New Image Annual Report 2012 concept.indd - NZX

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Notes to and forming part of the financial statements (continued) For the year ended 30 June 2012 Overdraft Current Year – ANZ National Bank Limited 10Cash and Cash Equivalents Group Company The Group has an on demand overdraft facility of $2,150,000 with ANZ National Bank Limited. The overdraft was drawn on by $1,626,000 as at 30 June 2012. The interest rate as at 30 June 2012 was 9.65%. 2012 2011 2012 2011 $’000 $’000 $’000 $’000 Cash at Bank and on Hand 6,381 6,684 Short-Term Deposits 2,013 7,563 - - Bank Overdrafts (1,626) (1,217) - - 6,768 13,030 - - The bank overdraft is secured by a first ranking general security interest in favour of ANZ National Bank Limited over all tangible and intangible assets of New Zealand registered companies in the New Image Group as per Note 17. 40 The Group’s exposure to interest rate risk and a sensitivity analysis for financial assets and liabilities are disclosed in Note 22. Offshore Bank Balances The Group has significant cash balances held locally in Malaysia and Taiwan. Group 2012 2011 $’000 $’000 Malaysian Bank Balances 4,493 8,773 Taiwan Bank Balances 2,506 4,700 6,999 13,473 Prior Year - The Hong Kong and Shanghai Banking Corporation Limited In the prior year the on demand overdraft facility of $1,000,000 was with The Hong Kong and Shanghai Banking Corporation Limited (HSBC) which had been increased by a temporary facility of $330,000 as at 30 June 2011. The temporary facility was repayable on 20 July 2011. The overdraft was drawn on by $1,217,000 as at 30 June 2011. The interest rate as at 30 June 2011 was 9.50%. The bank overdraft was secured by a first ranking general security interest in favour of HSBC over all tangible and intangible assets of New Zealand registered companies in the New Image Group as per Note 17. As at 30 June 2011 the Group was in breach of one of the HSBC banking covenants with respect to the overdraft facility. The Group had not sought a waiver for the breach as on 11 August 2011 all facilities with HSBC were repaid and replaced by new facilities provided by ANZ National Bank Limited with a different set of banking covenants that the Group was compliant with at drawdown on 11 August 2011. 41 Malaysian Bank Balances All of the shares in the Malaysian subsidiary company, NZ New Image SDN BHD, are now held directly by New Image International Limited, removing any impediment to the repatriation of funds on demand from Malaysia. In the prior year New Image International Limited directly owned only a majority of the shares in the company and indirectly owned the remaining shares through formal arrangements with the other legal shareholders, which required the distribution of earnings to be on a progressive basis. Taiwan Bank Balances Total funds repatriated to New Image International Limited during the year were $4,150,000 (2011: $2,893,000). Sufficient funds are held in Taiwan to ensure that tax obligations required under local jurisdiction are met. NEW IMAGE GROUP ANNUAL REPORT NEW IMAGE GROUP ANNUAL REPORT
Notes to and forming part of the financial statements (continued) For the year ended 30 June 2012 11 Trade and Other Receivables 13 Property, Plant and Equipment Group Company Group 2012 2011 2012 2011 $’000 $’000 $’000 $’000 Capitalised Work in Progress Leasehold Improvements Office Furniture Plant & Equipment Computer Equipment Motor Vehicles Total Trade Receivables 2,811 2,072 - - $’000 $’000 $’000 $’000 $’000 $’000 $’000 Prepayments 862 1,157 - - GST Receivable 150 567 - - Advance to Associate 674 120 - - Impairment Provision - Advance to Associate (674) - - - Impairment Provision - Trade Receivables (11) (11) - - Cost Balance at 1 July 2011 3,315 1,623 324 5,688 1,561 73 12,584 Acquisitions through Business Combinations - 296 72 538 16 19 941 Additions - 127 100 4,666 64 38 4,995 Transfer to Plant & Equipment (3,315) - - 3,315 - - - 42 3,812 3,905 - - Trade receivables are shown gross of impairment losses of $11,000 (2011: $11,000). The Group’s exposure to credit and currency risks and impairment losses related to trade and other receivables are disclosed in Note 22. Disposals - - (1) (3) (123) - (127) Effects of Movements in Foreign Exchange - (4) (2) (2) (2) (1) (11) Balance at 30 June 2012 - 2,042 493 14,202 1,516 129 18,382 Balance at 1 July 2010 - 1,470 321 3,954 1,428 81 7,254 43 Additions 3,315 234 12 1,803 167 2 5,533 12 Inventories Group Company 2012 2011 2012 2011 $’000 $’000 $’000 $’000 Finished Goods 4,978 4,079 - - Disposals - - - (32) (1) (1) (34) Effects of Movements in Foreign Exchange - (81) (9) (37) (33) (9) (169) Balance at 30 June 2011 3,315 1,623 324 5,688 1,561 73 12,584 Accumulated Depreciation/ Impairment Balance at 1 July 2011 - 557 214 2,139 1,230 64 4,204 Depreciation Charge for Year - 291 45 1,087 245 19 1,687 Disposals - - (1) (3) (123) - (127) Effects of Movements in Foreign Exchange - (4) (1) 1 (1) (3) (8) Raw Materials 5,826 4,990 - - Balance at 30 June 2012 - 844 257 3,224 1,351 80 5,756 Total Inventory - Gross 10,804 9,069 - - Less Writedown (1,838) (350) - - Inventory at the Lower of Cost and Net Realisable Value 8,966 8,719 - - Inventory impairment in the cost of sales expense for the year was $2,423,000 (2011: $601,000). Balance at 1 July 2010 - 386 188 825 942 64 2,405 Depreciation Charge for Year - 204 29 750 315 7 1,305 Disposals - - - (18) - (1) (19) Impairment - - - 600 - - 600 Effects of Movements in Foreign Exchange - (33) (3) (18) (27) (6) (87) Balance at 30 June 2011 - 557 214 2,139 1,230 64 4,204 Carrying Amounts As at 30 June 2012 - 1,198 236 10,978 165 49 12,626 As at 30 June 2011 3,315 1,066 110 3,549 331 9 8,380 NEW IMAGE GROUP ANNUAL REPORT NEW IMAGE GROUP ANNUAL REPORT
Page 2 and 3: To enhance the health and well-bein
Page 4 and 5: Executive Chairman’s Review 2012
Page 6 and 7: NEW IMAGE GROUP LIMITED Annual Repo
Page 8 and 9: Statement of Changes in Equity (con
Page 10 and 11: Notes to and forming part of the fi
Page 44 and 45: Audit Report 84 Independent Auditor
Page 46 and 47: Statutory Information (continued) F
Page 48 and 49: Statutory Information (continued) F
Page 50: Company Directory For the year ende

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