NEW MAURITIUS HOTELS : UNAUDITED INTERIM (QUARTERLY) FINANCIAL STATEMENTS FOR THE QUARTER ENDED 30 SEPTEMBER 2023

NEW MAURITIUS HOTELS LIMITED

UNAUDITED INTERIM (QUARTERLY) FINANCIAL STATEMENTS

FOR THE QUARTER ENDED 30 SEPTEMBER 2023

GROUP ABRIDGED STATEMENT OF PROFIT OR LOSS

GROUP ABRIDGED STATEMENT OF CHANGES IN EQUITY

Revenue

EBITDA before impairment, fair value change, gain on business combination and closure costs Fair value change on Investment property Impairment loss on financial assets

Gain on business combination

Closure costs

Impairment losses

EBITDA

Finance costs on borrowings Finance costs on lease liabilities

Exchange gain/(loss) on retranslation of currency borrowings and loan receivable

Finance revenue

Depreciation and amortisation

(Loss)/Profit before tax

Income tax credit/(expense)

(Loss)/Profit for the period/year

(Loss)/Profit attributable to: Owners of the parent Non-controllinginterests

Basic (loss)/earnings per share:

Diluted (loss)/earnings per share:

Quarter ended	Quarter ended	Year ended
30 September	30 September	30 June
2023	2022	2023
Unaudited	Unaudited	Audited
Rs'000	Rs'000	Rs'000
2,654,062	2,582,533	14,083,520
504,942	512,588	4,524,808
-	-	109,271
-	-	(495)
-	-	236,154
(143,736)	-	-
-	-	(128,889)
361,206	512,588	4,740,849
(320,457)	(238,948)	(1,146,820)
(48,200)	(43,264)	(180,235)
24,522	(23,803)	48,463
28,658	22,225	125,458
(196,078)	(196,367)	(778,434)
(150,349)	32,429	2,809,282
9,104	(21,456)	(527,142)
(141,245)	10,973	2,282,140
(168,970)	(30,531)	2,118,591
27,725	41,504	163,549
(141,245)	10,973	2,282,140
(0.31)	(0.06)	3.86
(0.31)	(0.06)	2.42

	Equity attributable	Preference	Non-
		to owners of	share	controlling
		the parent	capital	Interests	Total Equity
		Rs'000	Rs'000	Rs'000	Rs'000
As at 1 July 2022	8,801,442	-	476,226	9,277,668
Total comprehensive income for the period	(200,019)	-	166,944	(33,075)
Changes in ownership interest in subsidiaries
that do not result in a loss of control	(2,443)	-	2,443	-
As at 30 September 2022		8,598,980	-	645,613	9,244,593
As at 1 July 2023	8,993,311	1,927,234	90,214	11,010,759
Total comprehensive income for the period	(362,657)	-	26,723	(335,934)
Dividends	-	-	(27,303)	(27,303)
As at 30 September 2023		8,630,654	1,927,234	89,634	10,647,522

GROUP ABRIDGED STATEMENT OF CASH FLOWS

	Quarter ended	Quarter ended	Year ended
	30 September	30 September	30 June
	2023	2022	2023
	Unaudited	Unaudited	Audited
	Rs'000	Rs'000	Rs'000
Net cash flows generated from operating activities	718,944	382,815	4,067,519
Net cash flows used in investing activities	(396,397)	(104,312)	(766,391)
Net cash flows (used in)/generated from	(525,553)
financing activities	25,950	(2,425,411)
Net (decrease)/increase in cash and
cash equivalents	(203,006)	304,453	875,717

SEGMENTAL INFORMATION
Geographical
Revenue:	2,079,253
Mauritius	2,003,302	11,167,439
Morocco	167,092	173,651	1,155,779
Seychelles	101,052	95,010	393,845
Others	306,665	310,570	1,366,457
EBITDA:	2,654,062	2,582,533	14,083,520
237,335
Mauritius	330,466	3,582,143
Morocco	(37,528)	4,339	249,054
Seychelles	103,524	83,722	510,354
Others	57,875	94,061	399,298
	361,206	512,588	4,740,849

