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PROSPECTIVE FINANCIAL INFORMATION (CONTINUED)

Company Specific Assumptions

Foreign Exchange

FY04

FY05

April to July 04

0.8750

0.8750

0.6150

0.6150

0.3703

0.3700

0.5000

0.5000

Actual rates to March 2004 have been included in the FY04 forecasts and the following exchange rates have been utilised in the prospective financial information:

AUD

USD

GBP

EUR

The Company’s policy is to take out forward cover for a percentage of future forecast cashflow requirements depending on the time till the forecasted cashflow. FY04 is 100% hedged at an average rate of AUD0.8740 and USD0.6207 and hedging programmes will be in place for FY05. Currently the Company has 20% and 62% of FY05’s AUD and USD requirements hedged at an average rate of AUD0.8700 and USD0.6280.

Revenue

FORECAST OPERATING REVENUE CONSISTS OF:

$000

$000

133,911

149,812

47,390

61,314

17,323

17,841

14,900

17,807

213,524

246,774

Group

Group

12 Months

12 Months

31 July 2004

31 July 2005

Australia retail

New Zealand retail

United Kingdom retail

Other

Other consists of mail order, internet, and wholesale sales.

  • (i)

    Retail

    • (a)

      The following new store openings have been forecast for the remainder of FY04 and for FY05, wiith forecast revenues in line with historical averages for new stores:

FY04

FY05

remainder

-

7

2

2

-

-

Australia retail

New Zealand retail

UK retail

  • (b)

    Forecast sales for those stores that are in existence at 8 April 2004 are expected to be at the same trading levels for the remainder of FY04 and for FY05.

  • (c)

    14 stores arising from the HBK acquisition as at 3 May 2004 have been included in the prospective financial information.

(ii)

Wholesale

Forecast sales for the remainder of FY04 are based on actual orders received. The sales for the first half of FY05 are based on actual orders received while the second half FY05 are forecast at similar levels to that of the first half of FY05.

41

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