REPORTING CONTEXT ABOUT US OUR OPERATING CONTEXT OUR PERFORMANCE OUR LEADERSHIP GOVERNANCE OUR FINANCIAL STATEMENTS SHAREHOLDERS' CORNER THE GROUP THE COMPANY Notes 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 Cash flows from operating activities Cash generated from operations 30(a) 846 971 1 054 254 738 864 868 617 Interest received 779 701 258 417 Interest paid (31 497) (38 147) (27 449) (32 917) Contributions paid on pension 17 (16 235) (19 179) (16 235) (19 179) Net tax paid 20(b) (52 155) (63 047) (21 780) (64 600) CSR contribution 20(b) (5 575) (8 011) (5 575) (8 011) Net cash generated from operating activities 742 288 926 571 668 083 744 327 Cash flows from investing activities Purchase of property, plant and equipment (351 365) (275 191) (313 838) (232 236) Proceeds from disposal of plant and equipment 4 917 2 887 628 2 887 Purchase of intangible assets 6 (3 049) (25 703) (2 659) (25 410) Acquisition of investments in subsidiaries 7 – – (442) (50) Capital grants received 21 49 434 – – – Dividends received 724 2 658 24 943 2 658 Net cash used in investing activities (299 339) (295 349) (291 368) (252 151) Cash flows from financing activities Proceeds from borrowings 102,000 87,688 102,000 53,000 Repayment of borrowings (196,112) (139,748) (179,606) (128,507) Payment of principal portion of leases 19(b) (98 159) (100 765) (61 071) (51 500) Dividends paid to Company's owners 18, 22 (213 811) (192 364) (213 811) (192 364) Net cash used in financing activities (406 082) (345 189) (352 488) (319 371) Increase in cash and cash equivalents 36 867 286 033 24 227 172 805 Movement in cash and cash equivalents At July 1 369 393 62 960 234 471 50 620 Effect of foreign exchange rate changes (19 847) 20 400 (10 903) 11 046 Increase 36 867 286 033 24 227 172 805 At 30 June 30(b) 386 413 369 393 247 795 234 471 CASH FLOW STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2022 NOTES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 1. GENERAL INFORMATION Phoenix Beverages Limited (“the Company”) is a public limited company incorporated and domiciled in Mauritius. The Directors regard Phoenix Investment Company Limited and IBL Ltd as the immediate holding company and ultimate holding company of Phoenix Beverages Limited respectively. All three companies are incorporated in Mauritius and their registered office are at 4th Floor, IBL House, Caudan Waterfront, Port Louis. These financial statements will be submitted for consideration and approval at the forthcoming Annual Meeting of shareholders of the Company. The Company and its ultimate holding company are quoted on the official market of the Stock Exchange of Mauritius. The Company’s immediate holding company is quoted on the Development Enterprise Market of the Stock Exchange of Mauritius. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. (a) Basis of preparation The financial statements comply with the Mauritius Companies Act 2001 and have been prepared in accordance with International Financial Reporting Standards (IFRS). The financial statements are prepared under the historical cost basis, except that: (i) freehold land and buildings are carried at revalued amounts; and (ii) relevant financial assets and financial liabilities are stated at their fair value. The financial statements include the consolidated financial statements of the Company and its subsidiaries (the “Group”) and the separate financial statements of the Company (the Company). The consolidated and separate financial statements are presented in Mauritian Rupee (MUR’000). Comparative figures have been regrouped where necessary to conform with the current year’s presentation. (b) Basis of consolidation The Group financial statements consolidate the financial statements of Phoenix Beverages Limited, its subsidiaries and its associates using the acquisition method and the equity method respectively. The results of subsidiaries and associates acquired or disposed of during the year are included in the consolidated statements of profit or loss and other comprehensive income from the date of their acquisitions or up to the date of their disposals respectively. The consolidated financial statements incorporate the financial statements of the Company and entities (including structured entities) controlled by the Company and its subsidiaries. Control is achieved when the Company: - has power over the investee; - is exposed, or has rights, to variable returns from its involvement with the investee; and - has the ability to use its power to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power, including: The notes on pages 133 to 205 form an integral part of these financial statements | Auditor's report is on pages 123 to 126. 133 132 Phoenix Beverages Limited Integrated Report 2022 Phoenix Beverages Limited Integrated Report 2022
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