ANSA McAL : 11 Aug 2023 – ANSA McAL Limited – Unaudited Financial Statements for the quarter ended June 30th, 2023

UNAUDITED RESULTS FOR THE SIX MONTHS ENDED 30 JUNE, 2023

CHAIRMAN'S STATEMENT											SUMMARY CONSOLIDATED STATEMENT OF INCOME												SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
The Group's results for the six-month period	rine Hub is performing well, and in Guyana,	challenged the Group to become a $2 billion								$'000		$'000	$'000		$'000			$'000							$'000		$'000	$'000	$'000
																	STATED		RESERVES	NON-	TOTAL
The Group's results for the six-month period	where economic expansion is unfolding at a	company by 2027. As we pursue our objec-								UN-AUDITED	UN-AUDITED	UN-AUDITED	UN-AUDITED		AUDITED
														CAPITAL			CONTROLLING
ended 30 June 2023 showed an improve-	rapid pace, we were able to expand our Au-	tives, we will continue to focus on people,								THREE MONTHS	THREE MONTHS	SIX MONTHS	SIX MONTHS		YEAR
ment in PBT year on year of $218 million or	tomotive portfolio by securing two new lines	social well-being, and the natural environ-																		INTERESTS
234% ($311 million vs $93 million). Revenue	of business - IVECO trucks and Hyundai Con-	ment. We will always be guided by our core								ENDED	ENDED	ENDED		ENDED			ENDED		Balance as at 1 January 2023 (Audited)		175,566	7,854,715	1,070,590		9,100,871
increased by $105 million or 3% ($3.251 bil-	struction equipment.		values and good corporate governance which								30-Jun-23	30-Jun-22	30-Jun-23	30-Jun-22		31-Dec-22		Effect of adoption of new accounting standard	-	24,690	-		24,690
lion vs $3.145 billion), EPS by 611% ($1.13 vs						remain the foundation blocks of the culture
$0.16) and total assets grew by 4% ($17.762	I am pleased to announce that following our	of the Group. We embrace the future with	Revenue						1,656,109	1,700,251	3,250,654	3,145,483			6,525,424			Balance as at 1 January 2023 (Restated)		175,566	7,879,405	1,070,590		9,125,561
billion vs $17.034 billion). Our gearing ratio	earlier acquisition of COLFIRE, we completed	optimism and remain committed to excellent	Operating profit					187,244	23,209	357,602	97,754			482,021			Total comprehensive income for the period	-	161,544	18,503		180,047
decreased to 7.7% from 8.2% as at December	the acquisition of a stake in the Bahamian	and rigorous execution of our 2X plan for the	Finance costs						(42,986)	(11,663)	(60,506)	(22,596)		(50,316)			Transfers and other movements			-	(20,463)	(2,191)		(22,654)
2022.	Brewery & Beverage Company Limited which	benefit of all our stakeholders.
	expands our Beverage business regionally.						Share of results of associates and joint venture															Net movement in unallocated shares			-	(2,002)	-		(2,002)
Our Banking and Insurance businesses per-	We have also commenced production of Car-	Your directors have approved an interim div-	interests						6,935	2,526	13,938	18,093			2,151			Dividends to equity holders			-	(258,609)	-		(258,609)
formed creditably, producing robust growth	ib beer under contract with strategic brew-	idend of $0.30 per share. This dividend will	Profit before taxation					151,193	14,072	311,035	93,251			433,856			Dividends of subsidiaries			-	-	(39,407)		(39,407)
in their core operations and positive non-	ing partners in Greece and Canada. Locally,	be paid on September 8, 2023 for all share-
cash mark to market gains in their investment	we have invested over $200 million in a new	holders on the Register as at August 24, 2023.	Taxation						(47,890)	(21,525)	(90,293)	(60,379)		(182,330)			Balance as at 30 June 2023 (Unaudited)		175,566	7,759,875	1,047,495		8,982,936
portfolios. Although, we continue to face in-	returnable bottling line to increase capacity						Profit/(Loss) for the period/year			103,303	(7,453)	220,741	32,872			251,526			Balance as at 1 January 2022			175,566	8,084,648	1,075,631		9,335,845
creased input costs impacting our Construc-	and efficiency with installation to be complet-																									Total comprehensive income for the period	-	29,830	5,820		35,650
