blue power annual report 2019 final customer edit...military qualiﬁcations, he holds a diploma in...

ANNUAL REPORT

2019

HIGHLIGHTS 2015-2019

2019 2018 2017 2016 2015

$ '000 $ '000 $ '000 $ '000 $ '000

Balance Sheet

Total Assets

982,685 904,357

756,996

641,231

565,638

Net Current Assets

(working Capital)

546,747

455,751

500,284

426,832

Investments, Cash and

Cash Equivalents

374,337

336,583 276,295

258,643

166,008

Total Borrowings

-

-

-

(7,245)

(9,221)

Stockholders Equity 897,655

762,738

671,232

559,018

491,418

Profit and Loss

Gross revenues

1,665,775

1,507,586 1,395,452

1,215,628

1,060,258

-Hardware Division

1,196,972

1,067,226 955,896

860,185

734,754

-Soap Division

468,803

440,360 439,556

355,443

325,504

Profit Attributable to

stockholders

139,273

102,241 121,818

76,075

69,957

Dividends Paid

10,735

10,735

9,605

8,475

8,475

Earnings per stock unit J$ 0.25*

1.81

2.16

1.35

1.24

Financial Ratios

Return on Sales 8.36% 6.78% 8.73% 6.26% 6.60%

Return on Equity 15.52% 13.40% 18.15% 13.61% 14.24%

Return on Total Assets 14.17% 11.31% 16.09% 11.86% 12.37%

Debt:Equity Ratio 0.00% 0.00% 0.00% 1.30% 1.88%

Current Ratio 4.24:1 4.24:1 7.67:1 7.50:1 7.42:1

Dividend Cover

12.97

9.52

12.68

8.98

8.25

Market Statistics

Closing Stock Price J$

4.30*

36.85

37.15

12.00

7.51

559,121

TABLE OF CONTENTS

ANNUAL REPORT 2019 - PAGE 3

HIGHLIGHTS 2

TABLE OF CONTENTS 3

NOTICE OF ANNUAL GENERAL MEETING 4

NOTICE OF EXTRAORDINARY GENERAL MEETING 7

DIRECTORS’ AND CONNECTED PARTIES REPORT 8

BOARD OF DIRECTORS – PROFILES 9

MANAGEMENT – PROFILES 10

DIRECTORS’ REPORT 11

MANAGEMENT DISCUSSION AND ANALYSIS 12

PHOTOGRAPHS 17

AUDITED FINANCIAL STATEMENTS 23

FORM OF PROXY AGM 73

FORM OF PROXY EGM 74

NOTICE OF ANNUAL GENERAL MEETING

July 7, 2019

Dear Shareholder:

Re: Annual Report and Annual General Meeting

I am pleased to inform you that the Annual General Meeting of the shareholders of Blue

Power Group Ltd. will be held on August 14, 2019 at 4 pm at the Headquarters of the Guards-

man Group Ltd., 107 Old Hope Road, Kingston 6.

Immediately after the termination of the Annual General Meeting, an Extraordinary General

Meeting of the Company will be held at the same venue at 4.30 pm. The Agenda for both

Meetings are included in this Notice.

Enclosed are: Notices of Meetings, Directors’ Report, Stockholding of Directors and Officers,

Top Ten Stockholders, Group Balance Sheet, Group Profit and Loss

Statement, Statement of Changes in Equity, Statement of Cash Flows and two Proxy Forms.

The complete Annual Report may be accessed on the website of the Jamaica Stock Exchange

(jamstockex.com).

Should you prefer to have a printed version of the Annual Report, please contact us by tele-

phone or email. Phone: 928-1882. Email: [email protected].

Printed copies of the Annual Report will be available at the meeting. We look forward to

seeing you there.

Yours truly:

Lisa Kong

Blue Power Group Ltd.

Company Secretary


NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN THAT THE annual general meeting of the Company will be held

at 4 pm on August 14, 2019 at the Guardsman Group Office, 107 Old Hope Road, Kingston

6 for shareholders to transact the business set out below and, if thought fit, to pass the

following resolutions as ordinary resolutions:

1. To receive and consider the Directors’ Report, Auditors’ Reports and Audited

Financial Statements of the Company and the Group for the year ended April 30,

2019:

RESOLUTION:

“THAT the Directors’ Report, Auditors’ Reports and Audited Financial Statements of the

Company and the Group for the year ended April 30, 2019 be and are hereby adopted.”

2. To fix the remuneration of the Auditors for 2019 or to determine the manner in

which such remuneration is to be fixed:

RESOLUTION:

"THAT the remuneration of the Auditors, KPMG, having been fixed by the Directors for

2019, be and is hereby approved.”

3. To ratify interim dividends and declare them final:

RESOLUTION:

“THAT the interim dividend of 2 cents per stock unit on record date July 25, 2019, paid on

Aug 12, be and is hereby ratified and declared final for 2018-19.”

4. To re-appoint the Auditors:

RESOLUTION:

“THAT the Auditors, KPMG, having indicated their willingness to continue in office, be and

are hereby re-appointed for the year 2019-20”

5. To elect Directors:

RESOLUTIONS:

a) “THAT Jeffrey Hall who retires by rotation, be and is hereby re-elected a Director of the

Company.”

b) “THAT Peter Millingen who retires by rotation, be and is hereby re-elected a Director of the

Company.”

c) “THAT Catherine Goodall who retires by rotation, be and is hereby re-elected a Director of

the Company.”

6. To fix the remuneration of Directors:

RESOLUTION:

“THAT the amount shown in the Accounts for the year ended April 30, 2019 for Directors'

fees be and is hereby approved.”

7. Any Other Business

Dated this 7th day of July, 2019. By Order of the Board

Lisa Kong

Company Secretary

A form of proxy accompanies this Notice of Annual General Meeting. A shareholder who is

entitled to attend a vote at the Annual General Meeting of the Company may appoint one or

more persons to attend in his/her place. A proxy need not be a shareholder of the Company.

All completed original proxy forms must be deposited together with the power of attorney

or other document appointing the proxy at the registered office of the Company at least 48

hours before the Annual General Meeting.


Blue Power Group Limited August 14, 2019.

NOTICE is hereby given that an extraordinary general meeting of Blue Power Group

Limited (the “Company”) will be held immediately after the Annual General Meeting, on

August 14, 2019 at 4.30 pm at which the following resolutions will be considered for

approval by the ordinary shareholders:

SPECIAL RESOLUTIONS

(1) THAT the issue / transfer of the Company’s shares in a newly created subsidiary of

the Company Lumber Depot Limited (“New Lumber Depot”) to the Company’s share-

holders on record as at August 1, 2019 with the intent that after such actions, shares in

New Lumber Depot shall be held by the shareholders of the Company pro rata to their

existing holdings in the Company, is hereby approved.

(2) THAT the transfer of the business and assets of the Lumber Depot Division of the

Company to New Lumber Depot as of 1 August 2019, in consideration for related liabili-

ties and transaction costs, is hereby approved.

(3) THAT any and all acts and deeds carried out in the name and on behalf of the

Company in connection with the transactions described in resolutions (1) and (2) above,

be and are hereby ratified.

Dated this 12th day of July 2019

By order of the Board

Lisa Kong

Company Secretary

NO TIC E O F EXTRA O RDINA RY

G ENERA L M EETING

DIRECTORS AND CONNECTED PARTIES REPORT

PRIMARY HOLDER (JOINT HOLDER) RELATIONSHIP UNITS PERCENTAGE

KENNETH BENJAMIN** SELF 31,302,000 5.5403

FELICE CAMPBELL SELF 0 0.0000

NOEL DAWES*** SELF 14,127,150 2.5004

CATHERINE GOODALL SELF 0 0.0000

JEFFREY HALL (SWEE TEEN CHUA) SELF 2,274,338 0.4025

PETER MILLINGEN SELF 8,211,000 1.4533

DHIRU TANNA* (LAURA TANNA) SELF 100,000 0.0177

LAURA TANNA* SELF 0 0.0000

*ANTIBES HOLDINGS LTD CONNECTED PARTY 283,008,000 50.0908

**SHEILA BENJAMIN MCNEIL CONNECTED PARTY 1,552,650 0.2748

**GUARDSMAN GROUP CONNECTED PARTY 6,872,850 1.2165

***KAREL DAWES CONNECTED PARTY 38,070 0.0067

SENIOR MANAGERS REPORT

PRIMARY HOLDER (JOINT HOLDER) RELATIONSHIP UNITS PERCENTAGE

LISA KONG SELF 0 0.0000

VERONICA LOWE SELF 0 0.0000

TOP 10 SHAREHOLDERS

PRIMARY HOLDER (JOINT HOLDER) UNITS PERCENTAGE

ANTIBES HOLDINGS LIMITED 283,008,000 50.09

MAYBERRY JAMAICAN EQUITIES LTD 112,481,400 19.91

KENNETH BENJAMIN & SISTER 32,854,650 5.82

JANE FRAY 30,954,000 5.48

NOEL DAWES 14,127,150 2.50

SILVER INVESTMENTS LIMITED 10,778,160 1.91

JPS EMPLOYEE SUPERANNUATION FUND 9,214,510 1.63

PAM-INDIVIDUAL RETIREMENT SCHEME 8,914,510 1.58

PETER MILLINGEN 8,211,000 1.45

GUARDSMAN GROUP LTD 6,872,850 1.22

TOTAL UNITS OWNED BY TOP 10 517,416,230 91.58

8

DIREC TO RS A ND C O NNEC TED

PA RTIES REPO RT

TOTAL SHARES: 564,990,000

JEFFREY HALL holds a JD from Harvard Law School, MPP from Howard University and BA from the

University of Washington. He was appointed Group Managing Director of Jamaica Producers Group in

2007 after joining the Board in 2004 and the Group in 2002. He also serves as Chairman of Kingston

Wharves Ltd. and as Chairman of Scotia Group Jamaica Ltd. He has practiced law as a member of the

New York Bar.

BO A RD O F DIREC TO RS

HON. KENNETH BENJAMIN, O.J. started the Guardsman Group in 1977 with the establishment of

Guardsman Limited. He has since expanded the conglomerate to include many companies – each

regarded as a leader of their specialized field – and serves as the Executive Chairman of the Guardsman

Group. He has been instrumental in establishing the foundation upon which other security providers

have built. In 1993, he was appointed to a committee responsible for ensuring that the Private Security

Regulation Authority Act was implemented and adhered to – and was re-appointed to this position in

2002. He serves as Chairman of the JSPCA, Chairman of the Management Committee of the Bustamante

Children’s Hospital and has been the moving force behind the revitalization of the Hope Zoo. He is also

the Chairman of Guardsman Hospitality which operates Konoko Falls in Ocho Rios and the newly

renovated Puerto Seco Beach in Discovery Bay. He has received numerous awards for his contributions

to Jamaica, including the prestigious Order of Jamaica and the Order of Distinction Commander Class

(2006).

FELICE CAMPBELL holds an MBA from Graziadio School of Business and Management at Pepperdine

University and a B.Sc. from the University of the West Indies. She is the CEO and Co-Owner of AriLabs,

which is involved in the production and sale of a number of quality skin care products. Her experience

includes being a Director, Corporate Development at Sage Software, a Director, Mergers and

Acquisitions at The First American Corporation, a Senior Associate at Citi Capital Strategies, President

and Managing Director of Jamaica Pre-Pack Group, a Brand Manager at GK Foods as well as

a Branch Manager at HiLo Food Stores.

