Serena Hotels Annual Report
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Transcript of Serena Hotels Annual Report
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7/31/2019 Serena Hotels Annual Report
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2011 Annual Report and Accounts
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3
Contnts Page
Dirctors nd administrtion 2 - 3
Oprtin Subsidiris nd Proprtis 4
Othr Corport Informtion 5
Notic of annu gnr Mtin 6
Notisi y Mkutno w Mwk 7
Chirmns Rport 8 - 10Trif y Mwnykiti 11 - 13
Th Mnin Dirctors Rport 14 - 16
Trif kutok kw Mnj Mkurunzi 17 - 19
Bord of Dirctors 20 - 21
Corport govrnnc Sttmnt 22 - 25
Corport Soci Rsponsibiity 26 - 29
Dirctors Rport 30
Sttmnt of Dirctors Rsponsibiitis 31
Rport of th Indpndnt auditor 32
FINaNCIal STaTeMeNTS:
Consoidtd Incom Sttmnt 33
Consoidtd Sttmnt of Comprhnsiv Incom 34
Consoidtd Sttmnt of Finnci Position 35
Compny Sttmnt of Finnci Position 36
Consoidtd Sttmnt of Chns in equity 37 - 38
Compny Sttmnt of Chns in equity 39 - 40
Consoidtd Sttmnt of Cshfows 41
Nots to th Finnci Sttmnts 42 - 81
Nots 82
Proy Form / Fomu y Uwkiishi 83
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4 TPS eaSTeRN aFRICa lIMITeD aNNUal RePORT aND FINaNCIal STaTeMeNTS 2011
4
BOaRD OF DIReCTORS
Frncis Okomo-Oko (Chirmn)
Mhmud Jn Mohmd (Mnin Dirctor)
abdumk Virni (Finnc Dirctor)
amr Kssim-lkh
Dr. Rmdhni Du*** *Jck Jcob Kis
ghisin d Von* (Rsind on 14 Novmbr 2011)
Jn-louis Vinciurr*
Msi abdh*** * (atrnt to Dr. Rmdhni Du)
Kbir Hydry***
Mhmood Pyri Mnji
Kunu gtbki (Rsind on 14 Jun 2011)
gudi ainch* (appointd on 12 Jnury 2012)
ashish Shrm*(atrnt to Jn-louis Vinciurr)
BOaRD aUDIT & FINaNCe COMMITTee
amr Kssim-lkh (Chirmn)
Jn-louis Vinciurr
Mhmood Pyri Mnji
BOaRD NOMINaTION aND ReMUNeRaTION COMMITTee
Jck Jcob Kis (Chirmn)
Dr. Rmdhni Du
Kbir Hydry
Mhmood Pyri Mnji
*Frnch ***Pkistni *** *Tnznin
COMPaNY SeCReTaRY
Dominic K. Nn
Dirctors ndadministrtion
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TPS eaSTeRN aFRICa lIMITeD aNNUal RePORT aND FINaNCIal STaTeMeNTS 2011 5
5
PRINCIPal OFFICeRS
Cthrin Wruhiu (Mrs) Dirctor of Humn Rsourcs e.a.
Chrs Od Finnci Contror e.a.
Kiin luw Dirctor of Oprtions, City Hots e.a.
Mrk gthuri Dirctor of Oprtions, Kny lods & Rsorts e.a.
Rosmry Mumbi (M/s) Dirctor of Ss nd Mrktin e.a.Sim Jnmohmd gnr Mnr - TPS (T) nd TPS (Z)
Surindr Sndhu Chif eninr e.a.
TOURISM PROMOTION SeRVICeS (KeNYa) lIMITeD [TPS (K)]
Dni Knu gnr Mnr - Nirobi Srn Hot
Tuv Mwhun gnr Mnr - Srn Bch Hot nd Sp, Mombs
Hrmn Mwshu Mnr - ambosi Srn Sfri lod
Pu Chuo Mnr - Mr Srn Sfri lod
Hnritt Mwno (Mrs) Mnr - Kiuni Srn Sfri lod
Kthurim Mburuu Mnr - Srn Mountin lod
Jms Odnyo Mnr - Swtwtrs Tntd Cmp nd O Pjt Housaphrd Ch Mnr - lk emntit Srn Cmp
TOURISM PROMOTION SeRVICeS (TaNZaNIa) lIMITeD [TPS (T)]
Jonthn Chrs Mnr - Kirwir luury Tntd Cmp
Mustf Mbin Mnr - lk Mnyr Srn Sfri lod
Fi Ombo Mnr - Srnti Srn Sfri lod
Disms Simb Mnr - Noronoro Srn Sfri lod
grd Mchri Mnr - Srn Mountin Vi Hot, arush
Vincnt Mti Mnr - Mbuzi Mw Tntd Cmp
Chrs Mbuy Mnr - Mivumo Rivr lod nd Sous luury Cmp
TOURISM PROMOTION SeRVICeS (ZaNZIBaR) lIMITeD [TPS (Z)]
Dni Smbi gnr Mnr - Znzibr Srn Inn
OTHeR MaNageD PROPeRTIeS
anthony Ch gnr Mnr - Kmp Srn Hot, Und
Wifrd Shirim gnr Mnr - lk Victori Srn Rsort, Und
Chrs Mui gnr Mnr - Kii Srn Hot, Rwnd
Knndy Wr Mnr - lk Kivu Srn Hot, Rwnd
Krim Mri gnr Mnr - Pon Srn Hot, Mozmbiqu
Rhim azd gnr Mnr - Dr s Sm Srn Hot
Dirctors ndadministrtion
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TOURISM PROMOTION SeRVICeS (TaNZaNIa) lIMITeD
Kirwir luury Tntd Cmp
lk Mnyr Srn Sfri lodSrnti Srn Sfri lod
Noronoro Srn Sfri lod
Mountin Vi Hot, arush
Mbuzi Mw Tntd Cmp
Mivumo Rivr lod
Sous luury Cmp
TOURISM PROMOTION SeRVICeS
(SOUTH aFRICa) (PROPRIeTaRY) lIMITeD
Ss nd Mrktin offic in Johnnsbur, South afric
TOURISM PROMOTION SeRVICeS (ZaNZIBaR) lIMITeD
Znzibr Srn Inn
OTHeR PROPeRTIeS MaNageD BY SeReNa
Kmp Srn Hot - Undlk Victori Srn Rsort - Und
Pon Srn Hot - Mozmbiqu
Oprtin associtd Compnis nd Proprtis
TaNRUSS INVeSTMeNT lIMITeD / TPS (D) lIMITeD (20%)
Dr s Sm Srn Hot
TOURISM PROMOTION SeRVICeS (RWaNDa) lIMITeD (20%)
Kii Srn Hot - Rwnd
lk Kivu Srn Hot - Rwnd
Oprtin Subsidiris nd Proprtis
TOURISM PROMOTION SeRVICeS (KeNYa) lIMITeD
Nirobi Srn Hot
Srn Bch Hot nd Sp, Mombsambosi Srn Sfri lod
Mr Srn Sfri lod
Kiuni Srn Sfri lod
Swtwtrs Tntd Cmp nd O Pjt Hous
lk emntit Srn Cmp
MOUNTaIN lODgeS lIMITeD (30%)
Srn Mountin lod
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RegISTeReD OFFICe
4th Foor, Wiimson Hous
4th Non avnu
P.O. Bo 48690-00100
Nirobi, Kny
Tphon 254 (20) 2710511/2842000F: 254(20) 2718100/1
e-mi: [email protected]
Wbsit: www.srnhots.com
aUDITORS
PricwtrhousCooprs
Crtifid Pubic accountnts
Th Rhimtu Towr
P.O. Bo 43963-00100
Nirobi, Kny
PRINCIPal BaNKeRS
Brcys Bnk of Kny limitd
P.O. Bo 30120-00100
Nirobi, Kny
RegISTRaR
Im Ristrrs limitd
8th Foor, Trnsntion Pz
Mm Nin Strt
P.O. Bo 9287-00100Nirobi, Kny
Othr CorportInformtion
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8 TPS eaSTeRN aFRICa lIMITeD aNNUal RePORT aND FINaNCIal STaTeMeNTS 2011
Notic of annu gnr Mtin
Notic is hrby ivn tht th Fortith annu gnr Mtin
of th Compny wi b hd t th Knytt Intrntion
Confrnc Cntr, Nirobi, on 29th My 2012, t 11.00 .m.
to trnsct th foowin businss:
ORDINaRY BUSINeSS
1. To confirm th minuts of th Thirty-Ninth annu gnr
Mtin hd on 31st My 2011.
2. To rciv, considr nd, if thouht fit, dopt th ccounts
for th yr ndd 31st Dcmbr 2011, tothr with th
Dirctors nd auditors Rports thron.
3. To pprov pymnt of fin dividnd for 2011 of KShs.
1.30 pr shr, subjct to withhodin t, whr ppicb,
to th mmbrs on th Ristr t th cos of businss on29th My 2012. Pymnt of th dividnd to b md on or
bout 20th Jun 2012.
4. To ct Dirctors:
) Mr. gudi ainch ws ppointd in 2011 to fi csu
vcncy. H rtirs in ccordnc with artic no. 110 of th
Compnys artics of assocition nd bin iib, offrs
himsf for r-ction.
b) Mr. Frncis Okomo-Oko rtirs by rottion in ccordncwith artics no. 111,112 & 113 of th Compnys artics
of assocition nd bin iib, offrs himsf for r-
ction.
c) Mr. amr Kssim-lkh nd Mr. Jck Jcob Kis rtir by
rottion in ccordnc with artics no. 111, 112 nd 113 of
th Compnys artics of assocition. Spci notics hv
bn rcivd by th Compny pursunt to sction 142 of
th Compnis act (Cp 486) nd subjct to sction 186
of th act tht if thouht fit, th foowin rsoutions b
pssd
THaT Mr. amr Kssim-lkh ( Dirctor rtirin by
rottion) who is ovr 70 yrs, b nd is hrby r-ctd s
Dirctor of th Compny.
THaT Mr. Jck Jcob Kis ( Dirctor rtirin by rottion) who
is ovr 70 yrs, b nd is hrby r-ctd s Dirctor of th
Compny.
5. To pprov th Dirctors rmunrtion for 2011.
6. To ppoint PricwtrhousCooprs, th Compnys
auditors, in ccordnc with Sction 159 (2) of th
Compnis act (Cp.486). PricwtrhousCooprs hv
indictd thir wiinnss to continu in offic.
7. To pprov th auditors rmunrtion for 2011 nd to
uthoriz th Dirctors to fi th auditors rmunrtion for
2012.
8. To Trnsct ny othr ordinry Businss of n annu
gnr Mtin.
SPeCIal BUSINeSS
9. To considr nd, if thouht fit, to pss th foowin rsoution
which sh b proposd s n ordinry rsoution:
Incrs of authorisd Shr Cpit
THaT th uthorisd shr cpit of th Compny b
incrsd from Kny Shiins On Hundrd nd Ninty Two
Miion (KShs. 192,000,000) dividd into 192,000,000 ordinry
shrs of pr vu Kny Shiin On (KShs. 1.00) ch to
Kny Shiins Two Hundrd Miion (KShs 200,000,000)
by th crtion of ddition eiht Miion (8,000,000) nw
ordinry shrs of Kny Shiin On (KShs. 1.00) ch to rnk
pari passu in rspcts with th istin ordinry shrs of
th Compny.
By Ordr of th Bord.
D.K.Nn
COMPaNY SeCReTaRY
Dtd t Nirobi this 14 Mrch, 2012
NOTe:a mmbr ntitd to ttnd nd vot t th mtin nd who
is unb to ttnd is ntitd to ppoint proy to ttnd
nd vot on his bhf. a proy nd not b mmbr of th
Compny. To b vid, Form of Proy which is providd with
this Rport must b duy comptd nd sind by th mmbr
nd must b rcivd t th ristrd offics of th Compnys
Ristrrs not tr thn 11.00 .m. on 25 My 2012.
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TPS eaSTeRN aFRICa lIMITeD aNNUal RePORT aND FINaNCIal STaTeMeNTS 2011 9
Notisi Kuhusu Mkutno W Pmoj W MwkNOTISI intoew hp kwmb, mkutno mkuu w 40 w
pmoj w mwk w Kmpuni utfnyik ktik jumb
Kenytt Interntion Conference Centre, Nirobi Mei 29,
2012 kunzi s tno subuhi ii kunzi msw yfutyo
y kibishr:
SHUgHUlI Za KaWaIDa:
1. Kuthibitish kumbukumbu z mkutno w thethini n tis
w pmoj w mwk uiofnyik Mei 31, 2011.
2. Kupoke, kuzinti n endpo itkubik, kupitish
hesbu y mpto mtumizi y pes kw kipindi ch mwk
uiomizik Desemb 31, 2011 pmoj n ripoti kutok kw
wkuruenzi n wkuzi w pes.
