Home' Trinidad and Tobago Guardian : December 28th 2016 Contents First Citizens Holdings Limited
Unconsolidated Financial Statements
30 September 2016
4 Cash and cash equivalents
Money market fund
Cash at bank
The average effective interest rate on cash and cash equivalents is 0.83% (2015: 0.98%).
These deposits have an average maturity of 30 days (2015: 30 days).
5 Note receivable
The note receivable is due from the subsidiary, First Citizens Bank Limited, and is non interest bearing,
with no specified maturity date. This note is part consideration for the note payable to the subsidiary
6 Investment in subsidiary
Ordinary shares at cost
Preference shares at cost
This investment represents 77.2% (2015: 77.2%) of the ordinary share capital and 79.4% of the "B"
class preference shares of First Citizens Bank Limited, which is incorporated in Trinidad and Tobago and
operates as a bank. During the year ended 30 September 2013, the Company disposed of 48,495,665
shares at an average cost of $2.1763 through an initial public offering (IPO) on the Trinidad and
Tobago Stock Exchange (T&TSE).
7 Other receivables
8 Other liabilities
Audit fees payable
9 Note payable
Due to First Citizens Bank Limited
This represents the balance on a note issued by the Company on 30 September 1994 as consideration
for $40.0 million redeemable preference shares in the Company's subsidiary First Citizens Bank Limited
(the Bank) and a non-interest-bearing note in the amount of $58.0 million issued by the Bank.
A new agreement was entered into effective 1 October 2000, whereby unpaid interest up to that date
of $11.2 million was capitalised. Thereafter, accrued interest was capitalised semi annually until 30
September 2002 (the end of the moratorium) and this totalled $17.9 million.
The terms of the new agreement are as follows:
- Tenor of 22 years with effect from 1 October 2000;
- Interest rate of 4.5% below prime with a floor rate of 11.5% per annum;
- A moratorium of 2 years on payments for both principal and interest;
- Payment of principal and interest in semi-annual intervals thereafter; and
- Government guaranteed
As at the balance sheet date, there was no interest outstanding (2013: Nil). This note is not transferable.
GORTT is servicing the interest obligations on these loans on behalf of the Company (See Note 11).
10 Share capital
50,000,000 ordinary shares of no par value
Issued and fully paid
23,205,002 ordinary shares of no par value
11 Capital contribution
Balance at beginning of the year
Capital contribution for the year
GORTT, the sole shareholder of the Company, has guaranteed the notes and interest payable due
by the Company and is currently servicing these notes as they fall due for payment. This support is
necessary as the Company is unable to service these notes based on its existing cash flows (Note 9).
12 Other income
This represents a refund of Green Fund Levy for 2013. Green Fund Levy was paid on Capital Gains from
disposal of 48,495,665 shares through an initial public offering (IPO) in 2013.
13 Interest income
Money market fund
14 Interest expense
Note payable to First Citizens Bank Limited
15 Administrative expenses
Green fund levy
The tax on profit differs from the theoretical amount that would arise using the basic rate of tax as
Profit before taxation
Tax calculated at 25%
Tax allowances/non allowable expenses
Income not subject to tax
17 Related party transactions
During the year, the Company had the following transactions and balances with its subsidiary First
Citizens Bank Limited.
Cash and cash equivalents
Investment in subsidiary
Due to subsidiary
The Company's key management compensation is borne by the Company's subsidiary, First Citizens
Bank Limited. All related party transactions were carried out on commercial terms and conditions with
the exception of the note receivable as described in note 5 of the financial statements.
(Expressed in Trinidad and Tobago dollars)
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