prospectus for - Pumpkin Patch investor relations

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PROSPECTIVE FINANCIAL INFORMATION (CONTINUED)United Kingdom RetailThe forecast Statements of Financial Performance include the following forecasts for the United Kingdom retailoperation.Group Group12 Months 12 Months31 July 2004 31 July 2005$000 $000Operating Revenue 17,323 17,841Earnings Before Interest, Tax, Depreciation and Amortisation (‘EBITDA’) (Loss) (1,673) (1,547)Depreciation 799 811Earnings Before Interest and Tax (‘EBIT’) (Loss) (2,472) (2,358)Cost of SalesForecast Cost of Sales (excluding the effect of foreign exchange) for the remainder of FY04 are anticipated atthe percentage levels experienced to March 2004 and FY05 at those levels forecast for FY04.Retail, Wholesale, and Head Office OverheadsActual costs to March 2004 have been included in the forecasts for FY04 with the remaining period forecast atsimilar levels adjusted for new stores and other anticipated changes. FY05 costs are forecast at similar levelsforecast for FY04, again adjusted for new stores and other anticipated changes.Costs of restructuring employee share schemesThe Directors have decided to restructure all existing employee share schemes upon or immediately prior tolisting on the NZX at an estimated cost of $7,450k. This been recognised in the period ended 31 July 2004. Fulldetails of the restructuring of the schemes can be found on page 84. A portion of the $7,450k is not deductiblefor tax purposes in FY04.InterestInterest expense for the remainder of FY04 and FY05 has been forecast based on an average interest rate of7.5% which includes all margins and other costs of borrowing paid to lenders.DividendsThe Directors forecast that approximately 50% of net profit after tax will be paid as dividends subsequent tolisting on the NZX. The Directors propose to declare fully imputed dividends, forecast at $2.4m in April 2005,payable April 2005, being an interim dividend for FY05, and $4.8m in November 2005, being the final dividendfor FY05.In addition to the above an interim dividend was paid in March 2004 and a further dividend of NZ$8.3m isforecast to be declared and paid in June 2004, prior to listing on the NZX.Working CapitalWorking capital (inventory, accounts payable, and accounts receivable) has been forecast based on theforecasted inventory purchases by season and forecast changes in purchase costs (e.g. foreign exchangechanges), forecasted wholesale sales, and forecasted other expenditure.Property, plant and equipmentCapital expenditure forecast is based on new store openings and other general capital expenditurerequirements. No other material or one-off capital expenditure has been forecast.42
PROSPECTIVE FINANCIAL INFORMATION (CONTINUED)Term DebtThe forecast assumes that all existing term debt at May 2004 is repaidin full.Finance FacilitiesIt is forecast that there are adequate finance facilities in place andavailable to the Company to cover its anticipated fundingrequirements for the forecast periods. Current finance facilities inplace with the company’s bankers are three year facilities and aredue for renewal in May 2007.Capital StructureIt is forecast that $107.0m will be received from the issue of ordinaryshares on listing, based on an assumed issue price of $1.32 per Share.Significant outflows from the proceeds are forecast to include therepurchase of ordinary shares from existing shareholders of $64.7mand the repayment of bank loans of $13.1m.Offer CostsThe Company will pay its share of the costs (forecast to be $1,335k)directly attributable to the Offer and will be accounted for as areduction in equity.43
Page 1 and 2: Lead ManagerGoldman Sachs JBWere (N
Page 3 and 4: table of contentsInvestment overvie
Page 5 and 6: strong Australasian and growing int
Page 7 and 8: description of the company’s busi
Page 9: Pumpkin Patch... the brandFounded i
Page 12 and 13: sales and marketingPumpkin Patch’
Page 14 and 15: wholesale salesPumpkin Patch has id
Page 16 and 17: the offering14
Page 18 and 19: Shares will be able to be traded fr
Page 20 and 21: Option Offer (Employees Only)Offer
Page 22 and 23: shareholding structure20
Page 24 and 25: directors & senior management22
Page 26 and 27: Senior ManagementMike ArandGeneral
Page 28 and 29: corporate governanceThe Board of Pu
Page 30 and 31: isk and special trade factorsPrinci
Page 32 and 33: Head OfficePumpkin Patch’s head o
Page 35 and 36: 33financial information
Page 37 and 38: Basis of PreparationPro forma histo
Page 39 and 40: prospective financial informationTh
Page 41 and 42: PROSPECTIVE FINANCIAL INFORMATION (
Page 43: PROSPECTIVE FINANCIAL INFORMATION (
Page 47 and 48: group financial statementsPUMPKIN P
Page 49 and 50: PUMPKIN PATCH LIMITED & SUBSIDIARIE
Page 69 and 70: summary historical financial inform
Page 71 and 72: SUMMARY HISTORICAL FINANCIAL INFORM
Page 73 and 74: Basis of opinion on the summary of
Page 75 and 76: statutory and other informationThe
Page 77 and 78: 5A. Restrictions of Directors’ Po
Page 79 and 80: Relevant Interest Holder No of Natu
Page 81 and 82: 11. Acquisition of Business or Subs
Page 83 and 84: 20. Restrictions on the Issuing Gro
Page 85 and 86: Regulation 12The Securities Commiss
Page 87 and 88: DF7 Share SchemeThe Company has est
Page 89 and 90: glossary of certain termsTermDefini
Page 91 and 92: 89application instructions
Page 93 and 94: 9. If your Share Application Form i
Page 95 and 96:
ules relating to the Pumpkin Patch
Page 97 and 98:
part or all of the Options (subject
Page 99 and 100:
arbitrator shall be appointed by th
Page 103 and 104:
directory and advisersDirectorsChri
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prospectus for - Pumpkin Patch investor relations

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