 12,258 8,834 (914) 1,504<br />
During the year, as a result of the change in the NZ corporate tax rate from 30% to 28% which was<br />
enacted on 27 May 2010 and which will be effective from 1 June 2011, the relevant deferred tax<br />
balances have been remeasured. Deferred tax expected to reverse in the year to 31 May 2012 or<br />
later has been measured using the effective rate that will apply for that period, being 28%.<br />
(C) UNRECOGNISED TAX LOSSES<br />
The <strong>Group</strong> has estimated tax losses to carry forward from:<br />
- <strong>Pumpkin</strong> <strong>Patch</strong> Limited (UK) of GBP 146,000 (NZD 314,000) (2009: GBP 1,002,000; NZD<br />
2,532,000) which can be carried forward indefinitely to be offset against future profits; and<br />
- <strong>Pumpkin</strong> <strong>Patch</strong> LLC USD 16,302,000 (NZD 22,424,000) (2009: USD 15,426,000; NZD<br />
23,617,000) which expire between 2026 and 2030.<br />
The <strong>Group</strong> operates in a number of tax jurisdictions where the tax rates range from<br />
28% ‐ 34% (2009: 28% ‐ 34%).<br />
20<br />
years<br />
young<br />
61