Download TPS, East Africa 2008 Annual Report - Serena Hotels

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Notes to the Financial Statements (cont’d) 25 Payables and accrued expenses Group Company 2008 2007 2008 2007 Shs'000 Shs'000 Shs'000 Shs'000 Trade payables 469,917 618,598 - - Trade payables - related companies (Note 27 ) 4,068 3,069 - - Advances from related companies (Note 27) 63,600 18,177 40 - Dividends payable 166 166 166 166 Accrued expenses and other payables 241,933 251,660 1,548 4,722 779,684 891,670 1,754 4,888 The carrying amounts of the above payables and accrued expenses approximate to their fair values. On 28 February 2007, the company acquired the remaining share in Tourism Promotion Services (Kenya) Limited from minority shareholders who did not take up the share swap offer made in 2006. Under the legal terms of the transaction, Tourism Promotion Services (Kenya) Limited received, on behalf of the minority shareholders, the full consideration from the company and is holding the amount for a period of three years pending claims by the former shareholders. Amounts paid during the year are as follows: 2008 2007 Shs'000 Shs'000 At start of year 70,941 - Additional liability - 80,910 Payments made (6,580) (9,969) At end of year 64,361 70,941 26 Cash generated from operations Reconciliation of profit before income tax to cash generated from operations: Group 2008 2007 Shs'000 Shs'000 Profit before income tax 330,014 617,380 Adjustments for: Interest expense (Note 8) 120,068 145,883 Depreciation (Note 18) 216,002 216,912 Amortisation of prepaid operating lease rentals 160 160 Profit on sale of property, plant and equipment (1,081) (2,848) Share of loss/(profit) from associates (Note 22) 397 (4,842) Effect of currency translation 6,159 1,874 Changes in working capital - receivables and prepayments 176,117 (401,595) - inventories (40,204) (23,137) - payables and accrued expenses (111,986) 280,443 - provisions for liabilities and charges (26,688) 4,208 Cash generated from operations 668,958 834,438 56 TPS EASTERN AFRICA LIMITED | ANNUAL REPORT AND FINANCIAL STATEMENTS 2008
27 Related party transactions Notes to the Financial Statements (cont’d) The group is controlled by Aga Khan Fund for Economic Development SA, incorporated in Switzerland. There are various other companies which are related to the group through common shareholdings, common directorships or through management contracts. The following transactions were carried out with related parties: i) Sale of goods and services to: 2008 2007 Shs'000 Shs'000 Mountain Lodges Limited 7,941 14,276 Diamond Trust Bank Kenya Limited 156 1,555 Farmer's Choice Limited 6 26 The Jubilee Insurance Company Limited 2,571 3,784 Directors & key management 1,357 1,155 TPS (Uganda) Limited 17,911 2,063 Tourism Promotion Services (Rwanda) Limited 12,453 6,827 Arusha Duluti Limited 27,478 1,321 Mbuzi Mawe Limited 25,728 2,764 ii) Purchase of goods and services from: 2008 2007 Shs'000 Shs'000 Farmer's Choice Limited 25,649 32,621 Premier Food industries Limited 1,184 1,166 The Jubilee Insurance Company Limited 1,953 1,285 Serena Tourism Promotion Services S.A. 110,879 120,840 iii) Key management compensation 2008 2007 Shs'000 Shs'000 Salaries and other short-term employment benefits 62,219 59,020 iv) Directors' remuneration 2008 2007 Shs'000 Shs'000 Fees for services as a director 791 1,035 Other emoluments (included in key management compensation above) 32,544 32,250 Total remuneration of directors of the Company 33,335 33,285 v) Outstanding balances arising from sale and purchase of goods/services from other 2008 2007 related parties Shs'000 Shs'000 Receivables from other related parties: Diamond Trust Bank Kenya Limited - 550 The Jubilee Insurance Company Limited 1,237 1,823 Payables to other related parties: 1,237 2,373 Farmer's Choice Limited 3,291 2,816 Premier Food industries Limited 326 134 Diamond Trust Bank Kenya Limited 317 - The Jubilee Insurance Company Limited 134 119 4,068 3,069 TPS EASTERN AFRICA LIMITED | ANNUAL REPORT AND FINANCIAL STATEMENTS 2008 57
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 and 54: Notes to the Financial Statements (
Page 55: 23 Receivables and prepayments Note
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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