CONSTANCE HOTELS SERVICES LIMITED AND ITS SUBSIDIARIES

AUDITED ABRIDGED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 , 2006

ABRIDGED BALANCE SHEETS - DECEMBER 31, 2006					STATEMENT OF CHANGES IN EQUITY - YEAR ENDED DECEMBER 31, 2006


	THE GROUP		THE COMPANY
	2006	2005	2006	2005		Attibutable to equity holders of the company
	Rs'000	Rs'000	Rs'000	Rs'000		Share	Other	Retained		Minority
ASSETS EMPLOYED						capital	reserves	earnings	Total	Interest	Total
					THE GROUP	Rs'000	Rs'000	Rs'000	Rs'000	Rs'000	Rs'000
Non-current assets	2,845,755	2,648,373	909,218	893,172
					Balance at January 1, 2006	936,783	97,898	645,918	1,680,599	-	1,680,599
Current assets	527,114	360,281	711,253	645,790	Issue of shares	-	-	-	-	76	76
					Profit for the year	-	-	212,801	212,801	9,168	221,969
Total assets	3,372,869	3,008,654	1,620,471	1,538,962	Dividends	-	-	(89,550)	(89,550)	(4,555)	(94,105)
					Currency translation differences	-	59,255	-	59,255	-	59,255
EQUITY AND LIABILITIES					Balance at December 31, 2006	936,783	157,153	769,169	1,863,105	4,689	1,867,794

Equity holders' interest	1,863,105	1,680,599	1,259,439	1,285,005
Minority interest	4,689	-	-	-	Balance at January 1, 2005	936,783	108,932	515,555	1,561,270	-	1,561,270
Total equity	1,867,794	1,680,599	1,259,439	1,285,005	Profit for the year	-	-	200,724	200,724	-	200,724
					Dividends	-	-	(70,361)	(70,361)	-	(70,361)
LIABILITIES					Currency translation differences	-	(11,034)	-	(11,034)	-	(11,034)
					Balance at December 31, 2005	936,783	97,898	645,918	1,680,599	-	1,680,599
Non-current liabilities	624,495	628,542	18,037	25,342
					THE COMPANY
Current liabilities	880,580	699,513	342,995	228,615
					Balance at January 1, 2006	936,783	-	348,222	1,285,005	-	1,285,005
Total liabilities	1,505,075	1,328,055	361,032	253,957	Profit for the year	-	-	63,984	63,984	-	63,984
					Dividends	-	-	(89,550)	(89,550)	-	(89,550)
Total equity and liabilities	3,372,869	3,008,654	1,620,471	1,538,962	Balance at December 31, 2006	936,783	-	322,656	1,259,439	-	1,259,439


ABRIDGED INCOME STATEMENTS - YEAR ENDED DECEMBER 31, 2006					Balance at January 1, 2005	936,783	-	316,984	1,253,767	-	1,253,767
					Profit for the year	-	-	101,599	101,599	-	101,599
					Dividends	-	-	(70,361)	(70,361)	-	(70,361)
	THE GROUP		THE COMPANY		Balance at December 31, 2005	936,783	-	348,222	1,285,005	-	1,285,005
	2006	2005	2006	2005
	Rs'000	Rs'000	Rs'000	Rs'000
					ABRIDGED CASH FLOW STATEMENTS - YEAR ENDED DECEMBER 31, 2006

Revenue	1,350,129	1,306,212	887,487	886,675
						THE GROUP		THE COMPANY
Operating profit	327,502	337,413	76,405	109,235		2006	2005	2006	2005
Finance costs	(128,747)	(115,154)	(11,283)	(5,944)		Rs'000	Rs'000	Rs'000	Rs'000
Share of results of associates	42,902	(3,864)	-	-
					Net cash generated from operating activities	255,971	332,273	68,541	71,391
Profit before taxation	241,657	218,395	65,122	103,291
					Net cash used in investing activities	(207,978)	(41,448)	(24,758)	(14,581)
Income tax expense	(19,688)	(17,671)	(1,138)	(1,692)
					Net cash used in financing activities	(99,232)	(351,762)	(18,199)	(75,863)
Profit for the year	221,969	200,724	63,984	101,599
					Net (decrease)/increase in cash and cash equivalents	(51,239)	(60,937)	25,584	(19,053)
					Cash and cash equivalents at January 1,	(185,101)	(124,164)	(82,300)	(63,247)
Attributable to:					Cash and cash equivalents at December 31,	(236,340)	(185,101)	(56,716)	(82,300)
Equity holders of the company	212,801	200,724	63,984	101,599
Minority interest	9,168	-	-	-
					The abridged audited financial statements for the year ended December 31, 2006 have been audited by BDO De Chazal Du Mée.
	221,969	200,724	63,984	101,599	The financial statements have been prepared in accordance with International Financial Reporting Standards and the accounting policies used in the preparation of the
					above abridged audited financial statements are consistent with those used in the annual financial statements for the year ended December 31, 2005.
Earnings per share	Rs 3.33	Rs 3.14	Rs 1.00	Rs 1.59
					Results for the year ended December 31, 2006
					Profit attributable to the shareholders of the holding company was, for the group, Rs 212.8 million (2005 - Rs 200.7 million). Included in the 2006 figure is the share
					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).

					Dividends
					A dividend of Rs 1.40 per share was declared for 2006 compared to Rs 1.10 per share in 2005.

					Outlook
					The outlook for the year ahead is promising. If the indicators seeing in the first part of 2007 persist, our results will show significant improvement over the year under
					review.

					By order of the Board
					17-May-07

					These annual financial statements are issued pursuant to DEM rule 18.
					The Board of Directors of Constance Hotels Services Limited accepts full responsibility for the accuracy of the information contained in this communiqué.
					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.

pt'> CONSTANCE HOTELS SERVICES LIMITED AND ITS SUBSIDIARIES AUDITED ABRIDGED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31 , 2006 ABRIDGED BALANCE SHEETS - DECEMBER 31, 2006 STATEMENT OF CHANGES IN EQUITY - YEAR ENDED DECEMBER 31, 2006 THE GROUP THE COMPANY 2006 2005 2006 2005 Attibutable to equity holders of the company Rs'000 Rs'000 Rs'000 Rs'000 Share Other Retained Minority ASSETS EMPLOYED capital reserves earnings Total Interest Total THE GROUP Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Rs'000 Non-current assets 2,845,755 2,648,373 909,218 893,172 Balance at January 1, 2006 936,783 97,898 645,918 1,680,599 - 1,680,599 Current assets 527,114 360,281 711,253 645,790 Issue of shares - - - - 76 76 Profit for the year - - 212,801 212,801 9,168 221,969 Total assets 3,372,869 3,008,654 1,620,471 1,538,962 Dividends - - (89,550) (89,550) (4,555) (94,105) Currency translation differences - 59,255 -