Home' Trinidad and Tobago Guardian : July 1st 2015 Contents A28
Guardian www.guardian.co.tt Wednesday, July 1, 2015
Iam pleased to report that NEL
recorded a profit of $490.5M
for the year ended 31st March,
2015 compared to $200.5M
in the previous year an increase
of 144.7%. Earnings per share
was $0.80 compared to $0.32 for
the prior year. TSTT returned to
profitability in 2015 contributing
$108.6M to NEL compared to a
loss of $226M in 2014. This was
driven by improved operational
performance after making VSEP
provisions in 2014. NGC NGL also
performed marginally better in 2015.
The Board's strategic decisions to
pursue a diversification strategy
by seeking new investments and
strengthening management has
also started to produce results.
NEL therefore received its first full
year earnings from its investment in
a 10% shareholding in Powergen
yielding $11.5M in dividends, as well
as dividends from our investments
in FCB and CIF shares. In addition,
our investment in November, 2014
in Panwest LLC (the owner of 10%
of Phoenix Park Gas Processors
Limited) as a member of a
consortium with the NIB and UTC,
produced dividends of $9.8M over
a 4 month period.
These positive increases were
offset by lower profitability from
Tringen due to plant downtime
from a capital expenditure Energy
Efficiency Improvement Project.
This project was funded entirely
from internal funds, and therefore
Tringen's final dividends for the year
ended 31st December, 2014 will be
paid to NEL after our year end of
31st March, 2015. TSTT also did
not pay any interim dividends, and
will therefore pay a final dividend
in respect of the year ended 31st
March, 2015 in NEL's FY 2016.
NGC NGL also produced higher
results than 2014 and NFM has also
reported improved earnings. Total
Dividend Income was therefore
$318,028 compared to $ 305,014 in
2014 an increase of 4.2%.
Pursuant to TATT's directive,
NEL has agreed to a divestment
and suspension agreement with
Cable and Wireless which will lead
to a divestment of CWC's 49%
shareholding in TSTT. This will
ultimately lead to a new strategic
partner for TSTT. We also expect
our new strategic investments to
continue to generate good returns.
A final dividend of $0.27 cents
is proposed which when added to
the interim dividend of $0.23 cents
gives a total dividend of $0.50 for
the year (2014: $0.46 cents).
Kenny Lue Chee Lip
We have audited the accompanying consolidated financial
statements of National Enterprises Limited, which comprise
the statement of financial position as at 31 March, 2015 the
statements of comprehensive income, changes in equity and
cash flows for the year ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the
Management is responsible for the preparation and fair
presentation of these consolidated financial statements
in accordance with International Financial Reporting
Standards, and for such internal control as management
determines is necessary to enable the preparation of
consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these
consolidated financial statements based on our audit.
We conducted our audit in accordance with International
Standards on Auditing. Those standards require that we
comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance whether the consolidated
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and the disclosures in
the consolidated financial statements. The procedures
selected depend on the auditors' judgement, including the
assessment of the risks of material misstatement of the
consolidated financial statements, whether due to fraud
or error. In making those risk assessments, the auditors
consider internal control relevant to the entity's preparation
and fair presentation of the consolidated financial statements
in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the entity's internal control.
An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of
accounting estimates made by management, as well as
evaluating the overall presentation of the consolidated
financial statements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide for
our audit opinion.
In our opinion, the consolidated financial statements present
fairly, in all material respects, the financial position of National
Enterprises Limited as of 31 March, 2015 and of its financial
performance and its cash flows for the year then ended in
accordance with International Financial Reporting Standards.
TRINIDAD AND TOBAGO
29 June, 2015
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