AUB Group Limited Annual Report 2023

NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023

16 PROVISIONS (CONTINUED)

Year ended 30 June 2023

Employee entitlements $’000

Make good provision $’000

Other general provisions $’000

Total $’000

Balance at the beginning of the year Payments made during the year

31,414

2,195

–

33,609 (19,419) (1,184) 14,549 174,802

(18,690)

–

(729) (823)

Change in estimates

(273)

(88)

Additions during the year

13,729 95,890

669

151

Acquisition of controlled entity

1,088

77,824

Deconsolidation of controlled entities Foreign exchange rate movements

(580)

(5)

–

(585)

5,465

92

2,693 79,116 79,116

8,250

Balance at the end of the year

126,955 123,476

3,951 1,955 1,996 3,951

210,022 204,547

Current 2023

Non-current 2023

3,479

–

5,475

Balance at the end of the year 210,022 A regulatory investigation of Tysers for an event which occurred prior to AUB’s ownership is currently in progress. Please refer to Note 7 for further details. 126,955 79,116

Year ended 30 June 2022

Employee entitlements $’000

Make good provision $’000

Other general provisions $’000

Total $’000

Balance at the beginning of the year Additions/Disposals/Other during the year

22,819 8,595 31,414 28,479

1,628

– – – – – –

24,447

567

9,162

Balance at the end of the year

2,195

33,609 29,104

Current 2022

625

Non-current 2022

2,935

1,570 2,195

4,505

Balance at the end of the year

31,414

33,609

17 INTEREST-BEARING LOANS AND BORROWINGS Interest-bearing liabilities are initially recognised at fair value of the consideration received, net of any directly attributable transaction costs. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Gains and losses are recognised in profit or loss when the liabilities are derecognised. Borrowing costs are amortised over the term of the loans. Group Borrowing facilities as at 30 June 2023 AUB Group entered into a Syndicated Debt Facility totalling $675m to fund the completion of the Tysers acquisition. The facility has a maturity date of 30th September 2027. The total facility consists of: – Tranche A: AUD term facility of $525m (amortising $1.5m per quarter); and – Tranche B: multi-currency facility of $150m. At 30 June 2023 the total outstanding facility balance is $520.5m. AUB Group Limited’s borrowing facilities are subject to financial undertakings and warranties typical of facilities of this nature and have sub-limits for various purposes including acquisitions. A small number of controlled entities within the Group in Australia and New Zealand have negotiated facilities with other banks. During the current and prior period, there were no defaults or breaches of terms and conditions of any of these facilities.

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