Date: 12 May 2012 Sector: Industry:

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim. Latest fiscal year: 2011; Most recent quarter: ; Fiscal year end month: July; All Ratios are calculated for the latest fiscal year end unless otherwise indicated. Data Source: Reuters Fundamentals

Business Summary Kathmandu Holdings Limited is a New Zealand-based company. The Company is engaged in designing, marketing and retailing of clothing and equipment for travel and adventure. The Company operates in three geographical areas: New Zealand, Australia and the United Kingdom. During the fiscal year ended July 31, 2011, the Company had opened 14 new stores. The Companys products include apparel, such as technical wear, down jackets, thermals, fleece, woven casual wear and merino, and equipment, such as packs, bags, sleeping bags, tents, camping accessories and footwear and socks. Share Performance Price (AUD): 1.26 52 Volume (millions): 0.2 52 Week High: 2.03 Currency: AUD Week Low: 1.20

Financial Summary BRIEF: For the Six months ended 31 January 2011 Kathmandu Holdings Limited's revenues increased 15% to NZ$146.7M. Net income decreased 43% to NZ$6M. Revenues reflects an increase income from New Zealand segment and a rise in income from Australia. Net income was offseet by an incease in cost of sales, an increase in selling expesnse and an increase in administration expense and by decreased operating profit margin. Valuation Ratios Price/Earnings Price/Sales Price/Book Price/Cashflow Per Share Data Earnings Sales Book Value (MRI) Cash Flow Cash (MRI) Profitability Ratios (%) Gross Margin Operating Margin Net Profit Margin Management Effectiveness (%) Return on Equity (MRI) Return on Assets (MRI) Return on Investment (MRI) Financial Strength Quick Ratio (MRI) Current Ratio (MRI) LT Debt/Equity (MRI) Total Debt/Equity (MRI) Dividend Information Dividend Yield (%) Dividend per Share (MRI)

8.41 1.07 29.18 7.06

0.15 1.17 0.99 0.18 0.01

65.52 20.91 12.76

15.81 11.85 13.13

0.15 1.57 0.18 0.18

6.19 0.08

Payout Ratio (MRI) Kathmandu Holdings Ltd 11 Mary Muller Drive, Heathcote CHRISTCHURCH 8022 New Zealand () http://www.kathmanduholdings.com P/E: 8.41 Employees: -(Millions)

51.20

Market Cap: 255.94 Shares Outstanding: Float: 197.37

200.00

Key Ratios & Statistics

Financial Strength
12 Mo Jul 09 Average 12 Mo Jul 10 12 Mo Jul 11 MRI 3 Year

Quick Ratio Current Ratio LT Debt/Equity Total Debt Equity

1.01 2.27 1.37 1.42

0.33 1.77 0.23 0.23

0.15 1.57 0.18 0.18

0.15 1.57 0.18 0.18

0.5 1.87 0.59 0.61

Quick Ratio: Cash plus Short Term Investments plus Accounts Receivable divided by the Total Current Liabilities for the same period. Current Ratio: Total Current Assets divided by Total Current Liabilities for the same period. Long Term Debt To Total Equity: Total Long Term Debt divided by Total Shareholder Equity. Total Debt to Total Equity: Total Debt divided by Total Shareholder Equity for the same period.

Profitability 12 Mo Jul 09
Gross Margin (%) Operating Margin (%) Net Profit Margin (%) Interest Coverage
64.37 19.94 6.91 2.32

12 Mo Jul 10
63.17 12.86 3.82 2.65

12 Mo Jul 11
65.52 20.91 12.76 9.1

3 Year Average
64.35 17.9 7.83 4.69

Gross Margin: This value measures the percent of revenue left after paying all direct production expenses. It is calculated as Revenue minus the Cost of Goods Sold divided by the Revenue and multiplied by 100. Operating Margin: This value measures the percent of revenues remaining after paying all operating expenses. It is calculated as Operating Income divided by the Total Revenue, multiplied by 100. Net Profit Margin: Also known as Return on Sales, this value is the Income After Taxes divided by Total Revenue for the same period and is expressed as a percentage. Interest Coverage: The Operating Income divided by the company's interest obligations.

