TPSEAL 2010 Financial Results. - Serena Hotels

More documents

Recommendations

Info

Directors’ Report The Directors submit their report together with the audited financial statements for the year ended 31 December 2010 in accordance with Section 157 of the Kenya Companies Act, which disclose the state of affairs of the group and of the company. PRINCIPAL ACTIVITIES The principal activities of the group are to own and operate hotel and lodge facilities in Kenya and Tanzania, serving the business and tourist markets. RESULTS AND DIVIDEND The profit for the year attributable to equity holders of the Company of Shs 531,053,000 (2009: Shs 380,362,000) has been added to retained earnings. The directors recommend the approval of a final dividend of Shs 185,263,300 (2009: Shs 132,330,928). The results for the year are set out in detail on pages 33 to 81 in the attached financial statements. DIRECTORS The directors who held office during the year and to the date of this report were: Francis Okomo-Okello Mahmud Jan Mohamed Abdulmalek Virani Ameer Kassim-Lakha Dr. Ramadhani Dau Jack J Kisa Jean-Louis Vinciguerra Kate Bandawe Kabir Hyderally Kungu Gatabaki Mahmood Pyarali Manji Wolfgang Bertelsmeier Ghislain de Valon Ashish Sharma (Chairman) (Managing Director) (Finance Director) (Alternate to Dr. Ramadhani Dau) (Alternate to Jean-Louis Vinciguerra) 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 NG’ANG’A COMPANY SECRETARY 23 March 2011 32 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010
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 keeps proper accounting records that disclose, with reasonable accuracy, the financial position of the company. They are also responsible for safeguarding the assets of the company. 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 Mohamed Chairman Managing Director 23 March 2011 23 March 2011 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010 33
Page 3 and 4: Contents Directors and Administrati
Page 5 and 6: Directors and Administration (conti
Page 7 and 8: Other Corporate Information REGISTE
Page 9 and 10: (c) a mobile telephone money transf
Page 11 and 12: (b) Kutumwa moja kwa moja hadi benk
Page 13 and 14: Chairman’s Statement (continued)
Page 15 and 16: Taarifa ya Mwenyekiti Mr. Francis O
Page 17 and 18: Taarifa ya Mwenyekiti (Kuendelea) U
Page 19 and 20: The Managing Director’s Report (c
Page 21 and 22: Taarifa kutoka kwa Meneja Mkurugenz
Page 23 and 24: Taarifa kutoka kwa Meneja Mkurugenz
Page 25 and 26: Board of Directors (continued) Mr.
Page 27 and 28: aspects of the Company’s operatio
Page 29 and 30: Corporate Governance Statement (con
Page 31: Corporate Social Responsibility (co
Page 35 and 36: Consolidated Income Statement for t
Page 37 and 38: Consolidated Statement of Financial
Page 39 and 40: Consolidated Statement of Changes i
Page 41 and 42: Consolidated Statement of Changes i
Page 43 and 44: Company Statement of Changes in Equ
Page 45 and 46: Notes to the Financial Statements 1
Page 47 and 48: Notes to the Financial Statements (
Page 83 and 84:
Notes to the Financial Statements (
Page 85 and 86:
Proxy Form I/We being a member/memb
show all

TPSEAL 2010 Financial Results. - Serena Hotels

Create successful ePaper yourself

Delete template?

Save as template?