3. Kupitish mipo y mwisho y mwo w fid y mwk2011 y Kshs. 1.30 kw ki his kw kuteeme ushuru
uioshikiiw pe inpohitjik kw wnchm mbo
mjin yo ytkuw kwenye sjii kufiki Mei 29, 2012.
Mipo y mwo w fid ytoewe kb y Juni 20, 2012.
4. Kuwchu wkuruenzi:
) Bw. guedi ainche iteuiw mwk 2011 kujz nfsi y
kwid. anstfu kw mujibu w kifunu nmbri 110
ch sheri z mkmpuni n kw kuw hi inmruhusu,
mejitokez kuchuiw ten.
b) Bw. Frncis Okomo-Okeo nstfu kw zmu kw
mujibu w vifunu nmbri 111, 112 n 113 vy sheri z
mkmpuni n kw kuw hi inmruhusu, njitokez ii
kuchuiw ten.
c) Mbw. ameer Kssim- lkh n Jck Jcob Kis wnstfu
kw zmu kw mujibu w vifunu nmbri 111, 112 n 113
vy sheri z mkmpuni. Notisi mumu imepokeew
n Kmpuni kw mujibu w sehemu y 142 y sheri z
mkmpuni (Cp 486) n kw mujibu w sehemu y 186 y
sheri kwmb endpo itonekn kuw sw, mzimioyfutyo ypitishwe.
KWaMBa Bw. ameer Kssim- lkh (mkuruenzi nyestfu
kw zmu) mbye n umri w mik zidi y 70, chuiwe
ten km mkuruenzi w kmpuni.
KWaMBa Bw. Jck Jcob Kis (mkuruenzi nyestfu kw
zmu) mbye n umri w mik zidi y 70 chuiwe ten
km mkuruenzi w kmpuni.
5. Kupitish mipo y wkuruenzi y mwk 2011.
6. Kuteu PricewterhouseCoopers km wkuzi w
pes w kmpuni kw mujibu w sehemu y 159 (2) y
sheri z mkmpuni (Cp 486). PricewtehouseCoopers
wmeonyesh ni yo y kuendee n jukumu o.
7. Kupitish ujir w wkuzi w pes kw kipindi chmwk 2011 n kuwruhusu wkuruenzi kumu mipo
yo y pes mwk 2012.
8. Kuendesh shuhui nyinine zozote zinzohusin n
mkutno mkuu w pmoj w mwk.
9. Kuzinti n endpo itonekn kuw sw, kupitish
zimio ifuto mbo itpendekezw km kwid:
Kuonezw kw mtji w his:
KWaMBa mtji w his z kmpuni uioruhusiw uonezwe
kutok Shiini miioni mi moj tisini n mbii (KShs.
192,000,000) ziizownyw kw his z kwid zenye
thmni sw n Shiini moj y Keny (KShs. 1.00) kw ki
his hdi shiini miioni mi mbii (KShs. 200,000,000) kw
kubuni his miioni nne (8,000,000) z kwid z shiini
moj (KShs. 1.00) ki moj ii kuw sw sw kw ki hi n
his z kwid z kmpuni.
Kw amri y Hmshuri
D.K Nn
KaTIBU Wa KaMPUNI
Imenukuiw Nirobi Mchi 14, 2012.
MUHIMU:
Mwnchm iye n ruhus kuhudhuri mkutno n kupikur kini kw hwezi kufik, n uhuru kumteu wk
kumuwkiish n kupi kur kw nib yke. Si zim
kw wk kuw mwnchm w kmpuni. Ii kuruhusiw,
ni zim fomu y uwkiishi iiyombtnishw n ripoti
hii kujzw kikmiifu n kutiw shihi n mwnchm n
kupokeew kupiti ofisi y msjii w kmpuni iiyosjiiw
kb y s tno subuhi Mei 25, 2012.
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10 TPS eaSTeRN aFRICa lIMITeD aNNUal RePORT aND FINaNCIal STaTeMeNTS 2011
On bhf of th Bord of Dirctors of
TPS estrn afric limitd (TPSeal/
th Compny/ th group), it ivs m
rt psur to prsnt to you th
annu Rport nd Finnci Sttmnts
of th Compny for th yr ndd 31st
Dcmbr 2011.
Dspit th chns ssocitd with
th ob conomic crisis nd th rcnt
euro zon crisis, it hs nry bn
obsrvd tht th Tourism Sctor in est
afric witnssd positiv turnround
with trdition nd nw mrkts
prformin rtivy bttr thn
yr 2010. In th yr undr rviw,
dmnd for trdition sfri nd bch
hoidys stdiy incrsd nd this ws
compmntd by incrsd ctivity
within th est africn corport
sctor nd domstic mrkt smnt.
It ws howvr unfortunt tht th
isur nd corport trv bookins
t th Units in Kny wr ntivy
impctd durin th st qurtr 2011
s rsut of th trv dvisoris
issud by forin ovrnmnt
ncis du to th scurity sitution
which sti rmins concrn.
Tourist rrivs in Tnzni nd
Znzibr continu to improv withoccupncy nd rt vs for th yr
2011 rcordd t bov yr 2010
vs which is ncourin.
Durin th yr undr rviw, th
Compny continud to fc chnin
oprtin conditions s rsut of
th voti conomic nvironmnt
chrctrizd by inftionry
prssurs du to incrsd nry
costs, chn rt fuctutions,incrsd intrst cost nd food
inscurity. In this connction, I wish
to ssur you tht th cntrizd
mnmnt systms, conomis of
sc nd cost contro msurs which
wr impmntd by th Compny
without compromisin on product nd
oprtin stndrds hv, in spit of
th bov chns, d to fficint
cost mnmnt.
Th impmnttion of th Compnys
businss mod hs nbd it to
ovrcom th chnin businss
ndscp for th fourth conscutiv yr
in th est africn Tourism Industry. I m
psd to rport tht your Compnys
fundmnts rmind hthy nd
tht your Compny mintind its
mrkt position, continud to invst in
product nhncmnt, pndd th
groups oprtions in th rion nd
rmind comptitiv by rtionizin
oprtion costs nd idntifyin nw
sourc mrkts.
Durin th yr undr rviw, th
group chivd turnovr of KShs.
5.5 biion (2010: KShs. 4.5 biion), n
improvmnt of 22% nd Profit Bfor
T of KShs. 853 miion (2010: KShs.
693 miion), 23.1% improvmnt. It is
notworthy tht th tot Mnmnt
fs rcivd by TPSeal from TPS
(Und) limitd TPS (U) nd Tourism
Promotion Srvics (Rwnd) limitd
TPS (R) for th Yr 2011 ws quivntto KShs. 55 miion (2010: KShs. 46
miion). Tkin fctors into ccount,
th Compnys prformnc for th yr
2011 is considrd commndb.
Th group continus to b sinificnt
contributor to th rvnus of th
govrnmnts of Kny, Tnzni nd
Znzibr. Th group pid, in rt,
th quivnt of KShs. 1,075 miion
Chirmns Sttmnt
MR. FRaNCIS OKOMO-OKellOChirmn
Room intrior t lk emntit Srn Cmp Swimmin Poo t lk emntit Srn Cmp
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TPS eaSTeRN aFRICa lIMITeD aNNUal RePORT aND FINaNCIal STaTeMeNTS 2011 11
(2010: KShs. 912 miion) in dirct nd
indirct ts nd quivnt of KShs.
199 miion (2010: KShs. 180 miion) to
oc uthoritis in royty/rnt pymnts
in th vrious jurisdictions durin 2011.
In viw of th fvourb rsuts,
th Bord of Dirctors is psd to
rcommnd for pprov, th pymnt of
fin dividnd for yr 2011, of KShs.
1.30 pr shr subjct to pymnt of
withhodin t, whr ppicb. Th
dividnd wi b pyb on or bout
20th Jun 2012 to mmbrs on th
Ristr t th cos of businss on 29thMy 2012.
With rrd to th oprtin
nvironmnt, thr hs bn
sinificnt incrs in room invntory
in Nirobi within nd outsid th
prks/rsrvs rsutin in incrsd
comptition. Whist this rmins
chn, Mnmnt hs throuh
rssiv mrktin found succss in
th trv smnt focusin on divryof vu rthr thn owrin th rts.
additiony, in in with th Compnys
poicy to invst in istin proprtis th
Compny impmntd rnovtions nd
rfurbishmnts t Srn Bch Hot
& Sp, Noronoro Srn Sfri lod
nd Kirwir luury Tntd Cmp
durin th priod undr rviw.
as your Compny hs invstd in th
quity of Tourism Promotion Srvics
(Rwnd) limitd (TPS (R)), you wi
b psd to know tht Kii Srn
Hots Phs II nd III rfurbishmnt
ws comptd on 30th Sptmbr
2011 nd hs bn w rcivd by
suppirs of businss. Kii Srn
Hot continus to mintin din
position in th Kii mrkt nd
Mnmnt is confidnt tht th
futur for TPS (R) ooks positiv with
th pnsion nd uprd of Kii
Srn Hot, which hs brouht to th
Rwndn mrkt n cnt product.
Durin th yr, th Compny pord
furthr opportunitis to strnthn
th est africn Srn circuit within
th contt of our mdium to on
trm businss strtis. In th cours
of 2011, lk emntit Srn
Cmp, octd within th Soysmbu
Consrvncy, ws commissiond
nd is pctd to strnthn th
Wstrn Kny Srn circuit throuh
ink to Mr Srn Sfri lodnd wi indd b usd s mod
whn crtin futur Srn uury
cmps. In ddition, th group in 2011
pndd its City Hot Circuit with
th cquisition of Dr s Sm Srn
Hot (prviousy th Mvnpick Roy
Pm Hot). Th pnsion of th
Srn brnd in Dr s Sm wi
strnthn Tnznis position s
ky pyr in th Mtins, Incntivs,
Confrncs nd evnts (MICe) smnt
whist so ttrctin th isur
cint.
Foowin th succss of Srns
rioniztion strty nd in in
with th vision of bcomin truy est
africn Compny, TPSeal nhncd
its invstmnt portfoio by: incrsin
th quity prticiption by 3% vud
t KShs 56.99 miion in TPS (R) which
oprts Kii Srn Hot nd
lk Kivu Srn Hot undr on-
trm s; nd cquirin 20% quity
vud t KShs 363.72 miion in TPS(D) limitd, compny incorportd in
Kny to ffct th cquisition of Dr s
Sm Srn Hot. This invstmnt
opportunity ws n id strty to
nhnc nd divrsify th Compnys
rvnu strm s TPS (R) nd TPS (D)
r now associt Compnis of TPSeal,
thus nbin TPSeal to consoidt
20.15% of TPS (R) nd 20.0% of TPS (D)
rsuts ffctiv 1st Juy 2011 nd 1st
Novmbr 2011 rspctivy.
lookin hd, th cquisition by
TPSeal of up to 100% of th issud
shrs in TPS (Und) limitd which
oprts Kmp Srn Hot nd
mns lk Victori Srn Rsort,
is pctd to b comptd durin
yr 2012 nd wi indd r-inforc
TPSeals vision of bcomin truy
est africn Compny. Th rion
Chirmns Sttmnt (continud)
Ntur wk t lk emntit Srn Cmp Bird hid Pnorm t lk emntit Srn Cmp
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12 TPS eaSTeRN aFRICa lIMITeD aNNUal RePORT aND FINaNCIal STaTeMeNTS 2011
invstmnt wi sprd invstors risk
nd with th fvourb projctd
prformnc of TPS (U), its cquisition
is pctd to improv TPSeals
consoidtd profitbiity nd rnins-
pr-shr ffordin currnt nd futur
shrhodrs hihr rturns. It wi b
rcd tht th cquisition ws first
nnouncd nd pprovd in princip
by th shrhodrs of TPSeal t th
annu gnr Mtin hd on 24th
My 2010. Howvr, th cquisition
is dpndnt on TPSeal rcivin
rutory pprovs from th Nirobi
Scuritis echn, Cpit Mrktsauthority undr th Cpit Mrkts
act nd fin pprov by TPSeal
shrhodrs which is pnnd to b
obtind t n tr ordinry nr
mtin to b convrd onc th
rutory pprovs r in hnd.
It is so notworthy tht durin th
yr undr rviw, Srn Hots r
proud to hv bn honourd with
wrds nd ccods from: WnssChmpions awrd by th aPHIa11
Cost Projct god awrd; Bst lvy
Pyr in th accommodtion Ctory,
by th Kny Tourism awrds 2011;
Trip advisor Rtin; eco-Tourism
entrpris 2011 by eco tourism Kny;
Word Trv awrds 2011; Cond Nst
Trvr 2011 Choic awrds Bst
Rsorts in afric; TaSOTa (Tnzni
Socity of Trv ants) awrd for thBst Tourist Hot/ Hot Chin on th
Sfri Circuit; Rwnd Dvopmnt
Bord Prformnc awrds Winnr in
th Hospitity Ctory, Runnrs-up in
th bst invstor of th yr ctory
nd scond pc in th bst customr
srvic ctory; nd COYa (Compny
of th Yr awrd) Rwnd Chptr
for th stron Srn brnd, humn
rsourc nd invstmnt poicis.
