Unilever Caribbean Limited

Transcription

1 Financial Statements (Expressed In Trinidad and Tobago Dollars)

2 Contents Page Auditors Report 1 Profit and Loss Account 2 Balance Sheet 3 Statement of Changes in Equity 4 Cash Flow Statement 5 Accounting Policies 6-10 Notes to the Financial Statements 11-21

3 Auditors' Report To the shareholders of Unilever Caribbean Limited We have audited the balance sheet of Unilever Caribbean Limited as at, and the profit and loss account, statement of changes in equity and cash flow statement for the year then ended as set out on pages 2 to 21. These financial statements are the responsibility of the company s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the financial statements present fairly, in all material respects, the financial position of the company as at and the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards. Port of Spain Trinidad, West Indies 9 March 2006 (1)

4 Profit And Loss Account Year Ended 31 December Notes $'000 $'000 Turnover 2 352, ,422 Cost of Sales (205,595) (201,961) Gross Profit 147, ,461 Expenses Distribution cost (47,915) (46,547) Administrative expenses (55,723) (49,504) (103,638) (96,051) Profit Before Taxation 3 43,488 43,410 Taxation 4 (8,675) (12,097) Profit After Taxation 34,813 31,313 Earnings Per Share 5 $ 1.33 $ 1.19 Dividends Paid Per Share $ 0.35 $ 0.35 Dividends Proposed Per Share 6 $ 0.80 $ 0.75 Total Dividends Per Share $ 1.15 $ 1.10 The accounting policies on pages 6 to 10 and notes on pages 11 to 21 form an integral part of these financial statements. (2)

5 Balance Sheet 31 December Notes $'000 $'000 ASSETS Non-current Assets Property, plant and equipment 7 60,817 57,402 Retirement benefit asset 8 50,366 45, , ,805 Current Assets Inventories 9 45,718 45,532 Trade and other receivables 10 63,119 57,388 Amounts due from related companies 11 4,565 3,464 Taxation recoverable 1,155 2,072 Cash at bank and in hand 14,176 11, , ,823 Total Assets 239, ,628 EQUITY AND LIABILITIES Shareholders Equity Share capital 12 26,244 26,244 Revaluation reserve 13 10,017 10,017 Dividends proposed 20,995 19,683 Retained earnings 17,090 12,457 Total Shareholders Equity 74,346 68,401 Non-current Liabilities Retirement and termination obligations 8 28,090 28,607 Deferred taxation 14 19,099 21,155 47,189 49,762 Current Liabilities Trade and other payables 15 50,452 40,735 Amounts due to parent and related companies 11 23,102 19,641 Taxation payable 797 1,749 Bankers acceptances 16 44,030 42, , ,465 Total Liabilities 165, ,227 Total Equity And Liabilities 239, ,628 The accounting policies on pages 6 to 10 and notes on pages 11 to 21 form an integral part of these financial statements. On 9 March 2006, the Board of Directors of Unilever Caribbean Limited authorised these financial statements for issue. Director Director (3)

6 Statement Of Changes In Equity Total Share Revaluation Dividends Retained Shareholders Capital Reserve Proposed Earnings Equity $ 000 $ 000 $ 000 $ 000 $ 000 Year ended 31 December 2004 Balance at 1 January ,244 10,017 36,741 10,012 83,014 Dividends paid ($1.40 per share) (36,741) -- (36,741) 26,244 10, ,012 46,273 Profit after taxation ,313 31,313 Dividends paid ($0.35 per share) (9,185) (9,185) Dividend proposed 2004 ($0.75 per share) ,683 (19,683) -- Balance at 31 December ,244 10,017 19,683 12,457 68,401 Year ended Balance at 1 January ,244 10,017 19,683 12,457 68,401 Dividends paid ($0.75 per share) (19,683) -- (19,683) 26,244 10, ,457 48,718 Profit after taxation ,813 34,813 Dividends paid ($0.35 per share) (9,185) (9,185) Dividends proposed 2005 ($0.80 per share) ,995 (20,995) -- Balance at 26,244 10,017 20,995 17,090 74,346 The accounting policies on pages 6 to 10 and notes on pages 11 to 21 form an integral part of these financial statements. (4)