MAJ. NOEL DAWES has over 12 years’ military experience with the Jamaica Defence Force (JDF) and has

served in several units throughout the organization, retiring at the rank of Major. He received military

training in Canada, the United Kingdom, and the United States. He has held senior management

positions in other organizations including General Manager at Securicor Jamaica Limited, Operations

Manager at Port Security Corps, and Operations Officer at Gand International (Norway). Besides his

military qualifications, he holds a Diploma in Management Studies from the Jamaica Institute of

Management. He has been a member of the Blue Power Group since 1998 and was instrumental in the

construction and startup of the Lumber Depot Division at Papine in 1999.

CATHERINE GOODALL, having completed an assignment with Food for the Poor has joined

GraceKennedy. Previously she had served as the Marketing Manager for Beverages at Lasco

Distributors Limited. Cathy has a strong background in marketing, sales, customer service and logistics,

and extensive experience in the fast moving consumer goods industry. Prior to joining the Lasco team,

Ms. Goodall worked for the Central America Bottling Corporation (bottler for Pepsi Cola in Central

American and Caribbean) where she served in several capacities from Brand Manager to Trade

Marketing Manager for Jamaica. Her final role before leaving was Regional Brand Manager for juices in

the Caribbean and Central America.


BO A RD O F DIREC TO RS

PAGE 10

M A NA G EM ENT

DHIRU TANNA holds a Ph.D. from the University of California, Berkeley and a B.Sc. (Econ) from the

University of London. Presently, he serves as Deputy Chairman of JN Group, a Director of JN Bank, JN

Fund Managers Ltd., and MCS Group Ltd. His past experience includes lecturing at UWI, Mona, being

special advisor to the Minister of Public Utilities and Transport, heading Jamaica National Investment

Co. Ltd., serving on many boards including Neal & Massy Holdings Ltd. in Trinidad, Neal & Massy Group

Jamaica Ltd. (as Chairman) and the Development Bank of Jamaica.

LAURA TANNA, O.D. (HON.) holds a BA degree from the University California, Berkeley and MA and PhD

degrees from the University of Wisconsin, Madison in African Languages and Literature and is author of

Jamaican Folk Tales and Oral Histories and Baugh: Jamaica’s Master Potter. She served on the Council of

the Institute of Jamaica, the boards of the Jamaica Memory Bank, the African Caribbean Institute of

Jamaica, the Creative Production and Training Centre, the Museums of History and Ethnography

Division (now Jamaica National Museum), the King’s House Foundation, the Alliance Française and

currently is a Director of the American Friends of Jamaica. Author of hundreds of publications including

interviews with leaders in business, politics, and the arts as well as articles on travel, her contributions to

Jamaican culture and literature were recognized with the award of an Order of Distinction (Hon) by the

Government in 2014.

LISA KONG is an accountant by profession. Her experience includes stints at KPMG, Caribbean Castings

Ltd. and Neal & Massy Jamaica Ltd. She is the Financial Controller of the Blue Power Group Ltd. and

serves as the Company Secretary.

VERONICA LOWE has previous work experience that includes both the private and public sectors.

Having started at CMP Metals, she did stints at JNIC and the National Investment Bank of Jamaica. She

is a founding member of the Blue Power Group, having joined the company on its first day of opera-

tions. Mrs. Lowe holds the position of Manager with responsibilities for human resources and adminis-

tration at the Blue Power soap division.

PETER MILLINGEN is a Barrister-at-Law, having been called to the bar in the U.K., and is a partner in the

legal firm of McDonald Millingen which he joined after retiring as Managing Partner in the firm of

Clinton Hart & Co. He has served as Chairman of Clarendon Alumina Partners, a Director of National

Housing Trust, a Director of National Housing Corporation, and Deputy Chairman of the Rent Board.

The Directors present this report, the Chairman’s Statement and the Audited Financial

Statements of the Company for the year 2018-19, to the Annual General Meeting.

The financial year shows increased sales and improved profits in both divisions.

Overall sales for the twelve months are up by 10% from $1,508 million to $1,666

million with the Lumber Depot Division showing an increase of 12% while the Blue

Power Division improved by 6%. In the previous period, overall profits before and

after tax were affected due to the lack of any exchange gains. In this particular

period, however, we show net financial income of $23 million compared to $0.06

million in the previous year. As a direct result of this, on a comparative basis, net

profit after tax increased by 36% from $102 million to $139 million.

Directors:

The Hon. Kenneth Benjamin, OJ, OD, JP

Ms. Felice Campbell, B.Sc, MBA

Maj. (ret’d) Noel Dawes, Dip. Mgmt., Managing Director

Ms. Catherine Goodall, BA

Mr. Jeffrey McG. Hall, BA, MPP, JD

Mr. Peter Millingen, Barrister-at-Law

Dr. Dhiru Tanna, B.Sc. (Econ), MA, Ph.D., Chairman

Dr. Laura Tanna, OD, BA, MA, Ph.D

Mr. Jeffrey Hall, Mr. Peter Millingen and Ms. Catherine Goodall are retiring by rotation

and have offered themselves for reappointment.

Dhiru Tanna

Chairman

July 7, 2019

DIREC TO RS’ REPO RT


M A NA G EM ENT DISC USSIO N A ND A NA LYSIS

Core Activities

Performance Summary 2018-19

Cost of Sales, Gross Profit and Profit from Operations

1 2 3 4

Three months Twelve months Three months Twelve months

Q4 2019 Q4 2019 Q4 2018 Q4 2018

Revenue 394.87 1,665.77 346.68 1,507.59

Lumber Depot Division 306.67 1,196.97 242.82 1,067.23

Blue Power Soap Division 88.20 468.80 103.86 440.36

Export sales 16.36 121.39 24.32 93.96

Profit from operations 17.29 133.91 11.00 112.42

Net Profit before tax 22.76 158.99 20.04 115.93

Est. Taxation 3.45 19.72 3.33 13.69

Net Profit after tax 19.31 139.27 16.71 102.24

Lumber Depot Division after tax 13.15 66.02 11.68 54.68

Blue Power Soap Division after tax 6.16 73.25 5.03 47.56

Receivables 132.95 132.95 118.33 118.33

Non-current liabilities 0.84 0.84 0.93 0.93

Retained Earnings 810.75 810.75 675.84 675.84

Total cases laundry soap 29,987 156,237 36,616 150,460

Total cases bath soap 15,008 83,330 14,312 79,076

Total cases hotel size 184 864 178 790

Earnings per stock Unit 0.03 0.25 0.03 0.18

S D

largely as a result of a reduct ion in export sales in the last quarter of the year, a situat ion

which we fully expect will be reversed during the com ing year.

For the financial year as a whole, gross profit m argin for the com pany im proved slight ly

despite the effect of price cut t ing in our export m arkets. As a result of our aggressive export

pricing, our overall exports increased by 29% over the previous year to over $121 m illion

from $94 m illion.

Adm inist rat ive and other expenses increased from 14% of sales to 14.6% of sales part ly as

a result of the need to provide for legal and consult ing fees incurred in the process of achieving

a t ransform at ion of the two divisions to ready them for future expansion and growth.

Balance Sheet

The com pany has been generat ing a healthy level of cash and invest ing in US currency denom inated longer-dated bonds issued by solid businesses. Thus, our cash and cash equivalents have gone down while our investm ents have increased significant ly. Accounts

0.00

200.00

400.00

600.00

800.00

1,000.00

1,200.00

1,400.00

1,600.00

1,800.00

Q4 2019 Q4 2019 Q4 2018 Q4 2018


Sales

Revenue Lumber Depot Division Blue Power Soap Division

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

160.00

Q4 2019 Q4 2019 Q4 2018 Q4 2018


Profit after Tax

Net Profit after tax Lumber Depot Division after tax Blue Power Soap Division after tax


receivable and inventories have increased in keeping with the increased sales achieved by the group. Retained earnings increased from $676 m illion to $811 m illion, an increase of 20% .

Risk Management

I t is the responsibilit y of m anagem ent to m onitor and evaluate r isks involved in the nature of our businesses. From the incept ion of our com pany, m anagem ent has st r ived to be conservat ive by lim it ing or m it igat ing exposure while m axim izing returns. The m easures taken in the previous years to enhance security arrangem ents at both locat ions and to at t ract a higher calibre of staff resulted in fewer incidents as well as bet ter service to custom ers, especially at the Papine locat ion.

I n all m at ters, we st r ive to adhere to exist ing laws and regulat ions while reducing any negat ive im pact of our act ivit ies on the environm ent . I nsurance coverage to m eet ant icipated eventualit ies and natural disasters also lies at the very cent re of our approach to r isk m anagem ent . Our financial statem ents are presented in accordance with I nternat ional Financial Report ing Standards ( IFRS) to enable m anagem ent , directors and shareholders to provide an acceptable basis for com parisons between com panies and over different t im e periods. The Board of Directors has overall responsibility for the m onitoring and oversight of the r isk m anagem ent fram ework of the group. This Audit Com m it tee along with m anagem ent regularly assess the econom ic clim ate and, where necessary, develop cont ingency plans to deal with all the m ajor issues which could impact negat ively on the perform ance of the com pany. The soap factory at 4, 6 and now 8 Victoria Avenue is assessed regularly by the Fire Departm ent and is cert ified as being com pliant . Officers from the Factories Division of the Minist ry of Labour also visit us regularly to inspect and advise on m at ters relat ing to safety . Forklifts and com pressors are inspected and cert ified by independent exam iners whose report s are subm it ted to the Factories Division as necessary. During the year under review the factory at Victoria Avenue was visited by officials of NEPA (Nat ional Environm ental Protect ion Agency) and we were invited to file the necessary form s for review with accom panying data and drawings to the Agency which was done in May. Most of the im provem ents recom m ended by NEPA have been com pleted and we await the final cert ificat ion based on recom m endat ions from NWA who are being consulted on the m at ter. Corporate Social Responsibility

We cont inue to support com m unity -based proj ects in both the neighbourhoods in which we operate. Although the level of our support in cash or kind is often sm all, our involvem ent regularly elicits support from others who operate in the sam e area. We are always grat ified by the expressions of heart felt grat itude from the recipients. A significant num ber of NGOs, especially those which care for and cater t o disadvantaged individuals and children, cont inue to receive cases of laundry and bathing soaps on a m onthly basis. We have always been support ive of proj ects undertaken by char itable organizat ions in our neighbourhoods to refurbish and m aintain their physical facilit ies using item s which we can donate from our hardware establishm ent .

