CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

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Derick McLaughlin
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2 Trinidad & Tobago Unit Trust Corporation CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS Three months ended Nine months ended Restated Year ended 30-Sep Sep Sep Sep Dec-17 $ '000 $ '000 $ '000 $ '000 $ '000 Gross Income 219, , , ,291 1,064,626 Expenses (71,237) (68,031) (209,693) (198,975) (278,446) Net Change in Fair Value of Investment Securities (35,891) - (280,708) - - Impairment - (89,460) - (185,498) (191,638) Net Income before Guarantee Credit 112,076 17,342 95, , ,542 Price Guarantee Credit 2,064 4,625 1,667 9,177 16,813 Net Income after Guarantee Credit 114,141 21,966 97, , ,355 Distributions to Unitholders (43,336) (41,744) (175,280) (133,079) (197,450) Transfers to Unitholders' reserves (2,699) (12,426) (12,400) (32,478) (35,105) Income Capitalized (1,639) (570) (4,642) (26,212) (27,136) Attributable to Unitholders (16,882) 4,061 93,129 (261,878) (289,516) Net Income/(Loss) before Taxation 49,585 (28,712) (1,964) 34,347 62,148 Taxation (2,347) (1,259) (4,298) (4,507) (6,660) Net Income/(Loss) after Taxation 47,238 (29,972) (6,262) 29,841 55,488 Net Gain on Discontinued Operations ,865 Net Income/(Loss) for the period 47,238 (29,972) (6,262) 29,841 62,353 The accompanying notes form an integral part of these condensed consolidated financial statements. 2

3 Trinidad & Tobago Unit Trust Corporation CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Three months ended Nine months ended Restated Year ended 30-Sep Sep Sep Sep Dec-17 $ '000 $ '000 $ '000 $ '000 $ '000 Net Income/(Loss) for the period 47,238 (29,971) (6,262) 29,841 62,353 Other Comprehensive Loss (11,353) (10,650) (5,100) (12,417) (6,130) Total Comprehensive Income/(Loss) for the period 35,885 (40,621) (11,362) 17,424 56,223 The accompanying notes form an integral part of these condensed consolidated financial statements. 3

4 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Expressed in Trinidad and Tobago dollars Statutory Revaluation Retained Reserves Reserve Income Total $'000 $'000 $'000 $'000 Balance as at 1 January, ,700 (19,070) 1,435,396 1,422,026 Total Comprehensive Loss for the period - (5,100) (6,262) (11,362) Balance as at 30 September, 2018 () 5,700 (24,170) 1,429,134 1,410,664 Balance as at 1 January, ,700 28,566 1,322,152 1,356,418 Total Comprehensive Income for the period - (12,416) 29,841 17,425 Balance as at 30 September, 2017 (Restated) 5,700 16,150 1,351,993 1,373,843 Balance as at 1 January, ,700 28,566 1,322,152 1,356,418 Total Comprehensive Income for the year - (6,130) 62,353 56,223 Balance as at 31 December, 2017 (Restated) 5,700 22,436 1,384,505 1,412,641 The accompanying notes form an intergral part of these condensed consolidated financial statements. 4

5 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS Restated 30-Sep Sep Dec-17 $ '000 $ '000 $ '000 Net (Loss)/Income before Taxation (1,964) 34,348 62,148 Net Cash Flow From Operating Activities 330, , ,947 Net Cash (Used In)/Flow From Investing Activities (302,548) 724, ,107 Net Cash Flow From/(Used In) Financing Activities 128,997 (132,063) (316,554) Net Increase in Cash & Cash Equivalents 156,609 1,214, ,500 Cash & Cash Equivalents: Beginning of period 3,423,652 2,454,393 2,454,393 Net (Loss)/Gain on Foreign Exchange (60) (134) 759 End of period 3,580,201 3,668,368 3,423,652 The accompanying notes form an integral part of these condensed consolidated financial statements. 5

6 Notes to the Interim Condensed Consolidated Financial Statements For the nine months ended 30 September Nature of operations The Trinidad and Tobago Unit Trust Corporation (the Corporation) controlled nine (9) entities for the purposes of International Financial Reporting Standard (IFRS) 10, as at 30 September Basis of preparation The interim condensed consolidated financial statements for the nine months ended 30 September 2018 have been prepared in accordance with IAS 34 Interim Financial Reporting. 3. Significant accounting policies The accounting policies, presentation and methods of computation applied in these Condensed Financial Statements are consistent with those applied in the preparation of the annual Consolidated Financial Statements for the year ended 31 December 2017 except for the adoption of IFRS 9 on 1 January IFRS 9, was issued on July 2014 and is mandatory for annual periods beginning on or after 1 January Accordingly, the Group adopted IFRS 9 on 1 January 2018 and opted not to restate its prior periods. Adoption of IFRS 9 impacted the financials for the nine months ended 30 September 2018 as follows: i. The unrealized gains and losses arising on the Group s financial assets were recognized in the Statement of Profit or Loss. Prior to 1 January 2018 such unrealized gains and losses were recognized primarily under the caption - Other Comprehensive Income with the unrealized gains and losses of impaired assets being reclassified and recognized in the Statement of Profit Loss. ii. Prior to 1 January 2018, impairments were recognized on equity instruments where the value of the equity had declined below cost by more than 30% or had remained below cost for twelve months or more. No impairments will be recognized on such a basis post 1 January The Group has recognized all movements in the fair value of its financial assets in the Statement of Profit or Loss. Substantially all of the Group s Investment Securities were categorized previously as available-forsale under IAS 39 and reported at fair value. On adoption of IFRS 9, all of the Group s Investment Securities were categorized as fair value through profit or loss. As a result, there was no difference in the carrying value of the Group s Investment Securities on 1 January

7 Notes to the Interim Condensed Consolidated Financial Statements For the nine months ended 30 September Significant accounting policies (continued) The carrying values and categorization of the Group s Investment Securities under IAS 39 and IFRS 9 at 1 January 2018 are tabulated below. Prior to 1 January 2018 under IAS 39 Post 1 January 2018 under IFRS 9 Categorization Available-for-sale Fair value through Profit or Loss Account Carrying value $18,113,588 Mn $18,113,588 Mn 4. Prior Period Restatements The Consolidated Financial Statements for the periods 31 December 2016, 30 September 2017 and 31 December 2017 were re-stated to recognize transactions with unitholders which were incorrectly recorded. These changes had no effect on the Net Assets or operating results and net income after tax of the Group for the re-stated periods. 5. Approval of Interim Financial Statements The interim condensed consolidated financial statements were approved for issue by the Board of Directors on 9 November

CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS

Trinidad & Tobago Unit Trust Corporation CONDENSED CONSOLIDATED STATEMENT OF PROFIT OR LOSS Three months ended Six months ended Restated Year ended 30-Jun-18 30-Jun-17 30-Jun-18 30-Jun-17 31-Dec-17 $ '000