GROUP ABRIDGED STATEMENT OF OTHER COMPREHENSIVE INCOME

Cash and cash equivalents at beginning	209,422	(692,044)	(692,044)
Net foreign exchange differences	(40,827)	(58,197)	25,749
Cash and cash equivalents at end of period/year	(34,411)	(445,788)	209,422

COMMENTS ON THE RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER 2023

Financial performance

The Group achieved a commendable turnover of Rs 2.7bn, a slight increase compared to the same period last year, despite over 20% of its room inventory being unavailable for sale for the period under review. Normalised EBITDA reached Rs 505m, nearly on par with last year, when excluding closure costs of

(Loss)/Profit for the period/year

Other comprehensive income, net of tax:

Other comprehensive income that may be reclassified to profit or loss in subsequent periods

Other comprehensive income that will not be reclassified to profit or loss in subsequent periods:

Other comprehensive income for the period/year, net of tax: Total comprehensive income for the period/year, net of tax

	Quarter ended	Quarter ended	Year ended
	30 September	30 September	30 June
2023	2022	2023
	Unaudited	Unaudited	Audited
	Rs'000	Rs'000	Rs'000
	(141,245)	10,973	2,282,140
(195,688)	(45,359)	(473,076)
999	1,311	(512,101)
	(194,689)	(44,048)	(985,177)
	(335,934)	(33,075)	1,296,963

Rs 144m. The Group posted a loss of Rs 141m (Q1FY23: profit of Rs 11m) for the quarter.

During the first quarter of the financial year, Paradis Beachcomber was temporarily closed, and some 200 rooms at Shandrani Beachcomber and Canonnier Beachcomber were also unavailable due to renovation work. Additionally, our resort in Marrakech closed for two weeks in September to undergo repair work following the earthquake. The insurance proceeds, which are expected to fully cover the cost of these repairs and a portion of consequential losses, will only be recognised when received later in the year.

Outlook

Total comprehensive income attributable to:	(362,657)
Owners of the parent	(200,019)	1,308,105
Non-controlling interests	26,723	166,944	(11,142)
	(335,934)	(33,075)	1,296,963

GROUP ABRIDGED STATEMENT OF FINANCIAL POSITION

	As at	As at
	30 September	30 June
	2023	2023
	Unaudited	Audited
ASSETS	Rs'000	Rs'000
Non-current assets	25,769,036
Property, plant and equipment	25,754,071
Right-of-use assets	2,320,865	2,338,270
Investment property	5,898,354	6,164,287
Intangible assets	1,266,825	1,267,256
Investment in associates	739,146	723,011
Financial assets at fair value through other comprehensive income	11,698	10,698
Financial assets at amortised cost	1,312,110	1,312,110
Deferred tax assets	213,331	227,203
	37,531,365	37,796,906
Current assets	4,682,148	4,402,250
TOTAL ASSETS	42,213,513	42,199,156
EQUITY AND LIABILITIES	8,630,654
Equity attributable to owners of the parent	8,993,311
Preference share capital	1,927,234	1,927,234
Non-controlling interests	89,634	90,214
Non-current liabilities	20,547,190	21,354,588
Current liabilities	11,018,801	9,833,809
TOTAL EQUITY AND LIABILITIES	42,213,513	42,199,156

Bookings for the next six months in the Group's Mauritian hotels are ahead of last year, with all rooms now back in inventory. However, our operations in Morocco are being negatively impacted by the conflict in the Middle East. Results for the second quarter are expected to be in line with last year. The Group anticipates an EBITDA of over Rs 4bn for the full year.

By order of the Board

ENL Secretarial Services Limited

Company Secretary

10 November 2023

The interim financial report is unaudited and has been prepared using the same accounting policies as the last audited annual financial statements, except for the adoption of amendments to published standards and interpretations issued which are now effective.

The interim financial report is issued pursuant to Listing Rule 12.20 and the Securities Act 2005. The statement of direct and indirect interests of Directors and Senior Officers pursuant to section 8(2)(m) Securities (Disclosure Obligations of Reporting Issuers) Rules 2007 is available free of charge at the registered office of the Company, Beachcomber House, Botanical Garden Street, Curepipe.

Copies of this report are available free of charge at the head office of the Company.

The Board of Directors accepts full responsibility for the accuracy of the information contained in this report.