tion, Manufacturing, Packaging & Brewing	ed by November 2023.							Attributable to:																	Transfers and other movements			-	(42,290)	(1,047)		(43,337)
Segment, our Manufacturing and Automotive	In November 2022, our	Leadership team,	A. Norman Sabga
operations have been able to demonstrate	Chairman			Equity holders of the parent					92,911	(10,248)	195,299	27,448			197,655			Net movement in unallocated shares			-	6,882	-		6,882
strong profitability. In Jamaica, our new Chlo-	seeing tangible opportunities for growth,	By order of the Board											Dividends to equity holders			-	(264,296)	-		(264,296)
		Non-Controlling interest					10,392	2,795	25,442	5,424			53,871
																			Dividends of subsidiaries			-	-	(27,068)		(27,068)
SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION												103,303	(7,453)	220,741	32,872			251,526
														Balance as at 30 June 2022 (Unaudited)		175,566	7,814,774	1,053,336		9,043,676
	$'000
																								Balance as at 1 January 2022			175,566	8,084,648	1,075,631		9,335,845
					$'000		$'000		Basic earnings per share					$0.54	($0.06)	$1.13	$0.16			$1.15
					UN-AUDITED	UN-AUDITED		AUDITED	Diluted earnings per share					$0.54	($0.06)	$1.13	$0.16			$1.15			Total comprehensive income for the year		-	100,976	45,360		146,336
														Transfers and other movements			-	(28,811)	(3,516)		(32,327)
					AS AT		AS AT		AS AT
																										Net movement in unallocated shares			-	7,981	-		7,981
					30-Jun-23		30-Jun-22		31-Dec-22
Assets																										Dividends to equity holders			-	(310,079)	-		(310,079)
										SUMMARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
																			Dividends of subsidiaries			-	-	(46,885)		(46,885)
Fixed Assets and investment properties		2,702,629	2,559,779		2,613,792
														175,566	7,854,715	1,070,590
Investment in associates and joint venture interests			123,591	141,611		125,936																					Balance as at 31 December 2022 (Audited)		9,100,871
											$'000		$'000	$'000		$'000			$'000
Other Long Term Assets					6,539,061	6,459,264		6,587,285														SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
													UN-AUDITED	UN-AUDITED	UN-AUDITED	UN-AUDITED		AUDITED
Current Assets					8,397,112	7,873,043		8,323,562
																				$'000	$'000	$'000
Total Assets					17,762,393	17,033,697		17,650,575									THREE MONTHS	THREE MONTHS	SIX MONTHS	SIX MONTHS		YEAR									UN-AUDITED	UN-AUDITED	AUDITED
																		ENDED	ENDED	ENDED		ENDED			ENDED									SIX MONTHS	SIX MONTHS	YEAR
																		30-Jun-23	30-Jun-22	30-Jun-23	30-Jun-22		31-Dec-22
Equity and Liabilities																											ENDED	ENDED	ENDED
Stated Capital					175,566	175,566		175,566		Profit/(Loss) for the period/year			103,303	(7,453)	220,741	32,872			251,526										30-Jun-23	30-Jun-22	31-Dec-22
Reserves					7,759,875	7,814,774		7,854,715								Profit before taxation					311,035	93,251		433,856
						Other Comprehensive income:
					7,935,441	7,990,340		8,030,281																		Adjustment for items not affecting working capital			35,917	288,319		520,529
							Re-measurent losses on defined benefit plans (net)		-	-	-	-			(75,482)
Non-controlling interests					1,047,495	1,053,336		1,070,590							Operating profit before working capital changes			346,952	381,570		954,385
						Mark to market loss on investments at fair value
Total Equity					8,982,936	9,043,676		9,100,871																Net change in working capital					(176,110)	(245,805)		(171,206)
						through other compresensive income (net)			(29,123)	(1,223)	(40,654)	(1,229)		(26,173)
Non-current Liabilities					3,159,466	3,249,935		3,117,819							Cash flows from operating activities					170,842	135,765		783,179
Current Liabilities					4,619,991	4,740,086		5,431,885		Currency translation differences					(1,777)	4,777	(40)	4,007			(3,535)			Other cash applications					(13,024)	(16,368)		(141,784)
