unilever-ar-27.4_tcm1286-481145_es.pdf

8/17/2019 unilever-ar-27.4_tcm1286-481145_es.pdf

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UNILEVER ARIBBEAN LIMITED

MAKIN

SUSTAINABLE LIVIN

OMMONPLAE

ANNUAL REPORT

AND AOUNTS

2015


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WE AIM TO IMPROVE HEALTH AND HYIENE

FOR 1 BILLION PEOPLE AROUND THE WORLD,

THROUH BRANDS SUH AS LIFEBUOY

LIFEBUOY

HANDWASHIN PRORAMME


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1Unilever Caribbean Limited Annual Report 2015

OUR PURPOSE

UNILEVER HAS A SIMPLE BUT LEAR PURPOSE TO MAKE SUSTAINABLE LIVIN OMMONPLAEWE BELIEVE THIS IS THE BEST LONTERM WAY

FOR OUR BUSINESS TO ROWOur dstnct Purpose and our operatonal expertse across ourbusness model wll help realse our vson of acceleratng growth nthe busness, whle reducng our envronmental footprnt andncreasng our postve socal mpact

Our Purpose and vson are ambtous but are consstent wth thechangng atttudes and expectatons of consumers

Our unswervng commtment to sustanable lvng s ncreasngly

delverng both more trust from consumers and a strong busnessfor shareholders wth lower rsks and consstent, compettve andproftable long-term growth

ONTENTS

Fnancal Hghlghts 2-3Our lobal Strategc Focus 4Our lobal Unlever Sustanable Lvng Plan 5harman’s Statement 6Drectors 7Managng Drector’s Revew 8Executve Leadershp 9Management Dscusson and Analyss 11Drectors’ Report 14

Fnancal StatementsIndependent Audtor’s Report 16Statement of Fnancal Poston 17Statement of Income 18Statement of omprehensve Income 19Statement of hanges n Equty 20Statement of ash Flows 21Notes to the Fnancal Statements 22-49

Notce of Annual Meetng 50Manageme nt Proxy rcular 51Proxy Form 53

ONLINEYou can fnd more nformaton aboutUnlever onlne at wwwunlevercom Forfurther nformaton on the UnleverSustanable Lvng Plan (USLP) vstwwwunlevercom/sustanablelvng

Ths annual report can be downloaded atwwwunlevertt


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(67%)2014 15% TT$1702014 TT$252110%2014 140% (323%)2014 (53)%

TT$1002014 TT$145

TT$0202014 TT$032

76%2014 175%

236%2014 310%

TURNOVER(DEREASE %)

EARNINS PER SHAREOPERATIN PROFITAS % OF TURNOVER

PROFIT BEFORE TAX(DEREASE %)

FINAL DIVIDEND PERSHARE

INTERIM DIVIDEND TOTAL SHAREHOLDERS’RETURNS

RETURN ON APITALEMPLOYED

• Turnover TT$122mllon

• Underlyng Salesrowth (69%)

• Underlyng Volumerowth (101%)





• Underlyng Sales(18%)





OUR ATEORIES

PERSONAL ARE

FINANIAL HIHLIHTS

FOODS

HOME AREREFRESHMENT


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4 Unilever Caribbean Limited Annual Report 2015

REDUCE

ENVIRONMENTAL

FOOTPRINT

DOUBLE THE

BUSINESS

POSITIVE

SOCIAL IMPACT

TO REALISE OUR VISION WE HAVE INVESTED

IN A LONTERM STRATEY OF ATEORIES

AND BRANDS THAT DELIVER ROWTH TO

THE BENEFIT OF ALL STAKEHOLDERS

OUR LOBAL STRATEI FOUS

• SALES

• MARIN

• APITAL EFFIIENY

• NUTRITION

• HEALTH AND HYIENE

• FAIRNESS IN THE WORKPLAE

• OPPORTUNITIES FOR WOMEN

• INLUSIVE BUSINESS

• REENHOUSE ASES

• WATER

• WASTE

• SUSTAINABLE SOURIN

ROWIN THE BUSINESS

REDUINENVIRONMENTAL IMPAT

ENHANINLIVELIHOODS

IMPROVIN HEALTHAND WELLBEIN

Long-term value comes from nvestng n

marketng, world-class manufacturng,

nnovaton and a workforce of the best talent

avalable to delver growth that s consstent,

compettve, proftable and responsble

VISION ROWTH

ONSISTENT

We delver consstency n underlyngsales growth, core operatng margn and

free cash flow by contnuously nvestngn our supply chan, our brands andmarketng, our people and IT to provde along-term sustanable busness

OMPETITIVE

By nvestng n nnovaton we can growour market share whle also seekng toenter new markets and new segmentssuch as premum brands n categoreslke Personal are and Refreshment

PROFITABLE

We seek contnuous mprovement n ourworld-class manufacturng to drve costsavngs and hgher returns, provdngextra fuel for growth as cash sredeployed n new strategcopportuntes

RESPONSIBLE

rowth that’s responsble nvolveshavng a postve socal mpact andreduced envronmental footprnt, whchs the essence of the USLP and sessental n protectng and enhancng ourreputatonOur Sustanable Lvng brands areworkng towards makng the new UNSustanable Development oals a realty


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IN THE YEAR 2015 UNILEVER ARIBBEAN LIMITEDSAW A DIFFIULT AND HALLENIN YEAR

OVERVIEW

In 2015 Unlever arbbean Lmted reported a declne nsales of (67%) and proft after tax fell to TT$ 446 mllon Itwas a challengng year, largely explaned by the forwardphasng of sales nto December 2014, ahead of an ITsystems change whch took place n January 2015 Ourfortunes were not helped by a weak economy and thedstracton of a eneral Electon Ths performance wasallevated by the dedcaton of our employees, who workedtrelessly throughout the year and margns held frm as weremoved cost and complexty and mproved effcencesWe also ran our operatons wthout any accdents and, for

the frst tme, wth no waste to landfll

Notwthstandng the challenges, at the end of the year, theompany’s Balance Sheet remaned strong Inventores andTrade Recevables were sgnfcantly reduced and ash-n-Hand mproved by TT$$22 mllon (32% mprovement vs2014)

RETURNS TO SHAREHOLDERS

The Board of Drectors has declared a fnal dvdend of$100 per share, brngng the Total Dvdend for the year to$120 per share (2014 $177 per share) Ths represents a

Dvdend Payout of 707% of the year’s Earnngs, whch swthn the ompany’s target range of 60 – 80% Wth theshare prce ncreasng by 6% over the year from $6450 to$6830, Total Shareholder Return remaned healthy at 76%

HAIRMAN’S STATEMENT

LOOKIN AHEAD

Even though the regonal economc backdrop andvolatle tradng condtons wll reman, the Board scautously optmstc about the prospect for thebusness, as we reap the benefts of our nvestments ntechnology, our unrvalled collecton of Brands and ourtalented People

The ompany wll maxmse effcency by fullyharnessng the potental of the new global IT operatngplatform, whch conforms wth Unlever best practceglobally Addtonally, n the next eghteen months, wewll make noteworthy nvestment n our manufacturng

facltes to prepare the busness for a brghter futureThs wll strengthen our compettve poston and sanother vsble demonstraton of Unlever’s commtmentto Trndad and Tobago and to the arbbean regon

BOARD OMPOSITION AND SUESSION

After servng 33 years as a Drector, 28 of whch asharman of Unlever arbbean Lmted, Mr ary Vossretred from the Board on May 21st 2015 We take thsopportunty to publcly thank Mr Voss for hs sterlngcontrbutons to the ompany, hs passon anddedcaton wll be forever remembered I am honouredto follow ary as harman and fully ntend to buld uponhs legacy

Durng the year 2015 there were other several changesat the Board level On 31st of December of that year, MrTm Klenebenne ended hs tenure n Trndad andTobago and moved to Unlever Ethopa as ManagngDrector, I would lke to once agan thank hm for hshard work and wsh hm and hs famly all the best

Lucy Walsh was apponted to the Board on January 1st2016, fllng the vacancy left by Tm Lucy arrves freshfrom the UK operaton where her track record was

outstandng I am delghted that she has chosen to onour busness

On May 21st 2015, Mr Mark Beepath was apponted tothe Board as Fnance Drector and ompany Secretary

PABLOARRIDO

HAIRMAN


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DIRETORS

1. Pablo Garrido

Non-Executve harman

2. Lucy Walsh

Managng Drector

3. Seamus Clarke

Non-Executve Drector

4. Mark Beepath

Fnance Drector

5. Roxane de Freitas

Executve Drector

6. Jacqueline Quamina

Non-Executve Drector

7. Emerson Inacio

Executve Drector

8. Enid Blasini

Executve Drector

1 2

3 4

5 6

7 8

AKNOWLEDEMENT

Once more, I would lke to recognse thetremendous effort and dedcaton of theUnlever team The Board of Drectorslook forward to workng wth Lucy shebrngs a wealth of experence and I knowthat colleagues wll welcome herthoughtful leadershp to the busness

Fnally, I must express my heartfeltapprecaton to my fellow Boardmembers for ther warm welcome andsupport

Pablo arrdo

harman

Pablo arrdo Non-Executve harmanNatonalty DomncanBA n Busness, MA MarketngJoned Unlever n 1999 as ustomerManagement Drector for the Northarbbean regon Apponted as ManagngDrector of Unlever arbbean Lmted,Trndad n 2001 In 2006 apponted asharman for Unlever reater arbbeanIn2008 relocated to Puerto Rco, as part of theNew harman poston responsbltesHe s currently at the head of hs own prvatecompanes

Lucy Walsh Managng DrectorNatonalty BrtshJoned Unlever UK/Ireland n 2003Experenced FM professonal n areas ofMarketng, Account Management and Tradeategory Management

