Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 Amendments

Provisions

v3.19.3.a.u2
Provisions
6 Months Ended
Jul. 31, 2019
Provisions [abstract]  
Provisions

13 Provisions

 

    31 July 2019
NZ $000’s
    31 January 2019
NZ $000’s
 
Current:                
Lease contributions     -       179  
Make good     863       742  
      863       921  

 

    31 July 2019
NZ $000’s
   

31 January 2019

NZ $000’s

 
Non-current:     -       906  
Lease contributions     1,517       1,466  
Make good     1,517       2,372  

 

   

Lease contributions

NZ $000’s

   

Onerous contracts

NZ $000’s

    Make good NZ $000’s     Total NZ $000’s  
Opening balance at 1 February 2019     1,085       -       2,208       3,293  
Impact of IFRS 16     (1,085 )     -       299       (786 )
Additional provisions recognised     -       -       -       -  
Unused amounts reversed     -       -       -       -  
Unwinding of discounts     -       -       -       -  
Amounts used during the year     -       -       (58 )     (58 )
Other movements     -       -       (69 )     (69 )
Exchange differences     -       -       -       -  
      -       -       2,380       2,380  
                                 
Opening balance at 1 August 2018     1,146       49       2,363       3,558  
Additional provisions recognised     236       -       595       1,179  
Unused amounts reversed     -       -       (662 )     (662 )
Unwinding of discounts     -       -       271       271  
Amounts used during the year     (293 )     (49 )     (77 )     (475 )
Exchange differences     34       -       38       72  
Balance at 31 January 2019     1,085       -       2,208       3,293  

 

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% (31 January 2019: 2%), and other market assumptions and re-assessed annually.