Download TPS, East Africa 2008 Annual Report - Serena Hotels
Download TPS, East Africa 2008 Annual Report - Serena Hotels
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27 Related party transactions<br />
Notes to the Financial Statements (cont’d)<br />
The group is controlled by Aga Khan Fund for Economic Development SA, incorporated in Switzerland. There are various<br />
other companies which are related to the group through common shareholdings, common directorships or through<br />
management contracts.<br />
The following transactions were carried out with related parties:<br />
i) Sale of goods and services to: <strong>2008</strong> 2007<br />
Shs'000 Shs'000<br />
Mountain Lodges Limited 7,941 14,276<br />
Diamond Trust Bank Kenya Limited 156 1,555<br />
Farmer's Choice Limited 6 26<br />
The Jubilee Insurance Company Limited 2,571 3,784<br />
Directors & key management 1,357 1,155<br />
<strong>TPS</strong> (Uganda) Limited 17,911 2,063<br />
Tourism Promotion Services (Rwanda) Limited 12,453 6,827<br />
Arusha Duluti Limited 27,478 1,321<br />
Mbuzi Mawe Limited 25,728 2,764<br />
ii) Purchase of goods and services from: <strong>2008</strong> 2007<br />
Shs'000 Shs'000<br />
Farmer's Choice Limited 25,649 32,621<br />
Premier Food industries Limited 1,184 1,166<br />
The Jubilee Insurance Company Limited 1,953 1,285<br />
<strong>Serena</strong> Tourism Promotion Services S.A. 110,879 120,840<br />
iii) Key management compensation <strong>2008</strong> 2007<br />
Shs'000 Shs'000<br />
Salaries and other short-term employment benefits 62,219 59,020<br />
iv) Directors' remuneration <strong>2008</strong> 2007<br />
Shs'000 Shs'000<br />
Fees for services as a director 791 1,035<br />
Other emoluments (included in key management compensation above) 32,544 32,250<br />
Total remuneration of directors of the Company 33,335 33,285<br />
v) Outstanding balances arising from sale and purchase of goods/services from other <strong>2008</strong> 2007<br />
related parties Shs'000 Shs'000<br />
Receivables from other related parties:<br />
Diamond Trust Bank Kenya Limited - 550<br />
The Jubilee Insurance Company Limited 1,237 1,823<br />
Payables to other related parties:<br />
1,237 2,373<br />
Farmer's Choice Limited 3,291 2,816<br />
Premier Food industries Limited 326 134<br />
Diamond Trust Bank Kenya Limited 317 -<br />
The Jubilee Insurance Company Limited 134 119<br />
4,068 3,069<br />
<strong>TPS</strong> EASTERN AFRICA LIMITED | ANNUAL REPORT AND FINANCIAL STATEMENTS <strong>2008</strong> 57