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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2010 (Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated) 1. Incorporation and activities Readymix (West Indies) Limited (the “Company”) is a limited liability company incorporated and resident in the Republic of Trinidad and Tobago and its shares are publicly listed on the Trinidad and Tobago Stock Exchange. The Company is the parent company of subsidiaries located in Barbados, St. Maarten and St. Martin. The registered office of the parent company is Tumpuna Road, Guanapo, Arima. Trinidad Cement Limited, also incorporated in the Republic of Trinidad and Tobago, is the ultimate parent company and as at 31 December 2010 holds 71% (2009: 71%) of the issued ordinary shares of the Company. Readymix (West Indies) Limited has a 100% shareholding in Island Concrete Products N.V and Island Concrete SARL companies, which are registered and located in St. Maarten and St. Martin respectively. The Company also holds a 60% shareholding in Premix & Precast Concrete Incorporated, a company incorporated and operating in Barbados. Readymix (West Indies) Limited and its subsidiaries (the “Group”) operate in Trinidad and Tobago and Barbados. As described in Note 25, the operations of the St. Maarten and St. Martin subsidiaries were discontinued in 2010. The principal business activities of the Group are the manufacture and sale of pre–mixed concrete and the winning and sale of sand and gravel. 2. Significant accounting policies a) Basis of preparation The consolidated financial statements of the Group are prepared under the historical cost convention. Statement of Compliance The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Changes in accounting policy and disclosures The accounting policies adopted are consistent with those of the previous financial year except that the Group has adopted the following new and amended IFRS and IFRIC (International Financial Reporting Interpretations Committee) interpretations as of 1 January 2010: • IFRS 2 Share-based Payment: Group Cash-settled Share-based Payment Transactions effective 1 January 2010 • IFRS 3 Business Combinations (Revised) and IAS 27 Consolidated and Separate Financial Statements (Amended) effective 1 July 2009 • IAS 39 Financial Instruments; Recognition and Measurement – Eligible Hedged Items effective 1 July 2009 • IFRIC 17 Distributions of Non-cash Assets to Owners effective 1 July 2009 • Improvements to IFRSs (May 2008 and April 2009) Adoption of these Standards and Interpretations did not have any effect on the financial performance or position of the Group. The Group has not adopted early the following new and revised IFRS’s and IFRIC interpretations that have been issued but are not yet effective or not relevant to the Group’s operations: IAS 24 Related Party Disclosures (Amendment) (effective 1 January 2011) It clarified the definition of a related party to simplify the identification of such relationships and to eliminate inconsistencies in its application. The revised standard introduces a partial exemption of disclosure requirements for government related entities. The Group does not expect any impact on its financial position or performance. Early adoption is permitted for either the partial exemption for government-related entities or for the entire standard. 16 BUILD TO LAST FOR GENERATIONS
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2010 (Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated) (Continued) 2. Significant accounting policies (continued) a) Basis of preparation (continued) Changes in accounting policy and disclosures (continued) The Group has not adopted early the following new and revised IFRS’s and IFRIC interpretations that have been issued but are not yet effective or not relevant to the Group’s operations:(continued) IAS 32 Financial Instruments: Presentation Classification of Rights Issue (Amendment) (effective 1 February 2010). Amended the definition of a financial liability in order to classify rights issues (and certain options or warrants) as equity instruments in cases where such rights are given pro rata to all of the existing owners of the same class of an entity’s non-derivative equity instruments, or to acquire a fixed number of the entity’s own equity instruments for a fixed amount in any currency. The amendment will have no impact on the Group after intial application. IFRS 9 Financial Instruments: Classification and Measurement (effective 1 January 2013) IFRS 9 as issued reflects the first phase of the IASB’s work on the replacement of IAS 39 and applies to classification and measurement of financial assets as defined in IAS 39. In subsequent phases, the IASB will address classification and measurement of financial liabilities, hedge accounting and de-recognition. The adoption of the first phase of IFRS 9 will have an effect on the classification and measurement of the Group’s financial assets. IFRIC 14 Prepayments of a minimum funding requirement (Amendment) (effective 1 January 2011) The amendment provides guidance on assessing the recoverable amount of a net pension asset. The amendment permits an entity to treat the prepayment of a minimum funding requirement as an asset. The amendment is deemed to have no impact on the financial statement of the Group. IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments (effective 1 July 2010) The interpretation clarifies that equity instruments issued to a creditor to extinguish a financial liability qualify as consideration paid. The equity instruments issued are measured at their fair value. In case that this cannot be reliably measured, the instruments are measured at the fair value of the liability extinguished. Any gain or loss is recognized immediately in consolidated income statement. The adoption of this interpretation will have no effect on the financial statements of the Group. Improvements to IFRSs (issued in May 2010) The IASB issued Improvements to IFRSs, an omnibus of amendments to its IFRS standards. The amendments have not been adopted as they become effective for annual periods on or after 1 July 2010 or 1 January 2011. The amendments listed below are considered to have a reasonable possible impact on the Group or are not relevant to the Group’s operations: • IFRS 3 Business Combinations • IFRS 7 Financial Instruments: Disclosures • IAS 1 Presentation of Financial Statements • IAS 27 Consolidated and Separate Financial Statements • IFRIC 13 Customer Loyalty Programmes 17 BUILD TO LAST FOR GENERATIONS
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Page 8 and 9: CHAIRMAN’S REVIEW - 2010 RML Grou
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