Document And Entity Information
Document And Entity Information - shares | 12 Months Ended | |
Jan. 31, 2018 | Jun. 19, 2018 | |
Document Information [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Period End Date | Jan. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | NAKED BRAND GROUP Ltd | |
Entity Central Index Key | 1,707,919 | |
Current Fiscal Year End Date | --01-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 22,958,378 |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Profit (loss) [abstract] | ||||
Revenue | $ 96,284 | $ 131,388 | $ 151,000 | $ 138,838 |
Cost of goods sold | (57,144) | (87,459) | (83,525) | (79,031) |
Gross profit | 39,140 | 43,929 | 67,475 | 59,807 |
Brand management | (32,040) | (53,653) | (48,362) | (42,203) |
Administrative expenses | (2,383) | (4,131) | (4,090) | (4,691) |
Corporate expenses | (8,082) | (12,851) | (13,002) | (13,940) |
Finance expense | (6,238) | (8,791) | (10,409) | (5,870) |
Brand transition, restructure and transaction expenses | (1,321) | (3,272) | (2,232) | (12,182) |
Impairment expense | (292) | (1,914) | (2,157) | 0 |
Other foreign currency gains/(losses) | (3,306) | 757 | (2,423) | 4,700 |
Fair value gain/(loss) on Convertible Notes derivative | (592) | 2,393 | 0 | 0 |
Loss before income tax | (15,114) | (37,533) | (15,200) | (14,379) |
Income tax (expense)/benefit | (865) | (60) | (5,546) | 1,274 |
Loss for the period | (15,979) | (37,593) | (20,746) | (13,105) |
Other comprehensive income | ||||
Exchange differences on translation of foreign operations | (29) | 148 | 31 | (93) |
Other comprehensive income/(loss) for the period, net of tax | (29) | 148 | 31 | (93) |
Total comprehensive (loss) for the period | (16,008) | (37,445) | (20,715) | (13,198) |
Total comprehensive (loss) attributable to: | ||||
Owners of Bendon Limited | $ (16,008) | $ (37,445) | $ (20,715) | $ (13,198) |
Loss per share for loss from continuing operations attributable to the ordinary equity holders of the company: | ||||
Basic loss per share (NZ$) | $ (60.54) | $ (131.38) | $ (82.86) | $ (52.79) |
Diluted loss per share (NZ$) | $ (60.54) | $ (131.38) | $ (82.86) | $ (52.79) |
Consolidated Balance Sheets
Consolidated Balance Sheets - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
CURRENT ASSETS | ||||
Cash and cash equivalents | $ 10,739 | $ 2,644 | $ 4,193 | $ 1,246 |
Trade and other receivables | 13,165 | 28,090 | 23,341 | 16,821 |
Inventories | 31,113 | 37,751 | 37,572 | 45,660 |
Derivative financial instruments | 0 | 0 | 0 | 2,289 |
Current tax receivable | 0 | 52 | 88 | 0 |
Related party receivables | 15,326 | 13,051 | 9,613 | 4,010 |
TOTAL CURRENT ASSETS | 70,343 | 81,588 | 74,807 | 70,026 |
NON-CURRENT ASSETS | ||||
Property, plant and equipment | 4,741 | 4,964 | 6,209 | 6,853 |
Deferred tax assets | 0 | 0 | 0 | 5,589 |
Intangible assets | 13,012 | 14,680 | 14,575 | 17,381 |
TOTAL NON-CURRENT ASSETS | 17,753 | 19,644 | 20,784 | 29,823 |
TOTAL ASSETS | 88,096 | 101,232 | 95,591 | 99,849 |
CURRENT LIABILITIES | ||||
Trade and other payables | 32,516 | 28,566 | 26,815 | 36,550 |
Borrowings | 52,121 | 68,998 | 61,593 | 56,273 |
Foreign currency derivative financial instruments | 2,087 | 4,188 | 5,531 | 1 |
Derivative on Convertible Notes | 1,110 | 4,112 | 0 | 0 |
Current tax liabilities | 786 | 635 | 0 | 483 |
Provisions | 1,106 | 1,528 | 855 | 786 |
Related party payables | 1,369 | 0 | 0 | 0 |
TOTAL CURRENT LIABILITIES | 91,095 | 108,027 | 94,794 | 94,093 |
NON-CURRENT LIABILITIES | ||||
Trade and other payables | 0 | 0 | 118 | 150 |
Borrowings | 0 | 0 | 16,000 | 0 |
Provisions | 2,711 | 2,249 | 2,555 | 2,767 |
TOTAL NON-CURRENT LIABILITIES | 2,711 | 2,249 | 18,673 | 2,917 |
TOTAL LIABILITIES | 93,806 | 110,276 | 113,467 | 97,010 |
NET ASSETS/(LIABILITIES) | (5,710) | (9,044) | (17,876) | 2,839 |
EQUITY | ||||
Share capital | 68,727 | 27,948 | 3,108 | 3,108 |
Other reserves | (2,006) | (2,154) | (2,125) | (2,156) |
Accumulated profit/(losses) | (72,431) | (34,838) | (18,859) | 1,887 |
TOTAL EQUITY | $ (5,710) | $ (9,044) | $ (17,876) | $ 2,839 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - NZD ($) $ in Thousands | Total | Ordinary Shares | Retained Earnings/(Accumulated Losses) | Foreign Currency Translation Reserve |
Balance at Jun. 30, 2014 | $ 16,037 | $ 3,108 | $ 14,992 | $ (2,063) |
Loss for the year | (13,105) | 0 | (13,105) | 0 |
Other comprehensive income/loss for the year | (93) | 0 | 0 | (93) |
Balance at Jun. 30, 2015 | 2,839 | 3,108 | 1,887 | (2,156) |
Loss for the year | (20,746) | 0 | (20,746) | 0 |
Other comprehensive income/loss for the year | 31 | 0 | 0 | 31 |
Balance at Jun. 30, 2016 | (17,876) | 3,108 | (18,859) | (2,125) |
Loss for the year | (15,979) | 0 | (15,979) | 0 |
Other comprehensive income/loss for the year | (29) | 0 | 0 | (29) |
Transactions with owners in their capacity as owners | ||||
Issuance new shares | 24,840 | 24,840 | 0 | 0 |
Balance at Jan. 31, 2017 | (9,044) | 27,948 | (34,838) | (2,154) |
Loss for the year | (37,593) | 0 | (37,593) | 0 |
Other comprehensive income/loss for the year | 148 | 0 | 0 | 148 |
Transactions with owners in their capacity as owners | ||||
Issuance new shares | 22,990 | 22,990 | 0 | 0 |
Value of conversion rights - convertible notes | 17,789 | 17,789 | 0 | 0 |
Balance at Jan. 31, 2018 | $ (5,710) | $ 68,727 | $ (72,431) | $ (2,006) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
Receipts from customers | $ 92,066 | $ 159,042 | $ 160,880 | $ 158,133 |
Payments to suppliers and employees | (101,913) | (160,774) | (165,549) | (176,538) |
Proceeds from/(payments for) settlement of financial assets at fair value through profit or loss | (3,476) | (2,530) | 159 | 2,055 |
Income taxes paid | (195) | 146 | (530) | (849) |
Net cash (outflow) from operating activities | (13,518) | (4,116) | (5,040) | (17,199) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||
Payment for intangible asset | (351) | (118) | (475) | (1,093) |
Payments for property, plant and equipment | (723) | (2,194) | (2,703) | (4,701) |
Net cash (outflow) from investing activities | (1,074) | (2,312) | (3,178) | (5,794) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||
Proceeds from issue of shares | 0 | 22,721 | 0 | 0 |
Proceeds from borrowings - Bank | 1,940 | 463 | 62,127 | 27,402 |
Proceeds from borrowings - Convertible notes issue | 16,474 | 4,521 | 0 | 0 |
Repayment of borrowings - Bank | (2,832) | (9,684) | (46,986) | (4,286) |
Debt issuance costs | (367) | (107) | (750) | (66) |
Interest paid | (2,133) | (3,418) | (3,140) | (2,526) |
Net cash inflow from financing activities | 13,082 | 14,496 | 11,251 | 20,524 |
Net increase/(decrease) in cash and cash equivalents held | (1,510) | 8,068 | 3,033 | (2,469) |
Cash and cash equivalents at the beginning of the year | 4,193 | 2,644 | 1,246 | 3,624 |
Effects of exchange rate changes on cash and cash equivalents | (39) | 27 | (86) | 91 |
Cash and cash equivalents at the end of the year | $ 2,644 | $ 10,739 | $ 4,193 | $ 1,246 |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Jan. 31, 2018 | |
Basis of Preparation [Abstract] | |
Disclosure of basis of preparation of financial statements [text block] | 1 Basis of Preparation The Company has presented its consolidated financial statements as of 31 January 2018, 31 January 2017, 30 June 2016 and 30 June 2015 and the periods then ended in accordance with Tier 1 For- Profit Accounting Standards, NZ IFRS, which are also in compliance with IFRS as issued by the IASB and collectively refer to international accounting and financial reporting standards (IASs and IFRSs) and to interpretations of the Interpretations Committees (SIC and IFRIC) for their filing into New Zealand Companies Office. The consolidated financial statements as of 31 January 2018, 31 January 2017, 30 June 2016 and 30 June 2015 and for the periods then ended are in compliance with IFRS as issued by the IASB. (a) Historical cost convention The financial statements are based on historical costs, except for the measurement at fair value of selected financial assets and financial liabilities. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jan. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Disclosure of significant accounting policies [text block] | Summary of Significant Accounting Policies (a) Going concern The financial statements have been prepared on the basis of going concern which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. For the financial year ended 31 January 2018 the Group experienced a loss after income tax from continuing operations of NZ$ 37.593 4.116 20.752 5.710 The business continued to experience losses in the 31 January 2018 financial year as a result of reduced revenue from wholesale customers, increased rebates and discounts, and the plateauing of sales in retail outlets. The business is experiencing challenging trading conditions which have been impacted by the recent confirmation that the Stella McCartney licence held by the Company expires on 30 June 2018 and the cancelled licence will restrict the Company from selling Stella McCartney product beyond the termination date of the licence. The business has accumulated trade creditors that are trading beyond their original credit terms. In response management has taken steps to raise further capital to fund new inventory that will restock stores and supply wholesale customers. Management has also engaged in restructuring the businesses operations including reducing costs across channels, renegotiating supplier contracts, resetting customer supply commitments, updating leadership roles, and managing the opening of new stores. The impact from the capital raising and the restructure will take time to have a positive impact on the profit of the business. The Group expects the business will trend to be operating cash flow positive towards the third quarter of the 2019 financial year. Since the end of the 31 January 2018 financial year the Group has raised further equity which is planned to support the working capital requirements of the Group which in turn is expected to reduce the cost of finance and provide working capital for the purchase of inventory and reduction of aged creditors to free up supply of new season inventory which will assist the Group deliver its forecast. As at the date of this report and since the end of the 31 January 2018 financial year the Group had received all of the planned equity of USD$ 23.5 Immediately prior to the date of this report the Group had executed a new Bank borrowing facility agreement to replace the facilities as at 31 January 2018. The new facility is subject to covenants and has a 12 month term. The Bank has advised that they will revisit the term of the new facility in 12 months after they have assessed the Group’s performance over the next year. However the Group feels comfortable they will be able to manage rollover of the Bank facility on its maturity. The Bank facilities as at 31 January 2018 are presented on the Balance Sheet as a current liability due to the facilities having an expiry date of 30June 2018 and having been breached during the lending period. The amount outstanding as at that date was the amount outstanding under the previous facility and amounted to US$ 25.5 The Group has also obtained a standby facility from an entity associated with a major shareholder, Cullen Investments Limited, to provide funding to the Group if required to deal with any creditor, debt or working capital required by the Group over the next 18 months. The Group also confirms that it received approval from the shareholders of Naked Brand Group Inc ("Naked"), a U.S. public corporation listed on Nasdaq to complete a merger between the Group and Naked. Under the terms of the merger, the Company has registered as a foreign private issuer with the U.S. Securities and Exchange Commission and to list on Nasdaq. The shareholder vote occurred at a merger meeting on14 June 2018. In conjunction with the restructure of the Group, management has prepared a forecast income statement, balance sheet, and cash flow statement for the next 12 months following the date of this financial report which indicates they expect to be able to pay their commitments as and when they fall due through negotiation of terms. The forecast includes a number of assumptions regarding the trading of the business and what the business plans to do to return the business to cash flow positive which are consistent with the current trading activities. The Director and management are confident the Group will be able to deliver the restructured business and the forecast that sets out a plan to return the Group to profit and operating cash flow positive and that if there is any delay in this process the Group is confident of continuing as a going concern through having adequate financial reserves in its standby facility from Cullen Investments Limited. The major shareholder has committed to a facility for at least the next 18 months to cover a worst case scenario of cash requirements should the Group experience a shortfall in cash from either not meeting its forecast income statement and cash flow, or needing to accelerate a payment to an outstanding creditor or debt provider. As a result the Director has prepared the financial report on a going concern basis. (b) Basis for consolidation Subsidiaries Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet respectively. When the group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. (c) Business combinations Business combinations are accounted for by applying the acquisition method which requires an acquiring entity to be identified in all cases. The acquisition date under this method is the date that the acquiring entity obtains control over the acquired entity. The fair value of identifiable assets and liabilities acquired are recognised in the consolidated financial statements at the acquisition date. Goodwill or a gain on bargain purchase may arise on the acquisition date, this is calculated by comparing the consideration transferred and the amount of non-controlling interest in the acquiree with the fair value of the net identifiable assets acquired. Where consideration is greater than the net assets acquired, the excess is recorded as goodwill. Where the net assets acquired are greater than the consideration, the measurement basis of the net assets are reassessed and then a gain from bargain purchase recognised in profit or loss. All acquisition-related costs are recognised as expenses in the periods in which the costs are incurred except for costs to issue debt or equity securities. Any contingent consideration which forms part of the combination is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity then it is not remeasured and the settlement is accounted for within equity. Otherwise subsequent changes in the value of the contingent consideration liability are measured through profit or loss. (d) Income Tax The tax expense/(benefit) recognised in the consolidated statements of profit or loss and other comprehensive income comprises of current income tax expense plus deferred tax expense/(benefit). Current tax is the amount of income taxes payable/(recoverable) in respect of the taxable profit/(loss) for the period and is measured at the amount expected to be paid to/(recovered from) the taxation authorities, using the tax rates and laws that have been enacted or substantively enacted by each jurisdiction by the end of the reporting period. Current tax liabilities/(assets) are measured at the amounts expected to be paid to/(recovered from) the relevant taxation authority. Deferred tax is provided on temporary differences which are determined by comparing the carrying amounts of tax bases of assets and liabilities to the carrying amounts in the consolidated financial statements. Deferred tax is not provided for the following: · The initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit/(tax loss). · Taxable temporary differences arising on the initial recognition of goodwill. · Temporary differences related to investment in subsidiaries, associates and jointly controlled entities to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by each jurisdiction by the end of the reporting period. Deferred tax assets are recognised for all deductible temporary differences and unused tax losses to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and losses can be utilised. Current and deferred tax is recognised as income or an expense and included in profit or loss for the period except where the tax arises from a transaction which is recognised in other comprehensive income or equity, in which case the tax is recognised in other comprehensive income or equity respectively. In determining the amount of current and deferred income tax, the Company takes into account the impact of uncertain income tax positions and whether additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact the income tax expense in the period that such a determination is made. (e) Leases Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of the asset, but not the legal ownership that are transferred to entities in the Group, are classified as finance leases. Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period. Lease payments for operating leases, where substantially all of the risks and benefits remain with the lessor, are charged as expenses on a straight-line basis over the life of the lease term. Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the life of the lease term. (f) Revenue and other income Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the Group and specific criteria relating to the type of revenue as noted below, has been satisfied. Revenue is measured at the fair value of the consideration received or receivable and is presented net of returns, discounts and rebates. The Group assess the expected customer returns and rebates according to the specific information in its possession and its past experience in similar cases. Sale of goods Sales of goods through retail stores, e-commerce and wholesale channels are recognised when there has been a transfer of risk and rewards to the customer. Risks and rewards transfer at point of sale for retail stores sales. For wholesale and e-commerce sales, risks and rewards are transferred when goods are delivered to customers, and therefore reflects an estimate of shipments that have not been received at year end based on shipping terms and historical delivery times. The company also provides a reserve for projected merchandise returns based on prior experience. The company sells gift cards to customers. The company recognises revenue from gift cards when they are redeemed by the customers. In addition, the company recognises revenue on unredeemed gift cards after one year when the gift cards have expired. Interest revenue Interest is recognised using the effective interest method. Dividend revenue Dividends are recognised when the entity’s right to receive payment is established. Rendering of services Revenue from service transactions are recognised as services are performed. Other income Other income is recognised on an accruals basis when the Group is entitled to it. (g) Brand management, administrative and corporate expenses Corporate expenses includes head office costs such as human resources, finance team and rental costs. Administrative expenses includes depreciation and amortisation, as well as professional accounting fees. Brand management expenses includes other costs incurred in selling products, including advertising, design and retail store occupancy and payroll. (h) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowing pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised as an expense in the period in which they are incurred. (i) Inventories Inventories are measured at the lower of cost and net realisable value. Cost of inventory is determined using the weighted average costs basis and is net of any rebates and discounts received. Net realisable value represents the estimated selling price for inventories less costs necessary to make the sale. Net realisable value is estimated using the most reliable evidence available at the reporting date and inventory is written down through an obsolescence provision if necessary. (j) Property, plant and equipment Plant and equipment Plant and equipment are measured using the cost model. Under the cost model the asset is carried at its cost less any accumulated depreciation and any impairment losses. Costs include purchase price and other directly attributable costs associated with locating the asset to the installation site, where applicable. Depreciation Property, plant and equipment, is depreciated on a straight-line basis over the assets useful life to the Group, commencing when the asset is ready for use. Fixed asset class Useful life Leasehold improvements 1 - 10 years Plant, furniture, fittings and motor vehicles 3 - 7 years At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset is reviewed. Any revisions are accounted for prospectively as a change in accounting estimate. (k) Financial instruments Financial instruments are recognised initially using trade date accounting, i.e. on the date that the Group becomes party to the contractual provisions of the instrument. On initial recognition, all financial instruments are measured at fair value plus transaction costs (except for instruments measured at fair value through profit or loss where transaction costs are expensed as incurred). Financial Assets Financial assets are divided into the following categories which are described in detail below: · loans and receivables; and · financial assets at fair value through profit or loss. Financial assets are assigned to the different categories on initial recognition, depending on the characteristics of the instrument and its purpose. A financial instrument’s category is relevant to the way it is measured and whether any resulting income and expenses are recognised in profit or loss or in other comprehensive income. All income and expenses relating to financial assets are recognised in the consolidated statements of profit or loss and other comprehensive income in the ‘finance income’ or ‘finance costs’ line item respectively. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of goods and services to customers but also incorporate other types of contractual monetary assets. After initial recognition these are measured at amortised cost using the effective interest method, less provision for impairment. Any change in their value is recognised in profit or loss. The Group’s trade and other receivables fall into this category of financial instruments. Significant receivables are considered for impairment on an individual asset basis when they are past due at the reporting date or when objective evidence is received that a specific counterparty will default. The amount of the impairment is the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. In some circumstances, the Group renegotiates repayment terms with customers which may lead to changes in the timing of the payments, the Group does not necessarily consider the balance to be impaired, however assessment is made on a case-by-case basis. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets: · acquired principally for the purpose of selling in the near future · designated by the entity to be carried at fair value through profit or loss upon initial recognition or · which are derivatives not qualifying for hedge accounting. The Group has some derivatives which are classified as financial assets at fair value through profit or loss. Assets included within this category are carried in the consolidated balance sheets at fair value with changes in fair value recognised in finance income or expenses in profit or loss. Any gain or loss arising from derivative financial instruments is based on changes in fair value, which is determined by direct reference to active market transactions or using a valuation technique where no active market exists. Financial liabilities Financial liabilities are classified as either financial liabilities ‘at fair value through profit or loss’ or other financial liabilities depending on the purpose for which the liability was acquired. Although the Group uses derivative financial instruments in economic hedges of currency and interest rate risk, it does not hedge account for these transactions. The Group’s financial liabilities include borrowings, trade and other payables (including finance lease liabilities), which are measured at amortised cost using the effective interest rate method. All of the Group’s derivative financial instruments that are not designated as hedging instruments are accounted for at fair value through profit or loss. Impairment of financial assets At the end of the reporting period the Group assesses whether there is any objective evidence that a financial asset or group of financial assets is impaired. Financial assets at amortised cost If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the financial assets original effective interest rate. Impairment on loans and receivables is reduced through the use of an allowance accounts, all other impairment losses on financial assets at amortised cost are taken directly to the asset. Subsequent recoveries of amounts previously written off are credited against other expenses in profit or loss. (l) Impairment of non-financial assets At the end of each reporting period the Group determines whether there is an evidence of an impairment indicator for non-financial assets. Where an indicator exists and regardless for goodwill, indefinite life intangible assets and intangible assets not yet available for use, the recoverable amount of the asset is estimated. Where assets do not operate independently of other assets, the recoverable amount of the relevant cash-generating unit (CGU) is estimated. The recoverable amount of an asset or CGU is the higher of the fair value less costs of disposal and the value in use. Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit. Where the recoverable amount is less than the carrying amount, an impairment loss is recognised in profit or loss. Reversal indicators are considered in subsequent periods for all assets which have suffered an impairment loss, except for goodwill. (m) Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet. (n) Trade receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. (o) Trade and other payables These amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. (p) Intangibles Goodwill Goodwill is carried at cost less accumulated impairment losses. Goodwill is calculated as the excess of the sum of: i) the consideration transferred; ii) any non-controlling interest; and iii) the acquisition date fair value of any previously held equity interest; over the acquisition date fair value of net identifiable assets acquired in a business combination. The value of goodwill recognised on acquisition of each subsidiary in which the Group holds less than a 100% interest will depend on the method adopted in measuring the aforementioned non-controlling interest. The Group can elect to measure the non-controlling interest in the acquiree either at fair value (‘full goodwill method’) or at the non-controlling interest’s proportionate share of the subsidiary’s identifiable net assets (‘proportionate interest method’). The Group determines which method to adopt for each acquisition. Patents and licences Separately acquired patents and licences are shown at historical cost. Licenses and customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Licence fees have an estimated useful life of 5 years Software Software has a finite life and is carried at cost less any accumulated amortisation and impairment losses. It has an estimated useful life of between one and three years. Brands Brand assets relate to brands owned by the Group that have arisen on historical acquisitions. These assets were initially measured at fair value. Brands are considered to have an indefinite life and are therefore not amortised. They are considered to have indefinite lives because there is no foreseeable limit to the period over which the asset is expected to generate net cash flows for the entity. The brands have been in existence for many years, are well established and show no signs of deteriorating. They are assessed for impairment annually or more frequently if impairment indicators exist. Amortisation Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and brands, from the date that they are available for use. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Goodwill and indefinite life brands are not amortised but are tested for impairment annually or more frequently if impairment indicators exist. Goodwill is allocated to the Group's cash generating units or groups of cash generating units, which represent the lowest level at which goodwill is monitored but where such level is not larger than an operating segment. Gains and losses on the disposal of an entity include the carrying amount of goodwill related to the entity sold. (q) Employee benefits (i) Short-term obligations Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. (ii) Other long-term employee benefit obligations The liabilities for long service leave and annual leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or loss. The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur. (r) Provisions Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions are measured at the present value of management's best estimate of the outflow required to settle the obligation at the end of the reporting period. The discount rate used is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the unwinding of the discount is taken to finance costs in the consolidated statements of profit or loss and other comprehensive income. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period. (i) Lease incentive provision Lease contributions include payment for improvements initially funded by the landlord. The improvement asset is capitalised and a provision for the amount of landlord contribution is recognised. The provision is released on a monthly basis over the term of the lease of the property. (ii) Onerous contract provision The Group provides for future losses on long-term contracts where it is considered probable that the contract costs are likely to exceed revenues in future years. A provision is required for the present value of future losses. Estimating these future losses involves a number of assumptions about the achievement of contract performance targets and the likely levels of future cost escalation over time. (iii) Make good provision The Group is required to restore the lease premises of various retail stores to their original condition at the end of the respective lease terms. Provisions for make good obligations are recognised when the group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. A provision is recognised for the present value of the estimated expenditure required to remove any leasehold improvements. These costs have been capitalised as part of the cost of leasehold improvements and are amortised over the lease term. (s) Earnings/(loss) per share (i) Basic earnings/(loss) per share Basic earnings/(loss) per share is calculated by dividing: · the profit/(loss) attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares · by the weighted average number of ordinary shares outstanding during the financial year. (ii) Diluted earnings/(loss) per share Diluted earnings/(loss) per share adjusts the figures used in the determination of basic earnings per share to take into account: · the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and · the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. For periods in which the Company has reported net losses, diluted net loss per share attributable to common shareholders is the same as basic net loss per share attributable to common stockholders, since their impact would be anti-dilutive to the calculation of net loss per share. (t) Borrowings Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a p |
Critical Accounting Estimates a
Critical Accounting Estimates and Judgments | 12 Months Ended |
Jan. 31, 2018 | |
Critical Accounting Estimates and Judgments [Abstract] | |