Seamus larke Non-Executve Drector

harman Audt ommtteeNatonalty Trndadanhartered Accountant (FA, A, BSc) nprvate practce n areas of Fnancal andBusness onsultng

Mark Beepath Fnance DrectorNatonalty TrndadanBSc Economcs Joned Unlever arbbeann 2002 and has held varous fnance roles nthe Trndad operaton 2009 moved toUnlever de Puerto Rco wth responsbltyfor the three arbbean operatons 2012moved to Unlever USA based n New Jersey

Roxane E De Fretas Brand BuldngDrector, Unlever reater arbbeanNatonalty TrndadanBA, Joned Unlever n 1985 and held varouspostons n the areas of Marketng andustomer Development In 2007, she waspromoted to the poston of Managng Drectorand n August 2012, she was apponted theRegonal Brand Buldng Drector

Jacquelne Quamna Non-Executve DrectorNatonalty TrndadanAttorney at Law (LLB, MA, MBA) Experencedn areas of Bankng, Fnance and orporateLaw n the arbbean

Emerson Inaco Fnance Drector, reaterarbbeanNatonalty BrazlanBSc (Eng), MSc (Fnance), Post-MasterProgramme n Economcs and IFRSertfcaton from Delotte

Joned Unlever n 1994 and has held severalpostons, ncludng assgnments to UnleverHead Offce

End Blasn Supply han ManagerNatonalty AmercanIndustral Engneer wth over 20 yearsexperence n all areas of the Supply hanJoned Unlever de Puerto Rco n August 2014as Supply han Manager for the reaterarbbean Prevously worked at Procter &amble and Pepsco


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In the 86 years snce Unleverestablshed a presence n Trndadand Tobago, we have consstentlydemonstrated our ongongcommtment to buldng a brghterfuture for consumers, customers,colleagues and shareholders Thsrch tradton, at the heart of thelocal manufacturng ndustry,delvers the endurng stablty that

nvestors are seekng n today’sncreasngly volatle markets In2015, guded by our purpose - toMake Sustanable Lvngommonplace - we contnued tobuld brands that our consumerstrust whlst settng the foundatonsfor a busness model that wllcontnue to drve proftable long-term growth

Despte an ncreasngly precarouseconomc backdrop, both locally andn many export markets, ths lastngconsstency resulted n strongshareholder returns Wthapprecaton of 59%, our share prceended at TT$6830 We alsodelvered strong dvdends andearnngs per share, resultng n aTotal Shareholder Return fromUnlever arbbean Lmted of 76%

IN 2015, UNILEVER ARIBBEAN LIMITED ONTINUEDTO INVEST IN OUR LONTERM FUTURE IN TRINIDADAND TOBAO, DELIVERIN ANOTHER YEAR OFSTRON RETURNS FOR SHAREHOLDERS

MANAIN DIRETOR’S REVIEW

LUYWALSH

MANAIN

DIRETOR

LUX EXPERIMENTAL ZONESREAHIN 120 ONSUMERS

PER ATIVATION

LUX DRIVIN

BRAND ROWTHTHROUHONSUMER TRIAL


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1 Lucy Walsh

Managng Drector2 Zada Alle

Inbound,Sales & Operatonal

Plannng Manager

3 len Rogers Natonal Sales

Manager

4 Paul Wggans Supply Leader

BUILDIN A BRIHTER FUTURE

Unlever arbbean Lmted scommtted to the future of localmanufacturng and n 2015 weaccelerated our nvestment to brngour core busness fundamentals upto the hghest global standardsFrstly, we embarked on an upgradeof our Enterprse Resource Plannng(ERP) IT system and secondly, wentroduced a new Warehouse

Management System (WMS) Thesetwo crtcal ntatves allow us toexplot cuttng-edge technology nplannng and reportng, forecastngand nventory management We wllreap the beneft of these sgnfcantnvestments as we move forwardwth a more effcent busnessmodel

Furthermore, we secured approvalto commence an extensve upgradeof our Laundry factory Ths wll

modernse our operaton n lne wththe Unlever global standard,

1

7

8

4 5 6

2 3

allowng us to produce modernproduct formulatons, whlst alsosgnfcantly mprovng our Safety,Qualty and Productvty Ths workwll commence n 2016, to becompleted n md-2017 Ourcolleagues wll not only beneft frommproved workng condtons andmore effcent machnery, but alsofrom an extensve tranng anddevelopment programme as wemplement new ways of workng onste

ROWIN RESPONSIBLY

Our reported declnes n revenue(67%) and operatng proft (27%)reflect the short term challenges weexperenced n transtonng to ournew ERP and WMS systems n thefrst half of the year Whlst the longterm benefts of these ntatves areclear, they were only realsed from

H2 2015 onwards In the second

half, wth busness operatonsnormalsed, we saw key categoresand channels return to growth,despte the ncreasng economcuncertanty we faced across manymarkets A key hghlght was wthour Personal are portfolo wherestrong nnovatons, combned wthncreased dstrbuton n keychannels led to a postve secondhalf performance

Throughout the year, we mantanedtght control of our workng captal,ensurng that we were able tomanage our nvestments whlstdelverng a healthy cash balance ofTT$918M

To grow responsbly, we mustaccelerate our sales growth whlereducng our envronmental mpactand ncreasng our postve socalmpact In 2015, we recorded thefrst full year of “Zero Waste to

Landfll” from our factory - meanng

5 Mark Beepath

Fnance Drector

6 Francsco Navarrete Warehouse, Logstcs &

ustomer Servce Manager 7 Natasha Davs

HR Busness Partner, o toMarket

8 Shelly Ann Smmon Mc Kell ustomer Marketng

Manager

EXEUTIVE LEADERSHIP


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ONTINUOUSINNOVATIONSHELP DRIVEROWTH IN

ORE BRANDS

INTRODUIN DRY SPRAY

DEODORANTS

IMPROVED ONSUMEREXPERIENE TRANSFORMEDBY THE SPRAY FORMAT

A maor nnovaton n 2015 was the launch of Dry Spraydeodorants across Dove, Degree (Rexona globally) andAxe Renventng the benefts of the spray format, thennovaton delvered on a true consumer need –deodorant that goes on cleaner and drer

that we fully recycled all nonhazardous waste generated by ourplants, and n dong so, reduced ourenvronmental footprnt In 2016, wewll commsson our new WasteWater Treatment Plant

SUMMARY

In summary, 2015 was a year of

supportng the long term future ofUnlever arbbean Lmted Wecontnued to nvest n buldng strongbrands, makng them the frstchoce for shoppers, therebysecurng sustaned category growthWe started the crtcal ourney toupgrade our core operatons, anon-negotable f we are to mantanthe compettveness and effcencyrequred to steer our course throughthe volatlty of our complex andever-changng envronment There

are three areas that I and theleadershp team wll focus onthroughout 2016 Frstly, a focus on

flawless executon of key products,n key channels Ensurng ourproducts are avalable and vsble toour shoppers, n the locaton theyexpect to fnd them and at the rghtprce Secondly, as market volumesstagnate, we must drve everypossble effcency n order tomantan compettveness a zerobased budgetng approach wll be

mplemented n 2016 Thrdly, wemust develop our talent ppelneEnsurng Unlever arbbeanLmted s a great place to work, thatnurtures and grows talent fromwthn, whlst harnessng regonalexpertse from our Unlever famly sa top prorty

OUTLOOK

The economc uncertantes faced n2015 wll only become more volatle

n 2016 We are buldng thenfrastructure, the team and theplans to wn and I am confdent that

we wll return to growth n 2016,mantanng our consstent record oftop and bottom lne growth for ourshareholders I thank you, ourshareholders, for your contnuedsupport, the Board members forther welcome and gudance over thelast few months and mostmportantly, I thank our colleagues,for ther unrelentng commtment n

2015 I’m excted to on Unleverarbbean Lmted at such a pvotalmoment n our 86 year hstory andlook forward to delverng a strong2016

Lucy Walsh

Managng Drector

MANAIN DIRETOR’S REVIEW (ONTINUED)


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OVERVIEW

Unlever arbbean Ltd owns andoperates a manufacturng anddstrbuton faclty located nTrndad and Tobago At ths facltyn hamps Fleurs the ompanyengages n the manufacturng ofPowdered Detergents, LqudHousehold leaners, Spreads andMargarnes A number of mports n

personal care and foods productsfrom other Unlever stes across theglobe are also dstrbuted from thsste In addton to managng thelocal Trndad and Tobago market,Unlever arbbean Lmted alsoholds responsblty for a number ofexport markets n the Southernarbbean Sales outsde of theTrndad market accounted for 40%(2014 38%) of total Unleverarbbean Lmted sales

FINANIAL REVIEW HIHLIHTS

• Turnover declned (67%) from$5878m to $5486m

• ross margn declned by(23%), movng from 397% to394%

• Operatng proft decreased(274%) from $828m n 2014 to$602m n 2015

• Proft after tax fell by(326%),from $661m to $446m

• Total earnngs per share (EPS)was $170, down from $252 n2014

• ash at bank closed at $918m

EONOMIES AND MARKETS

In 2015 we saw the contnued slowpace of recovery n the regonal

markets wth most arbbeaneconomes stymed n low, sngle-dgt growth ommodty-drveneconomes as uyana and Surnamesuffered from the global downturnn prces, whle toursm-dependenteconomes dd see ncreasedarrvals but not enough to offsetweakness n constructon andmanufacturng sectorsOur home market n Trndad andTobago had a partcularly dffcult

year, strugglng to attan anymomentum n the year from thedepressed Ol and as sectors,whch slowed consderably n thelatter half Whle DP slowedconsderably, other key economcndcators also began to showweakness, wth unemploymentrates gradually ncreasng amd

rsng nterest rates and nflatonary

pressuresRsng exchange rates contnue to bea cause for concern n both local andregonal markets wth the scarcty ofUS dollars compoundng the currenteconomc stagnaton