Th group continud to impmnt
ICT inititivs, pproprit Humn
R s o ur c s M n m nt ( H RM )
prctics nd sound Corport Soci
Rsponsibiity (CSR) prorms which
compmnt its on-trm businss
strtis, just s it continus to pursu
nw businss opportunitis in in with
its divrsifiction poicy nd strty.
addition dtis on th ICT, HRM
nd CSR ctivitis nd inititivs r
incorportd in th Sttmnt from
th Mnin Dirctor which hs bn
incudd on Ps 14 to 16 of this
annu Rport.
With th pnsion of th Srn group
from portfoio of 4 proprtis in th
1970s to coction of 24 uury hots,
rsorts, cmps nd sfri ods in 2011,
Srn r proud nd rtfu tht w
hv bn b to py din ro in
th conomic rowth nd dvopmnt
of th 6 Countris in afric in which w
hv prsnc. as mrkt drs, it is
our pcttion tht s w work tothr
with th govrnmnts within th estafricn Rion to nrt conomic
rowth, th rspctiv govrnmnts
wi continu to focus ttntion on
fforts imd t crtin buoynt
tourism industry by providin th
ssnti infrstructur whist voidin
th pitfs of undu hst, ovr-
dvopmnt nd spcution; scurity;
nd product inititivs tht r ndd
to nb th sctor offr comptitivsrvics nd mpoymnt opportunitis.
Th Srn group bivs tht it is
throuh th provision of n nbin
businss nvironmnt tht w cn
hp riz th est africn Rions
fu tourism potnti by mkin th
most of its uniqu combintion of rich
bio-divrsity nd cutur ssts nd
hrit.
To concud, on bhf of th Bord, Iwoud ik to conrtut nd thnk th
Compnys Mnmnt nd Stff for
thir continud diinc nd ddiction
without which th commndb rsuts
rizd durin 2011 woud not hv
bn chivd. I woud so ik to
cknowd, with pprcition, th
invub support from my cous
on th Bord which hs hpd to str
th groups businss ctivitis nd
strtis succssfuy durin yr 2011.
I wish to rconis, with rtitud, th
vit support, confidnc, oyty nd
trust tht w hv continud to rciv
from our shrhodrs, customrsnd othr stkhodrs within th
industry. Finy, I wish to thnk th
govrnmnts within th est africn
Rion for fciittin th rowth of th
tourism industry, nd so th vrious
rutory uthoritis s w s th
othr stkhodrs for thir continud
ctytic support which is critic for th
sustind rowth of th industry cross
th rion.
Frncis Okomo-Oko
Chirmn
Chirmns Sttmnt (continud)
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Kw nib y Hmshuri y wkurunzi
w TPS estrn afric limitd (TPSeal/
Kmpuni/ Kundi), nin furh kuwtnzi
ripoti y mwk pmoj n trif kuhusu
mpto n mtumizi y ps y Kmpuni
kw kipindi ch mwk uiomizik
Dsmb 31, 2011.
lich y chnmoto ziizombtn n
thruki z kiuchumi dunini n hsi
z hivi kribuni knd y br Urop,
imbinishw kw ujum kwmb, skt
y Utii afrik Mshriki iishuhudi
mbdiiko y mn huku msoko
y kwid n y mpy ykiripoti
mtoko bor ikiinnishw n mwk
2010. Wkti w kipindi hiki ch mwk
unonziw, mhitji y zir z humunchini n kwny fuo z bhri ziionzk
mdhubuti n kuchochw n kuonzk
kw shuhui kwny skt y mshirik
afrik Mshriki n kitno ch msoko y
humu nchini.
Ht hivyo ni huzuni kwmb mombi
y uizji sfri z strh n mshirik
ktik hoti z humu nchini ziithirik
kipindi ch mizi minn y mwisho w
mwk 2011 kw sbbu y ushuriuiotow kw wsfiri n mwk w
mtif y kini kutokn n hi y
usm mbyo inzidi kuw tisho.
Zir z wtii mtif y Tnzni n
Znzibr zinzidi kuimrik huku iddi
y vitnd n viwno vy ubdiishnji
fdh mwk 2011 vikiw vy juu
ikiinnishw n mwk 2010 hi
mbyo ni y kuti moyo.
Wkti w kipindi hiki kinchonziw,
kmpuni iizidi kukumbn n
chnmoto z undshji shuhui
kutokn n mzinir mby
y kiuchumi yiyombtn nmfumuko w juu w bi z bidh
uiosbbishw n kuonzk kw
hrm z bi z mfut, mbdiiko
y viwno vy ubdiishnji fdh,
onzko hrm z rib n uhb
w chku. Kutokn n sbbu hii,
ninpnd kuwhkikishi kwmb,
mfumo w kuwk pmoj usimmizi
, viwno vy kiuchumi n htu z
uthibiti hrm mbzo ziinzishw
n kmpuni bi kuthiri viwnovy bidh n undshji ich y
chnmoto ziizotjw hpo juu,
zimpk kuwpo kw uokoji
mkubw w hrm z usimmizi.
Kuzinduiw kw mfumo w kibishr
w Kmpuni kumwzsh kukbiin
n chnmoto n mtukio y
kibishr mwk w nn mfuuuizo
ktik skt y utii afrik Mshriki.Nin furh kuripoti kwmb, rsimi
z kmpuni ziisi kuw imr n
kwmb, Kmpuni ynu iithibiti nfsi
yk kwny msoko, kuzidi kuwkz
ktik uimrishji w bidh, upnuzi
w shuhui z kundi ktik knd n
kund kuto ushindni kw kut
uwino bin y hrm z undshji
n kutmbu chimbuko msoko
mpy.
Wkti w kipindi hiki ch mwk
unonziw, Kundi iipt jum y
Shiini biioni 5.5 (mwk 2010 biioni
4.5) hii ikiw ni onzko siimi 22
(22%) n kupt fid kb y ushuru
y shiini miioni 853 (2010 miioni
693) hii ikiw imriko siimi
23.1 (23.1%). Ni muhimu kufhmu
kwmb, jum y d z usimmizi
ziizopokw n TPSeal kutok TPS
(Und) limitd TPS (U) n Tourism
Promotion Srvics (Rwnd) limitd
TPS (R) mwk 2011 ziikuw sw n
shiini miioni 55 (2010: miioni 46)
Kw kuzinti msw yot, mtoko
y kmpuni mwk 2011 yikuw ni ykuvuti.
Kundi imbki kuw mchniji mkuu
ktik hzin z sriki z Kny,
Tnzni n Znzibr. Kw wstni,
kundi iiip kiwno sw n shiini
miioni 1,075 (2010 miioni 912) ps
z Kny kw ushuru w moj kw moj
u usio w moj kw moj. Pi iito
Shiini miioni 199 (2010 miioni 180)
kw mbrz y sriki z wiy kmd y uhusino mwm /ukodishji
ktik miiki mbi mbi mwk 2011.
Kufuti mtoko hy y kufn,
Hmshuri y wkurunzi in furh
kupndkz bd y kupitishw
kutow kw mipo y mwisho y
mwo w fid w mwk 2011 w
Kshs. 1.30 kw ki his kw kutm
ku ipw ushuru u iosh iki iw p
inpohitjik. Mipo y mwo w fidyttow kb u kufiki Juni 20,
2012 kw wnchm mbo mjin
yo ytkuw kwny sjii kufiki Mi
29, 2012.
Kuhusin n mzinir y utkzji
shuhui, kumkuw n onzko
iddi y nyumb mjini Nirobi n nj y
mbu z wnym pori n kupk
kuwpo kw ushindni mkubw. Huku
hii ikisi kuw chnmoto, kupitimbinu ki z mtnzo, usimmizi
Trif y Mwnykiti
MR. FRaNCIS OKOMO-OKellOMynykiti
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14 TPS eaSTeRN aFRICa lIMITeD aNNUal RePORT aND FINaNCIal STaTeMeNTS 2011
umpt ufnisi ktik kitno ch
usfiri n kunzi utoji w thmni
kinyum n kupunuz bi.
Zidi y hyo, kufunmn n sr zk
z kuwkz ktik rsimi ziizoko,
kmpuni iitkz zozi ukrbti n
urkbshji hoti z Srn Bch &
Sp, Noronoro Srn Sfri lod n
Kirwir luury Tntd Cmp wkti w
kipindi hiki ch mwk unonziw.
Huku Kmpuni ynu ikiwkz kwny
his z Tourism Promotion Srvics
(Rwnd) limitd (TPS (R)), mtfurhikufhmu kwmb, ukrbti w
wmu z II n III ktik hoti y Kii
Srn uikmiik Sptmb 30, 2011
n umpokw vym n wtoji w
hudum z bishr . Hoti y Kii
Srn inzidi kuthibiti nfsi yk y
uonozi ktik soko Kii n usimmizi
un imni kwmb, hi y siku z usoni
y TPS (R) inonkn kut mtumini
bd y upnuzi n uimrishji w sur
y Kii Srn mbyo imt ktiksoko y Rwnd bidh bor zidi.
Wkti w kipindi hiki ch mwk,
kmpuni iitfiti nfsi zidi ii
kuimrish mtndo w Srn afrik
Mshriki chini y mkutdh w mkkti
wtu w mud mfupi n mrfu kibishr.
Wkti w kipindi ch mwk 2011,
lk emntit Srn Cmp iiyoko
ktik hifdhi y Soysmbu Consrvncy
iizinduiw n intrjiw kuimrish
mtndo w Srn no mhribi
mw Kny kw kuunnishw n Mr
Srn Sfri lod n uttumiw km
kizo wkti w kunzish kmpi
z Srn siku z usoni. Zidi y hyo,
mwk 2011, kundi iipnu mtndo
wk w hoti z jiji bd y kuchuku
umiiki w Dr s sm Srn Hot
(zmni ikijuikn km Movnpick
Roy Pm Hot). Upnuzi w nmbo ySrn jijini Dr s sm utimrish
nfsi y Tnzni km kituo muhimu
ch konmno, kichocho, mikutno
n kitno ch mtukio (MICe) huku
ikivuti wtj wnotk strh.
Kufuti ufnisi w mkkti w Srn
ktik knd n kw mujibu w ndoto
yk y kuw kmpuni hisi afrik
Mshriki, TPSeal iihmsish nfsi
y uwkzji wk kw: kuonz
ushiriki w his zk kw siimi 3
(3%) z thmni y Kshs. Miioni 56.99
ktik TPS ( R) mbyo insimmi
Kii Srn Hot n lk Kivu
Srn Hot chini y ukodishji wmud mrfu; kutw umiiki w siimi
20 (20%) w his z thmni y Kshs.
Miioni 363.72 ktik TPS (D) limitd
mbyo ni kmpuni iiyoshirikishw
nchini Kny kuzindu umiiki w Dr
s sm Srn Hot . Nfsi hii y
uwkzji iikuw mkkti bor w
kuimrish n kupnu mkondo w
mpto w kmpuni kwni TPS (R)
n TPS (D) ss ni kmpuni wnz w
TPSeal hivyo kuiwzsh TPSealkuwk pmoj siimi y mtoko y
20.15 (20.15%) y TPS ( R) n siimi
20 (20%) y TPS (D ) kunzi Jui Mosi
2011 n Novmb Mosi 2011 mtwi.
Kw kunzi siku z usoni, umiiki w
TPSeal w hdi siimi 100 (100%) w
his ziizotow ktik TPS (Und)
limitd inyondsh Kmp Srn
Hot n kusimmi lk Victori
Srn Rsort untrjiw kukmiik
kipindi ch mwk 2012 n hkik
uthmsish zidi ndoto y TPSeal
y kuw kmpuni bor afrik Mshriki.
Uwkzji ktik knd utsmbz
thri z wwkzji n kuwpo kw
mtoko mm ynyotrjiw y TPS
(U). Umiiki wk untrjiw kuimrish
fid ziizowkw pmoj z TPSeal
n mpto kw ki his n kuwp
wnhis w ss n w w siku z
usoni mpto y juu.Itkumbukwkwmb, umiiki uitnzw n
kuidhinishw kw jum n wnhis w
TPSeal wkti w mkutno w pmoj
w mwk uiofnyik Mi 24, 2010.
Ht hivyo, umiiki untm TPSeal
kupok idhini mshrti kutok Soko
His Nirobi, Hmshuri y msoko
y mtji chini y shri z msoko y his
n htimy kupitishw n wnhis w
TPSeal.