Disclosure of accounting judgements and estimates [text block] | Critical Accounting Estimates and Judgments The directors make estimates and judgements during the preparation of these financial statements regarding assumptions about current and future events affecting transactions and balances. These estimates and judgements are based on the best information available at the time of preparing the financial statements, however as additional information is known then the actual results may differ from the estimates. The significant estimates and judgements made have been described below. Key estimates - inventory Each item on inventory is reviewed on an annual basis to determine whether it is being carried at higher than its net realisable value. During the period, management have written down inventory based on best estimate of the net realisable value, although until the time that inventory is sold this is an estimate. Key estimates - fair value of financial instruments The Group has certain financial assets and liabilities which are measured at fair value. Where fair value has not been able to be determined based on quoted price, a valuation model has been used. The inputs to these models are observable, where possible, however these techniques involve significant estimates and therefore fair value of the instruments could be affected by changes in these assumptions and inputs. Key estimates - impairment of brands In accordance with IAS 36 Impairment of Assets, the Group is required to estimate the recoverable amount of indefinite-lived brand assets at each reporting period. Impairment testing is an area involving management judgement, requiring assessment as to whether the carrying value of assets can be supported by their value in use or fair value less cost to sell. In calculating the fair value less costs to sell, certain assumptions are required to be made in respect of highly uncertain matters including management's expectations of: - growth in brand revenues - market royalty rate - the selection of discount rates to reflect the risks involved, and - long-term growth rates Changing the assumptions selected by management, in particular the growth rate, discount rate and market royalty rate assumption used, could significantly affect the Group's impairment evaluation and hence results. The Group's review includes the key assumptions related to sensitivity in the model. Further details are provided in note 12 to the consolidated financial statements. Key estimates - impairment of goodwill In accordance with IAS 36 Impairment of Assets, the Group is required to estimate the recoverable amount of goodwill at each reporting period. Impairment testing is an area involving management judgement, requiring assessment as to whether the carrying value of assets can be supported by the net present value of future cash flows derived from such assets using cash flow projections which have been discounted at an appropriate rate and using a terminal value to incorporate expectations of growth thereafter. In calculating the net present value of the future cash flows, certain assumptions are required to be made in respect of highly uncertain matters including management’s expectations of: - growth in EBITDA future cash flows; - timing and quantum of future capital expenditure; - long-term growth rates; and - the selection of discount rates to reflect the risks involved. Changing the assumptions selected by management, in particular the discount rate and growth rate assumptions used in the cash flow projections, could significantly affect the Group’s impairment evaluation and hence results. The Group impaired the goodwill balance to $nil in FY17. Refer note 12(b). Key judgments - taxes Deferred tax assets Determining income tax provisions and the recognition of deferred tax assets including carried forward income tax involves judgment on the tax treatment of certain transactions. Deferred tax is recognised on tax losses not yet used and on temporary differences where it is probable that there will be taxable revenue against which these can be offset. Management has made judgments as to the probability of future taxable income being generated against which tax losses will be available for offset based on budgets, current and future expected economic conditions. |
Revenue and Other Income
Revenue and Other Income | 12 Months Ended |
Jan. 31, 2018 | |
Revenue and Other Income [Abstract] | |
Disclosure of revenue and other income [Text Block] | 4 Revenue and Other Income Revenue from continuing operations For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Gross revenue 145,452 104,007 163,481 149,403 Rebates (14,064) (7,723) (12,481) (10,565) 131,388 96,284 151,000 138,838 Sale of goods - Retail 53,150 34,460 58,837 56,494 - Wholesale 45,901 43,379 77,729 76,570 - Online 32,234 18,157 6,724 5,750 131,285 95,996 143,290 138,814 Services - - 7,702 - Other income 103 288 8 24 131,388 96,284 151,000 138,838 Other income relates to non-recurring advisory, management and design services provided to other third party intimates apparel brand owners. |
Loss for the Period
Loss for the Period | 12 Months Ended |
Jan. 31, 2018 | |
profit loss from operating activitiesprofit loss from operating activities [Abstract] | |
Disclosure of profit (loss) from operating activities [text block] | 5 Loss for the Period For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Finance Costs - Interest expense on external borrowings 5,431 2,923 3,140 2,476 - Interest expense on shareholder loans 2,807 3,040 7,042 3,192 - Interest expense on finance lease - - - 50 - Amortisation on loan set up costs 553 275 227 152 8,791 6,238 10,409 5,870 Other (gains)/losses - Fair value (gain)/loss on foreign exchange contracts (502) 2,135 7,660 (6,330) - Net foreign exchange(gains)/losses (255) 1,171 (5,237) 1,630 (757) 3,306 2,423 (4,700) For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Brand transition, restructure and transaction expenses - Brand transition expenses - - 884 10,160 - Onerous contracts (265) 1,166 789 329 - Restructure expenses 215 103 559 111 - Transaction expenses 3,322 52 - 1,582 3,272 1,321 2,232 12,182 The onerous contracts expense reversal relates to a reversal of the provision raised in the prior year. Transaction expenses relate to costs incurred in respect of the US listing process. For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Employee benefits expense: - Salaries and wages 33,613 19,917 33,666 31,266 - Defined contribution expenses 545 1,022 1,588 1,466 34,158 20,939 35,254 32,732 Depreciation 2,724 1,664 2,966 3,359 Amortisation 306 178 323 891 Impairment loss 1,914 292 2,157 - 4,944 2,134 5,446 4,250 Rental expense on operating leases: - Lease payments 10,807 6,485 11,034 10,488 - Sublease payments received (483) (354) (567) (475) 10,324 6,131 10,467 10,013 The management decided to fully impair the costs on the ERP upgrade, and this software will need to be replaced and updated with more advanced system, refer note 12. |
Income Tax Expense_(benefit)
Income Tax Expense/(benefit) | 12 Months Ended |
Jan. 31, 2018 | |
Income taxes [Abstract] | |
Disclosure of income tax [text block] | 6 Income Tax Expense/(benefit) For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Current tax Current tax on profits for the period 537 807 301 313 Adjustments for current tax of prior periods (477) 58 (344) 412 Total current tax expense/(benefit) 60 865 (43) 725 Deferred tax expense/(benefit) Decrease/(increase) in deferred tax assets (note 25) - - 5,589 (1,999) Income tax expense/(benefit) for continuing operations 60 865 5,546 (1,274) (b) For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Loss before income tax (37,533) (15,114) (15,200) (14,379) Tax at New Zealand tax rate of 28% (2017: 28%, 2016: 28%, 2015: 28%) (10,509) (4,232) (4,256) (4,026) Tax effect of: - permanent differences (including impairment expense) (105) (6) 757 23 - adjustments in respect of current income tax of previous years (449) 41 (237) 378 - effects of different tax rates of subsidiaries operating in other jurisdictions (30) (15) (42) (382) - deferred tax assets relating to prior periods no longer recognised (note 25) - - 5,589 - - deferred tax assets relating to the current year not brought to account 11,150 5,119 3,934 2,630 - other 3 (42) (199) 103 Income tax expense/(benefit) 60 865 5,546 (1,274) (c) For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Unused tax losses for which no deferred tax asset has been recognised 87,455 43,269 23,765 10,236 Potential tax benefit at 28% 24,487 12,115 6,654 2,866 The Group has assessed future forecast profits and concluded that not enough criteria have been satisfied to recognise any deferred tax assets at the period ended 31 January 2018. Unused tax losses do not have an expiry date. (d) For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Temporary differences for which no deferred tax asset has been recognised 14,661 18,703 19,924 - Potential tax benefit at 28% 4,105 5,237 5,579 - |
Operating Segments
Operating Segments | 12 Months Ended |
Jan. 31, 2018 | |
Operating Segments [Abstract] | |
Disclosure of operating segments [text block] | 7 Operating Segments Segment information Identification of reportable operating segments The consolidated entities' Director examined the group's performance from both sales channel and geographical perspective and identified seven reportable segments being Australia Retail, New Zealand Retail, Australia wholesale, New Zealand wholesale, US Wholesale, EU Wholesale and e-commerce. Australia retail This segment covers retail and outlet stores located in Australia. New Zealand retail This segment covers retail and outlet stores located in New Zealand. Australia wholesale This segment covers the wholesale of intimates apparel to customers based in Australia. New Zealand wholesale This segment covers the wholesale of intimates apparel to customers based in New Zealand. US wholesale This segment covers the wholesale of intimates apparel to customers based in the United States of America. Europe wholesale This segment covers the wholesale of intimates apparel to customers based in Europe. E-commerce This segment covers the group's online retail activities. E-commerce revenue for the periods ended 31 January 2018 and 31 January 2017 include revenue from a US brand called Fredericks of Hollywood for which Bendon Limited currently has a licence agreement. These operating segments are based on the internal reports that are reviewed and used by the Chief Executive Officer (who is identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining the allocation of resources. The CODM reviews underlying EBITDA (earnings before interest, tax, depreciation and amortisation). The accounting policies adopted for internal reporting to the CODM are consistent with those adopted in the financial statements. EBITDA is a financial measure which is not prescribed by IFRS and represents the profit adjusted for specific non-cash and significant items. The directors consider EBITDA to reflect the core earnings of the consolidated entity. The information reported to the CODM is on a monthly basis. Other Costs and Business Activities Certain costs are not allocated to our reporting segment results, such as costs associated with the following: - Corporate overheads, which is responsible for centralized functions such as information technology, facilities, legal, finance, human resources, business development, and procurement. These costs also include compensation costs and other miscellaneous operating expenses not charged to our operating segments, as well as interest and tax income and expense. These costs are included with in "unallocated" segment in our segment performance. Other assets and liabilities We manage our assets and liabilities on a Group basis, not by segment. CODM does not regularly review any asset or liability information by segment and its preparation is impracticable. Accordingly, we do not report asset and liability information by segment. (a) Reconciliations For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Total segment revenue 156,311 113,031 176,145 166,553 Intersegment eliminations (24,923) (16,747) (32,855) (27,739) Other revenue - - 7,710 24 Total revenue 131,388 96,284 151,000 138,838 Reconciliation of segment EBITDA to the consolidated statements of profit or loss and other comprehensive income: The Board meets on a monthly basis to assess the performance of each segment, net operating profit does not include non-operating revenue and expenses such as dividends, fair value gains and losses. For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Segment EBITDA (24,053) (2,126) 10,470 3,420 Income tax (expense)/benefit (60) (865) (5,546) 1,274 Other revenue - - 7,710 24 Any other reconciling items (13,480) (12,988) (33,380) (17,823) Total net loss after tax (37,593) (15,979) (20,746) (13,105) Any other reconciling items includes brand transition, finance expenses, impairment expense, depreciation and amortisation, fair value gain/loss on foreign exchange contracts, and unrealised foreign exchange gain/loss that cannot be allocated to segments. (b) Geographical information For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's New Zealand 46,665 30,676 62,109 54,834 Australia 38,208 32,913 53,193 51,997 United States 32,323 23,146 19,167 14,435 Europe 14,192 9,549 16,531 17,572 131,388 96,284 151,000 138,838 Segment performance NZ AU US EU NZ Retail AU Retail Wholesale Wholesale Wholesale Wholesale e-commerce Unallocated Total For the year ended 31 January 2018 NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's Revenue from external customers 34,269 18,236 10,453 15,512 6,390 14,192 32,234 - 131,286 Service income - - - - - - - 102 102 34,269 18,236 10,453 15,512 6,390 14,192 32,234 102 131,388 Cost of sales (16,488) (9,457) (8,213) (12,545) (6,438) (10,221) (20,974) (3,123) (87,459) Gross margin 17,781 8,779 2,240 2,967 (48) 3,971 11,260 (3,021) 43,929 Other segment expenses* (13,451) (11,329) (1,068) (3,781) (3,301) (2,904) (11,520) - (47,354) Unallocated expenses Administrative expenses - - - - - - - (1,101) (1,101) Corporate expenses - - - - - - - (19,150) (19,150) Other foreign exchange gain/loss - - - - - - - (377) (377) EBITDA 4,330 (2,550) 1,172 (814) (3,349) 1,067 (260) (23,649) (24,053) Brand transition, restructure and transaction expenses - - - - - - - (3,272) (3,272) Finance expense - - - - - - - (8,791) (8,791) Impairment expense - - - - - - - (1,914) (1,914) Depreciation and amortisation - - - - - - - (3,030) (3,030) Fair value gain/(loss) on foreign exchange contracts - - - - - - - (502) (502) Unrealised foreign exchange gain/(loss) - - - - - - - 1,636 1,636 Fair value gain/(loss) on Convertible Notes derivative - - - - - - - 2,393 2,393 Loss before income tax expense 4,330 (2,550) 1,172 (814) (3,349) 1,067 (260) (37,129) (37,533) Income tax expense - - - - - - - (60) (60) Loss after income tax expense 4,330 (2,550) 1,172 (814) (3,349) 1,067 (260) (37,189) (37,593) NZ AU US EU NZ Retail AU Retail Wholesale Wholesale Wholesale Wholesale e-commerce Unallocated Total For the 7 months ended 31 January 2017 NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's Revenue from external customers 21,953 12,053 7,484 18,091 9,015 9,548 18,140 - 96,284 21,953 12,053 7,484 18,091 9,015 9,548 18,140 - 96,284 Cost of sales (9,707) (5,592) (4,961) (11,431) (6,934) (6,277) (11,902) (340) (57,144) Gross margin 12,246 6,461 2,523 6,660 2,081 3,271 6,238 (340) 39,140 Other segment expenses* (7,480) (6,196) (475) (2,089) (2,065) (2,013) (3,654) (8,068) (32,040) Unallocated expenses Administrative expenses - - - - - - - (541) (541) Corporate expenses - - - - - - - (8,082) (8,082) Other foreign exchange gain/loss - - - - - - - (603) (603) EBITDA 4,766 265 2,048 4,571 16 1,258 2,584 (17,634) (2,126) Brand transition, restructure and transaction expenses - - - - - - - (1,321) (1,321) Finance expense - - - - - - - (6,238) (6,238) Impairment expense - (281) - - - - - (11) (292) Depreciation and amortisation expense - - - - - - - (1,842) (1,842) Fair value gain/(loss) on foreign exchange contracts - - - - - - - (2,135) (2,135) Unrealised foreign exchange (gain)/loss - - - - - - - (568) (568) Fair value (gain)/loss on Convertible Note derivative - - - - - - - (592) (592) Loss before income tax expense 4,766 (16) 2,048 4,571 16 1,258 2,584 (30,341) (15,114) Income tax expense - - - - - - - (865) (865) Loss after income tax expense 4,766 (16) 2,048 4,571 16 1,258 2,584 (31,206) (15,979) * Other segment expenses relate to brand management expenses and some corporate expenses. NZ AU US EU NZ Retail AU Retail Wholesale Wholesale Wholesale Wholesale e-commerce Unallocated Total For the year ended 30 June 2016 NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's Revenue from external customers 37,389 20,680 15,071 28,021 18,876 16,531 6,722 - 143,290 Service income - - - - - - - 7,702 7,702 Other income - - - - - - - 8 8 37,389 20,680 15,071 28,021 18,876 16,531 6,722 7,710 151,000 Cost of sales (16,053) (8,930) (10,721) (18,056) (14,540) (11,658) (3,582) 15 (83,525) Gross margin 21,336 11,750 4,350 9,965 4,336 4,873 3,140 7,725 67,475 Other segment expenses* (12,263) (9,835) (709) (3,520) (2,817) (3,204) (2,039) (13,975) (48,362) Unallocated expenses Administrative expenses - - - - - - - (801) (801) Corporate expenses - - - - - - - (13,002) (13,002) Other foreign exchange gain/loss - - - - - - - 5,160 5,160 EBITDA 9,073 1,915 3,641 6,445 1,519 1,669 1,101 (14,893) 10,470 Brand transition, restructure and transaction expenses - - - - - - - (2,232) (2,232) Finance expense - - - - - - - (10,409) (10,409) Impairment expense - - - - - - - - - Depreciation and amortisation expense - - - (2,157) - - - (3,289) (5,446) Fair value gain/(loss) on foreign exchange contracts - - - - - - - (7,660) (7,660) Unrealised foreign exchange (gain)/loss - - - - - - - 77 77 Loss before income tax expense 9,073 1,915 3,641 4,288 1,519 1,669 1,101 (38,406) (15,200) Income tax expense - - - - - - - (5,546) (5,546) Loss after income tax expense 9,073 1,915 3,641 4,288 1,519 1,669 1,101 (43,952) (20,746) * Other segment expenses relate to brand management expenses and some corporate expenses. NZ AU US EU NZ Retail AU Retail Wholesale Wholesale Wholesale Wholesale e-commerce Unallocated Total For the year ended 30 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's Revenue from external customers 37,089 18,491 16,333 29,817 13,853 17,548 5,683 - 138,814 - - - - - - - 24 24 37,089 18,491 16,333 29,817 13,853 17,548 5,683 24 138,838 Cost of sales (16,270) (8,066) (10,978) (18,461) (10,929) (11,258) (3,072) 3 (79,031) Gross margin 20,819 10,425 5,355 11,356 2,924 6,290 2,611 27 59,807 Other segment expenses* (11,885) (7,624) (1,787) (2,449) (2,536) (3,266) (1,991) (10,665) (42,203) Unallocated expenses Administrative expenses - - - - - - - (441) (441) Corporate expenses - - - - - - - (13,940) (13,940) Other foreign exchange gain/loss - - - - - - - 197 197 EBITDA 8,934 2,801 3,568 8,907 388 3,024 620 (24,822) 3,420 Brand transition, restructure and transaction expenses - - - - - - - (12,182) (12,182) Finance expense - - - - - - - (5,870) (5,870) Depreciation and amortisation expense - - - - - - - (4,250) (4,250) Fair value gain/(loss) on foreign exchange contracts - - - - - - - 6,330 6,330 Unrealised foreign exchange (gain)/loss - - - - - - - (1,827) (1,827) Loss before income tax expense 8,934 2,801 3,568 8,907 388 3,024 620 (42,621) (14,379) Income tax expense - - - - - - - 1,274 1,274 Loss after income tax expense 8,934 2,801 3,568 8,907 388 3,024 620 (41,347) (13,105) * Other segment expenses relate to brand management expenses and some corporate expenses. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Jan. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Disclosure of cash and cash equivalents [text block] | 8 Cash and Cash Equivalents 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Cash on hand 54 48 47 52 Cash at bank 10,685 2,596 4,146 1,194 10,739 2,644 4,193 1,246 |
Trade and Other Receivables
Trade and Other Receivables | 12 Months Ended |
Jan. 31, 2018 | |
Trade and other receivables [abstract] | |
Disclosure of trade and other receivables [text block] | 9 Trade and Other Receivables 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Trade receivables 9,982 26,499 20,603 16,020 Provision for impairment (a) (326) (537) (268) (340) 9,656 25,962 20,335 15,680 Prepayments 1,792 1,779 2,659 935 Other receivables 1,717 349 347 206 13,165 28,090 23,341 16,821 Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. (a) Impairment of receivables For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Balance at beginning of the period (537) (268) (340) (368) Provision charged (92) (364) (16) - Reversal of impairment 316 80 88 28 Foreign exchange movement (13) 15 - - Balance at end of the period (326) (537) (268) (340) (b) Aged analysis 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's 0-30 days 7,945 14,883 12,769 14,209 31-60 days 335 2,566 1,934 466 61-90 days (past due not impaired) 489 2,166 1,081 472 61-90 days (considered impaired) - - - - 91+ days (past due not impaired) 1,213 6,884 4,551 533 91+ days (considered impaired) - - 268 340 9,982 26,499 20,603 16,020 (c) Transferred receivables The carrying amounts of the trade receivables include receivables which are subject to a bank funding arrangement. Under this arrangement, Bendon has transferred the relevant receivables to BNZ in exchange for cash and is prevented from selling or pledging the receivables. However Bendon has retained credit risk. The group therefore continues to recognise the transferred assets in their entirety in the balance sheet. The amount repayable under the factoring agreement is presented as secured borrowings. 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Transferred receivables 9,790 11,649 14,599 - |
Inventories
Inventories | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of inventories [Abstract] | |
Disclosure of inventories [text block] | 10 Inventories 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Finished goods 31,451 37,904 37,998 46,424 Provision for impairment (338) (153) (426) (764) 31,113 37,751 37,572 45,660 Write downs of inventories to net realisable value during the period were NZ$ 298,098 |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of property, plant and equipment [text block] | 11 Property, plant and equipment 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Plant, furniture, fittings and motor vehicles At cost 27,801 25,455 26,269 24,687 Accumulated depreciation (25,788) (23,182) (22,855) (21,176) 2,013 2,273 3,414 3,511 Leasehold Improvements At cost 10,762 10,132 10,640 11,111 Accumulated depreciation (8,034) (7,441) (7,845) (7,769) 2,728 2,691 2,795 3,342 Total property, plant and equipment 4,741 4,964 6,209 6,853 (a) Movements in carrying amounts of property, plant and equipment Plant, furniture, Leasehold fittings and improvements motor vehicles Total NZ$000's NZ$000's NZ$000's Year ended 31 January 2018 Balance at the beginning of period 2,691 2,273 4,964 Additions 285 2,032 2,317 Disposals (4) (118) (122) Depreciation expense (496) (2,228) (2,724) Foreign exchange movements 252 54 306 Balance at the end of the year 2,728 2,013 4,741 Plant, furniture, Leasehold fittings and improvements motor vehicles Total NZ$000's NZ$000's NZ$000's 7 months ended 31 January 2017 Balance at the beginning of period 2,795 3,414 6,209 Additions 241 482 723 Depreciation expense (296) (1,368) (1,664) Impairment - (281) (281) Foreign exchange movements (49) 26 (23) Balance at the end of the year 2,691 2,273 4,964 Plant, furniture, Leasehold fittings and Improvements motor vehicles Total NZ$000's NZ$000's NZ$000's Year ended 30 June 2016 Balance at the beginning of year 3,342 3,511 6,853 Additions 205 2,498 2,703 Disposals Depreciation expense (469) (2,497) (2,966) Foreign exchange movements (283) (98) (381) Balance at the end of the year 2,795 3,414 6,209 Plant, furniture, Plant under Leasehold fittings and finance lease Improvements motor vehicles Total NZ$000’s NZ$000's NZ$000's NZ$000's Year ended 30 June 2015 Balance at the beginning of year 461 3,841 1,038 5,340 Additions - 96 4,605 4,701 Depreciation expense (461) (657) (2,242) (3,360) Foreign exchange movements - 62 110 172 Balance at the end of the year - 3,342 3,511 6,853 The management decided to fully impair the costs on the ERP upgrade, and this software will need to be replaced and updated with more advanced system. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of detailed information about intangible assets [abstract] | |
Disclosure of intangible assets [text block] | 12 Intangible Assets 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Goodwill Cost - - 2,157 2,347 Accumulated impairment - - (2,157) - - - - 2,347 Patents and licences Cost 919 1,169 818 557 Accumulated amortisation and impairment (718) (573) (544) (540) 201 596 274 17 Brands Cost 12,463 12,036 12,105 12,702 Software Cost 15,788 17,308 17,312 17,131 Accumulated amortisation and impairment (15,440) (15,260) (15,116) (14,816) 348 2,048 2,196 2,315 Total Intangible assets 13,012 14,680 14,575 17,381 (a) Movements in carrying amounts of intangible assets Patents and Software licences Brands Goodwill Total NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's Year ended 31 January 2018 Balance at the beginning of the year 2,048 596 12,036 - 14,680 Additions 106 12 - - 118 Amortisation (163) (143) - - (306) Impairment (refer note 12(c)) (1,650) (264) - - (1,914) Foreign exchange movements 7 - 427 - 434 Closing value at 31 January 2018 348 201 12,463 - 13,012 Patents and Software licences Brands Goodwill Total NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's 7 months ended 31 January 2017 Balance at the beginning of the period 2,196 274 12,105 - 14,575 Additions - 351 - - 351 Amortisation (148) (30) - - (178) Foreign exchange movements - 1 (69) - (68) Closing value at 31 January 2017 2,048 596 12,036 - 14,680 Patents and Software licences Brands Goodwill Total NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's Year ended 30 June 2016 Balance at the beginning of the year 2,315 17 12,702 2,347 17,381 Additions 211 264 - - 475 Amortisation (316) (7) - - (323) Impairment - - - (2,157) (2,157) Foreign exchange movements (14) - (597) (190) (801) Closing value at 30 June 2016 2,196 274 12,105 - 14,575 Patents and Software licences Brands Goodwill Total NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's Year ended 30 June 2015 Balance at the beginning of the year 2,081 117 12,274 2,211 16,683 Additions 1,093 - - - 1,093 Amortisation (787) (104) - - (891) Foreign exchange movements (72) 4 428 136 496 Closing value at 30 June 2015 2,315 17 12,702 2,347 17,381 (b) Impairment testing for goodwill The goodwill was fully impaired during the year ending 30 June 2016. For the Year For the 7 For the Year For the Year Ended Months Ended Ended Ended Description of the cash-generating unit (CGU) 31 January 2018 31 January 2017 30 June 2016 30 June 2015 NZ $000's NZ $000's NZ $000's NZ $000's Australia - - 2,157 2,347 Impairment expense - - (2,157) - - - - 2,347 Impairment assumptions Goodwill was allocated to Australia which is the cash generating unit (CGU) for the purpose of impairment testing. The recoverable amount of the CGU was determined based on the fair value less cost to sell method. The fair value less costs to dispose calculation was based on a discount of the anticipated cash flows that a market participant would consider is possible from the asset, over a five year period. Cash flows beyond the five year period are extrapolated using the estimated growth rates shown below. These growth rates do not exceed the long-term average growth rates for the industry. The result of the impairment assessment is that the carrying value exceeded the fair value less costs to sell by an amount of $ 2.2 Significant assumptions used for the purposes of the fair value calculation include: Australia Annualised restructuring savings - $ 1.035 Pre-tax discount rate - 12.7 Terminal growth - 3.5 (c) Impairment testing for indefinite-lived brand intangibles Brand intangible assets represent brands owned by the Group, that arose on historical acquisitions including Pleasure State, Davenport and Lovable. The brand intangible assets $ 12,463,000 12,036,000 12,105,000 12,702,000 Impairment assumptions Management has determined the recoverable amount of the indefinite-lived brand assets by assessing the fair value less cost of disposal (FVLCOD) of the underlying assets. The relief from royalty method adopted to complete the valuation determines, in lieu of ownership, the cost that would be required to obtain comparable rights to use the asset via a third-party licence arrangement. These calculations use cash flow projections based on financial budgets approved by management covering a five year period. Cash flows beyond the five year period are extrapolated using the estimated growth rates shown below. These growth rates do not exceed the long-term average growth rates for the industry. No impairment was identified. Management's approach and the key assumptions used to determine the FVLCOD were as follows: Sales growth: 5 5 5 2 Royalty rate: 6.6 6.6 6.6 6.6 Cash flow forecast period: 5 5 5 5 Post-tax discount rate (%): 11.4 11.4 11.4 11.4 Long term growth rate (%): 2 2 2 0 Impact of possible changes in key assumptions The directors have made judgements and estimates to assess indefinite-lived assets for impairment. Should these judgements and estimates not occur the resulting carrying amount may decrease. The sensitivities that have been separately modelled are as follows: (a) a 1.5 (b) sales growth rate reduced to 2 (c) a 1.5 In the prior years, there were no reasonably possible changes in key assumptions that resulted in impairment. The carrying amounts of the indefinite-lived brand intangible assets are sensitive to assumptions used in the impairment test calculations including the post-tax discount rate, sales growth rate and royalty rate. A 1.5% increase in the post-tax discount rate would result in an impairment of $928 thousand against the carrying amount of the indefinite-lived brand intangibles. A reduction of the sales growth rate to 2% would result in an impairment of $611 thousand against the carrying amount of the indefinite-lived brand intangible assets. A 1.5% reduction in the royalty rate would result in an impairment of $2,267 thousand against the carrying amount of the indefinite-lived brand intangibles. (d) Impairment of software Impairment charge relating to software is due to management deciding to fully impair the costs on the ERP upgrade, as this software will need to be replaced and updated with more advanced system. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure Of Derivative Financial Instruments [Abstract] | |
Disclosure of derivative financial instruments [text block] | 13 Derivative Financial Instruments 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Current assets Forward exchange contracts - - - 2,289 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Current liabilities Foreign exchange contracts 2,087 4,188 5,531 1 In order to mitigate exchange rate movements and to manage the inventory costing process, the Group has entered into forward currency contracts to purchase US dollars. |
Derivative on Convertible Notes
Derivative on Convertible Notes | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure Of Derivative On Convertible Notes [Abstract] | |
Disclosure Of Derivative On Convertible Notes [Text Block] | 14 Derivative on Convertible Notes 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Derivative on Convertible Notes 1,110 4,112 - - The Group has an embedded derivative feature in convertible notes due to foreign currency. Derivatives are recognized initially at fair value; attributable transaction costs are recognized in profit or loss as incurred. Fair value of the derivative is determined on inception using the Black-Scholes model. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are accounted in profit or loss. The fair value of the separable embedded derivative in the convertible notes has been determined using Black-Scholes model. Measurement inputs include share price on measurement date, expected term of the instrument, risk free rate (based on government bonds), expected volatility (based on weighted average historic volatility) and expected dividend rate. |
Trade and Other Payables
Trade and Other Payables | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of Trade and Other Payables [Abstract] | |
Disclosure of trade and other payables [text block] | 15 Trade and Other Payables 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's CURRENT Trade payables 21,143 19,221 18,357 25,302 Accruals 9,568 7,503 6,934 9,096 Employee benefit liabilities 1,805 1,842 1,524 2,152 32,516 28,566 26,815 36,550 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Employee benefit liabilities - - 118 150 Trade and other payables are unsecured, non-interest bearing and are normally settled within 30 days however some the trade creditors are out of term as at 31 January 2018 and subsequent to the end of the financial period the company has reduced the out of term trade creditors but further work is required to bring all of the creditors in term. The carrying amounts are considered to be a reasonable approximation of fair value. |
