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Principal assumptions underlying the prospective financial information

The principal assumptions upon which the forecast financial information is based are summarised below and should be read in conjunction with ‘Risk and special trade factors’ on pages 27 to 31.

The prospective financial information for the years ending 31 July 2004 (“FY04”) and 31 July 2005 (“FY05”) on pages 36 to 43 constitutes a forecast as defined by the New Zealand Financial Reporting Standard No. 29,

‘Prospective Financial Information’ and has been prepared on the basis of assumptions as to future events that the Directors reasonably expect to occur associated with the actions the Directors reasonably expect to take as at the date the information was prepared. The forecast was prepared as at 8 April 2004 for use in this Offer Document. Actual audited results for the 6 month period to 31 January 2004 and actual unaudited results for February 2004 and March 2004 have been incorporated into the forecast for the year ending 31 July 2004. The forecast information has been prepared for the purposes of this prospectus and may not be suitable for any other purpose. There is no present intention to update this prospective financial information or to publish prospective financial information in the future.

In preparing the forecast financial information, the accounting policies set out on pages 49 to 52 as part of the Group financial information have been applied without change. There is no expectation of any change to the accounting policies that would require a material change in the reporting of Pumpkin Patch’s activities in the future.

General assumptions across all countries in which Pumpkin Patch operates

Economic Environment

There will be no material change in the general economic environment

Legislative and regulatory Environment

There will be no material change to the legislative and regulatory environment in which Pumpkin Patch operates.

Competitive Environment

There will be no material changes to the competitive markets in which Pumpkin Patch operates and no new entrants that will materially change the competitive environment.

Industry Conditions

There will be no material change to the competitive activity, industry structure, unanticipated fashion trends, general industry conditions, third party retailer relationships or the employee environment.

Other assumptions

Income Tax

There will be no change to the tax regime in New Zealand, Australia or the UK, including no change to the company tax rate of 33%, 30% and 30% respectively.

Management of Pumpkin Patch

Pumpkin Patch’s senior management and other key people will continue in their current roles.

Disruptions to Operations

There will be no material disruptions to Pumpkin Patch’s operations or brand arising from long term IT or power failures, natural disasters, fires and explosions, and major disruptions to freight distribution networks.


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