New Image Annual Report 2012 concept.indd - NZX

Notes to and forming part of the financial
statements (continued)
For the year ended 30 June 2012
Balance 1
July 10
Recognised in
income
Recognised in
equity
Balance 30
June 11
$’000 $’000 $’000 $’000
Property, Plant and Equipment (82) 173 - 91
Inventories 43 50 - 93
9Earnings Per Share
Employee Benefits 284 (13) - 271
Provisions 53 39 - 92
Basic Earnings and Diluted Earnings Per Share
298 249 - 547
Deferred tax has been calculated at 28% (2011: 28%) reflecting the income tax rate applicable for the
2012 financial year and beyond.
Unrecognised Deferred Tax Assets and Liabilities
The calculation of basic earnings per share at 30 June 2012 was based on the profit/(loss) attributable
to ordinary shareholders of $(5,464,000) (2011: $2,433,000) and a weighted average number of basic
ordinary shares outstanding during the year ended 30 June 2012 of 234,924,584 (2011: 234,831,993).
The calculation of diluted EPS is the weighted average number of ordinary shares outstanding during
the year ended 30 June 2012 of 234,924,584 (2011: 239,791,993), calculated as follows:
The Group has not recognised the benefit of tax losses able to be offset against future taxable income
of the Group. The New Zealand resident companies in the Group have tax losses of $ 2,494,000 (2011:
$Nil), however this includes tax losses derived by Living Nature Natural Products Limited of $1,181,000
(2011: $Nil) that are unable to be grouped for offset with the other New Zealand resident companies in
the Group. The Group also has tax losses in other jurisdictions of $8,007,000 (2011: $7,032,000) that
will only be available should the entities in those jurisdictions return to profit.
Profit Attributable to Ordinary Shareholders
2012 2011
Basic earnings per share (cents per share) (2.33) 1.04
Diluted earnings per share (cents per share) (2.33) 1.01
38
Imputation Credits
Weighted Average Number of Shares
39
Company
2012 2011
$’000 $’000
Balance 1 July 44 66
Perior period adjustment (39) -
New Zealand tax payments 3 444
Imputation credits attached to dividends - (466)
Balance 30 June 8 44
Weighted average number of ordinary shares for basic
earnings per share
Effect of dilution:
2012 2011
234,924,584 234,831,993
Share Options - 4,960,000
Weighted average number of ordinary shares adjusted for
234,924,584 239,791,993
the effect of dilution
At balance date, the imputation credits available to the shareholders of the parent were $8,000 (2011:
$44,000). There are no imputation credits available through indirect interests in subsidiaries (2011: $Nil).
All the share options were cancelled on 20 December 2011 and thus have been excluded from the
diluted Earnings Per Share calculation. Excluded from the 2011 diluted Earnings Per Share calculation
are the 2,135,000 tranche 2 and 2,000,000 tranche 3 share options as they are out of the money and
therefore not dilutive.
NEW IMAGE GROUP ANNUAL REPORT
NEW IMAGE GROUP ANNUAL REPORT