Borrowings
Borrowings | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of borrowings [Abstract] | |
Disclosure of borrowings [text block] | Borrowings 31 January 31 January 30 June 30 June 2018 2017 2016 2015 Note NZ$000's NZ$000's NZ$000's NZ$000's CURRENT Secured liabilities: Bank overdraft - - - 18,064 Shareholder loans 10,951 8,200 29,281 16,918 Lease liability 22 - - - 105 Bank loans 16,000 16,000 - 17,841 Debt issuance costs in relation to bank loan (218) (656) (565) (42) Working capital financing bank facility 22,489 31,710 32,877 3,387 Convertible notes 1,740 13,744 - - Other loan 1,159 - - - 52,121 68,998 61,593 56,273 The fair value of borrowings is not considered to be materially different to their carrying amounts. 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's NON-CURRENT Secured liabilities: Bank loans - - 16,000 - The fair value of borrowings is not considered to be materially different to their carrying amounts. (a) Assets pledged as security: Borrowings are secured by a fixed and floating charge over the assets of the consolidated entity. The lease liabilities are effectively secured as the rights to the leased assets, recognised in the balance sheet, revert to the lessor in the event of default. (b) Bank overdrafts and bank loans On 27 June 2016, all banking facilities were repaid and a new banking arrangement with BNZ commenced. BNZ has a first ranking charge over all assets of the Bendon Limited group. The new debt arrangement entered into on 27 June 2016 includes a term loan facility and interchangeable (working capital) loan facility. The term loan facility of NZD$ 16,000,000 27 June 2018 5.55 4.84 4.77 As at 31 January 2018, the interchangeable facility is NZD$ 22,489,428 31,710,000 32,877,397 35,000,000 5.32 3.87 Bank of New Zealand has the first ranking charge over all assets of Bendon Limited. Under the terms of the major borrowing facilities, there were no covenants in place until 31 December 2016. From this date onwards, the group is required to comply with financial covenants in respect of a gearing ratio, fixed charge cover ratio, interest cover ratio, and capex spend. As at 30 September 2017, 31 December 2017 there was a breach in the gearing ratio covenant that is not to be greater than 2.25 times for the reporting period. As at those dates the gearing ratio, as defined by the bank facility agreement was calculated at 6.45 5.96 Subsequent to the end of the period Bendon has reduced the facility by the following: $ 1.8 2.7 4.3 The Bank has increased the Margin to 2 1 (c) Shareholder loan - Related party The Group has loan from shareholders of $ 10,951,295 8,200,000 29,280,991 16,917,902 On 29 September 2016, Bendon Limited issued additional 24,839 24,839,783 The current interest rate on shareholder loans is 30 30 30 30 2,806,945 6,436,987 7,042,000 3,192,000 (d) Convertible notes During the year to 31 January 2018, Bendon Limited has on issue an aggregate amount of USD$ 2,600,000 3,624,198 12,000,000 16,474,465 10 On 29th September 2017, the holders of USD$ 11.75 16.79 23,961 1.0 1.42 The carrying value of the convertible notes at initial recognition is determined as the difference between the consideration received and the fair value of the embedded derivative recognised. The convertible notes are subsequently measured at amortised cost using the effective interest rate method. The carrying value of the convertible notes at 31 January 2018 was $ 1,740,000 13,744,000 |
Provisions
Provisions | 12 Months Ended |
Jan. 31, 2018 | |
Provisions [abstract] | |
Disclosure of provisions [text block] | 17 Provisions 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's CURRENT Lease contributions 412 480 342 353 Onerous contracts 264 377 - 233 Make good 430 671 513 200 1,106 1,528 855 786 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's NON-CURRENT Lease contributions 910 702 976 906 Onerous contracts - 176 275 361 Make good 1,801 1,371 1,304 1,500 2,711 2,249 2,555 2,767 Lease Onerous contributions contracts Make good Total NZ$000's NZ$000's NZ$000's NZ$000's Opening balance at 1 February 2017 1,182 553 2,042 3,777 Additional provisions recognised 635 - 595 1,230 Unused amounts reversed - - (658) (658) Unwinding of discounts - - 271 271 Amounts used during the year (547) (289) (77) (913) Exchange differences 52 - 58 110 Balance at 31 January 2018 1,322 264 2,231 3,817 Opening balance at 1 July 2016 1,318 275 1,817 3,410 Additional provisions recognised 145 508 353 1,006 Unused amounts reversed - - (112) (112) Unwinding of discounts - - (9) (9) Amounts used during the period (269) (230) - (499) Exchange differences (12) - (7) (19) Balance at 31 January 2017 1,182 553 2,042 3,777 Onerous contracts The onerous provision relates to a head office lease for which the space is not fully utilised. The provision is calculated using a pre-tax discount rate of 11.4 11.4 11.4 11.4 Make good In accordance with certain lease agreements, the Group must refurbish and restore the lease premises to a condition agreed with the landlord at the end of the lease term or as prescribed. The provision has been calculated using a pre-tax discount rate of 2 2 2 4 During the 2018 financial year an additional $ 595 |
Share Capital
Share Capital | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of classes of share capital [abstract] | |
Disclosure of classes of share capital [text block] | 18 Share Capital 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's 306,028 (2017: 274,839, 2016: 250,000, 2015: 250,000) Ordinary shares 68,727 27,948 3,108 3,108 (a) Ordinary shares For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's At the beginning of the reporting period 27,948 3,108 3,108 3,108 Issuance of new shares 22,990 24,840 - - Convertible note maturity 17,789 - - - At the end of the reporting period 68,727 27,948 3,108 3,108 The holders of ordinary shares are entitled to participate in dividends and the proceeds on winding up of the Company. On a show of hands at meetings of the Company, each holder of ordinary shares has one vote in person or by proxy, and upon a poll each share is entitled to one vote. For the Year For the Year For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 Number Number Number Number At the beginning of the period 274,839 250,000 250,000 250,000 Shares issued during the period 31,189 24,839 - - At the end of the period 306,028 274,839 250,000 250,000 (b) Other equity 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Value of conversion rights - convertible notes 17,789 - - - The amount shown for other equity is the value of the conversion rights relating to the 15 (c) Capital Management The key objectives of the Company when managing capital is to safeguard its ability to continue as a going concern and maintain optimal benefits to stakeholders. Management also aims to maintain a capital structure that ensures the lowest cost of capital available to the entity. The Company defines capital as its equity and net debt. There has been no change to capital risk management policies during the year. Management are constantly adjusting the capital structure to take advantage of favourable costs of capital or high return on assets. As the market is constantly changing, management may change the amount of dividends to be paid to shareholders, return capital to shareholders or sell assets to reduce debt. The Group is not subject to any externally imposed capital requirements. 2018 2017 30 June 2016 30 June 2015 Note NZ$000's NZ$000's NZ$000's NZ$000's Total borrowings 16 52,121 68,998 77,593 56,273 Less Cash and cash equivalents 8 (10,739) (2,644) (4,193) (1,246) Net debt 41,382 66,354 73,400 55,027 Equity (5,710) (9,044) (17,876) 2,839 Total Captial 35,672 57,310 55,524 57,866 Gearing ratio 116 % 116 % 132 % 95 % |
Reserves
Reserves | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of reserves within equity [abstract] | |
Disclosure of reserves within equity [text block] | 19 Reserves 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Foreign currency translation reserve Opening balance (2,154) (2,125) (2,156) (2,063) Transfers in 148 (29) 31 (93) Balance at the end of the period (2,006) (2,154) (2,125) (2,156) Foreign currency translation reserve Exchange differences arising on translation of the foreign controlled entity are recognised in other comprehensive income - foreign currency translation reserve. The cumulative amount is reclassified to profit or loss when the net investment is disposed of. |
Loss per Share
Loss per Share | 12 Months Ended |
Jan. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per share [text block] | 20 Loss per Share (a) Basic and diluted loss per share For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$ NZ$ NZ$ NZ$ From continuing operations attributable to the ordinary equity holders of the company (131.38) (60.54) (82.86) (52.79) Total basic and diluted loss per share attributable to the ordinary equity holders of the company (131.38) (60.54) (82.86) (52.79) All convertible notes issued during the period are not included in the calculation of diluted loss per share because they are antidilutive in nature for the period ended 31 January 2018. These notes could potentially dilute earnings/loss per share in the future. (b) Reconciliation of loss used in calculating loss per share For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Basic and diluted loss per share Profit/(loss) attributable to the ordinary equity holders of the company used in calculating basic earnings per share: (37,445) (16,008) (20,715) (13,198) (c) Weighted average number of shares used as the denominator 31 January 31 January 30 June 30 June 2018 2017 2016 2015 Number Number Number Number Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share 285,019 264,441 250,000 250,000 (d) Information concerning the classification of securities Convertible notes During the year ended 31 January 2018, Bendon Limited issued an aggregate amount of USD $ 2,600,000 3,544,649 7 All convertible notes issued during the period are not included in the calculation of diluted loss per share because they are antidilutive in nature for the period ended 31 July 2018. These notes could potentially dilute earnings/loss per share in the future. |
Accumulated Losses
Accumulated Losses | 12 Months Ended |
Jan. 31, 2018 | |
Accumulated Losses [Abstract] | |
Disclosure of retained earnings accumulated losses [Text Block] | 21 Accumulated Losses For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's (Accumulated losses)/retained earnings at the beginning of the period (34,838) (18,859) 1,887 14,992 Loss for the period (37,593) (15,989) (20,746) (13,105) (Accumulated Losses)/Retained Earnings at end of the period (72,431) (34,848) (18,859) 1,887 |
Capital and Leasing Commitments
Capital and Leasing Commitments | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of capital and leasing commitments [Abstract] | |
Disclosure Of Capital And Leasing Commitments Explanatory [Text Block] | 22 Capital and Leasing Commitments (a) Finance Leases 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Minimum lease payments: - not later than one year - - - 105 Minimum lease payments - - - 105 Less: finance changes - - - - Present value of minimum lease payments - - - 105 (b) Operating Leases 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Minimum lease payments under non-cancellable operating leases: - not later than one year 9,618 9,472 9,594 8,952 - between one year and five years 14,943 14,435 16,438 17,089 - later than five years 528 59 140 312 25,089 23,966 26,172 26,353 Operating leases are in place for leased premises and vehicles, and normally have a term between 1 and 11 years. Lease payments are increased on an annual basis to reflect market rentals. (c) Contracted Commitments 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Licence contract - not later than one year 3,797 3,652 3,696 3,147 - between one year and five years 12,009 15,917 16,775 15,808 - later than five years - - 2,283 6,652 15,806 19,569 22,754 25,607 The Group has an exclusive licence to use the trademark and name Heidi Klum in the manufacture, promotion, sale and distribution of product. The contract was executed on 26 September 2014 and commenced on 1 January 2015. The contract has a 7 year term with no rights to renew. Licence royalties are calculated based on net sales, and the minimum guarantee payments payable by the Group are set out above. |
Lessor Commitments
Lessor Commitments | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of finance lease and operating lease by lessor [abstract] | |
Disclosure Of Leasor Commitments Explanatory [Text Block] | 23 Lessor Commitments The Group sub leases its US and Australian premises under a commercial lease. These non-cancellable leases have terms between 1 and 6 years. All leases include an option for the Group to increase rent to current market rental on an annual basis. The future minimum lease payments under non-cancellable leases are: 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's - no later than 1 year 166 503 620 431 - between 1 year and 5 years - 1,076 1,217 565 - greater than 5 years - - - - Total minimum lease payments 166 1,579 1,837 996 |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of Financial Risk Management [Abstract] | |
Disclosure of how entity manages liquidity risk [text block] | 24 Financial Risk Management The Group is exposed to a variety of financial risks through its use of financial instruments. The Group’s overall risk management plan seeks to minimise potential adverse effects due to the unpredictability of financial markets. The most significant financial risks to which the Group is exposed to are described below: Specific risks · Liquidity risk · Credit risk · Market risk - currency risk, interest rate risk and price risk Financial instruments used The principal categories of financial instrument used by the Group are: · Trade receivables · Cash at bank · Bank overdraft · Trade and other payables · Floating rate bank loans · Forward currency contracts · Shareholders loan Objectives, policies and processes The Board of Directors receives overall responsibility for the establishment of the Group’s financial risk management framework. This includes the development of policies covering specific areas such as foreign exchange risk, interest rate risk, credit risk and the use of derivatives. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group’s activities. The day-to-day risk management is carried out by the Group’s finance function under policies and objectives which have been approved by the Board of Directors. Mitigation strategies for specific risks faced are described below: Liquidity risk Liquidity risk arises from the Group’s management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities as and when they fall due. The Group manages its liquidity needs by carefully monitoring scheduled debt servicing payments for long-term financial liabilities as well as cash-outflows due in day-to-day business. The timing of cash flows presented in the table to settle financial liabilities reflects the earliest contractual settlement dates and does not reflect management's expectations that banking facilities will be rolled forward. The amounts disclosed in the table are the undiscounted contracted cash flows and therefore the balances in the table may not equal the balances in the consolidated balance sheets due to the effect of discounting. Non-derivatives Non-derivatives Non-derivatives Non-derivatives Non-derivatives Derivatives Derivatives Derivatives Not later than 1 month 31 January 2018 26,482 - 21,143 - 47,625 13,577 (13,950) (373) 31 January 2017 56,333 - 19,221 - 75,554 2,078 (2,250) (172) 30 June 2016 63,054 - 18,357 - 81,411 6,636 (7,097) (461) 30 June 2015 22,322 66 25,302 - 47,690 - - - 1 to 3 months 31 January 2018 148 - - - 148 13,837 (14,453) (616) 31 January 2017 129 - - - 129 9,900 (11,326) (1,426) 30 June 2016 127 - - - 127 18,755 (20,454) (1,699) 30 June 2015 996 40 - - 1,036 1,841 (2,029) (188) 3 months to 1 year 31 January 2018 27,247 - - - 27,247 20,895 (21,993) (1,098) 31 January 2017 18,631 - - - 18,631 37,855 (40,445) (2,590) 30 June 2016 572 - - - 572 36,397 (39,766) (3,369) 30 June 2015 17,496 - - - 17,496 15,715 (17,133) (1,418) 1 to 5 years 31 January 2018 - - - - - - - - 31 January 2017 323 - - - 323 - - - 30 June 2016 16,763 - - 582 17,345 - - - 30 June 2015 16,981 - - 372 17,353 8,940 (9,623) (683) Non-derivatives Non-derivatives Non-derivatives Non-derivatives Non-derivatives Derivatives Derivatives Derivatives Total 31 January 2018 53,877 - 21,143 - 75,020 48,309 (50,396) (2,087) 31 January 2017 75,416 - 19,221 - 94,637 49,833 (54,021) (4,188) 30 June 2016 80,516 - 18,357 582 99,455 61,788 (67,317) (5,529) 30 June 2015 57,795 106 25,302 372 83,575 26,496 (28,785) (2,289) Credit risk Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in a financial loss to the Group. Credit risk arises from cash and cash equivalents, derivative financial instruments, as well as credit exposure to wholesale and retail customers, including outstanding receivables and committed transactions. The Group has adopted a policy of only dealing with creditworthy counterparties as a means of mitigating the risk of financial loss from defaults. The utilisation of credit limits by customers is regularly monitored by line management. Customers who subsequently fail to meet their credit terms are required to make purchases on a prepayment basis until creditworthiness can be re-established. Trade receivables consist of a large number of customers, spread across diverse industries and geographical areas. Ongoing credit evaluation is performed on the financial condition of accounts receivable. Management considers that all the financial assets that are not impaired for each of the reporting dates under review are of good credit quality, including those that are past due. The credit risk for liquid funds and other short-term financial assets is considered negligible, since the counterparties are reputable banks with high quality external credit ratings. The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit ratings if available or historical information about counterparty default rate. 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Trade receivables Counterparty without external credit ratings New customer less than 6 months 12 187 1,046 1,046 Existing customers (more than 6 months with default in past) 9,970 26,312 19,557 19,557 Total trade receivables 9,982 26,499 20,603 20,603 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Credit ratings AA- 10,591 2,655 4,122 1,194 A+ 94 (11) 24 - 10,685 2,644 4,146 1,194 The Group has no significant concentration of credit risk with respect to any single counterparty or group of counterparties. On a geographical basis, the Group has significant credit risk exposures in New Zealand and Australia, United States and United Kingdom given the substantial operations in those regions. Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. (i) Foreign exchange risk Exposure to foreign exchange risk may result in the fair value or future cash flows of a financial instrument fluctuating due to movement in foreign exchange rates of currencies in which financial instruments are held in currencies other than the functional currency. Exposures to currency exchange rates arise from overseas sales and purchases, which are primarily denominated in currencies other than the functional currency, in particular USD. AUD USD GBP EUR HKD Total NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's 31 January 2018 Trade receivables 328 199 - 1,376 - 1,903 Trade payables 781 11,209 74 29 53 12,146 Cash and cash equivalents 1,660 7,190 77 92 165 9,184 31 January 2017 Trade receivables 424 211 - 1,509 - 2,144 Trade payables 315 8,557 131 32 16 9,051 Cash and cash equivalents 926 401 131 388 28 1,874 30 June 2016 Trade receivables 531 30 - 1,828 - 2,389 Trade payables 203 12,438 117 8 35 12,801 Cash and cash equivalents 965 163 110 149 9 1,396 30 June 2015 Trade receivables 5 167 - 1,405 - 1,577 Trade payables 334 14,942 50 6 351 15,683 Cash and cash equivalents 422 194 135 103 60 914 The following table illustrates the sensitivity of the net result for the year and equity in regards to the Group’s financial assets and financial liabilities and the US dollar - New Zealand Dollar, Australian Dollar - New Zealand Dollar, GB Pound - New Zealand Dollar, Euro - New Zealand Dollar, and Hong Kong Dollar - New Zealand Dollar exchange rates. There have been no changes in the assumptions calculating this sensitivity from prior years. It assumes a 10% change of the New Zealand Dollar / Australian Dollar exchange rate for the year ended 31 January 2018 (31 January 2017: 10%, 30 June 2016: 10%, 30 June 2015: 10%). A 10% change is considered for the New Zealand Dollar / US Dollar exchange rate (31 January 2017: 10%, 30 June 2016: 10%, 30 June 2015: 10%). A 10% change is considered for the New Zealand Dollar / GB Pound exchange rate (31 January 2017: 10%, 30 June 2016: 10%, 30 June 2015: 10%). A 10% change is considered for the New Zealand Dollar / Euro exchange rate (31 January 2017: 10%, 30 June 2016: 10%, 30 June 2015: 10%). All of these percentages have been determined based on the average market volatility in exchange rates in the previous 12 months. The year end rate is 0.9073 0.7335 0.5183 0.5913 5.7368 The sensitivity analysis is based on the foreign currency financial instruments held at the reporting date and also takes into account forward exchange contracts that offset effects from changes in currency exchange rates. If the New Zealand Dollar had strengthened and weakened against the Australian Dollar, US Dollar, GB Pound, Euro and HK Dollar by 10%(31 January 2017: 10%, 30 June 2016: 10%, 30 June 2015: 10%) and 10% (31 January 2017: 10%, 30 June 2016: 10%, 30 June 2015: 10%) respectively then this would have had the following impact: NZ$000's +10% -10% USD Net results/Equity (31 January 2018) (1,509) 1,509 Net results/Equity (31 January 2017) (1,196) 1,196 Net results/Equity (30 June 2016) (1,267) 1,267 Net results/Equity (30 June 2015) (797) 797 AUD Net results/Equity (31 January 2018) (805) 805 Net results/Equity (31 January 2017) 86 (86) Net results/Equity (30 June 2016) 75 (75) Net results/Equity (30 June 2015) 7 (7) GBP Net results/Equity (31 January 2018) (175) 175 Net results/Equity (31 January 2017) 34 (34) Net results/Equity (30 June 2016) (16) 16 Net results/Equity (30 June 2015) (3) 3 EUR Net results/Equity (31 January 2018) (136) 136 Net results/Equity (31 January 2017) 186 (186) Net results/Equity (30 June 2016) 142 (142) Net results/Equity (30 June 2015) 108 (108) HKD Net results/Equity (31 January 2018) (14) 14 Net results/Equity (31 January 2017) 1 (1) Net results/Equity (30 June 2016) (2) 2 Net results/Equity (30 June 2015) (21) 21 Exposures to foreign exchange rates vary during the year depending on the volume of overseas transactions. Nonetheless, the analysis above is considered to be representative of the Group's exposure to foreign currency risk. Forward exchange contracts The Group has open forward exchange contracts at the end of the reporting period relating to highly probable forecast transactions and recognised financial assets and financial liabilities. These contracts commit the Group to buy specified amounts of foreign currencies in the future at specified exchange rates. The Group has a policy of requiring that forward exchange contracts be entered into where future commitments are entered into requiring settlement at a time in excess of 1 month but less than 1 year, to a value of approximately 75% total foreign exchange exposure. Contracts are taken out with terms that reflect the underlying settlement terms of the commitment to the maximum extent possible so that hedge ineffectiveness is minimised. The following table summarises the notional amount of the Group's commitments in relation to forward exchange contracts. Notional Amounts Average Exchange Rate 31 January 31 January 30 June 30 June 31 January 31 January 30 June 30 June Buy USD / sell NZD Settlement Less than 6 months 48,149 47,292 38,697 24,932 0.7061 0.6687 0.6473 0.7320 6 months to 1 year - 3,479 22,378 3,854 - 0.7186 0.6424 0.7136 Buy AUD / sell NZD Settlement NZ$000's NZ$000's NZ$000's NZ$000's $ $ $ $ Less than 6 months 2,247 2,250 5,242 - 0.8900 0.8890 0.9066 - Buy GBP / sell NZD Settlement NZ$000's NZ$000's NZ$000's NZ$000's $ $ $ $ Less than 6 months - 1,000 1,000 - - 0.5784 0.4181 - (ii) Interest rate risk The Group is exposed to interest rate risk as funds are borrowed at floating and fixed rates. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group's policy is to minimise interest rate cash flow risk exposures on long-term financing. 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Floating rate instruments Bank overdraft - - - 14,481 Working capital financing bank facility 22,489 31,710 32,877 3,387 Convertible notes 1,740 16,474 - - Borrowings 16,000 16,000 16,000 17,841 40,229 64,184 48,877 35,709 The following table illustrates the sensitivity of the net result for the year and equity to a reasonably possible change in interest rates of +1.00%/-1.00% (2017: +1.00%/-1.00%), with effect from the beginning of the year. These changes are considered to be reasonably possible based on observation of current market conditions and economist reports. NZ$000's 1.00% -1.00% NZ$000's NZ$000's Net results/Equity (31 January 2018) 420 (420) Net results/Equity (31 January 2017) 642 (642) Net results/Equity (30 June 2016) 352 (352) Net results/Equity (30 June 2015) 283 (283) |
Tax assets and liabilities
Tax assets and liabilities | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | 25 Tax assets and liabilities Opening Balance Charged to Income Charged directly to Equity Changes in Exchange Differences Closing Balance Deferred tax assets/(liabilities) Property, plant and equipment 1,251 417 - - 1,668 Doubtful debts 85 (5) - - 80 Provision for annual leave 273 23 - - 296 Provision for long service leave 66 13 - - 79 Other payroll provisions 142 (18) - - 124 General provisions 1,857 (1,524) - - 333 Inventories 125 90 - - 215 Carried forward tax losses 194 3,300 - - 3,494 Intangible assets (403) (297) - - (700) Balance at 30 June 2015 3,590 1,999 - - 5,589 Property, plant and equipment 1,668 (1,668) - - - Doubtful debts 80 (80) - - - Provision for annual leave 296 (296) - - - Provision for long service leave 79 (79) - - - Other payroll provisions 124 (124) - - - General provisions 333 (333) - - - Inventories 215 (215) - - - Carried forward tax losses 3,494 (2,864) - - 630 Intangible assets (700) 70 - - (630) Balance at 30 June 2016 5,589 (5,589) - - - Carried forward tax losses 630 - 630 Intangible assets (630) - (630) Balance at 31 January 2017 - - - - - Carried forward tax losses 630 - 630 Intangible assets (630) - (630) Balance at 31 January 2018 - - - - - |
Dividends
Dividends | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of dividends [Abstract] | |
Disclosure of dividends [text block] | 26 Dividends No final dividend will be paid in respect of the period ended 31 January 2018 (31 January 2017: Nil, 30 June 2016: Nil, 30 June 2015: Nil). Franking account 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Australian franking credits available for subsequent financial years at a tax rate of 30% 3,995 3,757 3,808 4,113 New Zealand imputation credits available for subsequent financial years at a tax rate of 28% 236 235 235 235 The above amounts are based on the dividend franking account at period-end adjusted for: (a) Franking credits that will arise from the payment of the current tax liabilities; (b) Franking debits that will arise from the payment of dividends recognised as a liability at the period end; (c) Franking credits that will arise from the receipt of dividends recognised as receivables at the end of the period. |
Key Management Personnel Remune
Key Management Personnel Remuneration | 12 Months Ended |
Jan. 31, 2018 | |
Details of key management personnel remuneration [Abstract] | |
Disclosure of information about key management personnel [text block] | 27 Key Management Personnel Remuneration Key management personnel remuneration included within employee expenses for the period is shown below: For the Year For the 7 Ended Months Ended For the Year For the Year 31 January 31 January Ended 30 June Ended 30 June 2018 2017 2016 2015 NZ$ NZ$ NZ$ NZ$ Short-term employee benefits 1,742,530 1,492,015 1,751,710 2,039,156 1,742,530 1,492,015 1,751,710 2,039,156 |
Interests in Subsidiaries
Interests in Subsidiaries | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of subsidiaries [abstract] | |
Disclosure of subsidiaries [text block] | 28 Interests in Subsidiaries Composition of the Group Percentage Percentage Percentage Percentage Principal place of Owned (%)* Owned (%)* Owned (%)* Owned (%)* business / Country of 31 January 31 January 30 June 30 June Incorporation 2018 2017 2016 2015 Subsidiaries: Bendon Retail Limited New Zealand 100 100 100 100 Bendon Holdings Limited New Zealand 100 100 100 100 Bendon Holdings Pty Limited Australia 100 100 100 100 Bendon Pty Limited Australia 100 100 100 100 Bendon Intimates Pty Limited Australia 100 100 100 100 PS Holdings No. 1 Pty Limited Australia 100 100 100 100 Pleasure State Pty Limited Australia 100 100 100 100 Pleasure State (HK) Limited Hong Kong 100 100 100 100 Bendon UK Limited United Kingdom 100 100 100 100 Bendon USA Inc United States of America 100 100 100 100 *The percentage of ownership interest held is equivalent to the percentage voting rights for all subsidiaries. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of fair value measurement [Abstract] | |
Disclosure of fair value measurement [text block] | 29 Fair Value Measurement The Group measures the following assets and liabilities at fair value on a recurring basis: â‹… Financial assets - derivative financial instruments â‹… Financial liabilities - derivative financial instruments Fair value hierarchy All assets and liabilities measured at fair value to be assigned to a level in the fair value hierarchy as follows: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 Unobservable inputs for the asset or liability. Level 1 Level 2 Level 3 Total NZ$000's NZ$000's NZ$000's NZ$000's 31 January 2018 Recurring fair value measurements Financial assets Foreign exchange contracts - - - - Financial liabilities Foreign exchange contracts - 2,087 - 2,087 Derivative on Convertible Notes - - 1,110 1,110 31 January 2017 Recurring fair value measurements Financial assets Foreign exchange contracts - - - - Financial liabilities Foreign exchange contracts - 4,188 - 4,188 Derivative on Convertible Notes - - 4,112 4,112 30 June 2016 Recurring fair value measurements Financial assets Foreign exchange contracts - - - - Financial liabilities Foreign exchange contracts - 5,531 - 5,531 30 June 2015 Recurring fair value measurements Financial assets Foreign exchange contracts - 2,289 - 2,289 Financial liabilities Foreign exchange contracts - 1 - 1 There were no transfers between levels during the financial periods. The carrying amount of trade and other receivables and trade and other payables are assumed to approximate their fair values due to their short-term nature. Bank loans approximate fair value of the carrying amount on the basis of the variable nature of the interest rates associated with the loans. Valuation techniques for fair value measurements categorised within level 2 The fair value of derivative financial instruments is determined using valuation techniques which maximise the use of observable market data where it is available and relies as little as possible on entity specific estimates. Valuation techniques for fair value measurements categorised within level 3 The fair value of the derivative on convertible notes has been determined using a Black-Scholes model. Measurement inputs include share price on measurement date, expected term of the instrument, risk free rate, expected volatility and expected dividend rate. The Company used valuations specialists to perform these valuations. Fair value measurements using significant unobservable movements (level 3) Convertible note liability NZ$000's Balance at 31 January 2017 4,112 Changes in fair value 1,110 Conversion (4,112) Balance at 31 January 2018 1,110 Valuation inputs and relationships to fair value (level 3) Range of inputs for Unobservable inputs convertible note liability Face value (NZD) 3,624,198 Interest rate of note 10 % Risk free rate 1.66 % Term of the instrument August 2019 Expected volatility 128.7 % Dividend yield 0 % |
Contingencies
Contingencies | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of contingent liabilities [abstract] | |