Future Strategy and Prospects

With the boom in the const ruct ion business, Lum ber Depot Division has perform ed except ionally well. This t rend is likely to cont inue and we fully expect sales levels to increase in keeping with inflat ion and ext ra business act ivity being experienced. We believe there is m uch room for the Lum ber Depot Division to grow and generate addit ional profits. The directors, in consultat ion with outside expert s, are evaluat ing the benefits of separat ing the two divisions with a view to raising addit ional funds for the Lum ber Depot Division to acquire addit ional resources in term s of property and equipm ent to finance the growth. Separat ion of the division would also provide addit ional benefits in term s of providing the opportunity for acquisit ions and/ or m ergers in the sam e areas of act ivity. The possibilit y of becom ing a dist ributor of building m aterials also offers at t ract ive prospects. At the soap division, our relat ionship with a new dist r ibutor of laundry soap in Guyana cont inues to produce results. I n Grenada, our dist ributor cont inues to be bullish about our blue soap although there are concerns about lower cost soap with lower quality standards entering from Southeast Asia. I n Barbados, the slow down in the econom y has im pacted our sales. Our dist r ibutors in the USA cont inue to perform as expected. Their desire to have the product for sale online has not been realized as yet . Our original dist r ibutor has com e back to us to produce on a cont ract basis their own brand for export t o the USA which we have done. The dist ributor is sat isfied with the quality of our product and the level of service and hopes to penet rate the m arket m ore aggressively. Our negot iat ions for the product ion of beauty soaps for a com pany in Miam i have been concluded. We now have all the necessary ingredients for product ion of six different fragrances and we expect the first container to be shipped in August , af ter receipt of the necessary packaging m aterial. At the sam e t im e, we have concluded negot iat ions to produce a natural beauty soap with exot ic ingredients for a f irm based in Trinidad. The first shipm ent will be delivered this m onth and will be used for dist r ibut ion in Jam aica. The com pany hopes to use our facilit ies to m anufacture their product for sales in som e of the other Caricom count r ies. One Caricom m em ber count ry has m ade a num ber of at tem pts to disqualify our exports to m em ber count r ies on the grounds that we do not m eet the “ t ransform at ion” criter ion established in the Treaty. We have subm it ted considerable docum entat ion and precedents to the Jam aican Governm ent to prove that we m eet the necessary requirem ents and have been aggressively supported by our authorit ies. At the sam e t im e, we are m aking renewed efforts to convince the Governm ent of Jam aica that the com pet it ive disadvantages from which we suffer need to be rem oved. We are seeking the rem oval of the Coconut I ndust ry Board cess and the discrim inatory rate of security cess at the port . We are am azed that a count ry which is em phasizing local m anufacturing and exports has a security cess at the port which am ounts to a sm aller charge for containers of im ported soap than for containers of raw m ater ials for m aking soap in Jam aica!

Corporate Governance

The table below provides the at tendance record of directors at various m eet ings.


Governance Audit Board

Kenneth Benjamin 1 7

Noel Dawes 7

Catherine Goodall 7

Jeffrey Hall 1 5 7

Peter Millingen 4 6

Dhiru Tanna 6

Felice Campbell 1 4 6

Laura Tanna 5 7

The Economy

As we stated in our last Report , the posit ive econom ic indicators emanat ing from the Government as well as the private sector, the influx of new investment in the hotel sector, lower oil and energy prices, a compet it ive Jamaican dollar combined with the confidence generated by adherence to the I MF st r ictures, should result in a healthier econom ic out look. We are therefore ser iously looking at the opportunit ies offered in term s of expansion, acquisit ions and mergers. Our Service and Products

Both our level of service and the quality of our products cont inue to receive high marks from custom ers and suppliers whom we wish to thank for their support along with our dedicated staff who make the whole effort possible. Noel Dawes July 7, 2019

Board meetings = 7

Audit Comm mtgs = 5

Gov. & Comp mtgs = 1

FINANCIAL STATEMENTS

APRIL 30, 2019


BLUE POWER GROUP LIMITED Group Statement of Financial Position April 30, 2019

Notes 2019 2018 NON-CURRENT ASSETS

960,714,951 665,702,451 )a(5 tnempiuqe dna tnalp ,ytreporP 000,005,841 095,245,791 6 stnemtsevnI

351,750,156 307,917,069

CURRENT ASSETS 338,280,881 690,497,671 7 stnelaviuqe hsac dna hsaC

Accounts receivable and prepayments 8 132,951,371 118,333,630 133,320,092 557,981,123 9 seirotnevnI

630,935,222 596,439,794 CURRENT LIABILITIES

039,345,501 185,345,27 01 elbayap stnuoccA 434,089,82 - )c(11 ytrap detaler ot euD 615,461,6 460,546,11 elbayap noitaxaT

84,188,645 140,688,880

NET CURRENT ASSETS 546,746,577 455,750,914 TOTAL ASSETS LESS CURRENT LIABILITIES $898,496,733 763,667,983 EQUITY

741,009,68 741,009,68 21 latipac erahS 141,838,576 369,457,018 sgninrae deniateR

897,655,110 762,738,288 NON-CURRENT LIABILITY

596,929 326,148 31 ytilibail xat derrefeD

TOTAL EQUITY AND NON-CURRENT LIABILITY $898,496,733 763,667,983 The financial statements on pages 32 to 72 were approved for issue by the Board of Directors on June 20, 2019 and signed on its behalf by:

The accompanying notes form an integral part of the financial statements.

PAGE 32

BLUE POWER GROUP LIMITED Group Statement of Profit or Loss and Other Comprehensive Income

9102 ,03 lirpA dedne raeY

8102 9102 setoN

310,685,705,1 719,477,566,1 41 euneveR )740,154,481,1( )000,235,882,1( 51 eunever fo tsoC

Gross profit 377,242,917 323,134,966

Administrative and other expenses 15 ( 243,333,126) ( 210,719,857)

133,909,791 112,415,109 Other income 1,946,546 3,446,243 Profit before net finance income and taxation 135,856,337 115,861,352

251,468,41 278,723,92 61 emocni ecnaniF )869,797,41 ( )473,981,6 ( 61 stsoc ecnaniF

Net finance income 16 23,138,498 66,184

635,729,511 538,499,851 noitaxat erofeb tiforP )393,686,31 ( )174,127,91 ( 71 noitaxaT

Profit for the year, being total comprehensive income 18 $ 139,273,364 102,241,143

52.0 $ 91 tinu kcots rep sgninraE 0.18 The accompanying notes form an integral part of the financial statements. ANNUAL REPORT 2019 - PAGE 33

BLUE POWER GROUP LIMITED Group Statement of Changes in Equity Year ended April 30, 2019

deniateR erahS latoT sgninrae latipac

(note 12) Balances at April 30, 2017 86,900,147 584,331,808 671,231,955 Total comprehensive income:

Profit for the year, being total comprehensive income - 102,241,143 102,241,143 Transactions with owners:

Dividends paid (note 20) - ( 10,734,810) ( 10,734,810)

882,837,267 141,838,576 741,009,68 8102 ,03 lirpA ta secnalaB Adjustment on initial application of IFRS 9

862,873,6 862,873,6 - )3 eton( Adjusted balances at May 1, 2018 86,900,147 682,216,409 769,116,556 Total comprehensive income:


1 ( )018,437,01 ( - )02 eton( diap sdnediviD 0,734,810)

011,556,798 369,457,018 741,009,68$ 9102 ,03 lirpA ta secnalaB


PAGE 34

BLUE POWER GROUP LIMITED Group Statement of Cash flows Year ended April 30, 2019

8102 9102 setoN CASH FLOWS FROM OPERATING ACTIVITIES

341,142,201 463,372,931 raey eht rof tiforPAdjustments for:

487,494,61 411,228,71 )a(5 noitaicerpeD )251,468,41 ( )928,414,21 ( 61 emocni tseretnI

Loss on disposal of property, plant and equipment - 485,833 Write-off of property, plant and equipment 1,549,121 -

393,686,31 174,127,91 71 noitaxaT

Cash generated before changes in working capital 165,951,241 118,044,001

Accounts receivable and prepayments ( 8,239,473) 7,527,410 )765,795,64 ( )424,661,13 ( seirotnevnI 138,685,92 )943,000,33 ( elbayap stnuoccA 446,056,82 )434,089,82 ( ytrap detaler ot euD

64,564,561 137,211,319 Taxation paid ( 14,328,995) ( 16,069,387)

Net cash provided by operating activities 50,235,566 121,141,932 CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment 5(a) ( 14,161,732) ( 64,766,721) Proceeds from sale of property, plant and equipment - 2,400,000

)000,005,841( )095,240,94 ( stnemtsevni fo esahcruP 098,742,21 928,414,21 deviecer tseretnI

Net cash used by investing activities ( 50,789,493) (198,618,831) CASH FLOWS FROM FINANCING ACTIVITY

Dividends paid, being net cash used by )018,437,01 ( )018,437,01 ( 02 ytivitca gnicnanif

Net decrease in cash and cash equivalents ( 11,288,737) ( 88,211,709)

Cash and cash equivalents at beginning of year 188,082,833 276,294,542

Cash and cash equivalents at end of year $176,794,096 188,082,833



BLUE POWER GROUP LIMITED Company Statement of Financial Position

9102 ,03 lirpA Notes 2019 2018 NON-CURRENT ASSETS

Property, plant and equipm 881,367,59 812,031,29 )b(5 tne 216,981,71 216,981,76 )a(11 seiraidisbus ni tseretnI 000,000,05 - )b(11 yraidisbus morf euD

000,005,841 095,245,791 6 stnemtsevnI

356,862,420 311,452,800

CURRENT ASSETS 338,280,881 690,497,671 7 stnelaviuqe hsac dna hsaC

Accounts receivable and prepayments 8 132,951,371 118,333,630 133,320,092 557,981,123 9 seirotnevnI

630,935,222 596,439,794 CURRENT LIABILITIES

039,345,501 185,345,27 01 elbayap stnuoccA 434,089,82 - )c(11 ytrap detaler ot euD 615,461,6 460,546,11 elbayap noitaxaT

84,188,645 140,688,880

NET CURRENT ASSETS 546,746,577 455,750,914 TOTAL ASSETS LESS CURRENT LIABILITIES $903,608,997 767,203,714 EQUITY

741,009,68 741,009,68 21 latipac erahS 278,373,976 722,768,518 sgninrae deniateR

TOTAL EQUITY 902,767,374 766,274,019 NON-CURRENT LIABILITY

596,929 326,148 31 ytilibail xat derrefeD

TOTAL EQUITY AND NON-CURRENT LIABILITY $903,608,997 767,203,714 The financial statements on pages 32 to 72 were approved for issue by the Board of Directors on June 20, 2019 and signed on its behalf by: The accompanying notes form an integral part of the financial statements.

PAGE 36

BLUE POWER GROUP LIMITED Company Statement of Profit or Loss and Other Comprehensive Income

9102 ,03 lirpA dedne raeY

Notes 2019 2018

310,685,705,1 719,477,566,1 41 euneveR )740,154,481,1( )000,235,882,1( 51 eunever fo tsoC

Gross profit 377,242,917 323,134,966 Administrative and other expenses 15 ( 241,756,593) ( 209,143,324)

135,486,324 113,991,642 Other income 1,946,546 3,446,243

Profit before net finance income and taxation 137,432,870 117,437,885 Finance income 16 29,327,872 14,864,152 Finance costs 16 ( 6,189,374) ( 14,797,968)

Net finance income 16 23,138,498 66,184

960,405,711 863,175,061 noitaxat erofeb tiforP )393,686,31 ( )174,127,91 ( 71 noitaxaT

Profit for the year attributable to members, being total comprehensive income 18 $ 140,849,897 103,817,676 The accompanying notes form an integral part of the financial statements.