OPERATIN PROFITS

Operatng proft n the year declnedto $602m drven by one-off loss ofrevenues assocated wth the ssuesexperenced n the frst half of theyear from the mplementaton of the

new IT platform and relatedstablsaton cost to return thebusness to normal operatonallevels ross margns weregenerally flat n the year wthcommodty prces stable orsoftenng for the most part n theyearAll other costs were well managedn the year wth strong managementfrom other parts of busness tocontrol expenses and drve savngs

opportuntes

MANAEMENT DISUSSION AND ANALYSIS

Turnover by Year ($m)

2011 20152012 2013 2014

549527 567579

588

Refreshments 10%

PersonalCare22%

Foods 29%

Home Care39%

Turnover by Category (%)

omfort Pure are Fabrccondtoner s especallyformulated for Babes andpersons wth senstve sknThe fragrance used n t svery mld, and the products both dermatologcallytested as well ashypoallergencally testedIt delvers the mostsoftness compared to theother omfort varants ands avalable n a Dlute 2Lsze only

omfort Pure are now

represents 10% of sales mx forthe regon as at end of 2015

LAUNH OF PUREARE OMFORT 2 L

INTRODUTION OFPURE ARE


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BALANE SHEET

Unlever arbbean’s strong fnancalfootng was sustanednotwthstandng the ssues faced nthe year Total assets decreased by2% as penson asset values declneddue to the current challenges bengfaced n the Trndad economyStrong workng captal control,partcularly n managng nventores

and trade recevables, resulted n ahealthy cash on hand balance of$918m, ncreasng $22m vs thepror year There were no fnancngcommtments to end the year, whledue to related companes ncreasedmargnally, up $4m vs the proryear

PERFORMANE OF ATEORIES

All categores were mpacted n theyear by the dsrupton of theoperaton n the frst half of the yeardue to the mplementaton of thenew IT system Operatons returnedto normal servce levels n quartertwo, but despte the best efforts thelost ground n the earler part of theyear could not be fully recovered

HOME ARE

The Home are busness conssts ofPowder Detergents, DshwashngLquds as well as Fabrcondtoners Turnover declned by

(105%) vs pror year, wth declnesseen across most categores andbrands

PERSONAL ARE

The Personal are categorycomprses Har are, Deodorants,Oral are, Skn leansng, Hand &Body are Turnover n ths categorydeclned by (69%) n the year Whlelosses were broad-based acrosscategores, there were postve sgnswth contnued strong performance

of the Deodorant category, drven bythe strength of nnovatons launchedn the year

FOODS

The Foods portfolo of the ompanycomprses Spreads and ookngAds, Dressngs and Savoury Thscategory declned by (18%),underlyng performance excludngthe mpact from dscontnuedbrands grew 18% on the back ofsold growth n our Dressngscategory

REFRESHMENTS

The Refreshment category ncludesTeas and Ice ream brands Thecategory declned (37%), manly dueto the slowng of growth n the Iceream busness, whle n Teas thecategory returned sngle-dgtgrowth on the strength of the Lptonbrand

IAS 19(REVISED) EMPLOYEE

BENEFITSThe ompany adopted ths revsedstandard on 1 January 2013

SUSTAINABLE

LIVING

INNOVATION +

MARKETING

INVESTMENT

S U S T A

I N A B

I L I T Y L

E D

G R O W TH

L E S S

W A S T E

L E S S R I S

K

& C O LLAB O R AT ION

S U S T A I N

A B L E I N N O V AT ION

PROFITABLE

VOLUME

GROWTH

COST

LEVERAGE

+ EFFICIENCY

ROWTH IN SHAREHOLDER VALUE

Unlever ams for a vrtuous crcle ofgrowth to drve shareholder returnProftable volume growth s drvenby nvestment n nnovaton andbrands We can leverage ths scaleto drve cost savngs whch can drveproftablty and further nvestmentn our busness Ths drvesproftable volume growth and the

vrtuous crcle contnues Totalshareholder return (TSR) s ameasure of the total return of a

Turnover by Type ($m)

2015 2014

313358

Locally Manufactured GoodsImported Goods

230236

Profit before Tax ($m)

60

78 7893

88

2011 20152012 2013 2014

Total Shareholder Return

(%)

51%54%

23%18%

8%

2011 20152012 2013 2014

Turnover by Market (%)

Export40%

Domestic60%

MANAEMENT DISUSSION AND ANALYSIS (ONTINUED)


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FINANIAL RESULTS FOR THE YEAR ENDED 31 DEEMBER 2015 $’000

Turnover 548,584Proft before Taxaton 59,893

Taxaton (15,332)Proft after Taxaton 44,561

Other omprehensve Income (8,404)

Total omprehensve Income for the Year 36,157

Dvdends pad

Fnal dvdend for 2014 38,054 Interm dvdend for 2015 5,249Proft retaned for the year (7,154)

Retaned earnngs brought forward 157,590Retaned earnngs carred forward 150,445

DIVIDENDS

The Drectors have declared dvdends of $31,492,598 for the year, amountng to $120 per share The fnaldvdend of $100 wll be pad on 17 June 2016 to Shareholders on the Regster of Members at the close of

busness of 27 May 2016

HANES TO THE BOARDMr ary Voss retred on 21 May 2015 Mr Tm Klenebenne ended hs tenure n Trndad and Tobago on

31 December 2015 Ms Lucy Walsh was apponted to the Board on 1 January 2016 Mr Pablo arrdo wasapponted to the Board on 12 March 2015 and as harman on 22 May 2015 Mr Mark Beepath was apponted

to the Board as Fnance Drector/ompany Secretary on 21 May 2015

REELETION OF DIRETORS

In accordance wth Secton 441 of the ompany Bye-Laws whereby Drectors shall retre n rotaton,

Ms Jacquelne Quamna retres at the Eghty Seventh Annual eneral Meetng, and beng elgble, offersherself for re-electon

In accordance wth Secton 432 of the ompany Bye-Laws whereby Drectors so apponted shall hold offce

only untl the next followng general meetng, Mr Mark Beepath and Ms Lucy Walsh, beng elgble, offerthemselves for electon to the Board

AUDITORS

The Audtors, KPM, retre at the Eghty-seventh Annual eneral Meetng, and beng elgble, offer themselves

for re-electon

DIRETORS’ REPORT


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DIRETORS’ AND SUBSTANTIAL INTERESTS

Drectors’ Interest Number of shares Number of shares

as at 310316 as at 311215

Mark Beepath 0 0

End Blasn 0 0Seamus larke 0 0

Roxane E de Fretas 1,000 1,000Pablo arrdo 0 0

Emerson Inaco 0 0Tm Klenebenne 578 578

Jacquelne Quamna 0 0

Substantal Interest

In accordance wth the Lstng Agreement of the Trndad and Tobago Stock Exchange, the followng are

holders of 5% or more shares as at 31 December 2015 Number %

of Shares Held of Total

Unlever Overseas Holdngs A 13,123,194 5001

RB Trust Lmted – All accounts 4,317,194 1645

APITAL & MEMBERSHIP

roupng of shares accordng to sze of shareholdng as at 31 December 2015

Sze of Number of Sze of % of Total

Shareholdng Shareholders Shareholdng Shareholdng

Up to 100 2,389 21,171 008101 to 500 911 245,086 093

501 to 1,000 378 286,730 1091,001 to 5,000 410 952,782 363

5,001 to 10,000 76 565,631 21610,001 to 100,000 109 2,527,487 963

100,001 to 1 000,000 22 5,519,607 2103Over 1 000,000 3 16,125,338 6144

TOTAL 4,298 26,243,832 10000

On behalf of the Board,

Seamus larke Lucy Walsh

Drector Drector

DIRETORS’ REPORT (ONTINUED)


18/5816 Unilever Caribbean Limited Annual Report 2015

To the shareholders of Unlever arbbean Lmted

We have audted the accompanyng fnancal statements of Unlever arbbean Lmted (“the ompany”), whchcomprse the statement of fnancal poston as at December 31, 2015, the statements of ncome, comprehensvencome, changes n equty and cash flows for the year then ended, and notes, comprsng a summary of sgnfcantaccountng polces and other explanatory nformaton

Management’s Responsblty for the Fnancal Statements

Management s responsble for the preparaton and far presentaton of these fnancal statements n accordance wthInternatonal Fnancal Reportng Standards, and for such nternal control as management determnes s necessary toenable the preparaton of fnancal statements that are free from materal msstatement, whether due to fraud or error

Audtors’ Responsblty

Our responsblty s to express an opnon on these fnancal statements based on our audt We conducted our audt naccordance wth Internatonal Standards on Audtng Those standards requre that we comply wth ethcalrequrements and plan and perform the audt to obtan reasonable assurance about whether the fnancal statementsare free from materal msstatement

An audt nvolves performng procedures to obtan audt evdence about the amounts and dsclosures n the fnancalstatements The procedures selected depend on our udgement, ncludng the assessment of the rsks of materalmsstatement of the fnancal statements, whether due to fraud or error In makng those rsk assessments, weconsder nternal control relevant to the entty’s preparaton and far presentaton of the fnancal statements n order to

desgn audt procedures that are approprate n the crcumstances, but not for the purpose of expressng an opnon onthe effectveness of the entty’s nternal control An audt also ncludes evaluatng the approprateness of accountngpolces used and the reasonableness of accountng estmates made by management, as well as evaluatng the overallpresentaton of the fnancal statements