Disclosure of contingent liabilities [text block] | 30 Contingencies Contingent Liabilities 31 January 2018 31 January 2017 30 June 2016 30 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Rent guarantees to certain landlords 419 571 534 313 Standby letter of credit to JP Morgan Chase Bank 291 286 279 - Guarantee provided to UK Customs Department 329 282 303 372 Guarantee provided to ANZ for Merchant Service 172 - - - |
Related Parties
Related Parties | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of transactions between related parties [abstract] | |
Disclosure of related party [text block] | 31 Related Parties (a) The Group's main related parties are as follows: The ultimate parent entity, which exercises control over the Group, is Cullen Group which is incorporated in New Zealand and owns 71.8 Key management personnel - refer to Note 27. Other related parties include close family members of key management personnel and entities that are controlled or significantly influenced by those key management personnel or their close family members. (b) Loans (to)/from related parties Opening Closing Interest not Interest balance balance charged paid/payable Impairment NZ$ NZ$ NZ$ NZ$ NZ$ Loans from related parties Cullen Investments Limited - 31 January 2018 13,051,321 11,535,677 - - - Cullen Investments Limited - 31 January 2017 9,613,014 13,051,321 - - - Cullen Investments Limited - 30 June 2016 4,010,083 9,613,014 - - - Cullen Investments Limited - 30 June 2015 3,381,579 4,010,083 - - - Whitespace Atelier Limited - 31 January 2018 - 272,665 - - - Whitespace Atelier Limited - 31 January 2017 - - - - - Loans to related parties Naked Inc. - 31 January 2018 - (1,368,577) - - - Naked Inc. - 31 January 2017 - - - - - PS Holdings No. 2 Pty Limited - 30 June 2015 (21,078) - - - - FOH Online Inc. – 31 January 2018 - 3,518,009 During the period presented transactions with Cullen Investments Limited include a recovery for Cullen Investments Limited costs paid for by Bendon Group of $ 1,515,644 3,438,307 2,056,676 628,604 1,012,871 3,546,255 next 12 months. Whitespace Atelier Limited ("Whitespace") is owned by a KMP at Bendon Limited. Beginning 1 Feb 2017, Whitespace is engaged by the Group to procure stock from various suppliers at competitive prices. During the year ended 31 January 2018, purchases amounting to $ 13,281,727 272,665 As at 31 January 2018, the Group has a payable balance with Naked Brand Inc. of $ 1,368,577 608,480 430,420 329,677 On 31 December 2017, Cullen Investments Limited acquired FOH Online Corp. with 100 1,078,077 617,814 3,518,009 As at 31 January 2018, the Group has subordinated loans with EJ Group Limited which is a company owned by Eric Watson, who is also an ultimate shareholder of Bendon. The subordinated loans are also disclosed in note 16. |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Jan. 31, 2018 | |
Cash Flow Information [Abstract] | |
Disclosure of cash flow statement [text block] | 32 Cash Flow Information Reconciliation of result for the year to cashflows from operating activities For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Loss for the period (37,593) (15,979) (20,746) (13,105) Cash flows excluded from profit attributable to operating activities interest paid on borrowings 8,792 6,238 10,182 4,402 Non-cash flows in profit: - depreciation and amortisation expense 3,030 1,842 3,516 5,718 - impairment expense 1,914 292 2,157 - - fair value gain/(loss) on Convertible Notes derivative (2,393) 592 - - Changes in assets and liabilities: - (increase) in trade and other receivables 14,925 (4,748) (6,518) (1,046) - (increase) in current tax receivable 52 35 (88) - - (increase)/decrease in derivative assets - - 2,289 (2,225) - (increase)/decrease in inventories 6,638 (179) 8,088 (15,646) - (increase)/decrease in deferred tax asset/(liability) - - 5,589 (2,160) - (increase) in related party receivables (906) (3,438) (5,603) (650) - increase/(decrease) in trade and other payables 6,956 2,078 (11,113) 12,817 - increase/(decrease) in income taxes payable 152 635 (483) 36 - increase/(decrease) in provisions 39 367 311 (2,507) - increase/(decrease) in foreign currency derivative liability (5,104) (1,343) 5,530 (1,982) - net exchange differences (618) 90 1,849 (851) Cashflows from operations (4,116) (13,518) (5,040) (17,199) |
Events occurring after the repo
Events occurring after the reporting date | 12 Months Ended |
Jan. 31, 2018 | |
Events After Reporting Period [Abstract] | |
Disclosure of events after reporting period [text block] | 33 Events occurring after the reporting date · Subsequent to the end of the financial year the Company entered into a Deed of Amendment with their banker BNZ to reduce the facility as at 31 January 2018 of NZD$ 36.4 20 1,345,000 The new facility has been provided for 12 months to 14 June 2019 and is subject to four undertakings being: Interest cover ratio of three times that is first tested as at 30 April 2019; gross EBITDA ratio measured to 3 months to September 2018 of $0, six months to 30 December 2018 is greater than $3 million; inventory and receivables ratio must be greater than 2 times being first measured as at 30 September 2018; and the actual sales and gross margin must not vary by more than 10% from the budget submitted to the Bank. · Subsequent to the end of the financial period and up to 13 June 2018 the Company issued new ordinary shares to the value of $USD$ 23.5 · Subsequent to the end of the financial year on 28 June 2018 the Company entered into a Loan facility Agreement with an associate of a major shareholder that provides the Company with a standby facility that makes available to the Company a loan facility to fund creditor calls, working capital, and or servicing of repayment of debt facilities. The facility is split between Facility A which is a NZD$ 10 10 Each facility is subject to a facility fee of NZD$500,000 upon first draw down from each facility. The facility expires on the second anniversary of the date of the agreement.Interest is payable under the facility on amounts drawn at a rate of 7.5 In the event the Company having outstanding indebeteness under the agreement, the borrower grants to the lender an option to convert all or part of the indebeteness into shares of the Company, where the number of shares are determined by the greater of a caclucation using the closing share price and the 30 day VWAP · The Company and Naked Brands Inc completed a merger on 19 June 2018 that was approved by the Naked shareholders on 11 June 2018. The combined group will be known as Naked Brands Group Limited an Australian domiciled entity listed on the Nasdaq. · Subsequent to the end of the financial period, the shareholder loan converted to equity on closing of the merger with Naked Brands Inc. |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jan. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Going concern | (a) Going concern The financial statements have been prepared on the basis of going concern which contemplates continuity of normal business activities and the realisation of assets and settlement of liabilities in the ordinary course of business. For the financial year ended 31 January 2018 the Group experienced a loss after income tax from continuing operations of NZ$ 37.593 4.116 20.752 5.710 The business continued to experience losses in the 31 January 2018 financial year as a result of reduced revenue from wholesale customers, increased rebates and discounts, and the plateauing of sales in retail outlets. The business is experiencing challenging trading conditions which have been impacted by the recent confirmation that the Stella McCartney licence held by the Company expires on 30 June 2018 and the cancelled licence will restrict the Company from selling Stella McCartney product beyond the termination date of the licence. The business has accumulated trade creditors that are trading beyond their original credit terms. In response management has taken steps to raise further capital to fund new inventory that will restock stores and supply wholesale customers. Management has also engaged in restructuring the businesses operations including reducing costs across channels, renegotiating supplier contracts, resetting customer supply commitments, updating leadership roles, and managing the opening of new stores. The impact from the capital raising and the restructure will take time to have a positive impact on the profit of the business. The Group expects the business will trend to be operating cash flow positive towards the third quarter of the 2019 financial year. Since the end of the 31 January 2018 financial year the Group has raised further equity which is planned to support the working capital requirements of the Group which in turn is expected to reduce the cost of finance and provide working capital for the purchase of inventory and reduction of aged creditors to free up supply of new season inventory which will assist the Group deliver its forecast. As at the date of this report and since the end of the 31 January 2018 financial year the Group had received all of the planned equity of USD$ 23.5 Immediately prior to the date of this report the Group had executed a new Bank borrowing facility agreement to replace the facilities as at 31 January 2018. The new facility is subject to covenants and has a 12 month term. The Bank has advised that they will revisit the term of the new facility in 12 months after they have assessed the Group’s performance over the next year. However the Group feels comfortable they will be able to manage rollover of the Bank facility on its maturity. The Bank facilities as at 31 January 2018 are presented on the Balance Sheet as a current liability due to the facilities having an expiry date of 30June 2018 and having been breached during the lending period. The amount outstanding as at that date was the amount outstanding under the previous facility and amounted to US$ 25.5 The Group has also obtained a standby facility from an entity associated with a major shareholder, Cullen Investments Limited, to provide funding to the Group if required to deal with any creditor, debt or working capital required by the Group over the next 18 months. The Group also confirms that it received approval from the shareholders of Naked Brand Group Inc ("Naked"), a U.S. public corporation listed on Nasdaq to complete a merger between the Group and Naked. Under the terms of the merger, the Company has registered as a foreign private issuer with the U.S. Securities and Exchange Commission and to list on Nasdaq. The shareholder vote occurred at a merger meeting on14 June 2018. In conjunction with the restructure of the Group, management has prepared a forecast income statement, balance sheet, and cash flow statement for the next 12 months following the date of this financial report which indicates they expect to be able to pay their commitments as and when they fall due through negotiation of terms. The forecast includes a number of assumptions regarding the trading of the business and what the business plans to do to return the business to cash flow positive which are consistent with the current trading activities. The Director and management are confident the Group will be able to deliver the restructured business and the forecast that sets out a plan to return the Group to profit and operating cash flow positive and that if there is any delay in this process the Group is confident of continuing as a going concern through having adequate financial reserves in its standby facility from Cullen Investments Limited. The major shareholder has committed to a facility for at least the next 18 months to cover a worst case scenario of cash requirements should the Group experience a shortfall in cash from either not meeting its forecast income statement and cash flow, or needing to accelerate a payment to an outstanding creditor or debt provider. As a result the Director has prepared the financial report on a going concern basis. |
Basis for consolidation | (b) Basis for consolidation Subsidiaries Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet respectively. When the group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. |
Business combinations | (c) Business combinations Business combinations are accounted for by applying the acquisition method which requires an acquiring entity to be identified in all cases. The acquisition date under this method is the date that the acquiring entity obtains control over the acquired entity. The fair value of identifiable assets and liabilities acquired are recognised in the consolidated financial statements at the acquisition date. Goodwill or a gain on bargain purchase may arise on the acquisition date, this is calculated by comparing the consideration transferred and the amount of non-controlling interest in the acquiree with the fair value of the net identifiable assets acquired. Where consideration is greater than the net assets acquired, the excess is recorded as goodwill. Where the net assets acquired are greater than the consideration, the measurement basis of the net assets are reassessed and then a gain from bargain purchase recognised in profit or loss. All acquisition-related costs are recognised as expenses in the periods in which the costs are incurred except for costs to issue debt or equity securities. Any contingent consideration which forms part of the combination is recognised at fair value at the acquisition date. If the contingent consideration is classified as equity then it is not remeasured and the settlement is accounted for within equity. Otherwise subsequent changes in the value of the contingent consideration liability are measured through profit or loss. |
Income Tax | (d) Income Tax The tax expense/(benefit) recognised in the consolidated statements of profit or loss and other comprehensive income comprises of current income tax expense plus deferred tax expense/(benefit). Current tax is the amount of income taxes payable/(recoverable) in respect of the taxable profit/(loss) for the period and is measured at the amount expected to be paid to/(recovered from) the taxation authorities, using the tax rates and laws that have been enacted or substantively enacted by each jurisdiction by the end of the reporting period. Current tax liabilities/(assets) are measured at the amounts expected to be paid to/(recovered from) the relevant taxation authority. Deferred tax is provided on temporary differences which are determined by comparing the carrying amounts of tax bases of assets and liabilities to the carrying amounts in the consolidated financial statements. Deferred tax is not provided for the following: · The initial recognition of an asset or liability in a transaction that is not a business combination and at the time of the transaction, affects neither accounting profit nor taxable profit/(tax loss). · Taxable temporary differences arising on the initial recognition of goodwill. · Temporary differences related to investment in subsidiaries, associates and jointly controlled entities to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by each jurisdiction by the end of the reporting period. Deferred tax assets are recognised for all deductible temporary differences and unused tax losses to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and losses can be utilised. Current and deferred tax is recognised as income or an expense and included in profit or loss for the period except where the tax arises from a transaction which is recognised in other comprehensive income or equity, in which case the tax is recognised in other comprehensive income or equity respectively. In determining the amount of current and deferred income tax, the Company takes into account the impact of uncertain income tax positions and whether additional taxes and interest may be due. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact the income tax expense in the period that such a determination is made. |
Leases | (e) Leases Leases of fixed assets where substantially all the risks and benefits incidental to the ownership of the asset, but not the legal ownership that are transferred to entities in the Group, are classified as finance leases. Finance leases are capitalised by recording an asset and a liability at the lower of the amounts equal to the fair value of the leased property or the present value of the minimum lease payments, including any guaranteed residual values. Lease payments are allocated between the reduction of the lease liability and the lease interest expense for the period. Lease payments for operating leases, where substantially all of the risks and benefits remain with the lessor, are charged as expenses on a straight-line basis over the life of the lease term. Lease incentives under operating leases are recognised as a liability and amortised on a straight-line basis over the life of the lease term. |
Revenue and other income | (f) Revenue and other income Revenue is recognised when the amount of the revenue can be measured reliably, it is probable that economic benefits associated with the transaction will flow to the Group and specific criteria relating to the type of revenue as noted below, has been satisfied. Revenue is measured at the fair value of the consideration received or receivable and is presented net of returns, discounts and rebates. The Group assess the expected customer returns and rebates according to the specific information in its possession and its past experience in similar cases. Sale of goods Sales of goods through retail stores, e-commerce and wholesale channels are recognised when there has been a transfer of risk and rewards to the customer. Risks and rewards transfer at point of sale for retail stores sales. For wholesale and e-commerce sales, risks and rewards are transferred when goods are delivered to customers, and therefore reflects an estimate of shipments that have not been received at year end based on shipping terms and historical delivery times. The company also provides a reserve for projected merchandise returns based on prior experience. The company sells gift cards to customers. The company recognises revenue from gift cards when they are redeemed by the customers. In addition, the company recognises revenue on unredeemed gift cards after one year when the gift cards have expired. Interest revenue Interest is recognised using the effective interest method. Dividend revenue Dividends are recognised when the entity’s right to receive payment is established. Rendering of services Revenue from service transactions are recognised as services are performed. Other income Other income is recognised on an accruals basis when the Group is entitled to it. |
Brand management, administrative and corporate expenses | (g) Brand management, administrative and corporate expenses Corporate expenses includes head office costs such as human resources, finance team and rental costs. Administrative expenses includes depreciation and amortisation, as well as professional accounting fees. Brand management expenses includes other costs incurred in selling products, including advertising, design and retail store occupancy and payroll. |
Borrowing costs | (h) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowing pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised as an expense in the period in which they are incurred. |
Inventories | (i) Inventories Inventories are measured at the lower of cost and net realisable value. Cost of inventory is determined using the weighted average costs basis and is net of any rebates and discounts received. Net realisable value represents the estimated selling price for inventories less costs necessary to make the sale. Net realisable value is estimated using the most reliable evidence available at the reporting date and inventory is written down through an obsolescence provision if necessary. |
Property, plant and equipment | (j) Property, plant and equipment Plant and equipment Plant and equipment are measured using the cost model. Under the cost model the asset is carried at its cost less any accumulated depreciation and any impairment losses. Costs include purchase price and other directly attributable costs associated with locating the asset to the installation site, where applicable. Depreciation Property, plant and equipment, is depreciated on a straight-line basis over the assets useful life to the Group, commencing when the asset is ready for use. Fixed asset class Useful life Leasehold improvements 1 - 10 years Plant, furniture, fittings and motor vehicles 3 - 7 years At the end of each annual reporting period, the depreciation method, useful life and residual value of each asset is reviewed. Any revisions are accounted for prospectively as a change in accounting estimate. |
Financial instruments | (k) Financial instruments Financial instruments are recognised initially using trade date accounting, i.e. on the date that the Group becomes party to the contractual provisions of the instrument. On initial recognition, all financial instruments are measured at fair value plus transaction costs (except for instruments measured at fair value through profit or loss where transaction costs are expensed as incurred). Financial Assets Financial assets are divided into the following categories which are described in detail below: · loans and receivables; and · financial assets at fair value through profit or loss. Financial assets are assigned to the different categories on initial recognition, depending on the characteristics of the instrument and its purpose. A financial instrument’s category is relevant to the way it is measured and whether any resulting income and expenses are recognised in profit or loss or in other comprehensive income. All income and expenses relating to financial assets are recognised in the consolidated statements of profit or loss and other comprehensive income in the ‘finance income’ or ‘finance costs’ line item respectively. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise principally through the provision of goods and services to customers but also incorporate other types of contractual monetary assets. After initial recognition these are measured at amortised cost using the effective interest method, less provision for impairment. Any change in their value is recognised in profit or loss. The Group’s trade and other receivables fall into this category of financial instruments. Significant receivables are considered for impairment on an individual asset basis when they are past due at the reporting date or when objective evidence is received that a specific counterparty will default. The amount of the impairment is the difference between the net carrying amount and the present value of the future expected cash flows associated with the impaired receivable. In some circumstances, the Group renegotiates repayment terms with customers which may lead to changes in the timing of the payments, the Group does not necessarily consider the balance to be impaired, however assessment is made on a case-by-case basis. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss include financial assets: · acquired principally for the purpose of selling in the near future · designated by the entity to be carried at fair value through profit or loss upon initial recognition or · which are derivatives not qualifying for hedge accounting. The Group has some derivatives which are classified as financial assets at fair value through profit or loss. Assets included within this category are carried in the consolidated balance sheets at fair value with changes in fair value recognised in finance income or expenses in profit or loss. Any gain or loss arising from derivative financial instruments is based on changes in fair value, which is determined by direct reference to active market transactions or using a valuation technique where no active market exists. Financial liabilities Financial liabilities are classified as either financial liabilities ‘at fair value through profit or loss’ or other financial liabilities depending on the purpose for which the liability was acquired. Although the Group uses derivative financial instruments in economic hedges of currency and interest rate risk, it does not hedge account for these transactions. The Group’s financial liabilities include borrowings, trade and other payables (including finance lease liabilities), which are measured at amortised cost using the effective interest rate method. All of the Group’s derivative financial instruments that are not designated as hedging instruments are accounted for at fair value through profit or loss. Impairment of financial assets At the end of the reporting period the Group assesses whether there is any objective evidence that a financial asset or group of financial assets is impaired. Financial assets at amortised cost If there is objective evidence that an impairment loss on financial assets carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of the estimated future cash flows discounted at the financial assets original effective interest rate. Impairment on loans and receivables is reduced through the use of an allowance accounts, all other impairment losses on financial assets at amortised cost are taken directly to the asset. Subsequent recoveries of amounts previously written off are credited against other expenses in profit or loss. |
Impairment of non-financial assets | (l) Impairment of non-financial assets At the end of each reporting period the Group determines whether there is an evidence of an impairment indicator for non-financial assets. Where an indicator exists and regardless for goodwill, indefinite life intangible assets and intangible assets not yet available for use, the recoverable amount of the asset is estimated. Where assets do not operate independently of other assets, the recoverable amount of the relevant cash-generating unit (CGU) is estimated. The recoverable amount of an asset or CGU is the higher of the fair value less costs of disposal and the value in use. Value in use is the present value of the future cash flows expected to be derived from an asset or cash-generating unit. Where the recoverable amount is less than the carrying amount, an impairment loss is recognised in profit or loss. Reversal indicators are considered in subsequent periods for all assets which have suffered an impairment loss, except for goodwill. |
Cash and cash equivalents | (m) Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities in the balance sheet. |
Trade receivables | (n) Trade receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. |
Trade and other payables | (o) Trade and other payables These amounts represent liabilities for goods and services provided to the group prior to the end of financial year which are unpaid. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method. |
Intangibles | (p) Intangibles Goodwill Goodwill is carried at cost less accumulated impairment losses. Goodwill is calculated as the excess of the sum of: i) the consideration transferred; ii) any non-controlling interest; and iii) the acquisition date fair value of any previously held equity interest; over the acquisition date fair value of net identifiable assets acquired in a business combination. The value of goodwill recognised on acquisition of each subsidiary in which the Group holds less than a 100% interest will depend on the method adopted in measuring the aforementioned non-controlling interest. The Group can elect to measure the non-controlling interest in the acquiree either at fair value (‘full goodwill method’) or at the non-controlling interest’s proportionate share of the subsidiary’s identifiable net assets (‘proportionate interest method’). The Group determines which method to adopt for each acquisition. Patents and licences Separately acquired patents and licences are shown at historical cost. Licenses and customer contracts acquired in a business combination are recognised at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Licence fees have an estimated useful life of 5 years Software Software has a finite life and is carried at cost less any accumulated amortisation and impairment losses. It has an estimated useful life of between one and three years. Brands Brand assets relate to brands owned by the Group that have arisen on historical acquisitions. These assets were initially measured at fair value. Brands are considered to have an indefinite life and are therefore not amortised. They are considered to have indefinite lives because there is no foreseeable limit to the period over which the asset is expected to generate net cash flows for the entity. The brands have been in existence for many years, are well established and show no signs of deteriorating. They are assessed for impairment annually or more frequently if impairment indicators exist. Amortisation Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets, other than goodwill and brands, from the date that they are available for use. Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Goodwill and indefinite life brands are not amortised but are tested for impairment annually or more frequently if impairment indicators exist. Goodwill is allocated to the Group's cash generating units or groups of cash generating units, which represent the lowest level at which goodwill is monitored but where such level is not larger than an operating segment. Gains and losses on the disposal of an entity include the carrying amount of goodwill related to the entity sold. |
Employee benefits | (q) Employee benefits (i) Short-term obligations Liabilities for wages and salaries, including non-monetary benefits and accumulating sick leave that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. (ii) Other long-term employee benefit obligations The liabilities for long service leave and annual leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or loss. The obligations are presented as current liabilities in the balance sheet if the entity does not have an unconditional right to defer settlement for at least twelve months after the reporting period, regardless of when the actual settlement is expected to occur. |
Provisions | (r) Provisions Provisions are recognised when the Group has a legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will result and that outflow can be reliably measured. Provisions are measured at the present value of management's best estimate of the outflow required to settle the obligation at the end of the reporting period. The discount rate used is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the unwinding of the discount is taken to finance costs in the consolidated statements of profit or loss and other comprehensive income. Provisions recognised represent the best estimate of the amounts required to settle the obligation at the end of the reporting period. (i) Lease incentive provision Lease contributions include payment for improvements initially funded by the landlord. The improvement asset is capitalised and a provision for the amount of landlord contribution is recognised. The provision is released on a monthly basis over the term of the lease of the property. (ii) Onerous contract provision The Group provides for future losses on long-term contracts where it is considered probable that the contract costs are likely to exceed revenues in future years. A provision is required for the present value of future losses. Estimating these future losses involves a number of assumptions about the achievement of contract performance targets and the likely levels of future cost escalation over time. (iii) Make good provision The Group is required to restore the lease premises of various retail stores to their original condition at the end of the respective lease terms. Provisions for make good obligations are recognised when the group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. A provision is recognised for the present value of the estimated expenditure required to remove any leasehold improvements. These costs have been capitalised as part of the cost of leasehold improvements and are amortised over the lease term. |
Earnings/(loss) per share | (s) Earnings/(loss) per share (i) Basic earnings/(loss) per share Basic earnings/(loss) per share is calculated by dividing: · the profit/(loss) attributable to owners of the Company, excluding any costs of servicing equity other than ordinary shares · by the weighted average number of ordinary shares outstanding during the financial year. (ii) Diluted earnings/(loss) per share Diluted earnings/(loss) per share adjusts the figures used in the determination of basic earnings per share to take into account: · the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and · the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares. For periods in which the Company has reported net losses, diluted net loss per share attributable to common shareholders is the same as basic net loss per share attributable to common stockholders, since their impact would be anti-dilutive to the calculation of net loss per share. |
