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

Financial Risk Management (Tables)

v3.19.2
Financial Risk Management (Tables)
12 Months Ended
Jan. 31, 2019
DisclosureOfFinancialRiskManagementLineItems [Line Items]  
Disclosure of Financial Risk Management

The Group’s liabilities have contractual maturities which are summarised below:

 

    Non-derivatives Borrowings 
NZ$000’s
    Non-derivatives Trade payables 
NZ$000’s
    Non-derivatives Total 
NZ$000’s
    Derivatives Gross future cash settlement on forward currency contracts - inflow 
NZ$000’s
    Derivatives
Gross future cash settlement on forward currency contracts - (outflow) 
NZ$000’s
    Derivatives Total 
NZ$000’s
 
Not later than 1 month                                    
31 January 2019     1,329       23,580       24,908       18,325       (19,212 )     (887 )
31 January 2018     26,482       21,143       47,625       13,577       (13,950 )     (373 )
31 January 2017     56,333       19,221       75,554       2,078       (2,250 )     (172 )
                                                 
1 to 3 months                                                
31 January 2019     184       -       184       9,610       (10,061 )     (451 )
31 January 2018     148       -       148       13,837       (14,453 )     (616 )
31 January 2017     129       -       129       9,900       (11,326 )     (1,426 )
                                                 
3 months to 1 year                                                
31 January 2019     20,184       -       20,184       4,976       (5,121 )     (145 )
31 January 2018     27,247       -       27,247       20,895       (21,993 )     (1,098 )
31 January 2017     18,631       -       18,631       37,855       (40,445 )     (2,590 )
                                                 
1 to 5 years                                                
31 January 2019     -       -       -       -       -       -  
31 January 2018     -       -       -       -       -       -  
31 January 2017     323       -       323       -       -       -  

 

    Non-derivatives Borrowings 
NZ$000’s
    Non-derivatives Trade payables 
NZ$000’s
    Non-derivatives Total 
NZ$000’s
    Derivatives Gross future cash settlement on forward currency contracts - inflow 
NZ$000’s
    Derivatives
Gross future cash settlement on forward currency contracts - (outflow) 
NZ$000’s
    Derivatives Total 
NZ$000’s
 
Total                                    
31 January 2019     21,697       23,580       45,277       32,912       (34,395 )     (1,483 )
31 January 2018     53,877       21,143       75,020       48,309       (50,396 )     (2,087 )
31 January 2017     75,416       19,221       94,637       49,833       (54,021 )     (4,188 )

Disclosure of Credit Risk Exposure

    31 January 2019 
NZ$000’s
    31 January 2018 
NZ$000’s
    31 January 2017 
NZ$000’s
 
Trade receivables
Counterparty without external credit ratings
                       
New customer less than 6 months     42       12       187  
Existing customers (more than 6 months with default in past)     7,747       9,970       26,312  
Total     7,789       9,982       26,499  

 

    31 January 2019 
NZ$000’s
    31 January 2018 
NZ$000’s
    31 January 2017 
NZ$000’s
 
Credit ratings                        
AA-     1,915       10,591       2,655  
A+     -       94       (11 )
Total     1,915       10,685       2,644  

Disclosure of Market Risk

Foreign currency denominated financial assets and liabilities, translated into New Zealand Dollars at the closing rate, are as follows:

 

    AUD 
NZ$000’s
    USD 
NZ$000’s
    GBP 
NZ$000’s
    EUR 
NZ$000’s
    HKD 
NZ$000’s
    Total 
NZ$000’s
 
31 January 2019                                    
Nominal amounts                                                
Trade receivables     51       42       -       285       -       378  
Trade payables     1       9,035       8       61       7       9,112  
Cash and cash equivalents     623       149       38       8       11       829  
                                                 
31 January 2018                                                
Nominal amounts                                                
Trade receivables     328       199       -       1,376       -       1,903  
Trade payables     781       11,209       74       29       53       12,146  
Cash and cash equivalents     1,660       7,190       77       92       165       9,184  
                                                 
31 January 2017                                                
Trade receivables     424       211       -       1,509       -       2,144  
Trade payables     315       8,557       131       32       16       9,051  
Cash and cash equivalents     926       401       131       388       28       1,874  

Disclosure of Detailed Information About Hedging Instruments

The following table summarises the notional amount of the Group’s commitments in relation to forward exchange contracts.

 

    Notional Amounts     Average Exchange Rate  
    31 January 2019 
NZ$000’s
    31 January 2018 
NZ$000’s
    31 January 2017 
NZ$000’s
    31 January 2019 
$
    31 January 2018 
$
    31 January 2017 
$
 
Buy USD / sell NZD                                                
Settlement                                                
Less than 6 months     34,395       48,149       47,292       0.6620       0.7061       0.6687  
6 months to 1 year     -       -       3,479       -       -       0.7186  

 

    NZ$000’s     NZ$000’s     NZ$000’s     $     $     $  
Buy AUD / sell NZD                                    
Settlement                                    
Less than 6 months                  -       2,247       2,250                    -       0.8900       0.8890  
                                                 

 

    NZ$000’s     NZ$000’s     NZ$000’s     $     $     $  
Buy GBP / sell NZD                                    
Settlement                                    
Less than 6 months                        -                          -       1,000                         -                           -       0.5784  

Disclosure of Financial Instruments by Type of Interest Rate

At the reporting date, the Group is exposed to changes in market interest rates through its bank borrowings, which are subject to variable interest rates.

 

    31 January 2018 
NZ$000’s
    31 January 2017 
NZ$000’s
    31 January 2017 
NZ$000’s
 
Floating rate instruments                        
Bank overdrafts     -       -       -  
Working capital financing bank facility     -       22,489       31,710  
Convertible notes     78       1,740       16,474  
Borrowings     20,000       16,000       16,000  
      20,078       40,229       64,184  

Currency risk [member]  
DisclosureOfFinancialRiskManagementLineItems [Line Items]  
Sensitivity Analysis for Types of Market Risk

    NZ$000’s  
    +10%     -10%  
USD                
Net results/Equity (31 January 2019)     (954 )     954  
Net results/Equity (31 January 2018)     (1,509 )     1,509  
Net results/Equity (31 January 2017)     (1,196 )     1,196  
                 
AUD                
Net results/Equity (31 January 2019)     (5 )     5  
Net results/Equity (31 January 2018)     (805 )     805  
Net results/Equity (31 January 2017)     86       (86 )
                 
GBP                
Net results/Equity (31 January 2019)     (1 )     1  
Net results/Equity (31 January 2018)     (175 )     175  
Net results/Equity (31 January 2017)     34       (34 )
                 
EUR                
Net results/Equity (31 January 2019)     (32 )     32  
Net results/Equity (31 January 2018)     (136 )     136  
Net results/Equity (31 January 2017)     186       (186 )
                 
HKD                
Net results/Equity (31 January 2019)     (1 )     1  
Net results/Equity (31 January 2018)     (14 )     14  
Net results/Equity (31 January 2017)     1       (1 )

Interest Rate Risk [Member]  
DisclosureOfFinancialRiskManagementLineItems [Line Items]  
Sensitivity Analysis for Types of Market Risk

The calculations are based on the financial instruments held at each reporting date. All other variables are held constant.

 

    NZ$000’s  
    1.00%     -1.00%  
    NZ$000’s     NZ$000’s  
Net results/Equity (31 January 2019)     200       (200 )
Net results/Equity (31 January 2018)     402       (402 )
Net results/Equity (31 January 2017)     642       (642 )