We beleve that the audt evdence we have obtaned s suffcent and approprate to provde a bass for our audt opnon

Opnon

In our opnon, the fnancal statements present farly, n all materal respects, the fnancal poston of Unleverarbbean Lmted as at December 31, 2015, and ts fnancal performance and ts cash flows for the year then ended naccordance wth Internatonal Fnancal Reportng Standards

hartered AccountantsMarch 17, 2016Port of SpanTrndad, West Indes

INDEPENDENT AUDITORS’ REPORT


19/58

17 17Unilever Caribbean Limited Annual Report 2015

2015 2014 Notes $’000 $’000ASSETSProperty, plant and equpment 8 92,920 83,917Intangble asset 9 - 25Retrement beneft asset 10 33,843 49,125Deferred tax asset 11 6,581 6,644

Non-current assets 133,344 139,711

Inventores 12 54,811 64,270Trade and other recevables 13 138,891 159,575Due from related companes 14 7,114 2,035

Taxaton recoverable 4,787 4,905ash at bank and n hand 91,832 69,731

urrent assets 297,435 300,516

Total assets 430,779 440,227

EQUITY AND LIABILITIESEQUITYShare captal 15 26,244 26,244Property revaluaton surplus 35,284 35,284Retaned earnngs 150,445 157,590

Total equty 211,973 219,118

LIABILITIESRetrement and termnaton beneft labltes 10 26,325 26,521Deferred tax labltes 11 16,958 21,246

Non-current labltes 43,283 47,767

Trade and other payables 16 91,554 94,982Provsons for other labltes 17 10,335 8,913Due to parent and related companes 14 73,634 69,447

urrent labltes 175,523 173,342

Total labltes 218,806 221,109

Total equty and labltes 430,779 440,227

The notes on pages 22 to 49 are an ntegral part of these fnancal statements

On March 17, 2016, the Board of Drectors of Unlever arbbean Lmted authorsed these fnancal statements forssue

Drector Drector

STATEMENT OF FINANIAL POSITION

(Expressed n Trndad and Tobago Dollars)



2015 2014 Notes $’000 $’000

Revenue 18 548,584 587,774

ost of sales (332,298) (354,681)

ross proft 216,286 233,093

ExpensesSellng and dstrbuton costs (124,766) (116,158)Admnstratve expenses (31,357) (34,095)

(156,123) (150,253)

Operatng Proft 60,163 82,840Other ncome 20 - 5,571Fnance (cost) ncome – net 21 (270) 18

Proft before taxaton 59,893 88,429

Taxaton 22 (15,332) (22,286)

Proft for the year 44,561 66,143

Earnngs per Share for proft attrbutable to the equty holders of the ompany durng the year

- Basc and dluted earnngs per share 23 $ 170 $ 252


STATEMENT OF INOME



21/5819Unilever Caribbean Limited Annual Report 2015

STATEMENT OF OMPREHENSIVE INOME


2015 2014 Notes $’000 $’000

Proft for the year 44,561 66,143

Other comprehensve ncome

Items that wll never be reclassfed to proft or lossRemeasurement of post-employment beneft schemes 10 (11,205) (54)Deferred tax on remeasurements 11 2,801 14

Other comprehensve ncome, net of tax (8,404) (40)

Total comprehensve ncome 36,157 66,103




Property Share Revaluaton Retaned Total aptal Surplus Earnngs Equty

Note $’000 $’000 $’000 $’000Year ended December 31, 2014

Balance at January 1, 2014 26,244 35,284 142,663 204,191

Total comprehensve ncomeProft for the year - - 66,143 66,143

Other comprehensve ncome - - (40) (40)

Total comprehensve ncome - - 66,103 66,103

Transacton wth owners of the ompanyDvdends 24 - - (51,176) (51,176)

Balance at December 31, 2014 26,244 35,284 157,590 219,118

Year ended December 31, 2015

Balance at January 1, 2015 26,244 35,284 157,590 219,118

Total comprehensve ncomeProft for the year - - 44,561 44,561

Other comprehensve ncome - - (8,404) (8,404)

Total comprehensve ncome - - 36,157 36,157

Transacton wth owners of the ompanyDvdends 24 - - (43,302) (43,302)

Balance at December 31, 2015 26,244 35,284 150,445 211,973


STATEMENT OF HANES IN EQUITY




2015 2014 $’000 $’000

ASH FLOWS FROM OPERATIN ATIVITIESProft before taxaton 59,893 88,429Adustments for Deprecaton 4,746 4,911 Amortsaton 25 412 Loss on dsposal of plant and equpment 224 64 Net penson costs 8,912 7,782 ontrbutons pad (5,031) (4,926)

Operatng proft before workng captal changes 68,769 96,672 hanges n

- Inventores 9,460 (12,739) - Trade and other recevables 20,684 (59,900) - Due from related companes (5,079) (344) - Trade and other payables (3,428) 15,297 - Provsons for other labltes 1,422 2,222 - Due to parent and related companes 4,187 54,235

ash generated from operatng actvtes 96,015 95,443Taxaton pad (16,639) (25,562)

Net cash from operatng actvtes 79,376 69,881

ASH FLOWS USED IN INVESTIN ATIVITIES

Purchase of plant and equpment (13,973) (8,815)

ASH FLOWS USED IN FINANIN ATIVITIES

Dvdends pad (43,302) (51,176)

Increase n cash and cash equvalents 22,101 9,890

ash and cash equvalents at begnnng of year 69,731 59,841

ash and cash equvalents at end of year 91,832 69,731

Represented By

ash at bank and n hand 91,832 69,731


STATEMENT OF ASH FLOWS




NOTES TO THE FINANIAL STATEMENTS

31 December 2015 • (Expressed n Trndad and Tobago Dollars)

1 eneral InformatonUnlever arbbean Lmted (‘the ompany’) was ncorporated n the Republc of Trndad and Tobago n 1929, and tsregstered offce s located at Eastern Man Road, hamps Fleurs The ompany s a publc lmted lablty companyand s lsted on the Trndad and Tobago Stock Exchange The prncpal busness actvtes are the manufacture andsale of homecare, personal care and food products The ompany s a subsdary of Unlever Overseas Holdngs A,whch s a wholly owned subsdary of Unlever PL, a company ncorporated n the Unted Kngdom

2 Bass of Accountng

These fnancal statements have been prepared n accordance wth Internatonal Fnancal Reportng Standards(IFRS) and nterpretatons ssued by the IFRS Interpretatons ommttee (IFRI) applcable to companes reportngunder IFRS The fnancal statements have been prepared under the hstorcal cost conventon, as modfed by therevaluaton of freehold propertes

3 Use of Judgements and Estmates

The preparaton of fnancal statements n conformty wth Internatonal Fnancal Reportng Standards requres theuse of certan crtcal accountng estmates It also requres management to exercse ts udgement n the processof applyng the ompany’s accountng polces The areas nvolvng a hgher degree of udgement or complexty, orareas where assumptons and estmates are sgnfcant to the fnancal statements, are dscussed below

Pension benefits

The present value of the penson oblgatons depends on a number of factors that are determned on an actuaralbass usng a number of assumptons The assumptons used n determnng the net cost/ncome for pensonsnclude the dscount rate Any changes n these assumptons wll mpact the carryng amount of pensonoblgatons

The ompany determnes the approprate dscount rate at the end of each year Ths s the nterest rate that shouldbe used to determne the present value of estmated future cash outflows expected to be requred to settle thepenson oblgatons In determnng the approprate dscount rate, the ompany consders the nterest rates ofmedum term government bonds that are denomnated n the currency n whch the benefts wll be pad, and thathave terms to maturty approxmatng the terms of the related penson oblgaton

Other key assumptons for penson oblgatons are based n part on current market condtons Addtonal

nformaton s dsclosed n Note 10Were the dscount rate used to dffer by 10% from management’s estmate, the carryng amount of pensonoblgatons would be an estmated $20082 mllon lower or $25690 mllon hgher In addton, the followng tablesummarses how the defned beneft oblgaton as at December 31, 2015 would have changed as a result of a changen the other assumptons used

1% pa 1% pa ncrease decrease $’000 $’000Future penson ncreases 36,062 (29,524)Future salary ncreases 10,130 (8,844)

An ncrease of 1 year n the assumed lfe expectances shown above would ncrease the defned beneft oblgaton at

December 31, 2015 by $6238 mllonThese senstvtes were calculated by recalculatng the defned beneft oblgatons usng the revsed assumptons




CONTINUED


4 Sgnfcant Accountng PolcesThe prncpal accountng polces appled n the preparaton of these fnancal statements are set out below Thesepolces have been consstently appled to all the years presented, unless otherwse stated

(a) Foreign currency translation

(i) Functional and presentation currency

Items ncluded n the fnancal statements of the ompany are presented n Trndad and Tobago dollars,whch s the ompany’s functonal currency

(ii) Transactions and balances

Foregn currency transactons are translated nto the functonal currency usng the exchange rates

prevalng at the dates of the transactons Foregn exchange gans and losses resultng from thesettlement of such transactons and from the translaton at year-end exchange rates of monetary assetsand labltes denomnated n foregn currences are recognsed n the statement of ncome Foregnexchange gans and losses that relate to cash and cash equvalents are presented n the statement ofncome wthn ‘fnance ncome or costs’

(b) Segment reporting

Operatng segments are reported n a manner consstent wth the nternal reportng provded to the chefoperatng decson-maker The chef operatng decson-maker, who s responsble for allocatng resourcesand assessng performance of the operatng segments, has been dentfed as the management commtteethat makes strategc decsons

