TPS Eastern Africa
TPS Eastern Africa : Commentary and a summarized extract from the 2006 Financial results
The information below is an extract from the audited financial statements for the Group for the year ended 31 December 2006 but excludes comparative figures for the 2005 financial year end.
The figures are omitted because of the material changes arising from the 2005/06 company restructuring, the listing of the Company on the Nairobi Stock Exchange in early 2006 and 2006 being the first full year of the Group’s operations after consolidation of its East African business.
The financial statements of the Group, which have been audited by PricewaterhouseCoopers, on which an unqualified opinion has been given will be presented to shareholders and investors in due course. Those financial statements will contain comparative figures for 2005, and all required disclosures, in addition to explanatory notes to help investors and shareholders understand better the impact of the recent transactions.
| TPS Eastern Africa Ltd Profit and Loss Account as at 31-12-2006 Extract from the 2006 End of year Financial statements |
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| 2006 Shs 000s |
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| Turnover | 3,264,006 | |
| Earnings before Exchange loss, Interest, Depreciation and Taxation | 888,144 | |
| Exchange loss on foreign currenc) loans | -44,908 | |
| Interest | -142,611 | |
| Depreclatlon | -205,973 | |
| Share of results of Associate | 3,954 | |
| Profit before tax | 498,606 | |
| Current tax | -47,409 | |
| Deferred tax | -118,536 | |
| Profit after tax | 332,661 | |
| Less Profit attributable to minority shareholders | -23,416 | |
| Profit attributable to equity shareholders | 309,245 | |
| Retained earnings brought forward | 473,162 | |
| Net gains not recognised directly in equity | 44,416 | |
| Proposed dividend | -110,276 | |
| Net profit/(loss) | 309,244 | |
| Retained earnings carried forward | 716,546 | |
| Earnings per share (Shs) | 3.61 | |
| basic & diluted 2006 | ||
| No of shares (000s) | 85,593 | |
| The tourism industry in East Africa during Year 2006 witnessed increased arrivals from both traditional and new source markets. The positive business environment resulted in the Company achieving results which can be considered commendable.
The group continues to enhance its product which has enabled the company to maintain its market leadership position in the region and enhance its human resource base. These initiatives have significantly contributed to the company being able to increase returns to shareholders. The Company continued its policy of making investments in pursuit of new business initiatives and in the training and development of its human resources during year 2006. These investments together with the Company’s commitment to cost-efficient management, without sacrificing operating standards, have enabled the Company to maintain its strong financial standing. The Company remains a significant contributor to Governments’ revenue in the East Africa region and paid Kshs 450.28 million in direct and indirect taxes and Kshs. 105.7 million to local authorities in royalty 1 rent payments in 2006. In addition the Company continues to adhere to the highest standards relating to environmentally and socially responsible practices and positively contributes to economic activities of local communities in which it operates. Dividends and Bonus Annual General Meeting |
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