Borrowings | (t) Borrowings Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Where the terms of a financial liability are renegotiated and the entity issues equity instruments to a creditor to extinguish all or part of the liability (debt for equity swap), a gain or loss is recognised in profit or loss, which is measured as the difference between the carrying amount of the financial liability and the fair value of the equity instruments issued. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. |
Convertible Notes | (u) Convertible Notes On issuance of the convertible notes, an assessment is made to determine whether the convertible notes contain an equity instrument or whether the whole instrument should be classified as a financial liability. When it is determined that the whole instrument is a financial liability and no equity instrument is identified (for example for foreign-currency-denominated convertibles notes), the conversion option is separated from the host debt and classified as a derivative liability. The carrying value of the host contract (a contract denominated in a foreign currency) at initial recognition is determined as the difference between the consideration received and the fair value of the embedded derivative. The host contract is subsequently measured at amortised cost using the effective interest rate method. The embedded derivative is subsequently measured at fair value at the end of each reporting period through the profit and loss. The convertible note and the derivative are presented as a single number on the balance sheet within interest-bearing loans and borrowings. When it is determined that the instrument contains an equity component based on the terms of the contract, on issuance of the convertible notes, the fair value of the liability component is determined using a market rate for an equivalent non-convertible bond. This amount is classified as a financial liability measured at amortised cost (net of transaction costs) until it is extinguished on conversion or redemption. The remainder of the proceeds is allocated to the conversion option that is recognised and included in equity. Transaction costs are deducted from equity, net of associated income tax. The carrying amount of the conversion option is not re-measured in subsequent years. |
Share capital | (v) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. |
Foreign currency transactions and balances | (w) Foreign currency transactions and balances Each of the entities within the Group prepare their financial statements based on the currency of the primary economic environment in which the entity operates (functional currency). The consolidated financial statements are presented in New Zealand dollars which is the parent entity’s functional and presentation currency. Transaction and balances Foreign currency transactions are recorded at the spot rate on the date of the transaction. At the end of the reporting period: · Foreign currency monetary items are translated using the closing foreign currency rate; · Non-monetary items that are measured at historical cost are translated using the exchange rate at the date of the transaction; and · Non-monetary items that are measured at fair value are translated using the rate at the date when fair value was determined. Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition or in prior reporting periods are recognised through profit or loss, except where they relate to an item of other comprehensive income or whether they are deferred in equity as qualifying hedges. Group companies The financial results and position of foreign operations whose functional currency is different from the Group's presentation currency are translated as follows: · assets and liabilities are translated at period-end exchange rates prevailing at that reporting date; · income and expenses are translated at average exchange rates for the period where the average rate approximates the rate at the date of the transaction; and · retained earnings are translated at the exchange rates prevailing at the date of the transaction. Exchange differences arising on translation of foreign operations are transferred directly to the Group's foreign currency translation reserve in the consolidated balance sheets. These differences are recognised in the consolidated statements of profit or loss and other comprehensive income in the period in which the operation is disposed. |
Adoption of new and revised accounting standards | (x) Adoption of new and revised accounting standards During the current period, there have been no new or revised accounting standards that have become mandatory, which have had a material impact (in the current year or retrospectively) upon the measurement of assets, liabilities, equity, income or expenses, nor upon the disclosures required in this financial report. |
New Accounting Standards and Interpretations | (y) New Accounting Standards and Interpretations Certain new accounting standards and interpretations have been published that are not mandatory for 31 January 2018 reporting periods and have not been early adopted by the Group. The Group’s assessment of the impact of these new standards and interpretations is set out below. Mandatory application Title of date/Date of Standard Nature of change Impact adoption by Group IFRS 9 Financial Instruments IFRS 9 addresses the classification, measurement and derecognition of financial assets and financial liabilities and introduces new rules for hedge accounting. In December 2014, the IASB made further changes to the classification and measurement rules and also introduced a new impairment model. These latest amendments now complete the new financial instruments standard. Following the changes approved by the IASB in December 2014, the Group no longer expects any impact from the new classification, measurement and derecognition rules on the Group's financial assets and financial liabilities. There will also be no impact on the Group's accounting for financial liabilities, as the new requirements only affect the accounting for financial liabilities that are designated at fair value through profit or loss and the Group does not have any such liabilities. The new impairment model is an expected credit loss (ECL) model which may result in the earlier recognition of credit losses. The Group does not expect any material impact on transition to the new model. Must be applied for financial years commencing on or after 1 January 2018. The Group will adopt IFRS 9 for the financial year beginning 1 February 2018. IFRS 15 Revenue from Contracts with Customers The IASB has issued a new standard for the recognition of revenue. This will replace IAS 18 which covers contracts for goods and services and IAS 11 which covers construction contracts. The new standard is based on the principle that revenue is recognised when control of a good or service transfers to a customer so the notion of control replaces the existing notion of risks and rewards. The standard permits a modified retrospective approach for the adoption. Under this approach entities will recognise transitional adjustments in retained earnings on the date of initial application (e.g. 1 February 2018), i.e. without restating the comparative period. The new rules are applied to contracts that are not completed as of the date of initial application. Management is currently assessing the impact of the new Standard Management have yet to quantify the potential impact of any adjustments. Mandatory for financial years commencing on or after 1 January 2018. Expected date of adoption by the Group: 1 February 2018. IFRS 16 Leases The IASB has issued a new standard for leases. This will replace IAS 17. The main impact on lessees is that almost all leases go on balance sheet. This is because the balance sheet distinction between operating and finance leases is removed for lessees. Instead, under the new standard an asset (the right to use the leased item) and a financial liability to pay rentals are recognised. The only exemptions are short-term and low-value leases. Management is currently assessing the impact of the new rules and believes the adoption of the provisions of this update will have a material impact on the Company's consolidated financial statements. The new standard will require that we record a liability and a related asset on the balance sheet for our leased facilities. Management have yet to quantify the potential impact of any adjustments. Management is currently assessing the impact of the new rules and believes the adoption of the provisions of this update will have a material impact on the Company's consolidated financial statements. Mandatory for financial years commencing on or after 1 January 2019. Expected date of adoption by the Group: 1 February 2019. IFRC 23 Uncertainty over Income Tax Treatments (IFRIC 23) On June 7, 2017, the IASB issued IFRIC 23, Uncertainty over Income Tax Treatments ("IFRIC 23"). IFRIC 23 clarifies the application of recognition and measurement requirements in IAS 12, Income Taxes, when there is uncertainty over income tax treatments. The IFRIC 23 interpretation specifically addresses whether an entity considers uncertain tax treatments separately; the assumptions an entity makes about the examination of tax treatments by taxation authorities; how an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates; and how an entity considers changes in facts and circumstances. The Company is currently evaluating the impact of adopting this standard on the consolidated financial statements. IFRIC 23 is effective for annual periods beginning on or after January 1, 2019, with earlier application permitted. There are no other standards that are not yet effective and that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions. |
Operating segments | Operating segments Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The executive directors are the chief operating decision maker, responsible for allocating resources and assessing performance of the operating segments. |
Summary of Significant Accoun40
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Disclosure Of Detailed Information About Useful Lives Property Plant And Equipment Explanatory [text block] | Fixed asset class Useful life Leasehold improvements 1 - 10 years Plant, furniture, fittings and motor vehicles 3 - 7 years |
Revenue and Other Income (Table
Revenue and Other Income (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Revenue and Other Income [Abstract] | |
Disclosure of detailed information about revenue from continuing operations [Text Block] | Revenue from continuing operations For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Gross revenue 145,452 104,007 163,481 149,403 Rebates (14,064) (7,723) (12,481) (10,565) 131,388 96,284 151,000 138,838 Sale of goods - Retail 53,150 34,460 58,837 56,494 - Wholesale 45,901 43,379 77,729 76,570 - Online 32,234 18,157 6,724 5,750 131,285 95,996 143,290 138,814 Services - - 7,702 - Other income 103 288 8 24 131,388 96,284 151,000 138,838 |
Loss for the Period (Tables)
Loss for the Period (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
profit loss from operating activitiesprofit loss from operating activities [Abstract] | |
Disclosure of detailed information about profit loss from operating activities [text block] | The loss for the period was derived after charging / (crediting) the following items that are unusual and of significance because of their size, nature and incidence: For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Finance Costs - Interest expense on external borrowings 5,431 2,923 3,140 2,476 - Interest expense on shareholder loans 2,807 3,040 7,042 3,192 - Interest expense on finance lease - - - 50 - Amortisation on loan set up costs 553 275 227 152 8,791 6,238 10,409 5,870 Other (gains)/losses - Fair value (gain)/loss on foreign exchange contracts (502) 2,135 7,660 (6,330) - Net foreign exchange(gains)/losses (255) 1,171 (5,237) 1,630 (757) 3,306 2,423 (4,700) For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Brand transition, restructure and transaction expenses - Brand transition expenses - - 884 10,160 - Onerous contracts (265) 1,166 789 329 - Restructure expenses 215 103 559 111 - Transaction expenses 3,322 52 - 1,582 3,272 1,321 2,232 12,182 |
Disclosure of detailed information about profit loss from operating activities in connection with specific expenses [text block] | The loss for the period includes the following specific expenses: For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Employee benefits expense: - Salaries and wages 33,613 19,917 33,666 31,266 - Defined contribution expenses 545 1,022 1,588 1,466 34,158 20,939 35,254 32,732 Depreciation 2,724 1,664 2,966 3,359 Amortisation 306 178 323 891 Impairment loss 1,914 292 2,157 - 4,944 2,134 5,446 4,250 Rental expense on operating leases: - Lease payments 10,807 6,485 11,034 10,488 - Sublease payments received (483) (354) (567) (475) 10,324 6,131 10,467 10,013 |
Income Tax Expense_(benefit) (T
Income Tax Expense/(benefit) (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Income taxes [Abstract] | |
Disclosure of detailed information about major components of tax expense income [text block] | For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Current tax Current tax on profits for the period 537 807 301 313 Adjustments for current tax of prior periods (477) 58 (344) 412 Total current tax expense/(benefit) 60 865 (43) 725 Deferred tax expense/(benefit) Decrease/(increase) in deferred tax assets (note 25) - - 5,589 (1,999) Income tax expense/(benefit) for continuing operations 60 865 5,546 (1,274) |
Disclosure of detailed information about reconciliation of accounting profit multiplied by applicable tax rates [text block] | Reconciliation of income tax to accounting profit: For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Loss before income tax (37,533) (15,114) (15,200) (14,379) Tax at New Zealand tax rate of 28% (2017: 28%, 2016: 28%, 2015: 28%) (10,509) (4,232) (4,256) (4,026) Tax effect of: - permanent differences (including impairment expense) (105) (6) 757 23 - adjustments in respect of current income tax of previous years (449) 41 (237) 378 - effects of different tax rates of subsidiaries operating in other jurisdictions (30) (15) (42) (382) - deferred tax assets relating to prior periods no longer recognised (note 25) - - 5,589 - - deferred tax assets relating to the current year not brought to account 11,150 5,119 3,934 2,630 - other 3 (42) (199) 103 Income tax expense/(benefit) 60 865 5,546 (1,274) |
Disclosure of detailed information about tax losses not recognised [text block] | Tax losses not recognised For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Unused tax losses for which no deferred tax asset has been recognised 87,455 43,269 23,765 10,236 Potential tax benefit at 28% 24,487 12,115 6,654 2,866 |
Disclosure of detailed information about temporary differences not recognised [text block] | Temporary differences not recognised For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Temporary differences for which no deferred tax asset has been recognised 14,661 18,703 19,924 - Potential tax benefit at 28% 4,105 5,237 5,579 - |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Operating Segments [Abstract] | |
Disclosure of detailed information about reconciliation of segment revenue to consolidated statements of profit or loss and other comprehensive income [text block] | Reconciliation of segment revenue to consolidated statements of profit or loss and other comprehensive income: For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Total segment revenue 156,311 113,031 176,145 166,553 Intersegment eliminations (24,923) (16,747) (32,855) (27,739) Other revenue - - 7,710 24 Total revenue 131,388 96,284 151,000 138,838 |
Disclosure of detailed information about reconciliation of segment earnings before interest, tax, depreciation and amortisation to consolidated statements of profit or loss and other comprehensive income [text block] | The Board meets on a monthly basis to assess the performance of each segment, net operating profit does not include non-operating revenue and expenses such as dividends, fair value gains and losses. For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Segment EBITDA (24,053) (2,126) 10,470 3,420 Income tax (expense)/benefit (60) (865) (5,546) 1,274 Other revenue - - 7,710 24 Any other reconciling items (13,480) (12,988) (33,380) (17,823) Total net loss after tax (37,593) (15,979) (20,746) (13,105) |
Disclosure of geographical areas [text block] | In presenting information on the basis of geographical segments, segment revenue is based on the geographical location of customers whereas segment assets are based on the location of the assets. For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's New Zealand 46,665 30,676 62,109 54,834 Australia 38,208 32,913 53,193 51,997 United States 32,323 23,146 19,167 14,435 Europe 14,192 9,549 16,531 17,572 131,388 96,284 151,000 138,838 |
Disclosure of detailed information about segment performance [Text Block] | Segment performance NZ AU US EU NZ Retail AU Retail Wholesale Wholesale Wholesale Wholesale e-commerce Unallocated Total For the year ended 31 January 2018 NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's Revenue from external customers 34,269 18,236 10,453 15,512 6,390 14,192 32,234 - 131,286 Service income - - - - - - - 102 102 34,269 18,236 10,453 15,512 6,390 14,192 32,234 102 131,388 Cost of sales (16,488) (9,457) (8,213) (12,545) (6,438) (10,221) (20,974) (3,123) (87,459) Gross margin 17,781 8,779 2,240 2,967 (48) 3,971 11,260 (3,021) 43,929 Other segment expenses* (13,451) (11,329) (1,068) (3,781) (3,301) (2,904) (11,520) - (47,354) Unallocated expenses Administrative expenses - - - - - - - (1,101) (1,101) Corporate expenses - - - - - - - (19,150) (19,150) Other foreign exchange gain/loss - - - - - - - (377) (377) EBITDA 4,330 (2,550) 1,172 (814) (3,349) 1,067 (260) (23,649) (24,053) Brand transition, restructure and transaction expenses - - - - - - - (3,272) (3,272) Finance expense - - - - - - - (8,791) (8,791) Impairment expense - - - - - - - (1,914) (1,914) Depreciation and amortisation - - - - - - - (3,030) (3,030) Fair value gain/(loss) on foreign exchange contracts - - - - - - - (502) (502) Unrealised foreign exchange gain/(loss) - - - - - - - 1,636 1,636 Fair value gain/(loss) on Convertible Notes derivative - - - - - - - 2,393 2,393 Loss before income tax expense 4,330 (2,550) 1,172 (814) (3,349) 1,067 (260) (37,129) (37,533) Income tax expense - - - - - - - (60) (60) Loss after income tax expense 4,330 (2,550) 1,172 (814) (3,349) 1,067 (260) (37,189) (37,593) NZ AU US EU NZ Retail AU Retail Wholesale Wholesale Wholesale Wholesale e-commerce Unallocated Total For the 7 months ended 31 January 2017 NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's Revenue from external customers 21,953 12,053 7,484 18,091 9,015 9,548 18,140 - 96,284 21,953 12,053 7,484 18,091 9,015 9,548 18,140 - 96,284 Cost of sales (9,707) (5,592) (4,961) (11,431) (6,934) (6,277) (11,902) (340) (57,144) Gross margin 12,246 6,461 2,523 6,660 2,081 3,271 6,238 (340) 39,140 Other segment expenses* (7,480) (6,196) (475) (2,089) (2,065) (2,013) (3,654) (8,068) (32,040) Unallocated expenses Administrative expenses - - - - - - - (541) (541) Corporate expenses - - - - - - - (8,082) (8,082) Other foreign exchange gain/loss - - - - - - - (603) (603) EBITDA 4,766 265 2,048 4,571 16 1,258 2,584 (17,634) (2,126) Brand transition, restructure and transaction expenses - - - - - - - (1,321) (1,321) Finance expense - - - - - - - (6,238) (6,238) Impairment expense - (281) - - - - - (11) (292) Depreciation and amortisation expense - - - - - - - (1,842) (1,842) Fair value gain/(loss) on foreign exchange contracts - - - - - - - (2,135) (2,135) Unrealised foreign exchange (gain)/loss - - - - - - - (568) (568) Fair value (gain)/loss on Convertible Note derivative - - - - - - - (592) (592) Loss before income tax expense 4,766 (16) 2,048 4,571 16 1,258 2,584 (30,341) (15,114) Income tax expense - - - - - - - (865) (865) Loss after income tax expense 4,766 (16) 2,048 4,571 16 1,258 2,584 (31,206) (15,979) * Other segment expenses relate to brand management expenses and some corporate expenses. NZ AU US EU NZ Retail AU Retail Wholesale Wholesale Wholesale Wholesale e-commerce Unallocated Total For the year ended 30 June 2016 NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's Revenue from external customers 37,389 20,680 15,071 28,021 18,876 16,531 6,722 - 143,290 Service income - - - - - - - 7,702 7,702 Other income - - - - - - - 8 8 37,389 20,680 15,071 28,021 18,876 16,531 6,722 7,710 151,000 Cost of sales (16,053) (8,930) (10,721) (18,056) (14,540) (11,658) (3,582) 15 (83,525) Gross margin 21,336 11,750 4,350 9,965 4,336 4,873 3,140 7,725 67,475 Other segment expenses* (12,263) (9,835) (709) (3,520) (2,817) (3,204) (2,039) (13,975) (48,362) Unallocated expenses Administrative expenses - - - - - - - (801) (801) Corporate expenses - - - - - - - (13,002) (13,002) Other foreign exchange gain/loss - - - - - - - 5,160 5,160 EBITDA 9,073 1,915 3,641 6,445 1,519 1,669 1,101 (14,893) 10,470 Brand transition, restructure and transaction expenses - - - - - - - (2,232) (2,232) Finance expense - - - - - - - (10,409) (10,409) Impairment expense - - - - - - - - - Depreciation and amortisation expense - - - (2,157) - - - (3,289) (5,446) Fair value gain/(loss) on foreign exchange contracts - - - - - - - (7,660) (7,660) Unrealised foreign exchange (gain)/loss - - - - - - - 77 77 Loss before income tax expense 9,073 1,915 3,641 4,288 1,519 1,669 1,101 (38,406) (15,200) Income tax expense - - - - - - - (5,546) (5,546) Loss after income tax expense 9,073 1,915 3,641 4,288 1,519 1,669 1,101 (43,952) (20,746) * Other segment expenses relate to brand management expenses and some corporate expenses. NZ AU US EU NZ Retail AU Retail Wholesale Wholesale Wholesale Wholesale e-commerce Unallocated Total For the year ended 30 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's Revenue from external customers 37,089 18,491 16,333 29,817 13,853 17,548 5,683 - 138,814 - - - - - - - 24 24 37,089 18,491 16,333 29,817 13,853 17,548 5,683 24 138,838 Cost of sales (16,270) (8,066) (10,978) (18,461) (10,929) (11,258) (3,072) 3 (79,031) Gross margin 20,819 10,425 5,355 11,356 2,924 6,290 2,611 27 59,807 Other segment expenses* (11,885) (7,624) (1,787) (2,449) (2,536) (3,266) (1,991) (10,665) (42,203) Unallocated expenses Administrative expenses - - - - - - - (441) (441) Corporate expenses - - - - - - - (13,940) (13,940) Other foreign exchange gain/loss - - - - - - - 197 197 EBITDA 8,934 2,801 3,568 8,907 388 3,024 620 (24,822) 3,420 Brand transition, restructure and transaction expenses - - - - - - - (12,182) (12,182) Finance expense - - - - - - - (5,870) (5,870) Depreciation and amortisation expense - - - - - - - (4,250) (4,250) Fair value gain/(loss) on foreign exchange contracts - - - - - - - 6,330 6,330 Unrealised foreign exchange (gain)/loss - - - - - - - (1,827) (1,827) Loss before income tax expense 8,934 2,801 3,568 8,907 388 3,024 620 (42,621) (14,379) Income tax expense - - - - - - - 1,274 1,274 Loss after income tax expense 8,934 2,801 3,568 8,907 388 3,024 620 (41,347) (13,105) * Other segment expenses relate to brand management expenses and some corporate expenses. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash and cash equivalents [Text Block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Cash on hand 54 48 47 52 Cash at bank 10,685 2,596 4,146 1,194 10,739 2,644 4,193 1,246 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Trade and other receivables [abstract] | |
Schedule of trade and other receivables [Text Block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Trade receivables 9,982 26,499 20,603 16,020 Provision for impairment (a) (326) (537) (268) (340) 9,656 25,962 20,335 15,680 Prepayments 1,792 1,779 2,659 935 Other receivables 1,717 349 347 206 13,165 28,090 23,341 16,821 |
Disclosure of impairment loss and reversal of impairment loss [text block] | Reconciliation of changes in the provision for impairment of receivables is as follows: For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Balance at beginning of the period (537) (268) (340) (368) Provision charged (92) (364) (16) - Reversal of impairment 316 80 88 28 Foreign exchange movement (13) 15 - - Balance at end of the period (326) (537) (268) (340) |
Analysis of age of financial assets that are past due but not impaired [text block] | The ageing analysis of receivables is as follows: 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's 0-30 days 7,945 14,883 12,769 14,209 31-60 days 335 2,566 1,934 466 61-90 days (past due not impaired) 489 2,166 1,081 472 61-90 days (considered impaired) - - - - 91+ days (past due not impaired) 1,213 6,884 4,551 533 91+ days (considered impaired) - - 268 340 9,982 26,499 20,603 16,020 |
Disclosure of transfers of financial assets [text block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Transferred receivables 9,790 11,649 14,599 - |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of inventories [Abstract] | |
Disclosure of detailed information about Inventories [Text Block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Finished goods 31,451 37,904 37,998 46,424 Provision for impairment (338) (153) (426) (764) 31,113 37,751 37,572 45,660 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment [text block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Plant, furniture, fittings and motor vehicles At cost 27,801 25,455 26,269 24,687 Accumulated depreciation (25,788) (23,182) (22,855) (21,176) 2,013 2,273 3,414 3,511 Leasehold Improvements At cost 10,762 10,132 10,640 11,111 Accumulated depreciation (8,034) (7,441) (7,845) (7,769) 2,728 2,691 2,795 3,342 Total property, plant and equipment 4,741 4,964 6,209 6,853 |
Disclosure of detailed information about movements in carrying amounts of property, plant and equipment [Text Block] | Movement in the carrying amounts for each class of property, plant and equipment between the beginning and the end of the current financial period: Plant, furniture, Leasehold fittings and improvements motor vehicles Total NZ$000's NZ$000's NZ$000's Year ended 31 January 2018 Balance at the beginning of period 2,691 2,273 4,964 Additions 285 2,032 2,317 Disposals (4) (118) (122) Depreciation expense (496) (2,228) (2,724) Foreign exchange movements 252 54 306 Balance at the end of the year 2,728 2,013 4,741 Plant, furniture, Leasehold fittings and improvements motor vehicles Total NZ$000's NZ$000's NZ$000's 7 months ended 31 January 2017 Balance at the beginning of period 2,795 3,414 6,209 Additions 241 482 723 Depreciation expense (296) (1,368) (1,664) Impairment - (281) (281) Foreign exchange movements (49) 26 (23) Balance at the end of the year 2,691 2,273 4,964 Plant, furniture, Leasehold fittings and Improvements motor vehicles Total NZ$000's NZ$000's NZ$000's Year ended 30 June 2016 Balance at the beginning of year 3,342 3,511 6,853 Additions 205 2,498 2,703 Disposals Depreciation expense (469) (2,497) (2,966) Foreign exchange movements (283) (98) (381) Balance at the end of the year 2,795 3,414 6,209 Plant, furniture, Plant under Leasehold fittings and finance lease Improvements motor vehicles Total NZ$000’s NZ$000's NZ$000's NZ$000's Year ended 30 June 2015 Balance at the beginning of year 461 3,841 1,038 5,340 Additions - 96 4,605 4,701 Depreciation expense (461) (657) (2,242) (3,360) Foreign exchange movements - 62 110 172 Balance at the end of the year - 3,342 3,511 6,853 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of detailed information about intangible assets [abstract] | |
Disclosure of detailed information about intangible assets [text block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Goodwill Cost - - 2,157 2,347 Accumulated impairment - - (2,157) - - - - 2,347 Patents and licences Cost 919 1,169 818 557 Accumulated amortisation and impairment (718) (573) (544) (540) 201 596 274 17 Brands Cost 12,463 12,036 12,105 12,702 Software Cost 15,788 17,308 17,312 17,131 Accumulated amortisation and impairment (15,440) (15,260) (15,116) (14,816) 348 2,048 2,196 2,315 Total Intangible assets 13,012 14,680 14,575 17,381 |
Disclosure of detailed information about movements in carrying amounts of intangible assets [Text Block] | Patents and Software licences Brands Goodwill Total NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's Year ended 31 January 2018 Balance at the beginning of the year 2,048 596 12,036 - 14,680 Additions 106 12 - - 118 Amortisation (163) (143) - - (306) Impairment (refer note 12(c)) (1,650) (264) - - (1,914) Foreign exchange movements 7 - 427 - 434 Closing value at 31 January 2018 348 201 12,463 - 13,012 Patents and Software licences Brands Goodwill Total NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's 7 months ended 31 January 2017 Balance at the beginning of the period 2,196 274 12,105 - 14,575 Additions - 351 - - 351 Amortisation (148) (30) - - (178) Foreign exchange movements - 1 (69) - (68) Closing value at 31 January 2017 2,048 596 12,036 - 14,680 Patents and Software licences Brands Goodwill Total NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's Year ended 30 June 2016 Balance at the beginning of the year 2,315 17 12,702 2,347 17,381 Additions 211 264 - - 475 Amortisation (316) (7) - - (323) Impairment - - - (2,157) (2,157) Foreign exchange movements (14) - (597) (190) (801) Closing value at 30 June 2016 2,196 274 12,105 - 14,575 Patents and Software licences Brands Goodwill Total NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's Year ended 30 June 2015 Balance at the beginning of the year 2,081 117 12,274 2,211 16,683 Additions 1,093 - - - 1,093 Amortisation (787) (104) - - (891) Foreign exchange movements (72) 4 428 136 496 Closing value at 30 June 2015 2,315 17 12,702 2,347 17,381 |
Disclosure of information for cash-generating units [text block] | For the purpose of impairment testing, goodwill is allocated to cash-generating units as below: For the Year For the 7 For the Year For the Year Ended Months Ended Ended Ended Description of the cash-generating unit (CGU) 31 January 2018 31 January 2017 30 June 2016 30 June 2015 NZ $000's NZ $000's NZ $000's NZ $000's Australia - - 2,157 2,347 Impairment expense - - (2,157) - - - - 2,347 |
Derivative Financial Instrume50
Derivative Financial Instruments (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure Of Derivative Financial Instruments [Abstract] | |
Disclosure of fair value of financial instruments [text block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Current assets Forward exchange contracts - - - 2,289 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Current liabilities Foreign exchange contracts 2,087 4,188 5,531 1 |
Derivative on Convertible Not51
Derivative on Convertible Notes (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure Of Derivative On Convertible Notes [Abstract] | |
Disclosure of detailed information about Derivative On Convertible Notes [Text Block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Derivative on Convertible Notes 1,110 4,112 - - |
Trade and Other Payables (Table
Trade and Other Payables (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of Trade and Other Payables [Abstract] | |
Disclosure of detailed information about Trade And Other Current Payables [Text Block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's CURRENT Trade payables 21,143 19,221 18,357 25,302 Accruals 9,568 7,503 6,934 9,096 Employee benefit liabilities 1,805 1,842 1,524 2,152 32,516 28,566 26,815 36,550 |
Disclosure of detailed information about Trade And Other Non Current Payables [Text Block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Employee benefit liabilities - - 118 150 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of borrowings [Abstract] | |
Disclosure of detailed information about borrowings [text block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 Note NZ$000's NZ$000's NZ$000's NZ$000's CURRENT Secured liabilities: Bank overdraft - - - 18,064 Shareholder loans 10,951 8,200 29,281 16,918 Lease liability 22 - - - 105 Bank loans 16,000 16,000 - 17,841 Debt issuance costs in relation to bank loan (218) (656) (565) (42) Working capital financing bank facility 22,489 31,710 32,877 3,387 Convertible notes 1,740 13,744 - - Other loan 1,159 - - - 52,121 68,998 61,593 56,273 The fair value of borrowings is not considered to be materially different to their carrying amounts. 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's NON-CURRENT Secured liabilities: Bank loans - - 16,000 - |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Provisions [abstract] | |
