Constance Hotels, Resorts and Golf | Annual Report 2023

160

Financial Statements

Constance Hotels Services Limited

Annual Report 2023

161

Financial Statements

Constance Hotels Services Limited

Annual Report 2023

Notes to the Financial Statements Year ended December 31, 2023

Notes to the Financial Statements Year ended December 31, 2023

Freehold Computer Plant and and motor fittings & Work in land Buildings equipment machinery vehicles linen progress Total (b) THE GROUP MUR’000 MUR’000 MUR’000 MUR’000 MUR’000 MUR’000 MUR’000 MUR’000 COST/VALUATION At January 1, 2022 2,851,220 7,889,539 330,966 1,537,184 69,076 1,302,462 29,521 14,009,968 Additions - 41,670 21,737 51,035 12,176 55,957 3,793 186,368 Disposals - (7,768) (9,020) (6,093) (4,432) (4,253) - (31,566) Transfers - 4,946 262 630 - 23,359 (29,197) - Write off - - - - - - (545) (545) Revaluation surplus 232,800 - - - - - - 232,800 Exchange differences - 64,429 1,776 11,849 562 8,592 234 87,442 At December 31, 2022 3,084,020 7,992,816 345,721 1,594,605 77,382 1,386,117 3,806 14,484,467 DEPRECIATION At January 1, 2022 - 3,171,480 288,584 1,318,562 62,177 923,353 - 5,764,156 Charge for the year - 235,627 18,362 56,840 4,302 70,927 - 386,058 Disposal adjustment - (5,305) (8,968) (5,528) (4,432) (3,708) - (27,941) Exchange differences - 28,827 1,543 10,815 434 6,508 - 48,127 At December 31, 2022 - 3,430,629 299,521 1,380,689 62,481 997,080 - 6,170,400 NET BOOK VALUES At December 31, 2022 3,084,020 4,562,187 46,200 213,916 14,901 389,037 3,806 8,314,067

Freehold Computer Plant and and motor fittings & Work in land Buildings equipment machinery vehicles linen progress Total (a) THE GROUP MUR’000 MUR’000 MUR’000 MUR’000 MUR’000 MUR’000 MUR’000 MUR’000 COST/VALUATION At January 1, 2023 3,084,020 7,992,816 345,721 1,594,605 77,382 1,386,117 3,806 14,484,467 Additions - 64,068 42,690 86,738 8,290 68,644 26,451 296,881 Disposals - (4,065) (9,335) (20,531) (3,657) (6,848) - (44,436) Acquisition of subsidiary (Note 30) - 4,322 461 25,326 - 43,633 - 73,742 Transfers - 10,247 - 2,104 - 4,445 (16,796) - Transfer from right of use assets - - - 58,524 - - - 58,524 Write off - - - (209) - - - (209) Exchange differences - 46,951 1,402 8,793 446 6,502 72 64,166 At December 31, 2023 3,084,020 8,114,339 380,939 1,755,350 82,461 1,502,493 13,533 14,933,135 DEPRECIATION At January 1, 2023 - 3,430,629 299,521 1,380,689 62,481 997,080 - 6,170,400 Charge for the year - 239,146 21,905 44,121 5,613 69,814 - 380,599 Transfers - - - - - - - - Disposal adjustment - (2,657) (9,251) (20,353) (3,649) (6,546) - (42,456)

THE GROUP 2023 2022

Transfer from right of use assets - - - 45,531 - - - 45,531 Acquisition of subsidiary (Note 30) - - - 1,342 - 1,251 - 2,593 Exchange differences - 22,703 1,196 7,951 327 4,981 - 37,158 At December 31, 2023 - 3,689,821 313,371 1,459,281 64,772 1,066,580 - 6,593,825 NET BOOK VALUES

Cost 147,426 147,426

MUR’000 MUR’000

At December 31, 2023 3,084,020 4,424,518 67,568 296,069 17,689 435,913 13,533 8,339,310

Vessels Furniture,

Vessels Furniture,

(c) The freehold land were revalued in November 2022 for the financial year 2022 by an independent professional valuer. The valuation was based on an open market value basis based on direct sales comparison taking into account recent transactions adjusted for any differences in the nature, location or condition of a specific property. A revaluation surplus of MUR 232.8 million has been reflected in the revaluation reserve. The freehold land is classified as level 3 in terms of the fair value hierarchy. It is the Group’s policy to revalue land every 5 years. The significant unobservable valuation input is the price per square metre which ranges from MUR 330 - MUR 30,799. Significant increases/decreases in the estimated price per square metre in isolation would result in significant higher/lower fair value. (d) If the freehold land were stated on the historical cost basis, the amounts would be as follows:

5. PROPERTY, PLANT AND EQUIPMENT

5. PROPERTY, PLANT AND EQUIPMENT (continued)