2011 Annual Report and Accounts - Investing In Africa

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Notes to the Financial Statements (continued) 18 Property, plant and equipment - Group (CONTINUED) Land & buildings Plant & machinery Vehicles & equipment Capital work in progress Total Shs’000 Shs’000 Shs’000 Shs’000 Shs’000 Year ended 31 December 2011 Opening net book amount 7,216,338 717,666 44,666 269,994 8,248,664 Additions 124,000 299,235 35,555 323,648 782,438 Disposals - (1,860) - - (1,860) Transfers 292,804 24,197 - (317,001) - Depreciation charge (224,302) (89,042) (17,490) - (330,834) Translation differences 113,554 14,862 1,290 928 130,634 Closing net book amount 7,522,394 965,058 64,021 277,569 8,829,042 At 31 December 2011 At cost or revaluation 9,505,754 2,391,487 270,404 277,080 12,444,725 Accumulated depreciation (1,629,300) (1,450,613) (184,697) - (3,264,610) Translation differences (354,060) 24,184 (21,686) 489 (351,073) Net book amount 7,522,394 965,058 64,021 277,569 8,829,042 72 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2011
Notes to the Financial Statements (continued) 18 Property, plant and equipment – Group (continued) In the opinion of the directors, there is no impairment of property, plant and equipment. Land and buildings for Tourism Promotion Services (Kenya) Limited, Tourism Promotion Services (Tanzania) Limited & Tourism Promotion Services (Zanzibar) Limited were all revalued on 31 December 2010 by independent professional valuers, C.P.Robertson-Dunn for Kenya and H & R Consultancy Limited in Tanzania. Valuations were made on the basis of earnings for existing use. The book values of the properties were adjusted to the revaluations and the resultant surplus net of deferred income tax was credited to the revaluation surplus in shareholders’ equity. Capital work in progress is mainly in relation to capital projects being undertaken with respect to Kenyan and Tanzanian lodges. If the buildings, freehold and leasehold land were stated on the historical cost basis (adjusted for translation differences), the amounts would be as follows Group 2011 2010 Shs’000 Shs’000 Cost 6,083,433 5,300,995 Accumulated depreciation (2,084,780) (1,753,946) Net book amount 3,998,652 3,547,049 19 Non-current receivables Company 2011 2010 Shs’000 Shs’000 At start of the year 141,575 - Advanced during the year 212,280 141,575 Repayment (353,855) - At end of year - 141,575 All non-current receivables relate to advances to Tourism Promotion Services (Tanzania) Limited, a subsidiary of the Group, and were due within 5 years from the statement of financial position date but were fully repaid during the year. The interest rate on the advance was 11.8% per annum. TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2011 73
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2011 Annual Report and Accounts
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Directors and Administration BOARD
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Operating Subsidiaries and Properti
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Notice of Annual General Meeting No
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Chairman’s Statement Mr. Francis
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Chairman’s Statement (continued)
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Taarifa ya Mwenyekiti (kuendelea) u
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The Managing Director’s Report Mr
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The Managing Director’s Report (c
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Taarifa kutoka kwa Meneja Mkurugenz
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2011 Annual Report and Accounts - Investing In Africa

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