TPSEAL 2010 Financial Results. - Serena Hotels

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Consolidated Statement of Cash Flows for the year ended 31 December 2010 Notes 2010 2009 Shs’000 Shs’000 Restated Operating activities Cash generated from operations 27 1,512,792 610,523 Interest paid (136,266) (118,735) Income tax paid (126,645) (24,678) Net cash generated from operating activities 1,249,881 467,110 Investing activities Purchase of property, plant and equipment 18 (1,840,991) (359,197) Proceeds from disposal of property, plant and equipment 227,433 463 Investment in available-for-sale financial asset 17 (161,200) - Short-term bank deposits - net 24 (591,652) (188,408) Cash inflow on acquisition of Upekee Lodges Limited 28 111,882 - Net cash used in investing activities (2,254,528 ) (547,142) Financing activities Net proceeds from rights issue of shares 1,150,455 - Long-term borrowings - net 136,670 215,754 Dividends paid to company’s shareholders 11 (132,331) (132,331) Net cash generated from financing activities 1,154,794 83,423 Net increase in cash and cash equivalents 150,147 3,391 Movement in cash and cash equivalents At start of year 49,197 45,806 Increase in cash 150,147 3,391 At end of year 24 199,344 49,197 44 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010
Notes to the Financial Statements 1 General information TPS Eastern Africa Limited is incorporated in Kenya under the Companies Act as a public limited liability company and is domiciled in Kenya. The address of its registered office is: Williamson House 4th Ngong Avenue PO Box 48690 00100 NAIROBI KENYA The Company’s shares are listed on the Nairobi Stock Exchange. For the Kenya Companies Act reporting purposes, the balance sheet is represented by the statement of financial position and profit or loss by the statement of comprehensive income in these financial statements. 2 Summary of significant accounting policies The principal accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. (a) Basis of preparation The financial statements are prepared in compliance with International Financial Reporting Standards (IFRS). The measurement basis applied is the historical cost basis, except where otherwise stated in the accounting policies below. The financial statements are presented in Kenya Shillings (Shs), rounded to the nearest thousands, except where otherwise indicated. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or where assumptions and estimates are significant to the financial statements, are disclosed in Note 3. Changes in accounting policy and disclosures (i) New and amended standards adopted by the Group IFRS 3 (revised), ‘Business combinations’, and consequential amendments to IAS 27, ‘Consolidated and separate financial statements’, IAS 28, ‘Investments in associates’, and IAS 31, ‘Interests in joint ventures’, are effective prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 July 2009. The adoption of the revision to the standard has not had a significant impact on the group financial statements in the year. IFRS 8 Operating Segments – effective 1 January 2010. Paragraph 23 of IFRS 8 has been amended to make it clear that an entity should report a measure of total assets and total liabilities for each reportable segment, if the amounts are regularly provided to the chief operating decision maker. This is to be applied retrospectively. The adoption of this amendment has led to enhanced disclosures in the group financial statements. IAS 27 Consolidated and Separate Financial Statements – Revised – effective 1 July 2009. IAS 27 (revised) requires the effects of all transactions with non-controlling interests to be recorded in equity if there is no change in control. They will no longer TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010 45
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 and 32: Corporate Social Responsibility (co
Page 33 and 34: Statement of Directors’ Responsib
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: Company Statement of Changes in Equ
Page 47 and 48: Notes to the Financial Statements (
Page 85 and 86: Proxy Form I/We being a member/memb

TPSEAL 2010 Financial Results. - Serena Hotels

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