Financial Strength looks at business risk. The stronger a company is from a financial standpoint, the less risky it is. The Quick Ratio compares cash and short-term investments (investments that could be converted to cash very quickly) to the financial liabilities they expect to incur within a year's time. The Current Ratio compares year-ahead liabilities to cash on hand now plus other inflows (e.g. Accounts Receivable) the company is likely to realize over that same twelve-month period.
Current Ratio Total Current Assets Total Current Liabilities 1.57 59.92 38.18

The Long Term Debt/Equity Ratio looks at the company's capital base. A ratio of 1.00 means the company's long-term debt and equity are equal. The Total Debt/Equity Ratio includes long-term debt and short term debt. These ratios realize overall profitability, or the bottom line.
Gross Margin (%) Gross Profit 200.58 Revenue 306.14 65.52 (%)

Gross Margin shows the amount of revenue left over after deducting direct costs of producing the goods or services. Operating Profit and

Operating Margin trace the progress revenue down to another important level. From gross profit, we now subtract indirect costs, often referred to as overhead e.g. facilities and salaries associated with headquarters operations. Finally, Profit Margin shows you how much of each revenue dollar is left after all costs, of any kind, are subtracted. These other costs include such items as interest on corporate debt and income taxes.

Management Effectiveness (%)

A company's ability to operate profitably can be measured directly by measuring its return on assets. ROA (Return On Assets) is the ratio of a company's net profit to its total assets, expressed as a percentage.
Return on Assets (%) Income After Taxes Average Total Assets 11.85 (%) 39.07 329.65

ROA measures how well a company's management uses its assets to generate profits. It is a better measure of operating efficiency than ROE, which only measures how much profit is generated on the shareholders equity but ignores debt funding. This ratio is particularly relevant for banks which typically have huge assets.

12 Mo Jul 09
Return on Equity % Return on Assets % Return on Investments %
12.07 4.38 4.81

12 Mo Jul 10
5.05 2.81 3.09

12 Mo Jul 11
15.81 11.85 13.13

3 Year Average
10.98 6.35 7.01

Return On Equity: Income Available to Common Stockholders divided by the Common Equity and expressed as a percentage. Return on Assets: This value is the Income After Taxes divided by the Average Total Assets, expressed as a percentage. Return on Investments: Income after taxes divided by the average total long term debt, other long term liabilities and shareholders equity, and expressed as a percentage.

Dividend Information
The annual dividend is the total amount(NZD) of dividends you could expect to receive if you held the stock for a year (assuming no change in the company's dividend policy).
Payout Ratio (%) Dividend Per Share Primary EPS 51.20 (%) 0.1 0.2

The dividend yield is the indicated annual dividend rate expressed as a percentage of the price of the stock, and could be compared to the coupon yield on a bond. The Payout Ratio tells you what percent of the company's earnings have been given to shareholders as cash dividends. A low payout ratio indicates that company has chosen to reinvest most of the profits back into the business.

12 Mo Jul 09
Payout Ratio (%) Dividend Per Share
0.00 0.00

12 Mo Jul 10
2052.79 0.07

12 Mo Jul 11
51.2

3 Year Growth 3 Year Average

701.33 0.1

Dividend Per Share: Common Stock Cash Dividends divided by the shares outstanding. Payout Ratio: This ratio is the percentage of the Primary/Basic Earnings Per Share Excluding Extraordinary Items paid to common stockholders in the form of cash dividends.

Per Share Data

The most important Per-Share Data item is Earnings Per Share. That's because ultimately, the price of your stock is related in some way to the value of the stream of earnings attributable to that share.
Earnings Per Share Adjusted Income Avail. to Common Shareholders Diluted Weighted Average Shares 0.19 39.07 203.44

This section also includes the amount of Cash PerShare the company had at the time of its most recent quarterly or annual report. Most of

the time, this number will be far below the stock price. In a healthy industrial company, a Cash Per Share figure that is close the stock price might suggest that investors are underestimating the worth of the company's ongoing business, thereby creating an interesting investment opportunity for you.