BLUE POWER GROUP LIMITED Company Statement of Changes in Equity Year ended April 30, 2019

deniateR erahS latoT sgninrae latipac

(note 12) Balances at April 30, 2017 86,900,147 586,291,006 673,191,153

Total comprehensive income: Profit for the year, being total comprehensive income - 103,817,676 103,817,676

Transactions with owners:

Dividends paid (note 20) - ( 10,734,810) ( 10,734,810)

910,472,667 278,373,976 741,009,68 8102 ,03 lirpA ta secnalaB Adjustment on initial application of IFRS 9

862,873,6 862,873,6 - )3 eton(

041,257,586 741,009,68 8102 ,1 yaM ta ecnalab detsujdA 772,652,287 Total comprehensive income:


1 ( )018,437,01 ( - )02 eton( diap sdnediviD 0,734,810)

473,767,209 722,768,518 741,009,68$ 9102 ,03 lirpA ta secnalaB


PAGE 38

BLUE POWER GROUP LIMITED Company Statement of Cash flows Year ended April 30, 2019

8102 9102 setoN CASH FLOWS FROM OPERATING ACTIVITIES

676,718,301 798,948,041 raey eht rof tiforPAdjustments for:

152,819,41 185,542,61 )b(5 noitaicerpeD )251,468,41 ( )928,414,21 ( 61 emocni tseretnI

Loss on disposal of property, plant and equipment - 485,833 Write-off of property, plant and equipment 1,549,121 -

393,686,31 174,127,91 71 noitaxaT

Cash generated before changes in working capital 165,951,241 118,044,001

Accounts receivable and prepayments ( 8,239,473) 7,527,410 )765,795,64 ( )424,661,13 ( seirotnevnI 138,685,92 )943,000,33 ( elbayap stnuoccA 446,056,82 )434,089,82 ( ytrap detaler ot euD

64,564,561 137,211,319

Taxation paid ( 14,328,995) ( 16,069,387)

Net cash provided by operating activities 50,235,566 121,141,932 CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment 5(b) ( 14,161,732) ( 14,766,721) Proceeds from sale of property, plant and equipment - 2,400,000

)000,005,841( )095,240,94 ( stnemtsevni fo esahcruP )000,000,05 ( - yraidisbus ni tseretnI

098,742,21 928,414,21 deviecer tseretnI

Net cash used by investing activities ( 50,789,493) (198,618,831) CASH FLOWS FROM FINANCING ACTIVITY Dividends paid, being net cash used by

)018,437,01 ( )018,437,01 ( 02 ytivitca gnicnanif

Net decrease in cash and cash equivalents ( 11,288,737) ( 88,211,709) Cash and cash equivalents at beginning of year 188,082,833 276,294,542

Cash and cash equivalents at end of year $176,794,096 188,082,833 The accompanying notes form an integral part of the financial statements.


BLUE POWER GROUP LIMITED Notes to the Financial Statements April 30, 2019 1. Incorporation and identity

Blue Power Group Limited (the company) is incorporated and domiciled in Jamaica. The registered office of the company is located at 4 Victoria Avenue, Kingston CSO. The company is listed on the Junior Market of the Jamaica Stock Exchange and also has two wholly owned subsidiaries [see note 2(d)]. The main activities of the group comprise the manufacture and sale of soap and the sale of lumber, hardware supplies and related products.

2. Basis of preparation

(a) Statement of compliance:

The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and their interpretations issued by the International Accounting Standards Board, and comply with the provisions of the Jamaican Companies Act.

New and amended standards that became effective during the year:

Certain new and amended standards that were in issue came into effect during the current financial year. This is the first set of the group’s annual financial statements in which IFRS 9, Financial Instruments, and IFRS 15, Revenue from Contracts with

Customers, have been applied from May 1, 2018. Changes to significant accounting policies are described in note 3.

New and amended standards issued that are not yet effective:

At the date of approval of the financial statements, there were certain new and amended standards and interpretations to existing standards, which were in issue, but were not yet effective and had not been early adopted by the group. Those which management considered may be relevant to the group are as follows:

The group will adopt IFRS 16, Leases, effective May 1, 2019. IFRS 16 eliminates the current dual accounting model for lessees, which distinguishes between on-balance sheet finance leases and off-balance sheet operating leases. Instead, there is a single, on-balance sheet accounting model that is similar to current finance lease accounting. Entities will be required to bring all major leases on-balance sheet, recognising new assets and liabilities. The on-balance sheet liability will attract interest; the total lease expense will be higher in the early years of a lease even if a lease has fixed regular cash rentals. Optional lessee exemption will apply to short- term leases and for low-value items with value of US$5,000 or less.

Lessor accounting remains similar to current practice as the lessor will continue to classify leases as finance and operating leases.

The group plans to apply IFRS 16 using the modified retrospective approach. Therefore, the cumulative effect of adopting IFRS 16 will be recognised as an adjustment to the opening balances of retained earnings as of May 1, 2019 with no restatement of comparative information.

PAGE 40

BLUE POWER GROUP LIMITED Notes to the Financial Statements (Continued) April 30, 2019 2. Basis of preparation (continued)

(a) Statement of compliance (continued):

New and amended standards issued that are not yet effective (continued):

Amendments to IFRS 9, Financial Instruments, effective retrospectively for annual periods beginning on or after January 1, 2019 clarifies the treatment of:

(i) Prepayment features with negative compensation:

Financial assets containing prepayment features with negative compensation can now be measured at amortised cost or at fair value through other comprehensive income (FVOCI) if they meet the other relevant requirements of IFRS 9.

(ii) Modifications to financial liabilities:

If the initial application of IFRS 9 results in a change in accounting policy arising from modified or exchanged fixed rate financial liabilities, retrospective application is required, subject to particular transitional reliefs. There is no change to the accounting for costs and fees when a liability has been modified, but not substantially. These are recognised as an adjustment to the carrying amount of the liability and are amortised over the remaining term of the modified liability.

The group is assessing the impact that the amendment will have on its 2020 financial statements.

IFRIC 23, Uncertainty Over Income Tax Treatments, is effective for annual reporting periods beginning on or after January 1, 2019. Earlier application is permitted. IFRIC 23 clarifies that tax treatments that have yet to be accepted by tax authorities are to be applied in determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty. If the entity concludes that it is probable that the tax authority will accept a particular tax treatment in the tax return, the entity will determine taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates consistently with the tax treatment included in its income tax filings and record the same amount in the financial statements. The entity will disclose uncertainty.

If the entity concludes that it is not probable that a particular tax treatment will be accepted, the entity has to use the most likely amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates. The decision should be based on which method provides better prediction of the resolution of the uncertainty.

The group is assessing the impact that the interpretation will have on its 2020 financial statements.

Amendment to IAS 1, Presentation of Financial Statements and IAS 8, AccountingPolicies, Changes in Accounting Estimates and Errors is effective for annual periods beginning on or after January 1, 2020, and provides the following definition of ‘material’ to guide preparers of financial statements in making judgements about information to be included in financial statements.


BLUE POWER GROUP LIMITED Notes to the Financial Statements (Continued) April 30, 2019

2. Basis of preparation (continued)

(a) Statement of compliance (continued): New and amended standards issued that are not yet effective (continued):

Amendment to IAS 1, Presentation of Financial Statements (continued) “Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.”

Amendments to References to Conceptual Framework in IFRS Standards is effective retrospectively for annual reporting periods beginning on or after January 1, 2020. The revised framework covers all aspects of standard setting including the objective of financial reporting.

The main change relates to how and when assets and liabilities are recognised and de-recognised in the financial statements.

– New ‘bundle of rights’ approach to assets will mean that an entity may recognise a right to use an asset rather than the asset itself;

– A liability will be recognised if a company has no practical ability to avoid it. This may bring liabilities on balance sheet earlier than at present.

– A new control-based approach to de-recognition will allow an entity to derecognise an asset when it loses control over all or part of it; the focus will no longer be on the transfer of risks and rewards.

The group is assessing the impact that these new amendments will have on its 2021 financial statements when they become effective.

(b) Basis of measurement and functional currency: The financial statements are prepared using the historical cost basis and are presented in Jamaica dollars ($), which is the functional currency of the company.

(c) Use of estimates and judgements: The preparation of the financial statements to conform to IFRS requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and contingent liabilities at the reporting date and the income and expense for the year then ended. Actual amounts could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and future periods if the revision affects both current and future periods. Judgements made by management in the application of IFRS that have a significant effect on the financial statements and estimates with a significant risk of material adjustment in the next financial year are discussed below:

PAGE 42


2. Basis of preparation (continued)

(c) Use of estimates and judgements (continued):

(i) Judgements:

For the purpose of these financial statements, judgement refers to the informed identification and analysis of reasonable alternatives, considering all relevant facts and circumstances, and the well-reasoned, objective and unbiased choice of the alternative that is most consistent with the agreed principles set out in IFRS. The key relevant judgements are as follows:

– Applicable to 2019 only:

(1) Classification of financial assets:

The assessment of the business model within which the assets are held and assessment of whether the contractual cash flows from a financial asset are solely payments of principal and interest (SPPI) on the principal amount requires management to make certain judgements on its business operations.

(2) Impairment of financial assets:

Establishing the criteria for determining whether credit risk on a financial asset has increased significantly since initial recognition, determining methodology for incorporating forward-looking information into measurement of expected credit loss (ECL) and selection and approval of models used to measure ECL requires significant judgement.

(ii) Key assumptions concerning the future and other sources of estimation uncertainty:

– Applicable to 2019 only:

Allowance for impairment losses:

In determining amounts recorded for impairment of financial assets in the financial statements, management makes assumptions in determining the inputs to be used in the ECL measurement model, including incorporation of forward-looking information. Management also estimates the likely amount of cash flows recoverable on the financial assets in determining loss given default. The use of assumptions make uncertainty inherent in such estimates.

(iii) Net realisable value of inventories:

Estimates of net realisable value are based on the most reliable evidence available at the time the estimates are made, of the amount the inventories are expected to realise. These estimates take into consideration fluctuations of price or cost directly relating to events occurring after the end of the period to the extent that such events confirm conditions existing at the end of the period.

Estimates of net realisable value also take into consideration the purpose for which the inventory is held.


BLUE POWER GROUP LIMITED Notes to the Financial Statements (Continued) April 30, 2019 2. Basis of preparation (continued)

(c) Use of estimates and judgements (continued):

(iv) Residual value and expected useful life of property, plant and equipment:

The residual value and the expected useful life of an asset are reviewed at least at each financial year-end. If expectations differ from previous estimates, the change is accounted for. The useful life of an asset is defined in terms of the asset’s expected utility to the group.

It is reasonably possible, based on existing knowledge, that outcomes within the next financial year that are different from those assumptions could require a material adjustment to the carrying amount reflected in the financial statements.

(d) Basis of consolidation:

(i) A “subsidiary” is an enterprise controlled by the company. Control exists when

the company has the power, directly or indirectly, to govern the financial and operating policies of an enterprise so as to obtain benefits from its activities. In assessing control, potential voting rights that are presently exercisable or convertible are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date control commences until the date that control ceases. The consolidated financial statements include the financial statements of the company and its wholly-owned subsidiaries, Papine Properties Limited and Cotrade Limited made up to April 30, 2019. Cotrade Limited is a wholly owned subsidiary of Papine Properties Limited, which is owned by Blue Power Group Limited. The company and its subsidiaries are collectively referred to as “the group”. These subsidiaries are currently dormant and the shareholdings are the same for 2019 and 2018. Cotrade Limited is the group’s nominee for holding properties from which the group manages its operations. The parent company administers the affairs of the subsidiaries and bears the related expenses. Papine Properties Limited is registered in the British Virgin Islands and Cotrade Limited is registered in Jamaica.

(ii) Transactions eliminated on consolidation

Balances and transactions between companies within the group, and any unrealised gains arising from those transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions between the company and its subsidiaries are eliminated to the extent of the company’s interest in the subsidiary. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

PAGE 44

BLUE POWER GROUP LIMITED Notes to the Financial Statements (Continued) April 30, 2019 3. Changes in accounting policies

The group has initially adopted IFRS 9 Financial Instruments and IFRS 15, Revenue from Contracts with Customers from May 1, 2018. A number of other new standards were also effective from May 1, 2018 but they do not have a material effect on the group’s financial statements. Due to the transition method chosen by the group in applying IFRS 15 and IFRS 9, comparative information throughout these financial statements has not generally been restated to reflect the requirements of these new standards.

