Page 255 - InterloopAnnualReport2020

NOTES TO THE CONSOLIDATED

FINANCIAL STATEMENTS

For the year ended June 30, 2020

28.1.6 The expected contribution to defined benefit obligation for the year ending June 30, 2021 will be Rs. 849.864
million.

28.1.7 Sensitivity analysis
The calculation of the defined benefit obligation is sensitive to assumptions set out above. The following
table summarizes how the impact on the defined benefit obligation at the end of the reporting period would
have increased / (decreased) as a result of a change in respective assumptions by 100 bps.

2020 2019
(Rupees ‘000) (Rupees ‘000)
Discount rate + 100 bps (2,822,456) (2,246,150)
Discount rate – 100 bps 3,566,916 2,799,035
Salary change + 100 bps 3,573,092 2,802,607
Salary change – 100 bps (2,810,932) (2,238,597)

The sensitivity analysis of the defined benefit obligation to the significant actuarial assumptions has been
performed using the same calculation techniques as applied for calculation of defined benefit obligation
reported in the balance sheet.

28.1.8 The average duration of defined benefit obligation for the year ended 2020 is 12 years (2019: 11 years).
2020 2019
Note (Rupees ‘000) (Rupees ‘000)
28.2 Deferred income - Government grant
Movement in deferred income is as follows;
Government grant recognized 26.5 48,404 –
For the year amortization (3,614) –
Current portion of deferred income (28,142) –
Closing balance 16,648 –

28.2.1 There are no unfulfilled conditions or other contingencies attached to this grant as at the reporting date. The
amortization is net off against relevant finance charges.

2020 2019
Note (Rupees ‘000) (Rupees ‘000)

29. TRADE AND OTHER PAYABLES
Trade creditors 911,040 848,521
Accrued liabilities 29.1 1,768,534 2,240,530
Advances from customers 21,944 7,397
Other payables 227,003 154,457
Employees provident fund trust 29.2 3,013 5,059
Withholding tax payable 60,476 84,180
Workers’ profit participation fund 29.3 113,577 285,500
Workers’ welfare fund 43,570 –
3,149,157 3,625,644

29.1 It includes an amount of Rs. 262.861 million (2019: Rs. 209.855 million) relating to infrastructure cess payable
and Rs. 23.43 million (2019: Nil) relating to associate company- Global Veneer Trading Limited

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