7 Cash Flow Statement Year Ended 31 December Notes $'000 $'000 Operating Activities Profit before taxation 43,488 43,410 Adjustments for: Depreciation 7 3,556 5,019 Provision for impairment charge ,612 Loss/(profit) on disposal of plant and equipment 232 (189) Retirement and termination benefits (5,480) (3,359) Operating profit before working capital changes 41,796 46,493 (Increase)/decrease in trade and other receivables (5,731) 14,832 (Increase)/decrease in amounts due from related companies (1,101) 323 (Increase)/decrease in inventories (186) 5,540 Increase/(decrease) in trade and other payables 9,717 (3,523) Increase in amounts due to parent and related companies 3, Net Cash Inflow From Operating Activities 47,956 64,282 Taxation Paid (10,766) (12,056) Net Cash Inflow From Operating Activities 37,190 52,226 Investing Activities Purchase of plant and equipment (7,221) (10,007) Proceeds on disposal of plant and equipment Net Cash Outflow From Investing Activities (7,203) (9,495) Financing Activity Dividends paid (28,868) (45,926) Increase/(Decrease) In Cash And Cash Equivalents 1,119 (3,195) Cash And Cash Equivalents At Beginning Of Year (30,973) (27,778) Cash And Cash Equivalents At End Of Year (29,854) (30,973) Cash At Bank And In Hand 14,176 11,367 Bankers Acceptances 16 (44,030) (42,340) (29,854) (30,973) The accounting policies on pages 6 to 10 and notes on pages 11 to 21 form an integral part of these financial statements. (5)

8 Accounting Policies The principal accounting policies adopted in the preparation of these financial statements are set out below: a Basis of preparation These financial statements have been prepared in accordance with International Financial Reporting Standards under the historical cost convention except for freehold properties which were professionally valued on 31 March The preparation of financial statements in conformity with International Financial Reporting Standards requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management s best knowledge of current events and actions, actual results ultimately may differ from those estimates. b Property, plant and equipment Cost or revaluation Land and buildings are stated at valuation or, for additions subsequent to the date of revaluation, at cost. All other assets are stated at historical cost less depreciation. Land and buildings are professionally valued every five years by independent valuers. Increases in the carrying amount arising on revaluation are credited to the revaluation reserve in shareholders equity. Decreases that offset previous increases in the same asset are charged against the revaluation reserve; all other decreases are charged to the profit and loss account. Depreciation Freehold land and capital work in progress are not depreciated. Depreciation is calculated on the straight line basis using the following rates: Freehold buildings - 2.5% per annum Leasehold buildings - over the period of lease Plant and equipment - 7% to 33 1/3% per annum Motor vehicles - 20% per annum Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down to its recoverable amount. Gains and losses on disposal of fixed assets are determined by reference to their carrying amounts and are taken into account in determining operating profit. On disposal of revalued assets, amounts in the revaluation reserve relating to that asset are transferred to retained earnings. (6)

9 Accounting Policies (Continued) c Inventories Inventories are stated at the lower of weighted average cost or net realisable value. The cost of raw and packaging materials and finished goods are determined on a weighted average cost basis. Finished goods include a proportion of attributable production overheads. Engineering and general stores are valued at weighted average cost. Net realisable value is the estimated selling price in the ordinary cost of business, less the costs of completion and selling expenses. d Segment reporting A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments. A geographical segment is engaged in providing products or services within a particular economic environment that are subject to risks and returns that are different from those of segments operating in other economic environments. e Impairment of non-financial assets Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets that suffered an impairment are reviewed for possible reversal of the impairment at each reporting date. f Foreign currency translation (i) Functional and presentation currency Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates ( the functional currency ). The financial statements are presented in Trinidad and Tobago dollars, which is the Company s functional and presentation currency. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the profit and loss account. (7)

