REPORTING CONTEXT ABOUT US OUR OPERATING CONTEXT OUR PERFORMANCE OUR LEADERSHIP GOVERNANCE OUR FINANCIAL STATEMENTS SHAREHOLDERS' CORNER THE COMPANY 2021 Freehold land and yard MUR '000 Freehold buildings MUR '000 Plant and machinery MUR '000 Motor vehicles MUR '000 Furniture, computer, office and other equipment MUR '000 Containers MUR '000 Total MUR '000 At 1 July 2020 1 106 764 694 976 2 413 494 305 631 809 380 320 930 5 651 175 Additions 11 768 11 615 218 334 15 597 18 715 74 710 350 739 Disposals – – (121 570) (32 676) (4 637) (61 683) (220 566) *Impairment (12 419) (2 763) – – – – (15 182) At 30 JUNE 2021 1 106 113 703 828 2 510 258 288 552 823 458 333 957 5 766 166 DEPRECIATION At 1 July 2020 8 027 43 362 1 280 716 157 496 528 635 133 678 2 151 914 Charge for the year 6 105 24 302 91 518 19 047 63 874 62 734 267 580 Disposals – – (121 485) (32 425) (4 413) (61 683) (220 006) *Impairment – (368) – – – – (368) At 30 JUNE 2021 14 132 67 296 1 250 749 144 118 588 096 134 729 2 199 120 NET BOOK VALUE At 30 JUNE 2021 1 091 981 636 532 1 259 509 144 434 235 362 199 228 3 567 046 Capital expenditure in progress – 9 950 37 438 – 12 578 8 422 68 388 TOTAL PROPERTY, PLANT AND EQUIPMENT 1 091 981 646 482 1 296 947 144 434 247 940 207 650 3 635 434 * During the year 2021, the Directors have assessed the carrying amount of a specific property and consider the property to be of no business use and development that will lead economic benefits to flow to the Group. The Directors have therefore impaired land and buildings which had a carrying amount of MUR 14.8m at 30 June 2021. 5. PROPERTY, PLANT AND EQUIPMENT (continued) (b) Cost or valuation (continued) (c) In respect of freehold land and buildings of the Company: • Freehold land and buildings were revalued in June 2022 by CDDS land surveyors and property, an independent valuer. The basis of valuation of land was arrived at by comparing the value of other land in the neighbourhood giving due consideration to their respective location, shape, extent, development and potential. The values of buildings were arrived at by taking into consideration their depreciated replacement cost after making allowance for their age, standard and state of repair. The carrying amount was adjusted to the revalued amount at 30 June 2022 and the revaluation surplus was recorded under revaluation reserve. In respect of freehold land and buildings of Edena S.A. and SCI Edena: • Freehold land and buildings were revalued in June 2022 by Galtier Valuation an independent valuer. The basis of valuation of land and buildings was arrived at using an average of the following: comparing the value of other land and buildings in the neighbourhood giving due consideration to their respective location, shape, extent, development and potential; taking into consideration the depreciated replacement cost of buildings after making allowance for their age, standard and state of repair; and capitalised earnings. Freehold land and buildings are revalued every 4-6 years. (d) Fair value hierarchy measurement of freehold land and yard are classified as level 2 amounting to MUR 1 354.4m (2021: MUR 1 221.1m) for the Group and MUR 1 230.0m (2021: MUR 1 092.0m) for the Company and buildings as level 3 amounting to MUR 1 054.8m (2021: MUR 827.5m) for the Group and MUR 887.6m (2021: MUR 636.5m) for the Company. (e) There were no transfers under level 2 and 3 during the year. (f) Bank borrowings are secured by fixed and floating charges over the assets of the Group, which include property, plant and equipment. (g) Information about fair value measurements using significant unobservable inputs (Level 3) THE GROUP Description Fair value at 30 June Valuation technique Unobservable inputs Range of unobservable inputs (probability- weighted average) Relationship of unobservable inputs to fair value 2022 MUR ‘000 2021 MUR ‘000 Buildings 1 043 618 827 469 Replacement cost less depreciation approach Price per square metre MUR 3 200 - MUR 54 740 per square metre The higher the price per square metre, the higher the fair value There was no change in the valuation technique during the year. NOTES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 163 162 Phoenix Beverages Limited Integrated Report 2022 Phoenix Beverages Limited Integrated Report 2022
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