A Time To Build Caribbean Cement Company Limited Annual ...

CARIBBEAN CEMENT COMPANY
AND ITS SUBSIDIARIES
Company Statement of Cash Flows
Year ended 31 December 2004
(Expressed in Jamaican Dollars)
2004 2003
$’000 $’000
Cash fl
ows fr
om operating activities
Profi
t befor
e taxation 737,682 635,272
Adj
ustments for
:
Depreciation 253,324 208,771
Amortisation of defe
rred gain (113,775) (113,775)
(Gain) loss on disposal of property, plant and equipment (28,360) 402
Interest income (15,177) (5,720)
Interest expense 42,170 84,985
Unrealised for
eign exchange (gains) losses (4,581) 52,033
Provision fo
r taxation recoverabl
e 17,552 -
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888,835 861,968
Decrease in inventories 42,650 9,882
Increase in receivabl
es and prepayments (191,039) (45,676)
Increase in due fr
om related companies (4,263) (374,215)
Increase in taxation recoverabl
e - (1,108)
Decrease in payabl
es and accruals (60,107) (281,546)
(Decrease) increase in due to par
ent and related companies (114,147) 233,207
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Cash generated fr
om operations 561,929 402,512
Interest received 5,743 -
Interest paid (77,182) (89,381)
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Net cash generated fr
om operating activities 490,490 313,131
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Cash fl
ows fr
om investing activities
Purchase of propertrt
y, plant and equipment (361,525) (407,167)
Proceeds fr
om disposal of property, plant and equipment 39,960 -
(Advances to) repayment by subsidiaries (33,727) 4,000
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Net cash used in investing activities (355,292) (403,167)
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Cash fl
ows fr
om fi
nancing activities
Loans received 567,224 17,416
Repayment of loans (562,161) (85,557)
Dividends paid (59,580) (59,580)
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Net cash used in fi
nancing activities (54,517) (127,721)
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Increase (decrease) in net cash and cash equivalents 80,681 (217,757)
Net cash and cash equivalents - beginning of year (63,000) 154,757
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Net cash and cash equivalents – end of year 17,681 (63,000)
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Represented by:
Cash and cash equivalents 95,653 45,212
Bank advances (77,972) (108,212)
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17,681 (63,000)
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The accompanying notes for
orm
an int
egral part of the
se fi
nancial statements.
11
CARIBBEAN CEMENT COMPANY
AND ITS SUBSIDIARIES
Notes to the Consolidated Financial Statements
Year ended 31 December 2004
(Expressed in Jamaican Dollars)
1. Corporate infor
mation
Caribbean Cement Company Limited (the “Company”) and its Subsidiaries are
incorpor
ated under the laws of Jamaica.
The Company is a 65.65% owned subsidiary of TCL (Nevis) Limited. TCL (Nevis)
Limited is a wholly owned subsidiary of Trinidad Cement Limited (the Ultimate Par
ent
Company) which also owns 8.45% of the ordinaryry
shares of the Company. The principal
activities of Caribbean Cement Company Limited and its Subsidiaries (the “Group”) are
the manufa
cturing and sale of cement and the mining and sale of gypsum.
The registered off
fi
ce of the Company is Rockfor
t, Kingston, Jamaica.
2. Signifi
cant accounting policies
The most signifi
cant policies are summarised below:
a] Basis of preparation
These fi
nancial statements have been prepared in accordance with International
Financial Reporting Standards (“IFRS”) and are prepared under the historical cost
convention except for
the measurement at deemed cost of certain property, plant
and equipment. Deemed cost represents fa
ir value at the date of transition to
IFRS.
b] Basis of consolidation
The Group’s fi
nancial statements present the results of operations and fi
nancial
position of the Company and its Subsidiaries as fol
lows:
Subsidiaries:
Ownership
Level
Jamaica Gypsum and Quarries Limited 100%
Caribbean Gypsum Company Limited 100%
Rockfor
t Mineral Bath Complex Limited 100%
2004 ANNUAL REPORT
38
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2004 ANNUAL REPORT