Constance Hotels, Resorts and Golf | Annual Report 2023

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134

Financial Statements

Constance Hotels Services Limited

Annual Report 2023

135

Financial Statements

Constance Hotels Services Limited

Annual Report 2023

Statement of Cash Flows Year ended December 31, 2023

Notes to the Financial Statements Year ended December 31, 2023

THE GROUP

THE COMPANY

GENERAL INFORMATION

Notes

2023

2022

Constance Hotels Services Limited is a public company incorporated and domiciled in Mauritius and quoted on the Development & Enterprise Market of the Stock Exchange of Mauritius. The principal activity of the Company is to hold investment. The principal activity of the Group is to operate and manage resort hotels. The address of its registered office is La Maison 1794 , Constance, Centre de Flacq. These financial statements will be submitted for consideration and approval at the forthcoming Annual Meeting of Shareholders of the Company.

MUR’000

Cash flows from operating activities Profit/(loss) before taxation

422,314

507,703

388,951

(111,319)

Adjustment for: Share of results of associates

(187,832) 31,361 380,599 256,624

(150,616) (30,784) 386,058 247,262

(611)

Exchange differences

3,009

146

Depreciation of property, plant and equipment

5 6 7 9 5 8 9

280 658

Depreciation of right-of-use assets Amortisation of intangible assets

3,946

4,744 2,951

309

(617)

Loss/(profit) on disposal of property, plant and equipment Long term loan from associates written off Write off of property, plant and equipment Impairment of investments in subsdiairy companies Impairment of investments in associates Dividend income

- - -

CHANGES IN ACCOUNTING POLICIES AND DISCLOSURES

12,698

- - - - - -

209

545

The Group applied for the first-time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2023. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Effective for accounting period beginning on or after - IFRS 17 Insurance Contracts 01-Jan-23 - Definition of Accounting Estimates - Amendments to IAS 8 01-Jan-23 - Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 01-Jan-23 - Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12 01-Jan-23 - International Tax Reform – Pillar Two Model Rules – Amendments to IAS 12 01-Jan-23 IFRS 17 Insurance Contracts IFRS 17 Insurance Contracts is a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. IFRS 17 replaces IFRS 4 Insurance Contracts. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance and re-insurance), regardless of the type of entities that issue them as well as to certain guarantees and financial instruments with discretionary participation features; a few scope exceptions will apply. The overall objective of IFRS 17 is to provide a comprehensive accounting model for insurance contracts that is more useful and consistent for insurers, covering all relevant accounting aspects. IFRS 17 is based on a general model, supplemented by: - A specific adaptation for contracts with direct participation features (the variable fee approach) - A simplified approach (the premium allocation approach) mainly for short-duration contracts The new standard had no impact on the Group’s and the Company’s financial statements as the Group and the Company do not issue insurance contracts. Definition of Accounting Estimates - Amendments to IAS 8 The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments have had no material impact on the Group’s and the Company’s disclosures of accounting policies. The amendments had no impact on the Group’s and the Company’s financial statements. Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2

- - -

(663,765)

- - -

(454,781) 442,733

2,313

(781)

Allowance for slow moving stock

5,137 22,732

- -

(37,634)

Allowance for expected credit loss (reversed)/charged on trade receivables Allowance for expected credit loss charged on financial assets

53,075 153,291 (51,418)

27,076 129,930 (23,119)

733,503 (13,312) 50,858

Interest expense Interest income

640,205 (14,610) 35,817 (40,100) (37,066) (50,064) 213,368 1,538,392

Retirement benefit obligations

Operating profit/(loss) before working capital changes

1,652,862 (53,042)

(2,183)

16,839

- -

- inventories

- -

24,349 (33,723) (1,847)

- trade receivables and other receivables

(388)

- other assets

16,628 (5,383)

(15,065) (17,636) 663,765 (144,344)

- trade and other payables

Cash generated from/(used in) operations

1,588,599

1,624,530

28,084 454,781 (129,849)

Dividend received Interest paid Interest received

(281,917)

(315,028) 16,923 (36,887)

51,418

23,119

(32,010)

Tax paid

Cash generated from operating activities Cash flows from investing activities Movement in financial assets at amortised cost Purchase of property, plant and equipment Proceeds from sale of property, plant and equipment Proceeds from sale of right-of-use assets Purchase of intangible assets

1,274,672

553,203

1,289,538

376,135

78,749

(93,389)

(8,882) (186,368) (4,257)

(96)

(296,881) (1,749)

- - - - - -

- - - - - - - -

1,671

617

674

334,106 (160,000) 91,405 (78,712) (31,411)

Repayment of Loan term receivable

9 9

- - - -

(160,000)

Investment in associates Dividend from associates

Acquisition of a subsidiary net of cash acquired Cash used in investing activities Cash flows from financing activities Proceeds from borrowings

(252,772)

(198,746)

(96)

483,152

260,000 (455,429)

703,794

115,586 (451,015) (1,915)

(1,202,446) (117,704) (318,438)

Payments of borrowings Principal paid on lease liabilities Interest paid on lease liabilities

(1,032,993) (122,936) (315,968) 314,735 (21,320) (35,242) (509,930)

(444)

(9)

(81)

- - -

Issue of convertible bonds net of transaction costs Interest paid on convertible bonds Dividends paid to non-controlling interests

- - -

(17,069) (36,956)

Cash used in financing activities

(1,209,461)

(195,882) 104,549 1,607 22,384 128,540

(337,425)

Increase in cash and cash equivalents Net Foreign exchange difference Cash and cash equivalents at January 1, Cash and cash equivalents at December 31,

33,800 1,607 343,547 378,954

580,862

38,614

4,488

(395)

(241,803)

(15,835)

26(b)

343,547

22,384

The notes on pages 135 to 194 form an integral part of these financial statements. Auditor’s report on pages 123 to 127.

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