2006 - Eastern Caribbean Securities Exchange

Notes to the Consolidated Financial Statementsfor the year ended 31st December, 2006Expressed in Thousands of Trinidad and Tobago dollars2. Significant accounting policies (continued)x) Significant accounting judgements, estimates and assumptions (continued)Property, plant and equipmentManagement exercises judgement in the annual review of the useful lives of all categories ofproperty, plant and equipment.3. Operating profit 2006 2005Revenue 1,719,002 1,429,834Less expenses:Personnel remuneration and benefits 330,296 297,972Other operating expenses 392,122 388,607Fuel and electricity 300,497 262,778Raw materials and consumables 347,063 177,791Depreciation 116,370 113,732Impairment of goodwill – 2,458Changes in finished goods and work in progress (43,942) 8,356276,596 178,140Other income (see note below) 18,518 5,790Operating profit 295,114 183,930Personnel remuneration and benefits include:Salaries and wages 283,129 265,277Other benefits 40,984 27,398Statutory contributions 14,342 14,611Pension costs – defined contribution plan 3,805 4,140Termination benefits (120) 1,373Pension costs – defined benefit plans (Note 10a) (11,844) (14,827)330,296 297,972Operating profit is stated after deducting directors’ fees of:Directors’ fees 1,971 1,370Other income includes:Port rental 793 –Delivery and trucking services 12,608 3,297Loss from disposal of property, plant and equipment (32) (2,106)Miscellaneous income 5,149 4,59918,518 5,790Annual Report 200615