| HOTELEST LIMITED AND ITS SUBSIDIARIES |
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| AUDITED ABRIDGED
FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 , 2006 |
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| AGRIDGED
BALANCE SHEETS - DECEMBER 31, 2006 |
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STATEMENT OF CHANGES IN
EQUITY - YEAR ENDED DECEMBER 31, 2006 |
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THE GROUP |
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THE COMPANY |
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Attributable to equity holders of the company |
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2006 |
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2005 |
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2006 |
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2005 |
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Share |
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Share |
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Revaluation and |
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Retained |
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Minority |
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Total |
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|
Rs'000 |
|
Rs'000 |
|
Rs'000 |
|
Rs'000 |
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|
capital |
|
premium |
|
other reserves |
|
earnings |
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Total |
|
interest |
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Equity |
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| ASSETS EMPLOYED |
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|
Rs'000 |
|
Rs'000 |
|
Rs'000 |
|
Rs'000 |
|
Rs'000 |
|
Rs'000 |
|
Rs'000 |
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| Non-current assets |
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2,845,755 |
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2,648,373 |
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477,397 |
|
477,397 |
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THE GROUP |
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Balance at January 1, 2006 |
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326,219 |
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151,178 |
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25,260 |
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354,749 |
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857,406 |
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823,494 |
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1,680,900 |
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| Current assets |
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527,365 |
|
360,760 |
|
29,652 |
|
479 |
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Currency translation differences |
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- |
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- |
|
30,221 |
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- |
|
30,221 |
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29,035 |
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59,256 |
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Issue of shares |
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- |
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- |
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- |
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- |
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- |
|
76 |
|
76 |
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| Total assets |
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3,373,120 |
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3,009,133 |
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507,049 |
|
477,876 |
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Profit for the year |
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- |
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- |
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- |
|
108,013 |
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108,013 |
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113,440 |
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221,453 |
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Dividends |
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- |
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- |
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- |
|
(45,018) |
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(45,018) |
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(43,880) |
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(88,898) |
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| EQUITY AND LIABILITIES |
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Dividends payable to minority |
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- |
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- |
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- |
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- |
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- |
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(4,555) |
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(4,555) |
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| Capital
and reserves (attributable to equity holders |
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Balance at December 31, 2006 |
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326,219 |
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151,178 |
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55,481 |
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417,744 |
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950,622 |
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917,610 |
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1,868,232 |
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| of the parent company) |
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| Equity holders' interest |
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950,622 |
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857,406 |
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477,835 |
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477,698 |
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Balance at January 1, 2005 |
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326,219 |
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151,178 |
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30,888 |
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288,226 |
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796,511 |
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765,022 |
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1,561,533 |
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| Minority interest |
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917,610 |
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823,494 |
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- |
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- |
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Currency translation differences |
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- |
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- |
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(5,628) |
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- |
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(5,628) |
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(5,406) |
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(11,034) |
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| Total equity |
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1,868,232 |
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1,680,900 |
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477,835 |
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477,698 |
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Profit for the year |
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- |
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- |
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- |
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102,081 |
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102,081 |
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98,355 |
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200,436 |
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Dividends paid |
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- |
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- |
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- |
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(35,558) |
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(35,558) |
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(34,477) |
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(70,035) |
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| LIABILITIES |
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Balance at December 31, 2005 |
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326,219 |
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151,178 |
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25,260 |
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354,749 |
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857,406 |
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823,494 |
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1,680,900 |
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| Non-current liabilities |
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624,495 |
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628,542 |
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- |
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- |
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THE COMPANY |
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| Current liabilities |
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880,393 |
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699,691 |
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29,214 |
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178 |
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Balance at January 1, 2006 |
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326,219 |
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151,178 |
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- |
|
301 |
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477,698 |
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- |
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477,698 |
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Profit for the year |
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- |
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- |
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- |
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45,155 |
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45,155 |
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- |
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45,155 |
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| Total liabilities |
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1,504,888 |
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1,328,233 |
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29,214 |
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178 |
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Dividends |
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- |
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- |
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- |
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(45,018) |
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(45,018) |
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- |
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(45,018) |
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Balance at December 31, 2006 |
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326,219 |
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151,178 |
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- |
|
438 |
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477,835 |
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- |
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477,835 |
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| Total equity and liabilities |
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3,373,120 |
