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PROSPECTIVE FINANCIAL INFORMATION (CONTINUED)

United Kingdom Retail

The forecast Statements of Financial Performance include the following forecasts for the United Kingdom retail operation.

Group

Group

12 Months

12 Months

31 July 2004

31 July 2005

$000

$000

17,323

17,841

(1,673)

(1,547)

799

811

(2,472)

(2,358)

Operating Revenue

Earnings Before Interest, Tax, Depreciation and Amortisation (‘EBITDA’) (Loss)

Depreciation

Earnings Before Interest and Tax (‘EBIT’) (Loss)

Cost of Sales

Forecast Cost of Sales (excluding the effect of foreign exchange) for the remainder of FY04 are anticipated at the percentage levels experienced to March 2004 and FY05 at those levels forecast for FY04.

Retail, Wholesale, and Head Office Overheads

Actual costs to March 2004 have been included in the forecasts for FY04 with the remaining period forecast at similar levels adjusted for new stores and other anticipated changes. FY05 costs are forecast at similar levels forecast for FY04, again adjusted for new stores and other anticipated changes.

Costs of restructuring employee share schemes

The Directors have decided to restructure all existing employee share schemes upon or immediately prior to listing on the NZX at an estimated cost of $7,450k. This been recognised in the period ended 31 July 2004. Full details of the restructuring of the schemes can be found on page 84. A portion of the $7,450k is not deductible for tax purposes in FY04.

Interest

Interest expense for the remainder of FY04 and FY05 has been forecast based on an average interest rate of 7.5% which includes all margins and other costs of borrowing paid to lenders.

Dividends

The Directors forecast that approximately 50% of net profit after tax will be paid as dividends subsequent to listing 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 dividend

for FY05.

In addition to the above an interim dividend was paid in March 2004 and a further dividend of NZ$8.3m is forecast to be declared and paid in June 2004, prior to listing on the NZX.

Working Capital

Working capital (inventory, accounts payable, and accounts receivable) has been forecast based on the forecasted inventory purchases by season and forecast changes in purchase costs (e.g. foreign exchange changes), forecasted wholesale sales, and forecasted other expenditure.

Property, plant and equipment

Capital expenditure forecast is based on new store openings and other general capital expenditure requirements. No other material or one-off capital expenditure has been forecast.

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