(c) Property, plant and equipment

Cost or revaluation

Freehold land and buldngs are shown at far value, based on valuatons by external ndependent valuersperodcally, but at least every fve years, less subsequent deprecaton for buldngs Addtons to freeholdland and buldngs subsequent to the date of revaluaton are shown at cost Any accumulated deprecaton atthe date of revaluaton s elmnated aganst the gross carryng amount of the asset, and the net amount srestated to the revalued amount of the asset All other property, plant and equpment are stated at hstorcalcost less deprecaton Hstorcal cost ncludes expendture that s drectly attrbutable to the acquston oftems

Subsequent costs are ncluded n the asset’s carryng amount or recognsed as a separate asset, as

approprate, only when t s probable that future economc benefts assocated wth the tem wll flow to theompany and the cost of the tem can be measured relably The carryng amount of the replaced part sderecognsed All other repars and mantenance are charged to proft or loss durng the fnancal perod nwhch they are ncurred

Increases n the carryng amount arsng on revaluaton of freehold land and buldngs are credted to othercomprehensve ncome (OI) and shown as ‘property revaluaton surplus’ n shareholders’ equty Ths reserves non-dstrbutable Decreases that offset prevous ncreases n the same asset are charged n othercomprehensve ncome and debted aganst ‘property revaluaton surplus’ drectly n equty all otherdecreases are charged to proft or loss




CONTINUED


4 Sgnfcant Accountng Polces (contnued)(c) Property, plant and equipment (continued)

Depreciation

Land and captal work n progress are not deprecated

Deprecaton s calculated on the straght lne bass usng the followng rates

Freehold buldngs - 25% per annum

Plant and equpment - 7% to 33 1/3% per annum

Where the carryng amount of an asset s greater than ts estmated recoverable amount, t s wrtten down tots recoverable amount (Note 4(e))

ans and losses on dsposal of property, plant and equpment are determned by reference to the proceedsand ther carryng amounts and are taken nto account n determnng operatng proft On dsposal ofrevalued assets, amounts n the revaluaton reserve relatng to that asset are transferred to retanedearnngs

Deprecaton methods, useful lves and resdual values are measured at each reportng date and adusted fapproprate

(d) Intangible assets

omputer software acquston costs are recognsed as assets at the cost ncurred to acqure and brng touse the specfc software These assets are amortsed over ther useful lves, whch do not exceed fve years

(e) Impairment of non-financial assets

Assets that are subect to amortsaton are revewed for mparment whenever events or changes ncrcumstances ndcate that the carryng amount may not be recoverable An mparment loss s recognsedfor the amount by whch the asset’s carryng amount exceeds ts recoverable amount The recoverableamount s the hgher of an asset’s far value less costs to sell and value n use For the purposes of assessngmparment, assets are grouped at the lowest levels for whch there are separately dentfable cash flows(cash-generatng unts) Non-fnancal assets that suffered mparment are revewed for possble reversal ofthe mparment at each reportng date

(f) Financial instruments

(i) Classification

The ompany classfes ts fnancal assets as loans and recevables The classfcaton depends on thepurpose for whch the fnancal assets were acqured Management determnes the classfcaton of tsfnancal assets at ntal recognton

Regular purchases and sales fnancal assets are recognsed on the trade-date, the date on whch theompany commts to purchase or sell the asset

Loans and recevables are non-dervatve fnancal assets wth fxed or determnable payments that arenot quoted n an actve market They are ncluded n current assets, except for maturtes greater than 12months after the end of the reportng perod These are classfed as non-current assets

The ompany’s loans and recevables comprse ‘trade and other recevables, ‘due from relatedcompanes’ and ‘cash and cash equvalents’ n the statement of fnancal poston (Notes 4() and 4(h))Imparment testng of trade recevables s descrbed n Note 4(g)




CONTINUED


4 Sgnfcant Accountng Polces (contnued)(f) Financial instruments (continued)

(ii) Offsetting

Fnancal assets and labltes are offset and the net amount presented n the statement of fnancalposton when, and only when, the ompany has a current legally enforceable rght to offset therecognsed amounts and ntends ether to settle on a net bass or to realse the asset and settle thelablty smultaneously

Income and expenses are presented on a net bass only when permtted under IFRS, or for gans andlosses arsng from a group of smlar transactons such as n the ompany’s tradng actvtes

(g) Impairment of financial assetsThe ompany assesses at the end of each reportng perod whether there s obectve evdence that afnancal asset or group of fnancal assets s mpared A fnancal asset or a group of fnancal assets smpared and mparment losses are ncurred only f there s obectve evdence of mparment as a result ofone or more events that occurred after the ntal recognton of the asset (a ‘loss event’) and that loss event(or events) has an mpact on the estmated future cash flows of the fnancal asset or group of fnancal assetsthat can be relably estmated

The crtera that the ompany uses to determne that there s obectve evdence of an mparment lossnclude

• Sgnfcant fnancal dffculty of the customer

• A breach of contract, such as a default or delnquency n payments

• The ompany, for economc or legal reasons relatng to the customer’s fnancal dffculty, grantng to thecustomer a concesson that the ompany would not otherwse consder

• It becomes probable that the customer wll enter bankruptcy or other fnancal reorgansaton

For loans and recevables category, the amount of the loss s measured as the dfference between the asset’scarryng amount and the present value of estmated future cash flows dscounted at the fnancal asset’sorgnal effectve nterest rate The carryng amount of the asset s reduced and the amount of the loss srecognsed n proft or loss

If n a subsequent perod, the amount of the mparment loss decreases and the decrease can be relatedobectvely to an event occurrng after the mparment was recognsed, the reversal of the prevouslyrecognsed mparment loss s recognsed n proft or loss

(h) Cash and cash equivalents

ash and cash equvalents comprse cash at bank and n hand

(i) Inventories

Inventores are stated at the lower of weghted average cost or net realsable value The cost of raw andpackagng materals and fnshed goods are determned on a weghted average cost bass Fnshed goodsnclude a proporton of attrbutable producton overheads Work n progress comprses drect costs of rawand packagng materals and related producton overheads The cost of nventores excludes borrowngcosts

Engneerng and general stores are valued at weghted average cost

oods n transt are valued at supplers’ nvoce cost

Net realsable value s the estmated sellng prce n the ordnary course of busness, less applcable varablesellng expenses




CONTINUED


4 Sgnfcant Accountng Polces (contnued)(j) Trade and other receivables

Trade recevables are amounts due from customers for merchandse sold n the ordnary course of busnessIf collecton s expected n one year or less, they are classfed as current assets If not, they are presented asnon-current assets Other recevables consst manly of Value Added Tax (VAT) recoverable Trade recevablesare ntally recognsed at far value and subsequently measured at amortsed cost less provson formparment

(k) Share capital

Ordnary shares are classfed as equty

(l) Trade and other payables

Trade payables are oblgatons to pay for goods or servces that have been acqured n the ordnary course ofbusness from supplers Accounts payable are classfed as current labltes f payment s due wthn oneyear or less If not, they are presented as non-current labltes Other payables comprse outstandngstatutory labltes as well as accruals for advertsng and promoton Trade payables are ntally recognsedat far value and subsequently measured at amortsed cost

(m) Current and deferred tax

The tax expense for the perod comprses current and deferred ncome tax Tax s recognsed n proft or loss,except to the extent that t relates to tems recognsed n other comprehensve ncome

The current tax charge s calculated on the bass of the tax laws enacted or substantvely enacted at thereportng date Management perodcally evaluates postons taken n tax returns wth respect to stuatons nwhch applcable tax regulatons are subect to nterpretaton and establshes provsons where approprate onthe bass of amounts expected to be pad to the tax authortes

Deferred tax s recognsed on temporary dfferences arsng between the tax bases of assets and labltes andther carryng amounts n the fnancal statements

Deferred tax s determned usng tax rates and laws that have been enacted or substantvely enacted by thereportng date and are expected to apply when the related deferred tax asset s realsed or the deferred taxlablty s settled

Deferred tax assets are recognsed only to the extent that t s probable that future taxable proft wll beavalable aganst whch the temporary dfferences can be utlsed

The prncpal temporary dfferences arse from deprecaton on property, plant and equpment, revaluaton offreehold buldng and post-retrement benefts

Deferred tax assets and labltes are offset when there s a legally enforceable rght to offset current taxassets aganst current tax labltes and when the deferred tax assets and labltes relate to taxes leved bythe same taxaton authorty on ether the same taxable entty or dfferent taxable enttes where there s anntenton to settle the balances on a net bass




CONTINUED


4 Sgnfcant Accountng Polces (contnued)(n) Post-retirement benefits

The ompany operates defned beneft penson plans coverng certan regular full tme employees The fundsof the plan are admnstered by the trustee and are separate from the ompany’s assets

(i) Pension obligations

A defned beneft plan s a penson plan that s not a defned contrbuton plan

Typcally defned beneft plans defne an amount of penson beneft that an employee wll receve onretrement, usually dependent on one or more factors such as age, years of servce and compensaton

The lablty or asset recognsed n the statement of fnancal poston n respect of defned beneft pensonplans s the present value of the defned beneft oblgaton at the end of the reportng perod less the far

value of plan assets The defned beneft oblgaton s calculated annually by ndependent actuares usngthe proected unt credt method

The present value of the defned beneft oblgaton s determned by dscountng the estmated future cashoutflows usng nterest rates of hgh-qualty corporate bonds that are denomnated n the currency nwhch the benefts wll be pad, and that have terms to maturty approxmatng to the terms of the relatedpenson oblgaton In countres where there s no deep market n such bonds, the market rates onovernment bonds are used

Actuaral gans and losses arsng from experence adustments and changes n actuaral assumptons arecharged or credted to other comprehensve ncome n the perod n whch they arse Past-servce costsare recognsed mmedately n proft or loss

