2011 Annual Report and Accounts - Investing In Africa
2011 Annual Report and Accounts - Investing In Africa
2011 Annual Report and Accounts - Investing In Africa
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
Notes to the Financial Statements (continued)<br />
27 Non controlling interest<br />
<strong>2011</strong> 2010<br />
Shs ‘000 Shs ‘000<br />
At start of the year 97,213 -<br />
On investment by minority shareholder 52,522 111,882<br />
Share of loss for the year (52,880) (14,669)<br />
At end of year 96,855 97,213<br />
<strong>In</strong> 2010, Tourism Promotion Services (Tanzania) Limited, a 100% subsidiary of the TPS Eastern <strong>Africa</strong> Limited,<br />
invested in the purchase of 51% equity in Upekee Lodges Limited (ULL) while 49% was invested by Export Holdings<br />
Limited, a company that owned two lodges in the Selous Game Reserve in Southern Tanzania. The proceeds from<br />
both shareholders were used to purchase assets of the two lodges, now owned <strong>and</strong> managed under Upekee Lodges<br />
Limited. Upekee Lodges Limited is incorporated in Tanzania <strong>and</strong> has the same year end as the Company.<br />
28 Related party transactions<br />
The group is controlled by Aga Khan Fund for Economic Development SA, incorporated in Switzerl<strong>and</strong>. There are<br />
various other companies which are related to the group through common shareholdings, common directorships or<br />
through management contracts.<br />
The following transactions were carried out with related parties:<br />
Group<br />
i) Sale of goods <strong>and</strong> services to: <strong>2011</strong> 2010<br />
Shs’000 Shs’000<br />
Mountain Lodges Limited 8,586 7,946<br />
Diamond Trust Bank Kenya Limited 5,596 5,490<br />
Farmer’s Choice Limited - 7<br />
Frigoken Limited 1,074 315<br />
The Jubilee <strong>In</strong>surance Company Limited 5,296 4,127<br />
TPS (Ug<strong>and</strong>a) Limited 28,280 23,421<br />
Tourism Promotion Services (Rw<strong>and</strong>a) Limited 26,904 22,861<br />
Hoteis Polana, S.A. 24,465 9,417<br />
Nation Media Group 4,236 5,232<br />
<strong>In</strong>dustrial Promotion Services (Kenya) Limited 1,099 869<br />
Directors & key management 3,690 2,380<br />
ii)<br />
Purchase of goods <strong>and</strong> services from:<br />
Farmer’s Choice Limited 89,670 62,235<br />
The Aga Khan Hospital (Tanzania) Limited 602 -<br />
Premier Food industries Limited - 15<br />
The Jubilee <strong>In</strong>surance Company Limited 6,993 4,025<br />
Diamond Trust Bank Tanzania Limited 5,407 -<br />
Serena Tourism Promotion Services, S.A. 189,455 147,123<br />
Nation Media Group 1,341 400<br />
80 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS <strong>2011</strong>
Change language