REPORTING CONTEXT ABOUT US OUR OPERATING CONTEXT OUR PERFORMANCE OUR LEADERSHIP GOVERNANCE OUR FINANCIAL STATEMENTS SHAREHOLDERS' CORNER The notes on pages 133 to 205 form an integral part of these financial statements | Auditor's report is on pages 123 to 126. FOR THE YEAR ENDED 30 JUNE 2022 FINANCIAL STATEMENTS OF FINANCIAL POSITION THE GROUP THE COMPANY Notes 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 ASSETS Non-current assets Property, plant and equipment 5 4 524 351 4 175 784 4 049 691 3 635 434 Intangible assets 6 902 750 964 641 221 809 220 363 Right-of-use assets 19(a) 217 757 295 016 144 392 176 545 Investments in subsidiaries 7 – – 1 378 939 1 478 976 Investment in associate 8 1 437 1 480 1 077 1 110 Financial assets at fair value through other comprehensive income 9 3 330 3 440 2 091 2 091 Long-term receivables at amortised cost 10 – – – 30 330 5 649 625 5 440 361 5 797 999 5 544 849 Current assets Inventories 11 1 521 291 1 208 843 1 219 421 977 759 Trade and other receivables 12 706 485 609 486 408 865 331 597 Current tax assets 20(b) – 17 994 – 13 985 Bank and cash balances 30(b) 402 225 385 956 247 795 234 471 2 630 001 2 222 279 1 876 081 1 557 812 Total assets 8 279 626 7 662 640 7 674 080 7 102 661 EQUITY AND LIABILITIES Capital and reserves Stated capital 13 366 962 366 962 366 962 366 962 Other reserves 14 1 504 348 1 227 907 1 948 179 1 693 723 Retained earnings 3 680 939 3 491 247 3 360 799 3 169 780 Equity attributable to owners of the Company 5 552 249 5 086 116 5 675 940 5 230 465 Non-controlling interests – (8 571) – – Total equity 5 552 249 5 077 545 5 675 940 5 230 465 Non-current liabilities Borrowings 15 301 704 419 436 224 673 315 652 Lease liabilities 19(b) 126 400 221 568 79 904 137 675 Deferred tax liabilities 16 288 011 247 956 282 901 244 189 Employee benefit obligation 17 222 346 216 775 221 204 215 439 Deferred revenue 21 51 480 28 225 – – 989 941 1 133 960 808 682 912 955 Current liabilities Trade and other payables 18 1 426 808 1 219 052 950 203 824 554 Borrowings 15 108 618 111 133 74 891 77 330 Lease liabilities 19(b) 113 749 96 109 83 488 57 357 Current tax liabilities 20(b) 76 098 13 922 80 876 – Deferred revenue 21 12 163 10 919 – – 1 737 436 1 451 135 1 189 458 959 241 Total equity and liabilities 8 279 626 7 662 640 7 674 080 7 102 661 These financial statements have been approved by the Board of Directors and authorised for issue on: 27 September 2022 Catherine Mcllraith Patrick Rivalland Chairperson of the Audit and Risk Committee Director PROFITTHE GROUP THE COMPANY Notes 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 Revenue from contracts with customers 23 9 014 922 7 868 359 7 501 814 6 534 635 Manufacturing costs 24 (3 912 657) (3 170 296) (3 169 464) (2 512 912) Excise and other specific duties 24 (2 647 776) (2 461 226) (2 647 776) (2 461 226) Cost of sales (6 560 433) (5 631 522) (5 817 240) (4 974 138) Gross profit 2 454 489 2 236 837 1 684 574 1 560 497 Other income 26 18 968 56 764 50 909 24 897 Marketing, warehousing, selling and distribution expenses 24 (1 148 235) (1 062 021) (810 898) (754 147) Administrative expenses 24 (709 137) (594 908) (361 624) (371 157) Profit before finance costs, share of associate and credit loss (expense)/reversal on trade receivables 27 616 085 636 672 562 961 460 090 Finance costs 28 (57 742) (49 192) (27 449) (43 962) Share of results of associate 8(a) (78) 2 725 – – Profit before credit loss (expense)/reversal on trade receivables 558 265 590 205 535 512 416 128 Credit loss (expense)/reversal on trade receivables 12 (10 265) 5 178 (8 770) 343 Profit before tax 548 000 595 383 526 742 416 471 Tax expense 20(c) (131 221) (64 168) (117 249) (40 007) Profit for the year 416 779 531 215 409 493 376 464 Other comprehensive income: Items that will not be reclassified subsequently to profit or loss: Changes in fair value of equity instrument at fair value through other comprehensive income – – (100 070) 293 505 Revaluation/(reversal of revaluation) on land and buildings 402 354 (13 064) 398 149 (13 064) Remeasurements of employment benefit obligations 17 727 318 729 327 318 362 Deferred tax on revaluation on buildings (45 264) – (43 623) – Deferred tax on employment benefit obligations 16 (56) (54 101) (56) (54 121) Items that may be reclassified subsequently to profit or loss: Exchange differences on translating foreign operations (80 684) 95 781 – – Other movements in associate 8(a) 35 (2 907) – – Total other comprehensive income 277 112 344 438 254 727 544 682 Total comprehensive income for the year 693 891 875 653 664 220 921 146 Profit attributable to: Owners of the Company 417 340 532 657 409 493 376 464 Non-controlling interests (561) (1 442) – – 416 779 531 215 409 493 376 464 Total comprehensive income attributable to: Owners of the Company 694 355 877 028 664 220 921 146 Non-controlling interests (464) (1 375) – – 693 891 875 653 664 220 921 146 Basic and diluted earnings per share (MUR.cs) 29 25.37 32.39 STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2022 The notes on pages 133 to 205 form an integral part of these financial statements | Auditor's report is on pages 123 to 126. 129 Phoenix Beverages Limited Integrated Report 2022 128 Phoenix Beverages Limited Integrated Report 2022
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