Constance Hotels, Resorts and Golf | Annual Report 2023

178

Financial Statements

Constance Hotels Services Limited

Annual Report 2023

179

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

15.

STATED CAPITAL

17.

BORROWINGS

THE GROUP

THE COMPANY

THE GROUP & THE COMPANY

2023

2023

2022

2022

Number of

Ordinary

Share

MUR’000

MUR’000

MUR’000

MUR’000

shares

shares

premium MUR’000

Total

MUR’000

MUR’000

Non-current Loans - USD

2,102,564

98,716

2,069,009

108,689

Authorised and Issued shares At December 31, 2023 & 2022

(a)

198,191

-

- EUR - MUR

212,058

-

109,653,349

1,096,533

1,056,862

2,153,395

2,125,345 4,426,100

1,329,440 1,428,156

2,641,552

1,523,514

(b)

The issued ordinary shares are at par value MUR 10 and are fully paid.

4,922,619

1,632,203

THE GROUP

THE COMPANY

16.

REVALUATION AND OTHER RESERVES

2023

2023

2022

2022

MUR’000

MUR’000

MUR’000

MUR’000

THE GROUP

Current Bank overdrafts Loans - USD

2023

2022

187,146 12,144 144,685 344,122 147

-

88,241 13,689

- - -

MUR’000

MUR’000

10,968

The movements in each category are as follows: Revaluation reserve At January 1,

-

- EUR - MUR

1,019

113,097 124,065

134,368

105,513

3,299,925

3,067,125

237,317

105,513

-

Revaluation surplus on freehold land

232,800

Total borrowings

4,770,222

1,552,221

5,159,936

1,737,716

At December 31,

3,299,925

3,299,925

Translation of foreign operations At January 1,

(a) Bank borrowings are secured on the assets of the Group and the Company including inventories, property, plant and equipment. Refer to Note 3.1 for the rate of interest on these loans.

737,947 136,101 874,048

782,218 (44,271)

Movement for the year

(b)

All the Group’s and Company’s borrowings have repricing date within one year.

At December 31, Actuarial losses At January 1, Movement for the year

737,947

(c)

The maturity of non-current borrowings is as follows:

(238,373)

(171,077) (67,296)

THE GROUP

THE COMPANY

49,761

2023

2023

2022

2022

At December 31,

(188,612)

(238,373)

MUR’000 163,500 233,823 4,017,808

MUR’000 129,742 206,677 1,080,769

MUR’000

MUR’000

Total

3,985,361

3,799,499

After one year and before two years After two years and before three years After three years and before five years

146,300 263,294

- -

Revaluation reserve Revaluation surplus relates to revaluation of freehold land.

(a)

4,458,195

1,632,203

10,969

10,969

After five years

54,830

-

4,426,100

1,428,157

4,922,619

1,632,203

Translation of foreign operations The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign operations. Actuarial losses The actuarial losses reserve represents the cumulative remeasurement of defined benefit obligation recognised.

(b)

(d) The carrying amounts of borrowings are not materially different from their fair values. The fair values are based on cash flows discounted using the borrowing rates and are within level 2 of the fair value hierarchy.

(c)