The ompany also operates a supplementary penson scheme Ths s a closed scheme provdng ex-grata pensons for whch no addtonal employees are expected to qualfy The expected costs of thesebenefts are accrued over the perod of employment, usng an accountng methodology smlar to that fordefned beneft penson plans Valuatons of these oblgatons are carred out by annually ndependentqualfed actuares

(ii) Other post-employment obligations

The ndustral agreement coverng the hourly rated employees provdes for a termnaton beneft whchfunctons as a retrement beneft for those employees who are not n the penson plan

Actuaral gans and losses arsng from experence adustments and changes n actuaral assumptons arecharged or credted to other comprehensve ncome n the perod n whch they arse These oblgatonsare valued annually by ndependent qualfed actuares

(iii) Termination benefits

Termnaton benefts are payable when employment s termnated by the ompany before the normalretrement date, or whenever an employee accepts voluntary redundancy n exchange for these beneftsThese benefts are payable n accordance wth the Industral Agreement between the ompany and theTrade Unon The ompany recognses termnaton benefts at the earler of the followng dates (a) whenthe ompany can no longer wthdraw the offer of those benefts and (b) when the entty recognses costsfor a restructurng that s wthn the scope of IAS 37 and nvolves the payment of termnaton benefts Inthe case of an offer made to encourage voluntary redundancy, the termnaton benefts are measuredbased on the number of employees expected to accept the offer Benefts fallng due more than 12 monthsafter the end of the reportng perod are dscounted to ther present value




CONTINUED


4 Sgnfcant Accountng Polces (contnued)(n) Post-retirement benefits (continued)

(iv) Profit-sharing and bonus plans

The ompany recognses a lablty and an expense for bonuses and proft-sharng, based on a formulathat takes nto consderaton the proft attrbutable to the ompany’s shareholders after certanadustments The ompany recognses a provson where contractually oblged or where there s a pastpractce that has created a constructve oblgaton

(o) Provisions

Provsons are recognsed when the ompany has a present legal or constructve oblgaton as a result of past

events t s probable that an outflow of resources wll be requred to settle the oblgaton and the amount hasbeen relably estmated Provsons are not recognsed for future operatng losses

Provsons are measured at the present value of the expendtures expected to be requred to settle theoblgaton usng a pre-tax rate that reflects current market assessments of the tme value of money and thersks specfc to the oblgaton The ncrease n the provson due to passage of tme s recognsed as nterestexpense

Where there are a number of smlar oblgatons, the lkelhood that an outflow wll be requred n settlement sdetermned by consderng the class of oblgatons as a whole A provson s recognsed even f the lkelhoodof an outflow wth respect to any one tem ncluded n the same class of oblgatons may be small

Employee enttlements to annual leave are recognsed when they accrue to employees A provson s made forthe estmated lablty for annual leave as a result of servces rendered by employees up to the reportng date

(p) Revenue recognition

Revenue comprses the far value of the consderaton receved or recevable for the sale of goods n theordnary course of the ompany’s actvtes Revenue s shown net of value-added tax, rebates and dscountsRevenue s recognsed as follows

Sales of goods

Sales of goods are recognsed when the ompany has delvered products to the customer and there s nounfulflled oblgaton that could affect the customer’s acceptance of the products Delvery does not occur untlthe products have been shpped to the specfed locaton, the rsks of obsolescence and loss have beentransferred to the customer, and ether the customer has accepted the products n accordance wth the salescontract or the ompany has obectve evdence that all crtera for acceptance have been satsfed

Interest income

Interest ncome s recognsed when t s determned that such ncome wll accrue to the ompany Interestncome s recognsed usng the effectve nterest method

Other income

Other ncome s recognsed when the rght to receve payment s establshed

(q) Accounting for leases - where the company is the lessee

Leases n whch a sgnfcant porton of the rsks and rewards of ownershp are retaned by the lessor areclassfed as operatng leases Payments made under operatng leases are charged to proft or loss on astraght-lne bass over the perod of the lease

(r) Dividend distribution

Dvdend dstrbuton to the ompany’s shareholders s recognsed as a lablty n the ompany’s fnancalstatements n the perod n whch the dvdends are approved by the ompany’s drectors




CONTINUED


5 New Standards or Amendments and Forthcomng Requrements(i) New and forthcoming standards and interpretations adopted

ertan new, revsed and amended standards and nterpretatons came nto effect durng the current fnancalyear The ompany has assessed them and has adopted those whch are relevant to ts fnancal statements

• IFRS 13, Far Value Measurement s amended to clarfy that ssung of the standard and consequentalamendments to IAS 39 and IFRS 9 dd not ntend to prevent enttes from measurng short-termrecevables and payables that have no stated nterest rate at ther nvoced amounts wthout dscountng, fthe effect of not dscountng s mmateral

• IAS 16, Property, Plant and Equpment and IAS 38, Intangble Assets The standards have been amendedto clarfy that, at the date of revaluaton

() the gross carryng amount s adusted n a manner that s consstent wth the revaluaton of thecarryng amount of the asset and the accumulated deprecaton (amortzaton) s adusted to equal thedfference between the gross carryng amount and the carryng amount of the asset after takngaccount of accumulated mparment losses or

() the accumulated deprecaton (amortsaton) s elmnated aganst the gross carryng amount of theasset

• IAS 24, Related Party Dsclosures has been amended to extend the defnton of ‘related party’ to nclude amanagement entty that provdes key management personnel servces to the reportng entty, etherdrectly or through a group entty For related party transactons that arse when key managementpersonnel servces are provded to a reportng entty, the reportng entty s requred to separately dsclosethe amounts that t has recognzed as an expense for those servces that are provded by a managemententty however, t s not requred to ‘look through’ the management entty and dsclose compensaton pad

by the management entty to the ndvduals provdng the key management personnel servces• Amendments to IAS 19, Defned Beneft Plans Employee ontrbutons, clarfy the requrements that

relate to how contrbutons from employees or thrd partes that are lnked to servces should be attrbutedto perods of servces In addton, t permts a practcal expedent f the amount of the contrbutons sndependent of the number of years of servces

The adopton of these amendments dd not result n any change to the presentaton and dsclosures n thefnancal statements

(ii) New, revised and amended standards and interpretations not yet effective

ertan new, revsed and amended standards and nterpretatons have been ssued whch are not yet effectvefor the current year and whch the ompany has not early-adopted The ompany has assessed the relevanceof all such new standards, amendments and nterpretatons wth respect to the ompany’s operatons and has

determned that the followng are lkely to have an effect on the fnancal statements• IAS 1, Presentaton of Fnancal Statements, effectve for accountng perods begnnng on or after January

1, 2016, has been amended to clarfy or state the followng

- specfc sngle dsclosures that are not materal do not have to be presented even f they are mnmumrequrements of a standard

- the order of notes to the fnancal statements s not prescrbed

- lne tems on the statement of fnancal poston and the statement of proft or loss and othercomprehensve ncome (OI) should be dsaggregated f ths provdes helpful nformaton to usersLne tems can be aggregated f they are not materal

- specfc crtera s now provded for presentng subtotals on the statement of fnancal poston and nthe statement of proft or loss and OI, wth addtonal reconclaton requrements for the statement

of proft or loss and OI and

- the presentaton n the statement of OI of tems of OI arsng from ont ventures and assocatesaccounted for usng the equty method follows the IAS 1 approach of splttng tems that may, or thatwll never, be reclassfed to proft or loss




CONTINUED


5 New Standards or Amendments and Forthcomng Requrements(ii) New, revised and amended standards and interpretations not yet effective (continued)

The ompany s assessng the mpact that ths amendment wll have on ts 2016 fnancal statements

• Amendments to IAS 16 and IAS 38, larfcaton of Acceptable Methods of Deprecaton and Amortsaton,are effectve for accountng perods begnnng on or after January 1, 2016

• The amendment to IAS 16, Property, Plant and Equpment explctly states that revenue-based methods ofdeprecaton cannot be used Ths s because such methods reflect factors other than the consumpton ofeconomc benefts emboded n the assets

• The amendment to IAS 38, Intangble Assets ntroduces a rebuttable presumpton that the use ofrevenue-based amortsaton methods s napproprate for ntangble assets

The ompany s assessng the mpact that ths amendment wll have on ts 2016 fnancal statementsImprovements to IFRS 2012-2014 cycle, contan amendments to certan standards and nterpretatons and areeffectve for accountng perods begnnng on or after January 1, 2016 The man amendments applcable to theompany are as follows

• IFRS 7, Fnancal Instruments Dsclosures, has been amended to clarfy when servcng arrangementsare n the scope of ts dsclosure requrements on contnung nvolvement n transferred assets n caseswhen they are derecognzed n ther entrety A servcer s deemed to have contnung nvolvement f t hasan nterest n the future performance of the transferred asset -eg f the servcng fee s dependent on theamount or tmng of the cash flows collected from the transferred fnancal asset however, the collectonand remttance of cash flows from the transferred asset to the transferee s not, n tself, suffcent to beconsdered ‘contnung nvolvement’

• IFRS 7 has also been amended to clarfy that the addtonal dsclosures requred by Dsclosures

Offsettng Fnancal Assets and Fnancal Labltes (Amendment to IFRS 7) are not specfcally requredfor ncluson n condensed nterm fnancal statements for all nterm perods however, they are requredf the general requrements of IAS 34, Interm Fnancal Reportng, requre ther ncluson

• IAS 19, Employee Benefts, has been amended to clarfy that hgh-qualty corporate bonds or governmentbonds used n determnng the dscount rate should be ssued n the same currency n whch the beneftsare to be pad onsequently, the depth of the market for hgh-qualty corporate bonds should beassessed at the currency level and not the country level

