Page 23 - Neal and Massy Holdings Annual Report 2012

21 forward focused
Our investing activities utilized $302 million in cash during 2012,
compared to $279 million in 2011. There were no new acquisitions
for the last two years, and the major capital expenditure was
concentrated in the Integrated Retail Business Unit. The Integrated
Retail Business Unit invested in the purchase of its own regional
brand, Valrico, expanded its warehousing capacity in Trinidad and
Tobago and started the refurbishment of several of its supermarkets
in Trinidad and Tobago.
Our financial activities utilised $213 million in cash in 2012
compared to $182 million in 2011. There was an increase in
dividends paid to non-controlling interest.
The Group has adequate financial resources to support its
anticipated short and long-term capital obligations.
Internal Control and Assurance
The Group maintains an independent Internal Audit function with
a Group-wide mandate to monitor and provide assurance to the
Board’s Audit Committee and ultimately to the Board of Directors as
to the effectiveness of the internal controls systems. The department
is also mandated to regularly report its findings to the Board, via
the Audit Committee. The annual Internal Audit Plan, which is also
approved by the Board, applies a risk -based methodology to ensure
that the Group’s key risks are appropriately and regularly reviewed. In
addition, as part of the annual operating cycle, each business is also
required to review and report on legal liabilities, financial controls,
HSSE issues, business risks and post-implementation reviews are
done on all major capital investment expenditure.
1.40 27.64 1.40 28.64 1.29 31.20 1.26 31.09 1.50 35.01
2008 2008 2009 2009 2011 2011 2010 2010 2012 2012
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0
40
35
30
25
20
15
10
5
0
Dividends per Share
TT$.¢.
Net Assets per Share
TT$.¢.
Increase 2011-2012
16%
Increase 2011-2012
12%
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