2012 TPSEA Annual Report - Serena Hotels

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Report of the Independent Auditor to the Members of TPS Eastern Africa Limited Report on the financial statements We have audited the accompanying financial statements of TPS Eastern Africa Limited (the “Company”) and its subsidiaries (together, the “Group”), set out on pages 33 to 81. These financial statements comprise the consolidated statement of financial position at 31 December 2011 and the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, together with the statement of financial position of the Company standing alone as at 31 December 2011 and the statement of changes in equity of the Company for the year then ended, and a summary of significant accounting policies and other explanatory notes. Directors’ responsibility for the financial statements The directors are responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards and with the requirements of the Kenyan Companies Act and for such internal control, as the directors determine necessary to enable the preparation of financial statements that are free from material misstatements, whether due to fraud or error. Auditor’s responsibility Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform our audit to obtain reasonable assurance that the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Group’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements. and appropriate to provide a basis for our opinion. Opinion In our opinion the accompanying financial statements give a true and fair view of the state of the financial affairs of the Group and of the Company at 31 December 2011 and of the profit and cash flows of the group for the year then ended in accordance with International Financial Reporting Standards and the Kenyan Companies Act. Report on other legal requirements The Kenyan Companies Act requires that in carrying out our audit we consider and report to you on the following matters. We confirm that: i) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; ii) iii) in our opinion proper books of account have been kept by the Company, so far as appears from our examination of those books; the Company’s statement of financial position is in agreement with the books of account. Certified Public Accountants 14 March 2012 Nairobi We believe that the audit evidence we have obtained is sufficient 34 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2011
Consolidated Income Statment for the year ended 31 December 2011 Notes 2011 2010 Shs’000 Shs’000 Sales 5 5,465,975 4,480,128 Other operating income 271,378 427,578 Inventory expensed (929,234) (874,595) Employee benefits expense 7 (1,576,219) (1,335,351) Other operating expenses (1,963,175) (1,589,742) Profit before depreciation, interest and income tax expense 1,268,725 1,108,018 Depreciation on property, plant and equipment 18 (330,834) (257,617) Finance income 8 59,757 52,227 Finance costs 8 (163,847) (210,783) Share of profit of associates 22 19,332 1,088 Profit before income tax 6 853,133 692,933 Income tax expense 9 (237,242) (176,549) Profit for the year (Shs 219,900,000 (2010: Shs 185,936,000) has been dealt with in the accounts of the Company) 615,891 516,384 Attributable to: Equity holders of the Company 668,771 531,053 Non controlling interest 27 (52,880) (14,669) Earnings per share for profit attributable to the equity holders of the Company 615,891 516,384 - basic and diluted (Shs per share) 10 4.51 3.49 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2011 35
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 32 and 33: Directors’ Report The Directors s
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 84 and 85:
Notes
Page 86:
FOLD 1 / KUNJA 1 Please afix Stamp
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