Constance Hotels, Resorts and Golf | Annual Report 2023

166

Financial Statements

Constance Hotels Services Limited

Annual Report 2023

167

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

6.

RIGHT-OF-USE ASSETS (continued) Variable lease payments (continued) 31 December 2022

7.

INTANGIBLE ASSETS (continued)

Computer software MUR’000

(b)

THE GROUP

Goodwill MUR’000

Total

(a)

MUR’000

Lease

Fixed

Variable

contracts

payments

payments

Sensitivity

AMORTISATION At January 1, 2022 Charge for the year

Number

%

%

± MUR’000

- - - - - - - - -

73,934

73,934

4,744

4,744

Property leases with payments linked to inflation Property leases with fixed payments Leases of plant and equipment

Write off

(33)

(33)

4 4 1

-

20.6%

57,404

Exchange differences

359

359

74.5%

- - -

- - -

3.3% 1.6%

At December 31, 2022 At January 1, 2023 Charge for the year

79,004 79,004 3,946

79,004 79,004 3,946

Vehicle leases

12

21

79.4%

20.6%

57,404

Write off

-

-

Exchange differences

269

269

Extension and termination options Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group ’s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. Lease term In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. Lease payments The total cash outflows for leases in 2023 was MUR 436.1 million (2022: MUR 438.9 million) and MUR 0.5 million (2022: MUR 2.0 million) for the Group and the Company respectively.

(c)

At December 31, 2023 NET BOOK VALUES At December 31, 2023 At December 31, 2022

-

83,219

83,219

78,000

6,779

84,779

-

8,184

8,184

(d)

THE COMPANY

(b)

Computer software 2023 2022

COST

MUR’000

MUR’000

17,019

At January 1, and December 31,

17,019

AMORTISATION At January 1, Charge for the year At December 31, NET BOOK VALUES At December 31,

(e)

16,994

16,935

13

59

17,007

16,994

12

25

7.

INTANGIBLE ASSETS

(c) Total amortisation charge for both the Group and the Company have been included in operating expenses.

Computer software MUR’000

THE GROUP

Goodwill MUR’000

Total

(a)

MUR’000

8.

INVESTMENTS IN SUBSIDIARY COMPANIES

COST At January 1, 2022

THE COMPANY 2023

- - - -

82,662

82,662

Additions Write off

4,257

4,257

2022

(117)

(117)

COST

MUR’000 2,943,853

MUR’000 3,386,586

Exchange differences

386

386

At January 1, Addition (a) Impairment (c)

At December 31, 2022

-

87,188

87,188

- -

-

(442,733)

At January 1, 2023

- -

87,188

87,188

Additions

1,749

1,749

At December 31,

2,943,853

2,943,853

Acquisition of subsidiary (Note 30)

78,000

770 291

78,770

Analysed as:- Gross of impairment Investment in subsidiaries

Exchange differences

-

291

At December 31, 2023

78,000

89,998

167,998

2,943,853

2,943,853