Final Sameer Annual Report 2010 - Sameer Africa Limited
Final Sameer Annual Report 2010 - Sameer Africa Limited Final Sameer Annual Report 2010 - Sameer Africa Limited
Notes to the consolidated financial statements for the year ended 31 december 2010 Note 17 (continued) Net Book Value At 31 December 2010 136,512 232,546 117,331 26,835 513,224 Cost At 1 January 2009 316,835 2,237,105 302,171 4,051 2,860,162 Reclassification (1,015 ) (11, 626 ) (62,945 ) 4, 931 (70,655 ) Additions - - - 79, 758 79,758 Disposals - - (10,399 ) - (10,399 ) At 31 December 2009 315, 820 2,225,479 228,827 88,740 2,858,866 Depreciation At 1 January 2009 (156,657 ) (1,898,395 ) (268,415 ) - (2,323,467 ) Transfers and reclassification 2,085 6,373 61,534 - 69,992 Charge for period (11,422 ) (94,610 ) (13,857 ) - (119,889 ) Disposal - - 10,325 - 10,325 At 31 December 2009 (165, 994 ) (1,986, 632 ) ( 210,413 ) - (2,363,039 ) Net book value At 31 December 2009 149, 826 238 ,847 18, 414 88, 740 495 ,827 18. INVESTMENT PROPERTY - Group X 42 SAMEER Annual Report 2010 2009 2010 2009 KShs‘000 KShs‘000 At start of year 206,126 212,405 Depreciation (6,275 ) (6,279 ) At end of year 199,851 206,126 Comprising: Cost 250,941 250,941 Accumulated depreciation (51, 090 ) (44,815 ) At end of year 199,851 206,126 The directors’ estimate of the fair value of investment property is KShs 400 million (2009 - KShs 400 million). 19. PREPAID OPERATING LEASE RENTALS Group Company 2010 2009 2010 2009 KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000 At start of year 759 770 759 770 Amortisation charge for the year (8 ) (11 ) (8 ) (11 ) At end of year 751 759 751 759 20. INVESTMENT IN SUBSIDIARIES - Company The company’s interest in its subsidiaries, all of which are unlisted and all of which have the same year end as the company, were as follows:
Notes to the consolidated financial statements for the year ended 31 december 2010 Country of % interest 2010 2009 incorporation held KShs‘000 KShs‘000 Sameer Africa (Uganda) Limited Uganda 100 26,612 26,612 Sameer Africa (Tanzania) Limited Tanzania 100 74 74 Yana Tyre Centre Limited Kenya 100 10,000 10,000 Sameer Industrial Park Limited Kenya 100 120,000 120,000 Taqwa Trading Limited Kenya 100 35,000 35,000 191,686 191,686 Less: provision for impairment ( 35,000 ) ( 45,000 ) 21. INVESTMENT IN ASSOCIATES 156,686 146,686 Group Company 2010 2009 2010 2009 KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000 At start of year 137,026 137,026 137,026 137,026 Share of loss (2,640 ) - (2,640 ) - At end of year 134,386 137,026 134,386 137,026 The Group’s has an interest of 25% in the equity of its principal associate, Sameer Business Park Limited. Sameer Business Park Limited is incorporated in Kenya and is unlisted. The assets, liabilities, revenue, expenses and equity of Sameer Business Park Limited are as follow: Retained Assets Liabilities Revenues Expenses Earnings B/F Share Capital KShs’000 KShs‘000 KShs‘000 KShs’000 KShs‘000 KShs‘000 2010 2,275,744 (1,738,199) - 11,029 22,455 (560,000) 2009 1,575,601 (1,027,027) - 1,383 11,426 (560,000) Sameer Business Park Limited is currently not trading. 22. INVENTORIES Group Company 2010 2009 2010 2009 KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000 Raw materials 184,404 341,479 184,404 339,583 Stores and supplies 139,151 108,029 138,924 108,029 Work in progress 31,675 37,207 31,675 37,207 Finished goods 516,760 647,346 351,831 390,359 23. RECEIVABLES AND PREPAYMENTS 871,990 1,134,061 706,834 875,178 Group Company 2010 2009 2010 2009 KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000 Trade receivables 630,056 684,842 386,131 405,336 Less: Provision for impairment (161,104 ) (152,320 ) (99,865 ) (92,601 ) 468,952 532,522 286,266 312,735 SAMEER Annual Report 2010 43
