Final Sameer Annual Report 2010 - Sameer Africa Limited

Notes to the consolidated financial statements
for the year ended 31 december 2010
Other information:
Segment assets 2,243,527 146,842 454,939 2,845,308
Segment liabilities 465,529 2,076 209,560 677,165
Capital expenditure 127,704 - - 127,704
Depreciation expense 124,654 1,116 1,802 127,572
Amortisation of operating leases 8 - - 8
Kenya Uganda Tanzania Consolidated
2009 2009 2009 2009
KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000
Revenue 2,273,553 354,342 650,223 3,278,118
Cost of sales (1,621,320 ) (287,535 ) (505,528 ) (2,414,383 )
Other income 96,553 1,730 141 98,424
Operating expenses (563,331 ) (45,842 ) (87,489 ) (696,662 )
Interest income 3,352 - - 3,352
Interest expense (47,049 ) (140 ) (196 ) (47,385 )
Income tax expense/(credit) (43,190 ) 1,855 (22,124 ) (63,459 )
Profit for the year attributable to equity-holders of the
parent company 98,568 24,410 35,028 158,005
Other information:
Segment assets 2,406,327 198,256 400,792 3,005,375
Segment liabilities 553,243 16,330 153,236 722,809
Capital expenditure 82,535 2,404 5,529 90,468
Depreciation expense 135,792 2,439 2,757 140,988
Amortisation of operating leases 11 - - 11
6 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including
experience of future events that are believed to be reasonable under the circumstances.
(a) Critical accounting estimates and assumptions
• Income taxes
The Group is subject to income taxes in various jurisdictions. Significant judgment is required in determining the Group’s
provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is
uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based
on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the
amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period
in which such determination is made.
The critical estimates are described in Notes 3 (j), 10 and 15.
• Property and equipment
Critical estimates are made by the directors in determining depreciation rates for property and equipment. The rates used
are set out in Note 3(c)(iii) and Note 17.
• Receivables
Critical estimates are made by the directors in determining the recoverable amount of impaired receivables as described
in Note 4(a).
• Investment property
Critical estimates are made by the directors in determining amortization rates for investment property. The rates used are
set out in Note 3(d) and Note 18.
SAMEER Annual Report 2010 35