TPSEAL 2010 Financial Results. - Serena Hotels

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Notes to the Financial Statements (continued) 5 Segment information (continued) The segment information for the year ended 31 December 2009 is as follows Kenya Kenya Tanzania All other Total Hotels Lodges Lodges segments Shs ‘000 Shs ‘000 Shs ‘000 Shs ‘000 Shs ‘000 Revenue 1,694,900 791,164 1,302,733 288,860 4,077,657 Less inter segmental sales - - - (188,292) (188,292) Net revenue from third parties 1,694,900 791,164 1,302,733 100,568 3,889,365 EBITDA 452,273 66,043 283,347 57,243 858,906 Depreciation and amortisation (75,598) (43,005) (88,429) (7,606) (214,638) Income tax expense (57,695) (47,552) (28,810) (5,270) (139,327) Share of loss from associate - (287) - - (287) Investment in associate - 29,630 - - 29,630 Additions to non-current assets 222,696 - 136,501 - 359,197 Total assets 1,791,583 908,201 2,319,527 2,001,078 7,020,389 Goodwill 230,152 110,008 733,218 4,491 1,077,869 See note 20 for details of the impairment of goodwill of Shs 20,008,000 in the Kenyan operating segment in 2010. The write off relates to the portion of goodwill on Samburu Serena Safari Lodge which was damaged by floods in March 2010 and has since not been operational. The revenue from external parties reported to the Managing Director is measured in a manner consistent with that in the income statement. A reconciliation of adjusted EBITDA to profit before tax is provided as follows: 2010 2009 Shs’ 000 Shs’ 000 Restated Adjusted EBITDA 1,108,018 858,906 Depreciation (257,617) (214,638) Share of profit/(loss) from associate 1,088 (287) Finance costs – net (158,556) (124,292) Profit before tax 692,933 519,689 The entity is domiciled in the Kenya. The result of its revenue from external customers in Kenya is Shs 2,644,445,000 (2009: Shs 2,486,064,000), and the total of revenue from external customers from other countries is Shs 1,968,362,000 (2009: Shs 1,591,593,000). The breakdown of the major component of the total of revenue from external customers from other countries is disclosed above. There are no significant revenues derived from a single external customer. 60 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010
Notes to the Financial Statements (continued) 6 Expenses by nature The following items have been (credited)/charged in arriving at profit before income tax: Group 2010 2009 Shs’000 Shs’000 Restated Release of amounts payable to minority shareholders (Note 25) - (62,172) (Gain)/ loss on disposal of property, plant and equipment (81,953) 166 Impairment of goodwill (Note 20) 20,008 - Net foreign currency exchange (gains)/losses (15,903) 19,654 Receivables – provision for impairment losses (Note 23) (2,575) 8,608 Auditors’ remuneration (Company: 2010: Shs 2,109,910 2009:Shs 2,086,820) 12,498 9,317 Employee benefit expense (Note 7) 1,335,351 1,100,769 Repairs and maintenance of property, plant and equipment 97,013 81,080 7 Employee benefits expense Group 2010 2009 Shs’000 Shs’000 The following items are included within employee benefits expense: Salaries, wages and other staff costs 1,268,983 1,033,910 Retirement benefits costs: - Gratuity charge (Note 16) 10,115 20,209 - Defined contribution scheme 24,343 24,036 - National Social Security Funds 31,910 22,614 1,335,351 1,100,769 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010 61
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Contents Directors and Administrati
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Directors and Administration (conti
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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 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 59: Notes to the Financial Statements (
Page 85 and 86: Proxy Form I/We being a member/memb
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