Page 234 - UBP - IR2020
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FINANCIAL STATEMENTS
Notes to the financial statements
For the year ended June 30 2020
30 RELATED PARTY DISCLOSURES (CONTINUED)
Terms and conditions of transactions with related parties:
The The sales to and and and purchases from related related parties are are made at at at at normal market prices Outstanding balances at at at at the year end are are unsecured interest free and and and and settlement occurs in in in fin in in cash There have been no no guarantees provided or or or or received for for any related related party receivables and and and payables At each financial financial year year an an an an an an an an assessment of of provision for for impairment is is undertaken through examining the the the the the the financial financial position of of of the the the the the the related related related party party and and the the the the the the market fin in in fin in in which the the the the the the related related related party party operates For the the the the the the year year ended June 30 2020
the the the the the the Group has has no impairment impairment of of of receivables relating relating to to amounts owed by related related related related parties parties (2019: (2019: Rs Rs Rs 8m) The Company has has recorded an an an an an impairment impairment of of of Rs Rs Rs 81 8m 8m during the the the the the year year ended June 30 2020
(2019: (2019: Rs Rs Rs 74 6m) relating relating to to related related related related parties parties This assessment is is undertaken each financial financial year year through examining the the the the the financial financial position of of the the the the the related related related party party and the the the the the market in in fin in in fin in which the the the the the related related related party operates 31 CONTRACTS OF SIGNIFICANCE
Except for transactions transactions as as disclosed in fin in in note 30 on on on on on related party transactions transactions the the the Group did not not have any any contract of of of of significance as as defined by the the the Listing Rules of of of of the the the Stock Exchange of of of of Mauritius Ltd with any any of of of of its Directors and controlling shareholders 32 CAPITAL COMMITMENTS
Capital expenditure:
Contracted for but not provided in fin the financial statements
Approved by the Directors but not contracted for THE GROUP
2019 Rs’000 63 814 444 729 508 543
THE COMPANY
2019 Rs’000 6 195 292 985 299 180
2020
Rs’000 30 505
212 120
242 625
2020
Rs’000 18 172
156 566
174 738
The expenditure for property plant and and equipment will be financed by by cash generated by by the Group activities and and from available borrowing facilities The Group’s capital commitments relating to its associates are as as follows:
Capital expenditure:
Approved by the Directors but not contracted for 33 CONTINGENT LIABILITIES
THE GROUP
2019 Rs’000 15 650
2020
Rs’000 19 100
At June 30 2020
the the the Group Group and and and the the the Company had contingent contingent liabilities liabilities liabilities in in in in in respect respect respect of of of of bank guarantees amounting to Rs Rs Rs Rs 5 5 8m (2019: (2019: Rs Rs Rs Rs Rs Rs 8 8 5m) and and and Rs Rs Rs Rs Rs Rs 1 1 1 1 1 1 1 1 1 2m 2m (2019: (2019: (2019: Rs Rs Rs Rs Rs Rs 1 1 1 1 1 1 1 1 1 2m) respectively and and and contingent contingent liabilities liabilities liabilities in in in in in in in in in in respect respect respect of of of of of net current liabilities liabilities liabilities of of of of of one of of of of of the the the the Group’s subsidiaries amounting to Rs Rs Rs Rs Rs 171 5m 5m (2019: (2019: Rs114 6m) both arising in in in in in in in the the ordinary course of of of of business from which it it it it is is is anticipated that no material liabilities would arise Pre-Mixed Concrete Limited one of of of of the the Group’s associates had contingent liabilities liabilities in in in in in in respect of of of of bank guarantees of of of of Rs Rs 1 1 1 7m (2019: Rs Rs Rs 1 1 1 6m) arising in in in in in in in in the the the the ordinary course of of of of of business from which it it it it it it is is is is is is anticipated that that no no material liabilities liabilities liabilities would arise arise There is is is is is is an an an an an industrial dispute claim of of of Rs Rs 0 8m against the the the the Company The The Directors consider that that no no liabilities liabilities will arise arise as the the the the probability for default in in in respect of of the the guarantees is is remote Legal claim contingencies
Legal actions actions have been initiated by former employees against the the the Group in in in in respect of unpaid severance allowances The estimated payout is is is is Rs Rs 25
5m 5m (2019: Rs Rs 57 5m) should the the the the the actions actions be be be successful Trials are ongoing and therefore it it it it is is is is not not practicable to state the the the the the timing of payment if any any The Group has has been been advised by its legal counsel that that it it it it is is is is is only possible but not not probable that that the the the the the action will succeed Accordingly no provision for any any liability has has been been made in in in fin the the financial statements
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