Page 47 - NZPM Annual Report 2020

NZPM GROUP LIMITED
Notes to the Consolidated Financial Statements for the year ended 31 March 2020

10.3. Deferred taxation

The following table details the major deferred income tax liabilities and assets recognised by the Group and the movements during
the current and prior year.

Adjustment Credited/
Balance at on adoption (charged) to Balance at
1/04/2019 of NZ IFRS 16 profit or loss 31/03/2020
$’000 $’000 $’000 $’000
Property, plant and equipment and intangible assets 250 0 (9) 241
Trade and other receivables 95 0 8 103
Right to returned goods asset (378) 0 85 (293)
Inventories 136 0 59 195
Right-of-use assets 0 (11,331) (2,450) (13,781)
Refund liability 534 0 (108) 426
Provisions and accruals 1,069 0 (177) 892
Lease liabilities 0 11,417 2,900 14,317
Deferred taxation 1,706 86 308 2,100

Credited/
Balance at (charged) to Balance at
1/04/2018 profit or loss 31/03/2019
$’000 $’000 $’000
Property, plant and equipment and intangible assets 399 (149) 250
Trade and other receivables 148 (53) 95
Right to returned goods asset 0 (378) (378)
Inventories 207 (71) 136
Refund liability 0 534 534
Provisions and accruals 915 154 1,069
Deferred taxation 1,669 37 1,706

The Group is satisfied that sufficient taxable profits will be generated to utilise the deferred tax assets in the future.

11. Reconciliation of cash flows from operating activities
2020 2019
$’000 $’000
Net profit for the year 270 2,805

Non cash items:
Depreciation of property plant and equipment 2,074 1,915
Amortisation of intangible assets 605 577
Depreciation of right-of-use assets 7,776 0
Movement in deferred taxation (394) (37)
Net gains on financial liabilities at fair value (150) (55)
Non-cash rebate dividends and dividends 1,025 890
10,936 3,290

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NZPM GROUP LIMITED ANNUAL REPORT 2020