Ni muhimu kufhmu kwmb, wkti
w kipindi ch mwk unonziw,
hoti z Srn ziikuw n fhri
kutunukiw zwdi n mtuzo kutok:
Wnss Chmpions awrd kutok mrdiw aPHIa 11 Cost Tuzo Dhhbu;
Bst lvy Pyr in th accomodtion
Ctory kutok Kny Tourism awrds
2011; Trip advisor Rtin ; eco- Tourism
entrpris 2011 kutok eco Tourism
Kny; Word Trv awrds 2011; Cond
Nst Trvr 2011 Choic awrds- Bst
Rsorts in afric; TaSOTa (Tnzni
Socity of Trv ants) tuzo hoti
bor y kitii/ mtndo w mhoti
kwny mikondo y sfri; RwndDvopmnt Bord Prformnc awrds
mshindi kwny kitno ch hudum z
mhoti, wshindi w pii ktik kitno
ch uwkzji bor w mwk n nfsi
y pii kwny kitno ch utoji hudum
n COYa (Kmpuni bor y mwk)
twi Rwnd kw bidh thbiti y
Srn , idr inyoshuhuiki msw
y wfnykzi n sr z uwkzji.
Kundi iind kuzindu mikkti y
hbri n mwsiino , trtibu bor z
kitno ch usimmizi w wfnykzi n
shuhui z wjibu w shirik kw jmii
(CSR) mbzo zinkmiish mikkti
yk y mud mrfu y kibishr wkti
inpond kupnu nfsi mpy z
kibishr kufunmn n sr zk z
upnuzi. Mzo zidi kuhusu kitno
ch hbri n mwsiino, kitno ch
usimmizi w wfnykzi n wjibu wshirik kw jmii ymwkw pmoj
Trif y Mwnykiti (kund)
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TPS eaSTeRN aFRICa lIMITeD aNNUal RePORT aND FINaNCIal STaTeMeNTS 2011 15
kupiti trif kutok kw Mnj
Mkurunzi mbyo ymjumuishw
kupiti kurs z 17 hdi 19 z ripoti hii
y mwk.
Kupiti upnuzi w kundi Srn
kutok shirik ny umiiki w rsimi
4 mwk 1970 hdi iddi y hoti
24 z kifhri, mhi mumu p
kutmb wtii, kmpi n vyumb
vy ku sfrini mwk 2011, Srn
in fhri n kushukuru kwmb
tumwz kutkz jukumu kubw
ktik ukuji w uchumi n mndo
kwny mtif 6 brni afrik mbkotunhudumu. Km vionozi kwny
msoko , ni mtumini ytu kwmb,
tunpofny kzi n sriki z mtif
y afrik Mshriki ii kut ukuji
w uchumi,sriki husik zitnd
kunzi juhudi mbzo no k
ni kund bishr y utii iiyo
thbiti kw kuund miundo msini
inyohitjik huku zikijipush n
mmbo ysiyohitjik, mndo
kupit kisi mkisio, usm, n
mikkti y bidh inyohitjik ii
kuiwzsh skt hii kuto hudum
bor n nfsi z kzi . Kundi Srn
inmini kwmb ni kupiti uwpo w
mzinir bor y kibishr mbko
sot tunwz kupt mnuf kmii
y kitii no afrik Mshriki kw
kutumi mchnnyiko w mzinir
yk dimu yny utjiri w viumb
hi, utmduni n turthi zk.
Kutmtish, kw nib y
Hmshuri, ninpnd kushukuru
n kuponz wsimmizi w
kmpuni n wfnykzi kutokn
n bidii n kujito kwo mbpo
bi wo mtoko yiyoptikn
mwk 2011 hynkuwko. Pi,
ninpnd kutmbu n kushukuru
mchno kutok kw wnhmshuri
wnznu mbo umwzsh shuhui
z bishr mikkti y kundi kufuu
kipindi ch mwk w 2011.
Ninpnd kutmbu kw dhti
mchno muhimu n uminifu mbo
tunzidi kupok kutok kw wnhis
wtu, wtj n wshik du wnin
ktik bishr hii. Mwisho, ninpnd
kuzishukuru sriki z mtif y afrik
Mshriki kw kurhisish ukuji w
skt y utii n pi hmshuri mbi
mbi z utw pmoj n wshikdu kutokn n msd wo mbo
ni muhimu kw kuthibiti ukuji w
bishr no hii.
Frncis Okomo-Oko
Mwnykiti
15
Trif y Mwnykiti (kund)
Wnym pori kwny mbu y Sous Ntion Prk Tnzni
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16 TPS eaSTeRN aFRICa lIMITeD aNNUal RePORT aND FINaNCIal STaTeMeNTS 2011
Th Mnin Dirctors Rport
MR. MaHMUD JaN MOHaMeDMnin Dirctor
Th Compny for th fourth conscutiv
yr succssfuy nvitd throuh
rthr chnin businss ndscp
for th tourism industry in est afric
nd I m dihtd to not tht TPSeal
rcordd n imprssiv prformnc nd
hihr rowth vs comprd to th
prvious yr.
Th Srn groups Buit to lst
ttribut hs for ovr four dcds
bn continuousy rinforcd throuh
impmntin its businss mod nd
focusin on its on-trm prospcts with
bncd risk mnmnt pproch.
This hs sn th group pnd its
oprtions orphicy nd positionin
itsf in strtic octions in th est
afric rion; sitution which hs
rsutd in th Compny bnfitin
from cost nd mnmnt synris
in pro ctiv nd structurd mnnr,
thus contributin positivy to th
finnci prformnc of th Compny.
Th Compny continus to fc th
chns ssocitd with th ob
conomic crisis nd th rcnt euro
zon crisis, scurity concrns nd th
rsutnt trv dvisoris issud by
sourc mrkt ovrnmnts. Howvr
durin th priod undr rviw,
dspit th chns, businss vs
in dstintion Kny, Tnzni ndZnzibr rduy improvd in th
isur mrkt smnt which ws
compmntd by incrsd ctivity
within th corport nd domstic
mrkt smnts. It ws unfortunt
tht th isur nd corport trv
bookins to Kny wr ntivy
impctd durin th st qurtr of
2011 s rsut of th trv dvisoris
issud by forin ovrnmnt ncis
du to th scurity risks whichcontinus to b of concrn durin th
first hf of yr 2012.
Durin th yr 2011, th group
continud to impmnt mor
crtiv nd pro-ctiv mrktin
strty in rspons to th rpid
chns in th trnds of customrs
prfrncs foowin th dynmic
co no mi c c i m t . I nt n si fi d
mrktin ctivitis wr crrid out in
cost-ffctiv, fficint nd divrsifid
mnnr to continuousy pursu nw
opportunitis nd nist nw sourc
mrkts, incrs th brnd outrch nd
driv incrmnt businss. Th group
prticiptd in vrious promotion
ctivitis, trd firs nd rion ss
trips with spci pcks dvopd
to incrs occupncis from th
vrious sourc mrkts. Th Compny
continud to stbish nd strnthn
contcts in nw mrkts in in with
our divrsifiction strty coupd with
fficint yid mnmnt to nsurtht th Compny optimisd vry
opportunity.
I m psd to rport tht th incrs
in th numbr of visitors hs d to
hthy incrs in rvnus nd
rnins pr shr. For th yr 2011,
TPS estrn afric chivd turnovr
of KShs. 5.5 biion (2010: KShs. 4.5
biion), n improvmnt of 22.0% nd
Profit Bfor T of KShs. 853 miion(2010: KShs. 693 miion), 23.1%
improvmnt. Th commndb rsuts
hv bn chivd dspit th voti
conomic nvironmnt chrctrizd by
inftionry prssurs du to incrsd
nry nd food costs, voti chn
rts nd incrsd intrst cost.
goin forwrd, ddition nry svins
r pctd to b risd in yr 2012
Dr s Sm Srn Hot Swimmin Poo t Dr s Sm Srn Hot
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TPS eaSTeRN aFRICa lIMITeD aNNUal RePORT aND FINaNCIal STaTeMeNTS 2011 17
Th Mnin Dirctors Rport (continud)
foowin th insttion of Sor Wtr
Htin Systms t Srn Bch Hot
& Sp (SBHS), Kii Srn Hot, lk
Kivu Srn Hot, Kmp Srn
Hot nd lk emntit Srn Cmp.
Th ddition of lk emntit Srn
Cmp nd Dr s Sm Srn Hot
into th stb in 2011 hs strnthnd
th est africn Srn Circuit nd is
pctd to nrt incrsd businss
vs for th group in 2012. Th
rfurbishmnt of Mr Srn Sfri
lod nd tnsion of Swtwtrs
Tntd Cmp r currnty undrimpmnttion.
To void compromisin th Compnys
on -t r m c om pt it ivn s s nd
m r k t p os i t i o n , M n m n t
continus to rconiz th importnc
o f c om p m nt in t h bus in ss
strtis with pproprit Informtion
Communictions & Tchnooy (ICT),
Humn Rsourcs Mnmnt (HRM)
nd Corport Soci Rsponsibiity (CSR)prorms, thrby din to improvd
ust princ nd nhncd bottom-
in rsuts.
as you my b wr, th ob ICT
drivn r-ninrin of th hospitity
industry wordwid hs rduy
nrtd nw prdim shift which
hs trnsformd th ob tourism
industry. This hs d to Mnmnt
constnty rviwin dvopmnts nd
doptin suitb tchnooic soutions
in in with th Compnys ICT strty
which compmnts its othr businss
strtis thrby din to oprtion
fficincy, improvd ust princ
nd nhncd top-in rowth nd
bottom-in rsuts. Durin th yr
undr rviw, th Compny invstd in
nhncin ntwork scurity, uprdin
nd c ons oi d ti n i ts h r dw r,
softwr nd smrt ppictions to
mt th bov mntiond objctivs.
Th nhncd Informtion Tchnooy
(IT) infrstructur in th est africrion covrin both th undrs nd
trrstri ntworks on cor fibr, hs
boostd intrnt spds nd indd
srvs s ctyst to th Compnys
succssfu ctronic mrktin nd
commrc strtis. In 2011, th
Compny rcordd n imprssiv rowth
in dirct bookins s rsut of continuous
prtnrin with onin bookin
ptforms nd throuh th onin crdit
crd procssin fciity which provids scur, simp nd smss bookin
princ throuh th Srn Hots
stt-of-th-rt wbsit. In ddition,
th onin ust stisfction survy
which ws introducd s piot projct
in yr 2009 for Nirobi Srn Hot
hs bn impmntd t City Hots
nd Rsorts. On th ctronic mrktin
front, th Compny in 2012 wi tk
furthr stp nd mbrc Soci Mdi
s ky mrktin too ivn th
rpid chns in th customrs mdi
consumption prfrncs which r
incrsiny mbrcin Soci Mdi.
I m psd to inform you tht th
Srn Hots loyty Prorm undr
th bnnr Srn Prsti Cub
which ws unchd in Dcmbr
2011 hs bn w rcivd by th
cints. Th Prorm is dsind to
nb hodrs of th Srn Prsti
Cub Crd to bnfit from th spcifid
privis whn thy sty t ny Srn
Hot, Rsort or lod wordwid. Thobjctiv of th Prorm is: to buid on
customr oyty for rpt businss by
rwrdin cints; to improv th yid
in oprtin rs of th Hot; nd
to rmin comptitiv inst othr
ob hot chins.
Srn continus to biv tht th
Srn mpoys constitut ky
dtrminnt for th on-trm succss,
rowth nd rputtion of th Compny.I woud ik to prsony conrtut
ch mmbr of th Srn tm for
th continuous support nd mpry
ddiction thy hv shown to Srn
in 2011. With th chnin ntur of
ust pcttions nd rowin cint
sophistictions, Srn continus to
vidt its bif tht it is indd th
quity of srvic tht wi continu
to dtrmin th th dstintion
Room intrior t Dr s Sm Srn Hot Rsturnt t Dr s Sm Srn Hot
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18
Th Mnin Dirctors Rport (continud)
choics which cints mk. In this
connction nd in in with th groups
Productivity Improvmnt Strty,
substnti mounts of rsourcs wr
invstd in stff mnmnt, trinin,
dvopmnt nd wfr prorms,
som of which incud: th in-hous
9 month Mnmnt Dvopmnt
Prormm; soft nd tchnic skis
trinin; nd cuinry skis nhncmnt
throuh posur to two str Michin
Rsturnt in Frnc. Thus, th provision
of rwrdin crrs, quity trinin
nd posur s w s cpcity buidin
rmins strtic priority for SrnHots.
Th Srn empoy Wnss Prorm
rcivd rconition, s finist, in
th Workpc enmnt ctory
for th 2011 gob Businss Coition
(gBC) on HIV/ aIDS. Th succssfu
impmnttion of th Srn empoy
Wnss Prorm which bn in 2001
with th im of ddrssin incrsin
numbrs of HIV/ aIDS, Mri ndTubrcuosis infctions hs sn
notb rduction in th numbr of
work pc infctions ovr th yrs
nd consqunt improvd mpoy
productivity nd motivtion.