The effect of initially applying these standards is mainly attributed to the following:

– additional disclosures related to IFRS 9 [see notes 4(f), (g) and 22(b)]; – additional disclosures related to IFRS 15 [see note 4(i)].

IFRS 15, Revenue from Contract with Customers

Under IFRS 15, an entity recognises revenue to reflect the transfer of promised goods or services to customers exchange for those goods or services, following a five step model: Step 1: Identify the contract(s) with a customer (agreement that creates enforceable rights and obligations); Step 2: Identify the different performance obligations (promises) in the contract and account for those separately; Step 3: Determine the transaction price (amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services); Step 4: Allocate the transaction price to each performance obligation based on the relative stand-alone selling prices of each distinct good or service; and Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation by transferring control of a promised good or service to the customer. A performance obligation may be satisfied at a point in time or over time. IFRS 15 also includes disclosure requirements to provide comprehensive information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts with customers. IFRS 15 was adopted on May 1, 2018, and supersedes all existing guidance on revenue recognition.

The adoption of IFRS 15 did not impact the timing or amount of sales from contracts with customers and the related assets and liabilities recognised by the group. Accordingly, the impact on the comparative information is limited to new disclosure requirements. IFRS 9, Financial Instruments

IFRS 9 sets out requirements for recognising and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. This standard replaces IAS 39 Financial Instruments: Recognition and Measurement. The new standard brings fundamental changes to the accounting for financial assets and to certain aspects of the accounting for financial liabilities. As a result of the adoption of IFRS 9, the group has adopted consequential amendments to IAS 1 Presentation of Financial Statements, which require impairment of financial assets to be presented separately in the statement of profit or loss and OCI.



3. Changes in accounting policies (continued)

IFRS 9, Financial Instruments (continued) Additionally, the group has adopted consequential amendments to IFRS 7 FinancialInstruments: Disclosures that are applied to disclosures about 2019, but have not been applied to the comparative information.

Classification and measurement of financial assets and financial liabilities IFRS 9 contains three principal classification categories for financial assets: measured at amortised cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL). The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. IFRS 9 eliminates the previous IAS 39 categories of held-to-maturity, loans and receivables and available-for-sale.

Impairment of financial assets IFRS 9 replace the “incurred loss” model in IAS 39 with an “expected credit loss” (ECL) model. The new impairment model applies to financial assets measured at amortised cost. Under IFRS 9, credit losses are recognised earlier than under IAS 39.

IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. For an explanation of how the group classifies and measures financial instruments under IFRS 9, see note 4(g).

The following table explains the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the group’s financial assets as at May 1, 2018.

ynapmoC eht dna puorG ehT

Note

Original

classification

under IAS 39

New

classification

under IFRS 9

IAS 39

carrying

amount at

February

April 30,

2018

Remeasurement

IFRS 9

carrying

amount

at May1,

2018

Financial assets

Investments Loans and receivables

Amortised cost

148,500,000

- 148,500,000

Cash and cash equivalents

Loans and receivables

Amortised cost

188,082,833

-

188,082,833

Trade and other receivables

(a) Loans and receivables

Amortised cost

118,333,630

6,378,268 124,711,898

454,916,463 6,378,268 461,294,731

(a) A decrease of $6,378,268 in the allowance for impairment over these receivables was

recognised in opening retained earnings at May 1, 2018 on transition to IFRS 9.

PAGE 46

BLUE POWER GROUP LIMITED Notes to the Financial Statements (Continued) April 30, 2019 3. Changes in accounting policies (continued)

Transition For assets in the scope of the IFRS 9 impairment model, impairment losses are generally expected to increase and become more volatile. The group has determined that application of IFRS 9’s impairment requirements at May 1, 2018 resulted in an additional allowance for impairment as follows: Loss allowance at April 30, 2018 under IAS 39 8,586,975

Reduction in impairment recognised at May 1, 2018:

)862,873,6( 8102 ,03 lirpA ta sa selbaviecer rehto dna edarT

Loss allowance at May 1, 2018 under IFRS 9 $2,208,707 Additional information about how the group measures allowance for impairment is described in note 22(b).

4. Significant accounting policies

Except for the changes in note 3, the group has consistently applied the accounting policies as set out in note 4 to all periods presented in these financial statements.

(a) Property, plant and equipment:

(i) Items of property, plant and equipment are measured at cost, less accumulated depreciation and impairment losses, if any. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the group and its cost can be measured reliably. The costs of day-to-day servicing of property, plant and equipment are recognised in profit or loss.

Gains and losses on disposal of property, plant and equipment are determined by comparing proceeds with the carrying amount and are included in profit or loss.

(ii) Depreciation:

Depreciation is computed on the straight-line basis at annual rates estimated to write down the cost of the assets to their estimated residual values at the end of their expected useful lives. No depreciation is charged on freehold land or capital work-in-progress. Annual depreciation rates are as follows:

Buildings 2.5% Leasehold improvements 10% Plant and machinery 10% Furniture, fixtures and office equipment 10 - 15% Computers 22.50% Motor vehicle 20% The depreciation methods, useful lives and residual values are reassessed at each reporting date.


BLUE POWER GROUP LIMITED Notes to the Financial Statements (Continued) April 30, 2019 4. Significant accounting policies (continued)

(b) Cash and cash equivalents:

Cash and cash equivalents comprise cash, bank balances and resale agreements.

Resale agreements are short-term transactions whereby an entity buys securities and simultaneously agrees to resell them on a specified date and at a specified price. The difference between the purchase and resale considerations is recognised as interest income on the accrual basis over the period of the agreements, using the effective interest method.

Bank overdraft, repayable on demand and forming an integral part of the group’s cash management activities, is included as a component of cash and cash equivalents for the purpose of the statement of cash flows.

(c) Inventories:

Inventories are measured at the lower of cost, determined on the weighted average basis, and net realisable value. The cost of finished goods and work-in-progress comprises raw and packaging materials, direct labour, other direct costs and a proportion of related production overheads. In the case of manufactured inventories, net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.

(d) Accounts receivable:

Trade and other accounts receivables are measured at amortised cost, less impairment losses [see note 4(f)].

(e) Accounts payable:

Trade and other payables are measured at amortised cost.

(f) Impairment:

Financial assets

Policy applicable from May 1, 2018

The group recognises loss allowances for expected credit losses (ECLs) on financial assets measured at amortised cost and at fair value through OCI.

The group measures loss allowances at an amount equal to lifetime ECLs.

Loss allowances for trade receivables are always measured at an amount equal to lifetime ECLs.

When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the group considers reasonable and supportable information relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the group’s historical experience and informed credit assessment and including forward looking information.

PAGE 48


(f) Impairment (continued):

Financial assets (continued)

Policy applicable from May 1, 2018 (continued)

The group assumes that the credit risk on financial assets has increased significantly if it is more than 90 days past due. The group recognises loss allowances for ECLs and considers a financial asset to be in default when: - the borrower is unlikely to pay its credit obligations to the group in full, without

recourse by the group to action such as realising security if any is held; or - the financial asset is more than 90 days past due.

Life-time ECLs are the ECLs that result from all possible default events over the expected life of the financial instrument. The maximum period considered when estimating ECLs is the maximum contractual period over which the group is exposed to credit risk. Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the group in accordance with the contract and the cash flows that the group expects to receive). ECLs are discounted at the effective interest rate of the financial asset. Credit-impaired financial assets At each reporting date, the group assesses whether financial assets carried at amortised costs are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Evidence that a financial asset is credit-impaired includes the following observable data: - significant financial difficulty of the borrower or issuer; - a breach of contract such as a default or past due event; - it is becoming probable that the borrower will enter bankruptcy or other financial

reorganisation; or - the disappearance of an active market for a security because of financial difficulties.



(f) Impairment (continued): Financial assets (continued) Policy applicable from May 1, 2018 (continued)

Presentation of allowance for ECL in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.

Write-off The gross carrying amount of a financial asset is written off (either partially or in full) when there is no reasonable expectation of recovering a financial asset in its entirety or a portion thereof. This is the case when the group determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. This assessment is carried out at the individual asset level.

Recoveries of amounts previously written off are included in ‘impairment losses on financial instruments’ in the statement of profit or loss. Financial assets that are written off could still be subject to enforcement activities in order to comply with the group’s procedures for recovery of amounts due. Policy applicable before May 1, 2018

An allowance for impairment is established if there is objective evidence that the company will not be able to collect all amounts due according to the original contractual terms. The amount of the allowance is the difference between the carrying amount and the recoverable amount, being the present value of expected cash flows, including amounts recoverable from guarantees and collateral, discounted at the original effective interest rate. Non- financial assets

The carrying amount of the group’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit (CGU) exceeds its recoverable amount. Impairment losses are recognised in profit or loss.

The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs.

PAGE 50


4. Significant accounting policies (continued)

(f) Impairment (continued):

Non- financial assets (continued) An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the assets’ carrying amount does not exceed the carrying amount that would have been determined, if no impairment loss had been recognised.

(g) Financial instruments:

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. In these financial statements, financial assets comprise investments, cash and cash equivalents and accounts receivable. Financial liabilities comprise accounts payable and due to related party.

(i) Recognition and initial measurement

Trade receivables are initially recognised when they are originated. All other financial assets and financial liabilities are initially recognised when the group becomes a party to the contractual provisions of the instrument.

A financial asset (unless it is a trade receivable without a significant financing component) or financial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.

(ii) Classification and subsequent measurement

Financial assets – Policy applicable from May 1, 2018

On initial recognition, a financial asset is classified as measured at: amortised cost; fair value through other comprehensive income (FVOCI) – debt investment; FVOCI – equity investment; or fair value through profit or loss (FVTPL). Financial assets are not reclassified subsequent to their initial recognition unless the group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL: - it is held within a business model whose objective is to hold assets to collect

contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are solely

payments of principal and interest on the principal amount outstanding (SPPI).



4. Significant accounting policies (continued)

(g) Financial instruments (continued):

(ii) Classification and subsequent measurement (continued)

Financial assets – Policy applicable from May 1, 2018 (continued) In assessing whether the contractual cash flows are solely payments of principal and interest, the company considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. Amortised cost represents the net present value (“NPV”) of the consideration receivable or payable as of the transaction date. This classification of financial assets comprises the following captions: Investments Cash and cash equivalents Trade and other receivables Due to their short-term nature, the group initially recognises these assets at the original invoiced or transaction amount less expected credit losses. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. On initial recognition, the group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.

Financial liabilities

All financial liabilities are recognised initially at fair value and in the case of borrowings, plus directly attributable transaction costs. The group’s financial liabilities, which include trade and other payables are recognised initially at fair value.

Financial assets and liabilities – Subsequent measurement and gains and losses: Policy applicable from May 1, 2018

Financial assets at amortised cost are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss.

The subsequent measurement of financial liabilities depends on their classification as described in the particular recognition methods disclosed in the individual policy statements associated with each item.

PAGE 52


(g) Financial instruments (continued):

(ii) Classification and subsequent measurement (continued)

Financial assets and liabilities– Policy applicable before May 1, 2018

The group classified non-derivative financial assets as Loans and receivables: measured at amortised cost using the effective interest method.

The company classified non-derivative financial liabilities into the other financial liabilities category. These are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.

(iii) Derecognition Financial assets

The group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.

The group enters into transactions whereby it transfers assets recognised on its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets or a portion of them. In such cases, the transferred assets are not derecognised. Financial liabilities

The group derecognises a financial liability when its contractual obligations are discharged or cancelled, or expired.

(iv) Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the statement of financial position when, and only when, the group currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.

(h) Employee benefits:

Employees’ entitlement to annual leave and other benefits are recognised when they accrue to employees.



