Serena Hotels Annual Report

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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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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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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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


11/88


(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


12/88


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)


13/88


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


14/88


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)


15/88


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


16/88


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


17/88


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


18/88


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


19/88


20/88


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


21/88


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)


22/88


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.

11

22

33

44

5

5


23/88


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)

11

11

10

9

9

8

8

7 7

66

10


24/88


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.


25/88


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).


26/88


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


27/88


28/88


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


29/88


30/88


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


31/88


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.


32/88


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

14 Mrch 2012


33/88


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


34/88


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


35/88


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


36/88


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


37/88


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:


Chirmn Mnin Dirctor

Consoidtd Sttmnt of Finnci Positionas t 31 Dcmbr 2011


38/88


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:


Chirmn Mnin Dirctor

Compny Sttmnt of Finnci Positionfor th yr ndd 31 Dcmbr 2011


39/88


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


40/88


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

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Documents

Serena Hotels Annual Report