• IAS 34, Interm Fnancal Reportng, has been amended to clarfy that certan dsclosures, f they are notncluded n the notes to nterm fnancal statements, may be dsclosed “elsewhere n the nterm fnancalreport” The nterm fnancal report s ncomplete f the nterm fnancal statements and any dsclosuresncorporated by cross-reference are not made avalable to users of the nterm fnancal statements on

the same terms and at the same tmeThe ompany s assessng the mpact that ths amendment wll have on ts 2016 fnancal statements

• IFRS 15, Revenue From ontracts Wth ustomers, effectve for accountng perods begnnng on or afterJanuary 1, 2018, replaces IAS 11, onstructon ontracts, IAS 18, Revenue, IFRI 13, ustomer LoyaltyProgrammes, IFRI 15, Agreements for the onstructon of Real Estate, IFRI 18, Transfer of Assets fromustomers and SI-31 Revenue – Barter Transactons Involvng Advertsng Servces It does not apply tonsurance contracts, fnancal nstruments or lease contracts, whch fall n the scope of other IFRSs Italso does not apply f two companes n the same lne of busness exchange non-monetary assets tofacltate sales to other partes

The ompany wll apply a fve-step model to determne when to recognse revenue, and at what amount Themodel specfes that revenue should be recognsed when (or as) an entty transfers control of goods orservces to a customer at the amount to whch the entty expects to be enttled Dependng on whether certan

crtera are met, revenue s recognsed at a pont n tme, when control of goods or servces s transferred tothe customer or over tme, n a manner that best reflects the entty’s performance




CONTINUED


5 New Standards or Amendments and Forthcomng Requrements(ii) New, revised and amended standards and interpretations not yet effective (continued)

There wll be new qualtatve and quanttatve dsclosure requrements to descrbe the nature, amount, tmng,and uncertanty of revenue and cash flows arsng from contracts wth customers


• IFRS 9, Fnancal Instruments, whch s effectve for annual reportng perods begnnng on or afterJanuary 1, 2018, replaces the exstng gudance n IAS 39 Fnancal Instruments Recognton andMeasurement IFRS 9 ncludes revsed gudance on the classfcaton and measurement of fnancalassets and labltes, ncludng a new expected credt loss model for calculatng mparment of fnancalassets and the new general hedge accountng requrements It also carres forward the gudance onrecognton and derecognton of fnancal nstruments from IAS 39 Although the permssble

measurement bases for fnancal assets – amortsed cost, far value through other comprehensve ncome(FVOI) and far value though proft or loss (FVTPL) - are smlar to IAS 39, the crtera for classfcatonnto the approprate measurement category are sgnfcantly dfferent IFRS 9 replaces the ‘ncurred loss’model n IAS 39 wth an ‘expected credt loss’ model, whch means that a loss event wll no longer need tooccur before an mparment allowance s recognzed


IFRS 16, Leases, whch s effectve for annual reportng perods begnnng on or after January 1, 2019,elmnates the current dual accountng model for lessees, whch dstngushes between on-balance sheetfnance leases and off-balance sheet operatng leases Instead, there s a sngle, on-balance sheet accountngmodel that s smlar to current fnance lease accountng ompanes wll be requred to brng all maor leaseson-balance sheet, recognsng new assets and labltes The on-balance sheet lablty wll attract nterestthe total lease expense wll be hgher n the early years of a lease even f a lease has fxed regular cashrentals Optonal lessee exempton wll apply to short- term leases and for low-value tems wth value ofUS$5,000 or less

Lessor accountng remans smlar to current practce as the lessor wll contnue to classfy leases as fnanceand operatng leases Fnance lease accountng wll be based on IAS 17 lease accountng, wth recognton ofnet nvestment n lease comprsng lease recevable and resdual asset Operatng lease accountng wll bebased on IAS 17 operatng lease accountng

Early adopton s permtted f IFRS 15, Revenue from ontracts wth ustomers s also adopted


6 Fnancal Rsk Management

() Fnancal rsk factors

The ompany’s actvtes expose t to a varety of fnancal rsks market rsk (ncludng currency rsk, far valuenterest rate rsk, cash flow nterest rate rsk and prce rsk), credt rsk and lqudty rsk Rsk management scarred out n lne wth polces approved by the Board of Drectors

(a) Market rsk

(i) Foreign exchange risk

The ompany operates nternatonally and s exposed to foregn exchange rsk arsng from varouscurrency exposures, prmarly wth respect to the Unted States dollar Foregn exchange rsk arsesfrom commercal transactons when recognsed assets or labltes are denomnated n a currencythat s not the ompany’s functonal currency

At December 31, 2015, f the TT dollar had weakened/strengthened by 5% aganst the US dollar wthall other varables held constant, post tax proft for the year would have been $147,778 (2014 $17,156)lower/hgher, manly as a result of foregn exchange losses/gans on translaton of US dollardenomnated trade and other recevables, trade and other payables, cash at bank and n hand and dueto/from related companes




CONTINUED


6 Fnancal Rsk Management (contnued)() Fnancal rsk factors (contnued)

(a) Market rsk (contnued)

(ii) Cash flow and fair value interest rate risk

As the ompany has no sgnfcant nterest-bearng assets and labltes other than deposts held atbanks, the ompany’s ncome and operatng cash flows are substantally ndependent of changes nmarket nterest rates

(iii) Price risk

The ompany s not exposed to equty securtes prce rsk snce there are no nvestments held as

avalable for sale or at far value through proft or loss

(b) redt rsk

redt rsk arses from cash and cash equvalents as well as credt exposures to customers Theompany has credt rsk, however the ompany has polces n place to ensure that sales of products aremade to customers wth an approprate credt hstory redt rsk arses prmarly from credt exposuresfrom sales to dstrbutors and retal customers, ncludng outstandng recevables (See Notes 13 and25(b))

The credt qualty of customers, ther fnancal poston, past experence and other factors are taken ntoconsderaton n assessng credt rsk and are regularly montored through the use of credt termsManagement does not expect any losses from non-performance by counterpartes n excess of the

provson madeash and deposts are held wth reputable fnancal nsttutons The maxmum exposure to credt rsk atthe reportng date s the far value of cash and cash equvalents as well as each class of recevablesmentoned n Note 13 and Note 25(b)

(c) Lqudty rsk

Prudent lqudty rsk management mples mantanng suffcent cash and short-term funds and theavalablty of fundng through an adequate amount of commtted credt facltes Due to the dynamcnature of the underlyng busness, the ompany ams at mantanng flexblty n fundng by keepngcommtted credt lnes avalable

The table below analyses the ompany’s non-dervatve fnancal labltes based on the remanng perodat the reportng date to the contractual maturty date The amounts dsclosed are the contractualundscounted cash flows Balances due wthn one year equal ther carryng balances

Less than one year

2015 2014 $’000 $’000

Trade and other payables,excludng statutory labltes 89,241 92,894

Due to parent and related companes 73,634 69,447Provsons for other labltes 10,335 8,913

() Far value estmaton

The carryng amount of short-term fnancal assets and labltes comprsng cash at bank and n hand, duefrom related companes, trade and other recevables, trade and other payables, and due to parent and relatedcompanes are a reasonable estmate of ts far values because of the short-term maturty of thesenstruments




CONTINUED


7 aptal Rsk ManagementThe ompany’s obectves when managng captal are to safeguard ts ablty to contnue as a gong concern, norder to provde returns for shareholders and benefts for other stakeholders and to mantan an optmal captalstructure to reduce the cost of captal

The ompany montors captal on the bass of the gearng rato Ths rato s calculated as net debt dvded by totalcaptal Total captal s calculated as ‘equty’ as shown n the statement of fnancal poston plus net debt Theompany currently has no borrowngs to consttute net debt

8 Property, Plant and Equpment

Freehold Freehold Plant and Work n Land Buldngs Equpment Progress Total

$’000 $’000 $’000 $’000 $’000

Year ended December 31, 2015Openng net book amount 30,000 18,673 28,558 6,686 83,917Addtons - - - 13,973 13,973Transfers - - 1,510 (1,510) -Dsposals - - (224) - (224)Deprecaton charge - (410) (4,336) - (4,746)

losng net book amount 30,000 18,263 25,508 19,149 92,920

At December 31, 2015ost or valuaton 30,000 26,957 96,073 19,149 172,179

Accumulated deprecaton - (8,694) (70,565) - (79,259)Net book amount 30,000 18,263 25,508 19,149 92,920

Year ended December 31, 2014Openng net book amount 30,000 19,084 28,513 2,480 80,077Addtons - - - 8,815 8,815Transfers - - 4,609 (4,609) -Dsposals - - (64) - (64)Deprecaton charge - (411) (4,500) - (4,911)

losng net book amount 30,000 18,673 28,558 6,686 83,917

At December 31, 2014

ost or valuaton 30,000 26,957 97,243 6,686 160,886Accumulated deprecaton - (8,284) (68,685) - (76,969)

Net book amount 30,000 18,673 28,588 6,686 83,917


36/58




CONTINUED


10 Retrement and Termnaton Benefts (contnued)Defned beneft asset (lablty) (contnued)

2015 2014 $’000 $’000

(ii) Retirement and termination benefit liabilities:

Supplementary penson scheme (c) (1,266) (634)Termnaton benefts – lump sum plan (d) (25,059) (25,887)

(26,325) (26,521)

Net defned beneft asset 7,518 22,604

Movement n net defned beneft assetBalance at January 1 22,604 25,514Net penson cost (8,912) (7,782)Re-measurements recognsed n OI (11,205) (54)ontrbutons pad 5,031 4,926

Balance at December 31 7,518 22,604

(iii) Total amounts recognised in other comprehensive income:

Monthly pad staff 10,262 3,284Hourly pad staff 2,206 (1,304)Supplementary penson scheme 757 (777)

