2011 Annual Report and Accounts - Investing In Africa

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Notes to the Financial Statements (continued) 27 Non controlling interest 2011 2010 Shs ‘000 Shs ‘000 At start of the year 97,213 - On investment by minority shareholder 52,522 111,882 Share of loss for the year (52,880) (14,669) At end of year 96,855 97,213 In 2010, Tourism Promotion Services (Tanzania) Limited, a 100% subsidiary of the TPS Eastern Africa Limited, invested in the purchase of 51% equity in Upekee Lodges Limited (ULL) while 49% was invested by Export Holdings Limited, a company that owned two lodges in the Selous Game Reserve in Southern Tanzania. The proceeds from both shareholders were used to purchase assets of the two lodges, now owned and managed under Upekee Lodges Limited. Upekee Lodges Limited is incorporated in Tanzania and has the same year end as the Company. 28 Related party transactions The group is controlled by Aga Khan Fund for Economic Development SA, incorporated in Switzerland. There are various other companies which are related to the group through common shareholdings, common directorships or through management contracts. The following transactions were carried out with related parties: Group i) Sale of goods and services to: 2011 2010 Shs’000 Shs’000 Mountain Lodges Limited 8,586 7,946 Diamond Trust Bank Kenya Limited 5,596 5,490 Farmer’s Choice Limited - 7 Frigoken Limited 1,074 315 The Jubilee Insurance Company Limited 5,296 4,127 TPS (Uganda) Limited 28,280 23,421 Tourism Promotion Services (Rwanda) Limited 26,904 22,861 Hoteis Polana, S.A. 24,465 9,417 Nation Media Group 4,236 5,232 Industrial Promotion Services (Kenya) Limited 1,099 869 Directors & key management 3,690 2,380 ii) Purchase of goods and services from: Farmer’s Choice Limited 89,670 62,235 The Aga Khan Hospital (Tanzania) Limited 602 - Premier Food industries Limited - 15 The Jubilee Insurance Company Limited 6,993 4,025 Diamond Trust Bank Tanzania Limited 5,407 - Serena Tourism Promotion Services, S.A. 189,455 147,123 Nation Media Group 1,341 400 80 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2011
Notes to the Financial Statements (continued) 28 Related party transactions (continued) Group iii) Key management compensation 2011 2010 Shs’000 Shs’000 Salaries and other short-term employment benefits 150,893 157,167 Company iv) Directors’ remuneration 2011 2010 Shs’000 Shs’000 Fees for services as a non-executive director 1,070 1,250 Emoluments to executive directors (included in key management compensation above) 70,172 58,812 Total remuneration of directors of the Company 71,242 60,062 v) Outstanding balances arising from sale and purchase of goods/services from related parties Group 2011 2010 Shs’000 Shs’000 Trade receivables from related parties: Nation Media Group - 932 Industrial Promotion Services (Kenya) Limited - 88 The Jubilee Insurance Company Limited 1,981 662 1,981 1,682 Other receivables from related parties: Mountain Lodges Limited 1,500 694 TPS (Uganda) Limited 10,766 5,921 Hoteis Polana, S.A. 97,553 69,430 Tourism Promotion Services (Rwanda) Limited 1,308 16,109 Arusha Duluti Mountain Village - 267 Ol Pejeta Ranching Ltd - Hotel Division 15,238 5,403 Serena Tourism Promotion Services S.A. 3,131 - Tourism Promotion Services (Burundi) S.A. 2,822 1,177 Tanruss Investment Limited 38,081 - TPS (D) Limited 7,177 - 177,576 99,001 179,557 100,683 TPS EASTERN AFRICA LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS 2011 81
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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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Board of Directors 1 MR. FRANCIS OK
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Corporate Governance Statement The
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Corporate Governance Statement (con
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Corporate Social Responsibility At
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2011 Annual Report and Accounts - Investing In Africa

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