Disclosure of detailed information about provisions [Text Block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's CURRENT Lease contributions 412 480 342 353 Onerous contracts 264 377 - 233 Make good 430 671 513 200 1,106 1,528 855 786 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's NON-CURRENT Lease contributions 910 702 976 906 Onerous contracts - 176 275 361 Make good 1,801 1,371 1,304 1,500 2,711 2,249 2,555 2,767 |
Disclosure of detailed information about reconciliation of changes in other provisions [Text Block] | Lease Onerous contributions contracts Make good Total NZ$000's NZ$000's NZ$000's NZ$000's Opening balance at 1 February 2017 1,182 553 2,042 3,777 Additional provisions recognised 635 - 595 1,230 Unused amounts reversed - - (658) (658) Unwinding of discounts - - 271 271 Amounts used during the year (547) (289) (77) (913) Exchange differences 52 - 58 110 Balance at 31 January 2018 1,322 264 2,231 3,817 Opening balance at 1 July 2016 1,318 275 1,817 3,410 Additional provisions recognised 145 508 353 1,006 Unused amounts reversed - - (112) (112) Unwinding of discounts - - (9) (9) Amounts used during the period (269) (230) - (499) Exchange differences (12) - (7) (19) Balance at 31 January 2017 1,182 553 2,042 3,777 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of classes of share capital [abstract] | |
Disclosure Of Detailed Information About Share Capital [Text Block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's 306,028 (2017: 274,839, 2016: 250,000, 2015: 250,000) Ordinary shares 68,727 27,948 3,108 3,108 |
Disclosure Of Detailed Information About Ordinary Shares Explanatory [Text Block] | For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's At the beginning of the reporting period 27,948 3,108 3,108 3,108 Issuance of new shares 22,990 24,840 - - Convertible note maturity 17,789 - - - At the end of the reporting period 68,727 27,948 3,108 3,108 The Company does not have authorised capital or par value in respect of its shares. For the Year For the Year For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 Number Number Number Number At the beginning of the period 274,839 250,000 250,000 250,000 Shares issued during the period 31,189 24,839 - - At the end of the period 306,028 274,839 250,000 250,000 |
Disclosure Of Detailed Information About Other Equity Explanatory [Text Block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Value of conversion rights - convertible notes 17,789 - - - |
Disclosure of detailed information about gearing ratio [Text Block] | The gearing ratio is as follows: 2018 2017 30 June 2016 30 June 2015 Note NZ$000's NZ$000's NZ$000's NZ$000's Total borrowings 16 52,121 68,998 77,593 56,273 Less Cash and cash equivalents 8 (10,739) (2,644) (4,193) (1,246) Net debt 41,382 66,354 73,400 55,027 Equity (5,710) (9,044) (17,876) 2,839 Total Captial 35,672 57,310 55,524 57,866 Gearing ratio 116 % 116 % 132 % 95 % |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of reserves within equity [abstract] | |
Disclosure Of Detailed information about reserves within equity [Text Block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Foreign currency translation reserve Opening balance (2,154) (2,125) (2,156) (2,063) Transfers in 148 (29) 31 (93) Balance at the end of the period (2,006) (2,154) (2,125) (2,156) |
Loss per Share (Tables)
Loss per Share (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Earnings Per Share [Abstract] | |
Disclosure of detailed information about earning loss per share [Text Block] | (a) Basic and diluted loss per share For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$ NZ$ NZ$ NZ$ From continuing operations attributable to the ordinary equity holders of the company (131.38) (60.54) (82.86) (52.79) Total basic and diluted loss per share attributable to the ordinary equity holders of the company (131.38) (60.54) (82.86) (52.79) All convertible notes issued during the period are not included in the calculation of diluted loss per share because they are antidilutive in nature for the period ended 31 January 2018. These notes could potentially dilute earnings/loss per share in the future. (b) Reconciliation of loss used in calculating loss per share For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Basic and diluted loss per share Profit/(loss) attributable to the ordinary equity holders of the company used in calculating basic earnings per share: (37,445) (16,008) (20,715) (13,198) (c) Weighted average number of shares used as the denominator 31 January 31 January 30 June 30 June 2018 2017 2016 2015 Number Number Number Number Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share 285,019 264,441 250,000 250,000 |
Accumulated Losses (Tables)
Accumulated Losses (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Accumulated Losses [Abstract] | |
Disclosure of detailed information about retained earnings accumulated losses [Text Block] | For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's (Accumulated losses)/retained earnings at the beginning of the period (34,838) (18,859) 1,887 14,992 Loss for the period (37,593) (15,989) (20,746) (13,105) (Accumulated Losses)/Retained Earnings at end of the period (72,431) (34,848) (18,859) 1,887 |
Capital and Leasing Commitmen59
Capital and Leasing Commitments (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of capital and leasing commitments [Abstract] | |
Detailed information of finance leases explanatory [Text Block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Minimum lease payments: - not later than one year - - - 105 Minimum lease payments - - - 105 Less: finance changes - - - - Present value of minimum lease payments - - - 105 |
Disclosure of detailed information about operating leases explenatory [Text Block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Minimum lease payments under non-cancellable operating leases: - not later than one year 9,618 9,472 9,594 8,952 - between one year and five years 14,943 14,435 16,438 17,089 - later than five years 528 59 140 312 25,089 23,966 26,172 26,353 |
Disclosure of detailed information about Contracted Commitments explanatory [Text Block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Licence contract - not later than one year 3,797 3,652 3,696 3,147 - between one year and five years 12,009 15,917 16,775 15,808 - later than five years - - 2,283 6,652 15,806 19,569 22,754 25,607 |
Lessor Commitments (Tables)
Lessor Commitments (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of finance lease and operating lease by lessor [abstract] | |
Disclosure of finance lease and operating lease by lessor [text block] | The future minimum lease payments under non-cancellable leases are: 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's - no later than 1 year 166 503 620 431 - between 1 year and 5 years - 1,076 1,217 565 - greater than 5 years - - - - Total minimum lease payments 166 1,579 1,837 996 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of Financial Risk Management [Line Items] | |
Disclosure of financial risk management [text block] | Non-derivatives Non-derivatives Non-derivatives Non-derivatives Non-derivatives Derivatives Derivatives Derivatives Not later than 1 month 31 January 2018 26,482 - 21,143 - 47,625 13,577 (13,950) (373) 31 January 2017 56,333 - 19,221 - 75,554 2,078 (2,250) (172) 30 June 2016 63,054 - 18,357 - 81,411 6,636 (7,097) (461) 30 June 2015 22,322 66 25,302 - 47,690 - - - 1 to 3 months 31 January 2018 148 - - - 148 13,837 (14,453) (616) 31 January 2017 129 - - - 129 9,900 (11,326) (1,426) 30 June 2016 127 - - - 127 18,755 (20,454) (1,699) 30 June 2015 996 40 - - 1,036 1,841 (2,029) (188) 3 months to 1 year 31 January 2018 27,247 - - - 27,247 20,895 (21,993) (1,098) 31 January 2017 18,631 - - - 18,631 37,855 (40,445) (2,590) 30 June 2016 572 - - - 572 36,397 (39,766) (3,369) 30 June 2015 17,496 - - - 17,496 15,715 (17,133) (1,418) 1 to 5 years 31 January 2018 - - - - - - - - 31 January 2017 323 - - - 323 - - - 30 June 2016 16,763 - - 582 17,345 - - - 30 June 2015 16,981 - - 372 17,353 8,940 (9,623) (683) Non-derivatives Non-derivatives Non-derivatives Non-derivatives Non-derivatives Derivatives Derivatives Derivatives Total 31 January 2018 53,877 - 21,143 - 75,020 48,309 (50,396) (2,087) 31 January 2017 75,416 - 19,221 - 94,637 49,833 (54,021) (4,188) 30 June 2016 80,516 - 18,357 582 99,455 61,788 (67,317) (5,529) 30 June 2015 57,795 106 25,302 372 83,575 26,496 (28,785) (2,289) |
Disclosure of credit risk exposure [text block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Trade receivables Counterparty without external credit ratings New customer less than 6 months 12 187 1,046 1,046 Existing customers (more than 6 months with default in past) 9,970 26,312 19,557 19,557 Total trade receivables 9,982 26,499 20,603 20,603 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Credit ratings AA- 10,591 2,655 4,122 1,194 A+ 94 (11) 24 - 10,685 2,644 4,146 1,194 |
Disclosure of market risk [text block] | Foreign currency denominated financial assets and liabilities, translated into New Zealand Dollars at the closing rate, are as follows: AUD USD GBP EUR HKD Total NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's NZ$000's 31 January 2018 Trade receivables 328 199 - 1,376 - 1,903 Trade payables 781 11,209 74 29 53 12,146 Cash and cash equivalents 1,660 7,190 77 92 165 9,184 31 January 2017 Trade receivables 424 211 - 1,509 - 2,144 Trade payables 315 8,557 131 32 16 9,051 Cash and cash equivalents 926 401 131 388 28 1,874 30 June 2016 Trade receivables 531 30 - 1,828 - 2,389 Trade payables 203 12,438 117 8 35 12,801 Cash and cash equivalents 965 163 110 149 9 1,396 30 June 2015 Trade receivables 5 167 - 1,405 - 1,577 Trade payables 334 14,942 50 6 351 15,683 Cash and cash equivalents 422 194 135 103 60 914 |
Disclosure of detailed information about hedging instruments [text block] | Notional Amounts Average Exchange Rate 31 January 31 January 30 June 30 June 31 January 31 January 30 June 30 June Buy USD / sell NZD Settlement Less than 6 months 48,149 47,292 38,697 24,932 0.7061 0.6687 0.6473 0.7320 6 months to 1 year - 3,479 22,378 3,854 - 0.7186 0.6424 0.7136 Buy AUD / sell NZD Settlement NZ$000's NZ$000's NZ$000's NZ$000's $ $ $ $ Less than 6 months 2,247 2,250 5,242 - 0.8900 0.8890 0.9066 - Buy GBP / sell NZD Settlement NZ$000's NZ$000's NZ$000's NZ$000's $ $ $ $ Less than 6 months - 1,000 1,000 - - 0.5784 0.4181 - |
Disclosure of financial instruments by type of interest rate [text block] | Longer-term borrowings are therefore usually at fixed rates. At the reporting date, the Group is exposed to changes in market interest rates through its bank borrowings, which are subject to variable interest rates. 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Floating rate instruments Bank overdraft - - - 14,481 Working capital financing bank facility 22,489 31,710 32,877 3,387 Convertible notes 1,740 16,474 - - Borrowings 16,000 16,000 16,000 17,841 40,229 64,184 48,877 35,709 |
Currency risk [member] | |
Disclosure of Financial Risk Management [Line Items] | |
Sensitivity analysis for types of market risk [text block] | NZ$000's +10% -10% USD Net results/Equity (31 January 2018) (1,509) 1,509 Net results/Equity (31 January 2017) (1,196) 1,196 Net results/Equity (30 June 2016) (1,267) 1,267 Net results/Equity (30 June 2015) (797) 797 AUD Net results/Equity (31 January 2018) (805) 805 Net results/Equity (31 January 2017) 86 (86) Net results/Equity (30 June 2016) 75 (75) Net results/Equity (30 June 2015) 7 (7) GBP Net results/Equity (31 January 2018) (175) 175 Net results/Equity (31 January 2017) 34 (34) Net results/Equity (30 June 2016) (16) 16 Net results/Equity (30 June 2015) (3) 3 EUR Net results/Equity (31 January 2018) (136) 136 Net results/Equity (31 January 2017) 186 (186) Net results/Equity (30 June 2016) 142 (142) Net results/Equity (30 June 2015) 108 (108) HKD Net results/Equity (31 January 2018) (14) 14 Net results/Equity (31 January 2017) 1 (1) Net results/Equity (30 June 2016) (2) 2 Net results/Equity (30 June 2015) (21) 21 |
Interest Rate Risk [Member] | |
Disclosure of Financial Risk Management [Line Items] | |
Sensitivity analysis for types of market risk [text block] | The calculations are based on the financial instruments held at each reporting date. All other variables are held constant. NZ$000's 1.00% -1.00% NZ$000's NZ$000's Net results/Equity (31 January 2018) 420 (420) Net results/Equity (31 January 2017) 642 (642) Net results/Equity (30 June 2016) 352 (352) Net results/Equity (30 June 2015) 283 (283) |
Tax assets and liabilities (Tab
Tax assets and liabilities (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [abstract] | |
Reconciliation of changes in deferred tax liability asset [Text Block] | Opening Balance Charged to Income Charged directly to Equity Changes in Exchange Differences Closing Balance Deferred tax assets/(liabilities) Property, plant and equipment 1,251 417 - - 1,668 Doubtful debts 85 (5) - - 80 Provision for annual leave 273 23 - - 296 Provision for long service leave 66 13 - - 79 Other payroll provisions 142 (18) - - 124 General provisions 1,857 (1,524) - - 333 Inventories 125 90 - - 215 Carried forward tax losses 194 3,300 - - 3,494 Intangible assets (403) (297) - - (700) Balance at 30 June 2015 3,590 1,999 - - 5,589 Property, plant and equipment 1,668 (1,668) - - - Doubtful debts 80 (80) - - - Provision for annual leave 296 (296) - - - Provision for long service leave 79 (79) - - - Other payroll provisions 124 (124) - - - General provisions 333 (333) - - - Inventories 215 (215) - - - Carried forward tax losses 3,494 (2,864) - - 630 Intangible assets (700) 70 - - (630) Balance at 30 June 2016 5,589 (5,589) - - - Carried forward tax losses 630 - 630 Intangible assets (630) - (630) Balance at 31 January 2017 - - - - - Carried forward tax losses 630 - 630 Intangible assets (630) - (630) Balance at 31 January 2018 - - - - - |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of dividends [Abstract] | |
Disclosure Of detailed Information about dividends explanatory [Text Block] | 31 January 31 January 30 June 30 June 2018 2017 2016 2015 NZ$000's NZ$000's NZ$000's NZ$000's Australian franking credits available for subsequent financial years at a tax rate of 30% 3,995 3,757 3,808 4,113 New Zealand imputation credits available for subsequent financial years at a tax rate of 28% 236 235 235 235 |
Key Management Personnel Remu64
Key Management Personnel Remuneration (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Details of key management personnel remuneration [Abstract] | |
Disclosure of Detailed information about key management personnel [Text Block] | Key management personnel remuneration included within employee expenses for the period is shown below: For the Year For the 7 Ended Months Ended For the Year For the Year 31 January 31 January Ended 30 June Ended 30 June 2018 2017 2016 2015 NZ$ NZ$ NZ$ NZ$ Short-term employee benefits 1,742,530 1,492,015 1,751,710 2,039,156 1,742,530 1,492,015 1,751,710 2,039,156 |
Interests in Subsidiaries (Tabl
Interests in Subsidiaries (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of subsidiaries [abstract] | |
Disclosure of composition of group [text block] | Percentage Percentage Percentage Percentage Principal place of Owned (%)* Owned (%)* Owned (%)* Owned (%)* business / Country of 31 January 31 January 30 June 30 June Incorporation 2018 2017 2016 2015 Subsidiaries: Bendon Retail Limited New Zealand 100 100 100 100 Bendon Holdings Limited New Zealand 100 100 100 100 Bendon Holdings Pty Limited Australia 100 100 100 100 Bendon Pty Limited Australia 100 100 100 100 Bendon Intimates Pty Limited Australia 100 100 100 100 PS Holdings No. 1 Pty Limited Australia 100 100 100 100 Pleasure State Pty Limited Australia 100 100 100 100 Pleasure State (HK) Limited Hong Kong 100 100 100 100 Bendon UK Limited United Kingdom 100 100 100 100 Bendon USA Inc United States of America 100 100 100 100 *The percentage of ownership interest held is equivalent to the percentage voting rights for all subsidiaries. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of fair value measurement [Abstract] | |
Schedule Of Fair Value Measurement Of Assets And Liabilities [Text Block] | The table below shows the assigned level for each asset and liability held at fair value by the Group: Level 1 Level 2 Level 3 Total NZ$000's NZ$000's NZ$000's NZ$000's 31 January 2018 Recurring fair value measurements Financial assets Foreign exchange contracts - - - - Financial liabilities Foreign exchange contracts - 2,087 - 2,087 Derivative on Convertible Notes - - 1,110 1,110 31 January 2017 Recurring fair value measurements Financial assets Foreign exchange contracts - - - - Financial liabilities Foreign exchange contracts - 4,188 - 4,188 Derivative on Convertible Notes - - 4,112 4,112 30 June 2016 Recurring fair value measurements Financial assets Foreign exchange contracts - - - - Financial liabilities Foreign exchange contracts - 5,531 - 5,531 30 June 2015 Recurring fair value measurements Financial assets Foreign exchange contracts - 2,289 - 2,289 Financial liabilities Foreign exchange contracts - 1 - 1 |
Schedule Of Valuation Techniques For Fair Value Measurements Categorized Within Level 3 [Text Block] | The following table presents the changes in level 3 instruments for the year ended 31 January 2018. Convertible note liability NZ$000's Balance at 31 January 2017 4,112 Changes in fair value 1,110 Conversion (4,112) Balance at 31 January 2018 1,110 |
Schedule Of Quantitative Information For Fair Value Measurements Categorised Within Level 3 [Text Block] | The following table summarises the quantitative information about the significant inputs used in level 3 fair value measurements: Range of inputs for Unobservable inputs convertible note liability Face value (NZD) 3,624,198 Interest rate of note 10 % Risk free rate 1.66 % Term of the instrument August 2019 Expected volatility 128.7 % Dividend yield 0 % |
Contingencies (Tables)
Contingencies (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of contingent liabilities [abstract] | |
Schedule Of Contingent Liabilities [Text Block] | The Group had the following contingent liabilities at the end of the reporting period: 31 January 2018 31 January 2017 30 June 2016 30 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Rent guarantees to certain landlords 419 571 534 313 Standby letter of credit to JP Morgan Chase Bank 291 286 279 - Guarantee provided to UK Customs Department 329 282 303 372 Guarantee provided to ANZ for Merchant Service 172 - - - |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Disclosure of transactions between related parties [abstract] | |
Disclosure of transactions between related parties [text block] | Opening Closing Interest not Interest balance balance charged paid/payable Impairment NZ$ NZ$ NZ$ NZ$ NZ$ Loans from related parties Cullen Investments Limited - 31 January 2018 13,051,321 11,535,677 - - - Cullen Investments Limited - 31 January 2017 9,613,014 13,051,321 - - - Cullen Investments Limited - 30 June 2016 4,010,083 9,613,014 - - - Cullen Investments Limited - 30 June 2015 3,381,579 4,010,083 - - - Whitespace Atelier Limited - 31 January 2018 - 272,665 - - - Whitespace Atelier Limited - 31 January 2017 - - - - - Loans to related parties Naked Inc. - 31 January 2018 - (1,368,577) - - - Naked Inc. - 31 January 2017 - - - - - PS Holdings No. 2 Pty Limited - 30 June 2015 (21,078) - - - - FOH Online Inc. – 31 January 2018 - 3,518,009 |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Jan. 31, 2018 | |
Cash Flow Information [Abstract] | |
Schedule of Cash Flow Information [Text Block] | Reconciliation of net income to net cash provided by operating activities: For the 7 For the Year Months For the Year For the Year Ended 31 Ended 31 Ended 30 Ended 30 January 2018 January 2017 June 2016 June 2015 NZ$000's NZ$000's NZ$000's NZ$000's Loss for the period (37,593) (15,979) (20,746) (13,105) Cash flows excluded from profit attributable to operating activities interest paid on borrowings 8,792 6,238 10,182 4,402 Non-cash flows in profit: - depreciation and amortisation expense 3,030 1,842 3,516 5,718 - impairment expense 1,914 292 2,157 - - fair value gain/(loss) on Convertible Notes derivative (2,393) 592 - - Changes in assets and liabilities: - (increase) in trade and other receivables 14,925 (4,748) (6,518) (1,046) - (increase) in current tax receivable 52 35 (88) - - (increase)/decrease in derivative assets - - 2,289 (2,225) - (increase)/decrease in inventories 6,638 (179) 8,088 (15,646) - (increase)/decrease in deferred tax asset/(liability) - - 5,589 (2,160) - (increase) in related party receivables (906) (3,438) (5,603) (650) - increase/(decrease) in trade and other payables 6,956 2,078 (11,113) 12,817 - increase/(decrease) in income taxes payable 152 635 (483) 36 - increase/(decrease) in provisions 39 367 311 (2,507) - increase/(decrease) in foreign currency derivative liability (5,104) (1,343) 5,530 (1,982) - net exchange differences (618) 90 1,849 (851) Cashflows from operations (4,116) (13,518) (5,040) (17,199) |
Summary of Significant Accoun70
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Jan. 31, 2018 | |
Leasehold improvements | |
Useful lives or depreciation rates, property, plant and equipment | 1 - 10 years |
Plant, furniture, fittings and motor vehicles | |
Useful lives or depreciation rates, property, plant and equipment | 3 - 7 years |
Summary of Significant Accoun71
Summary of Significant Accounting Policies (Details Textual) $ in Thousands, $ in Millions | 7 Months Ended | 12 Months Ended | |||
Jan. 31, 2017NZD ($) | Jan. 31, 2018NZD ($) | Jun. 30, 2016NZD ($) | Jun. 30, 2015NZD ($) | Jan. 31, 2018USD ($) | |
Loss for the year | $ (15,979) | $ (37,593) | $ (20,746) | $ (13,105) | |
Cash flows from (used in) operating activities | (13,518) | (4,116) | (5,040) | (17,199) | |
Current assets (liabilities) | 20,752 | ||||
Assets (liabilities) | $ (9,044) | $ (5,710) | $ (17,876) | $ 2,839 | |
Short-term Debt | $ 25.5 | ||||
Useful lives or amortisation rates, intangible assets other than goodwill | 5 years | ||||
Additional Paid in Capital | $ 23.5 |
Critical Accounting Estimates72
Critical Accounting Estimates and Judgments (Details Textual) $ in Thousands, $ in Thousands | 7 Months Ended | 12 Months Ended | |||
Jan. 31, 2017NZD ($) | Jan. 31, 2017USD ($) | Jan. 31, 2018NZD ($) | Jun. 30, 2016NZD ($) | Jun. 30, 2015NZD ($) | |
Impairment loss recognised in profit or loss, goodwill | $ 0 | $ 0 | $ 0 | $ (2,157) | $ 0 |
Revenue and Other Income (Detai
Revenue and Other Income (Details) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Gross revenue | $ 104,007 | $ 145,452 | $ 163,481 | $ 149,403 |
Rebates | (7,723) | (14,064) | (12,481) | (10,565) |
Sale of goods | ||||
Revenue from sale of goods | 95,996 | 131,285 | 143,290 | 138,814 |
Revenue from rendering of services | 0 | 0 | 7,702 | 0 |
Other income | 288 | 103 | 8 | 24 |
Revenue | 96,284 | 131,388 | 151,000 | 138,838 |
Retail [Member] | ||||
Sale of goods | ||||
Revenue from sale of goods | 34,460 | 53,150 | 58,837 | 56,494 |
Wholesale [Member] | ||||
Sale of goods | ||||
Revenue from sale of goods | 43,379 | 45,901 | 77,729 | 76,570 |
Online [Member] | ||||
Sale of goods | ||||
Revenue from sale of goods | $ 18,157 | $ 32,234 | $ 6,724 | $ 5,750 |
Loss for the Period (Details)
Loss for the Period (Details) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Loss for the Period [Line Items] | ||||
Interest expense on external borrowings | $ 2,923 | $ 5,431 | $ 3,140 | $ 2,476 |
Interest expense on shareholder loans | 3,040 | 2,807 | 7,042 | 3,192 |
Interest expense on finance lease | 0 | 0 | 0 | 50 |
Amortisation on loan set up costs | 275 | 553 | 227 | 152 |
Finance costs | 6,238 | 8,791 | 10,409 | 5,870 |
Other (gains)/losses | ||||
Fair value (gain)/loss on foreign exchange contracts | 2,135 | (502) | 7,660 | (6,330) |
Net foreign exchange(gains)/losses | 1,171 | (255) | (5,237) | 1,630 |
Gains (losses) on change in value of foreign currency basis spreads, before tax | 3,306 | (757) | 2,423 | (4,700) |
Brand transition, restructure and transaction expenses | ||||
Brand transition expenses | 0 | 0 | 884 | 10,160 |
Onerous contracts | 1,166 | (265) | 789 | 329 |
Restructure expenses | 103 | 215 | 559 | 111 |
Transaction expenses | 52 | 3,322 | 0 | 1,582 |
Brand transition, restructure and transaction cost | $ 1,321 | $ 3,272 | $ 2,232 | $ 12,182 |
Loss for the Period (Details 1)
Loss for the Period (Details 1) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Loss for the Period [Line Items] | ||||
Salaries and wages | $ 19,917 | $ 33,613 | $ 33,666 | $ 31,266 |
Defined contribution expenses | 1,022 | 545 | 1,588 | 1,466 |
Employee benefits expense | 20,939 | 34,158 | 35,254 | 32,732 |
Depreciation | 1,664 | 2,724 | 2,966 | 3,359 |
Amortisation | 178 | 306 | 323 | 891 |
Impairment loss | 292 | 1,914 | 2,157 | 0 |
Depreciation, amortisation and impairment loss (reversal of impairment loss) recognised in profit or loss | 2,134 | 4,944 | 5,446 | 4,250 |
Lease payments | 6,485 | 10,807 | 11,034 | 10,488 |
Sublease payments received | (354) | (483) | (567) | (475) |
Rental expense | $ 6,131 | $ 10,324 | $ 10,467 | $ 10,013 |
Income Tax Expense_(benefit) (D
Income Tax Expense/(benefit) (Details) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Current tax expense (income) and adjustments for current tax of prior periods [abstract] | ||||
Current tax on profits for the period | $ 807 | $ 537 | $ 301 | $ 313 |
Adjustments for current tax of prior periods | 58 | (477) | (344) | 412 |
Total current tax expense/(benefit) | 865 | 60 | (43) | 725 |
Decrease/(increase) in deferred tax assets (note 25) | 0 | 0 | 5,589 | (1,999) |
Income tax expense/(benefit) for continuing operations | $ 865 | $ 60 | $ 5,546 | $ (1,274) |
Income Tax Expense_(benefit) 77
Income Tax Expense/(benefit) (Details 1) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income taxes [Line Items] | ||||
Loss before income tax | $ (15,114) | $ (37,533) | $ (15,200) | $ (14,379) |
Tax at New Zealand tax rate of 28% (2017: 28%, 2016: 28%, 2015: 28%) | (4,232) | (10,509) | (4,256) | (4,026) |
Tax effect of: | ||||
- permanent differences (including impairment expense) | (6) | (105) | 757 | 23 |
- adjustments in respect of current income tax of previous years | 41 | (449) | (237) | 378 |
- effects of different tax rates of subsidiaries operating in other jurisdictions | (15) | (30) | (42) | (382) |
- deferred tax assets relating to prior periods no longer recognised (note 25) | 0 | 0 | 5,589 | 0 |
- deferred tax assets relating to the current year not brought to account | 5,119 | 11,150 | 3,934 | 2,630 |
- other | (42) | 3 | (199) | 103 |
Income tax expense/(benefit) | $ 865 | $ 60 | $ 5,546 | $ (1,274) |
Income Tax Expense_(benefit) 78
Income Tax Expense/(benefit) (Details 1) (Parenthetical) | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income taxes [Abstract] | ||||
Applicable tax rate | 28.00% | 28.00% | 28.00% | 28.00% |
Income Tax Expense_(benefit) 79
Income Tax Expense/(benefit) (Details 2) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income taxes [Abstract] | ||||
Unused tax losses for which no deferred tax asset recognised | $ 43,269 | $ 87,455 | $ 23,765 | $ 10,236 |
Potential tax benefit at 28% | $ 12,115 | $ 24,487 | $ 6,654 | $ 2,866 |
Income Tax Expense_(benefit) 80
Income Tax Expense/(benefit) (Details 3) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income taxes [Abstract] | ||||
Temporary differences for which no deferred tax asset has been recognised | $ 18,703 | $ 14,661 | $ 19,924 | $ 0 |
Potential tax benefit at 28% | $ 5,237 | $ 4,105 | $ 5,579 | $ 0 |
Operating Segments (Details)
Operating Segments (Details) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Operating Segments [Line Items] | ||||
Total segment revenue | $ 113,031 | $ 156,311 | $ 176,145 | $ 166,553 |
Intersegment eliminations | (16,747) | (24,923) | (32,855) | (27,739) |
Other revenue | 0 | 0 | 7,710 | 24 |
Total revenue | $ 96,284 | $ 131,388 | $ 151,000 | $ 138,838 |
Operating Segments (Details 1)
Operating Segments (Details 1) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Operating Segments [Line Items] | ||||
Segment EBITDA | $ (2,126) | $ (24,053) | $ 10,470 | $ 3,420 |
Income tax (expense)/benefit | (865) | (60) | (5,546) | 1,274 |
Other revenue | 0 | 0 | 7,710 | 24 |
Any other reconciling items | (12,988) | (13,480) | (33,380) | (17,823) |
Total net loss after tax | $ (15,979) | $ (37,593) | $ (20,746) | $ (13,105) |
Operating Segments (Details 2)
Operating Segments (Details 2) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Operating Segments [Line Items] | ||||
Revenue | $ 96,284 | $ 131,388 | $ 151,000 | $ 138,838 |
New Zealand | ||||
Operating Segments [Line Items] | ||||
Revenue | 30,676 | 46,665 | 62,109 | 54,834 |
Australia | ||||
Operating Segments [Line Items] | ||||
Revenue | 32,913 | 38,208 | 53,193 | 51,997 |
United States | ||||
Operating Segments [Line Items] | ||||
Revenue | 23,146 | 32,323 | 19,167 | 14,435 |
Europe | ||||
Operating Segments [Line Items] | ||||
Revenue | $ 9,549 | $ 14,192 | $ 16,531 | $ 17,572 |
Operating Segments (Details 3)
Operating Segments (Details 3) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | |||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Operating Segments [Line Items] | |||||
Revenue from external customers | $ 95,996 | $ 131,285 | $ 143,290 | $ 138,814 | |
Service income | 0 | 0 | 7,702 | 0 | |
Other revenue | 288 | 103 | 8 | 24 | |
Revenue | 96,284 | 131,388 | 151,000 | 138,838 | |
Cost of sales | (57,144) | (87,459) | (83,525) | (79,031) | |
Gross margin | 39,140 | 43,929 | 67,475 | 59,807 | |
Other segment expenses | [1] | (32,040) | (47,354) | (48,362) | (42,203) |
Unallocated expenses | |||||
Administrative expenses | (2,383) | (4,131) | (4,090) | (4,691) | |
Corporate expenses | (8,082) | (12,851) | (13,002) | (13,940) | |
Other foreign exchange gain/loss | 3,306 | (757) | 2,423 | (4,700) | |
EBITDA | (2,126) | (24,053) | 10,470 | 3,420 | |
Brand transition, restructure and transaction expenses | (1,321) | (3,272) | (2,232) | (12,182) | |
Finance expense | (6,238) | (8,791) | (10,409) | (5,870) | |
Impairment expense | (292) | (1,914) | (2,157) | 0 | |
Depreciation and amortisation | (1,842) | (3,030) | (5,446) | (4,250) | |
Fair value gain/(loss) on foreign exchange contracts | 2,135 | (502) | 7,660 | (6,330) | |
Unrealised foreign exchange (gain)/loss | (568) | 1,636 | 77 | (1,827) | |
Fair value gain/(loss) on Convertible Notes derivative | (592) | 2,393 | 0 | 0 | |
Loss before income tax expense | (15,114) | (37,533) | (15,200) | (14,379) | |
Income tax expense | (865) | (60) | (5,546) | 1,274 | |
Loss after income tax expense | (15,979) | (37,593) | (20,746) | (13,105) | |
E-Commerce segment [Member] | |||||
Operating Segments [Line Items] | |||||
Revenue from external customers | 18,140 | 32,234 | 6,722 | 5,683 | |
Service income | 0 | 0 | |||
Other revenue | 0 | 0 | |||
Revenue | 18,140 | 32,234 | 6,722 | 5,683 | |
Cost of sales | (11,902) | (20,974) | (3,582) | (3,072) | |
Gross margin | 6,238 | 11,260 | 3,140 | 2,611 | |
Other segment expenses | [1] | (3,654) | (11,520) | (2,039) | (1,991) |
Unallocated expenses | |||||
Administrative expenses | 0 | 0 | 0 | 0 | |
Corporate expenses | 0 | 0 | 0 | 0 | |
Other foreign exchange gain/loss | 0 | 0 | 0 | 0 | |
EBITDA | 2,584 | (260) | 1,101 | 620 | |
Brand transition, restructure and transaction expenses | 0 | 0 | 0 | 0 | |
Finance expense | 0 | 0 | 0 | 0 | |
Impairment expense | 0 | 0 | 0 | ||
Depreciation and amortisation | 0 | 0 | 0 | 0 | |
Fair value gain/(loss) on foreign exchange contracts | 0 | 0 | 0 | 0 | |
Unrealised foreign exchange (gain)/loss | 0 | 0 | 0 | 0 | |
Fair value gain/(loss) on Convertible Notes derivative | 0 | 0 | |||
Loss before income tax expense | 2,584 | (260) | 1,101 | 620 | |
Income tax expense | 0 | 0 | 0 | 0 | |
Loss after income tax expense | 2,584 | (260) | 1,101 | 620 | |
Unallocated amounts [member] | |||||
Operating Segments [Line Items] | |||||
Revenue from external customers | 0 | 0 | 0 | 0 | |
Service income | 102 | 7,702 | |||
Other revenue | 8 | 24 | |||
Revenue | 0 | 102 | 7,710 | 24 | |
Cost of sales | (340) | (3,123) | 15 | 3 | |
Gross margin | (340) | (3,021) | 7,725 | 27 | |
Other segment expenses | [1] | (8,068) | 0 | (13,975) | (10,665) |
Unallocated expenses | |||||
Administrative expenses | (541) | (1,101) | (801) | (441) | |
Corporate expenses | (8,082) | (19,150) | (13,002) | (13,940) | |
Other foreign exchange gain/loss | (603) | (377) | 5,160 | 197 | |
EBITDA | (17,634) | (23,649) | (14,893) | (24,822) | |
Brand transition, restructure and transaction expenses | (1,321) | (3,272) | (2,232) | (12,182) | |
Finance expense | (6,238) | (8,791) | (10,409) | (5,870) | |
