REPORTING CONTEXT ABOUT US OUR OPERATING CONTEXT OUR PERFORMANCE OUR LEADERSHIP GOVERNANCE OUR FINANCIAL STATEMENTS SHAREHOLDERS' CORNER (c) The Directors are of the opinion that non-controlling interests are not material to the Group. The investments are classified as level 3 in the fair value hierarchy. Refer to note 3.2. 8. INVESTMENT IN ASSOCIATE (a) The Group THE GROUP 2022 MUR '000 2021 MUR '000 At 1 July 1 480 4 380 Share of results (78) 2 725 Dividends – (2 718) Other movement in reserves 35 (2 907) At 30 JUNE 1 437 1 480 The Group’s interest in the associate is accounted using equity method in the consolidated financial statements. (b) The Company THE COMPANY 2022 MUR '000 2021 MUR '000 At 1 July 1 110 3 285 Movement in fair value (33) (2 175) At 30 JUNE 1 077 1 110 Investment in associate is classified as financial asset at fair value through other comprehensive income. The investment in associate is classified as level 3 in the fair value hierarchy. Refer to note 3.2. 7. INVESTMENTS IN SUBSIDIARIES (continued) (c) The associate, which is unlisted as at 30 June 2022 and 2021, is as follows: % Holding and voting rights held Name of company Principal place of business and country of incorporation Year ended Main business Class of shares held The Company Other Group Companies Crown Corks Industries Ltd Mauritius 30 June Trading of closures Ordinary 30.36% – (d) Summarised financial information Summarised financial information in respect of the associate is set out below. Name of company Current assets MUR '000 Noncurrent assets MUR '000 Current liabilities MUR '000 Revenue MUR '000 (Loss)/ profit for the year MUR '000 Other comprehensive loss for the year MUR '000 Total comprehensive income for the year MUR '000 Dividends received during the year MUR '000 2022 Crown Corks Industries Ltd 4 542 254 64 32 (256) 115 (141) – 2021 Crown Corks Industries Ltd 5 312 329 769 9 361 8 976 (9 576) (600) 2 718 (e) Reconciliation of summarised financial information Reconciliation of the above summarised financial information to the carrying amount recognised in the financial statements: Name of company Opening net assets MUR '000 (Loss)/ Profit for the year MUR '000 Other comprehensive loss for the year MUR '000 Dividends for the year Closing net assets MUR '000 Ownership interest % Interest in associates MUR '000 Carrying value MUR '000 2022 Crown Corks Industries Ltd 4 873 (256) 115 – 4 732 30.36% 1 437 1 437 2021 Crown Corks Industries Ltd 14 427 8 976 (9 576) (8 954) 4 873 30.36% 1 480 1 480 NOTES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 1 71 1 70 Phoenix Beverages Limited Integrated Report 2022 Phoenix Beverages Limited Integrated Report 2022
RkJQdWJsaXNoZXIy MTcyNjcwMw==