10 Accounting Policies (Continued) g Deferred income taxes Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying values in the financial statements. Deferred income tax is determined using tax rates that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. The principal temporary differences arise from depreciation on property, plant and equipment, revaluation of certain non-current assets and provisions for pensions and other post retirement benefits. h Employee benefits (i) Pension obligations The company operates a defined benefit final salary pension plan covering certain regular full time employees. The funds of the plan are administered by trustees and are separate from the company's assets. The pension accounting costs are assessed using the projected unit credit method. Under this method, the cost of providing pensions is charged to the profit and loss account so as to spread the regular cost over the service lives of employees in accordance with the advice of qualified actuaries who carry out a full valuation of the plan every three years. The pension obligation is measured as the present value of the estimated future cash outflows using a rate of 7.75% (2004: 6.5%) for active members, deferred pensioners and current pensioners. Actuarial gains and losses are only recognised when they fall outside a corridor equal to 10% of the larger of the value of the plan s assets and the value of the plan s liabilities. These gains and losses are recognised over the average remaining service lives of employees. The company also operates a supplementary scheme. This is a closed scheme providing exgratia pensions for which no additional employees are expected to qualify. The expected costs of these benefits are accrued over the period of employment, using an accounting methodology similar to that for defined benefit pension plans. Valuations of these obligations are carried out by independent qualified actuaries. (ii) Other post retirement obligations The industrial agreement covering the hourly rated employees provides for a termination benefit which functions as a retirement benefit for those employees who are not in the pension plan. The expected costs of these benefits are accrued over the period of employment, using an accounting methodology similar to that for defined benefit pension plans. Valuations of these obligations are carried out by independent qualified actuaries. (8)

11 Accounting Policies (Continued) h Employee benefits (Continued) (iii) Termination benefits Termination benefits for employees excluding hourly rated employees are payable when employment is terminated by the company before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The company recognises termination benefits when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. (iv) Profit-sharing and bonus plans The company recognises a liability and an expense for bonuses and profit-sharing, based on a formula that takes into consideration the profit attributable to the company s shareholders after certain adjustments. i Financial instruments Financial instruments carried on the balance sheet include cash and bank balances, bankers acceptances, receivables and creditors. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item. j Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand and bankers acceptances. k Trade receivables Trade receivables are carried at original invoice amount less provision made for impairment of these receivables. A provision for impairment of trade receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of receivables. Bad debts are written off during the year in which they are identified. l Accounting for leases - where the company is the lessee Leases of assets under which all the risks and benefits of ownership are effectively retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease. When an operating lease is terminated before the lease period has expired, any payment required to be made to the lessor by way of penalty is recognised as an expense in the period in which termination takes place. (9)

12 Accounting Policies (Continued) m Provisions Provisions are recognised when the company has a present legal or constructive obligation as a result of past events, and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount can be made. Employee entitlements to annual leave are recognised when they accrue to employees. A provision is made for the estimated liability for annual leave as a result of services rendered by employees up to the balance sheet date. n Revenue recognition Revenue comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company s activities. Revenue is shown net of value-added tax, rebates and discounts. Revenue is recognised as follows: Sales of goods Sales of goods are recognised when the company has delivered products to the customer, the customer has accepted the products and collectibility of the related receivables is reasonably assured. Interest Income Interest income is recognised on a time proportion basis, taking account of the principal outstanding and the effective rate over the period to maturity, when it is determined that such income will accrue to the company. o Comparatives Where necessary, comparative figures have been adjusted to conform with changes in presentation in the current year. (10)

13 Notes To The Financial Statements 1 Incorporation And Nature Of Activities Unilever Caribbean Limited was incorporated in the Republic of Trinidad and Tobago in 1929, and its registered office is located at Eastern Main Road, Champs Fleurs. The principal business activities are the manufacture and sale of homecare, personal care and food products. The company is a subsidiary of Unilever Overseas Holdings AG, which is a wholly owned subsidiary of Unilever PLC, a company incorporated in the United Kingdom. 2 Turnover $'000 $'000 Third party sales 331, ,691 Sales to related companies 21,144 21, , ,422 3 Profit Before Taxation This is stated after charging/(crediting): Staff costs (Note 19) 59,755 64,454 Depreciation (Note 7) 3,556 5,019 Finance costs net 1,947 1,535 Audit fees Directors' fees Foreign exchange gain (200) (1,113) Net profit on disposal of brands -- (2,690) (11)

