Download TPS, East Africa 2008 Annual Report - Serena Hotels

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Notes to the Financial Statements (cont’d) 10 Earnings per share Basic earnings per share are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year. 2008 2007 Profit attributable to equity holders of the Company (Shs 000s) 222,717 414,367 Weighted average number of ordinary shares in issue (thousands) 105,865 105,865 Basic earnings per share (Shs) 2.10 3.91 There were no potentially dilutive shares outstanding at 31 December 2008 or 2007. Diluted earnings per share are therefore the same as basic earnings per share. 11 Dividends per share Proposed dividends are accounted for as a separate component of equity until they have been ratified at the annual general meeting. Qualifying shares for 2008 were 105,864,742 shares (2007: 105,864,742 shares). A dividend in respect of qualifying shares for the year ended 31 December 2008 of Shs 1.25 per share (2007: Shs 1.25) amounting to Shs 132,330,928 (2007: Shs 132,330,928) is to be proposed at the forthcoming annual general meeting. Payment of dividends is subject to withholding tax at a rate of either 5% or 10% depending on the residence of the respective shareholders. 12 Share capital Number of Ordinary Share shares shares premium (Thousands) Shs'000 Shs'000 Balance at 1 January 2006 77,682 77,682 1,306,696 Issue of shares - share swap for acquisition of subsidiary 10,539 10,539 599,980 Balance at 31 December 2006 88,221 88,221 1,906,676 Balance at 1 January 2007 88,221 88,221 1,906,676 Issue of bonus shares 17,644 17,644 - Balance at 31 December 2007 and 2008 105,865 105,865 1,906,676 The total authorised number of ordinary shares is 106,000,000 with a par value of Shs 1.00 per share. 105,864,742 are issued at a par value of Shs 1.00 per share and are fully paid. 13 Revaluation reserve The revaluation surplus represents solely the surplus on the revaluation of buildings net of deferred income tax and is non-distributable. 46 TPS EASTERN AFRICA LIMITED | ANNUAL REPORT AND FINANCIAL STATEMENTS 2008
14 Borrowings The borrowings are made up as follows: Notes to the Financial Statements (cont’d) Group Company 2008 2007 2008 2007 Shs'000 Shs'000 Shs'000 Shs'000 Non-current Bank borrowings 1,052,754 1,079,358 - - Current Bank overdraft 74,868 150,459 109 273 Bank borrowings 161,852 243,434 - - 236,720 393,893 109 273 Total borrowings 1,289,474 1,473,251 109 273 The borrowings include secured liabilities (bank borrowings and overdraft) in a total amount of Shs 1,289,474,000 (2007: Shs 1,473,251,000,000). Bank loans and overdrafts are secured by legal charges over certain land, buildings and other assets of the group in addition to a floating debenture over all assets of Tourism Promotion Services (Kenya) Limited and a certificate of shares in the name of TPS Eastern Africa Limited. Group The effective interest rates at the year-end were as follows: 2008 2007 Kenya - bank borrowings: Kenya Shillings 10.04% 7.90% Tanzania - bank overdraft: US Dollars (3% above 3-month LIBOR) 5.67% 7.50% - bank borrowings: US Dollars (2% above 3-month LIBOR) 4.52% - : Tanzania Shillings - National Bank of Commerce Tanzania Limited 9.00% 13.50% Zanzibar - bank overdraft and bank borrowings: Tanzania Shillings 12.50% 12.50% The carrying amounts of short-term borrowings approximate to their fair value. Fair values are based on discounted cash flows using a discount rate based upon the borrowing rate that directors expect would be available to the Group at the balance sheet date. It is impracticable to assign fair values to the Group's long term liabilities due to inability to forecast interest rate and foreign exchange rate changes. The Group does not have any undrawn facilities at the end of the year. TPS EASTERN AFRICA LIMITED | ANNUAL REPORT AND FINANCIAL STATEMENTS 2008 47
Page 1 and 2: Contents Directors and Administrati
Page 3 and 4: PRINCIPAL OFFICERS Michael Opondo D
Page 5 and 6: Other Corporate Information REGISTE
Page 7 and 8: Notisi ya Mkutano wa Pamoja wa Mwak
Page 9 and 10: withholding tax, where applicable.
Page 11 and 12: Sehemu ya nje ya Hoteli ya Serenget
Page 13 and 14: Halmashauri na wasimamizi wanakadir
Page 15 and 16: Mr. Ameer Kassim-Lakha Non-executiv
Page 17 and 18: Corporate Governance Statement The
Page 19 and 20: SHAREHOLDERS' PROFILE AS AT 31 DECE
Page 21 and 22: which allow for optimum conservatio
Page 23 and 24: Statement of Directors’ Responsib
Page 25 and 26: Consolidated Profit and Loss Accoun
Page 27 and 28: Company Balance Sheet For the perio
Page 29 and 30: Consolidated Statement of Changes i
Page 31 and 32: Consolidated Cash Flow Statement Fo
Page 33 and 34: 2 Summary of significant accounting
Page 39 and 40: 3 Financial risk management (contin
Page 41 and 42: 3 Financial risk management (contin
Page 43 and 44: 5 Segment information (continued) N
Page 45: 7 Employee benefits expense Notes t
Page 49 and 50: 15 Deferred income tax (continued)
Page 51 and 52: 17 Available for sale financial ass
Page 53 and 54: Notes to the Financial Statements (
Page 55 and 56: 23 Receivables and prepayments Note
Page 57 and 58: 27 Related party transactions Notes
Page 59 and 60: 28 Contingent liabilities Notes to
Page 61 and 62: CUT HERE FORM OF PROXY I / We being
Page 63 and 64: KATA HAPA FOMU YA UWAKILISHI Mimi /

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