Page 22 - Neal and Massy Holdings Annual Report 2012

20 2012
Chief FINANCIAL OFFICER’S Report
Interest costs have fallen by four percent to $46 million. The
interest rate environment remained low throughout the year.
The taxation charge for the Group increased to $258 million,
compared to $195 million in 2011, and the effective tax rate
increased from 31 percent to 32 percent. The Tax charge from our
Associate Companies increased from $14 million to $43 million. In
addition, increased profits generated in the higher tax jurisdictions
of Guyana and Jamaica accounted for part of the increase in the
taxation charge.
The business environment remains challenging, but the Group
has a conservative business model which prudently manages risk
and we expect our performance to continue to improve in 2013.
STATEMENT OF FINANCIAL POSITION
The strength of the Statement of Financial Position was maintained
during the year, as evidenced by improvements in all key liquidity
ratios. Total Assets closed at $8.5 billion, an increase from $8.2
billion. Assets in our Continuing Operations are valued at $7.9 billion
and the assets of the disposal group classified as ‘Held for Sale’ are
valued at $591 million. The classification of the Hotel assets as ‘Held
for Sale’ remained, as two out of the four hotel properties remained
unsold at the year end. The Cash held in the Group increased 16
percent to $1.3 billion while our debt was $1.5 billion, 73 percent
of which is medium to long term debt.
Our Net Assets after non-controlling interest per Share was $35.01
as at end of financial year, compared to $31.20 in 2011 and our
leverage improved from 47.1 percent to 43 percent.
7,471
*
731
*
8,045
*
730
*
8,497 640 7,969 715 9,146 802
2008 2008 2009 2009 2011 2011 2010 2010 2012 2012
10000
8000
6000
4000
2000
0
900
800
700
600
500
400
300
200
100
0
Revenue
TT$M
PROFIT BEFORE TAX
TT$M
Increase 2011-2012
8%
Increase 2011-2012
25%
FIVE YEAR
* Restated for Continuing Operations * Restated for Continuing Operations