2006 - Eastern Caribbean Securities Exchange

Notes to the Consolidated Financial Statementsfor the year ended 31st December, 2006Expressed in Thousands of Trinidad and Tobago dollars17. Stated capital and other reserves (continued)(b) Other reserves (continued) Currency Totaltranslation Hedging otheraccount reserve reserveYear ended 31st December, 2005Balance at 1st January, 2005 (96,055) – (96,055)Currency translation and other adjustments (14,187) – (14,187)Change in fair value of swap obligation – (4,098) (4,098)Deferred taxation on swap obligation – 1,025 1,025Balance at 31st December, 2005 (110,242) (3,073) (113,315)18. Dividends 2006 2005Paid 2005 Final - 5 ¢ (2004 - 10¢) 12,488 24,977Paid 2006 Interim - 0 ¢ (2005 - 12¢) – 29,97212,488 54,94919. Employee share ownership plan (ESOP) and key management compensationEmployee share ownership plan 2006 2005Number of shares held - unallocated (thousands) 5,087 5,283Number of shares held - allocated (thousands) 3,631 3,4358,718 8,718Fair value of shares held - unallocated 35,660 52,830Fair value of shares held - allocated 24,453 34,35060,113 87,180Cost of unallocated ESOP shares 34,770 36,111Charge to earnings for shares allocated to employees 1,298 1,045The parent company operates an Employee Share Ownership Plan (ESOP) to give effect to a contractualobligation to pay profit sharing bonuses to employees via shares of the parent company based on a setformula. Employees may acquire additional company shares to be held in trust by the Trustees but thecosts of such purchases are for the employee’s account. All employees of the parent company and certainsubsidiaries are eligible to participate in the Plan which is directed, including the voting of shares, by aManagement Committee comprising management of the parent company and the general membership.30