Impairment expense | (11) | (1,914) | 0 | ||
Depreciation and amortisation | (1,842) | (3,030) | (3,289) | (4,250) | |
Fair value gain/(loss) on foreign exchange contracts | (2,135) | (502) | (7,660) | 6,330 | |
Unrealised foreign exchange (gain)/loss | (568) | 1,636 | 77 | (1,827) | |
Fair value gain/(loss) on Convertible Notes derivative | (592) | 2,393 | |||
Loss before income tax expense | (30,341) | (37,129) | (38,406) | (42,621) | |
Income tax expense | (865) | (60) | (5,546) | 1,274 | |
Loss after income tax expense | (31,206) | (37,189) | (43,952) | (41,347) | |
Country of domicile [member] | |||||
Operating Segments [Line Items] | |||||
Revenue | 30,676 | 46,665 | 62,109 | 54,834 | |
Country of domicile [member] | Retail segment [Member] | |||||
Operating Segments [Line Items] | |||||
Revenue from external customers | 21,953 | 34,269 | 37,389 | 37,089 | |
Service income | 0 | 0 | |||
Other revenue | 0 | 0 | |||
Revenue | 21,953 | 34,269 | 37,389 | 37,089 | |
Cost of sales | (9,707) | (16,488) | (16,053) | (16,270) | |
Gross margin | 12,246 | 17,781 | 21,336 | 20,819 | |
Other segment expenses | [1] | (7,480) | (13,451) | (12,263) | (11,885) |
Unallocated expenses | |||||
Administrative expenses | 0 | 0 | 0 | 0 | |
Corporate expenses | 0 | 0 | 0 | 0 | |
Other foreign exchange gain/loss | 0 | 0 | 0 | 0 | |
EBITDA | 4,766 | 4,330 | 9,073 | 8,934 | |
Brand transition, restructure and transaction expenses | 0 | 0 | 0 | 0 | |
Finance expense | 0 | 0 | 0 | 0 | |
Impairment expense | 0 | 0 | 0 | ||
Depreciation and amortisation | 0 | 0 | 0 | 0 | |
Fair value gain/(loss) on foreign exchange contracts | 0 | 0 | 0 | 0 | |
Unrealised foreign exchange (gain)/loss | 0 | 0 | 0 | 0 | |
Fair value gain/(loss) on Convertible Notes derivative | 0 | 0 | |||
Loss before income tax expense | 4,766 | 4,330 | 9,073 | 8,934 | |
Income tax expense | 0 | 0 | 0 | 0 | |
Loss after income tax expense | 4,766 | 4,330 | 9,073 | 8,934 | |
Country of domicile [member] | Wholesale segment [Member] | |||||
Operating Segments [Line Items] | |||||
Revenue from external customers | 7,484 | 10,453 | 15,071 | 16,333 | |
Service income | 0 | 0 | |||
Other revenue | 0 | 0 | |||
Revenue | 7,484 | 10,453 | 15,071 | 16,333 | |
Cost of sales | (4,961) | (8,213) | (10,721) | (10,978) | |
Gross margin | 2,523 | 2,240 | 4,350 | 5,355 | |
Other segment expenses | [1] | (475) | (1,068) | (709) | (1,787) |
Unallocated expenses | |||||
Administrative expenses | 0 | 0 | 0 | 0 | |
Corporate expenses | 0 | 0 | 0 | 0 | |
Other foreign exchange gain/loss | 0 | 0 | 0 | 0 | |
EBITDA | 2,048 | 1,172 | 3,641 | 3,568 | |
Brand transition, restructure and transaction expenses | 0 | 0 | 0 | 0 | |
Finance expense | 0 | 0 | 0 | 0 | |
Impairment expense | 0 | 0 | 0 | ||
Depreciation and amortisation | 0 | 0 | 0 | 0 | |
Fair value gain/(loss) on foreign exchange contracts | 0 | 0 | 0 | 0 | |
Unrealised foreign exchange (gain)/loss | 0 | 0 | 0 | 0 | |
Fair value gain/(loss) on Convertible Notes derivative | 0 | 0 | |||
Loss before income tax expense | 2,048 | 1,172 | 3,641 | 3,568 | |
Income tax expense | 0 | 0 | 0 | 0 | |
Loss after income tax expense | 2,048 | 1,172 | 3,641 | 3,568 | |
Foreign countries one [Member] | |||||
Operating Segments [Line Items] | |||||
Revenue | 32,913 | 38,208 | 53,193 | 51,997 | |
Foreign countries one [Member] | Retail segment [Member] | |||||
Operating Segments [Line Items] | |||||
Revenue from external customers | 12,053 | 18,236 | 20,680 | 18,491 | |
Service income | 0 | 0 | |||
Other revenue | 0 | 0 | |||
Revenue | 12,053 | 18,236 | 20,680 | 18,491 | |
Cost of sales | (5,592) | (9,457) | (8,930) | (8,066) | |
Gross margin | 6,461 | 8,779 | 11,750 | 10,425 | |
Other segment expenses | [1] | (6,196) | (11,329) | (9,835) | (7,624) |
Unallocated expenses | |||||
Administrative expenses | 0 | 0 | 0 | 0 | |
Corporate expenses | 0 | 0 | 0 | 0 | |
Other foreign exchange gain/loss | 0 | 0 | 0 | 0 | |
EBITDA | 265 | (2,550) | 1,915 | 2,801 | |
Brand transition, restructure and transaction expenses | 0 | 0 | 0 | 0 | |
Finance expense | 0 | 0 | 0 | 0 | |
Impairment expense | (281) | 0 | 0 | ||
Depreciation and amortisation | 0 | 0 | 0 | 0 | |
Fair value gain/(loss) on foreign exchange contracts | 0 | 0 | 0 | 0 | |
Unrealised foreign exchange (gain)/loss | 0 | 0 | 0 | 0 | |
Fair value gain/(loss) on Convertible Notes derivative | 0 | 0 | |||
Loss before income tax expense | (16) | (2,550) | 1,915 | 2,801 | |
Income tax expense | 0 | 0 | 0 | 0 | |
Loss after income tax expense | (16) | (2,550) | 1,915 | 2,801 | |
Foreign countries one [Member] | Wholesale segment [Member] | |||||
Operating Segments [Line Items] | |||||
Revenue from external customers | 18,091 | 15,512 | 28,021 | 29,817 | |
Service income | 0 | 0 | |||
Other revenue | 0 | 0 | |||
Revenue | 18,091 | 15,512 | 28,021 | 29,817 | |
Cost of sales | (11,431) | (12,545) | (18,056) | (18,461) | |
Gross margin | 6,660 | 2,967 | 9,965 | 11,356 | |
Other segment expenses | [1] | (2,089) | (3,781) | (3,520) | (2,449) |
Unallocated expenses | |||||
Administrative expenses | 0 | 0 | 0 | 0 | |
Corporate expenses | 0 | 0 | 0 | 0 | |
Other foreign exchange gain/loss | 0 | 0 | 0 | 0 | |
EBITDA | 4,571 | (814) | 6,445 | 8,907 | |
Brand transition, restructure and transaction expenses | 0 | 0 | 0 | 0 | |
Finance expense | 0 | 0 | 0 | 0 | |
Impairment expense | 0 | 0 | 0 | ||
Depreciation and amortisation | 0 | 0 | (2,157) | 0 | |
Fair value gain/(loss) on foreign exchange contracts | 0 | 0 | 0 | 0 | |
Unrealised foreign exchange (gain)/loss | 0 | 0 | 0 | 0 | |
Fair value gain/(loss) on Convertible Notes derivative | 0 | 0 | |||
Loss before income tax expense | 4,571 | (814) | 4,288 | 8,907 | |
Income tax expense | 0 | 0 | 0 | 0 | |
Loss after income tax expense | 4,571 | (814) | 4,288 | 8,907 | |
Foreign countries three [Member] | |||||
Operating Segments [Line Items] | |||||
Revenue | 9,549 | 14,192 | 16,531 | 17,572 | |
Foreign countries three [Member] | Wholesale segment [Member] | |||||
Operating Segments [Line Items] | |||||
Revenue from external customers | 9,548 | 14,192 | 16,531 | 17,548 | |
Service income | 0 | 0 | |||
Other revenue | 0 | 0 | |||
Revenue | 9,548 | 14,192 | 16,531 | 17,548 | |
Cost of sales | (6,277) | (10,221) | (11,658) | (11,258) | |
Gross margin | 3,271 | 3,971 | 4,873 | 6,290 | |
Other segment expenses | [1] | (2,013) | (2,904) | (3,204) | (3,266) |
Unallocated expenses | |||||
Administrative expenses | 0 | 0 | 0 | 0 | |
Corporate expenses | 0 | 0 | 0 | 0 | |
Other foreign exchange gain/loss | 0 | 0 | 0 | 0 | |
EBITDA | 1,258 | 1,067 | 1,669 | 3,024 | |
Brand transition, restructure and transaction expenses | 0 | 0 | 0 | 0 | |
Finance expense | 0 | 0 | 0 | 0 | |
Impairment expense | 0 | 0 | 0 | ||
Depreciation and amortisation | 0 | 0 | 0 | 0 | |
Fair value gain/(loss) on foreign exchange contracts | 0 | 0 | 0 | 0 | |
Unrealised foreign exchange (gain)/loss | 0 | 0 | 0 | 0 | |
Fair value gain/(loss) on Convertible Notes derivative | 0 | 0 | |||
Loss before income tax expense | 1,258 | 1,067 | 1,669 | 3,024 | |
Income tax expense | 0 | 0 | 0 | 0 | |
Loss after income tax expense | 1,258 | 1,067 | 1,669 | 3,024 | |
Foreign countries two [Member] | |||||
Operating Segments [Line Items] | |||||
Revenue | 23,146 | 32,323 | 19,167 | 14,435 | |
Foreign countries two [Member] | Wholesale segment [Member] | |||||
Operating Segments [Line Items] | |||||
Revenue from external customers | 9,015 | 6,390 | 18,876 | 13,853 | |
Service income | 0 | 0 | |||
Other revenue | 0 | 0 | |||
Revenue | 9,015 | 6,390 | 18,876 | 13,853 | |
Cost of sales | (6,934) | (6,438) | (14,540) | (10,929) | |
Gross margin | 2,081 | (48) | 4,336 | 2,924 | |
Other segment expenses | [1] | (2,065) | (3,301) | (2,817) | (2,536) |
Unallocated expenses | |||||
Administrative expenses | 0 | 0 | 0 | 0 | |
Corporate expenses | 0 | 0 | 0 | 0 | |
Other foreign exchange gain/loss | 0 | 0 | 0 | 0 | |
EBITDA | 16 | (3,349) | 1,519 | 388 | |
Brand transition, restructure and transaction expenses | 0 | 0 | 0 | 0 | |
Finance expense | 0 | 0 | 0 | 0 | |
Impairment expense | 0 | 0 | 0 | ||
Depreciation and amortisation | 0 | 0 | 0 | 0 | |
Fair value gain/(loss) on foreign exchange contracts | 0 | 0 | 0 | 0 | |
Unrealised foreign exchange (gain)/loss | 0 | 0 | 0 | 0 | |
Fair value gain/(loss) on Convertible Notes derivative | 0 | 0 | |||
Loss before income tax expense | 16 | (3,349) | 1,519 | 388 | |
Income tax expense | 0 | 0 | 0 | 0 | |
Loss after income tax expense | $ 16 | $ (3,349) | $ 1,519 | $ 388 | |
[1] | Other segment expenses relate to brand management expenses and some corporate expenses. |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Cash and Cash Equivalents [Line Items] | |||||
Cash on hand | $ 54 | $ 48 | $ 47 | $ 52 | |
Cash at bank | 10,685 | 2,596 | 4,146 | 1,194 | |
Cash and cash equivalents | $ 10,739 | $ 2,644 | $ 4,193 | $ 1,246 | $ 3,624 |
Trade and Other Receivables (De
Trade and Other Receivables (Details) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Trade receivables | $ 9,982 | $ 26,499 | $ 20,603 | $ 16,020 | |
Provision for impairment | (326) | (537) | (268) | (340) | $ 368 |
Trade Receivables Net | 9,656 | 25,962 | 20,335 | 15,680 | |
Prepayments | 1,792 | 1,779 | 2,659 | 935 | |
Other receivables | 1,717 | 349 | 347 | 206 | |
Trade and other receivables | $ 13,165 | $ 28,090 | $ 23,341 | $ 16,821 |
Trade and Other Receivables (87
Trade and Other Receivables (Details 1) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Balance at beginning of the period | $ 268 | $ 537 | $ 340 | $ (368) |
Provision charged | (364) | (92) | (16) | 0 |
Reversal of impairment | 80 | 316 | 88 | 28 |
Foreign exchange movement | 15 | (13) | 0 | 0 |
Balance at end of the period | $ 537 | $ 326 | $ 268 | $ 340 |
Trade and Other Receivables (88
Trade and Other Receivables (Details 2) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Trade receivables | $ 9,982 | $ 26,499 | $ 20,603 | $ 16,020 |
Not later than one month [member] | ||||
Trade receivables | 7,945 | 14,883 | 12,769 | 14,209 |
Later than one month and not later than two months [member] | ||||
Trade receivables | 335 | 2,566 | 1,934 | 466 |
Later than two months and not later than three months [member] | Financial assets past due but not impaired [member] | ||||
Trade receivables | 489 | 2,166 | 1,081 | 472 |
Later than two months and not later than three months [member] | Financial assets impaired [member] | ||||
Trade receivables | 0 | 0 | 0 | 0 |
Later than three months [member] | Financial assets past due but not impaired [member] | ||||
Trade receivables | 1,213 | 6,884 | 4,551 | 533 |
Later than three months [member] | Financial assets impaired [member] | ||||
Trade receivables | $ 0 | $ 0 | $ 268 | $ 340 |
Trade and Other Receivables (89
Trade and Other Receivables (Details 3) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Trade and other receivables [abstract] | ||||
Transferred receivables | $ 9,790 | $ 11,649 | $ 14,599 | $ 0 |
Inventories (Details)
Inventories (Details) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Disclosure of inventories [Abstract] | ||||
Finished goods | $ 31,451 | $ 37,904 | $ 37,998 | $ 46,424 |
Provision for impairment | (338) | (153) | (426) | (764) |
Current inventories | $ 31,113 | $ 37,751 | $ 37,572 | $ 45,660 |
Inventories (Details Textual)
Inventories (Details Textual) - NZD ($) | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Disclosure of inventories [Abstract] | ||||
Inventory write-down | $ 0 | $ 298,098 | $ 0 | $ 0 |
Property, plant and equipment92
Property, plant and equipment (Details) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | $ 4,741 | $ 4,964 | $ 6,209 | $ 6,853 | $ 5,340 |
Plant, furniture, fittings and motor vehicles [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 2,013 | 2,273 | 3,414 | 3,511 | 1,038 |
Leasehold Improvements [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 2,728 | 2,691 | 2,795 | 3,342 | $ 3,841 |
At cost [member] | Plant, furniture, fittings and motor vehicles [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 27,801 | 25,455 | 26,269 | 24,687 | |
At cost [member] | Leasehold Improvements [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | 10,762 | 10,132 | 10,640 | 11,111 | |
Accumulated depreciation [member] | Plant, furniture, fittings and motor vehicles [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | (25,788) | (23,182) | (22,855) | (21,176) | |
Accumulated depreciation [member] | Leasehold Improvements [Member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Property, plant and equipment | $ (8,034) | $ (7,441) | $ (7,845) | $ (7,769) |
Property, plant and equipment93
Property, plant and equipment (Details 1) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance at the beginning of period | $ 6,209 | $ 4,964 | $ 6,853 | $ 5,340 |
Additions | 723 | 2,317 | 2,703 | 4,701 |
Disposals | (122) | |||
Depreciation expense | (1,664) | (2,724) | (2,966) | (3,360) |
Impairment | (281) | |||
Foreign exchange movements | (23) | 306 | (381) | 172 |
Balance at the end of the year | 4,964 | 4,741 | 6,209 | 6,853 |
Plant, furniture, fittings and motor vehicles [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance at the beginning of period | 3,414 | 2,273 | 3,511 | 1,038 |
Additions | 482 | 2,032 | 2,498 | 4,605 |
Disposals | (118) | |||
Depreciation expense | (1,368) | (2,228) | (2,497) | (2,242) |
Impairment | (281) | |||
Foreign exchange movements | 26 | 54 | (98) | 110 |
Balance at the end of the year | 2,273 | 2,013 | 3,414 | 3,511 |
Property, plant and equipment under finance leases [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance at the beginning of period | 0 | 461 | ||
Additions | 0 | |||
Depreciation expense | (461) | |||
Foreign exchange movements | 0 | |||
Balance at the end of the year | 0 | |||
Leasehold Improvements [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Balance at the beginning of period | 2,795 | 2,691 | 3,342 | 3,841 |
Additions | 241 | 285 | 205 | 96 |
Disposals | (4) | |||
Depreciation expense | (296) | (496) | (469) | (657) |
Impairment | 0 | |||
Foreign exchange movements | (49) | 252 | (283) | 62 |
Balance at the end of the year | $ 2,691 | $ 2,728 | $ 2,795 | $ 3,342 |
Intangible Assets (Details)
Intangible Assets (Details) $ in Thousands | Jan. 31, 2018NZD ($) | Jan. 31, 2018USD ($) | Jan. 31, 2017NZD ($) | Jan. 31, 2017USD ($) | Jun. 30, 2016NZD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015NZD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014NZD ($) |
Disclosure of detailed information about intangible assets [line items] | |||||||||
Intangible assets and goodwill | $ 13,012 | $ 14,680 | $ 14,575 | $ 17,381 | $ 16,683 | ||||
Goodwill [Member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Intangible assets and goodwill | 0 | 0 | 0 | 2,347 | 2,211 | ||||
Patents and licences [Member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Intangible assets and goodwill | 201 | 596 | 274 | 17 | 117 | ||||
Brand names [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Intangible assets and goodwill | 12,463 | $ 12,463,000 | 12,036 | $ 12,036,000 | 12,105 | $ 12,105,000 | 12,702 | $ 12,702,000 | 12,274 |
Computer software [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Intangible assets and goodwill | 348 | 2,048 | 2,196 | 2,315 | $ 2,081 | ||||
Gross carrying amount [member] | Goodwill [Member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Intangible assets and goodwill | 0 | 0 | 2,157 | 2,347 | |||||
Gross carrying amount [member] | Patents and licences [Member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Intangible assets and goodwill | 919 | 1,169 | 818 | 557 | |||||
Gross carrying amount [member] | Computer software [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Intangible assets and goodwill | 15,788 | 17,308 | 17,312 | 17,131 | |||||
Accumulated depreciation and amortisation [member] | Goodwill [Member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Intangible assets and goodwill | 0 | 0 | (2,157) | 0 | |||||
Accumulated depreciation and amortisation [member] | Patents and licences [Member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Intangible assets and goodwill | (718) | (573) | (544) | (540) | |||||
Accumulated depreciation and amortisation [member] | Computer software [member] | |||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||
Intangible assets and goodwill | $ (15,440) | $ (15,260) | $ (15,116) | $ (14,816) |
Intangible Assets (Details 1)
Intangible Assets (Details 1) $ in Thousands | 7 Months Ended | 12 Months Ended | |||||
Jan. 31, 2017NZD ($) | Jan. 31, 2017USD ($) | Jan. 31, 2018NZD ($) | Jan. 31, 2018USD ($) | Jun. 30, 2016NZD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015NZD ($) | |
Disclosure of detailed information about intangible assets [line items] | |||||||
Balance | $ 14,575 | $ 14,680 | $ 17,381 | $ 16,683 | |||
Additions | 351 | 118 | 475 | 1,093 | |||
Amortisation | (178) | (306) | (323) | (891) | |||
Impairment (refer note 12(c)) | (1,914) | (2,157) | |||||
Foreign exchange movements | (68) | 434 | (801) | 496 | |||
Balance | 14,680 | 13,012 | 14,575 | 17,381 | |||
Software [member] | |||||||
Disclosure of detailed information about intangible assets [line items] | |||||||
Balance | 2,196 | 2,048 | 2,315 | 2,081 | |||
Additions | 0 | 106 | 211 | 1,093 | |||
Amortisation | (148) | (163) | (316) | (787) | |||
Impairment (refer note 12(c)) | (1,650) | 0 | |||||
Foreign exchange movements | 0 | 7 | (14) | (72) | |||
Balance | 2,048 | 348 | 2,196 | 2,315 | |||
Patents and licences [Member] | |||||||
Disclosure of detailed information about intangible assets [line items] | |||||||
Balance | 274 | 596 | 17 | 117 | |||
Additions | 351 | 12 | 264 | 0 | |||
Amortisation | (30) | (143) | (7) | (104) | |||
Impairment (refer note 12(c)) | (264) | 0 | |||||
Foreign exchange movements | 1 | 0 | 0 | 4 | |||
Balance | 596 | 201 | 274 | 17 | |||
Brands [member] | |||||||
Disclosure of detailed information about intangible assets [line items] | |||||||
Balance | 12,105 | $ 12,105,000 | 12,036 | $ 12,036,000 | 12,702 | $ 12,702,000 | 12,274 |
Additions | 0 | 0 | 0 | 0 | |||
Amortisation | 0 | 0 | 0 | 0 | |||
Impairment (refer note 12(c)) | 0 | 0 | |||||
Foreign exchange movements | (69) | 427 | (597) | 428 | |||
Balance | 12,036 | $ 12,036,000 | 12,463 | $ 12,463,000 | 12,105 | $ 12,105,000 | 12,702 |
Goodwill [Member] | |||||||
Disclosure of detailed information about intangible assets [line items] | |||||||
Balance | 0 | 0 | 2,347 | 2,211 | |||
Additions | 0 | 0 | 0 | 0 | |||
Amortisation | 0 | 0 | 0 | 0 | |||
Impairment (refer note 12(c)) | 0 | (2,157) | |||||
Foreign exchange movements | 0 | 0 | (190) | 136 | |||
Balance | $ 0 | $ 0 | $ 0 | $ 2,347 |
Intangible Assets (Details 2)
Intangible Assets (Details 2) $ in Thousands, $ in Thousands | 7 Months Ended | 12 Months Ended | |||
Jan. 31, 2017NZD ($) | Jan. 31, 2017USD ($) | Jan. 31, 2018NZD ($) | Jun. 30, 2016NZD ($) | Jun. 30, 2015NZD ($) | |
Disclosure of detailed information about intangible assets [line items] | |||||
Goodwill | $ 0 | $ 0 | $ 0 | $ 2,347 | |
Impairment loss recognised in profit or loss, goodwill | 0 | $ 0 | 0 | (2,157) | 0 |
Australia [Member] | |||||
Disclosure of detailed information about intangible assets [line items] | |||||
Goodwill | $ 0 | $ 0 | $ 2,157 | $ 2,347 |
Intangible Assets (Details Text
Intangible Assets (Details Textual) $ in Thousands | 7 Months Ended | 12 Months Ended | ||||||||
Jan. 31, 2017NZD ($) | Jan. 31, 2017USD ($) | Jan. 31, 2018NZD ($) | Jun. 30, 2016NZD ($) | Jun. 30, 2015NZD ($) | Jan. 31, 2018USD ($) | Jan. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014NZD ($) | |
Disclosure of detailed information about intangible assets [line items] | ||||||||||
Impairment loss recognised in profit or loss, goodwill | $ 0 | $ 0 | $ 0 | $ (2,157) | $ 0 | |||||
Intangible assets and goodwill | $ 14,680 | $ 13,012 | $ 14,575 | $ 17,381 | $ 16,683 | |||||
Increase in post-tax discount rate | 1.50% | |||||||||
Decrease in sales growth rate | 2.00% | |||||||||
Decrease in royalty rate | 1.50% | |||||||||
Impact of possible changes in key assumptions used in impairment test calculations | A 1.5% increase in the post-tax discount rate would result in an impairment of $928 thousand against the carrying amount of the indefinite-lived brand intangibles. A reduction of the sales growth rate to 2% would result in an impairment of $611 thousand against the carrying amount of the indefinite-lived brand intangible assets. A 1.5% reduction in the royalty rate would result in an impairment of $2,267 thousand against the carrying amount of the indefinite-lived brand intangibles. | |||||||||
Brand names [member] | ||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||
Discount rate applied to cash flow projections | 11.40% | 11.40% | 11.40% | 11.40% | 11.40% | 11.40% | 11.40% | 11.40% | ||
Growth rate used to extrapolate cash flow projections | 2.00% | 2.00% | 2.00% | 0.00% | 2.00% | 2.00% | 2.00% | 0.00% | ||
Intangible assets and goodwill | $ 12,036 | $ 12,463 | $ 12,105 | $ 12,702 | $ 12,463,000 | $ 12,036,000 | $ 12,105,000 | $ 12,702,000 | $ 12,274 | |
Sales growth rate used to extrapolate cash flow projections | 5.00% | 5.00% | 5.00% | 2.00% | 5.00% | 5.00% | 5.00% | 2.00% | ||
Royalty Rate | 6.60% | 6.60% | 6.60% | 6.60% | 6.60% | 6.60% | 6.60% | 6.60% | ||
Cash flow forecast period | 5 years | 5 years | 5 years | 5 years | 5 years | |||||
Foreign countries one [Member] | ||||||||||
Disclosure of detailed information about intangible assets [line items] | ||||||||||
Recoverable amount of asset or cash-generating unit | $ 1,035,000 | |||||||||
Discount rate applied to cash flow projections | 12.70% | 12.70% | ||||||||
Growth rate used to extrapolate cash flow projections | 3.50% | 3.50% |
Derivative Financial Instrume98
Derivative Financial Instruments (Details) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Current assets | ||||
Forward exchange contracts | $ 0 | $ 0 | $ 0 | $ 2,289 |
Current liabilities | ||||
Forward exchange contracts | $ 2,087 | $ 4,188 | $ 5,531 | $ 1 |
Derivative on Convertible Not99
Derivative on Convertible Notes (Details) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Disclosure Of Derivative On Convertible Notes [Abstract] | ||||
Derivative on Convertible Notes | $ 1,110 | $ 4,112 | $ 0 | $ 0 |
Trade and Other Payables (Detai
Trade and Other Payables (Details) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
CURRENT | ||||
Trade payables | $ 21,143 | $ 19,221 | $ 18,357 | $ 25,302 |
Accruals | 9,568 | 7,503 | 6,934 | 9,096 |
Employee benefit liabilities | 1,805 | 1,842 | 1,524 | 2,152 |
Trade and other current payables | $ 32,516 | $ 28,566 | $ 26,815 | $ 36,550 |
Trade and Other Payables (De101
Trade and Other Payables (Details 1) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Disclosure of Trade and Other Payables [Abstract] | ||||
Employee benefit liabilities | $ 0 | $ 0 | $ 118 | $ 150 |
Borrowings (Details)
Borrowings (Details) $ in Thousands | Jan. 31, 2018NZD ($) | Jan. 31, 2018USD ($) | Sep. 29, 2017NZD ($) | Sep. 29, 2017USD ($) | Jan. 31, 2017NZD ($) | Jan. 31, 2017USD ($) | Jun. 30, 2016NZD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015NZD ($) | Jun. 30, 2015USD ($) |
CURRENT | ||||||||||
Bank overdrafts | $ 0 | $ 0 | $ 0 | $ 18,064 | ||||||
Shareholder loans | 10,951 | $ 10,951,295 | 8,200 | $ 8,200,000 | 29,281 | $ 29,280,991 | 16,918 | $ 16,917,902 | ||
Lease liability | 0 | 0 | 0 | 105 | ||||||
Bank loans | 16,000 | 16,000 | 0 | 17,841 | ||||||
Debt issuance costs in relation to bank loan | (218) | (656) | (565) | (42) | ||||||
Working capital financing bank facility | 22,489 | 31,710 | 32,877 | 3,387 | ||||||
Convertible notes | 1,740 | $ 1,740,000 | 13,744 | $ 13,744,000 | 0 | 0 | ||||
Other loan | 1,159 | $ 1,420 | $ 1,000,000 | 0 | 0 | 0 | ||||
Current borrowings and current portion of non-current borrowings | 52,121 | 68,998 | 61,593 | 56,273 | ||||||
NON-CURRENT | ||||||||||
Bank loans | $ 0 | $ 0 | $ 16,000 | $ 0 |
Borrowings (Details Textual)
Borrowings (Details Textual) | Aug. 07, 2017USD ($) | Aug. 04, 2017USD ($) | Dec. 31, 2017 | Sep. 30, 2017 | Sep. 29, 2017NZD ($)shares | Sep. 29, 2017USD ($)shares | Aug. 31, 2017USD ($) | Sep. 29, 2016USD ($)shares | Jun. 27, 2016NZD ($) | Jan. 31, 2017USD ($) | Jan. 31, 2018USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jan. 31, 2018NZD ($) | Jan. 31, 2018USD ($) | Sep. 29, 2017USD ($) | Aug. 09, 2017 | Jan. 31, 2017NZD ($) | Jan. 31, 2017USD ($) | Jun. 30, 2016NZD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015NZD ($) | Jun. 30, 2015USD ($) |
Borrowings, interest rate | 15.00% | 15.00% | |||||||||||||||||||||
Gearing ratio | 5.96 | 6.45 | |||||||||||||||||||||
Decrease in borrowing facility | $ 2,700,000 | $ 1,800,000 | $ 4,300,000 | ||||||||||||||||||||
Increase in margin percentage | 2.00% | ||||||||||||||||||||||
Increase in line fee percentage | 1.00% | ||||||||||||||||||||||
Current shareholder loans | $ 10,951,000 | $ 10,951,295 | $ 8,200,000 | $ 8,200,000 | $ 29,281,000 | $ 29,280,991 | $ 16,918,000 | $ 16,917,902 | |||||||||||||||
Increase decrease in shares through conversion of convertible instruments, equity | shares | 23,961 | 23,961 | 24,839 | ||||||||||||||||||||
Borrowings converted amount | $ 16,790,000 | $ 11,750,000 | $ 24,839,783 | ||||||||||||||||||||
Other current borrowings and current portion of other non-current borrowings | $ 1,420,000 | 1,159,000 | $ 1,000,000 | 0 | 0 | 0 | |||||||||||||||||
Current convertible notes | $ 1,740,000 | $ 1,740,000 | $ 13,744,000 | $ 13,744,000 | $ 0 | $ 0 | |||||||||||||||||
Term loan facility [Member] | |||||||||||||||||||||||
Notional amount | $ 16,000,000 | ||||||||||||||||||||||
Borrowings, maturity date | Jun. 27, 2018 | ||||||||||||||||||||||
Borrowings, interest rate | 5.55% | 5.55% | 4.84% | 4.84% | 4.77% | 4.77% | |||||||||||||||||
Interchangeable facility [Member] | |||||||||||||||||||||||
Notional amount | $ 22,489,428 | $ 31,710,000 | $ 32,877,397 | ||||||||||||||||||||
Borrowings, interest rate | 5.32% | 5.32% | 3.87% | 3.87% | |||||||||||||||||||
Maximum borrowing amount | $ 35,000,000 | ||||||||||||||||||||||
Shareholder loan [Member] | |||||||||||||||||||||||
Borrowings, interest rate | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | |||||||||||||||
Interest costs capitalised | $ 6,436,987 | $ 2,806,945 | $ 7,042,000 | $ 3,192,000 | |||||||||||||||||||
Convertible notes [Member] | |||||||||||||||||||||||
Notional amount | $ 3,624,198 | $ 2,600,000 | $ 16,474,465 | $ 12,000,000 | |||||||||||||||||||
Borrowings, maturity date | Aug. 10, 2019 | ||||||||||||||||||||||
Borrowings, interest rate | 7.00% | 7.00% | 10.00% |
Provisions (Details)
Provisions (Details) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
CURRENT | ||||
Current provisions | $ 1,106 | $ 1,528 | $ 855 | $ 786 |
NON-CURRENT | ||||
Non-current provisions | 2,711 | 2,249 | 2,555 | 2,767 |
Lease contributions [member] | ||||
CURRENT | ||||
Current provisions | 412 | 480 | 342 | 353 |
NON-CURRENT | ||||
Non-current provisions | 910 | 702 | 976 | 906 |
Onerous contracts [member] | ||||
CURRENT | ||||
Current provisions | 264 | 377 | 0 | 233 |
NON-CURRENT | ||||
Non-current provisions | 0 | 176 | 275 | 361 |
Make good [member] | ||||
CURRENT | ||||
Current provisions | 430 | 671 | 513 | 200 |
NON-CURRENT | ||||
Non-current provisions | $ 1,801 | $ 1,371 | $ 1,304 | $ 1,500 |
Provisions (Details 1)
Provisions (Details 1) $ in Thousands, $ in Thousands | 7 Months Ended | 12 Months Ended | |
Jan. 31, 2017NZD ($) | Jan. 31, 2018NZD ($) | Jan. 31, 2018USD ($) | |
Balance | $ 3,410 | $ 3,777 | |
Additional provisions recognised | 1,006 | 1,230 | |
Unused amounts reversed | (112) | (658) | |
Unwinding of discounts | (9) | 271 | |
Amounts used during the year | (499) | (913) | |
Exchange differences | (19) | 110 | |
Balance | 3,777 | 3,817 | |
Lease contributions [member] | |||
Balance | 1,318 | 1,182 | |
Additional provisions recognised | 145 | 635 | |
Unused amounts reversed | 0 | 0 | |
Unwinding of discounts | 0 | 0 | |
Amounts used during the year | (269) | (547) | |
Exchange differences | (12) | 52 | |
Balance | 1,182 | 1,322 | |
Onerous contracts [member] | |||
Balance | 275 | 553 | |
Additional provisions recognised | 508 | 0 | |
Unused amounts reversed | 0 | 0 | |
Unwinding of discounts | 0 | 0 | |
Amounts used during the year | (230) | (289) | |
Exchange differences | 0 | 0 | |
Balance | 553 | 264 | |
Make good [member] | |||
Balance | 1,817 | 2,042 | |
Additional provisions recognised | 353 | 595 | $ 595 |
Unused amounts reversed | (112) | (658) | |
Unwinding of discounts | (9) | 271 | |
Amounts used during the year | 0 | (77) | |
Exchange differences | (7) | 58 | |
Balance | $ 2,042 | $ 2,231 |
Provisions (Details Textual)
Provisions (Details Textual) $ in Thousands, $ in Thousands | 7 Months Ended | 12 Months Ended | |||
Jan. 31, 2017NZD ($) | Jan. 31, 2018NZD ($) | Jan. 31, 2018USD ($) | Jun. 30, 2016 | Jun. 30, 2015 | |
Additional provisions, other provisions | $ 1,006 | $ 1,230 | |||
Onerous contract provision [Member] | |||||
Pre-tax discount rate applied to provisions calculations | 11.40% | 11.40% | 11.40% | 11.40% | 11.40% |
Additional provisions, other provisions | $ 508 | $ 0 | |||
Make good provision [Member] | |||||
Pre-tax discount rate applied to provisions calculations | 2.00% | 2.00% | 2.00% | 2.00% | 4.00% |
Additional provisions, other provisions | $ 353 | $ 595 | $ 595 |
Share Capital (Details)
Share Capital (Details) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Disclosure of classes of share capital [line items] | ||||
Shares Outstanding Value | $ 68,727 | $ 27,948 | $ 3,108 | $ 3,108 |
Share Capital (Details) (Parent
Share Capital (Details) (Parenthetical) - shares | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jan. 31, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Ordinary shares [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Number of shares outstanding | 306,028 | 274,839 | 250,000 | 250,000 | 250,000 | 250,000 |
Share Capital (Details 1)
Share Capital (Details 1) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Disclosure of classes of share capital [line items] | ||||
Balance | $ 3,108 | $ 27,948 | $ 3,108 | |
Convertible note maturity | 0 | 17,789 | 0 | $ 0 |
Balance | 27,948 | 68,727 | 3,108 | 3,108 |
Ordinary shares [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance | 3,108 | 27,948 | 3,108 | 3,108 |
Issuance of new shares | 24,840 | 22,990 | 0 | 0 |
Convertible note maturity | 0 | 17,789 | 0 | 0 |
Balance | $ 27,948 | $ 68,727 | $ 3,108 | $ 3,108 |
Balance | 250,000 | 274,839 | 250,000 | 250,000 |
Shares issued during the period | 24,839 | 31,189 | 0 | 0 |
Balance | 274,839 | 306,028 | 250,000 | 250,000 |
Share Capital (Details 2)
Share Capital (Details 2) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Disclosure of classes of share capital [abstract] | ||||
Value of conversion rights - convertible notes | $ 0 | $ 17,789 | $ 0 | $ 0 |
Share Capital (Details 3)
Share Capital (Details 3) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Disclosure of classes of share capital [abstract] | |||||
Total borrowings | $ 52,121 | $ 68,998 | $ 77,593 | $ 56,273 | |
Less Cash and cash equivalents | (10,739) | (2,644) | (4,193) | (1,246) | $ (3,624) |
Net debt | 41,382 | 66,354 | 73,400 | 55,027 | |
Equity | (5,710) | (9,044) | (17,876) | 2,839 | $ 16,037 |
Total Captial | $ 35,672 | $ 57,310 | $ 55,524 | $ 57,866 | |
Gearing ratio | 116.00% | 116.00% | 132.00% | 95.00% |
Share Capital (Details Textual)
Share Capital (Details Textual) | Jan. 31, 2018 |
Disclosure of classes of share capital [line items] | |
Borrowings, interest rate | 15.00% |
Reserves (Details)
Reserves (Details) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Foreign currency translation reserve | ||||
Opening balance | $ (2,125) | $ (2,154) | $ (2,156) | $ (2,063) |
Transfers in | (29) | 148 | 31 | (93) |
Balance at the end of the period | $ (2,154) | $ (2,006) | $ (2,125) | $ (2,156) |
Loss per Share (Details)
Loss per Share (Details) - NZD ($) $ / shares in Units, $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings per share [line items] | ||||
From continuing operations attributable to the ordinary equity holders of the company | $ (60.54) | $ (131.38) | $ (82.86) | $ (52.79) |
Total basic and diluted loss per share attributable to the ordinary equity holders of the company | $ (60.54) | $ (131.38) | $ (82.86) | $ (52.79) |
Basic and diluted loss per share | ||||
Profit/(loss) attributable to the ordinary equity holders of the company used in calculating basic earnings per share: | $ (16,008) | $ (37,445) | $ (20,715) | $ (13,198) |
Weighted average number of ordinary shares used as the denominator in calculating basic and diluted loss per share | 264,441 | 285,019 | 250,000 | 250,000 |
Loss per Share (Details Textual