Th groups CSR ctivitis continu to
focus on co-tourism; nvironmnt
consrvtion; duction; pubic hth
nd community dvopmnt. For furthr
dtis on th groups CSR ctivitis,
ps rfr to ps 26 to 29 of this
annu Rport.
Th businss ndscp in est afric
continus to sust dr of cution
s indd th poitic nvironmnt du
to th forthcomin gnr ections in
Kny, inftion, consquncs of th
eurozon crisis nd scurity concrns
r ky fctors tht r pctd toshp prformnc in 2012. Whist
Mnmnt is unb to nticipt
prcisy th outcom of th bov,
Mnmnt is cutiousy optimistic tht
th Compny wi b insutd, to th
tnt possib, from such fctors which
r byond Mnmnts contro.
I woud ik to pp to th govrnmnts
within th est africn Rion to provid
th Tourism Industry with n nbinnvironmnt nd to commit dqut
rsourcs for dstintion mrktin. I
woud so pp to thm to nsur tht
nw dvopmnts in th fri co-
systms in m rsrvs nd Ntion
Prks r controd, tht infrstructur
improvmnts r impmntd t
fstr pc nd tht poitic stbiity
nd scurity r nhncd to rstor
confidnc to th citizns, trvrs nd
invstors.
Finy, my I, on bhf of th Stff nd
Mnmnt, prss our rtitud nd
sincr pprcition to th Bord of
Dirctors for thir uidnc, diint nd
invub support nd ncourmnt
durin th yr 2011. I so wish to
prss my rtitud to th shrhodrs,
customrs nd vrious stkhodrs forthir continud support in th yr on
by. W t Srn ook forwrd to this
continud support durin th yr 2012.
Mhmud Jn Mohmd
Mnin Dirctor
Sunst t Znzibr Srn Inn
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20 TPS eaSTeRN aFRICa lIMITeD aNNUal RePORT aND FINaNCIal STaTeMeNTS 2011
wnyopt wtj n kuhmsish
mtoko y chini.
Km mnvyofhmu, mtumizi y
mfumo w tknooji y hbri n
mwsiino ktik skt y mhoti,
po po umpk mbdiiko y
muundo mpy mbo umbdiish
bishr y utii dunini. Hii
impk usimmizi kufnyi
tthmini mndo y ki mr n
kutumi mbinu zinzof z kitknooji
kufunmn n mkkti w kmpuni
w tknooji y hbri n mwsiino
mbo ununnish pmoj mikktiminin y kibishr hivyo kupk
kuwpo kw utndji bor , kuimrish
mnuf y wtj n kuimrish
mtoko y juu n chini. Wkti w
kipindi ch mwk unonziw,
kmpuni iiwkz ktik uimrishji
w mtndo w usm, kustwish
nkuwk pmoj vif vy mitmbo
y kompyut, prormu z kompyut
n mtumizi y mitmbo y kiss ii
kufikin n mno yiyotjw hpojuu. Muundo msini w tknooji y
hbri n mwsiino uioimrishw
ktik knd y afrik Mshriki mbo
unhusish mtndo w chini y bhri
n nchi kvu kupiti nyuzi umimrish
ksi y intnnti n hs untumik
km kichocho ch mfnikio y
mikkti y uvumishji n bishr.
Mnmo mwk 2011, kmpuni iirkodi
ukuji w kufn w kutum mombi y
nyumb z hoti kupiti mwsiino y
moj kw moj y mtumizi y kdi y
ktroniki mbyo ni sm n rhisi
kupiti muundo w kiss w wvuti
wk. Zidi y hyo, utfiti uiofnyw
kuhusu kuridhik kw wtj mbo
uinzishw km mrdi kizo
mwk 2009 ktik hoti y NirobiSrn umzinduiw ktik hoti zot
z miji n zi z strh. Kuhusu
uvumishji kupiti ktroniki, kmpuni
itchuku htu zidi mwk 2012
n kuhusish vyombo vy hbri vy
umm km chombo mumu kufuti
mbdiiko y ksi y wtj kuhusin
n vyombo vy hbri mbdiiko
mbyo ynpnd vyombo hivi.
Nin furh kuwfhmish kwmbmpno w Srn Hot loyty
chini y kui mbinu Srn Prsti
Cub mbo uizinduiw mwzi
Dsmb mwk 2011 umpokw
vym n wtj. Mpno huu
unkusudiw kuwwzsh wmiiki
w kdi z Srn Prsti Cub
kunufik kutokn n fid mumu
wnpok ktik hoti z Srn kot
uimwnuni. Mdhumuni y mpno
huu ni; kuimrish uminifu ii kuthibiti
bishr kw kuwzidi wtj;
kuimrish mtoko ktik mno yot
y utkzji y hoti; n kundz
ushindni dhidi y mitndo minin y
mhoti uimwnuni.
Srn inzidi kumini kwmbwfnykzi wk wntkz
jukumu kubw mfnikio y mud
mrfu,ukuji n sif z kmpuni .
Binfsi ninpnd kumshukuru ki
mwnchm w timu y Srn
kutokn n mchno wk n kujito
kw dhti mbko wmdhihirish
kw Srn mwk 2011. Kutokn n
mbdiiko y mtrjio n ustrbu w
wtj, Srn innd kuthibitish
imni yk kwmb ni thmni yhudum mbyo itnd kumu
mmuzi y vituo mbvyo wtj
wtchu. Kufunmn n mkkti
20
Trif kutok kw Mnj Mkurunzi (kund)
Znzibr Srn Inn
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TPS eaSTeRN aFRICa lIMITeD aNNUal RePORT aND FINaNCIal STaTeMeNTS 2011 21
w kundi w kuimrish uzishji,
viwno vy mn vy rsimi
viiwkzw kwny usimmizi w
wfnykzi, utoji mfunzo n
mipno y mshi miononi mwo
ikiw; mfunzo y ndni y mizi 9
kuhusu mpno w utoji mfunzo;
mfunzo kuhusu mtumizi y mitmbo
y kompyut n ufundi n uimrishji
w tum y mpishi kupiti hoti
y Str Michin Rsturnt nchini
Ufrns. Kw sbbu hiyo, nfsi y
kuwzdi wiofny vym, utoji
mfunzo y hi y juu n uimrishji w
tum y utndkzi zini mkktimumu kw hoti z Srn.
Mpno w Srn Wnss
uitmbuiw n kuini fini kwny
kitno ch kuwhusish wfnykzi
kwny mno yo y kzi wkti w
mkutno w mwk 2011 w gob
Businss Coition (gBC) kuhusu virusi
vy HIV/aIDS. Kuzinduiw n kufuu
kw mpno w Srn Wnss mbo
uinz mwk 2001 ukiw n ni ykunzi kuonzk kw iddi y
mmbukizi y HIV/aIDS , Mri n
kifu kikuu kumshuhudi kupunu
kw mmbukizi mno y kzi n
hivyo kuimrish uwzo w uzishji w
wfnykzi n pi hmsisho.
Shuhui z wjibu w kmpuni
kwny mirdi y kijmii (CSR) zinzidi
kunzi mzinir y utii w mim,
uhifdhi w mzinir, imu, fy y
umm n ustwi w jmii. Kw mzo
zidi kuhusu wjibu w kmpuni ktik
shuhui z kijmii , tfdhi ni
kurs 26 hdi 29 w ripoti hii y mwk.
Mzinir y bishr afrik Mshriki
ynnd kubshiri viwno
vy thdhri hs mzinir ykisis kutokn n uchuzi mkuu
unotrjiw nchini Kny , mfumuko
w juu w bi z bidh, thri z
hsi no br Urop n msw
y kiusm ynyotokn n hi y
usm. Hy ni msw muhimu
mbyo yntrjiw kumu mtoko
mwk 2012. Huku usimmizi ukiw
huwzi kubshiri kikmiifu mtoko
kutokn n msw yiyotjw hpo
juu, usimmizi un imni kwmb,kmpuni itjihmi jinsi itkvyowz
kutokn n hi km hizi mbzo zimo
nj y uwzo w uthibiti wk.
Ninpnd kuto mwito kw sriki z
no afrik Mshriki kundi skt
y Utii mzinir bor y utkzji
n kutn rsimi z kutosh ktik
uvumishji. Pi, ninpnd kuto
mwito kwo kuhkikish kwmb
mndo mpy kwny mno
dhifu y viumb n mzinir ktik
mbu z wnym pori n hifdhi
z kitif ynthibitiw n kwmb
mndo y miundo misini
innzishw kw mwndo w ksi
huku uthbiti w kisis n usm
zikidumishw kundz imni kw
wnnchi, wsfiri n wwkzji.
Mwisho, kw nib y wfnykzi n
usimmizi ninpnd kuto shukrni
ztu kw Hmshuri y wkurunzi
kw mwonozo wo, bidii, mchno wo
muhimu n himizo wkti w mwk
2011. Pi ninpnd kuto shukrni
znu kw wnhis, wtj n wshik
du mbi mbi kutokn n mchno
wo w mr kw mr mwk uiopit.
Sisi ktik Srn tuntzmi mchnowo mwk 2012.
Mhmud Jn Mohmd
Mnj Mkurunzi
21
Trif kutok kw Mnj Mkurunzi (kund)
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Bord of Dirctors
MR. FRaNCIS OKOMO-OKellO - Chirmn
Mr. Oko (d 62 yrs) is quifid wyr. H hods n llB dr from th Univrsity of Dr-
s-Sm. H is n abrt Prvin Fow of th Princton Univrsity, Woodrow Wison Schoo
of Pubic nd Intrntion affirs nd Fow of Th Kny Institut of Bnkrs (FKIB). H is th
Chirmn of Brcys Bnk of Kny limitd, Dirctor of th Ntion Mdi group limitd,
mon othr Compnis. H is mmbr of th advisory Bord of th Strthmor Businss
Schoo, Strthmor Univrsity nd is currnty th ecutiv Dirctor in chr of l nd
Corport affirs t th Industri Promotion Srvics group.
MR. MaHMUD JaN MOHaMeD Mnin Dirctor
Mr. Jn Mohmd (d 59 yrs) hs vst princ in th hot industry in europ, USa nd
afric. H is th Chif ecutiv, TPS group of Compnis in estrn afric. H is Dirctor of
th Kny Tourism Bord, TPS Cntr asi, Mountin lods limitd nd air Und limitd.H is n ssocit mmbr of th Hot Ctrin Institution Mnmnt assocition (UK) nd
mmbr of th Corn Hot Socity (USa).
MR. aBDUlMaleK JeeVaN VIRaNI - Finnc Dirctor
Mr. Virni (d 61 yrs) hods Bchor of Commrc Dr. H is Chrtrd accountnt
nd CPa (K). H is currnty th Finnc Dirctor of TPS Compnis in estrn afric. H hs
bn invovd, ovr th yrs, in tkin th TPS group pubic nd in structurin finnc for
cquisition nd mrrs of istin s w s rn fid projcts for th group.
MR MaHMOOD MaNJI- Non- cutiv Dirctor
Mr. Mnji (d 58 yrs) is Fow of th Institut of Chrtrd accountnts in ennd nd
Ws nd th Kny Institut of Bnkrs. H is th Chirmn of air Und nd Dirctor of
th Cpit Mrkts authority in Kny. Mr. Mnji is mmbr of th Intrntion Whos Who
of Profssions nd th formr Chirmn of th Dimond Trust Bnks in est afric.
DR. RaMaDHaNI DaU - Non-cutiv Dirctor
Dr. Du (d 53 yrs) hods PhD in mrktin from th Victori Univrsity of Winton,
Nw Znd, n MBa from th amricn Univrsity of Ciro nd Bchor of Commrc
Dr, Mrktin option, from th Univrsity of Dr-s-Sm. H is Dirctor of Th
Jubi Hodins limitd nd Jubi Insurnc Compny of Tnzni limitd mon othrs.
H is currnty th Dirctor gnr of NSSF, Tnzni.
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MR. JaCK JaCOB KISa - Non-cutiv Dirctor
Mr. Kis (d 74 yrs) hods B.Sc. (economics) (london) Dr nd M.P.a. (Hrvrd) Dr.
H srvd s Princip economist in Knys Ministry of Finnc nd Pnnin in th 1970s.
In 1974, Mr. Kis ws ppointd s th Dirctor of th Unitd Ntions Word empoymnt
Prormm for afric, in which cpcity h srvd unti 1977. In 1978, h ws ppointd Snior
economist t th Word Bnk Hdqurtrs in Wshinton, D.C. Durin th priod 1986-1991,
Mr. Kis srvd s economic advisor to th Southrn africn Dvopmnt Community on
scondmnt from th Word Bnk.
MR. JeaN-lOUIS VINCIgUeRRa - Non-cutiv Dirctor
Mr. Vinciurr (d 68 yrs) is rdut of th Institut of Poitic Studis nd comptd
th prormm for Mnmnt Dvopmnt from th Hrvrd Businss Schoo. H currnty
works with th a Khn Fund for economic Dvopmnt s Snior Finnci advisor.
