REPORTING CONTEXT ABOUT US OUR OPERATING CONTEXT OUR PERFORMANCE OUR LEADERSHIP GOVERNANCE OUR FINANCIAL STATEMENTS SHAREHOLDERS' CORNER 27. PROFIT BEFORE FINANCE COSTS, SHARE OF ASSOCIATE AND CREDIT LOSS EXPENSE/REVERSAL ON TRADE RECEIVABLES THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 Profit before finance costs is arrived at after crediting: Profit on disposal of plant and equipment 1 494 2 327 267 2 327 Deferred revenue (note 21) 24 935 1 493 – – Reversal of impairment loss recognised on long-term receivables (note 10) – – 79 629 – and charging: Cost of inventories expensed 6 586 315 5 668 287 5 895 200 5 060 835 Depreciation on property, plant and equipment 364 606 332 565 297 369 267 580 Depreciation on right-of-use assets (note 19(a)) 98 203 102 917 61 584 54 436 Amortisation of intangible assets (note 6) 2 102 2 119 1 213 1 199 Employee benefit expense (note 25) 1 035 805 1 009 015 710 367 695 471 Impairment of investment in subsidiary (note 7) – – 442 – Provision for impairment loss recognised on long-term receivables (note 10) – – – 13 432 28. FINANCE COSTS THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 Bank overdrafts 937 1 450 297 1 004 Bank loans 15 347 19 253 13 741 16 831 Leases 15 213 17 444 13 411 15 082 Net foreign exchange losses 26 245 11 045 – 11 045 57 742 49 192 27 449 43 962 29. EARNINGS PER SHARE THE GROUP 2022 MUR '000 2021 MUR '000 Profit attributable to owners of the Company (MUR ’000) 417 340 532 657 Number of ordinary shares in issue 16 447 000 16 447 000 Basic and diluted earnings per share (MUR.cs) 25.37 32.39 30. NOTES TO THE STATEMENTS OF CASH FLOWS (a) Cash generated from operations THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 Profit before tax 548 000 595 383 526 742 416 471 Adjustments for: Depreciation on property, plant and equipment (note 5) 364 606 332 565 297 369 267 580 Depreciation on right-of-use assets (note 19(a)) 98 203 102 917 61 584 54 436 Amortisation of intangible assets (note 6) 2 102 2 119 1 213 1 199 Profit on disposal of plant and equipment (note 26) (1 494) (2 327) (267) (2 327) Exchange differences 30 999 (19 483) (4 909) 3 015 Loss allowance recognised on trade receivables (note 12(c)) 10 265 – 8 770 – Reversal of loss allowance on trade receivables (note 12(c)) – (5 178) – (343) Reversal of impairment loss on long-term receivables (note 10) – – (79 629) – Impairment loss on long-term receivables (note 10) – – – 13 432 Reversal of impairment loss on inventory (note 11) – (1 658) – (5 258) Impairment loss on land and buildings – 1 750 – 1 750 Dividend income (note 26) (724) (77) (24 943) (2 658) Interest income (note 26) (779) (701) (258) (417) Deferred revenue (note 21) (20 305) (1 493) – – Increase in pension provision (note 21) 22 533 34 383 22 327 34 137 Interest expense (note 28) 31 497 38 147 27 449 32 917 Share of results of associate (note 8(a)) 78 (2 725) – – 1 084 981 1 073 622 835 448 813 934 Changes in working capital - Trade and other receivables (103 657) 17 589 24 363 55 015 - Inventories (337 175) (91 572) (241 662) (116 624) - Trade and other payables 202 822 54 617 120 715 116 292 Cash generated from operations 846 971 1 054 256 738 864 868 617 (b) Cash and cash equivalents THE GROUP THE COMPANY 2022 MUR '000 2021 MUR '000 2022 MUR '000 2021 MUR '000 Bank and cash balances 402 225 385 956 247 795 234 471 Bank overdrafts (note 15) (15 812) (16 563) – – Cash and cash equivalents 386 413 369 393 247 795 234 471 NOTES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 199 198 Phoenix Beverages Limited Integrated Report 2022 Phoenix Beverages Limited Integrated Report 2022
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