Constance Hotels Services Limited | Annual Report 2025

193 ANNUAL REPORT 2025

Notes to the Financial Statements Year ended December 31, 2025

Notes to the Financial Statements Year ended December 31, 2025

9. INVESTMENTS IN ASSOCIATES

9. INVESTMENTS IN ASSOCIATES (CONT’D)

(a) THE COMPANY (cont’d)

(c) The results of the following associated companies, all of which are unlisted, have been included in the consolidated financial statements.

Carrying value

Carrying value

By holding company By other group companies 2025 2024 2025 2024 % % % %

Associates

At 1 January 2025

Addition MUR’000

At 31 December 2025

Country of incorporation

Country of operation

MUR’000 184,687 160,000 344,687

MUR’000 184,687 160,000 344,687

Year end

- - -

Lagon De Rêve Limitée

Tekoma Hotel Ltd

Le Refuge du Pêcheur Limited and its subsidiary Ampasy Ltd and its subsidiary Constance Corporate Management Limited

- -

32.32 37.50

December 31, 2025 December 31, 2025

Seychelles Mauritius

Seychelles Mauritius

- -

32.32 37.50

Carrying value

Carrying value

Associates

At 1 January 2024

Addition MUR’000

At 31 December 2024

42.00 42.00 40.00 40.00 40.00 40.00

- - -

December 31, 2025

Mauritius Mauritius Mauritius

Mauritius Mauritius Mauritius

- - -

MUR’000

MUR’000

Lagon De Rêve Limitée

June 30, 2025

Lagon De Rêve Limitée

184,687 160,000 344,687

- - -

184,687 160,000 344,687

Tekoma Hotel Ltd

December 31, 2025

Tekoma Hotel Ltd

(i) All the above associates are private companies in the hospitality sector with no quoted market price for their shares and are accounted for using the equity method.

(b) THE GROUP

(ii) For Lagon De Rêve Limitée which has a different reporting date, management accounts have been prepared at 31 December 2025.The difference between the end of reporting period of the mentioned associated companies is not more than three months.

2025

2024

MUR’000

MUR’000

Unquoted At January 1,

(iii) Summarised financial information in respect of each of the material associates is set out below:

2,288,963 288,452 (85,516)

2,142,768 206,087 (62,429) (2,000) (10,937)

Share of results for the year

Other

Total

Non current assets

Non current liabilities Revenue

Profit/ (loss) for the year

compre

compre

Dividends

Current assets hensive income MUR’000 MUR’000 MUR’000 MUR’000 MUR’000 MUR’000 MUR’000 MUR’000 Current liabilities hensive income

- -

Repayment of quasi-equity

Repayment of long term receivables Share of other comprehensive income

(1,017) 212,741

13

2025 Le Refuge du Pêcheur Limited and its subsidiary

Exchange differences At December 31,

15,461

2,703,623

2,288,963

1,734,280 8,002,163 1,229,806 1,189,785 5,062,773

885,509 13,989 (27,174)

- -

885,509 13,989

Lagon De Rêve Limitée

55,127 27,435

927,801 362,029

16,315 124,040

569,030 95,302

73,500 95,995

Tekoma Hotel Ltd

- (27,174)

Investment in associates at December 31, 2025 include goodwill of MUR 99.5 million (2024: MUR 97.5 million).

2024 Le Refuge du Pêcheur Limited and its subsidiary

1,413,313 7,225,766 1,118,653 1,475,152 4,148,354

536,060 12,306 (7,665)

- - -

536,060 12,306 (7,665)

Lagon De Rêve Limitée

28,590 41,170

949,458 369,313

22,435 74,290

572,020 138,942

70,500

Tekoma Hotel Ltd

9,461