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The Trinidad and Tobago Stock Exchange Ltd.

11/05/2018 | Press release | Distributed by Public on 11/05/2018 13:23

Trinidad and Tobago NGL Limited - Financial Statements for the nine months ended September 30th, 2018

Condensed Interim Financial Statements for the

Nine Months Ended 30 September 2018

Chairman's Statement

I am pleased to report that for the nine months ended 30 September 2018, Trinidad and Tobago NGL Limited ("TTNGL"/"Company") has recorded profit after tax of $210.6 million. This represents an improvement of $59.9 million or 39.8% improvement over the corresponding 2017 period when $150.7 million was recorded. Earnings per share for the period experienced growth of 39 cents which represents an increase of 40.2% over the prior year period.

Natural gas volumes to Point Lisas for processing were marginally higher than that for 2017. PPGPL's recently installed Condensate and Product Trading assets continue to contribute to bottom line performance and will enhance long-term shareholder value. With the recent announcement of the proposed shutdown of the Petrotrin refinery, PPGPL has increased its supply of LPG to the domestic market, while still preserving its market share in its export market.

TTNGL Board (L-R): Vivek Charran; Ashmeer Mohamed;

Gerry C. Brooks (Chairman); Kenneth Allum and Professor Andrew Jupiter.

SUMMARY STATEMENT OF CHANGES IN EQUITY TT$'000

TTNGL's improved performance was driven by a higher share of profit from TTNGL's investment in Phoenix Park Gas Processors Limited ("PPGPL"). This improvement was primarily a result of increased revenue derived from enhanced Mont Belvieu product prices - 38.1% higher than 2017, coupled with PPGPL's continued ability to derive the benefit from such price increases through its successful marketing strategies.

The Board remains cautiously optimistic about the outlook of PPGPL.

Share capital $'000

Translation reserve $'000

Retained earnings

$'000

Total equity $'000

Finally and with respect to the payment of dividends in US dollars, all mechanisms have been established to facilitate such payments. TTNGL continues to engage the relevant State authorities for alignment and remains committed to this initiative. The Company will continue to update shareholders on this matter.

Nine months ended 30 September 2018

Balance at 1 January 2018

Profit for the year

Other comprehensive income Dividends

Balance at 30 September 2018

2,772,120 - - - 2,772,120

154,464 - (5,456)

444,072 210,613

3,370,656 210,613

(1,750) (7,206)

- 149,008

(232,200) (232,200)

420,735 3,341,863

Nine months ended 30 September 2017

Balance at 1 January 2017

Additionally, cost management initiatives have been sustained. In the area of procurement, PPGPL conducted its first e-Auction which will now become a standard component of its procurement strategies. This is the most recent example of the manner in which PPGPL is implementing the use of technology to improve its business processes.

Profit for the year

Other comprehensive income Dividends

Balance at 30 September 2017

2,772,120 - - - 2,772,120

146,005 - (2,127)

442,529 3,360,654

150,670

150,670

- (2,127)

- 143,878

(232,200) (232,200)

360,999 3,276,997

Year ended 31 December 2017

Gerry C. Brooks Chairman

Balance at 1 January 2017 Profit for the year

26 October, 2018

Other comprehensive income Dividends

Balance at 31 December 2017

2,772,120 - - - 2,772,120

146,005 - 8,459 -

442,529 3,360,654

233,743 233,743

- 8,459

(232,200)

154,464

444,072

(232,200) 3,370,656

SUMMARY STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME TT$'000

Unaudited

Unaudited

Audited

SUMMARY STATEMENT OF CASH FLOWS TT$'000

UnauditedThree months ended 30 Sep 2018 $'000

Three months ended 30 Sep 2017 $'000

Nine months Nine months Year endedended 30 Sep 2018 $'000

ended 30 Sep 2017 $'000

30 Sep 2018 $'000

30 Sep 2017 $'000

Audited 31 Dec 2017 $'000

31 Dec 2017 $'000

Cash flows from operating activities Profit for the year before taxation Impairment reversal

