Group Financial Statements/Auditors' Report - Pumpkin Patch ...

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PUMPKIN PATCH LIMITED & SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS 31 JULY 2010 PUMPKIN PATCH LIMITED & SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS 31 JULY 2010 25 FINANCIAL RISK MANAGEMENT continued (E) FINANCIAL INSTRUMENTS BY CATEGORY Fair value Derivatives Measured at Loans and receivables through profit or loss used for hedging amortised cost Total Consolidated $’000 $’000 $’000 $’000 $’000 At 31 July 2010 Cash and cash equivalents 6,945 - - - 6,945 Trade receivables 10,590 - - - 10,590 Employee share scheme receivable 203 - - - 203 Other receivables 1,783 - - - 1,783 Derivative financial instrument assets - - 7,485 - 7,485 Trade payables - - - (12,972) (12,972) Employee benefits - - - (6,475) (6,475) Interest bearing liabilities - - - (33,000) (33,000) Derivative financial instrument liabilities - - (25,550) - (25,550) 19,521 - (18,065) (52,447) (50,991) At 31 July 2009 Cash and cash equivalents 12,563 - - - 12,563 Trade receivables 12,052 - - - 12,052 Employee share scheme receivable 215 - - - 215 Other receivables 986 - - - 986 Derivative financial instrument assets - 55 6,730 - 6,785 Trade payables - - - (7,471) (7,471) Sales tax payable - - - (898) (898) Employee benefits - - - (6,484) (6,484) Interest bearing liabilities - - - (31,000) (31,000) Derivative financial instrument liabilities - (387) (23,335) - (23,722) 25,816 (332) (16,605) (45,853) (36,974) The accounting policies for financial instruments have been applied to the line items above. Loans and receivables Fair value through profit or loss Derivatives Measured at used for hedging amortised cost Total Parent $’000 $’000 $’000 $’000 $’000 At 31 July 2010 Cash and cash equivalents 31 - - - 31 Trade receivables 2 - - - 2 Amounts owed from subsidiaries 165,450 - - - 165,450 Employee share scheme receivable 203 - - - 203 Other receivables 158 - - - 158 Trade payables - - - (549) (549) Amounts due to subsidiaries - - - (207,221) (207,221) Sales tax payable - - - (519) (519) Employee benefits - - - (2,388) (2,388) Interest bearing liabilities - - - (28) (28) 165,844 - - (210,705) (44,861) At 31 July 2009 Cash and cash equivalents 38 - - - 38 Trade receivables 2 - - - 2 Amounts owed from subsidiaries 126,780 - - - 126,780 Employee share scheme receivable 215 - - - 215 Other receivables 631 - - - 631 Trade payables - - - (984) (984) Amounts due to subsidiaries - - - (179,867) (179,867) Sales tax payable - - - (856) (856) Employee benefits - - - (2,422) (2,422) Interest bearing liabilities - - - (319) (319) 127,666 - - (184,448) (56,782) The accounting policies for financial instruments have been applied to the line items above. 20 years young 95
PUMPKIN PATCH LIMITED & SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS 31 JULY 2010 PUMPKIN PATCH LIMITED & SUBSIDIARIES NOTES TO THE FINANCIAL STATEMENTS 31 JULY 2010 25 FINANCIAL RISK MANAGEMENT continued (F) CAPITAL RISK MANAGEMENT The main objective of capital risk management is to ensure the Group operates as a going concern, meets debts as they fall due, maintains the best possible capital structure, and reduces the cost of capital. Group capital is regarded as equity as shown in the balance sheet. This quantifies capital as reference to the balance sheet. To maintain or alter the capital structure the Board has the ability to review the size of the dividends paid to shareholders, return capital or issue new shares, reduce or increase debt or sell assets. There are a number of external bank covenants in place relating to debt facilities. These covenants are calculated monthly and reported to the bank quarterly. The principal convenants relating to capital management are the earnings before interest and taxation (EBIT) fixed cover charge ratio and the cashflow gearing ratio. There have been no breaches of these covenants for the current or prior period. 27 CONTINGENCIES As at 31 July 2010 the parent entity and Group had no contingent liabilities or assets (2009:$Nil). 28 EVENTS OCCURRING AFTER THE BALANCE SHEET DATE - On 16 August 2010, the approved reorganisation plan for Pumpkin Patch LLC was effected resulting in notice being given to all outstanding creditors. Pumpkin Patch LLC exited from Chapter 11 status on this date. - On 21 September 2010 the Directors resolved to provide for a final dividend to be paid in respect of the year ended 31 July 2010. The dividend will be paid at a rate of 5.0 cents per share (2009: 4.50 cents per share) on issue as at 7 October 2010, with full imputation credits attached. 26 COMMITMENTS The Group has commitments for future capital expenditure at 31 July 2010 of $2.8 million (2009: $0.5 million). The Group leases various retail outlets under non‐cancellable operating lease agreements. The leases reflect normal commercial arrangements with varying terms, escalation clauses and renewal rights. Consolidated at Parent at 31 July 2010 31 July 2009 31 July 2010 31 July 2009 $’000 $’000 $’000 $’000 Commitments for minimum lease payments in relation to non‐cancellable operating leases are payable as follows: Within one year 49,961 57,397 2,775 2,795 Later than one year but not later than five years 110,526 117,347 10,843 11,293 Later than five years 36,532 40,959 17,415 20,794 197,019 215,703 31,033 34,882 20 years young 97
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