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3,009,133 |
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507,049 |
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477,876 |
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Balance at January 1, 2005 |
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326,219 |
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151,178 |
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- |
|
263 |
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477,660 |
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- |
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477,660 |
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Profit for the year |
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- |
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- |
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- |
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35,596 |
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35,596 |
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- |
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35,596 |
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Dividends paid |
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- |
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- |
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- |
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(35,558) |
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(35,558) |
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- |
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(35,558) |
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Balance at December 31, 2005 |
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326,219 |
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151,178 |
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- |
|
301 |
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477,698 |
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- |
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477,698 |
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| INCOME
STATEMENTS - YEAR ENDED DECEMBER 31, 2006 |
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ABRIDGED CASH FLOW
STATEMENTS - YEAR ENDED DECEMBER 31,
2006 |
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THE GROUP |
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THE COMPANY |
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2006 |
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2005 |
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2006 |
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2005 |
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Rs'000 |
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Rs'000 |
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Rs'000 |
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Rs'000 |
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THE GROUP |
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THE COMPANY |
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2006 |
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2005 |
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2006 |
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2005 |
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| Revenue |
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1,350,129 |
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1,306,212 |
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45,671 |
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35,884 |
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Rs'000 |
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Rs'000 |
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Rs'000 |
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Rs'000 |
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| Operating profit |
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326,986 |
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337,125 |
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45,155 |
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35,596 |
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Net cash generated from
operating activities |
283,626 |
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332,070 |
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15,757 |
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35,681 |
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| Finance costs |
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(128,747) |
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(115,154) |
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- |
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- |
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| Share of results of associates |
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42,902 |
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(3,864) |
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- |
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- |
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Net cash used in investing activities |
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(207,978) |
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(41,448) |
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- |
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- |
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| Profit before taxation |
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241,141 |
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218,107 |
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45,155 |
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35,596 |
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| Taxation |
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(19,688) |
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(17,671) |
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- |
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- |
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Net cash used in financing activities |
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(127,115) |
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(351,436) |
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(15,985) |
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(35,558) |
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| Profit for the year |
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221,453 |
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200,436 |
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45,155 |
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35,596 |
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Net
(decrease)/increase in cash and cash equivalents |
(51,467) |
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(60,814) |
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(228) |
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123 |
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| Attributable to : |
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Cash and cash
equivalents at January 1, |
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(184,622) |
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(123,808) |
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479 |
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356 |
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| Equity holders of the company |
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108,013 |
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102,081 |
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45,155 |
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35,596 |
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Cash and cash equivalents
at December 31, |
(236,089) |
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(184,622) |
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251 |
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479 |
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| Minority interest |
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113,440 |
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98,355 |
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- |
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- |
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221,453 |
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200,436 |
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45,155 |
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35,596 |
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Analysis of cash and cash
equivalents |
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Bank and cash balances |
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59,270 |
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19,905 |
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251 |
|
479 |
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| Earnings per share (Rs.) |
|
3.31 |
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3.13 |
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1.38 |
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1.09 |
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Bank overdrafts |
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(295,359) |
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(204,527) |
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- |
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- |
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(236,089) |
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(184,622) |
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251 |
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479 |
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| The
abridged audited financial statements for the year ended December 31, 2006
have been audited by BDO De Chazal Du Mée. |
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| The
financial statements have been prepared in accordance with International
Financial Reporting Standards and the accounting policies used in the
preparation of the |
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| above
abridged audited financial statements are consistent with those used in the
annual financial statements for the year ended December 31, 2005. |
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| Principle activity |
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| The
only activity of Hotelest Limited is to hold 51% of the share capial of
Constance Hotels Services Limited (CHSL), a company owning and operating
hotels |
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| in Mauritius and in the
region. |
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| Results
for the year ended December 31, 2006 |
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| Profit
attributable to the shareholders of the holding company was, for the group,
Rs 108.0 million (2005 - Rs 102.1 million). Included in the 2006 figure is
the share |
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| of
profit from associated companies of Rs 42.9 million (2005 - Rs 3.9 million
loss) and finance costs of Rs 128.7 million (2005 - Rs 115.2 million) . |
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| Dividends |
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dividend of Rs 1.38 per share was declared for 2006 compared to Rs 1.09 per
share in 2005. |
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| Outlook |
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| The
outlook for CHSL for the year ahead is promising. If the indicators seen in
the first part of 2007 persist, our results will show significant improvement
over the year under |
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| review. |
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| By order of the Board |
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| 17-May-07 |
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| These
annual financial statements are issued pursuant to DEM rule 18. |
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| The
Board of Directors of Hotelest Limited accepts full responsibility for the
accuracy of the information contained in this communiqué. |
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| Copies
of these abridged audited financial statements are available to the public
free of charge at 5th floor, Labama House,35 Sir W. Newton Street, Port
Louis, Mauritius. |
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