MR. aMeeR KaSSIM-laKHa - Non-cutiv Dirctor
Mr. Kssim-lkh (d 78 yrs) is Fow of th Institut of Chrtrd accountnts in ennd
nd Ws nd Th Institut of Crtifid Pubic accountnts of Kny nd n associt Mmbr
of th Chrtrd Institut of arbitrtors nd OPM (Hrvrd). H is pst Chirmn of th
Institut of Crtifid Pubic accountnts of Kny nd Th assocition of Profssion Socitis
in est afric. H is pst Vic-Chirmn of Th Profssion Cntr. H is currnt Trust
of KCa Univrsity.
MR. KaBIR HYDeRallY - Non-cutiv Dirctor
Mr. Hydry (d 64 yrs) hods Bchor of Commrc Dr nd is Fow of th Institut
of Chrtrd accountnts. H is currnty th gnr Mnr, Finnc t Th Jubi Insurnc
Compny of Kny limitd.
MR. gUeDI aINaCHe - Non-cutiv Dirctor
Mr. gudi anch (d 36 yrs) hods Mstrs Dr in audit nd Risk Mnmnt from th
Univrsity of anrs, Frnc nd h is so rdut of economic Scinc, from th Univrsityof l Mns, Frnc. Currnty h is PROPaRCOs Rion Dirctor for estrn afric, bsd in
Nirobi. H hs prviousy workd with PROPaRCO in Pris s Snior Invstmnt Officr within
th Corport Division hndin vrious r corport finncin trnsctions cross vrious
rions in afric, ltin amric & asi nd s n
associt Dirctor with Crdit arico Corport nd
Invstmnt Bnk in Frnc.
MR. DOMINIC K. NgaNga - Compny Scrtry
Mr. Nn (d 37 yrs) hods Bchor of Commrc
(accountin) Dr from KCa Univrsity. H is CPa finist
nd Crtifid Pubic Scrtry CPS (K). H is so mmbrof Th Institut of Crtifid Pubic Scrtris of Kny (ICPSK).
Bord of Dirctors (continud)
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Corport govrnnc Sttmnt
Th Bord of TPS estrn afric limitd (TPSeal/ th Compny )
is rsponsib for th ovr mnmnt, strtic dirction nd
ovrnnc of TPSeal nd its subsidiris (TPS group) nd is
ccountb to th shrhodrs for nsurin tht th Compny
compis with th provisions of th w. To this nd, th TPS grouphs rmind committd to nsurin continuous dhrnc to th
hihst stndrds of corport ovrnnc nd businss thics in
th intrst of th shrhodrs nd othr stkhodrs t r.
Th Compny hs compid with Nirobi Scuritis echn
(NSe) Continuin listin rquirmnts nd th guidins on
Corport govrnnc Prctics by Pubic listd Compnis in
Kny issud by th Cpit Mrkts authority (CMa). In this
rspct, th dirctors hv committd to nsurin tht intrity of
intrn systms continus to b ky pir in th nhncmnt
of th groups finnci prformnc nd sustinbiity.
THe BOaRD OF DIReCTORS
as t 31 Dcmbr, 2011, TPSeal Bord consistd of 10
substntiv dirctors nd 2 trnt dirctors. Th Chirmn
is non-cutiv dirctor. a mjority of th dirctors r non-
cutiv nd indpndnt. Thr r two cutiv dirctors,
i.. th Mnin Dirctor nd th Finnc Dirctor. R-ction
nd ppointmnt of dirctors is subjct to th provisions of
th Compnys artics of assocition nd CMa guidins on
Corport govrnnc Prctics by Pubic listd Compnis in
Kny issud by CMa. Th dirctors hv wid rn of businss
nd profssion skis nd princ nd ch contributsindpndnty to th Bords dibrtions. Th dirctors mt t
st four tims yr.
With rrds to th priod undr rviw, 7 Bord mtins wr
hd. Spci mtins r hd to dibrt on urnt issus
of strtic importnc, or s rquird undr th sttut, or in
compinc with th rquirmnts of rutory uthoritis. Th
dirctors r ivn dqut notic for th mtins nd timy
informtion so tht thy cn mninfuy contribut t th
Bord Mtins nd mintin ffctiv ovrsiht nd contro
ovr strtic, finnci, oprtion nd compinc issus. ThBords indpndnc from th groups mnmnt function hs
bn chivd by sprtin th functions of th non-cutiv
Chirmn nd th cutiv Mnin Dirctor, which hs
rsutd in crtin in-buit chcks nd bncs nd bncin
th rcis of uthority ovr th groups ffirs. By tkin n
ctiv drship ro, th Bord ims t mimizin shrhodrs
vu nd nsurin on-trm sustinbiity of th TPS group.
Durin th yr Mr. Kunu gtbki nd Mr. ghisin d Von
rsind s dirctors of th Compny. Mr. gtbki rsind on
14th Jun 2011 foowin his ppointmnt s th Chirmn ofCMa s hodin th two positions coud hv crtd possib
confict of intrst whist Mr. d Von rsind on 14th Novmbr
2011 ftr movin to Pris, Frnc nd h ft tht with th
incrsd workod nd his roction from Nirobi, h woud not
hv dqut tim to ffctivy prticipt in TPSeals Bord
ffirs.
DeVelOPMeNT aND gROWTH OF THe COMPaNY
Th Bord primriy provids dirction on th nr poicy
nd ovrsiht in rspct of th groups ovr intrn contros,
strtis, finncs, oprtions, budts nd compinc issus
which r pr-rd with th Mnmnt Tm nd rviwd
priodicy inst prformnc.
COMMITTeeS OF THe BOaRD
Currnty th Bord hs st up two min Committs nd hs
dtd spcific mndts to ch of thm. Th two Committs
nmy; audit nd Finnc Committ nd Nomintion nd
Rmunrtion Committ, hv bn stbishd undr form
writtn trms of rfrnc (ToR) s st by th Bord. Th numbr
of Committs nd th rspctiv ToR r rviwd from tim to
tim so s to rspond to th dynmic businss nvironmnt nd
compy with th vr-chnin listion nd Rutions. Th
Committs mt rury s providd in thir rspctiv ToR.
aUDIT aND FINaNCe COMMITTee
Mmbrs of this Committ compris of Mr. amr Kssim-lkh
(Chirmn), Mr. Mhmood Mnji nd Mr. Jn-louis Vinciurr.
Th Committ works cosy with th Intrn audit Dprtmnt
nd etrn auditors. It pys critic ro in rviwin
finnci informtion nd nsurin tht th systm of intrn
contros is ffctivy dministrd nd rviwd s pproprit.
Sinificnt udit findins idntifid by th groups intrn nd
trn uditors r so rviwd by th Committ.
Th Committ is uthorizd by th Bord, within its ToR, to
dircty sk from th Compny mpoys ny informtion on ny
mttrs nd to sk indpndnt profssion dvic whnvr
ncssry. Th Bord rviws th mmbrship of th audit
nd Finnc Committ nnuy in ccordnc with CMa
guidins on Corport govrnnc nd th Committs own
ToR. Th Committ hd thr mtins in th yr. Th trn
uditors nd cutiv dirctors ttnd th Committs mtins
s rquird. Th Committ hs inititd furthr strnthnin
of th groups risk ssssmnt procsss imd t mititin th
vrious businss risks. Th utimt im is to formiz th Risk
Mnmnt Poicy nd Strty so s to suit th currnt dynmic
businss nvironmnt.
NOMINaTION aND ReMUNeRaTION COMMITTee
Th Committs mmbrship consists of Mr. Jck Kis
(Chirmn),Mr. Mhmood Mnji, Dr. Rmdhni Du nd Mr.
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Corport govrnnc Sttmnt (continud)
Kbir Hydry. By its own ToR, th Committ is mndtd
to consut prts, scrutiniz nd dvis th Bord on th
ornistion structur, nd stff stbishmnts nd to
rcommnd to th Bord pproprit Humn Rsourcs poicis
nd cpcity nhncmnt. Th Committ is furthr mndtdto rviw th sris, bnfits pcks, nd srvic contrcts of
th cutiv dirctors nd snior mnmnt nd to nsur tht
th sm r comptitivy structurd nd inkd to prformnc.
Th Committ is furthr mndtd to propos nw nomins to
th Bord s my b rquird from tim to tim nd to ssss
th ffctivnss of th Bord s who, th committs of th
Bord, s w s ch individu dirctor nd mk th ncssry
rcommndtions to th Bord on nhncin th ovr v of
ffctivnss of th Bord.
INTeRNal CONTROlSTh Compny hs w-dfind orniztion structur with
pproprit srtion of rsponsibiitis. This is compmntd
by dtid poicy nd procdur mnus, which provids n
oprtion frmwork for th Mnmnt tm. Th poicy nd
procdurs mnus r updtd constnty to incorport ny
subsqunt chns nd nsur tht thy rmin rvnt to th
groups oprtion rquirmnts. Monthy Crdit Contro, Ss
nd Mrktin, nd Finnc mtins r hd to rviw ths
critic spcts of th Compnys oprtions. Th intrn contro
function is ry compmntd by th Intrn audit function,
which is n indpndnt ppris function.
COMMUNICaTION WITH SHaReHOlDeRS
Th Compny is committd to nsurin tht shrhodrs, finnci
mrkts nd othr stkhodrs r providd with ccurt nd
timy informtion on th Compnys prformnc. This is usuy
don throuh th distribution of th TPSeal annu Rports
within th sttutory priod of t st 21 dys bfor th annu
gnr Mtin, rs of hf-yr nd nd-yr finnci
rsuts throuh th prss nd rutory bodis, nd monthy
discosurs of shrhodin sttistics to th Nirobi Scuritis
echn (NSe) nd th CMa.
Shrhodrs nd othr stkhodrs hv dirct ccss to th
Compnys informtion throuh th intrnt nd nquiris r
rspondd to in timy mnnr. Th Srn wbsit is updtd
rury so s to provid currnt informtion on th Compnys
ffirs. In this rrd, th Compny compis with its obitions
contind in th NSe Continuin listin Rus nd th CMa act.
By mintinin n opn-door poicy in trms of communiction
both t Bord nd Mnmnt vs, th Compny nsurs
tht nquiris from shrhodrs nd othr stkhodrs rprompty nd stisfctoriy ttndd to.
DIReCTORS eMOlUMeNTS aND lOaNS
Th rt mounts of moumnts pid to dirctors durin
th 2011 finnci yr mountd to KShs 1.070 Miion (rfr to
Not 28 to th Finnci Sttmnts). Nithr t th nd of th
finnci yr, nor t ny tim durin th yr, did thr istny rrnmnt to which th TPS group ws prty whrby
dirctors miht hv cquird bnfits to fciitt th cquisition
of th Compnys shrs by such dirctors.
Thr wr no non-cutiv dirctors ons durin th yr.
ecutiv dirctors cr ons mountd to KShs. 0.408 Miion
(rfr to Not 28 to th Finnci Sttmnts).
DIReCTORS INTeReST
Durin th yr ndd 31st Dcmbr 2011 nd th prvious
finnci yr (2010) thr hs bn no mtri contrctsinvovin dirctors intrsts, howvr som dirctors r minority
shrhodrs of th Compny s dtid bow;
Nm of Dirctor No of Shrs % Shrhodin
Frncis Okomo-Oko 1,456 0.00076
Mhmood Pyri Mnji 1,456 0.00076
amr Kssim-lkh 1,456 0.00076
abdumk Virni 1,456 0.00076
CONFlICT OF INTeReST
Th Dirctors r rquird to discos thir rs of confict ofintrst t st onc yr. In trms of th stbishd prctic,
thy r so rquird to rfrin from contributin to nd bstin
from votin on mttrs on which thy hv such confict. On n
onoin bsis, th dirctors r rquird to notify th Compny
Scrtry in dvnc of ny potnti conficts of intrst throuh
othr dirctorships or shrhodins or ssocitions or conficts
risin from spcific trnsctions. a ristr of such intrsts
is mintind by th Compny Scrtry s prt th Corport
Rcords.
OTHeR CORPORaTe INFORMaTIONTPS estrn afric limitd (TPSeal) nd its subsidiris in Kny,
Tnzni nd Znzibr hv tot numbr of 2,974 mpoys.
Th Compny is hodin Compny nd dos not own ny lnd
nd Buidin.
Th Compny hs fuy quifid nd ristrd Compny
Scrtry, Mr. Dominic Nn, who sits t th ristrd offic
of th Compny (Wiimson Hous, 4th Foor, 4th Non avnu,
Nirobi).
