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

Discontinued Operations (Tables)

v3.21.2
Discontinued Operations (Tables)
6 Months Ended
Jul. 31, 2021
Discontinued Operations  
Schedule of Discontinued Operations

The financial performance and cash flow information presented are for the 3 months ended April 30, 2021 (2021 column) and 6 months ended July 31, 2020.

 

   

3 months ended

30 April 2021

US $000’s

   

6 months ended

31 July 2020

US $000’s

 
Revenue from contracts with customers     11,209       13,412  
Other gains/(losses)     640       -  
Expenses     (16,062 )     (19,596 )
Operating loss     (4,213 )     (6,184 )
Finance costs     (525 )     (449 )
Loss before tax from discontinued operations     (4,738 )     (6,633 )
Income tax expense     (33 )     (26 )
Loss after income tax of discontinued operations     (4,771 )     (6,659 )
Exchange translation reserve on foreign operations     3,481       (2,190 )
Total comprehensive Loss for the period     (1,290 )     (8,849 )

 

Calculation of Total loss from discontinued operations

 

Loss after tax from discontinued operations     (4,771 )     (6,659 )
Loss on disposal of discontinued operations     (10,796 )     -  
Total loss from discontinued operation     (15,567 )     (6,659 )
                 
Earnings per share                
Basic loss for the year from discontinued operations     (0.021 )     (0.515 )
Diluted loss for the year from discontinued operations     (0.021 )     (0.515 )

 

Net cash flows incurred by Bendon are as follows:

 

Net cash inflow/(outflow) from operating activities     (3,282 )     258  
Net cash inflow/(outflow) from investing activities     (31 )     (129 )
Net cash inflow/(outflow) from financing activities     (49,627 )     8,879  
Net increase in cash generated by the subsidiary     (52,940 )     9,008  

 

 

Naked Brand Group Limited

Notes to the Consolidated Financial Statements

For the Half Year Ended 31 July 2021

 

Details of the sale of the subsidiary

 

    US $000’s  
I. Consideration        
Completion payment     -  
Inventory adjustment amount     (3,525 )
Intercompany debt forgiveness     (31,250 )
Transaction cost     (217 )
Adjustment amount        
Working capital adjustment     (639 )
Term loan repaid     (10,505 )
Transaction cost considered as a part of adjustment amount     (412 )
Contingent consideration     -  
Total Consideration (A)     (46,548 )

 

II. Less: Carrying amount of net assets of Bendon Group (B)     (35,783 )
Loss on sale before income tax and reclassification of Foreign currency translation reserve (A-B)     (10,765 )
Reclassification of foreign currency translation reserve     (31 )
Income tax expense on gain     -  
Loss on sale of Bendon Group     (10,796 )

 

The carrying amounts of assets and liabilities of Bendon group is as follows:

 

Particulars  

30-Apr-2021

US$ 000’s

   

31-Jan-2021

US$ 000’s

 
Property, plant and equipment     2,016       2,131  
Intangible Assets     2,576       2,539  
Right of Use Assets     10,798       13,173  
Cash and cash equivalents     12,464       64,497  
Trade Receivables     1,206       5,436  
Inventories     10,168       9,548  
Prepayments     3,816       -  
Other receivables     33       -  
Total Assets     43,077       97,324  
                 
Trade and other payables     5,748       8,108  
Lease Liabilities     12,747       15,429  
Borrowings     -       10,376  
Related party payables     57,535       95,334  
Provisions     2,684       1,491  
Tax     146       129  
Total Liabilities     78,860       130,867  
                 
Net Assets     (35,783 )     (33,543 )