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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) 22. Financial risk management (continued) Credit quality per category of financial asset The credit quality of the balance due from the Group’s various counterparties are internally determined from an assessment of each counterparty based on a combination of factors. These factors include financial strength and the ability of the counterparty to service its debts, the stability of the industry or market in which it operates and its proven track record with the Company. The categories defined are as follows: Superior: Desirable: Acceptable: This category includes balances due from the Government and Government agencies that have been secured by a letter of comfort from the Government and balances due from institutions that have been accorded the highest rating by an international rating agency. These balances are considered risk free. These are balances due from counterparties that are considered to have good financial strength and reputation. These are balances due from counterparties that are considered to have fair financial strength and reputation. Sub-standard: Balances that are impaired. The table below illustrates the credit quality of the Group’s trade receivable as at 31 December: Superior Desirable Acceptable Sub-standard Total $ $ $ $ $ 2010 3,939 13,753 27,400 18,788 63,880 2009 8,116 43,436 11,880 18,340 81,772 23. Capital management The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholder value, and comply with the capital requirements set by the regulators of the markets where the Group operates. The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. No changes were made in the objectives, policies or processes during the years ended 31 December 2010 and 31 December 2009. For 2010 and 2009, the Group complied with all externally imposed capital ratio requirements to which it is subject. 24. Dividends The 2008 final dividend declared and approved in 2009 of 20 cents per share amounting to $2.4 million has been presented as an appropriation against retained earnings in the Consolidated statement of changes in equity for the year end 31 December 2009. 42 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) 25. Assets classified as held for sale The Board of Directors suspended operations at Island Concrete Products N.V and Island Concrete SARL (“the Subsidiaries”), located in St. Maarten and St. Martin effective 1 December 2009 due to a major decline in the demand for concrete on the island. On 31 March 2010 the Board of Directors agreed to pursue disposal of the subsidiaries, and Management continues to explore all options in this regard. As at 31 December 2010, the subsidiary was classified as a disposal group held for sale and as a discontinued operation. The results of the subsidiary for the years ended 31 December 2010 and 2009 are presented below: 2010 2009 $ $ Revenue 1,020 15,376 Expenses (5,179) (24,375) Operating loss (4,159) (8,999) Finance costs (94) (287) Loss before tax from discontinued operations (4,253) (9,286) Taxation – (36) Loss for the year from discontinued operations (4,253) (9,322) The major classes of assets and liabilities of Island Concrete Products N.V/Island Concrete SARL classified as held for sale as at 31 December 2010 are as follows: 2010 $ Assets Property, plant and equipment (Note 7) 2,622 Inventories 539 Cash and cash equivalents (Note 11) 17 Assets classified as held for sale 3,178 Liabilities Payables and accruals (3,238) Bank overdraft (Note 11) (969) Liabilities associated with assets classified as held for sale (4,207) Net assets directly associated with disposal group (1,029) 43 BUILD TO LAST FOR GENERATIONS
Page 2 and 3: One of the most famous sites in the
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Page 6 and 7: (L-R) 1 Mr. Richard Dash (Materials
Page 8 and 9: CHAIRMAN’S REVIEW - 2010 RML Grou
Page 10 and 11: DIRECTORS’ & SUBSTANTIAL INTEREST
Page 12 and 13: CONSOLIDATED STATEMENT OF FINANCIAL
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Page 16 and 17: CONSOLIDATED STATEMENT OF CASH FLOW
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Page 48 and 49: REPUBLIC OF TRINIDAD AND TOBAGO The
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