12 Mo Jul 09
Earning Per Share Sales Per Share Book Value Cash Flow Cash Per Share
*MRQ **MRI

12 Mo Jul 10
0 0.09 1.2 0 0.02

12 Mo Jul 11
0.19 1.5 1.27 0.19 0.02

Interim

3 Year Growth
0.32 -0.09

0.00 0.02 0.01 0.00 0.00

**0.99

3.66 0.32

**0.01

0.98

EPS Excluding Extraordinary Items: This is the adjusted income available to Common divided by the diluted weighted average shares outstanding. Sales (Revenue) Per Share: Total Revenue divided by the Average Diluted Shares Outstanding. Book Value Per Share: This is defined as the Common Shareholder's Equity divided by the Shares Outstanding. Cash Flow: Cash Flow is defined as the sum of Income After Taxes minus Preferred Dividends and General Partner Distributions plus Depreciation, Depletion and Amortization. Cash Per Share: This is the Total Cash plus Short Term Investments divided by the Shares Outstanding.

Annual Income Statement

Data Source: Reuters Fundamentals Type of Update UPD
(NZD Millions)

UPD
(NZD Millions)

UPD
(NZD Millions)

12Months 31 Jul 09

12Months 31 Jul 10

12Months 31 Jul 11

Total Revenue Cost of Revenue,Total Gross Profit Selling/General/Admin.Expenses Research & Development Depreciation/Amortization Interest Expense/Income Net Op. Unusual Income/Expense Other Operating Expenses,Total Total Operating Expense Operating Income Interest Expense/Income Net Non Op. Gain/(Loss) on Sale of Assets Other, Net Income Before Tax Income Tax - Total Income After Tax Minority Interest Equity In Affiliates U.S. GAAP Adjustment Net Income Before Extra. Items Accounting Change Discontinued Operations Extraodinary Item Tax on Extraordinary Items Net Income 14.9 9.4 39.1 Preferred Dividends General Partner's Distributions Inc. Avail. to Common Excl. Extra. Items Inc. Avail. to Common Incl. Extra. Items

215.6 76.8 138.8 95.8

245.8 90.5 155.3 106.8

306.1 105.6 200.6 136.6

0 0 172.6 43

16.8 0 214.2 31.6

0 0 242.1 64

25.1 10.2 14.9

22 12.6 9.4

57.2 18.2 39.1

14.9

9.4

39.1

14.9 14.9

9.4 9.4

39.1 39.1

Basic Weighted Average Shares Basic EPS Excl. Extra. Items Basic EPS Incl. Extra. Items Dilution Adjustment Diluted Net Income Diluted Weighted Average Shares Diluted EPS Excl. Extra. Items Diluted EPS Incl. Extra. Items Div's per Share - Common Stock Gross Dividends - Common Stock Interest Expense, Supplemental Interest Capitalized, Supplemental Depreciation, Supplemental Total Special Items Normalized Income Before Tax Effect of Special Items on Inc. Taxes Inc. Taxes Excl. Impact Special Items Normalized Income After Tax Normalized Income Available to Common Basic Normalized EPS Diluted Normalized EPS

9096 0 0

2754.8 0 0

200 0.2 0.2

14.9 9096.01 0 0 0 0 17.21 -4.74 0.12 25.27 0.05 10.3 14.98 14.98 0 0
Auditor Auditor Opinion Source Document

9.39 2755.61 0 0 0.07 14 7.67 -5.38 17.12 39.09 9.81 22.38 16.71 16.71 0.01 0.01
PWCL UNO ARS

39.07 203.44 0.19 0.19 0.1 -4.44 -6.55 0.53 57.74 0.17 18.32 39.43 39.43 0.2 0.19
PWCL UNO ARS PWCL UNO ARS

Annual Balance Sheet

Data Source: Reuters Fundamentals Type of Update
(NZD Millions)

UPD
(NZD Millions)

UPD
(NZD Millions)

