Download TPS, East Africa 2008 Annual Report - Serena Hotels
Download TPS, East Africa 2008 Annual Report - Serena Hotels
Download TPS, East Africa 2008 Annual Report - Serena Hotels
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Notes to the Financial Statements (cont’d)<br />
21 Investment in subsidiaries (at cost)<br />
The company's interest in its subsidiaries (Tourism Promotion Services (Kenya) Limited - <strong>TPS</strong>(K), Tourism Promotion Services<br />
(Tanzania) Limited - <strong>TPS</strong>(T), Tourism Promotion Services (Zanzibar) Limited - <strong>TPS</strong>(Z), Tourism Promotion Services<br />
(Mangapwani) Limited - <strong>TPS</strong>(Mgp), Tourism Promotion Services (South <strong>Africa</strong>)(Pty) Limited - <strong>TPS</strong>(SA) and Tourism Promotion<br />
Services (Management) Limited - <strong>TPS</strong>(M)) none of which is listed on a stock exchange and all of which have the same year<br />
end as the company, were as follows:<br />
The movement in investments in the year is as follows:<br />
<strong>TPS</strong>(K) <strong>TPS</strong>(T) <strong>TPS</strong>(Z) <strong>TPS</strong>(Mgp) <strong>TPS</strong>(SA) <strong>TPS</strong>(M) Total<br />
Shs'000 Shs'000 Shs'000 Shs'000 Shs'000 Shs'000 Shs'000<br />
At 1 January 2007 745,392 1,216,768 437,423 45,795 1 - 2,445,379<br />
Additional investment 83,229 1 - - - - - 83,229<br />
At 31 December 2007 and <strong>2008</strong> 828,621 1,216,768 437,423 45,795 1 - 2,528,608<br />
Country of Incorporation South<br />
Kenya Tanzania Tanzania Tanzania <strong>Africa</strong> Kenya<br />
% interest held - <strong>2008</strong> and 2007 100% 100% 100% 100% 100% 75%<br />
1 Tourism Promotion Services (Kenya) Limited [(<strong>TPS</strong>(K)] is an owner and operator of hotel and lodge facilities in Kenya,<br />
serving the business and tourist markets. On 28 February 2007, <strong>TPS</strong> <strong>East</strong>ern <strong>Africa</strong> Limited acquired the 2.66% held by<br />
minority shareholders for a cash consideration.<br />
In the opinion of the directors, there has been no impairment of any of the investments.<br />
22 Investment in associates (Group)<br />
<strong>2008</strong> 2007<br />
Shs'000 Shs'000<br />
At start of the year 30,314 25,472<br />
Share of associate results before tax (171) 7,350<br />
Share of tax (226) (2,508)<br />
Net share of results after tax (397) 4,842<br />
At end of year 29,917 30,314<br />
The Group's interest in Mountain Lodges Limited, whose principal business is to provide lodge facilities for tourists, and is<br />
incorporated in Kenya is follows:<br />
% interest Assets Liabilities Revenues Profit<br />
held Shs'000 Shs'000 Shs'000 Shs'000<br />
<strong>2008</strong><br />
Mountain Lodges Limited 29.9 39,932 11,259 14,947 (397)<br />
2007<br />
Mountain Lodges Limited 29.9 44,183 14,323 28,238 4,842<br />
54 <strong>TPS</strong> EASTERN AFRICA LIMITED | ANNUAL REPORT AND FINANCIAL STATEMENTS <strong>2008</strong>
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