Page 214 - UBP - IR2020

FINANCIAL STATEMENTS
Notes to the financial statements
For the year ended June 30 2020
12 FINANCIAL ASSETS/AVAILABLE-FOR-SALE INVESTMENTS (CONTINUED)
(d) FAIR VALUE HIERARCHY (CONTINUED)
Valuation process for level 3 valuation
The valuation
valuation
valuation
process for for the the investments is is is completed on on on on on a a a a a a a a a a a a a a a a a a a a a yearly basis and is is is designed to to determine a a a a a a a a a a a a a a a a a a a a a reasonable fair value while subjecting the the the the valuation
valuation
valuation
of of of such investment investment to to to an an an appropriate level level level of of of review Yearly valuations are are performed at at at at at Group level level level by the the the the Directors For assets classified as as as as level level level 3 the the the the finance professionals are are responsible for for documenting preliminary valuations valuations based on on on on on on on on on their collection of of of financial and and and operating data company specific developments market valuation
valuation
valuation
of of of comparable companies and and and and model projections among other factors The The Board Board then reviews the the the the preliminary valuations valuations valuations and and and and all all all inputs for accuracy and and reasonableness The The Board Board finally approves all all investment valuations Quantitative and qualitative information of unobservable inputs - Level 3 Private equity investments Flacq Associated Stonemasters Limited (FAST)
Private equity investments Flacq Associated Stonemasters Limited (FAST)
Impele KCB SPV Limited 2020
Rs’000
11 407
2019 Rs’000
11 877 9 9 596
Valuation techniques
Market comparables
Valuation techniques
Market comparables
Income approach
Unobservable inputs Discount
of of lack of of marketability
Unobservable inputs Discount
of of lack of of marketability
WACC
Range
50%
Range
50%
31 9%
Sensitivity used
+/- 5%
Sensitivity used
+/- 5%
+/- 5%
Effect on fair value Rs’000
+/- 570
Effect on fair value Rs’000
+/- 1 297
+/- 2 355
No disclosures have been made for for for the remaining financial assets of Rs Rs Rs 1 1 1 1 1 7m 7m (2019: (2019: 2 2 2 0m) for for for Group and and Rs Rs Rs 1 1 1 1 1 5m (2019: (2019: Rs Rs Rs 1 1 1 1 1 7m) for for Company as as sensivity and effect on fair value are insignificant During the the year the the investment held
in in in Impele KCB SPV Limited has been disposed of 13 INCOME TAX
(a) In the the statements
of o profit or loss and other comprehensive income:
Income tax on the the adjusted profit for the the year Corporate social responsibility tax Underprovision of corporate social responsibility tax Underprovision of income tax in in previous year Under/(over) provision of deferred tax in previous years Deferred tax credit
Income tax expense
Amount in in other comprehensive income Deferred tax on actuarial gains and losses Deferred tax on on on revaluation gain on on on land and and buildings
THE GROUP
THE COMPANY
2019 Rs’000
46
136 6 151 518 3 3 883 (554) (19 568) 36 566
5 5 528 - 2020
Rs’000
27 907
3 596
532
3 979
1 1 831 (12 002)
25 843
39 157
(23 296)
2020
Rs’000
25 131
3 3 351
532
3 671
- (13 710)
18 975
30 238
(14 714)
214 - UBP INTEGRATED REPORT 2020
2019 Rs’000
59 679 7 898 518 3 3 430 (910) (19 179) 51 436
5 5 5 755 -