prospective financial in<strong>for</strong>mation36
prospective financial in<strong>for</strong>mationThe prospective financial in<strong>for</strong>mation consists of <strong>for</strong>ecast financial in<strong>for</strong>mation and the underlying assumptions <strong>for</strong> the yearsending 31 July 2004 and 31 July 2005 presented on pages 40 to 43.The prospective financial in<strong>for</strong>mation has been the subject of due diligence by the Directors. Although due care and attentionhas been taken in preparing the prospective financial in<strong>for</strong>mation, the Directors cannot provide assurance that the prospectivefinancial in<strong>for</strong>mation will be achieved. Actual results may vary from the prospective financial in<strong>for</strong>mation due to thenon-occurrence of anticipated events or alternatively events occurring that were not anticipated and any variations maybe material.The prospective financial in<strong>for</strong>mation has been prepared under NZ GAAP. International Financial Reporting Standards arerequired to be implemented by July 2007 and there<strong>for</strong>e any potential impact has not been incorporated in the prospectivefinancial in<strong>for</strong>mation as they will not be in place <strong>for</strong> the 31 July 2004 or 31 July 2005 financial year ends.FORECAST STATEMENTS OF FINANCIAL PERFORMANCEGroup Group12 Months 12 Months31 July 2004 31 July 2005$000 $000Operating Revenue 213,524 246,774Group Earnings Be<strong>for</strong>e Interest, Tax, Depreciation and Amortisation (‘EBITDA’) andCosts of Restructuring Employee Share Schemes 26,717 31,199Depreciation 7,224 8,164Group Earnings Be<strong>for</strong>e Interest, Tax and Costs of RestructuringEmployee Share Schemes 19,493 23,035Costs of restructuring employee share schemes 7,450 -Group Earnings Be<strong>for</strong>e Interest and Tax (‘EBIT’) 12,043 23,035Net interest expense 2,610 490Operating Profit Be<strong>for</strong>e Income Tax 9,433 22,545Income tax expense 5,397 7,214Net Profit after Income Tax (‘NPAT’) 4,036 15,331FORECAST STATEMENTS OF MOVEMENTS IN EQUITYGroup Group12 Months 12 Months31 July 2004 31 July 2005$000 $000Equity at Beginning of Year 20,330 64,579Net profit after income tax 4,036 15,331Dividends to ordinary shareholders (9,500) (2,400)Issue of ordinary shares prior to listing on NZX 1,000 -Issue of ordinary shares on listing on NZX 106,956 -Issue costs arising on issue of ordinary shares (1,335) -Repurchase of ordinary shares on listing on NZX (64,716) -Issue of ordinary shares under wound up employee share schemes 5,708 -Issue of ordinary shares under DF7 Scheme 2,100Movement in Equity <strong>for</strong> the Year 44,249 12,931Equity at End of Year 64,579 77,51037
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