2006 - Eastern Caribbean Securities Exchange

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Independent Auditors’ ReportTo the shareholders of Trinidad Cement LimitedWe have audited the accompanying consolidated financial statements of Trinidad Cement Limited and itssubsidiaries (“the Group”) which comprise the consolidated balance sheet as at 31st December, 2006 and theconsolidated statement of earnings, consolidated statement of changes in equity and consolidated cash flowstatement for the year then ended, and a summary of significant accounting policies and other explanatorynotes. We did not audit the financial statements of TCL Trading Limited, a wholly owned subsidiary, whichstatements reflect 11.11% and 5.57% of consolidated revenues and profit before tax for the year ended 31stDecember, 2006, respectively. Those statements were audited by KPMG whose report has been furnished tous, and our opinion, insofar as it relates to the amounts included for TCL Trading Limited, is based solely on thereport of the other auditors.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statements in accordancewith International Financial Reporting Standards. This responsibility includes: designing, implementing andmaintaining internal control relevant to the preparation and fair presentation of the financial statements that arefree from material misstatement, whether due to fraud or error; selecting and applying appropriate accountingpolicies; and making accounting estimates that are reasonable in the circumstances.Auditors’ ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conductedour audit in accordance with International Standards on Auditing. Those standards require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financialstatements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in thefinancial statements. The procedures selected depend on the auditors’ judgment, including the assessment ofthe risks of material misstatement of the financial statements, whether due to fraud or error. In making thoserisk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentationof the financial statements in order to design audit procedures that are appropriate for the circumstances, butnot for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An auditalso includes evaluating the appropriateness of accounting policies used and the reasonableness of accountingestimates made by management, as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion.OpinionIn our opinion, the consolidated financial statements give a true and fair view of the financial position of theGroup as at 31st December 2006, and of its financial performance and its cash flows for the year then endedin accordance with International Financial Reporting Standards.Port of SpainTRINIDAD:16th March, 2007Annual Report 2006
Consolidated Balance Sheetas at 31st December, 2006Expressed in Thousands of Trinidad and Tobago dollarsNotes 2006 2005Non-current assetsProperty, plant and equipment 7 1,898,816 1,655,109Investments 8 50 50Intangible assets 9 223,262 223,262Pension plan asset 10b) 185,921 166,386Deferred tax asset 5d) 143,308 121,1172,451,357 2,165,924Current assetsInventories 11 422,485 396,610Receivables and prepayments 12 172,818 139,323Cash investments 13 155,581 214,701Cash at bank 27,730 31,592778,614 782,226Current liabilitiesBank advances 14 151,516 125,480Payables and accruals 15 296,838 265,270Current portion of medium and long term financing 16 70,346 67,100518,700 457,850Net current assets 259,914 324,376Non-current liabilitiesMedium and long term financing 16 1,183,620 1,114,492Swap obligation 16 166 4,170Post-retirement obligations 10b) 8,538 6,729Deferred tax liability 5d) 251,453 225,7911,443,777 1,351,182Total net assets 1,267,494 1,139,118The accompanying notes form an integral part of these financial statements.
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ContentsOur Vision and Mission Stat
Page 4 and 5: Notice of Annual MeetingNotice is h
Page 6 and 7: Consolidated Financial Summary 2001
Page 8 and 9: Share PerformanceTrading Volumes (t
Page 10 and 11: A new record in TrinidadSince the b
Page 12 and 13: Board of Directorsfrom left to righ
Page 14 and 15: Board of Directorsand Director of U
Page 16 and 17: On the ball in GuyanaWhen the crowd
Page 18 and 19: Beyond Boundaries in JamaicaAcross
Page 20 and 21: Group Executive Committeefrom left
Page 22 and 23: Chairman’s Reviewslings by 92%. T
Page 24 and 25: Playing to win in BarbadosThe missi
Page 26 and 27: Group Chief Executive Officer’s R
Page 36 and 37: Trinidad Cement LimitedTrinidad Cem
Page 38 and 39: Caribbean Cement Company LimitedCar
Page 40 and 41: Arawak Cement Company LimitedArawak
Page 42 and 43: Readymix (West Indies) LimitedReady
Page 44 and 45: TCL Packaging LimitedTCL Packaging
Page 46 and 47: TCL Ponsa Manufacturing LimitedTCL
Page 48 and 49: TCL Guyana Inc.TCL Guyana Inc. was
Page 50 and 51: Rally ‘round the youthWithin our
Page 52 and 53: Management Proxy CircularREPUBLIC O
Page 56 and 57: Consolidated Balance Sheetas at 31s
Page 58 and 59: Consolidated Statement of Changes i
Page 60 and 61: Notes to the Consolidated Financial
Page 74: Notes to the Consolidated Financial
Page 89: Proxy FormPLEASE INDICATE WITH AN
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2006 - Eastern Caribbean Securities Exchange

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