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INTRODUCTION ABOUT US MANAGEMENT APPROACH
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2022
13. CONSUMABLE BIOLOGICAL ASSETS (CONTINUED)
(b) Description of significant inputs to valuation (Continued):
Plants
Vegetables
14. INVENTORIES
Valuation technique
Discounted cash flows
Discounted cash flows
Significant unobservable inputs
Average price of plants : Rs 224 (2021: Rs 185)
Mortality rate: 3% (2021: 3%)
WACC: 18% (2021: 20%)
Discount factor: 8.8% (2021: 8.8%)
Price of vegetables: Rs 10,500-Rs 26,500 (2021: Rs 12,000 - 23,000)
Sensitivity of the input to value:
5% increase/(decrease) in price of plants would result in increase/(decrease) in fair value by Rs 2,882,903 (2021: Rs 2,079,518)
5% increase/(decrease) in mortality rate would result in (decrease)/increase in fair value by Rs 2,888,299 (2021: Rs 3,785,488)
1% increase/(decrease) in WACC would result in (decrease)/increase in fair value by Rs 54,176 (2021: Rs 334,663)
1% increase/(decrease) in discount factor would result in (decrease)/increase in fair value by Rs 57,473 (2021: Rs 168,145)
5% increase/(decrease) in the price of vegetables would result in increase/ (decrease) in fair value by Rs 1,606,374 (2021: Rs 1,210,931)
2021 Rs’000 291,060 - 34,600 58,031 7,789 391,480
THE GROUP
2022
Rs’000
404,877
26,659
58,079
665,835
63,143
2021
Rs’000 382,622 - 38,948 411,687 44,801
THE COMPANY
2022
Rs’000
308,046
55,312
92,414
30,213
-
1,218,593
878,058
485,985
Raw materials and spares (at cost)
Properties under development (a)
Work in progress (at cost)
Finished goods (at lower of cost and net realisable value) Goods in transit
15.
TRADE AND OTHER RECEIVABLES
Trade receivables
Loan receivable from subsidiary Receivables from subsidiaries Receivables from associates Other receivables
Prepayments
The amount of write down of inventories, recognised as an expense in cost of sales was Rs 17.2m (2021: Rs 16.5m) for the Group and Rs 10m (2021: Rs 7.1m) for the Company. Included in finished goods are inventories carried at net realisable value of Rs 7.5m (2021: Rs 13.5m) for the Group.
(a) Properties under development
In 2022, Compagnie de Gros Cailloux Limitée announced its intention to develop and sell some plots of agricultural land and consequently these assets are presented as inventory. The costs are assigned by specific identification and include the cost of acquisition and ongoing development costs.
THE GROUP
2022
25,060
38,877
74,275
2021
THE COMPANY
2022
Rs’000
425,906
-
-
Rs’000 266,965 - - 33,341 30,551 74,121
Rs’000
120,309
193,885
193,952
25,060
25,807
36,438
564,118
404,978
595,451
2021 Rs’000 129,631 142,595 70,175 33,341 19,863 17,963 413,568
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UBP INTEGRATED REPORT 2022