Constance Hotels, Resorts and Golf | Annual Report 2023

170

Financial Statements

Constance Hotels Services Limited

Annual Report 2023

171

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

9.

INVESTMENTS IN ASSOCIATES (continued)

Le Refuge du Pêcheur Limited and its subsidiary December 31, 2023 Seychelles Seychelles - - 32.32 32.32 Ampasy Ltd and its subsidiary December 31, 2023 Mauritius Mauritius - - 37.50 37.50 Constance Corporate Management Limited December 31, 2023 Mauritius Mauritius 42.00 42.00 - - Lagon De Rêve Limitée June 30, 2023 Mauritius Mauritius 40.00 40.00 - - Tekoma Hotel Ltd December 31, 2023 Mauritius Mauritius 40.00 - - - Other Total Non- Non- Profit/ compre- compre- Current current Current current (loss) for hensive hensive

Year end incorporation operation 2023 2022 2023 2022 % % % %

Quasi-investments were accounted as part of ‘’investment in associates’’ and regarded as a receivable from associates for which settlement is neither planned nor likely to occur in the foreseeable future. The quasi-investments bear the same characteristics of an equity investments in the associates. Interest on intercompany balance previously capitalised as part of investments have been waived in the financial year 2022. CARRYING VALUE CARRYING VALUE At 1 January 2023 Addition At 31 December 2023 Associates MUR’000 MUR’000 MUR’000 Lagon De Rêve Limitée 184,687 - 184,687 Tekoma Hotel Ltd - 160,000 160,000 184,687 160,000 344,687

Le Refuge du Pêcheur Limited and its subsidiary 1,639,725 6,713,361 1,418,877 1,949,287 3,999,287 446,740 - 492,108 Lagon De Rêve Limitée 59,729 1,000,068 51,812 621,604 44,250 11,128 - 11,926

assets assets liabilities liabilities Revenue the year income income MUR’000 MUR’000 MUR’000 MUR’000 MUR’000 MUR’000 MUR’000 MUR’000

Le Refuge du Pêcheur Limited and its subsidiary 1,569,107 7,165,886 984,931 2,129,573 4,148,354 540,796 - 591,697 Lagon De Rêve Limitée 18,115 972,536 22,523 596,841 63,750 (15,094) - (15,094) 2022

By holding By other group Country of Country of company companies

CARRYING VALUE

CARRYING VALUE At 31 December 2022

At 1 January 2022 Interest waived

Associates

MUR’000

MUR’000

MUR’000

Lagon De Rêve Limitée

187,000

(2,313)

184,687

187,000

(2,313)

184,687

THE GROUP

2023

(b)

2022

MUR’000

MUR’000

Unquoted At January 1,

2,099,623

1,827,980

-

Conversion of deposit on shares*

201,977 150,616

187,832 160,000 (61,549) (346,804)

Share of results for the year

Additions Dividends

-

(29,856)

Repayment of long term receivables** Share of other comprehensive income

-

1,103

1,825

-

Interest waived

(2,313) (50,606)

102,563

Exchange differences

At December 31,

2,142,768

2,099,623

Investment in associates at December 31, 2023 include goodwill of MUR 98.5 million (2022: MUR 18.3 million). * Conversion of deposit on shares represent subscription to rights issue for which shares were awaiting approval of relevant authorities and which were subsequenty obtained. The conversion is a non-cash transaction. ** ‘During the financial year, one of the associates settled an amount of MUR 334 million out of a total of MUR 346 million pertaining to its long term loan receivable, as it had sufficient cash reserve. The remaining loan balance of MUR 12 million was subsequently written off and accounted for in the profit or loss.

i. All the above associates are private companies with no quoted market price for their shares and are accounted for using the equity method. ii. For Lagon De Rêve Limitée which has a different reporting date, management accounts have been prepared at 31 December 2023. The difference between the end of reporting period of the mentioned associated companies is not more than three months. iii. Summarised financial information in respect of each of the material associates is set out below:

9. INVESTMENTS IN ASSOCIATES (continued) (c) The results of the following associated companies, all of which are unlisted, have been included in the consolidated financial statements. 2023