2012 TPSEA Annual Report - Serena Hotels

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Notes to the Financial Statements (continued) 23 Receivables and prepayments (continued) Movements on the provision for impairment of trade receivables are as follows: Group Company 2011 2010 2011 2010 Shs’000 Shs’000 Shs’000 Shs’000 At start of year 50,239 62,193 - - Provision in the year 30,378 (2,575) - - Receivables written off during the year as uncollectible (16,250) (9,379) - - At end of year 64,367 50,239 - - In the estimate of the Directors, the carrying amounts of the receivables and prepayments approximate to their fair value. The carrying amounts of the Group’s receivables and prepayments are denominated in the following currencies: Group Company 2011 2010 2011 2010 Shs’000 Shs’000 Shs’000 Shs’000 US Dollar 483,567 422,969 - - Euro 2,092 2,361 - - Sterling Pound 9,977 7,105 - - Kenya Shillings 1,005,573 506,181 565,301 79,404 Tanzania Shillings 135,018 48,343 - - 1,636,227 986,959 565,301 79,404 24 Cash and cash equivalents Group Company 2011 2010 2011 2010 Shs’000 Shs’000 Shs’000 Shs’000 Cash at bank and in hand 257,835 257,595 1,853 183,458 Short term bank deposits 145,279 791,652 - 540,082 403,114 1,049,247 1,853 723,540 The weighted average effective interest rate on short-term bank deposits at the year-end was 19.0 % (2010: 8.2 %). These deposits have an average maturity of 90 days. For the purposes of the cash flow statement, cash and cash equivalents comprise the following: Group 2011 2010 Shs’000 Shs’000 Cash and bank balances as above 257,835 257,595 Bank overdrafts (Note 14) (63,070) (58,251) 194,765 199,344 78 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2011
Notes to the Financial Statements (continued) 25 Payables and accrued expenses Group Company 2011 2010 2011 2010 Shs’000 Shs’000 Shs’000 Shs’000 Trade payables 647,568 427,747 - - Trade payables – related companies (Note 28) 5,179 6,363 - - Advances from related companies (Note 28) 48,971 252,637 - - Accrued expenses and other payables 437,299 518,741 4,881 5,760 1,139,017 1,205,488 4,881 5,760 The carrying amounts of the above payables and accrued expenses approximate to their fair values. 26 Cash generated from operations Reconciliation of profit before income tax to cash generated from operations: Group 2011 2010 Shs’000 Shs’000 Profit before income tax 853,133 692,933 Adjustments for: Net interest expense (Note 8) 109,923 136,266 Depreciation (Note 18) 330,834 257,617 Impairment of goodwill (Note 20) - 20,008 Loss/(profit) on sale of property, plant and equipment 1,562 (81,953) Share of profit from associates (Note 22) (19,332) (1,088) Effect of currency translation (53,857) 9,996 Changes in working capital - receivables and prepayments (649,268) (83,963) - inventories (75,812) (32,875) - payables and accrued expenses (66,471) 594,190 - provisions for liabilities and charges 20,854 1,661 Cash generated from operations 451,566 1,512,792 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2011 79
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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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Corporate Governance Statement (con
Page 28 and 29: Corporate Social Responsibility At
Page 30 and 31: Charitable Donations Serena and its
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