- Page 3 and 4: Table of Contents Page Corporate In
- Page 5 and 6: Notice to the annual general meetin
- Page 7 and 8: Chairman’s Statement Following my
- Page 9 and 10: Managing Director’s Remarks 2010
- Page 11 and 12: Report of the Directors The directo
- Page 13 and 14: Board of Directors Seated from left
- Page 15 and 16: Corporate Governance The aggregate
- Page 17 and 18: Management Team Mr. M. M. Karanja M
- Page 19 and 20: Report of the independent auditors
- Page 21 and 22: Consolidated statement of financial
- Page 23 and 24: Company statement of changes in equ
- Page 25 and 26: Notes to the consolidated financial
- Page 27 and 28: Notes to the consolidated financial
- Page 29 and 30: Notes to the consolidated financial
- Page 31 and 32: Notes to the consolidated financial
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Notes to the consolidated financial statements<br />
for the year ended 31 december <strong>2010</strong><br />
Country of % interest <strong>2010</strong> 2009<br />
incorporation held KShs‘000 KShs‘000<br />
<strong>Sameer</strong> <strong>Africa</strong> (Uganda) <strong>Limited</strong> Uganda 100 26,612 26,612<br />
<strong>Sameer</strong> <strong>Africa</strong> (Tanzania) <strong>Limited</strong> Tanzania 100 74 74<br />
Yana Tyre Centre <strong>Limited</strong> Kenya 100 10,000 10,000<br />
<strong>Sameer</strong> Industrial Park <strong>Limited</strong> Kenya 100 120,000 120,000<br />
Taqwa Trading <strong>Limited</strong> Kenya 100 35,000 35,000<br />
191,686 191,686<br />
Less: provision for impairment ( 35,000 ) ( 45,000 )<br />
21. INVESTMENT IN ASSOCIATES<br />
156,686 146,686<br />
Group Company<br />
<strong>2010</strong> 2009 <strong>2010</strong> 2009<br />
KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000<br />
At start of year 137,026 137,026 137,026 137,026<br />
Share of loss (2,640 ) - (2,640 ) -<br />
At end of year 134,386 137,026 134,386 137,026<br />
The Group’s has an interest of 25% in the equity of its principal associate, <strong>Sameer</strong> Business Park <strong>Limited</strong>. <strong>Sameer</strong> Business<br />
Park <strong>Limited</strong> is incorporated in Kenya and is unlisted. The assets, liabilities, revenue, expenses and equity of <strong>Sameer</strong> Business<br />
Park <strong>Limited</strong> are as follow:<br />
Retained<br />
Assets Liabilities Revenues Expenses Earnings B/F Share Capital<br />
KShs’000 KShs‘000 KShs‘000 KShs’000 KShs‘000 KShs‘000<br />
<strong>2010</strong> 2,275,744 (1,738,199) - 11,029 22,455 (560,000)<br />
2009 1,575,601 (1,027,027) - 1,383 11,426 (560,000)<br />
<strong>Sameer</strong> Business Park <strong>Limited</strong> is currently not trading.<br />
22. INVENTORIES<br />
Group Company<br />
<strong>2010</strong> 2009 <strong>2010</strong> 2009<br />
KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000<br />
Raw materials 184,404 341,479 184,404 339,583<br />
Stores and supplies 139,151 108,029 138,924 108,029<br />
Work in progress 31,675 37,207 31,675 37,207<br />
Finished goods 516,760 647,346 351,831 390,359<br />
23. RECEIVABLES AND PREPAYMENTS<br />
871,990 1,134,061 706,834 875,178<br />
Group Company<br />
<strong>2010</strong> 2009 <strong>2010</strong> 2009<br />
KShs ‘000 KShs ‘000 KShs ‘000 KShs ‘000<br />
Trade receivables 630,056 684,842 386,131 405,336<br />
Less: Provision for impairment (161,104 ) (152,320 ) (99,865 ) (92,601 )<br />
468,952 532,522 286,266 312,735<br />
SAMEER <strong>Annual</strong> <strong>Report</strong> <strong>2010</strong> 43
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