TPSEAL 2010 Financial Results. - Serena Hotels
TPSEAL 2010 Financial Results. - Serena Hotels
TPSEAL 2010 Financial Results. - Serena Hotels
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Notes to the <strong>Financial</strong> Statements (continued)<br />
5 Segment information (continued)<br />
The segment information for the year ended 31 December 2009 is as follows<br />
Kenya Kenya Tanzania All other Total<br />
<strong>Hotels</strong> Lodges Lodges segments<br />
Shs ‘000 Shs ‘000 Shs ‘000 Shs ‘000 Shs ‘000<br />
Revenue 1,694,900 791,164 1,302,733 288,860 4,077,657<br />
Less inter segmental sales - - - (188,292) (188,292)<br />
Net revenue from third parties 1,694,900 791,164 1,302,733 100,568 3,889,365<br />
EBITDA 452,273 66,043 283,347 57,243 858,906<br />
Depreciation and amortisation (75,598) (43,005) (88,429) (7,606) (214,638)<br />
Income tax expense (57,695) (47,552) (28,810) (5,270) (139,327)<br />
Share of loss from associate - (287) - - (287)<br />
Investment in associate - 29,630 - - 29,630<br />
Additions to non-current assets 222,696 - 136,501 - 359,197<br />
Total assets 1,791,583 908,201 2,319,527 2,001,078 7,020,389<br />
Goodwill 230,152 110,008 733,218 4,491 1,077,869<br />
See note 20 for details of the impairment of goodwill of Shs 20,008,000 in the Kenyan operating segment in <strong>2010</strong>. The write off<br />
relates to the portion of goodwill on Samburu <strong>Serena</strong> Safari Lodge which was damaged by floods in March <strong>2010</strong> and has since<br />
not been operational.<br />
The revenue from external parties reported to the Managing Director is measured in a manner consistent with that in the<br />
income statement.<br />
A reconciliation of adjusted EBITDA to profit before tax is provided as follows:<br />
<strong>2010</strong> 2009<br />
Shs’ 000 Shs’ 000<br />
Restated<br />
Adjusted EBITDA 1,108,018 858,906<br />
Depreciation (257,617) (214,638)<br />
Share of profit/(loss) from associate 1,088 (287)<br />
Finance costs – net (158,556) (124,292)<br />
Profit before tax 692,933 519,689<br />
The entity is domiciled in the Kenya. The result of its revenue from external customers in Kenya is Shs 2,644,445,000 (2009:<br />
Shs 2,486,064,000), and the total of revenue from external customers from other countries is Shs 1,968,362,000 (2009: Shs<br />
1,591,593,000). The breakdown of the major component of the total of revenue from external customers from other countries<br />
is disclosed above.<br />
There are no significant revenues derived from a single external customer.<br />
60 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS <strong>2010</strong>