Loss per Share (Details Textual) | Jan. 31, 2018NZD ($) | Jan. 31, 2018USD ($) | Aug. 09, 2017 | Jan. 31, 2017NZD ($) | Jan. 31, 2017USD ($) |
Earnings per share [line items] | |||||
Borrowings, interest rate | 15.00% | 15.00% | |||
Convertible notes [Member] | |||||
Earnings per share [line items] | |||||
Notional amount | $ 3,624,198 | $ 2,600,000 | $ 16,474,465 | $ 12,000,000 | |
Borrowings, interest rate | 7.00% | 7.00% | 10.00% |
Accumulated Losses (Details)
Accumulated Losses (Details) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Loss [Line Items] | ||||
(Accumulated losses)/retained earnings at the beginning of the period | $ (18,859) | $ (34,838) | $ 1,887 | $ 14,992 |
Loss for the period | (15,979) | (37,593) | (20,746) | (13,105) |
(Accumulated Losses)/Retained Earnings at end of the period | $ (34,838) | $ (72,431) | $ (18,859) | $ 1,887 |
Capital and Leasing Commitme117
Capital and Leasing Commitments (Details) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Minimum Lease Payments [Abstract] | ||||
Minimum lease payments | $ 0 | $ 0 | $ 0 | $ 105 |
Less: finance changes | 0 | 0 | 0 | 0 |
Present value of minimum lease payments | 0 | 0 | 0 | 105 |
Not later than one year [member] | ||||
Minimum Lease Payments [Abstract] | ||||
Minimum lease payments | $ 0 | $ 0 | $ 0 | $ 105 |
Capital and Leasing Commitme118
Capital and Leasing Commitments (Details 1) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Minimum Lease Payments Payable Under Noncancellable Operating Lease [Abstract] | ||||
Minimum lease payments payable under non-cancellable operating lease | $ 25,089 | $ 23,966 | $ 26,172 | $ 26,353 |
Not later than one year [member] | ||||
Minimum Lease Payments Payable Under Noncancellable Operating Lease [Abstract] | ||||
Minimum lease payments payable under non-cancellable operating lease | 9,618 | 9,472 | 9,594 | 8,952 |
Later than one year and not later than five years [member] | ||||
Minimum Lease Payments Payable Under Noncancellable Operating Lease [Abstract] | ||||
Minimum lease payments payable under non-cancellable operating lease | 14,943 | 14,435 | 16,438 | 17,089 |
Later than five years [member] | ||||
Minimum Lease Payments Payable Under Noncancellable Operating Lease [Abstract] | ||||
Minimum lease payments payable under non-cancellable operating lease | $ 528 | $ 59 | $ 140 | $ 312 |
Capital and Leasing Commitme119
Capital and Leasing Commitments (Details 2) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
License Contract [Abstract] | ||||
Contractual capital commitments | $ 15,806 | $ 19,569 | $ 22,754 | $ 25,607 |
Not later than one year [member] | ||||
License Contract [Abstract] | ||||
Contractual capital commitments | 3,797 | 3,652 | 3,696 | 3,147 |
Later than one year and not later than five years [member] | ||||
License Contract [Abstract] | ||||
Contractual capital commitments | 12,009 | 15,917 | 16,775 | 15,808 |
Later than five years [member] | ||||
License Contract [Abstract] | ||||
Contractual capital commitments | $ 0 | $ 0 | $ 2,283 | $ 6,652 |
Capital and Leasing Commitme120
Capital and Leasing Commitments (Details Textual) | 1 Months Ended |
Jan. 31, 2018 | |
Disclosure of capital and leasing commitments [Line Items] | |
Contractual Commitment Term | 7 years |
Description Of Operating lease term | Operating leases are in place for leased premises and vehicles, and normally have a term between 1 and 11 years. |
Lessor Commitments (Details)
Lessor Commitments (Details) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Disclosure of finance lease and operating lease by lessor [line items] | ||||
lease payments | $ 166 | $ 1,579 | $ 1,837 | $ 996 |
- no later than 1 year [member] | ||||
Disclosure of finance lease and operating lease by lessor [line items] | ||||
lease payments | 166 | 503 | 620 | 431 |
- between 1 year and 5 years [member] | ||||
Disclosure of finance lease and operating lease by lessor [line items] | ||||
lease payments | 0 | 1,076 | 1,217 | 565 |
- greater than 5 years [member] | ||||
Disclosure of finance lease and operating lease by lessor [line items] | ||||
lease payments | $ 0 | $ 0 | $ 0 | $ 0 |
Financial Risk Management (Deta
Financial Risk Management (Details) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Disclosure of Financial Risk Management [Line Items] | ||||
Non-derivatives Borrowings | $ 53,877 | $ 75,416 | $ 80,516 | $ 57,795 |
Non-derivatives Finance lease obligations | 0 | 0 | 0 | 106 |
Non-derivatives Trade payables | 21,143 | 19,221 | 18,357 | 25,302 |
Non-derivatives Bank guarantees | 0 | 0 | 582 | 372 |
Non-derivatives Total | 75,020 | 94,637 | 99,455 | 83,575 |
Derivatives Gross future cash settlement on forward currency contracts - inflow | 48,309 | 49,833 | 61,788 | 26,496 |
Derivatives Gross future cash settlement on forward currency contracts - (outflow) | (50,396) | (54,021) | (67,317) | (28,785) |
Derivatives Total | (2,087) | (4,188) | (5,529) | (2,289) |
Not later than one month [member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Non-derivatives Borrowings | 26,482 | 56,333 | 63,054 | 22,322 |
Non-derivatives Finance lease obligations | 0 | 0 | 0 | 66 |
Non-derivatives Trade payables | 21,143 | 19,221 | 18,357 | 25,302 |
Non-derivatives Bank guarantees | 0 | 0 | 0 | 0 |
Non-derivatives Total | 47,625 | 75,554 | 81,411 | 47,690 |
Derivatives Gross future cash settlement on forward currency contracts - inflow | 13,577 | 2,078 | 6,636 | 0 |
Derivatives Gross future cash settlement on forward currency contracts - (outflow) | (13,950) | (2,250) | (7,097) | 0 |
Derivatives Total | (373) | (172) | (461) | 0 |
Later than one month and not later than three months [member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Non-derivatives Borrowings | 148 | 129 | 127 | 996 |
Non-derivatives Finance lease obligations | 0 | 0 | 0 | 40 |
Non-derivatives Trade payables | 0 | 0 | 0 | 0 |
Non-derivatives Bank guarantees | 0 | 0 | 0 | 0 |
Non-derivatives Total | 148 | 129 | 127 | 1,036 |
Derivatives Gross future cash settlement on forward currency contracts - inflow | 13,837 | 9,900 | 18,755 | 1,841 |
Derivatives Gross future cash settlement on forward currency contracts - (outflow) | (14,453) | (11,326) | (20,454) | (2,029) |
Derivatives Total | (616) | (1,426) | (1,699) | (188) |
Later than three months and not later than one year [member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Non-derivatives Borrowings | 27,247 | 18,631 | 572 | 17,496 |
Non-derivatives Finance lease obligations | 0 | 0 | 0 | 0 |
Non-derivatives Trade payables | 0 | 0 | 0 | 0 |
Non-derivatives Bank guarantees | 0 | 0 | 0 | 0 |
Non-derivatives Total | 27,247 | 18,631 | 572 | 17,496 |
Derivatives Gross future cash settlement on forward currency contracts - inflow | 20,895 | 37,855 | 36,397 | 15,715 |
Derivatives Gross future cash settlement on forward currency contracts - (outflow) | (21,993) | (40,445) | (39,766) | (17,133) |
Derivatives Total | (1,098) | (2,590) | (3,369) | (1,418) |
Later than one year and not later than five years [member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Non-derivatives Borrowings | 0 | 323 | 16,763 | 16,981 |
Non-derivatives Finance lease obligations | 0 | 0 | 0 | 0 |
Non-derivatives Trade payables | 0 | 0 | 0 | 0 |
Non-derivatives Bank guarantees | 0 | 0 | 582 | 372 |
Non-derivatives Total | 0 | 323 | 17,345 | 17,353 |
Derivatives Gross future cash settlement on forward currency contracts - inflow | 0 | 0 | 0 | 8,940 |
Derivatives Gross future cash settlement on forward currency contracts - (outflow) | 0 | 0 | 0 | (9,623) |
Derivatives Total | $ 0 | $ 0 | $ 0 | $ (683) |
Financial Risk Management (D123
Financial Risk Management (Details 1) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Rating AA- [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Financial assets | $ 10,591 | $ 2,655 | $ 4,122 | $ 1,194 |
Rating A+ [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Financial assets | 94 | (11) | 24 | 0 |
External credit grades [member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Financial assets | 10,685 | 2,644 | 4,146 | 1,194 |
Trade receivables [member] | No External Ratings [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Financial assets | 9,982 | 26,499 | 20,603 | 20,603 |
Later than one month and not later than six months [member] | Trade receivables [member] | No External Ratings [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Financial assets | 12 | 187 | 1,046 | 1,046 |
Later than six months [member] | Trade receivables [member] | No External Ratings [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Financial assets | $ 9,970 | $ 26,312 | $ 19,557 | $ 19,557 |
Financial Risk Management (D124
Financial Risk Management (Details 2) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jan. 31, 2015 |
Trade receivables [member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial assets | $ 1,903 | $ 2,144 | $ 2,389 | $ 1,577 |
Trade receivables [member] | AUD [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial assets | 328 | 424 | 531 | 5 |
Trade receivables [member] | USD [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial assets | 199 | 211 | 30 | 167 |
Trade receivables [member] | GBP [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial assets | 0 | 0 | 0 | 0 |
Trade receivables [member] | EUR [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial assets | 1,376 | 1,509 | 1,828 | 1,405 |
Trade receivables [member] | HKD [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial assets | 0 | 0 | 0 | 0 |
Trade payables [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial liabilities | 12,146 | 9,051 | 12,801 | 15,683 |
Trade payables [Member] | AUD [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial liabilities | 781 | 315 | 203 | 334 |
Trade payables [Member] | USD [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial liabilities | 11,209 | 8,557 | 12,438 | 14,942 |
Trade payables [Member] | GBP [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial liabilities | 74 | 131 | 117 | 50 |
Trade payables [Member] | EUR [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial liabilities | 29 | 32 | 8 | 6 |
Trade payables [Member] | HKD [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial liabilities | 53 | 16 | 35 | 351 |
Cash and cash equivalents [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial assets | 9,184 | 1,874 | 1,396 | 914 |
Cash and cash equivalents [Member] | AUD [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial assets | 1,660 | 926 | 965 | 422 |
Cash and cash equivalents [Member] | USD [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial assets | 7,190 | 401 | 163 | 194 |
Cash and cash equivalents [Member] | GBP [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial assets | 77 | 131 | 110 | 135 |
Cash and cash equivalents [Member] | EUR [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial assets | 92 | 388 | 149 | 103 |
Cash and cash equivalents [Member] | HKD [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Foreign currency denominated financial assets | $ 165 | $ 28 | $ 9 | $ 60 |
Financial Risk Management (D125
Financial Risk Management (Details 3) - Currency risk [member] - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
USD [Member] | 10% Decrease [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Risk exposure associated with instruments sharing characteristic | $ 1,509 | $ 1,196 | $ 1,267 | $ 797 |
USD [Member] | 10% Increase [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Risk exposure associated with instruments sharing characteristic | (1,509) | (1,196) | (1,267) | (797) |
AUD [Member] | 10% Decrease [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Risk exposure associated with instruments sharing characteristic | 805 | (86) | (75) | (7) |
AUD [Member] | 10% Increase [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Risk exposure associated with instruments sharing characteristic | (805) | 86 | 75 | 7 |
GBP [Member] | 10% Decrease [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Risk exposure associated with instruments sharing characteristic | 175 | (34) | 16 | 3 |
GBP [Member] | 10% Increase [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Risk exposure associated with instruments sharing characteristic | (175) | 34 | (16) | (3) |
EUR [Member] | 10% Decrease [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Risk exposure associated with instruments sharing characteristic | 136 | (186) | (142) | (108) |
EUR [Member] | 10% Increase [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Risk exposure associated with instruments sharing characteristic | (136) | 186 | 142 | 108 |
HKD [Member] | 10% Decrease [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Risk exposure associated with instruments sharing characteristic | 14 | (1) | 2 | 21 |
HKD [Member] | 10% Increase [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Risk exposure associated with instruments sharing characteristic | $ (14) | $ 1 | $ (2) | $ (21) |
Financial Risk Management (D126
Financial Risk Management (Details 4) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017NZD ($) | Jan. 31, 2018NZD ($) | Jun. 30, 2016NZD ($) | Jun. 30, 2015NZD ($) | |
Later than six months and not later than one year [member] | Buy USD sell NZD [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Notional amount | $ 3,479 | $ 0 | $ 22,378 | $ 3,854 |
Average foreign exchange rate | 0.7186 | 0 | 0.6424 | 0.7136 |
Not Later Than Six Month [Member] | Buy USD sell NZD [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Notional amount | $ 47,292 | $ 48,149 | $ 38,697 | $ 24,932 |
Average foreign exchange rate | 0.6687 | 0.7061 | 0.6473 | 0.7320 |
Not Later Than Six Month [Member] | Buy AUD sell NZD [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Notional amount | $ 2,250 | $ 2,247 | $ 5,242 | $ 0 |
Average foreign exchange rate | 0.8890 | 0.8900 | 0.9066 | 0 |
Not Later Than Six Month [Member] | Buy GBP sell NZD [Member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Notional amount | $ 1,000 | $ 0 | $ 1,000 | $ 0 |
Average foreign exchange rate | 0.5784 | 0 | 0.4181 | 0 |
Financial Risk Management (D127
Financial Risk Management (Details 5) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Disclosure of Financial Risk Management [Line Items] | ||||
Bank overdrafts | $ 0 | $ 0 | $ 0 | $ 18,064 |
Total | 52,121 | 68,998 | 77,593 | 56,273 |
Floating interest rate [member] | ||||
Disclosure of Financial Risk Management [Line Items] | ||||
Bank overdrafts | 0 | 0 | 0 | 14,481 |
Working capital financing bank facility | 22,489 | 31,710 | 32,877 | 3,387 |
Convertible notes | 1,740 | 16,474 | 0 | 0 |
Borrowings | 16,000 | 16,000 | 16,000 | 17,841 |
Total | $ 40,229 | $ 64,184 | $ 48,877 | $ 35,709 |
Financial Risk Management (D128
Financial Risk Management (Details 6) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Disclosure of Financial Risk Management [Line Items] | |||||
Equity | $ (5,710) | $ (9,044) | $ (17,876) | $ 2,839 | $ 16,037 |
10% Increase [Member] | |||||
Disclosure of Financial Risk Management [Line Items] | |||||
Equity | 420 | 642 | 352 | 283 | |
10% Decrease [Member] | |||||
Disclosure of Financial Risk Management [Line Items] | |||||
Equity | $ (420) | $ (642) | $ (352) | $ (283) |
Financial Risk Management (D129
Financial Risk Management (Details Textual) | Jan. 31, 2018 |
AUD [Member] | |
Disclosure of Financial Risk Management [Line Items] | |
Closing foreign exchange rate | 0.9073 |
USD [Member] | |
Disclosure of Financial Risk Management [Line Items] | |
Closing foreign exchange rate | 0.7335 |
GBP [Member] | |
Disclosure of Financial Risk Management [Line Items] | |
Closing foreign exchange rate | 0.5183 |
HKD [Member] | |
Disclosure of Financial Risk Management [Line Items] | |
Closing foreign exchange rate | 5.7368 |
EUR [Member] | |
Disclosure of Financial Risk Management [Line Items] | |
Closing foreign exchange rate | 0.5913 |
Tax assets and liabilities (Det
Tax assets and liabilities (Details) - NZD ($) $ in Thousands | 12 Months Ended | |||
Jan. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Opening Balance | $ 0 | $ 0 | $ 5,589 | $ 3,590 |
Charged to Income | 0 | 0 | (5,589) | 1,999 |
Charged directly to Equity | ||||
Changes in Tax Rate | 0 | 0 | 0 | 0 |
Exchange Differences | 0 | 0 | 0 | 0 |
Closing Balance | 0 | 0 | 0 | 5,589 |
Property, plant and equipment [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Opening Balance | 0 | 1,668 | 1,251 | |
Charged to Income | (1,668) | 417 | ||
Charged directly to Equity | ||||
Changes in Tax Rate | 0 | 0 | ||
Exchange Differences | 0 | 0 | ||
Closing Balance | 0 | 1,668 | ||
Doubtful debts [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Opening Balance | 0 | 80 | 85 | |
Charged to Income | (80) | (5) | ||
Charged directly to Equity | ||||
Changes in Tax Rate | 0 | 0 | ||
Exchange Differences | 0 | 0 | ||
Closing Balance | 0 | 80 | ||
Provision for annual leave [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Opening Balance | 0 | 296 | 273 | |
Charged to Income | (296) | 23 | ||
Charged directly to Equity | ||||
Changes in Tax Rate | 0 | 0 | ||
Exchange Differences | 0 | 0 | ||
Closing Balance | 0 | 296 | ||
Provision for long service leave [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Opening Balance | 0 | 79 | 66 | |
Charged to Income | (79) | 13 | ||
Charged directly to Equity | ||||
Changes in Tax Rate | 0 | 0 | ||
Exchange Differences | 0 | 0 | ||
Closing Balance | 0 | 79 | ||
Other payroll provisions [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Opening Balance | 0 | 124 | 142 | |
Charged to Income | (124) | (18) | ||
Charged directly to Equity | ||||
Changes in Tax Rate | 0 | 0 | ||
Exchange Differences | 0 | 0 | ||
Closing Balance | 0 | 124 | ||
Restated* general provisions [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Opening Balance | 0 | 333 | 1,857 | |
Charged to Income | (333) | (1,524) | ||
Charged directly to Equity | ||||
Changes in Tax Rate | 0 | 0 | ||
Exchange Differences | 0 | 0 | ||
Closing Balance | 0 | 333 | ||
Carried forward tax losses [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Opening Balance | 630 | 630 | 3,494 | 194 |
Charged to Income | 0 | 0 | (2,864) | 3,300 |
Charged directly to Equity | ||||
Changes in Tax Rate | 0 | 0 | ||
Exchange Differences | 0 | 0 | ||
Closing Balance | 630 | 630 | 630 | 3,494 |
Intangible assets [Member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Opening Balance | (630) | (630) | (700) | (403) |
Charged to Income | 0 | 0 | 70 | (297) |
Charged directly to Equity | ||||
Changes in Tax Rate | 0 | 0 | ||
Exchange Differences | 0 | 0 | ||
Closing Balance | $ (630) | (630) | (630) | (700) |
Inventories [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Opening Balance | $ 0 | 215 | 125 | |
Charged to Income | (215) | 90 | ||
Charged directly to Equity | ||||
Changes in Tax Rate | 0 | 0 | ||
Exchange Differences | 0 | 0 | ||
Closing Balance | $ 0 | $ 215 |
Dividends (Details)
Dividends (Details) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Australian franking credits [Member] | ||||
Disclosure of dividends [Line Items] | ||||
Unused tax credits for which no deferred tax asset recognised | $ 3,995 | $ 3,757 | $ 3,808 | $ 4,113 |
New Zealand imputation credits [Member] | ||||
Disclosure of dividends [Line Items] | ||||
Unused tax credits for which no deferred tax asset recognised | $ 236 | $ 235 | $ 235 | $ 235 |
Dividends (Details Textual)
Dividends (Details Textual) | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Disclosure of dividends [Line Items] | ||||
Applicable tax rate | 28.00% | 28.00% | 28.00% | 28.00% |
Australian franking credits [Member] | ||||
Disclosure of dividends [Line Items] | ||||
Tax rate effect of foreign tax rates | 30.00% | |||
New Zealand imputation credits [Member] | ||||
Disclosure of dividends [Line Items] | ||||
Applicable tax rate | 28.00% |
Key Management Personnel Rem133
Key Management Personnel Remuneration (Details) - NZD ($) | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Details of key management personnel remuneration [Line Items] | ||||
Short-term employee benefits | $ 1,492,015 | $ 1,742,530 | $ 1,751,710 | $ 2,039,156 |
Key management personnel compensation | $ 1,492,015 | $ 1,742,530 | $ 1,751,710 | $ 2,039,156 |
Interests in Subsidiaries (Deta
Interests in Subsidiaries (Details) | 7 Months Ended | 12 Months Ended | |||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Bendon Retail Limited [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Country of incorporation of subsidiary | New Zealand | ||||
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% | 100.00% |
Bendon Holdings Limited [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Country of incorporation of subsidiary | New Zealand | ||||
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% | 100.00% |
Bendon Holdings Pty Limited [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Country of incorporation of subsidiary | Australia | ||||
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% | 100.00% |
Bendon Pty Limited [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Country of incorporation of subsidiary | Australia | ||||
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% | 100.00% |
Bendon Intimates Pty Limited [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Country of incorporation of subsidiary | Australia | ||||
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% | 100.00% |
PS Holdings No. 1 Pty Limited [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Country of incorporation of subsidiary | Australia | ||||
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% | 100.00% |
Pleasure State Pty Limited [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Country of incorporation of subsidiary | Australia | ||||
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% | 100.00% |
Pleasure State HK Limited [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Country of incorporation of subsidiary | Hong Kong | ||||
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% | 100.00% |
Bendon UK Limited [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Country of incorporation of subsidiary | United Kingdom | ||||
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% | 100.00% |
Bendon USA Inc [Member] | |||||
Disclosure of subsidiaries [line items] | |||||
Country of incorporation of subsidiary | United States of America | ||||
Proportion of ownership interest in subsidiary | [1] | 100.00% | 100.00% | 100.00% | 100.00% |
[1] | The percentage of ownership interest held is equivalent to the percentage voting rights for all subsidiaries. |
Fair Value Measurement (Details
Fair Value Measurement (Details) - Recurring fair value measurement [member] - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Derivative on Convertible Notes [Member] | ||||
Financial liabilities | ||||
Financial liabilities | $ 1,110 | $ 4,112 | ||
Foreign exchange contracts [Member] | ||||
Financial assets | ||||
Financial assets | 0 | 0 | $ 0 | $ 2,289 |
Financial liabilities | ||||
Financial liabilities | 2,087 | 4,188 | 5,531 | 1 |
Level 1 of fair value hierarchy [member] | Derivative on Convertible Notes [Member] | ||||
Financial liabilities | ||||
Financial liabilities | 0 | 0 | ||
Level 1 of fair value hierarchy [member] | Foreign exchange contracts [Member] | ||||
Financial assets | ||||
Financial assets | 0 | 0 | 0 | 0 |
Financial liabilities | ||||
Financial liabilities | 0 | 0 | 0 | 0 |
Level 2 of fair value hierarchy [member] | Derivative on Convertible Notes [Member] | ||||
Financial liabilities | ||||
Financial liabilities | 0 | 0 | ||
Level 2 of fair value hierarchy [member] | Foreign exchange contracts [Member] | ||||
Financial assets | ||||
Financial assets | 0 | 0 | 0 | 2,289 |
Financial liabilities | ||||
Financial liabilities | 2,087 | 4,188 | 5,531 | 1 |
Level 3 of fair value hierarchy [member] | Derivative on Convertible Notes [Member] | ||||
Financial liabilities | ||||
Financial liabilities | 1,110 | 4,112 | ||
Level 3 of fair value hierarchy [member] | Foreign exchange contracts [Member] | ||||
Financial assets | ||||
Financial assets | 0 | 0 | 0 | 0 |
Financial liabilities | ||||
Financial liabilities | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurement (Deta136
Fair Value Measurement (Details 1) $ in Thousands | 12 Months Ended |
Jan. 31, 2018NZD ($) | |
Disclosure of fair value measurement [Line Items] | |
Balance at 31 January 2017 | $ 110,276 |
Balance at 31 January 2018 | 93,806 |
Level 3 of fair value hierarchy [member] | |
Disclosure of fair value measurement [Line Items] | |
Balance at 31 January 2017 | 4,112 |
Changes in fair value | 1,110 |
Conversion | (4,112) |
Balance at 31 January 2018 | $ 1,110 |
Fair Value Measurement (Deta137
Fair Value Measurement (Details 2) - Level 3 of fair value hierarchy [member] | 12 Months Ended |
Jan. 31, 2018NZD ($) | |
Disclosure of fair value measurement [Line Items] | |
Face value (NZD) | $ 3,624,198 |
Interest rate of note | 10.00% |
Risk free rate | 1.66% |
Term of the instrument | August 2,019 |
Expected volatility | 128.70% |
Dividend yield | 0.00% |
Contingencies (Details)
Contingencies (Details) - NZD ($) $ in Thousands | Jan. 31, 2018 | Jan. 31, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Landlords [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Rental Guarantees | $ 419 | $ 571 | $ 534 | $ 313 |
JP Morgan Chase Bank [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Standby Letter Of Credit | 291 | 286 | 279 | 0 |
UK Customs Department [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Guarantee | 329 | 282 | 303 | 372 |
ANZ for Merchant Service [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Guarantee | $ 172 | $ 0 | $ 0 | $ 0 |
Related Parties (Details)
Related Parties (Details) - NZD ($) | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Cullen Investments Limited [Member] | ||||
Trade and other payables [abstract] | ||||
Opening balance | $ 9,613,014 | $ 13,051,321 | $ 4,010,083 | $ 3,381,579 |
Closing balance | 13,051,321 | 11,535,677 | 9,613,014 | 4,010,083 |
Trade and other receivables [abstract] | ||||
Interest not charged | 0 | 0 | 0 | 0 |
Interest paid/payable | 0 | 0 | 0 | 0 |
Impairment | 0 | 0 | 0 | 0 |
Whitespace Atelier Limited [Member] | ||||
Trade and other payables [abstract] | ||||
Opening balance | 0 | 0 | ||
Closing balance | 0 | 272,665 | 0 | |
Trade and other receivables [abstract] | ||||
Interest not charged | 0 | 0 | ||
Interest paid/payable | 0 | 0 | ||
Impairment | 0 | 0 | ||
Naked Inc. [Member] | ||||
Trade and other payables [abstract] | ||||
Opening balance | 0 | 0 | ||
Closing balance | 0 | (1,368,577) | 0 | |
Trade and other receivables [abstract] | ||||
Interest not charged | 0 | 0 | ||
Interest paid/payable | 0 | 0 | ||
Impairment | 0 | 0 | ||
PS Holdings No. 2 Pty Limited [Member] | ||||
Trade and other payables [abstract] | ||||
Opening balance | $ 0 | (21,078) | ||
Closing balance | 0 | |||
Trade and other receivables [abstract] | ||||
Interest not charged | 0 | |||
Interest paid/payable | 0 | |||
Impairment | $ 0 | |||
FOH Online Inc. [Member] | ||||
Trade and other payables [abstract] | ||||
Opening balance | 0 | |||
Closing balance | $ 0 | $ 3,518,009 |
Related Parties (Details Textua
Related Parties (Details Textual) $ in Thousands | 7 Months Ended | 12 Months Ended | |||||||||
Jan. 31, 2017NZD ($) | Jan. 31, 2017USD ($) | Jan. 31, 2018NZD ($) | Jan. 31, 2018USD ($) | Jan. 31, 2017USD ($) | Jun. 30, 2016NZD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015NZD ($) | Jun. 30, 2015USD ($) | Jan. 31, 2018USD ($) | Jan. 31, 2017USD ($) | |
Disclosure Of Related Party [Line Items] | |||||||||||
Prepayments | $ 1,779 | $ 1,792 | $ 2,659 | $ 935 | |||||||
Revenue | 96,284 | 131,388 | 151,000 | 138,838 | |||||||
Profit (loss) before tax | $ (15,114) | $ (37,533) | $ (15,200) | $ (14,379) | |||||||
Cullen Group [Member] | |||||||||||
Disclosure Of Related Party [Line Items] | |||||||||||
Proportion Of Ownership Percentage | 71.80% | 71.80% | |||||||||
Bendon Group [Member] | |||||||||||
Disclosure Of Related Party [Line Items] | |||||||||||
Directors' remuneration expense | $ 3,438,307 | $ 1,515,644 | $ 2,056,676 | $ 628,604 | |||||||
Other expenses, by nature | $ 1,012,871 | $ 0 | $ 3,546,255 | $ 0 | |||||||
Settlement Period | next 12 months. | next 12 months. | |||||||||
Whitespace Atelier Limited [Member] | |||||||||||
Disclosure Of Related Party [Line Items] | |||||||||||
Purchases of goods, related party transactions | $ 13,281,727 | ||||||||||
Prepayments | $ 272,665 | $ 0 | |||||||||
Amounts payable, related party transactions | 1,368,577 | ||||||||||
Naked Brand Inc. [Member] | |||||||||||
Disclosure Of Related Party [Line Items] | |||||||||||
Amounts payable, related party transactions | $ 608,480 | 0 | |||||||||
FOH Online Corp [Member] | |||||||||||
Disclosure Of Related Party [Line Items] | |||||||||||
Percentage of voting equity interests acquired | 100.00% | 100.00% | |||||||||
Revenue | 1,078,077 | $ 0 | |||||||||
Profit (loss) before tax | 617,814 | $ 0 | |||||||||
Receivables due from related parties | $ 3,518,009 | $ 0 | |||||||||
Consignment agreement [Member] | Naked Brand Inc. [Member] | |||||||||||
Disclosure Of Related Party [Line Items] | |||||||||||
Related Party Transactions Expenses | 430,420 | ||||||||||
Merger Agreement [Member] | Naked Brand Inc. [Member] | |||||||||||
Disclosure Of Related Party [Line Items] | |||||||||||
Related Party Transactions Expenses | $ 329,677 |
Cash Flow Information (Details)
Cash Flow Information (Details) - NZD ($) $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jan. 31, 2017 | Jan. 31, 2018 | Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flow Information [Abstract] | ||||
Loss for the year | $ (15,979) | $ (37,593) | $ (20,746) | $ (13,105) |
Cash flows excluded from profit attributable to operating activities interest paid on borrowings | 6,238 | 8,792 | 10,182 | 4,402 |
Non-cash flows in profit: | ||||
- depreciation and amortisation expense | 1,842 | 3,030 | 3,516 | 5,718 |
- impairment expense | 292 | 1,914 | 2,157 | 0 |
- fair value gain/(loss) on Convertible Notes derivative | 592 | (2,393) | 0 | 0 |
Changes in assets and liabilities: | ||||
- (increase) in trade and other receivables | (4,748) | 14,925 | (6,518) | (1,046) |
- (increase) in current tax receivable | 35 | 52 | (88) | 0 |
- (increase)/decrease in derivative assets | 0 | 0 | 2,289 | (2,225) |
- (increase)/decrease in inventories | (179) | 6,638 | 8,088 | (15,646) |
- (increase)/decrease in deferred tax asset/(liability) | 0 | 0 | 5,589 | (2,160) |
- (increase) in related party receivables | (3,438) | (906) | (5,603) | (650) |
- increase/(decrease) in trade and other payables | 2,078 | 6,956 | (11,113) | 12,817 |
- increase/(decrease) in income taxes payable | 635 | 152 | (483) | 36 |
- increase/(decrease) in provisions | 367 | 39 | 311 | (2,507) |
- increase/(decrease) in foreign currency derivative liability | (1,343) | (5,104) | 5,530 | (1,982) |
- net exchange differences | 90 | (618) | 1,849 | (851) |
Cashflows from operations | $ (13,518) | $ (4,116) | $ (5,040) | $ (17,199) |
Events occurring after the r142
Events occurring after the reporting date (Details Textual) | 1 Months Ended | 7 Months Ended | 12 Months Ended | |||
Apr. 29, 2018USD ($) | Jan. 31, 2017NZD ($) | Jan. 31, 2018NZD ($) | Jan. 31, 2018USD ($) | Jun. 30, 2016 | Jun. 27, 2016NZD ($) | |
Disclosure Of Events After Reporting [Line Items] | ||||||
Issue of equity | $ 24,840,000 | $ 22,990,000 | ||||
Borrowings, interest rate | 15.00% | |||||
Term loan facility [Member] | ||||||
Disclosure Of Events After Reporting [Line Items] | ||||||
Notional amount | $ 16,000,000 | |||||
Borrowings, interest rate | 4.84% | 5.55% | 4.77% | |||
Events occurring after reporting date [Member] | ||||||
Disclosure Of Events After Reporting [Line Items] | ||||||
Description of Borrowings | Each facility is subject to a facility fee of NZD$500,000 upon first draw down from each facility. | |||||
Borrowings, interest rate | 7.50% | |||||
Events occurring after reporting date [Member] | Term loan facility [Member] | Bank of New Zealand [Member] | ||||||
Disclosure Of Events After Reporting [Line Items] | ||||||
Notional amount | $ 20,000,000 | $ 36,400,000 | ||||
Events occurring after reporting date [Member] | New Term Loan Facility [Member] | Bank of New Zealand [Member] | ||||||
Disclosure Of Events After Reporting [Line Items] | ||||||
Notional amount | 1,345,000 | |||||
Issue of equity | 23,500,000 | |||||
Events occurring after reporting date [Member] | Facility A [Member] | ||||||
Disclosure Of Events After Reporting [Line Items] | ||||||
Notional amount | 10,000,000 | |||||
Events occurring after reporting date [Member] | Facility B [Member] | ||||||
Disclosure Of Events After Reporting [Line Items] | ||||||
Notional amount | $ 10,000,000 |