Termnaton benefts – lump sum plan (2,020) (1,149) 11,205 54

(iv) Total amounts recognised in the statement of income:

urrent servce cost 9,741 8,800Net nterest on net defned beneft lablty (asset) (1,316) (1,455)Admnstraton expenses 487 437

Net penson expense 8,912 7,782

Net penson expense ncludesMonthly pad staff 4,876 4,033Hourly pad staff 1,496 1,361Supplementary penson scheme 28 71Termnaton benefts – lump sum plan 2,512 2,317

8,912 7,782

Penson expense of $6105 mllon (2014 $4760 mllon) has been charged n cost of sales, $1667 mllon (2014$1622 mllon) n dstrbuton costs and $1140 mllon (2014 $1400 mllon) n admnstratve expenses

The actual return on plan assets was $(3661) mllon (2014 $11423 mllon)




CONTINUED



(v) The principal assumptions are as follows:

2015 2014 % % Per annum Per annum

Dscount rate- Actve and deferred 500 500- Pensoners 500 500- Termnatons/lump sum benefts 500 500- Supplementary penson 500 500

Salary ncreases- Monthly pad employees 450 450- Weekly pad employees 400 400- Supplementary penson 275 275- Termnaton/lump sum 400 400NIS celng/penson ncreases- Future penson ncreases 275 275- Future NIS penson ncreases 000 000

Assumptons regardng future mortalty are based on publshed mortalty tables The lfe expectancesunderlyng the value of the defned beneft oblgaton as at December 31, 2015 are as follows

2015 2014

Lfe expectancy at age 60 for current pensoner n years- Male 210 210- Female 251 251

Lfe expectancy at age 60 for current members age 40 n years- Male 214 214- Female 254 254

The weghted average duraton of the defned beneft oblgaton at year end s

2015 2014

Monthly 162 years 163 years

Hourly 138 years 145 years

(vi) Sensivity analysis

Sensvty analyses are dscussed n Note 3

(vii) Change in plan assets

Overseas equtes have quoted prces n actve markets Local equtes also have quoted prces but the markets relatvely llqud The Investment Manager calculates the far value of the overnment bonds and corporatebonds by dscountng expected future proceeds usng a constructed yeld curve




CONTINUED



(vii) Change in plan assets

The maorty of the Plan’s TT$ bonds were ether ssued or guaranteed by the overnment of Trndad andTobago

The Plan’s assets are nvested n a strategy agreed wth the Plan’s Trustee and Management ommttee Thsstrategy s largely dctated by statutory constrants (at least 80% of the assets must be nvested n Trndad andTobago and no more than 50% n equtes) and the avalablty of sutable nvestments There are no asset-lablty matchng strateges used by the varous Plans

(a) Retrement beneft asset (Monthly pad staff)

2015 2014 $’000 $’000

(i) Amounts recognised in the statement of financial positionare as follows:

Far value of plan assets 294,190 303,742 Present value of funded oblgatons (256,844) (253,457)

Retrement beneft asset 37,346 50,285

(ii) Movement in the asset recognised in the statementof financial position:

Asset as at January 1 50,285 55,558

Net penson cost (4,876) (4,033) Re-measurements recognsed n OI (10,262) (3,284) ontrbutons pad 2,199 2,044

Asset as at December 31 37,346 50,285

(iii) Amounts recognised in the statement of income: urrent servce cost 7,170 6,607 Net nterest (2,614) (2,872) Admnstraton expenses 320 298

Net penson cost 4,876 4,033

(iv) Change in plan assets Plan assets at start of year 303,742 302,230 Return on plan assets (18,297) (4,691) Interest ncome 15,032 14,897 ompany contrbutons 2,199 2,044 Members’ contrbutons 2,152 2,053 Benefts pad (10,318) (12,493) Expenses pad (320) (298)

Plan assets at end of year 294,190 303,742




CONTINUED


10 Retrement and Termnaton Benefts (contnued)(a) Retrement beneft asset (Monthly pad staff) (contnued)

Plan assets are comprsed as follows 2015 2014 $’000 % $’000 %

Debt nstruments 135,519 46 148,837 49Equty nstruments 151,792 52 145,692 48Other 6,879 2 9,213 3

Far value of Plan assets 294,190 100 303,742 100

(v) Plan experience

2015 2014 2013 2012 2011As at December 31 $’000 $’000 $’000 $’000 $’000

Present value of defned beneft oblgaton (256,844) (253,457) (246,672) (240,768) (232,703)Far value of plan assets 294,190 303,742 302,230 278,955 260,767

Surplus 37,346 50,285 55,558 38,187 28,064

2015 2014 $’000 $’000

(vi) Change in defined benefit obligation:

Defned beneft oblgaton at start 253,457 246,672Servce cost 7,170 6,607Interest cost 12,418 12,025Members’ contrbuton 2,152 2,053Experence adustment (8,035) (1,407)Benefts pad (10,318) (12,493)

Defned beneft oblgaton at end of year 256,844 253,457

(vii) Funding

The ompany meets the balance of the cost of fundng the defned beneft Penson Plan and the ompanymust pay contrbutons at least equal to those pad by members, whch are fxed The fundngrequrements are based on regular (at least every 3 years) actuaral valuatons of the Plan and the

assumptons used to determne the fundng requred may dffer from those set out above The ompanyexpects to pay $2063 mllon to the Penson Plan durng 2016

(b) Retrement beneft oblgaton (Hourly pad staff)

2015 2014 $’000 $’000

(i) Amounts recognised in the statement of financial positionare as follows:

Far value of plan assets 18,178 16,769Present value of funded oblgatons (21,681) (17,929)

Retrement beneft oblgaton (3,503) (1,160)




CONTINUED


10 Retrement and Termnaton (contnued)(b) Retrement beneft oblgaton (Hourly pad staff) (contnued)

(ii) Movement in the obligation recognised in the statement of financial position:

2015 2014 $’000 $’000

Oblgaton as at January 1 (1,160) (2,046)Net penson cost (1,496) (1,361)Remeasurements recognsed n OI (2,206) 1,304ontrbutons pad 1,359 943

Oblgaton as at December 31 (3,503) (1,160)

(iii) Amounts recognised in the statement of income:

urrent servce cost 1,321 1,157Net nterest 8 65Admnstraton expenses 167 139


(iv) Change in plan assets

Plan assets at start of year 16,769 13,549Return on plan assets (1,279) 490Interest ncome 883 727ompany contrbutons 1,359 943

Members’ contrbutons 835 695Benefts pad (528) (1,045)Expense allowance (167) (139)Termnaton lump sum transferred n 306 1,549

Plan assets at end of year 18,178 16,769

Plan assets are comprsed as follows 2015 2014 $’000 % $’000 %

Debt nstruments 9,442 52 9,829 59Equty nstruments 7,078 39 5,550 33Other 1,658 9 1,390 8

Far value of Plan assets 18,178 100 16,769 100

(v) Plan experience

2015 2014 2013 2012 2011As at December 31 $’000 $’000 $’000 $’000 $’000

Present value of defnedbeneft oblgaton (21,681) (17,929) (15,595) (11,541) (8,524)Far value of plan assets 18,178 16,769 13,549 10,455 8,448

Defct (3,503) (1,160) (2,046) (1,086) (76)




CONTINUED


10 Retrement and Termnaton Benefts (contnued)(b) Retrement beneft oblgaton (Hourly pad staff) (contnued)

2015 2014 $’000 $’000

(vi) Change in defined benefit obligation

Defned beneft oblgaton at start 17,929 15,595Servce cost 1,321 1,157Interest cost 891 792Members’ contrbuton 835 695Experence adustments 927 (814)Benefts pad (528) (1,045)

Termnaton lump sum transferred n 306 1,549Defned beneft oblgaton at end of year 21,681 17,929

(vii) Funding

The ompany meets the balance of the cost of fundng the defned beneft Penson Plan and the ompanymust pay contrbutons at least equal to those pad by members, whch are fxed The fundngrequrements are based on regular (at least every 3 years) actuaral valuatons of the Plan and theassumptons used to determne the fundng requred may dffer from those set out above The ompanyexpects to pay $1269 mllon to the Penson Plan durng 2016 (2015 $1604 mllon)

(c) Supplementary penson scheme

(i) Amounts recognised in the statement of financial position are as follows:

2015 2014 $’000 $’000

Present value of funded oblgatons as at December 31 (1,266) (634)

(ii) Re-measurements recognised in OCI

Experence losses (gans) 757 (777) (iii) Amounts recognised in the statement of income:

Interest on beneft oblgaton 28 71

(iv) Change in defined benefit obligation

Defned beneft oblgaton at start (634) (1,484)Interest cost (28) (71)Experence adustment (757) 777Benefts pad 153 144

Defned beneft oblgaton at end of year (1,266) (634)

2015 2014 2013 2012 2011As at December 31 $’000 $’000 $’000 $’000 $’000

Present value of defned beneft oblgaton (1,266) (634) (1,484) (1,483) (1,967)

Defct (1,266) (634) (1,484) (1,483) (1,967)

(vi) Funding

The ompany pays the penson benefts as they fall due




CONTINUED


10 Retrement and Termnaton Benefts (contnued)(d) Termnaton benefts lump sum plan

(i) Amounts recognised in the statement of financial position are as follows:

2015 2014 $’000 $’000

Present value of funded oblgatons as at December 31 (25,059) (25,887)

(ii) Re-measurements recognised in OCI

Experence gans 2,020 1,149

(iii) Amounts recognised in the statement of income:

2015 2014 $’000 $’000

urrent servce cost 1,250 1,036Interest on beneft oblgaton 1,262 1,281


(iv) Change in defined benefit obligation:

Defned oblgaton at start (25,887) (26,514)urrent servce

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