2012 TPSEA Annual Report - Serena Hotels

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Notes to the Financial Statements (continued) 22 Investment in associates Group 2011 2010 Shs’000 Shs’000 At start of the year 30,718 29,630 Reclassification of ‘Available-for- sale asset’ (Note 17) 273,237 - Additional investment during the year 1 363,721 - Share of associate results before tax 2 27,747 415 Share of tax (8,415) 673 Net share of results after tax 19,332 1,088 At end of year 687,008 30,718 Company 2011 2010 Shs’000 Shs’000 At start of the year - - Reclassification of ‘Available-for- sale asset’ (Note 17) 273,237 - Additional investment during the year 1 363,721 - At end of year 636,958 - 1 On 1 November 2011, the Company acquired 20% in TPS (D) Limited, a Kenyan domiciled entity which was set up as the holding company to acquire the Movenpick Hotel (now Dar es Salaam <strong>Serena</strong> Hotel) in Dar es Salaam, Tanzania. TPS (D) Limited is a 100% owner of an off shore company, TPS (Cayman) Limited (previously Kingdom 5-KR-90 Limited) which owns the Tanzanian operating company, Tanruss Investments Limited, the owner of Dar es Salaam <strong>Serena</strong> Hotel.Other shareholders in TPS (D) Limited include The Aga Khan Fund for Economic Development, S.A, PDM Holdings Limited, PROPARCO and NORFUND. 2 In addition to the share of results of Mountain Lodges Limited for the full year, the amounts indicated also include six months share of results of Tourism Promotion Services (Rwanda) Limited from 1 July 2011 and two months share of results for TPS (D) Limited from 1 November 2011. 76 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2011
Notes to the Financial Statements (continued) 22 Investment in associates (continued) The key financial data as at year end of Mountain Lodges Limited (the associate whose principal business is to provide lodge facilities for tourists and incorporated in Kenya), Tourism Promotion Services (Rwanda) Limited incorporated in Rwanda and TPS (D) Limited incorporated in Kenya is as follows: % interest Assets Liabilities Revenues Profit held Shs’000 Shs’000 Shs’000 Shs’000 2011 Mountain Lodges Limited 29.90 161,483 48,864 100,494 14,231 Tourism Promotion Services (Rwanda) Limited 1 20.15 2,412,448 982,093 1,270,957 16,766 TPS (D) Limited 2 20.00 2,175,781 1,933,304 194,948 66,830 4,749,712 2,964,262 1,566,399 97,828 2010 Mountain Lodges Limited 29.90 146,067 43,000 80,072 3,639 Tourism Promotion Services (Rwanda) Limited - - - - - TPS (D) Limited - - - - - 146,067 43,000 80,072 3,639 1 Only 6 month results of Tourism Promotion Services (Rwanda) Limited from July to December 2011 have been included in the Group income statement. 2 Only 2 month results of TPS (D) Limited for November and December 2011 have been included in the Group income statement. 23 Receivables and prepayments Group Company 2011 2010 2011 2010 Shs’000 Shs’000 Shs’000 Shs’000 Trade receivables – third parties 908,639 792,641 - - Less: provision for impairment of receivables (64,367) (50,239) - - Trade receivables – other related companies (Note 28) 1,981 1,682 - - Net trade receivables 846,253 744,084 - - Prepayments 115,181 38,556 - - Advances to related companies (Note 28) 177,576 99,001 174,838 72,403 Other receivables 497,217 105,318 390,463 7,001 1,636,227 986,959 565,301 79,404 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2011 77
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2011 Annual Report and Accounts
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Directors and Administration BOARD
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Operating Subsidiaries and Properti
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Notice of Annual General Meeting No
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Chairman’s Statement Mr. Francis
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Chairman’s Statement (continued)
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Taarifa ya Mwenyekiti (kuendelea) u
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The Managing Director’s Report Mr
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The Managing Director’s Report (c
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Taarifa kutoka kwa Meneja Mkurugenz
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Board of Directors 1 MR. FRANCIS OK
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Corporate Governance Statement The
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Page 30 and 31: Charitable Donations Serena and its
Page 32 and 33: Directors’ Report The Directors s
Page 34 and 35: Report of the Independent Auditor t
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Page 46 and 47: Notes to the Financial Statements (
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