(i) Revenue: The effect of initially applying IFRS 15 on the group’s revenue from contracts is described in note 3.

Revenue recognition under IAS 18 (applicable after May 1, 2018)

Performance obligations and revenue recognition policies: Revenue is measured based on the consideration specified in a contract with a customer. The group recognises revenue when it transfers control over a good or service to a customer.

The nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and the related revenue recognition policies are as follows: Type of service Nature and timing of

satisfaction of performance obligations, including significant payment terms.

Revenue recognition under IFRS 15 (applicable from May 1, 2018).

Sale of soap, lumber, hardware supplies and related products

Customers obtain control of goods when the goods are delivered to and accepted by them. Invoices are generated and the revenue is recognised at that point in time. Invoices are usually payable within 30 days.

Revenue is recognised when the goods are delivered and have been accepted by the customers.

Revenue recognition under IAS 18 (applicable before May 1, 2018)

Revenue from the sale of goods is recognised in profit or loss when the significant risks and rewards of ownership have been transferred to the buyer. No revenue is recognised if there are significant uncertainties regarding recovery of the consideration due or material associated costs on the possible return of goods.

(j) Net finance cost: (i) Interest income arises mainly on bank deposits and is recognised in profit or loss as

it accrues, taking into account the yield on the asset. (ii) Finance cost comprises material bank charges and foreign exchange losses and is

recognised in profit or loss.

PAGE 54


(k) Taxation:

Taxation on the profit or loss for the year comprises current and deferred tax. Income tax is recognised in profit or loss except to the extent that it relates to items recognised directly in other comprehensive income or equity, in which case it is also recognised accordingly.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is provided for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted at the reporting date.

A deferred tax liability is recognised for all taxable temporary differences associated with investments in subsidiaries, except to the extent that the group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.

(l) Foreign currencies:

Transactions in foreign currencies are converted at the foreign exchange rates ruling at the dates of the transaction. Monetary assets and liabilities denominated in foreign currencies, which are measured at historical cost, are translated at the foreign exchange rates ruling at the reporting date. Foreign exchange differences arising from fluctuations in exchange rates are recognised in profit or loss. Non-monetary assets and liabilities denominated in foreign currencies, which are measured at historical cost, are translated at the foreign exchange rates ruling at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the foreign exchange rates ruling at the dates that the values were determined.

(m) Related parties:

A related party is a person or entity that is related to the entity that is preparing its financial statements (referred to in IAS 24 Related Party Disclosures as the “reporting entity”).

(a) A person or a close member of that person’s family is related to a reporting entity if that person:

(i) has control or joint control over the reporting entity;

(ii) has significant influence over the reporting entity; or

(iii) is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.



(m) Related parties (continued):

(b) An entity is related to a reporting entity if any of the following conditions applies:

(i) The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others).

(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).

(iii) Both entities are joint ventures of the same third party.

(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.

(v) The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity.

(vi) The entity is controlled, or jointly controlled by a person identified in (a).

(vii) A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).

(viii) The entity or any member of a group of which it is a part provides key management services to the reporting entity or to the parent of the reporting entity.

(c) A related party transaction is a transfer of resources, services or obligations between related parties, regardless of whether a price is charged.

(n) Segment reporting:

An operating segment is a component of the group that engages in business activities from which it may earn revenues and incur expenses; whose operating results are regularly reviewed by the entity’s Chief Operating Decision Maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance; and for which discrete financial information is available. The group has two reportable segments, as described below, which are the group’s strategic business units. The strategic business units offer different products and services, and are managed separately because they require different technology and marketing strategies. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis. Segment capital expenditure is the total cost incurred during the period to acquire segment assets that are expected to be used for more than one period.

The primary reportable segments are:

(i) Soap division - Manufacture and sale of soap (ii) Lumber division - Sale of lumber, hardware supplies and related products

PAGE 56


(n) Segment reporting (continued): The manufacturing operations are conducted at 4 Victoria Avenue, Kingston, Jamaica and the lumber division operations are carried out mainly at Papine, St. Andrew, Jamaica. Transactions between business segments have been eliminated.

(o) Fair value measurement:

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market price is used to determine fair value where an active market exists as it is the best evidence of the fair value of a financial instrument. The group has no financial instrument that is carried at fair value and where fair value of financial instruments approximates carrying value, no fair value computation is done. The carrying values reflected in the financial statements for cash and cash equivalent, trade and other receivables, and trade and other payables are assumed to approximate fair value due to their relatively short-term nature. The fair value of amounts due from subsidiary and due to related party are assumed to approximate carrying value.

5. Property, plant and equipment

(a) The Group:

Furniture Land and Leasehold Plant and and Motor building improvements machinery fixtures Computers vehicle Total

Cost: April 30, 2017 17,189,612 31,971,351 106,394,284 10,164,478 10,860,592 10,820,242 187,400,559 Additions 50,000,000 315,866 11,861,456 1,848,317 741,082 - 64,766,721 Disposals - - ( 5,643,833) - - - ( 5,643,833)

April 30, 2018 67,189,612 32,287,217 112,611,907 12,012,795 11,601,674 10,820,242 246,523,447 Additions - 770,700 3,035,039 408,701 328,168 9,619,124 14,161,732 Adjustment - - ( 1,549,121) - - - ( 1,549,121)

April 30, 2019 67,189,612 33,057,917 114,097,825 12,421,496 11,929,842 20,439,366 259,136,058

Depreciation: April 30, 2017 1,959,198 9,326,409 47,238,083 6,284,262 7,840,293 721,349 73,369,594

Charge for the year 1,576,533 2,935,470 8,188,863 924,158 705,711 2,164,049 16,494,784 Disposals - - ( 2,758,000) - - - ( 2,758,000)

April 30, 2018 3,535,731 12,261,879 52,668,946 7,208,420 8,546,004 2,885,398 87,106,378 Charge for the year 1,576,533 2,720,295 4,455,216 3,822,125 1,961,665 3,286,280 17,822,114

April 30, 2019 5,112,264 14,982,174 57,124,162 11,030,545 10,507,669 6,171,678 104,928,492

Net book values: April 30, 2019 $62,077,348 18,075,743 56,973,663 1,390,951 1,422,173 14,267,688 154,207,566

April 30, 2018 $63,653,881 20,025,338 59,942,961 4,804,375 3,055,670 7,934,844 159,417,069



5. Property, plant and equipment (continued)

(a) The Group (continued):

As at the reporting date, land and building include land valued at $21,187,099 (2018: $21,187,099).

(b) The Company:

Furniture Leasehold Plant and and Motor improvements machinery fixtures Computers vehicle Total

Cost: April 30, 2017 31,971,351 106,394,284 10,164,478 10,860,592 10,820,242 170,210,947 Additions 315,866 11,861,456 1,848,317 741,082 - 14,766,721 Disposals - ( 5,643,833) - - - ( 5,643,833)

April 30, 2018 32,287,217 112,611,907 12,012,795 11,601,674 10,820,242 179,333,835 Additions 770,700 3,035,039 408,701 328,168 9,619,124 14,161,73Adjustment - ( 1,549,121) - - - ( 1,549,121)

April 30, 2019 33,057,917 114,097,825 12,421,496 11,929,842 20,439,366 191,946,446

Depreciation: April 30, 2017 9,326,409 47,238,083 6,284,262 7,840,293 721,349 71,410,396 Charge for the year 2,935,470 8,188,863 924,158 705,711 2,164,049 14,918,251 Disposals - ( 2,758,000) - - - ( 2,758,000)

April 30, 2018 12,261,879 52,668,946 7,208,420 8,546,004 2,885,398 83,570,647 Charge for the year 2,720,295 4,455,216 3,822,125 1,961,665 3,286,280 16,245,581

April 30, 2019 14,982,174 57,124,162 11,030,545 10,507,669 6,171,678 99,816,228

Net book values: April 30, 2019 $18,075,743 56,973,663 1,390,951 1,422,173 14,267,688 92,130,218

April 30, 2018 $20,025,338 59,942,961 4,804,375 3,055,670 7,934,844 95,763,188

6. Investments

ynapmoC eht dna puorG ehT 2019 2018 Amortised cost:

Corporate bonds [US$1,491,000 (2018: US$1,200,000)] $197,542,590 148,500,000 7. Cash and cash equivalents

The Group and the Company 2019 2018

Cash in hand 10,024,497 7,009,168 Certificates of deposit (c) 62,649,584 - Call deposits (a) 47,876,107 50,783,977 Resale agreements (b), (c) 56,243,908 130,289,688

$176,794,096 188,082,833

(a) Call deposits include US$27,370 (2018: US$42,615) which earns interest at an average rate

of 0.075% (2018: 0.075%).

PAGE 58


7. Cash and cash equivalents (continued)

(b) The fair value of securities obtained by the group under resale agreements approximates the

carrying value of the agreements. (c) The certificate of deposits and resale agreements are held with JN Fund Managers Limited

and JN Bank Limited include J$62,649,584 (2018: $29,027,619) and US$424,514 (2018: US$818,279) which earn interest at an average rate of 3.04% (2018: 2.75%) and 2.81% (2018: 5.75%) respectively. During the year, the company’s chairman also served as a director of JN Fund Managers Limited and JN Bank Limited.

8. Accounts receivable and prepayments


Trade receivables 124,989,660 109,649,184 Deposits and prepayments 8,733,108 5,730,433 Other 4,263,188 11,540,988

137,985,956 126,920,605 Less: Allowances for impairment losses (i) ( 5,034,585) ( 8,586,975)

$132,951,371 118,333,630 Included in trade receivables is $7,923,606 (2018: $3,745,682) due from related parties in the ordinary course of business. Allowances for doubtful accounts were established until April 30, 2018 based on incurred loss analyses over delinquent accounts considering aging of balances, the credit history and risk profile of each customer and legal processes to recover accounts receivable. Effective May 1, 2018 such allowances are determined upon origination of the trade accounts receivable based on a model that calculates the expected credit loss (“ECL”) of the trade accounts receivable and are recognised over their term. Under this ECL model, the group uses accounts receivable based on days past due and determines an average rate of ECL, considering actual credit loss experience over the last 12 months and analysis of future delinquency, that is applied to the balance of the accounts receivable. A weighted average ECL rate is used as at April 30, 2019 to apply against the accounts receivable balance [note 22(b)].

(i) Movement in the allowance for impairment in respect of trade receivables is as follows:

ynapmoC eht dna puorG ehT 2019 2018

058,222,11 579,685,8 raey fo gninnigeb ta ecnalaB Transitional adjustments on initial application of IFRS 9 (6,378,268) -

)578,536,2 ( 878,528,2 )derevocer( / desnepxe tbed daB

Balance at end of year $5,034,585 8,586,975


BLUE POWER GROUP LIMITED Notes to the Financial Statements (Continued) April 30, 2019 9. Inventories


Merchandise 106,241,201 89,603,846 Raw materials 135,343,440 113,175,854 Packaging materials 26,598,252 24,341,212 Manufactured finished goods 10,564,911 10,027,826 Work in progress 2,590,832 1,232,908

281,338,636 238,381,646 Goods in transit 41,006,224 52,955,691

322,344,860 291,337,337 Less: Allowance for impairment ( 1,155,105) ( 1,314,006)

$321,189,755 290,023,331

No provision has been made in these financial statements for duties and other expenses to be incurred in clearing goods-in-transit.

During the year, raw materials, merchandise and changes in finished goods included in cost of revenue amounted to $1,249,752,961 (2018: $1,146,862,749).

