Intangible Assets (Tables)
|
6 Months Ended |
Jul. 31, 2020 |
|---|
| Disclosure of detailed information about intangible assets [abstract] |
|
| Disclosure of Detailed Information About Intangible Assets |
| |
|
31 July 2020
NZ $000’s
|
|
|
31 January 2020
NZ $000’s |
|
| Goodwill |
|
|
|
|
|
|
| Cost |
|
|
5,901 |
|
|
|
6,091 |
|
| Accumulated impairment |
|
|
(5,901 |
) |
|
|
(6,091 |
) |
| |
|
|
- |
|
|
|
- |
|
| Patents and licences |
|
|
|
|
|
|
|
|
| Cost |
|
|
24,393 |
|
|
|
25,151 |
|
| Accumulated amortisation and impairment |
|
|
(3,623 |
) |
|
|
(3,489 |
) |
| |
|
|
20,770 |
|
|
|
21,662 |
|
| Brands |
|
|
|
|
|
|
|
|
| Cost |
|
|
12,303 |
|
|
|
12,032 |
|
| Accumulated amortisation and impairment |
|
|
(6,759 |
) |
|
|
(5,401 |
) |
| |
|
|
5,544 |
|
|
|
6,631 |
|
| Software & Website |
|
|
|
|
|
|
|
|
| Cost |
|
|
15,625 |
|
|
|
15,548 |
|
| Accumulated amortisation and impairment |
|
|
(15,542 |
) |
|
|
(15,548 |
) |
| |
|
|
83 |
|
|
|
- |
|
| |
|
|
|
|
|
|
|
|
| Total intangible assets |
|
|
26,397 |
|
|
|
28,293 |
|
|
| Disclosure of Detailed Information About Movements in Carrying Amounts of Intangible Assets |
(a) Movements in carrying amounts
of intangible assets
| |
|
Goodwill NZ $000’s
|
|
|
Patents and licences
NZ $000’s
|
|
|
Brands
NZ $000’s
|
|
|
Software & Website
NZ $000’s
|
|
|
Total
NZ $000’s
|
|
| For the 6 months ended 31 July 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at the beginning of the period |
|
|
- |
|
|
|
21,662 |
|
|
|
6,631 |
|
|
|
- |
|
|
|
28,293 |
|
| Additions |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
86 |
|
|
|
86 |
|
| Amortisation expense |
|
|
- |
|
|
|
(228 |
) |
|
|
- |
|
|
|
- |
|
|
|
(228 |
) |
| Impairment |
|
|
- |
|
|
|
- |
|
|
|
(1,253 |
) |
|
|
- |
|
|
|
(1,253 |
) |
| Foreign exchange movements |
|
|
- |
|
|
|
(664 |
) |
|
|
166 |
|
|
|
(3 |
) |
|
|
(501 |
) |
| Closing value at 31 July 2020 |
|
|
- |
|
|
|
20,770 |
|
|
|
5,544 |
|
|
|
83 |
|
|
|
26,397 |
|
| |
|
Goodwill NZ $000’s
|
|
|
Patents and licences
NZ $000’s
|
|
|
Brands
NZ $000’s
|
|
|
Software & Website
NZ $000’s
|
|
|
Total
NZ $000’s
|
|
| For the 6 months ended 31 January 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Balance at the beginning of the period |
|
|
- |
|
|
|
24,202 |
|
|
|
8,229 |
|
|
|
- |
|
|
|
32,431 |
|
| Adjustments* |
|
|
- |
|
|
|
(2,310 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2,310 |
) |
| Amortisation expense |
|
|
- |
|
|
|
(589 |
) |
|
|
- |
|
|
|
- |
|
|
|
(589 |
) |
| Impairment |
|
|
- |
|
|
|
- |
|
|
|
(1,564 |
) |
|
|
- |
|
|
|
(1,564 |
) |
| Foreign exchange movements |
|
|
- |
|
|
|
359 |
|
|
|
(34 |
) |
|
|
- |
|
|
|
325 |
|
| Closing value at 31 January 2020 |
|
|
- |
|
|
|
21,662 |
|
|
|
6,631 |
|
|
|
- |
|
|
|
28,293 |
|
* During the second half of last
year, a financial liability relating to a shareholder loan on the balance sheet of Frederick’s of Hollywood (FOH) on the
acquisition of FOH Online Corp Inc. was de-recognised as the stock purchase agreement stipulated the transaction was debt free.
This has resulted in a reduction to the carrying value of the acquired intangible asset with a write back to the profit and loss
account for the accrued and capitalised interest which was NZ$0.2m.
|
| Disclosure of Information for Cash-generating Units |
For the purpose of impairment testing, goodwill is allocated
to cash-generating units as below:
Description of cash-generating unit (CGU)
| |
|
6 months to
31 July 2020
NZ $000’s
|
|
|
6 months to
31 July 2019
NZ $000’s
|
|
| |
|
|
|
|
|
|
| United States |
|
|
- |
|
|
|
2,480 |
|
| Impairment of goodwill |
|
|
- |
|
|
|
2,480 |
|
|
| Disclosure of Impairment of Intangible Assets |
| |
|
6 months to
31 July 2020
NZ $000’s
|
|
|
6 months to
31 July 2019
NZ $000’s
|
|
| |
|
|
|
|
|
|
| FOH licence |
|
|
- |
|
|
|
1,914 |
|
| Naked patents & licence |
|
|
- |
|
|
|
123 |
|
| Impairment of patents & licences |
|
|
- |
|
|
|
2,037 |
|
| |
|
6 months to
31 July 2020
NZ $000’s
|
|
|
6 months to
31 July 2019
NZ $000’s
|
|
| |
|
|
|
|
|
|
| Pleasure State |
|
|
1,253 |
|
|
|
- |
|
| Naked |
|
|
- |
|
|
|
2,130 |
|
| Impairment for indefinite-lived brand intangibles |
|
|
1,253 |
|
|
|
2,130 |
|
| |
|
6 months to
31 July 2020
NZ $000’s
|
|
|
6 months to
31 July 2019
NZ $000’s
|
|
| |
|
|
|
|
|
|
| Software |
|
|
- |
|
|
|
202 |
|
| Impairment of software |
|
|
- |
|
|
|
202 |
|
|
| Disclosure of Detailed Information About Impairment of Indefinite-lived Brand Intangibles |
The table below illustrates the impact on the carrying
value following changes in the following assumptions:-
| |
|
NZ $000’s |
|
| - 33 basis points increase in discount rate |
|
|
(164 |
) |
| - 70 basis points decrease in long-term sales growth |
|
|
(66 |
) |
| - 500 basis points decrease in long-term sales forecast |
|
|
(318 |
) |
|