UPD

07/31/09

07/31/10

07/31/11

Cash Cash and Equivalents Short Term Investments Cash and Short Term Investments Accounts Receivable(Trade), Net Notes Receivable - Short Term Other Receivables Total Receivables, Net Total Inventory Prepaid Expenses Other Current Assets Total Current Assets Property/Plant/Equipment - Gross Accumulated Depreciation Property/Plant/Equip., Net Goodwill, Net Intangibles, Net Long Term Investments Note Receivable - Long Term Other Long Term Assets, Total Other Assets, Total Total Assets Accounts Payable Payable/Accrued Accrued Expenses Notes Payable/Short Term Debt Current Port. LT Debt/Capital Leases Other Current Liabilities, Total Total Current Liabilities Long Term Debt 2.6 23.2 32.2 2.6

4.7

3.6

0 4.7 3.9

0 3.6 2.3

3.9 39.6

2.3 37.4 54

3.8 78.3 38.5 -17.2 21.3 75.4 168.4 0

0 46.1 49.5 -21.5 28 75.4 166.4 0

0 59.9 60.4 -27.6 32.8 75.4 168.3 0

5.9

3.5

3.5

349.4 2.9 10.6 4.4 0 5.9 10.6 34.4 182

319.4 4.5 9.6 2.8 0 0 9.1 26 54

339.9 6.7 9.3 5 0 0 17.2 38.2 46.5

Capital Lease Obligations Total Long Term Debt Total Debt Deferred Income Tax Minority Interest Other Liabilities, Total Total Liabilities Redeemable Preferred Stock 0.0 Preferred Stock(Non Redeemable), Net Common Stock Additional Paid-In Capital Retained Earnings/Accum. Deficit Treasury Stock - Common ESOP Debt Guarantee Unrealized Gain/Loss Other Equity, Total Total Equity Total Liability & Shareholders' Equity Total Common Shares Outstanding Total Preferred Stock Shares Outs.
Auditor Auditor Opinion Source Document PWCL UNO ARS PWCL UNO ARS PWCL UNO ARS

182 188

54 54

46.5 46.5

0.2 216.7

0.3 80.3

0.3 85

96.1

197

197

32.5

39.6

54

4 132.7 349.4 9081.1

2.5 239.1 319.4 200

3.9 254.9 339.9 200

Annual Cash Flow Statement

]Data Source: Reuters Fundamentals Type of Update UPD
(NZD Millions)

UPD
(NZD Millions)

UPD
(NZD Millions)

12Months 31 Jul 09

12Months 31 Jul 10

12Months 31 Jul 11

Net Income/Starting Line Depreciation/Depletion Amortization Deferred Taxes Non-Cash Items Cash Receipts Cash Payments Cash Taxes Paied Cash Interest Paid Changes in Working Capital Total Cash from Operating Activities Capital Expenditures Other Investing Cash Flow Items, Total Total Cash from Investing Activities Financing Cash Flow Items Total Cash Dividends Paid Insurance/Retirement of Stock, Net Insurance/Retirement of Debt, Net Total Cash from Financing Activities Foreign Exchange Effects Net Change in Cash Depreciation, Supplemental Cash Interest Paid, Supplemental Cash Taxes Paid, Supplemental
Auditor Auditor Opinion Source Document

215.2 -167.6 -6.1 -17.1 0.3 24.7 -8.1 0 -8.1 0 --0.1 -4.8 -4.9 -0.4 11.3 4.7 -17.1 -6.1
PWCL UNO ARS

244.4 -189.7 -11.9 -10.5 0.3 32.6 -13.6 0 -13.6 -21.4 0 105.4 -131.6 -47.6 1 -27.5 5.4 -10.5 -11.9
PWCL UNO ARS

306.6 -246.1 -14.2 -6.8 0.2 39.8 -11.9 0 -11.9 0 -20 0 -8 -28 -1.1 -1.2 6.6 -6.8 -14.2
PWCL UNO ARS

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim. Latest fiscal year: 2011; Most recent quarter: ; Fiscal year end month: July; All Ratios are calculated for the latest fiscal year end unless otherwise indicated. Data Source: Reuters Fundamentals