TPSEAL 2010 Financial Results. - Serena Hotels

More documents

Recommendations

Info

Notes to the Financial Statements (continued) 8 FINANCE INCOME AND COSTS Group 2010 2009 Shs’000 Shs’000 Interest income: - fixed and call deposits 37,119 - - staff loans 2,200 3,043 - related party loans 12,908 - Finance income 52,227 3,043 Net foreign currency exchange losses on borrowings (22,290) (5,557) Interest expense: - bank borrowings (188,493) (120,586) - related party loans - (1,192) Finance costs 210,783 127,335 Net finance costs (158,556 ) (124,292) 9 Income tax expense Group 2010 2009 Shs’000 Shs’000 Current income tax 108,366 73,724 Deferred income tax (Note 15) 68,183 65,603 Income tax expense 176,549 139,327 The tax on the Group’s profit before income tax differs from the theoretical amount that would arise using the statutory income tax rate as follows: 2010 2009 Shs’000 Shs’000 Restated Profit before income tax 692,933 519,689 Tax calculated at domestic rates applicable to profits in the respective countries - 30% (2009 - 30%) 207,880 155,907 Tax effect of: Income not subject to tax (71,090) (18,518) Expenses not deductible for tax purposes 23,064 2,944 Over/(under) provision of deferred income tax in prior year 16,695 (1,006) Income tax expense 176,549 139,327 62 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010
Notes to the Financial Statements (continued) 10 Earnings per share Basic earnings per share are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year. 2010 2009 Profit attributable to equity holders of the Company (Shs 000s) 531,053 380,362 Weighted average number of ordinary shares in issue (thousands) 120,947 114,687 Basic earnings per share (Shs) 4.39 3.32 There were no potentially dilutive shares outstanding at 31 December 2010 or 2009. Diluted earnings per share are therefore the same as basic earnings per share. 11 Dividend per share Proposed dividends are accounted for as a separate component of equity until they have been ratified at the annual general meeting. Qualifying shares for 2010 were 148,210,640 shares (2009: 105,864,742 shares). A dividend in respect of qualifying shares for the year ended 31 December 2010 of Shs 1.25 per share (2009: Shs 1.25) amounting to Shs 185,263,300 (2009: Shs 132,330,928) is to be proposed at the forthcoming annual general meeting. Payment of dividends is subject to withholding tax at a rate of either 5% or 10% depending on the residence of the respective shareholders. 12 Share capital Number of Ordinary Share shares shares premium (Thousands) Shs’000 Shs’000 Balance at 1 January 2008 & 2009 105,865 105,865 1,906,676 Balance at 1 January 2010 105,865 105,865 1,906,676 Bonus issue of shares 17,644 17,644 - Rights issue of shares 24,702 24,702 1,125,755 Balance at 31 December 2010 148,211 148,211 3,032,431 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2010 63
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 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 61: 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?