10. Accounts payable The Group and the Company 2019 2018

Trade payables 23,413,737 35,548,499 Other payable, accruals and provisions 40,560,761 58,736,230 Statutory payables 2,433,810 2,190,209 General consumption tax payable 6,135,273 9,068,992

$72,543,581 105,543,930

11. Due from/(to) related parties and related party transactions The Company

2019 2018 (a) Interest in subsidiaries:

(i) Due from a subsidiary after twelve months:

Cotrade Limited 67,189,512 17,189,512

(ii) Shares at cost in Papine Properties Limited 100 100

$67,189,612 17,189,612

Balances due from Cotrade Limited are classified as non-current by the Board of Directors of the company, as these are interest free and not subject to any fixed repayment terms.

PAGE 60


11. Due from/(to) related parties and related party transactions (continued)

(b) In the prior year, the company had outstanding borrowing from a subsidiary, Cotrade

Limited, which was reclassified to interest in subsidiaries during the year [see note 11(a)].

The Group and the Company 2019 2018 (c) Due to related party within twelve months:

434,089,82 - $ detimiL ytircalA In prior year, Cotrade Limited entered into an agreement with Alacrity Limited, for the purchase of property at 4 and 6 Victoria Avenue, Kingston 2. The balance of $28,980,434 which represented the consideration due net of a cash payment and off-set of balances owed to the company by affiliated companies of Alacrity Limited was settled during the year.

(d) Related party transactions:

Charged/(credited) to income: ynapmoC eht dna puorG ehT

2019 2018

$ Rental from a related party – JN Bank Limited ( 1,359,936) ( 2,277,115) Rental to a related party – Alacrity Limited - 1,320,000 Sales to related parties (11,017,287) (15,786,696) Key management personnel expense 58,548,304 53,729,916

12. Share capital 2019 2018

Authorised: 990,000,000 (2018: 99,000,000) ordinary shares of no par value

Stated capital: Issued and fully paid:

564,990,000 (2018: 56,499,000) ordinary stock units of 741,009,68 741,009,68$ eulav rap on

On August 14, 2018, at the Annual General Meeting of the company, a resolution was passed that each issued ordinary shares in the capital of the company be sub-divided into 10 ordinary shares (10:1). The passing of this resolution resulted in the total authorised and issued shares in the capital of the company increasing from 99,000,000 and 56,499,000 ordinary shares, respectively, at no par value to 990,000,000 and 564,990,000 ordinary shares, respectively, of no par value, issued as stock units.



13. Deferred tax liability

Deferred tax asset/(liability) is attributable to the following:

ynapmoC eht dna puorG ehT Recognised Recognised 2017 in income 2018 in income 2019

Unrealized exchange (loss)/gain ( 1,012) 826 ( 186) 30,589 30,403 Property plant and equipment (1,493,674) 1,316,900 (176,774) ( 76,166) (252,940) Interest receivable ( 425,701) ( 327,034) (752,735) 133,649 (619,086)

$(1,920,387) 990,692 (929,695) 88,072 (841,623)

14. Revenue

Revenue represents the sale of soaps, construction and related hardware supplies and is stated net of General Consumption Tax and after deducting discounts and rebates.

15. Expenses by nature

The Group The Company 2019 2018 2019 2018

Cost of sales: Wharfage, freight and customs 9,242,752 9,219,335 9,242,752 9,219,335 Raw material 1,249,752,961 1,146,862,749 1,249,752,961 1,146,862,749

,674,3 seitilitU 210 3,261,866 3,476,210 3,261,866 Salaries and wages 26,060,077 25,107,097 26,060,077 25,107,097

$1,288,532,000 1,184,451,047 1,288,532,000 1,184,451,047

Administrative expenses: Salaries and wages 126,722,931 110,483,954 126,722,931 110,483,954 Repairs and maintenance 11,975,721 11,134,003 11,975,721 11,134,003

,979,3 seitilitU 611 3,582,399 3,979,611 3,582,399 Depreciation 17,822,114 16,494,784 16,245,581 14,918,251

000,004,2 000,046,3 000,004,2 000,046,3 seef tiduAProfessional fees 17,982,325 9,136,670 17,982,325 9,136,670 Advertising and promotion 2,994,577 4,401,012 2,994,577 4,401,012 Travel and motor vehicles 13,089,944 15,109,744 13,089,944 15,109,744 Statutory contributions 12,081,836 11,549,377 12,081,836 11,549,377

544,674,8 615,595,9 544,674,8 615,595,9 ecnarusnI )578,536,2 ( 878,528,2 )578,536,2 ( 878,528,2 tbed daB

Taxes, penalties and levy 2,799,147 2,296,053 2,799,147 2,296,053 000,025,2 060,051,1 000,025,2 060,051,1 latneR 670,287,6 788,623,7 670,287,6 788,623,7 ytiruceS

Loss on disposal of asset - 485,833 - 485,833 317,25 - 317,25 - suoenallecsiM

Office expenses 9,346,579 8,450,669 9,346,579 8,450,669

$ 243,333,126 210,719,857 241,756,593 209,143,324

PAGE 62


16. Net finance income The Group and the Company 2019 2018 Finance income:

251,468,41 928,414,21 emocni tseretnI - 340,319,61 niag egnahcxe ngieroF

29,327,872 14,864,152 Finance costs:

)519,645,4 ( )473,981,6 ( seef dna segrahc knaB )350,152,01( - ssol egnahcxe ngieroF

( 6,189,374) (14,797,968)

$23,138,498 66,184 17. Taxation

(a) The expense is based on the profit for the year adjusted for tax purposes and is made up as follows:


$ $ Current tax expenses: Income tax 19,809,543 14,677,085

Deferred tax expenses: Origination and reversal of other temporary

)296,099 ( )270,88 ( ecnereffiD

Total taxation expense 19,721,471 13,686,393

(b) Reconciliation of actual tax charge/(credit):

ynapmoC ehT puorG ehT 2019 2018 2019 2018

Profit for the year $158,994,835 115,927,536 160,571,368 117,504,069 Computed "expected" tax at 25% (2018: 25%) 39,748,708 28,981,884 40,142,842 29,376,017 Tax effect of differences between treatment for financial statement and taxation purposes: Depreciation and capital allowances, net 722,987 ( 2,357,536) 328,853 ( 2,751,669) Expenses not allowable for tax purposes ( 1,028,753) 748,438 ( 1,028,753) 748,438

39,442,942 27,372,786 39,442,942 27,372,786 Adjustment for the effect of tax remission [note (c)] ( 19,721,471) ( 13,686,393) ( 19,721,471) ( 13,686,393)

$ 19,721,471 13,686,393 19,721,471 13,686,393


BLUE POWER GROUP LIMITED Notes to the Financial Statements (Continued) April 30, 2019 17. Taxation (continued)

(c) Remission of income tax:

The company’s shares were listed on the Junior Market of the Jamaica Stock exchange, effective April 22, 2010. Consequently, the company is entitled to a remission of taxes for ten (10) years in the proportions set out below, provided the shares remain listed for at least fifteen (15) years: Years 1 to 5 100% Years 5 to 10 50% The financial statements have been prepared on the basis that the company will retain the benefit of tax remissions of 50%.

18. Disclosure of expenses

Profit attributable to members is stated after charging:

ynapmoC ehT puorG ehT 2019 2018 2019 2018

$ $ $ $

Directors’ emoluments: 000,007,2 000,007,2 000,007,2 000,007,2 seeF

Management remuneration 38,065,606 34,253,540 38,065,606 34,253,540 19. Earnings per stock unit

Earnings per ordinary stock unit is calculated by dividing the profit attributable to shareholders by the weighted average number of stock units in issue during the year.

detatseR 2019 2018

Profit attributable to sh 341,142,201 463,372,931$ sredlohera

Weighted average number ordinary stock units in issue 564,990,000 564,990,000

Basic and diluted earnings per stock unit $ 0.25 0.18 The issued number of ordinary stock units in the prior period has been restated for comparison purposes due to 10-for-1 stock split, which was effective August 14, 2018 (see note 12).

PAGE 64

BLUE POWER GROUP LIMITED Notes to the Financial Statements (Continued) April 30, 2019 20. Dividends

8102 9102

19 cents (2018: 19 cents) per qualifying ordinary stock unit $10,734,810 10,734,810

A dividend of $0.19 (2018: $0.19) per stock unit was declared on July 16, 2018 (2018: June 15, 2017) and paid on July 30, 2018 (2018: August 28, 2017).

21. Segment financial information

Information regarding the results of each reportable segment is included below. Performance is measured based on segment profit before taxation, as included in the internal management reports that are reviewed by the Chief Operating Decision Maker. Segment profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Inter-segment pricing is determined on an arm’s length basis.

9102 The Group Lumber Soap Division Division Total $ $ $

719,477,566,1 215,208,864 504,279,691,1 euneveR

197,909,331 571,019,47 616,999,85 snoitarepo morf tiforP 645,649,1 906,685 739,953,1 emocni rehtO

,831,32 419,448,9 485,392,31 emocni ecnanif teN 498

Profit for the year 73,653,137 85,341,698 158,994,835 Segment assets

651,057,153 226,270,723 435,776,42 stessa tnerruc-noN 222,539,036 225,436,334 007,003,791 stessa tnerruC

221,978,234 760,707,144 982,685,378

Segment liabilities 546,881,48 436,463,03 110,428,35 seitilibail tnerruC

Non-current liabilities 490,272 351,351 841,623

54,314,283 30,715,985 85,030,268 Other segment items:

237,161,41 664,935,3 662,226,01 erutidnepxe latipaC 411,228,71 870,757,21 630,560,5 noitaicerpeD


BLUE POWER GROUP LIMITED Notes to the Financial Statements (Continued) April 30, 2019 21. Segment financial information (continued)

2018 The Group Lumber Soap Division Division Total $ $ $

310,685,705,1 845,953,044 564,622,760,1 euneveR

901,514,211 735,676,75 275,837,45 snoitarepo morf tiforP 342,644,3 703,67 639,963,3 emocni rehtO

)088,248,3 ( 460,909,3 emocni ecnanif teN 66,184

Profit for the year 62,017,572 53,909,964 115,927,536 Segment assets

960,719,703 806,981,422 164,727,38 stessa tnerruc-noN 497,934,695 629,992,451 868,931,244 stessa tnerruC

525,867,329 378,489,534 904,356,863

Segment liabilities 088,886,041 147,844,77 931,042,36 seitilibail tnerruC

Non-current liability 490,272 439,423 929,695

63,730,411 77,888,164 141,618,575 Other segment items:

127,667,46 925,717,01 291,940,45 erutidnepxe latipaC 487,494,61 118,481,21 379,903,4 noitaicerpeD

In presenting the geographic information below, segment revenue are based on the geographic location of the customers. There are no non-current assets located outside of Jamaica.

9102

The Group Jamaica Caribbean Total $ $ $

External revenues 1,544,387,202 121,387,715 1,665,774,917

8102

Jamaica Caribbean Total $ $ $

External revenues 1,413,626,756 93,959,257 1,507,586,013

PAGE 66


22. Financial instruments The group has exposure to the following risks from its use of financial instruments:

� Market risk

� Credit risk

� Liquidity risk

� Operational risk The Board of Directors, together with management, has overall responsibility for the establishment and oversight of the group’s risk management framework. The group’s risk management policies are established to identify and analyse the risks faced by the group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and group’s activities. (a) Market risk:

Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates will affect the group’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimising the return on risk. (i) Currency risk:

Foreign currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. The group is exposed to foreign currency risk, primarily on purchases that are denominated in a currency other than the Jamaica dollar. The main currency giving rise to this risk is the United States dollars (US$). The group manages foreign exchange exposure by maintaining adequate liquid resources in appropriate currencies and by managing the timing of payments on foreign currency liabilities. The table below shows the group’s main foreign currency exposure at the reporting date.

