NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 CONT’D 27. EMPLOYEE BENEFITS OBLIGATIONS (Cont’d) (b) Employee benefits obligations is denominated in PHP. (c) The following table demonstrates the sensitivity analysis of the Group to a reasonably possible change in the PHP exchange rates against the respective functional currency of the Group entities, with all other variables held constant: Group 2023 2022 RM RM Profit after taxation/Retained earnings PHP/RM - strengthen by 10% (2022: 10%) (155,246) (105,918) PHP/RM - weaken by 10% (2022: 10%) 155,246 105,918 (d) The movements in the present value of employee benefit obligations are as follows: Group 2023 2022 RM RM Balance as at 1 January 1,412,239 2,233,582 Service costs (Current and Past) 174,018 528,551 Interest 110,180 191,872 Remeasurement recognition in Other Comprehensive Income (Note 9(d)) 296,081 (1,433,757) Exchange differences 77,429 (108,009) Balance as at 31 December 2,069,947 1,412,239 (e) Expenses recognised in profit or loss are as follows: Group 2023 2022 RM RM Current service cost 174,018 528,551 Interest on obligation 110,180 191,872 Net benefit expenses 284,198 720,423 (f) The principal actuarial assumptions at the end of the reporting period (expressed as weighted average) are as follows: Group 2023 2022 % % Discount rate 6.20 7.50 Average salary increase 5.00 5.00 153 ANNUAL REPORT 2023
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