2011 Annual Report and Accounts - Investing In Africa
2011 Annual Report and Accounts - Investing In Africa
2011 Annual Report and Accounts - Investing In Africa
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Notes to the Financial Statements (continued)<br />
22 <strong>In</strong>vestment in associates<br />
Group<br />
<strong>2011</strong> 2010<br />
Shs’000<br />
Shs’000<br />
At start of the year 30,718 29,630<br />
Reclassification of ‘Available-for- sale asset’ (Note 17) 273,237 -<br />
Additional investment during the year 1 363,721 -<br />
Share of associate results before tax 2 27,747 415<br />
Share of tax (8,415) 673<br />
Net share of results after tax 19,332 1,088<br />
At end of year 687,008 30,718<br />
Company<br />
<strong>2011</strong> 2010<br />
Shs’000<br />
Shs’000<br />
At start of the year - -<br />
Reclassification of ‘Available-for- sale asset’ (Note 17) 273,237 -<br />
Additional investment during the year 1 363,721 -<br />
At end of year 636,958 -<br />
1<br />
On 1 November <strong>2011</strong>, the Company acquired 20% in TPS (D) Limited, a Kenyan domiciled entity which was set<br />
up as the holding company to acquire the Movenpick Hotel (now Dar es Salaam Serena Hotel) in Dar es Salaam,<br />
Tanzania. TPS (D) Limited is a 100% owner of an off shore company, TPS (Cayman) Limited (previously Kingdom<br />
5-KR-90 Limited) which owns the Tanzanian operating company, Tanruss <strong>In</strong>vestments Limited, the owner of Dar es<br />
Salaam Serena Hotel.Other shareholders in TPS (D) Limited include The Aga Khan Fund for Economic Development,<br />
S.A, PDM Holdings Limited, PROPARCO <strong>and</strong> NORFUND.<br />
2<br />
<strong>In</strong> addition to the share of results of Mountain Lodges Limited for the full year, the amounts indicated also include<br />
six months share of results of Tourism Promotion Services (Rw<strong>and</strong>a) Limited from 1 July <strong>2011</strong> <strong>and</strong> two months share<br />
of results for TPS (D) Limited from 1 November <strong>2011</strong>.<br />
76 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS <strong>2011</strong>