Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Capital and Leasing Commitments

v3.19.2
Capital and Leasing Commitments
12 Months Ended
Jan. 31, 2019
Disclosure of capital and leasing commitments [Abstract]  
Capital and Leasing Commitments

25 Capital and Leasing Commitments

 

  (a) Operating Leases

 

    31 January 2019 
NZ$000’s
    31 January 2018 
NZ$000’s
    31 January 2017 
NZ$000’s
 
Minimum lease payments under non-cancellable operating leases:                        
- not later than one year     8,533       9,618       9,472  
- between one year and five years     18,039       14,943       14,435  
- later than five years     1,485       528       59  
      28,057       25,089       23,966  

 

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.

 

  (b) Contracted Commitments

 

    31 January 2019 
NZ$000’s
    31 January 2018 
NZ$000’s
    31 January 2017 
NZ$000’s
 
Licence contract                        
- not later than one year     4,286       3,797       3,652  
- between one year and five years     8,696       12,009       15,917  
      12,982       15,806       19,569  

 

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.