New Mauritius Hotels : NMH Annual General Meeting - 22 December 2023
December 21, 2023
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Annual General Meeting 22 December 2023
Contents
01.
02.
Business overview 2023
Financial results 2023
03.
04.
Our Key Focus Areas 2024
Outlook
01.
Business Overview
Highlights for the financial year 2023
First full year of operations post COVID-19 with over 1.2 m tourists for the financial year 2023.
Recovery faster than expected both in Mauritius and Morocco.
Average occupancy rate of 73% for the year under review.
Slower pick up in the 4-star hotels (mostly due to Reunion and Italy) compared to 5-star hotels at the start of the year.
Strengthening of the euro and pound sterling in the second half of the year.
Record Group turnover of Rs 14 bn and EBITDA of Rs 4.7 bn.
All Group subsidiaries, including Fairmont Royal Palm Marrakech, posted positive results for the year.
Highlights for the financial year 2023
Inflationary pressures persisted throughout the year; interest rates, electricity costs, supply chain disruption, cost of living adjustment.
Shortage of staff in the industry led to several initiatives to attract and retain talent
Launch of the Artisan Value Proposition to promote the employer brand and enhance the employee experience - "Feel the Happiness you give" with over 20 projects being implemented
Ongoing pressure from the unions to enhance salaries
4% increase in headcount to around 4100 in view of the level of hotel occupancy.
Payment of a performance bonus worth approximately two-month salary to all our artisans.
Further progress in digital transformation to enhance customer experience and to ease back-office processes.
3 properties (Paradis, Dinarobin and Head Office) awarded the Gold EarthCheck certification.
Highlights for the financial year 2023
Launched the IHS Scheme at TAB with 5 villas sold to date.
BHI became a fully-owned subsidiary of the Group with the settlement of a total sum of EUR 59m to minority, partly financed by the issue of listed preference shares of EUR 40.3 m in BHI.
Kingfisher and Ste Anne Resort have been transferred to BHI to create a diversified yielding hospitality property fund.
Rs 800m spent in CAPEX to improve operations during the year.
EUR20m bonds matured in November 2022 and were refinanced by banks.
Group net indebtedness reduced by 9%.
Declared preference share dividends to cover all arrears to June 2023.
02.
Financial results
Key figures
Revenue and Operating profit
Rs million
05. Profitable operations across the Group
Analysis by entity
FY 23
Rs m
Hotels in Mauritius
1,763
Fairmont Royal Palm Marrakech
93
St Anne Seychelles
389
Beachcomber Tours UK
112
Beachcomber Tours France
69
Beachcomber Tours South Africa
158
Mautourco
68
Beachcomber Catering
6
Beachcomber Hospitality Investments
470
3,128
Group adjustments
(846)
Group PAT
2,282
Attachments
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Disclaimer
New Mauritius Hotels Limited published this content on 22 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 25 December 2023 21:07:34 UTC.
New Mauritius Hotels Limited specializes in operating hotels. Net sales break down by activity as follows:
- hotel operation (77.2%): at the end of June 2022, operated 10 hotels in Mauritius (8), Morocco and Seychelles;
- tour operating (15.5%);
- airline and inland catering (2.2%);
- other (5.1%).
Net sales are distributed geographically as follows: Mauritius (74.9%), Morocco (9.6%), Europe (8.1%) and other (7.4%).