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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)
(Continued)
19. Segmental information (continued)
The following table presents information regarding the Group’s product segments for the years ended 31 December
2010 and 2009:
Adjustments &
Concrete Aggregate Eliminations Total
2010 2009 2010 2009 2010 2009 2010 2009
Revenue 118,690 196,407 20,855 14,443 (1,020) (15,376) 138,525 195,474
Profit/(loss) before tax (19,066) (586) 4,760 2,655 6,637 13,562 (7,669) 15,631
‘Adjustments & eliminations’ include consolidation eliminations as well as other adjustments to reflect the
results of the discontinued operations.
20. Fair value
The fair value of short term financial assets and liabilities comprising cash and bank balances, receivables and
payables approximate their carrying amounts because of the short term maturities of these instruments. The fair
value and carrying amounts of financial assets and liabilities is presented below:
Carrying Fair Carrying Fair
amount value amount value
2010 2010 2009 2009
$ $ $ $
Financial assets
Cash & cash equivalents 643 643 4,313 4,313
Receivables 60,775 60,775 69,421 69,421
Financial liabilities
Bank overdrafts & advances 18,148 18,148 3,259 3,259
Payables & accruals 29,104 29,104 46,974 46,974
Borrowings 8,045 5,932 11,850 9,877
21. Commitments and contingencies
Operating lease commitments (discontinued operation)
The Group’s St. Maarten subsidiary, Island Concrete Products N.V., renewed the business agreement to lease
the property at their plant location for an amount of $0.098 million per year for a period of sixty years ending in
2069.
Contingencies
At 31 December 2010 the Group had contingent liabilities in respect of bank guarantees, custom and performance
bonds amounting to $5.1 million (2009: $1.6 million).
In 2010, the parent company was assessed by the Board of Inland Revenue (BIR) for income tax years 2002, 2003
and 2004. The assessment is in excess of $6.3 million. The parent company has subsequently written to the BIR
formally objecting to these assessments. No provision has been recorded in relation to these assessments as at 31
December 2010 as their directors are of the opinion that the liability is not considered probable.
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