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

Provisions

v3.21.2
Provisions
6 Months Ended
Jul. 31, 2021
Provisions [abstract]  
Provisions

12. Provisions

 

   

31 July 2021

US $000’s

   

31 January 2021

US $000’s

 
Current:                
Other provisions     53       66  
Make good     -       557  
      53       623  

 

    31 July 2021 US $000’s    

31 January 2021

US $000’s

 
Non-current:                
Make good     -       868  
      -       868  

 

 

Naked Brand Group Limited

Notes to the Consolidated Financial Statements

For the Half Year Ended 31 July 2021

 

 

Other provisions

US $000’s

   

Make good

US $000’s

   

Total

US $000’s

 
Opening balance at 1 February 2021     66       1,425       1,491  
Additional provisions recognised     53       -       53  
Amounts used during the year     (53 )     -       (53 )
Reduction due to discontinued operations     (32 )     (1,425 )     (1,457 )
Exchange differences     19       -       19  
Balance at 31 July 2021     53       -       53  
                         
Opening balance at 1 August 2020     5,861       1,321       7,182  
Additional provisions recognised     -       -       -  
Amounts used during the year     (6,055 )     (46 )     (6,101 )
Exchange differences     260       150       410  
Balance at 31 January 2021     66       1,425       1,491  

 

Make good

 

On April 30, 2021, the Group disposed of its New Zealand subsidiary Bendon Limited, and the entities controlled by Bendon Limited in a management buyout transaction. In accordance with certain lease agreements of the disposed subsidiary, there was an obligation to refurbish and restore the lease premises to a condition agreed with the landlord at the end of the lease term or as prescribed. As at January 31, 2021, the provision was calculated using a pre-tax discount rate of 2%.