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 />
28 Non controlling interest<br />
<strong>2010</strong><br />
Shs ‘000<br />
At start of the year -<br />
On investment by minority shareholder 111,882<br />
Share of loss for the year (14,669)<br />
At end of year 97,213<br />
During the year, Tourism Promotion Services (Tanzania) Limited, a 100% subsidiary of the TPS Eastern Africa Limited, invested<br />
in the purchase of 51% equity in Upekee Lodges Limited (ULL) while 49% was invested by Export Holdings Limited, a company<br />
that owned two lodges in the Selous Game Reserve in Southern Tanzania. The proceeds from both shareholders were used to<br />
purchase the two lodges, now owned and managed under Upekee Lodges Limited. Upekee Lodges Limited is incorporated in<br />
Tanzania and has the same year end as the Company.<br />
29 Related party transactions<br />
The group is controlled by Aga Khan Fund for Economic Development SA, incorporated in Switzerland. There are various other<br />
companies which are related to the group through common shareholdings, common directorships or through management<br />
contracts.<br />
The following transactions were carried out with related parties:<br />
Group<br />
i) Sale of goods and services to: <strong>2010</strong> 2009<br />
Shs’000<br />
Shs’000<br />
Mountain Lodges Limited 7,946 7,735<br />
Diamond Trust Bank Kenya Limited 5,490 2,625<br />
Farmer’s Choice Limited 7 5<br />
Frigoken Limited 315 281<br />
The Jubilee Insurance Company Limited 4,127 3,172<br />
TPS (Uganda) Limited 23,421 23,617<br />
Tourism Promotion Services (Rwanda) Limited 22,861 25,975<br />
Arusha Duluti Limited - 32,798<br />
Mbuzi Mawe Limited - 29,501<br />
Upekee Lodges Limited - 56,623<br />
Hoteis Polana, S.A. 9,417 3,092<br />
Nation Media Group 5,232 2,041<br />
Industrial Promotion Services (Kenya) Limited 869 1,505<br />
Directors & key management 2,380 4,353<br />
ii)<br />
Purchase of goods and services from:<br />
Group<br />
Farmer’s Choice Limited 62,235 35,553<br />
Premier Food industries Limited 15 136<br />
The Jubilee Insurance Company Limited 4,025 2,339<br />
<strong>Serena</strong> Tourism Promotion Services, S.A. 147,123 108,672<br />
Nation Media Group 400 390<br />
80 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS <strong>2010</strong>
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