Download TPS, East Africa 2008 Annual Report - Serena Hotels

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Notes to the Financial Statements (cont’d) 21 Investment in subsidiaries (at cost) The company's interest in its subsidiaries (Tourism Promotion Services (Kenya) Limited - TPS(K), Tourism Promotion Services (Tanzania) Limited - TPS(T), Tourism Promotion Services (Zanzibar) Limited - TPS(Z), Tourism Promotion Services (Mangapwani) Limited - TPS(Mgp), Tourism Promotion Services (South Africa)(Pty) Limited - TPS(SA) and Tourism Promotion Services (Management) Limited - TPS(M)) none of which is listed on a stock exchange and all of which have the same year end as the company, were as follows: The movement in investments in the year is as follows: TPS(K) TPS(T) TPS(Z) TPS(Mgp) TPS(SA) TPS(M) Total Shs'000 Shs'000 Shs'000 Shs'000 Shs'000 Shs'000 Shs'000 At 1 January 2007 745,392 1,216,768 437,423 45,795 1 - 2,445,379 Additional investment 83,229 1 - - - - - 83,229 At 31 December 2007 and 2008 828,621 1,216,768 437,423 45,795 1 - 2,528,608 Country of Incorporation South Kenya Tanzania Tanzania Tanzania Africa Kenya % interest held - 2008 and 2007 100% 100% 100% 100% 100% 75% 1 Tourism Promotion Services (Kenya) Limited [(TPS(K)] is an owner and operator of hotel and lodge facilities in Kenya, serving the business and tourist markets. On 28 February 2007, TPS Eastern Africa Limited acquired the 2.66% held by minority shareholders for a cash consideration. In the opinion of the directors, there has been no impairment of any of the investments. 22 Investment in associates (Group) 2008 2007 Shs'000 Shs'000 At start of the year 30,314 25,472 Share of associate results before tax (171) 7,350 Share of tax (226) (2,508) Net share of results after tax (397) 4,842 At end of year 29,917 30,314 The Group's interest in Mountain Lodges Limited, whose principal business is to provide lodge facilities for tourists, and is incorporated in Kenya is follows: % interest Assets Liabilities Revenues Profit held Shs'000 Shs'000 Shs'000 Shs'000 2008 Mountain Lodges Limited 29.9 39,932 11,259 14,947 (397) 2007 Mountain Lodges Limited 29.9 44,183 14,323 28,238 4,842 54 TPS EASTERN AFRICA LIMITED | ANNUAL REPORT AND FINANCIAL STATEMENTS 2008
23 Receivables and prepayments Notes to the Financial Statements (cont’d) Group Company 2008 2007 2008 2007 Shs'000 Shs'000 Shs'000 Shs'000 Trade receivables - third parties 687,087 891,226 - - Less: provision for impairment of receivables (53,585) (54,232) - - Trade receivables - related companies (Note 27) 1,237 2,373 - - Net trade receivables 634,739 839,367 - - Prepayments 51,095 38,566 - - Advances to related companies (Note 27) 116,109 82,806 130,804 167,884 Current income tax 17,878 19 19 19 Other receivables 54,300 71,621 - 1,977 874,121 1,032,379 130,823 169,880 Movements on the provision for impairment of trade receivables are as follows: Group Company 2008 2007 2008 2007 Shs'000 Shs'000 Shs'000 Shs'000 At start of year 54,232 35,468 - - Provision in the year 14,855 26,429 - - Receivables written off during the year as uncollectible (15,502) (7,665) - - At end of year 53,585 54,232 - - 24 Cash and cash equivalents Group Company 2008 2007 2008 2007 Shs'000 Shs'000 Shs'000 Shs'000 Cash at bank and in hand 120,674 129,701 - - Short term bank deposits 11,592 31,297 - - 132,266 160,998 - - The weighted average effective interest rate on short-term bank deposits at the year-end was 4 % (2007: 4 %). These deposits have an average maturity of 90 days. For the purposes of the cash flow statement, cash and cash equivalents comprise the following: Group 2008 2007 Shs'000 Shs'000 Cash and bank balances as above 120,674 129,701 Bank overdrafts (Note 14) (74,868) (150,459) 45,806 (20,758) TPS EASTERN AFRICA LIMITED | ANNUAL REPORT AND FINANCIAL STATEMENTS 2008 55
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 and 46: 7 Employee benefits expense Notes t
Page 47 and 48: 14 Borrowings The borrowings are ma
Page 49 and 50: 15 Deferred income tax (continued)
Page 51 and 52: 17 Available for sale financial ass
Page 53: Notes to the Financial Statements (
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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