REPORTING CONTEXT ABOUT US OUR OPERATING CONTEXT OUR PERFORMANCE OUR LEADERSHIP GOVERNANCE OUR FINANCIAL STATEMENTS SHAREHOLDERS' CORNER (viii) Sensitivity analysis on defined benefit obligations at end of the reporting date: THE GROUP THE COMPANY MUR '000 MUR '000 2022 Increase in defined benefit obligations due to 1% decrease in discount rate 178 911 178 614 Decrease in defined benefit obligations due to 1% increase in discount rate 154 336 154 082 Increase in defined benefit obligations due to 1% increase in future long-term salary assumption 49 077 48 778 Decrease in defined benefit obligations due to 1% decrease in future long-term salary assumption 52 986 52 725 2021 Increase in defined benefit obligations due to 1% decrease in discount rate 169 144 168 962 Decrease in defined benefit obligations due to 1% increase in discount rate 145 022 144 709 Increase in defined benefit obligations due to 1% increase in future long-term salary assumption 47 927 47 741 Decrease in defined benefit obligations due to 1% decrease in future long-term salary assumption 50 205 49 885 The sensitivities above have been determined based on a method that extrapolates the impact on net defined benefit obligations as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The present value of the defined benefit obligations has been calculated using the projected unit credit method. The sensitivity analysis may not be representative of the actual change in the defined benefit obligations as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. (ix) The defined benefit pension plan exposes the Group to actuarial risks, such as longevity risk, interest rate risk and market (investment) risk and salary risk. Longevity risk - The liabilities disclosed are based on the mortality tables A 67/70 and PA (92). Should the experience of the pension plans be less favourable than the standard mortality tables, the liabilities will increase. Interest rate risk - If the bond interest rate decreases, the liabilities would be calculated using a lower discount rate, and would therefore increase. Investment risk - The present value of the liabilities of the plan are calculated using a discount rate. Should the returns on the assets of the plan be lower than the discount rate, a deficit will arise. Salary risk - If salary increases are higher than assumed in the calculation, the liabilities would increase giving rise to actuarial losses. (x) The funding requirements are based on the pension fund’s actuarial measurement framework set out in the funding policies of the plan. (xi) The Group does not expect to make any contributions to its post-employment benefit plans for the year ending 30 June 2023. (xii) The weighted average duration of the defined benefit obligation is 10-16 years for the Group and the Company at the end of the reporting date (2021: 10-16 years for the Group and for the Company). 17. EMPLOYEE BENEFIT OBLIGATIONS (continued) Pension scheme (continued) 18. TRADE AND OTHER PAYABLES THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 Trade payables 591 797 443 171 348 787 267 256 Deposits from customers (see note (b)) 91 972 71 257 91 972 71 257 Amounts due to Group companies: - Fellow subsidiary 2 434 1 860 2 434 1 860 - Subsidiaries – – – 15 754 - Enterprises in which ultimate holding Company has significant interest 5 189 2 095 5 189 2 095 End of year discount (note (c)) 207 613 161 424 81 626 53 974 Dividend payable 154 668 149 734 154 668 149 734 Accrued expenses and other payables 373 135 389 511 265 527 262 624 1 426 808 1 219 052 950 203 824 554 The carrying amounts of trade and other payables approximate their fair values. (a) The credit period on purchase of goods is 30 days. No interest is charged by trade payables. The Group and the Company have policies to ensure that all payables are paid within the credit time frame. (b) Deposits from customers on containers THE GROUP AND THE COMPANY 2022 MUR ‘000 2021 MUR ‘000 At 1 July 71 257 76 510 Net increase/(decrease) in deposits* 20 715 (5 253) At 30 June 91 972 71 257 *This relates to deposit taken from customers for crates, bottles and jars. (c) It relates to discount given to customers based on targeted turnover. The contracts can be either the calendar year or the accounting period. Payment is effected at the end of the contract agreement. Movement on end of year discount is as follows: THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 At 1 July 161 424 139 769 53 974 63 161 Movement during the year 46 189 21 655 27 652 (9 187) At 30 JUNE 207 613 161 424 81 626 53 974 NOTES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 189 188 Phoenix Beverages Limited Integrated Report 2022 Phoenix Beverages Limited Integrated Report 2022
RkJQdWJsaXNoZXIy MTcyNjcwMw==