The Group and the Company Net foreign currency monetary assets/(liabilities) 2019 2018 US$ J$ US$ J$

Cash and cash equivalents 451,885 59,870,216 851,207 106,535,636 Investments 1,491,000 197,542,590 1,200,000 148,500,000 Interest receivable 37,374 4,952,690 48,433 6,021,874 Accounts payable ( 15,805) ( 2,094,402) ( 89,514) ( 11,129,678)

Net position 1,964,454 260,271,094 2,010,126 249,927,832


BLUE POWER GROUP LIMITED Notes to the Financial Statements (Continued) April 30, 2019 22. Financial instruments (continued)

(a) Market risk (continued):

(i) Currency risk (continued):

Exchange rates for the US dollar, in terms of Jamaica dollars ($), were as follows:

April 30, 2019 $132.51 April 30, 2018 $124.33

Sensitivity analysis

A 6% (2018: 4%) strengthening of the US$ against the Jamaica dollar would have increased profit for the year by $15,619,555 (2018: $9,997,113) respectively. A 4% (2018: 2%) weakening of the US$ against the Jamaica dollar would have decreased profit for the year by $10,413,036 (2018: $2,499,278) respectively. The analysis assumes that all other variables, in particular interest rates, remain constant. The analysis is done on the same basis for 2018.

(ii) Interest rate risk:

Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in market interest rates. Interest-bearing financial assets mainly comprise bank deposits and resale agreements, which have been contracted at variable interest rates for the duration of their terms.

The groups’s cash and cash equivalents are subject to interest rate risk; however, it manages this risk by maintaining deposits and negotiating the most advantageous interest rates. Interest rates on certain loan are fixed and are not affected by fluctuations in market interest rates.

At the reporting date the interest profile of the group’s interest bearing financial instruments was:


$ $ Fixed rate:

Assets 288,362,515 180,017,358

Variable rate:

Assets 56,243,908 130,289,689

PAGE 68


(a) Market risk (continued):

(ii) Interest rate risk (continued):

Fair value sensitivity analysis for fixed rate instruments The group does not hold any financial instruments that are carried at fair value. Therefore, a change in interest rates, at the reporting dates, would not affect profit or loss or the value of the group’s financial instruments. Cash flow sensitivity analysis for variable rate instruments An increase of 100 basis points (2018: 100 basis points) in interest rates at the reporting date would have increased profit by $562,439 (2018: $1,302,897) while a 100 basis points (2018:100 basis points) decline in interest rates at the reporting date would have decreased profit by $562,439 (2018: $1,302,897). This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The analysis is performed on the same basis for 2018.

(b) Credit risk:

Credit risk is the risk that one party to a financial instrument will fail to discharge its obligation and cause the other party to incur a financial loss. Credit exposures arise principally from the group's receivables from customers and deposits held with financial institutions. At reporting date, 94% (2018: 86%) of the group’s cash resources were held with one financial institution which is believed to be a substantial counter-party with a minimal risk of default. Otherwise, there were no significant concentrations of credit risk and the maximum exposure to credit risk is represented by the carrying amount of each financial assets on the statement of financial position.

Cash and cash equivalents and investments

Cash and cash equivalents and investments are maintained with financial institutions that are appropriately licensed and regulated, therefore management believes that the risk of default is low.

Impairment on cash and cash equivalents has been measured at 12 months expected loss basis and reflects the short maturities of the exposures. The group considered that cash and cash equivalents have low credit risk. No impairment allowances were recognised on initial adoption of IFRS 9 and there has been no change during the year.



(b) Credit risk (continued):

Trade receivables

Management has established a credit policy under which its customers are analysed for creditworthiness prior to being offered with a credit facility. This includes credit evaluations on new customers and procedures for the recovery of amounts owed by defaulting customers. Management has procedures in place to restrict credit sales if the customers have not cleared outstanding debts within the credit period. In monitoring customer credit risk, customers are categorised according to their credit characteristics, including whether they are an individual or company, or aging profile and existence of previous financial difficulties.

The group’s average credit period on the sale of its products is 30-60 days. Some trade receivables are provided for based on the estimate of amounts that would be irrecoverable, determined by taking into consideration past default experience, current economic conditions and expected receipts and recoveries. Management also considers the factors that may influence the credit risk of the customer base, including the default risk associated with the industry and country in which the customers operate. The customer is allowed up to 90 days after each invoice date to submit payment of amounts owing to the company.

Expected credit loss assessment as at May 1, 2018

The group allocates each exposure to a credit risk grade based on the data that is determined to be predictive of the risk of loss (including but not limited to external ratings, audited financial statements, management accounts and cash flow projections and the available press information about its customers) and applying experienced credit judgement.

The group uses a provision matrix to measure ECLs on trade receivables. The provision matrix is based on its historical observed default rates over the expected life of the trade receivables and is adjusted for forward-looking estimates.

Loss rates are calculated based on the probability of a receivable progressing through successive stages of delinquency to write-off, current conditions and the economic conditions over the expected lives of the receivables.

The following table provides information about the exposure to credit risk and ECL for trade receivables as at April 30, 2019.

ssorG dethgieW tiderC ssoL gniyrrac egareva

Age categories loss rate amount allowance impaired

Current (not past due) 0% 48,990,572 - No Past due 31 - 60 days 0% 48,333,277 - No More than 90 days 18.19% 27,665,811 5,034,585 Yes

124,989,660 5,034,585

PAGE 70


(c) Liquidity risk:

Liquidity risk is the risk that the group will not meet its financial obligations as they fall due. The group’s approach to managing liquidity is to ensure, as far as possible, that it has sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the group’s reputation. The management of the group maintains an adequate amount of its financial assets in liquid form to meet contractual obligations and other recurring payments, and has a revolving line of credit in place on which the company can draw amounts when needed and repay without penalty. The following are the contractual maturities of the non-derivative financial liabilities, including interest payments and excluding the impact of netting agreements.

ynapmoC eht dna puorG ehT

Carrying Contractual 6 months ssel ro wolfhsac tnuoma

April 30, 2019:

Accounts payable $ 72,543,581 72,543,581 72,543,581

April 30, 2018: Accounts payable 105,543,930 105,543,930 105,543,930 Due to related party 28,980,434 28,980,434 28,980,434

$134,524,364 134,524,364 134,524,364

(d) Operational risk: Operational risk is the risk of direct or indirect loss arising from a wide variety of causes associated with the group’s processes, personnel, technology and infrastructure, and from external factors, other than financial risks, such as those arising from legal, regulatory requirements and other natural disasters. The group’s objective is to manage operational risk so as to balance the avoidance of financial losses and damage to its reputation with overall cost effectiveness and to avoid control procedures that restrict initiative and creativity. The primary responsibility for the development and implementation of controls to address operational risk is assigned to management.

(e) Capital management:

The group's objectives when managing capital are to safeguard its ability to continue as a going concern in order to provide returns to shareholders and benefits to other stakeholders and to maintain an optimal capital structure to reduce the cost of capital as well as meet externally imposed capital requirements.



(e) Capital management (continued):

The Board of Directors monitors the return on capital, which is defined as profit for the year divided by total stockholders’ equity. The group is not subject to any externally imposed capital requirements.

(f) Fair value disclosure: The carrying value of cash and cash equivalents, accounts receivable and prepayments, due from subsidiary, amount due to related party and accounts payable are assumed to approximate their fair values due to their short-term nature.

PAGE 72

BLUE POWER GROUP LIMITED (THE COMPANY) - FORM OF PROXY

I/We _________________________________________________________ (insert name)

of_______________________________________________________________ (address)

being a shareholder(s) of the above-named Company, hereby appoint:

_____________________________________________________________ (proxy name)

Of _______________________________________________________________(address)

or failing him__________________________________________ (alternate proxy name)

of _______________________________________________________________ (address)

as my/our proxy to vote for me/us on my/our behalf at the Annual General Meeting of

the Company to held at 4 pm on August 14, 2019 at 107 Old Hope Road, Guardsman

Group Office, Kingston 6 and any adjournment thereof, I desire this form to be

used for/against the resolutions as follows:

1. “THAT the Directors’ Report, Auditors’ Reports and Audited Financial

Statements of the Company and the Group for the year ended April 30,

2019 be and are hereby adopted.”

2. “THAT the interim dividend of 2¢ per stock unit on record date July 25,

2019, paid on August 12, 2019 be and is hereby ratified and declared

final for 2018-19.”

3. "THAT the remuneration of the Auditors, KPMG, having been fixed by the

Directors for 2019, be and is hereby approved.”

4. “THAT the Auditors, KPMG, having indicated their willingness to continue

in office, be and are hereby re-appointed for the year 2019-20.”

5. a) “THAT Jeffrey Hall who retires by rotation, be and is hereby re-elected

a Director of the Company.”

b) “THAT Peter Millingen, who retires by rotation, be and is hereby re-elected

a Director of the Company.”

c) “THAT Catherine Goodall who retires by rotation, be and is hereby

re-elected a Director of the Company.”

6. “THAT the amount shown in the Accounts for the year ended April 30,

2019 for Directors' fees be and is hereby approved.”

Unless otherwise directed the proxy will vote as he thinks fit

Signed this ____________ day ________________2019

--------------------------------------------------

Signature of Shareholder

Yes No

PAGE 73

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No

BLUE POWER GROUP LIMITED (THE COMPANY) - FORM OF PROXY

I/We _________________________________________________________ (insert name)

of_______________________________________________________________ (address)

being a shareholder(s) of the above-named Company, hereby appoint:

_____________________________________________________________ (proxy name)

Of _______________________________________________________________(address)

or failing him__________________________________________ (alternate proxy name)

of _______________________________________________________________ (address)

as my/our proxy to vote for me/us on my/our behalf at the Annual General Meeting of

the Company to held at 4 pm on August 14, 2019 at 107 Old Hope Road, Guardsman

Group Office, Kingston 6 and any adjournment thereof, I desire this form to be

used for/against the resolutions as follows:

Unless otherwise directed the proxy will vote as he thinks fit

Signed this ____________ day ________________2019

--------------------------------------------------

Signature of Shareholder

“THAT the [issue / transfer] of the Company’s shares in a newly created

subsidiary of the Company, Lumber Depot Limited (“New Lumber Depot”),

to the Company’s shareholders on record as at August 1, 2019 with the

intent that after such actions, shares in New Lumber Depot shall be held by

the shareholders of the Company pro rata to their existing holdings in the

Company is hereby approved.”

THAT the transfer of the business and assets of the Lumber Depot Division

of the Company to New Lumber Depot as of 1 August 2019, in consideration

for related liabilities and transaction costs is hereby approved.”

THAT any and all acts and deeds carried out in the name and on behalf of the

Company in connection with the transactions described in resolutions (1)

and (2) above, be and are hereby ratified.v

1.

2.

3.

Yes

PAGE 74

Head Office and

Blue Power Division

4 Victoria Avenue

Kingston CSO

Tel: 1-876-928-1882

Fax: 1876-930-3283

E-mail: [email protected]

www.facebook.com\bluepowerja

Lumber Depot Division

17C Gordon Town Road

Papine

Kingston 6

Tel: 1-876-977-5075

Fax: 1-876-970-1302

E-mail: [email protected]

www.lumberdepotja.com

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blue power annual report 2019 final customer edit...military qualiﬁcations, he holds a diploma in...

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