Constance Hotels, Resorts and Golf | Annual Report 2023

186

Financial Statements

Constance Hotels Services Limited

Annual Report 2023

187

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

20.

CONVERTIBLE BONDS (continued)

21.

INCOME TAX (continued)

Tax reconciliation The tax on the Group’s and the Company’s profit before taxation differs from the theoretical amount that would arise using the basic tax rate of the Company as follows: THE GROUP THE COMPANY 2023 2022 2023 2022 MUR’000 MUR’000 MUR’000 MUR’000 Profit/(loss) before taxation 422,314 388,951 507,703 (111,319) Less: Share of results of associates (187,832) (150,616) - - 234,482 238,335 507,703 (111,319) Tax calculated at a rate of 15% (2022: 15%) 35,172 35,750 76,155 (16,698) Expenses not deductible for tax purposes 59,057 106,248 12,719 73,851 Income not subject to tax (8,952) (20,877) (99,565) (68,217) Utilisation of previously unrecognised tax losses (27,759) (29,747) - - Tax losses for which no deferred income tax was recognised 44,601 59,321 11,055 10,637 Deferred tax rate differential on corporate social responsibility tax (10,969) (10,252) (39) - Other adjustments and timing differences 10,161 1,096 90 - Charged/(credited) to profit or loss 101,311 141,539 415 (427)

(c)

- The conversion price is subject to certain adjustments such as capitalisation of profit or reserves, capital distribution, rights issues, share split, amongst others. - Redemption of the bonds shall be at the option of the issuer. The issuer may redeem some or all the bonds, any time prior to the maturity date. The option price shall be determined as follows: - if redemption happens before the 4th anniversary of the first subscription, the redemption price shall be the nominal amount, - if redemption happens after the 4th anniversary of the first subscription, the redemption amount shall be 100.5% of the nominal amount.

21.

INCOME TAX

THE GROUP

2023

2022

MUR’000

MUR’000

(a) Amounts recognised in the statements of financial position are as follows: Current tax assets

-

21,097

18,689

Current tax liabilities

17,747

Current tax liabilities is on adjusted profit for the year at 15% (2022: 15%).

Amounts recognised in the profit or loss

(b)

22.

REVENUE

THE GROUP

THE COMPANY

THE GROUP

THE COMPANY

2023

2023

2022

2022

MUR’000

MUR’000

MUR’000

MUR’000

2023

2023

2022

2022

MUR’000

MUR’000

MUR’000

MUR’000

Current tax on the adjustment profit for the year at 15% (2022: 15%) Deferred income tax (Note 11 (c))

54,029 47,282 101,311

-

44,477 97,062

-

The following is an analysis of the revenue for the year: Room Revenue

415 415

(427)

3,104,820 1,728,206

- - - -

2,207,651 1,495,861 1,387,492

- - -

Food and beverages

Charged/(credited) to profit or loss

141,539

(427)

894,027

Others

5,727,053

Revenue from contracts with customers

5,091,004

-

-

663,765 663,765

Dividend income

-

454,781

Total revenue

5,727,053

5,091,004

454,781

Hotel operations

THE GROUP

2023

2022

MUR’000

MUR’000

Timing of revenue recognition At a point in time

2,622,233 3,104,820 5,727,053

2,883,353 2,207,651

Over time

5,091,004

Others consist of revenue streams such as SPA and boutique and various other hotel services provided by the Group.