2012 TPSEA Annual Report - Serena Hotels

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Directors’ Report The Directors submit their report together with the audited financial statements for the year ended 31 December 2011 in accordance with Section 157 of the Kenya Companies Act, which disclose the state of affairs of TPS Eastern Africa Limited (the “Company”) and its subsidiaries (together the “Group”). PRINCIPAL ACTIVITIES The principal activities of the Group are to own and operate hotel and lodge facilities in Eastern Africa, serving the business and tourist markets. RESULTS AND DIVIDEND The profit for the year attributable to equity holders of the Company of Shs 668,771,000 (2010: Shs 531,053,000) has been added to retained earnings. The directors recommend the approval of a final dividend of Shs 192,673,832 (2010: Shs 185,263,300). DIRECTORS The directors who held office during the year and to the date of this report were: Francis Okomo-Okello (Chairman) Mahmud Jan Mohamed (Managing Director) Abdulmalek Virani (Finance Director) Ameer Kassim-Lakha Dr. Ramadhani Dau Jack J Kisa Jean-Louis Vinciguerra Mseli Abdallah (Alternate to Dr. Ramadhani Dau) Kabir Hyderally Mahmood Pyarali Manji Ashish Sharma (Appointed 5 January 2011 Alternate to Jean-Louis Vinciguerra) Guedi Ainache (Appointed 12 January 2012) Wolfgang Bertelsmeier (Resigned on 23 January 2011) Kungu Gatabaki (Resigned on 14 June 2011) Ghislain de Valon (Resigned on 14 November 2011) AUDITOR The Company’s auditor, PricewaterhouseCoopers, continues in office in accordance with Section 159(2) of the Kenya Companies Act. By order of the Board DOMINIC NGANGA SECRETARY 14 March 2012 32 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2011
Statement of Directors’ Responsibilities The Kenyan Companies Act requires the directors to prepare financial statements for each financial year that give a true and fair view of the state of affairs of the Group and of the Company as at the end of the financial year and of the Group’s profit or loss. It also requires the directors to ensure that the Company and its subsidiaries keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the Group and the Company. They are also responsible for safeguarding the assets of the Group. The directors accept responsibility for the annual financial statements, which have been prepared using appropriate accounting policies supported by reasonable estimates, in conformity with International Financial Reporting Standards and the requirements of the Kenya Companies Act. The directors are of the opinion that the financial statements give a true and fair view of the state of the financial affairs of the Group and of the Company and of the Group’s financial performance in accordance with International Financial Reporting Standards. The directors further accept responsibility for the maintenance of accounting records that may be relied upon in the preparation of financial statements, as well as designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement. Nothing has come to the attention of the directors to indicate that the Company and its subsidiaries will not remain a going concern for at least twelve months from the date of this statement. Mr. Francis Okomo - Okello Mr. Mahmud Jan Mohammed Chairman Managing Director 14 March 2012 14 March 2012 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2011 33
Page 1: 2011 Annual Report and Accounts
Page 4 and 5: Directors and Administration BOARD
Page 6 and 7: Operating Subsidiaries and Properti
Page 8 and 9: Notice of Annual General Meeting No
Page 10 and 11: Chairman’s Statement Mr. Francis
Page 12 and 13: Chairman’s Statement (continued)
Page 14 and 15: Taarifa ya Mwenyekiti (kuendelea) u
Page 16 and 17: The Managing Director’s Report Mr
Page 18 and 19: The Managing Director’s Report (c
Page 20 and 21: Taarifa kutoka kwa Meneja Mkurugenz
Page 22 and 23: Board of Directors 1 MR. FRANCIS OK
Page 24 and 25: Corporate Governance Statement The
Page 26 and 27: Corporate Governance Statement (con
Page 28 and 29: Corporate Social Responsibility At
Page 30 and 31: Charitable Donations Serena and its
Page 34 and 35: Report of the Independent Auditor t
Page 36 and 37: Consolidated Statement of Comprehen
Page 38 and 39: Company Statement of Financial Posi
Page 40 and 41: Consolidated Statement of Changes i
Page 42 and 43: Company Statement of Changes in Equ
Page 44 and 45: Notes to the Financial Statements 1
Page 46 and 47: Notes to the Financial Statements (
Page 82 and 83:
Notes to the Financial Statements (
Page 84 and 85:
Notes
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FOLD 1 / KUNJA 1 Please afix Stamp
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