14 Notes To The Financial Statements 4 Taxation $ 000 $ 000 Current tax 10,981 10,184 Deferred tax charge (Note 14) 1,469 2,026 Effect of change in tax rate (Note 14) (3,525) -- Prior year over-provision (603) (455) Green fund levy ,675 12,097 The rate of corporation tax was reduced from 30% to 25% with effect from 1 January In accordance with International Accounting Standard 12 Income Taxes, applicable deferred tax balances were re-measured at the reduced rate and the consequential credit of $3,525,000 has been recorded through the profit and loss account. The company's effective rate varies from the statutory rate of 30% as a result of the differences shown below: Profit before taxation 43,488 43,410 Tax calculated at 30% 13,046 13,023 Effect of change in tax rate opening deferred tax (3,525) -- Effect of change in tax rate (345) -- Training allowance (226) (228) Expenses not deductible for tax purposes Prior year over-provision (603) (455) Income not subject to tax -- (1,759) Adjustment for previously unrecognised timing differences (102) 609 Green fund levy Tax charge 8,675 12,097 5 Earnings Per Share Basic earnings per share is calculated by dividing the profit attributable to shareholders of the company by the weighted average number of ordinary shares in issue during the year. Profit attributable to shareholders 34,813 31,313 Weighted average number of ordinary shares in issue ( 000) 26,244 26,244 Earnings per share $ 1.33 $ Dividends Proposed On 9 March 2006, the Board of Directors of Unilever Caribbean Limited proposed a final dividend of $0.80 per share, subject to shareholders approval at the annual meeting, bringing the total dividends for the financial year ended to $1.15 (2004: $1.10). (12)

15 Notes To The Financial Statements (Continued) 7 Property, Plant And Equipment Year ended Freehold Freehold Leasehold Plant & Motor Work in Land Buildings Building Equipment Vehicles Progress Total $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 Opening net book amount 10,000 13, , ,028 57,402 Additions ,221 7,221 Transfers , (6,481) -- Disposals (250) (250) Depreciation charge -- (394) (68) (3,094) (3,556) Closing net book amount 10,000 13, , ,768 60,817 At Cost or valuation 10,000 15,089 2,885 83, , ,764 Accumulated depreciation -- (1,724) (2,885) (54,338) (58,947) Net book amount 10,000 13, , ,768 60,817 Year ended 31 December 2004 Opening net book amount 10,000 13, , ,844 54,349 Additions ,007 10,007 Transfers -- 1, , (5,823) -- Disposals (224) (99) -- (323) Depreciation charge -- (380) (406) (4,212) (21) -- (5,019) Impairment charge (1,612) (1,612) Closing net book amount 10,000 13, , ,028 57,402 At 31 December 2004 Cost or valuation 10,000 15,089 2,885 87, , ,237 Accumulated depreciation -- (1,330) (2,817) (61,688) (65,835) Net book amount 10,000 13, , ,028 57,402 The freehold properties were revalued on an open market basis by Linden Scott & Associates Limited, professional valuers in March If land and buildings were stated on the historical cost basis, the amounts would be as follows: $ 000 $ 000 Cost 16,848 16,848 Accumulated depreciation (6,163) (5,710) Net book amount 10,685 11,138 (13)