211,390 -151,865 -235,398

(19,499)

Income

Share of profit from investment in joint venture Interest Income

82,498 112

  • 59,813 211,018

Foreign exchange gain Total income Expenses Impairment reversal

(109) 82,501

146 - 59,959

365 1,061 212,444

152,521 465 -216,560 608 -

Interest and other investment income Dividends from joint venture

(365)

(465)

(608)

151,497

131,676

181,750

Share of income from investment in joint venture

(211,018)

(152,521)

(216,560)

151,504

130,555

180,481

152,986 217,168

-

-

-

- 19,499

Decrease in amount due to related party (Decrease)/increase in trade and other payables Cash flows from operating activities

(305)

(3,074)

(3,016)

(21)

290

(264)

151,178

127,771

177,201

Legal and professional fees Other expenses

(102)

(169)

(885)

(763) (979)

Taxation paid

(772)

(1,203)

(1,655)

(157)

(169)

(169)

(358) (290)

Net cash flow generated from operating activities

150,406

126,568

175,546

Profit before tax Income tax expense Profit for the period

82,242

59,621

211,390

151,865

235,398

(153)

(419)

(777)

82,089

59,202

210,613

(1,195) 150,670

(1,655) 233,743

Cash flows from financing activities

Dividends paid

Other comprehensive income:

Net cash used in financing activities

(232,200) (232,200)

(232,200) (232,200)

(232,200) (232,200)

Share of other comprehensive income from investment in joint venture

(1,750)

- (1,750)

-

-

Exchange translation differences, net of tax Other comprehensive profit/(loss)

Total comprehensive profit

439 (1,311) 80,778

(11,925) (5,456)

(2,127) 8,459

Cash flows from investing activities Interest and other investment income

365

465 608

(11,925) 47,277

(7,206) 203,407

(2,127) 8,459

Net cash generated from investing activities

365

465 608

148,543 242,202

Earnings per share

Basic (dollars per share)

Diluted (dollars per share)

0.53 0.53

0.38 0.38

1.36 1.36

0.97 1.51

Net decrease in cash and cash equivalents Net foreign exchange differences

(81,429)

(105,167)

(56,046)

0.97 1.51

Cash and cash equivalents at 1 January Cash and cash equivalents at end of period

(676) 310,913 228,808

62

879

366,080 366,080

260,975 310,913

SUMMARY STATEMENT OF FINANCIAL POSITION TT$'000

Unaudited

30 Sep 2018 $'000

30 Sep 2017 $'000

Audited 31 Dec 2017 $'000

Chairman

Director

Non-current assets Investment in joint venture Total non-current assets

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER 2018

3,096,741 3,096,741

3,003,832 3,040,436

3,003,832 3,040,436

  • 1. Basis of preparation

    Current assets Dividends receivable Cash and cash equivalents Total current assets Total assets

    16,462 228,808 245,270 3,342,011

    13,192 19,781

    260,975 310,913

    274,122 330,694

    3,277,954 3,371,130

    These condensed interim financial statements have been prepared in accordance with International Accounting Standard 34 - "Interim Financial Reporting". They do not include all of the information required for full annual financial statements, and should be read in conjunction with the audited financial statements for the year ended 31 December 2017.

    Equity Share capital Translation reserve Retained earnings

    Total shareholders' equity

    2,772,120 149,008 420,735 3,341,863

    2,772,120 2,772,120

    These condensed interim financial statements have not been audited and were approved by the Board of Directors on 26 October 2018.

    143,878 154,464

    360,999 444,072

  • 2. Significant Accounting Policies

    3,276,997

    3,370,656

    Current liabilities

    The accounting policies applied in these unaudited condensed interim statements are consistent with those applied in the audited financial statements for the year ended 31 December 2017.

    Due to parent company/related party Trade and other payables

    20 128

    256 325

    701 149

    Total liabilities

    Total equity and liabilities

    148 3,342,011

    957 474

  • 3. Currency

    3,227,954

    3,371,130

    All monetary amounts are stated in Trinidad and Tobago dollars.

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