Download TPS, East Africa 2008 Annual Report - Serena Hotels

Notes to the Financial Statements (cont’d)
18 Property, plant and equipment - Group (continued)
Capital
Land & Plant & Vehicles & work in
buildings machinery equipment progress Total
Shs'000 Shs'000 Shs'000 Shs'000 Shs'000
At 31 December 2008
At cost or revaluation 5,178,170 1,538,240 191,053 87,955 6,995,418
Accumulated depreciation (1,152,914) (1,164,272) (144,335) - (2,461,521)
Translation differences (504,992) 10,554 (23,655) (516) (518,609)
Net book amount 3,520,264 384,522 23,063 87,439 4,015,288
In the opinion of the directors, there is no impairment of property, plant and equipment. Land and buildings for Tourism
Promotion Services (Tanzania) Limited & Tourism Promotion Services (Zanzibar) Limited were last revalued on 31 December
2004 while those of Tourism Promotion Services (Kenya) Limited were revalued on 2 January 2006 by independent
professional valuers. The valuations were carried out by Gimco Africa for Tanzania and Zanzibar, and C.P.Robertson-Dunn
for Kenya. Both companies are independent professional valuers. Valuations were made on the basis of earnings for
existing use.
The book values of the properties were adjusted to the revaluations and the resultant surplus net of deferred income tax
was credited to the revaluation surplus in shareholders' equity.
If the buildings and freehold land were stated on the historical cost basis, the amounts would be as follows:
Group
2008 2007
Shs'000 Shs'000
Cost 3,870,060 3,812,167
Accumulated depreciation (1,100,680) (1,010,981)
Net book amount 2,769,380 2,801,186
19 Prepaid operating lease rental
Group
2008 2007
Shs'000 Shs'000
At start of the year 12.733 12.893
Amortisation charge for year (160) (160)
At end of year 12,573 12,733
Cost of prepaid operating lease rentals 15,800 15,800
Accumulated amortisation (3,227) (3,067)
12,573 12,733
20 Intangible asset - Group
Goodwill
Shs'000
Year ended 31 December 2006
Opening net book amount 733,218
Additions 306,037
Closing net book amount 1,039,255
52 TPS EASTERN AFRICA LIMITED | ANNUAL REPORT AND FINANCIAL STATEMENTS 2008