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Corport govrnnc Sttmnt (continud)
SHaReHOlDeRS PROFIle aS aT 31 DeCeMBeR 2011
NaMe OF SHaReHOlDeR NUMBeR OF SHaReS % SHaReHOlDINg
1 a Khn Fund for economic
Dvopmnt 48,085,158 32.44%
2 Stndrd Chrtrd Nomins
Non-Rsidnt aC 9002 11,462,700 7.73%
3 Socit d Promotion t dPrticiption pour
Cooprtion economiqu (PROPaRCO) 10,892,900 7.35%
4 Th Jubi Insurnc Compnyof Kny limitd 8,302,706 5.60%
5 Industri Promotion Srvics (Kny) limitd 7,697,088 5.20%
6 a Khn Univrsity Foundtion 6,851,000 4.62%
7 PDM (Hodins) limitd 6,607,440 4.46%
8 Crys Invstmnts limitd 3,798,133 2.56%
9 Stndrd Chrtrd Nomins aC 9230 2,572,658 1.74%
10 Prmchnd Knji Shh 2,290,744 1.55%
11 Othrs 39,650,113 26.75%
148,210,640 100.00%
26
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Corport Soci Rsponsibiity
at Srn Hots, w continu to biv tht irrsponsib tourism must b consind to th pst s w undrstnd tht th
discrnin trvr of tody is committd to nsurin tht th hots h/sh stys in contribut in sustinb mnnr towrds
both th co-systm nd th cutur of th dstintion of thir choic.
Ovr th pst dcd, th Srn groups commitmnt to Corport Soci Rsponsibiity (CSR) ctivitis is prt nd prc of th
groups businss mod. W prfr to nsur tht our CSR inititivs r not just bout phinthropy nd compinc, but so
bout mor hoistic issus; such s how th Compny mns its conomic, soci nd nvironmnt impct; how w hnd our
rsponsibiitis in th workpc, th mrktpc, th suppy chin; th community, nd th rm of pubic poicy. Th group so
bivs in msurin succss, not just by th finnci bottom in, but so by how much th Compny hs contributd towrds
oc conomic dvopmnt, nvironmnt consrvtion nd th mintnnc of soci justic.
Th Srn groups brod spctrum of co-prctics incud: th strict dhrnc to co-frindy rchitctur, buidin nd dsin;
th us of oc mtris, skis nd bour; th promotion of trdition crfts; th support of r-fforsttion prormms; th
nurtur of ndnrd widif; th us of wst-rcycin, poution rduction, non- CFC us, sor nd wind nrtion; nd th
us of ow nry dvics nd ht rcovry systms. Srn continus to strnthn th bnfici nd symbiotic rtionshipswith th oc communitis nd promots vrious community projcts in th rs of duction, hth fciitis, wtr suppy,
community dvopmnt nd rod infrstructur.
This rport dmonstrts how th Srn group continud to mbrc nd strnthn its Soci Rsponsibiity durin th priod
undr rviw.
COMMUNITY INVOlVeMeNT, INVeSTMeNT, SUPPORT aND
DeVelOPMeNT
economic empowrmntSrn bivs in crtin conomic opportunitis for th
oc communitis in which it oprts which in turn hs
improvd thir quity of if incudin thir duction,
cutur, conomic nd soci w bin.
In in with Srns procurmnt strty, prfrnc is
ivn to oc producrs nd whr possib, oc rtifcts
r purchsd from oc rtists nd sod in th ift shop nd
frsh food products r purchsd from oc frmrs. In som
css, trinin is ivn to th oc ntrprnurs to produc
nd pck thir wrs in n intrntiony ccptbmnnr, thus improvin thir mrkt nd cpcity. Srn
so provids support for sm sc producrs by purchsin
from Compnis tht work with thir products in compinc
with intrntion humn rihts nd bor stndrds. In 2011,
Znzibr Srn Inn sind prtnrship rmnt with
UWaMWIMa Community group tht compriss of ovr 200
frmrs to purchs thir produc, thus bcomin th first
hot in Znzibr to support this inititiv.
Th Srn lods continu to hir th oc prformrs to
ntrtin usts on diy bsis, thus posin th oc
cutur whist conomicy mpowrin th prformrs.
gnr Mnr Znzibr Srn Inn Mr. Dni Smbi
with mmbrs of UWaMWIMa community roup
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Chritb Dontions
Srn nd its stff support brod rn of chritb cuss
nd community inititivs by mns of corport dontions,
dontion of oods or by mns of sponsorship. Rcipints of
such support wr: th Knyns for Kny inititiv, th bomb
bst victims in Tnzni, victims of th Znzibr frry incidnt,
brod rn of schoos, orphns, HIV/aIDS support
cntrs, homs for th physicy or mnty chnd nd
othr disdvntd roups.
Turt Consrvtion t th Bch
Our turt doption schm t Srn Bch Hot & Sp
continus to row sinificnty. Strtd in 1993, th ovrobjctiv of th schm hs bn to provid sf hvn for
turt s, nd to trnsfr ths s to sfty whi providin
incntivs to th oc fishrmn who hp in protctin thm.
To dt, th schm hs succssfuy rscud ovr 5,000
htchins.
Buttrfy Boost
Kny bosts som 870 spcis of buttrfy, 35% of which r
to b found in th cost forsts. Howvr du to th rdic
shrink of ths forsts, most of th buttrfis hd ry
dispprd from Knys cost; unti th unch of th 2002
Srn Bch Hot & Sp Buttrfy Projct which hs to dt
succdd in brdin 57 spcis of buttrfis.
Supportin lion Consrvtion in Kny
Our prtnrship with th Born Fr Foundtion hs crtd
ot of wrnss on th piht of ions in Kny. Th ion
doptd by ambosi Srn Sfri lod hs continud to
ris funds towrds th inititiv throuh ust dontions. Th
procds o towrds ion consrvtion nd th construction of
lion proof Boms which r imd t vitin th confictbtwn humns nd ions.
PROTeCTINg a FRagIle eNVIRONMeNTIn in with th groups co-poicy, Srn continus to rconiz tht it hs rsponsibiity to contribut towrds improvin nd
prsrvin th nvironmnt in which it oprts. Srn Hots is snsitiv to th consrvtion of nvironmnty protctd
or thrtnd rs, spcis nd scnic sthtics nd to chivin ndscp nhncmnt whr possib, with indinous
pnt mtri nforcmnt. In 2011 our rsponsib nd sustinb tourism prctics wr rwrdd s ambosi Srn Sfri
lod (aSSl) ws crownd eco Tourism entrpris of th yr 2011 by ecotourism Kny. aso, aSSl nd Mr Srn Sfri
lod wr rconizd with Sivr nd Bronz Crtifiction rspctivy in co rtin for promotin sustinb tourism ovr
th yrs.
Srn stff nd Mnmnt hndin ovr Kshs. 3 Miion
chqu to th Scrtry gnr Kny Rd Cross Socity
towrds Knyns for Kny Inititiv.
Turt projct in Wtmu
Th doptd lion t ambosi Srn Sfri lod
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R-fforsttion Prormms t th lods
Srn Hots hv stbishd tr nd shrub nursris t
its proprtis. Ntury, w us th mjority of our sdins
to pnt round our own proprtis, but w r so committd
to mtin th nds of th oc community. at lk Mnyr
Srn lod, for instnc our nursry suppis sdins to
th nihborin communitis nd this hs not ony contributd
towrds rnr nvironmnt, but hs so rcivd
rsoundin support from th oc birdif, whos vrity of
spcis hs rdy mor thn doubd. Th roup hs workd
with thousnds of mmbrs of th oc community, usts,
chidrn nd visitin dinitris to Pnt Tr for afric nd
our ctivitis r sprd to th Ndrit Forst in th Mu, Nirobi
City Prk nd t th Srn ods in Kny nd Tnzni.
It is ncourin to not tht ovr 10 miion trs throuhth Compnis vrious r-fforsttion prorms hv bn
pntd to dt.
Consrvtion of enry nd Wtr
a sinificnt miston ws chivd towrds th nd of 2011
whr th group instd Sor Wtr Htin Systm t
Srn Bch Hot & Sp (SBHS), Kii Srn Hot, lk
Kivu Srn Hot, Kmp Srn Hot nd lk emntit
Srn Cmp. This wi compmnt th nry svin fforts
tht r in pc t th Sfri lods octd within th Ntion
Prks whr th dpndncy of nrtors hs sinificntybn rducd ovr th yrs du to th invrtr systms in
pc which ows for optimum consrvtion of nry nd
minimum fu-us, nois nd ir-poution.
Srn hs n tnsiv rn of wtr-svin msurs in pc
nd th compny continus in phsd mnnr to invst in bio-
distrs which is systm whn tht trts ffunt wtr to
ow it to b r-usd for irrition nd nim consumption t
th wtr hos in n nvironmnty snsitiv mnnr.
Th compny hs dptd n Informtion Tchnooy oin
rn strty whr th od HP Srvrs hv bn rpcd
with stt-of-th-rt srvrs nd virtu srvr nvironmnt
crtd. Th projct invovd th rpcmnt of 12 physic
srvrs with 3 physic srvrs hostin 12 virtu mchins.
This inititiv wi d to futur svins on mintnnc,
powr nd dispos of hrdwr.
eNCOURagINg a gOOD WORK-lIFe BalaNCe
Th Srn empoy Wnss Prormm continus to ddrss
th hoistic hth nds of not ony Srn Stff but so of
th communitis tht surrounds th Srn lods, luury
Cmps, Rsorts nd Hots. In ssnc, th prormm is
dvotd to rducin th incidnc of ccidnt nd inss in th
workpc, promotin hthy ifstys, mimizin potnti
nd promotin optimum quity of if. This sustinb Srn
empoy Wnss Prormm rcivd rconition s
finist in th Workpc enmnt ctory for th 2011gob Businss Coition (gBC) on HIV/ aIDS. Th succssfu
impmnttion of th Srn empoy Wnss Prorm tht
bun in 2001 with th im of ddrssin incrsin numbrs
of HIV/ aIDS, Mri nd Tubrcuosis infctions hs sn
notb rduction in th numbr of work pc infctions ovr
th yrs nd consqunt improvd mpoy productivity nd
motivtion.
Kiuni Srn Wnss Tm on n cursion t Chyuu
his.
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Dirctors Rport
Th Dirctors submit thir rport tothr with th uditd finnci sttmnts for th yr ndd 31 Dcmbr 2011 in
ccordnc with Sction 157 of th Kny Compnis act, which discos th stt of ffirs of TPS estrn afric limitd (th
Compny) nd its subsidiris (tothr th group).
PRINCIPal aCTIVITIeS
Th princip ctivitis of th group r to own nd oprt hot nd od fciitis in estrn afric, srvin th businss nd
tourist mrkts.
ReSUlTS aND DIVIDeND
Th profit for th yr ttributb to quity hodrs of th Compny of Shs 668,771,000 (2010: Shs 531,053,000) hs bn ddd
to rtind rnins. Th dirctors rcommnd th pprov of fin dividnd of Shs 192,673,832 (2010: Shs 185,263,300).
DIReCTORS
Th dirctors who hd offic durin th yr nd to th dt of this rport wr:
Frncis Okomo-Oko (Chirmn)
Mhmud Jn Mohmd (Mnin Dirctor)
abdumk Virni (Finnc Dirctor)
amr Kssim-lkh
Dr. Rmdhni Du
Jck J Kis
Jn-louis Vinciurr
Msi abdh (atrnt to Dr. Rmdhni Du)
Kbir Hydry
Mhmood Pyri Mnji
ashish Shrm (appointd 5 Jnury 2011 atrnt to Jn-louis Vinciurr)
gudi ainch (appointd 12 Jnury 2012)
Wofn Brtsmir (Rsind on 23 Jnury 2011)
Kunu gtbki (Rsind on 14 Jun 2011)
ghisin d Von (Rsind on 14 Novmbr 2011)
aUDITOR
Th Compnys uditor, PricwtrhousCooprs, continus in offic in ccordnc with Sction 159(2) of th Kny Compnis
act.
By ordr of th Bord
DOMINIC NgaNga
SeCReTaRY
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Sttmnt of Dirctors Rsponsibiitis
Th Knyn Compnis act rquirs th dirctors to prpr finnci sttmnts for ch finnci yr tht iv tru nd fir
viw of th stt of ffirs of th group nd of th Compny s t th nd of th finnci yr nd of th groups profit or oss.
It so rquirs th dirctors to nsur tht th Compny nd its subsidiris kps propr ccountin rcords tht discos, with
rsonb ccurcy, th finnci position of th group nd th Compny. Thy r so rsponsib for sfurdin th ssts
of th group.
Th dirctors ccpt rsponsibiity for th nnu finnci sttmnts, which hv bn prprd usin pproprit ccountin
poicis supportd by rsonb stimts, in conformity with Intrntion Finnci Rportin Stndrds nd th rquirmnts
of th Kny Compnis act. Th dirctors r of th opinion tht th finnci sttmnts iv tru nd fir viw of th stt
of th finnci ffirs of th group nd of th Compny nd of th groups finnci prformnc in ccordnc with Intrntion-
Finnci Rportin Stndrds. Th dirctors furthr ccpt rsponsibiity for th mintnnc of ccountin rcords tht my
b rid upon in th prprtion of finnci sttmnts, s w s dsinin, impmntin nd mintinin intrn contro
rvnt to th prprtion nd fir prsnttion of finnci sttmnts tht r fr from mtri missttmnt.
