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SUMMARY HISTORICAL FINANCIAL INFORMATION (CONTINUED)

Notes

  • 1.

    Number of ordinary shares issued at 31 July 2003 and 31 January 2004 include C Class shares that are not entitled to receive dividends. There were 47,350 and 79,250 C Class shares on issue at 31 July 2003 and 31 January 2004 respectively. Excluding the C Class shares the dividends paid in cents per share were 150 and 100 cents per share in 2003 and 2004, respectively.

  • 2.

    In accordance wiith clause 8(5) of the First Schedule to the Regulations, set out below is the adjusted and diluted net tangible asset backing per share as at 31 January 2004.

Assumed Final Price

Adjusted NTA Backing Per Share

Adjusted and Diluted NTA Backing Per Share

Adjusted NTA Backing Per Share

Adjusted and Diluted NTA Backing Per Share

$1.20

$0.37

$0.38

$0.49

$0.50

$1.30

$0.39

$0.40

$0.52

$0.53

$1.40

$0.41

$0.42

$0.55

$0.56

Proceeds From 32,000,000 shares (a)

Proceeds From 60,770,399 shares (b)

The above table has been calculated based on the following assumptions:

  • (a)

    All new shares (81,027,200) have been allotted and the maximum number of shares have been repurchased (49,027,200), assuming Final Price of $1.20, $1.30 and $1.40.The Board reserves the right to set the Final Price outside of the Indicative Price Range;

  • (b)

    60,779,399 shares are subscribed for by investors and the Company, at its discretion, retains all proceeds rather than returning proceeds from all shares over 32,000,000 to investors (i.e. the number of shares subscribed for is less than the repurchase threshold described on pages 81 and 82);

  • (c)

    The 100:1 share split (described on page 79) has occurred, offer related costs of $1,335k were incurred which reduced equity;

  • (d)

    The shares to be issued under the DF7 Share Scheme had been allotted and the proceeds received before that date; and

    • (e)

      The adjusted and diluted NTA backing per share assumes, in addition to (a) to (d) above, the Options have been allotted and proceeds received.

  • 3.

    The other revenue in 1999 largely comprises a profit on sale of the current head office, warehouse and logistics facility at 439 East Tamaki Road, Auckland. The property was sold to a third party.

4.

During 1999, PPL Group exited the Studio Works stores. Below is a table of the historical discontinuing activities details. Some costs associated with exiting the stores, such as the write-off of inventory and fixed assets, were recognised in the 1999 results, with the remainder of the exiting costs being incurred in 2000 with the completion of the exiting process.

Discontinued Activities

1999 $000

2000

2001

2002 $000

2003 $000

2004 $000

$000

$000

Revenue (included in operating revenue) Expenditure (included in expenditure) Cost of exiting activity (included in expenditure) Income tax benefit (included in tax expense)

5,827 (7,493) (830) 823

2,124 (2,124) (361) -

- - - -

- - - -

- - - -

- - - -

Net Loss from Discontinued Activities

(1,673)

(361)

-

-

-

-

31 July

31 January

7 Months

6 Months

1999 $000

2000

2001

2002 $000

2003 $000

2004 $000

$000

$000

10 (1,395)

38 (1,008)

257 (2,982)

18 (2,570)

- (1,871)

6 (1,335)

(1,385)

(970)

(2,725)

(2,552)

(1,871)

(1,329)

31 December 12 Months

5.

Amounts presented for net interest above include both interest income and interest expenses. The individual interest income and interest expense amounts for each period are presented below.The higher interest charges from 2001 are a consequence of higher debt used to fund additional growth in the business.

31 July

31 January

7 Months

6 Months

Net Interest

Interest revenue Interest expense

Net Interest

31 December 12 Months

68

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