Directors' Report and Financial Statements 31 March ... - Precision Air
Directors' Report and Financial Statements 31 March ... - Precision Air
Directors' Report and Financial Statements 31 March ... - Precision Air
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DIRECTOR’S REPORT (Continued)<br />
FOR THE YEAR ENDED <strong>31</strong> MARCH 2012<br />
19. KEY MANAGEMENT PERSONNEL OF THE GROUP<br />
The key management personnel who served the Company during the year ended <strong>31</strong> <strong>March</strong><br />
2012 were:<br />
Mr Alfonse Kioko - Group Managing Director & CEO<br />
Mr Charles Ogolla - Finance Director<br />
Mr Patrick Ndekana - Commercial Director<br />
Ms Bertha Minja - Director Human Resources<br />
Mr Kalero Mk<strong>and</strong>awire - Director Operations<br />
Mr Gardy Mbala - Director Information Systems<br />
Mr Gennaro Sicureza - Technical Director<br />
Mr Elias Moshi - Director Ground H<strong>and</strong>ling<br />
Mr Allen Shara - Director Quality <strong>and</strong> Safety<br />
With the exception Mr. Alphonce Kioko, none of the above mentioned directors are members<br />
of the Company’s Board of Directors.<br />
20. ACCOUNTING POLICIES<br />
The annual financial statements are prepared on the underlying assumption of a going concern.<br />
The Company’s accounting policies, which are laid out on pages 21 to 34 are subject to an annual<br />
review to ensure continuing compliance with International <strong>Financial</strong> <strong>Report</strong>ing St<strong>and</strong>ards.<br />
21. INVESTMENTS<br />
The wholly owned subsidiary, <strong>Precision</strong> H<strong>and</strong>ling Limited was incorporated in Tanzania during<br />
2010 <strong>and</strong> 100 % of its share capital is held by the Company. The subsidiary provides ground<br />
h<strong>and</strong>ling services to PRECISION AIR SERVICES PLC <strong>and</strong> is yet to obtain a licence to also<br />
serve other airlines.<br />
22. ACQUISITIONS AND DISPOSALS<br />
There was no material disposal or acquisition of business during year 2012 (2011: Nil).<br />
23. POLITICAL AND CHARITABLE DONATIONS<br />
The Group contributed TZS 6,175,800 (2011: TZS 43,769,500) to the charitable community<br />
projects <strong>and</strong> charitable various organizations. No political donations were made by the company<br />
during the year.<br />
10<br />
DIRECTORS’ REPORT AND FINANCIAL STATEMENTS <strong>31</strong> MARCH 2012