Page 20 - Neal and Massy Holdings Annual Report 2012

18 2012
HIEF FINAN
Chief FINANCIAL Officer’s Report
Paula Rajkumarsingh
Executive Vice President &
Chief Financial Officer
Financial Highlights
• Group Third Party Revenue increased 7.6 percent from $8.5
billion to $9.1 billion
• Profit Before Tax (PBT) increased by 25.4 percent, from $640
million in 2011 to $802 million in 2012
• The losses from Discontinued Operations were $50 million,
compared to $474 million in 2011
• Earnings Per Share (EPS) from Continuing Operations was $5.13,
compared to $4.17 in 2011
• Total EPS increased from $1.02 to $4.87
• Group Debt remained at $1.4 billion
• Group Cash increased by16 percent to $1.3 billion
• Debt to Shareholders’ Equity Ratio improved, from 47.1 percent
in 2011 to 43 percent in 2012
• Current Ratio continued to improve, from 1.49 in 2011 to 1.50
in 2012
Results Overview
We continue to face a challenging economic environment in the
Caribbean. In Trinidad and Tobago the falling energy sector revenues
and the stagnant construction sector have negatively impacted our
business environment. The economies of Barbados and Jamaica also
continue to grapple with the effects of recession and stagnation in
the US and UK economies on which both islands are dependent
for tourism and remittance inflows. Consumers remained cautious
and discretionary spending declined in most territories in which we
operate. Despite this, Neal & Massy’s diversity has allowed us to
balance difficult years in one geography or industry, with successful
growth in others. In 2012 the PBT from Continuing Operations
crossed the $800 million mark, increasing to $802 million, 25.4
percent ahead of last year. Revenue from Continuing Operations
increased by 7.6 percent from $8.5 billion to $9.1 billion, and the
EPS from Continuing Operations increased by 23 percent from
$4.17 to $5.13.
This achievement resulted from an improvement in Business
Unit performance and non-recurrence of some of the previous
year’s expenses. In 2011, the Group incurred a number of one-off