Nothin hs com to th ttntion of th dirctors to indict tht th Compny nd its subsidiris wi not rmin oin con-crn for t st twv months from th dt of this sttmnt.
Mr. Frncis Okomo - Oko Mr. Mhmud Jn Mohmmd
Chirmn Mnin Dirctor
14 Mrch 2012 14 Mrch 2012
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Rport of th Indpndnt auditorto th Mmbrs of TPS estrn afric limitd
Rport on th finnci sttmnts
W hv uditd th ccompnyin finnci sttmnts of TPS
estrn afric limitd (th Compny) nd its subsidiris
(tothr, th group), st out on ps 33 to 81. Ths
finnci sttmnts compris th consoidtd sttmnt of
finnci position t 31 Dcmbr 2011 nd th consoidtd
incom sttmnt, consoidtd sttmnt of comprhnsiv
incom, consoidtd sttmnt of chns in quity nd
consoidtd sttmnt of csh fows for th yr thn ndd,
tothr with th sttmnt of finnci position of th Compny
stndin on s t 31 Dcmbr 2011 nd th sttmnt of
chns in quity of th Compny for th yr thn ndd,
nd summry of sinificnt ccountin poicis nd othr
pntory nots.
Dirctors rsponsibiity for th finnci sttmnts
Th dirctors r rsponsib for th prprtion nd fir
prsnttion of ths finnci sttmnts in ccordnc
with Intrntion Finnci Rportin Stndrds nd with
th rquirmnts of th Knyn Compnis act nd for such
intrn contro, s th dirctors dtrmin ncssry to nb
th prprtion of finnci sttmnts tht r fr from
mtri missttmnts, whthr du to frud or rror.
auditors rsponsibiity
Our rsponsibiity is to prss n opinion on th finncisttmnts bsd on our udit. W conductd our udit in
ccordnc with Intrntion Stndrds on auditin. Thos
stndrds rquir tht w compy with thic rquirmnts nd
pn nd prform our udit to obtin rsonb ssurnc tht
th finnci sttmnts r fr from mtri missttmnt.
an udit invovs prformin procdurs to obtin udit
vidnc bout th mounts nd discosurs in th finnci
sttmnts. Th procdurs sctd dpnd on th uditors
judmnt, incudin th ssssmnt of th risks of mtri
missttmnt of th finnci sttmnts, whthr du to frud
or rror. In mkin thos risk ssssmnts, th uditor considrs
intrn contro rvnt to th groups prprtion nd fir
prsnttion of th finnci sttmnts in ordr to dsin udit
procdurs tht r pproprit in th circumstncs, but not
for th purpos of prssin n opinion on th ffctivnss of
th groups intrn contro. an udit so incuds vutin
th ppropritnss of ccountin poicis usd nd th
rsonbnss of ccountin stimts md by th dirctors,
s w s vutin th ovr prsnttion of th finnci
sttmnts.
W biv tht th udit vidnc w hv obtind is sufficint
nd pproprit to provid bsis for our opinion.
Opinion
In our opinion th ccompnyin finnci sttmnts iv
tru nd fir viw of th stt of th finnci ffirs of th
group nd of th Compny t 31 Dcmbr 2011 nd of th
profit nd csh fows of th roup for th yr thn ndd in
ccordnc with Intrntion Finnci Rportin Stndrds
nd th Knyn Compnis act.
Rport on othr rquirmnts
Th Knyn Compnis act rquirs tht in crryin out our
udit w considr nd rport to you on th foowin mttrs.
W confirm tht:
i) w hv obtind th informtion nd pntionswhich to th bst of our knowd nd bif wr
ncssry for th purposs of our udit;
ii) in our opinion propr books of ccount hv bn kpt by
th Compny, so fr s pprs from our mintion of
thos books;
iii) th Compnys sttmnt of finnci position is in
rmnt with th books of ccount.
Crtifid Pubic accountnts
14 Mrch 2012
Nirobi
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Nots 2011 2010
Shs000 Shs000
Ss 5 5,465,975 4,480,128
Othr oprtin incom 271,378 427,578
Invntory pnsd (929,234) (874,595)
empoy bnfits pns 7 (1,576,219) (1,335,351)
Othr oprtin pnss (1,963,175) (1,589,742)
Profit bfor dprcition, intrst nd incom t pns 1,268,725 1,108,018
Dprcition on proprty, pnt nd quipmnt 18 (330,834) (257,617)
Finnc incom 8 59,757 52,227
Finnc costs 8 (163,847) (210,783)
Shr of profit of ssocits 22 19,332 1,088
Profit bfor incom t 6 853,133 692,933
Incom t pns 9 (237,242) (176,549)
Profit for th yr (Shs 219,900,000 (2010: Shs 185,936,000)
hs bn dt with in th ccounts of th Compny) 615,891 516,384
attributb to:
equity hodrs of th Compny 668,771 531,053
Non controin intrst 27 (52,880) (14,669)
615,891 516,384
ernins pr shr for profit ttributb to th
quity hodrs of th Compny
- bsic nd diutd (Shs pr shr) 10 4.51 3.49
Consoidtd Incom Sttmntfor th yr ndd 31 Dcmbr 2011
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2011 2010
Shs000 Shs000
Profit for th yr 615,891 516,384
Othr comprhnsiv incom:
Itms nt of t
gin on rvution of nd nd buidins - 2,577,570
Dfrrd incom t on rvution - (773,272)
Currncy trnstion diffrncs 67,290 (42,888)
Tot comprhnsiv incom for th yr 683,181 2,277,794
attributb to:
equity hodrs of th Compny 736,061 2,292,463
Non controin intrst (52,880) (14,669)
Tot comprhnsiv incom for th yr 683,181 2,277,794
Consoidtd Sttmnt of Comprhnsiv Incomfor th yr ndd 31 Dcmbr 2011
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Nots 2011 2010
Shs000 Shs000
Cpit nd rsrvs ttributb to th
Compnys quity hodrs
Shr cpit 12 148,211 148,211
Shr prmium 12 3,032,431 3,032,431
Rvution rsrv 13 2,404,495 2,473,370
Trnstion rsrv (90,593) (157,883)
Rtind rnins 2,262,751 1,717,779
Proposd dividnds 11 192,674 185,264
7,949,969 7,399,172
Non controin intrst 27 96,855 97,213
Tot quity 8,046,824 7,496,385
Non-currnt ibiitisBorrowins 14 1,659,372 1,204,524
Dfrrd incom t ibiity 15 1,678,659 1,453,428
Rtirmnt bnfit obitions 16 131,689 110,835
Tot non-currnt ibiitis 3,469,720 2,768,787
Tot quity nd non-currnt ibiitis 11,516,544 10,265,172
Non-currnt ssts
Proprty, pnt nd quipmnt 18 8,829,042 8,248,664
Intnib ssts 20 1,057,861 1,057,861Invstmnt in ssocits 22 687,008 30,718
avib-for-s finnci sst 17 - 216,251
Dfrrd incom t sst 15 143,000 33,661
10,716,911 9,587,155
Currnt ssts
Invntoris 375,588 299,776
Rcivbs nd prpymnts 23 1,636,227 986,959
Csh nd csh quivnts 24 403,114 1,049,247
2,414,929 2,335,982
Currnt ibiitis
Pybs nd ccrud pnss 25 1,139,017 1,205,488
Currnt incom t 9,585 31,720
Borrowins 14 466,694 420,757
1,615,296 1,657,965
Nt currnt ssts 799,633 678,017
11,516,544 10,265,172
Th finnci sttmnts on ps 33 to 81 wr pprovd for issu by th bord of dirctors on 14
Mrch 2012 nd sind on its bhf by:
Mr. Frncis Okomo - Oko Mr. Mhmud Jn Mohmmd
Chirmn Mnin Dirctor
Consoidtd Sttmnt of Finnci Positionas t 31 Dcmbr 2011
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38 TPS eaSTeRN aFRICa lIMITeD aNNUal RePORT aND FINaNCIal STaTeMeNTS 2011
Nots 2011 2010
Shs000 Shs000
equity
Shr cpit 12 148,211 148,211
Shr prmium 12 3,032,431 3,032,431
Rtind rnins 615,953 588,727
Proposd dividnds 11 192,674 185,264
Tot quity 3,989,269 3,954,633
Non-currnt ssts
Invstmnt in subsidiris 21 2,799,623 2,799,623
Invstmnt in ssocits 22 636,958 -
avib-for-s finnci sst 17 - 216,251
Non-currnt rcivb 19 - 141,575
3,436,581 3,157,449
Currnt ssts
Rcivbs nd prpymnts 23 565,301 79,404
Csh nd csh quivnts 24 1,853 723,540
567,154 802,944
Currnt ibiitis
Pybs nd ccrud pnss 25 4,881 5,760
Currnt incom t 9,585 -
14,466 5,760
Nt currnt ssts 552,688 797,184
3,989,269 3,954,633
Th finnci sttmnts on ps 33 to 81 wr pprovd for issu by th bord of dirctors on
14 Mrch 2012 nd sind on its bhf by:
Mr. Frncis Okomo - Oko Mr. Mhmud Jn Mohmmd
Chirmn Mnin Dirctor
Compny Sttmnt of Finnci Positionfor th yr ndd 31 Dcmbr 2011
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TPS eaSTeRN aFRICa lIMITeD aNNUal RePORT aND FINaNCIal STaTeMeNTS 2011 39
Cons
oidtdSttmnto
fChnsinequity
forth
yrndd31Dcmbr2010
Nots
Shr
Shr
Rvution
Trnstion
Rtind
Proposd
Noncontroin
Tot
cpit
prm
ium
rsrvs
rsrvs
rnins
dividnds
intrst
Shs000
Shs000
Shs000
Shs000
Shs000
Shs000
Shs000
Shs000
Yrndd31Dcmbr2010
atstrt
ofyr
105,865
1,906,676
687,471
(114,995)
1,371,235
132,331
-
4,088,583
Compr
hnsivincomforthyr
Profitfo
rthyr
-
-
-
-
531,053
-
(14,669)
516,384
Othrcomprhnsivincom:
Rvu
tionsurpus
-
-
2,577,570
-
-
-
-
2,577,570
Dfrrdincomtxonrvution
15
-
-
(773,272)
-
-
-
-
(773,272)
Currnc
ytrnstiondiffrncs
-
-
-
(42,888)
-
-
-
(42,888)
Trnsfrofxcssdprcitiontortind
rnins
-
-
(26,284)
-
26,284
-
-
-
Dfrrdincomtxontrnsfr
15
-
-
7,885
-
(7,885)
-
-
-
Totothrcomprhnsivincom
-
-
1,785,899
(42,888)
18,399
-
-
1,761,410
Totco
mprhnsivincomforthyr
-
-
1,785,899
(42,888)
549,452
-
(14,669)
2,277,794
Trnsc
tionswithownrs
Oncqu
isitionofsubsidiry
27
-
-
-
-
-
-
111,882
111,882
Bonusissuofshrs
12
17,644
-
-
-
(17,644)
-
-
-
Rihtsissuofshrs
12
24,702
1,125,755
-
-
-
-
-
1,150,457
Dividn
ds:
-finfor2009pid
11
-
-
-
-
-
(132,331)
-
(132,331)
-proposdfor2010
11
-
-
-
-
(185,264)
185,264
-
-
42,346
1,125,755
-
-
(202,908)
52,933
111,882
1,130,008
atndofyr
148,211
3,032,431
2,473,370
(157,883)
1,717,779
185,264
97,213
7,496,385
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40 TPS eaSTeRN aFRICa lIMITeD aNNUal RePORT aND FINaNCIal STaTeMeNTS 2011
Cons
oidtdSttmnto
fChnsinequity(continud)
forth
yrndd31Dcmbr2011
Nots
Shr
Shr
Rvution
Trnstion
Rtind
Proposd
Noncontroin
Tot
cpit
prm
ium
rsrvs
rsrvs
rnins
dividnds
intrst
Shs000
Shs000
Shs000
Shs000
Shs000
Shs000
Shs000
Shs000
Yrndd31Dcmbr2011
atstrt
ofyr
148,211
3,032,431
2,473,370
(157,883)
1,717,779
185,264
97,213
7,496,385
Compr
hnsivincomforthyr
Profitfo
rthyr
-
-
-
-
668,771
-
(52,880)
615,891
Othrcomprhnsivincom:
Currnc
ytrnstiondiffrncs
-
-
-
67,290
-
-
-
67,290
Trnsfrofxcssdprcitiontortind
rnins
-
-
(98,277)
-
98,277
-
-
-
Dfrrdincomtxontrnsfr
15
-
-
29,402
-