REPORTING CONTEXT ABOUT US OUR OPERATING CONTEXT OUR PERFORMANCE OUR LEADERSHIP GOVERNANCE OUR FINANCIAL STATEMENTS SHAREHOLDERS' CORNER 9. FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (i) Equity investments at fair value through other comprehensive income THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 At 1 July 3 440 3 236 2 091 2 091 Exchange differences (110) 204 – – At 30 JUNE 3 330 3 440 2 091 2 091 (ii) Fair value through other comprehensive income financial assets include the following: THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 Unquoted: Equity securities - Mauritius 2 091 2 091 2 091 2 091 Equity securities - Réunion 1 239 1 349 – – 3 330 3 440 2 091 2 091 (iii) As per IFRS 9 in limited circumstances, cost less impairment may provide an appropriate estimate of fair value. This would be the case if sufficient recent information is not available to measure the fair value. The directors considered the requirements of IFRS 9 and are of the opinion that cost is the best estimate for fair value. (iv) Fair value through other comprehensive income financial assets include the following: THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 Unquoted: Ecocentre Limitee 2 091 2 091 2 091 2 091 Société Civile de Placement Immobilier 1 239 1 349 – – 3 330 3 440 2 091 2 091 (v) Equity investments at fair value through other comprehensive income are denominated in the following currencies: THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 Mauritian Rupee 2 091 2 091 2 091 2 091 Euro 1 239 1 349 – – 3 330 3 440 2 091 2 091 10. LONG-TERM RECEIVABLES AT AMORTISED COST THE COMPANY 2022 MUR '000 2021 MUR '000 Receivables from subsidiaries 86 177 196 136 Less allowance for ECL (86 177) (165 806) – 30 330 The long-term receivables from subsidiaries are stated at amortised cost. The long-term receivables have been fully provided during the year under review. The DCF model has been used to determine the fair value of the long term receivables. The fair value of the long term receivables approximate its carrying amount. The Company recognises an allowance for expected credit losses (ECLs) for the long term receivables under the general approach. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash received from the operations of the borrowers. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). Factors considered by the Group when concluding that a long term receivable is credit impaired, thus resulting in Stage 3, include the event when the balance due is more than 120 days. (a) The receivables are interest free, unsecured and will not be recalled within the next 12 months. (b) The carrying amounts of the long-term receivables at amortised cost as of 30 June are denominated in the following currencies: THE COMPANY 2022 MUR '000 2021 MUR '000 Mauritian Rupee – – Euro – 30 330 – 30 330 NOTES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 1 73 1 72 Phoenix Beverages Limited Integrated Report 2022 Phoenix Beverages Limited Integrated Report 2022
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