16 Notes To The Financial Statements (Continued) 8 Retirement And Termination Asset/(Obligations) $ 000 $ 000 Retirement Benefit Asset Amounts recognised in the balance sheet are as follows: Present value of funded obligations (168,320) (144,000) Fair value of plan assets 217, ,676 48,774 67,676 Unrecognised actuarial loss/(gain) 1,592 (22,273) Retirement benefit asset 50,366 45,403 Movement in the asset recognised in the balance sheet: Asset as at 1 January 45,403 42,410 Net pension income 3,705 1,409 Contributions paid 1,258 1,584 Asset as at 31 December 50,366 45,403 Amounts recognised in the profit and loss account: Current service cost 3,991 3,498 Interest on benefit obligation 9,226 8,708 Expected return on plan assets (16,848) (13,678) Past service cost (74) 63 Net pension income (3,705) (1,409) Expected return on plan assets 16,848 13,678 Actuarial (loss)/gain on plan assets (9,586) 27,990 Actual return on plan assets 7,262 41,668 Retirement and Termination Obligations Supplementary pension scheme (2,025) (2,100) Termination benefits - hourly paid employees (26,065) (26,507) (28,090) (28,607) (14)

17 Notes To The Financial Statements (Continued) 8 Retirement And Termination Asset/(Obligations) (Continued) $ 000 $ 000 Supplementary Pension Scheme Amounts recognised in the balance sheet are as follows: Present value of funded obligations (2,250) (2,333) Unrecognised actuarial loss Liability as at 31 December (2,025) (2,100) Movement in the liability recognised in the balance sheet: Liability as at 1 January (2,100) (2,164) Net pension cost (163) (160) Benefit payments Liability as at 31 December (2,025) (2,100) Amounts recognised in the profit and loss account: Interest on benefit obligation Amortisation of transitional liability Net pension cost Termination Benefits - Hourly Paid Employees Amounts recognised in the balance sheet are as follows: Present value of funded obligations (25,300) (26,593) Unrecognised actuarial (gain)/loss (765) 86 Liability as at 31 December (26,065) (26,507) Movement in the liability recognised in the balance sheet: Liability as at 1 January (26,507) (26,809) Net pension cost (2,697) (2,864) Benefit payments 3,139 3,166 Liability as at 31 December (26,065) (26,507) (15)

18 Notes To The Financial Statements (Continued) 8 Retirement And Termination Asset/(Obligations) (Continued) $ 000 $ 000 Termination Benefits - Hourly Paid Employees (Continued) Amounts recognised in the profit and loss account: Current service cost 1,068 1,208 Interest on benefit obligation 1,629 1,656 Net pension cost 2,697 2,864 Total Amounts Recognised in the Profit and Loss Account: Current service cost 5,059 4,706 Interest on benefit obligation 10,999 10,513 Expected return on plan assets (16,848) (13,678) Past service cost (74) 63 Amortised net loss Net pension (credit)/cost (845) 1,615 The principal assumptions are as follow: Discount rate - Actives and deferred 7.75% 6.5% - Pensioners 7.75% 6.5% - Terminations/lump sum benefits 7.75% 6.5% Salary increases - Monthly paid employees 6% 5% - Weekly paid employees 5.5% 4.5% NIS ceiling/pension increases - Pension increases 5.5% 3.5% - Rate of return on pension plan assets 9% 8% 9 Inventories Finished goods 22,009 22,850 Raw materials and supplies 14,323 13,114 Goods in transit 5,226 6,608 Engineering and general stores 3,477 2,490 Work in progress ,718 45,532 (16)

19 Notes To The Financial Statements (Continued) 10 Trade And Other Receivables $ 000 $ 000 Trade receivables 58,807 48,959 Less: Provision for bad and doubtful debts (3,781) (3,832) Trade receivables net 55,026 45,127 Other receivables and prepayments 8,093 12,261 63,119 57, Related Party Transactions The company is controlled by Unilever Overseas Holdings AG (Incorporated in Switzerland) which owns 50% of the company s shares, the remaining 50% are held widely. The following transactions were carried out with related parties: i) Sales to related companies 21,144 21,731 ii) Purchases from related companies 42,864 43,024 iii) Royalties and service fees charged to the company 15,974 15,227 iv) Key management compensation: Salaries and other short-term employee benefits 4,546 4,330 Termination benefits v) Year end balances arising from sales/purchases of goods/services: 4,687 4,330 Amounts due from related companies 4,565 3,464 Amounts due to parent company 3,740 3,304 Amounts due to related companies 19,362 16,337 23,102 19,641 Related party transactions during the year were conducted in accordance with established Unilever group policy. (17)

20 Notes To The Financial Statements (Continued) 12 Share Capital $ 000 $ 000 Authorised An unlimited number of ordinary shares of no par value Issued and fully paid 26,243,832 ordinary shares of no par value 26,244 26, Revaluation Reserve Revaluation of freehold land and buildings 10,017 10, Deferred Taxation Deferred income taxes are calculated on all temporary differences under the liability method using a principal tax rate of 25% ( %). Deferred tax assets and liabilities and the deferred tax charge in the profit and loss account are attributable to the following items: Effect of Charge to Change in Profit and Loss 2004 Tax Rate Account 2005 $ 000 $ 000 $ 000 $ 000 Deferred income tax liabilities Accelerated tax depreciation 8,786 (1,464) 100 7,422 Retirement benefit asset 13,621 (2,270) 1,240 12,591 22,407 (3,734) 1,340 20,013 Deferred income tax asset Retirement benefit obligation (1,252) (914) Net deferred income tax liability 21,155 (3,525) 1,469 19, Trade And Other Payables $ 000 $ 000 Trade payables 24,634 19,303 Other payables and accruals 25,818 21,432 50,452 40,735 (18)

21 Notes To The Financial Statements (Continued) 16 Bankers Acceptances $ 000 $ 000 Bankers acceptances 44,030 42,340 The bankers acceptances held at were for terms ranging between 59 and 62 days and at interest rates varying between 5.20% and 6.05%: Financial Institution Citibank (Trinidad and Tobago) Limited Citibank (Trinidad and Tobago) Limited Scotiabank Trinidad and Tobago Limited Principal TT$14,400,000 US$3,000,000 TT$11,000, Contingent Liabilities $ 000 $ 000 (i) Custom bonds and other guarantees 3,324 3,003 (ii) As at there were certain legal proceedings outstanding against the company. In the opinion of the directors, after taking appropriate legal advice, the outcome of such actions will not give rise to any significant loss. 18 Capital And Lease Commitments Capital Commitments Authorised and contracted for and not provided for in the financial statements 102 1,184 Lease Commitments The company's commitment as at under the terms of non-cancellable operating leases is $7,177,000 ( $6,501,000). Not later than one year 3,031 2,937 Later than one year and not later than five years 4,146 3,564 7,177 6,501 (19)

22 Notes To The Financial Statements (Continued) 19 Staff Costs $ 000 $ 000 Wages and salaries 55,665 57,620 National insurance 1,335 1,419 Retirement and termination benefits (Note 8) (845) 1,615 Severance costs 3,600 3,800 Average number of persons employed by the company during the year: 59,755 64,454 Full time Part time Financial Information By Segment 20.1 Business Home and Personal Care Foods Total $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 Turnover 227, , , , , ,422 Profit before taxation 23,049 20,837 20,439 22,573 43,488 43,410 Segment assets 29,717 35,248 16,001 10,284 45,718 45,532 Unallocated assets 194, ,096 Total assets 239, ,628 The company is organised into two main business segments: Home and personal care manufacture and sale of a range of laundry detergents, other household products and a range of skin care, oral care and personal hygiene products. Foods manufacture and sale of a wide range of general food items. There are no sales or other transactions between the business segments. Segment assets consist of inventories. (20)

23 Notes To The Financial Statements (Continued) 20 Financial Information By Segment (Continued) 20.2 Geographical Capital Turnover Total Assets Expenditure $ 000 $ 000 $ 000 $ 000 $ 000 $ 000 Trinidad and Tobago 187, , , ,549 7,221 10,007 Other 165, ,617 20,044 20, Other 352, , , ,628 7,221 10,007 This segment includes revenue and receivables from sales to other Caribbean countries including CARICOM, Aruba and the Netherlands Antilles. 21 Financial Risk Factors (i) Credit risk The company has no significant concentration of credit risk. (ii) Fair values The carrying amounts of the following financial assets and financial liabilities approximate to their fair value: cash and bank balances, trade receivables and payables, other receivables and payables and dividends. (21)