Total Liabilities					8,779,457	7,990,021		8,549,704		Other Comprehensive income for the period/year			(30,900)	3,554	(40,694)	2,778			(105,190)			Net cash flows from operating activities				157,818	119,397		641,395
						Total Comprehensive income for the period/year	72,403	(3,899)	180,047	35,650			146,336
Total Equity and Liabilities					17,762,393	17,033,697		17,650,575						Investing activities							(580,848)	(273,744)		(502,854)
											Total Comprehensive income attributable to:															Financing activities							(343,046)	(359,457)		(513,949)
											Equity holders of the parent					67,663	(7,156)	161,544	29,830			100,976			Net decrease in cash and cash equivalents			(766,076)	(513,804)		(375,408)
											Non-controlling Interests					4,740	3,257	18,503	5,820			45,360			Net foreign exchange differences					10,153	(109)		13,171
A. NORMAN SABGA	DAVID B. SABGA														72,403	(3,899)	180,047	35,650			146,336			Cash and cash equivalents at the beginning of the period		2,134,683	2,496,920		2,496,920
DIRECTOR	DIRECTOR																										Cash and cash equivalents at the end of the period			1,378,760	1,983,007		2,134,683
SUMMARY SEGMENT INFORMATION
Construction, manufacturing, packaging & brewing	Automotive, trading & distribution				Banking & Insurance						Media, retail, services & parent company				Total
						$'000	$'000			$'000					$'000				$'000		$'000				$'000				$'000			$'000			$'000
					UN-AUDITED	AUDITED			UN-AUDITED			AUDITED			UN-AUDITED		AUDITED				UN-AUDITED		AUDITED			UN-AUDITED		AUDITED
					SIX MONTHS ENDED	YEAR ENDED			SIX MONTHS ENDED		YEAR ENDED			SIX MONTHS ENDED		YEAR ENDED	SIX MONTHS ENDED		YEAR ENDED			SIX MONTHS ENDED		YEAR ENDED
					30-Jun	31-Dec			30-Jun	2022				31-Dec		2023	30-Jun		31-Dec				30-Jun	2022		31-DEC			30-Jun		31-Dec
Revenue					2023	2022		2022				2023				2022		2022			2022				2023			2022		2023	2022		2022
Total gross revenue					1,673,733	1,560,925		3,420,059				1,165,625	1,071,763			2,262,814		565,512	640,140		1,057,734				445,745	508,271		1,095,818		3,850,615	3,781,099		7,836,425
Inter-segment					(218,000)	(175,415)		(428,469)			(30,239)	(29,231)				(52,892)		(62,162)	(71,979)		(95,174)			(289,560)	(358,991)			(734,466)		(599,961)	(635,616)		(1,311,001)
Third party revenue					1,455,733	1,385,510		2,991,590				1,135,386	1,042,532			2,209,922		503,350	568,161		962,560				156,185	149,280			361,352		3,250,654	3,145,483		6,525,424
Results
Finance costs					996	837		1,523				528	613				1,494		50,717	12,793			29,482				8,265	8,353			17,817		60,506	22,596		50,316
Depreciation and amortisation					148,434	145,736		296,407				19,921	20,665				42,683		28,098	22,999			41,524				25,951	27,062			56,323		222,405	216,462		436,937
Impairments					-	-		8				-	-				-		-	-			-				-	-			31,800		-	-		31,808
Reportable segment profit before tax		160,140	209,127		459,439				89,047	76,084				181,302		85,725	(119,452)		(33,843)			(23,877)	(72,508)			(173,042)		311,035	93,251		433,856
Income tax expense					53,908	66,902		148,818				22,069	17,366				49,449		23,377	(4,553)		27,190				(9,061)	(19,336)			(43,177)		90,292	60,379		182,330
Share of result of associate and joint venture interests		-	-		-				-	-				-		-	677			85				13,938	17,416			2,066		13,938	18,093		2,151
Assets
Reportable Segment assets					3,305,621	3,415,470		3,452,338				1,648,547	1,447,986			1,620,341		9,820,269	8,031,579		9,516,058				2,987,955	3,138,662		3,061,838		17,762,393	17,033,697		17,650,575
Investment in associates and joint venture interests		-	-		-				-	-				-		10,241	10,840			10,230				113,350	130,771			115,706		123,591	141,611		125,936
Capital Expenditure					181,364	112,298		305,688				33,272	25,895				94,762		56,210	62,883		156,986				8,086	5,433			14,679		278,931	206,509		572,115
Liabilities
Reportable Segment liabilities					330,650	486,344		457,589				530,721	386,093				509,799		7,190,604	6,383,830		6,851,086				727,483	733,754			731,230		8,779,457	7,990,021		8,549,704

NOTES: All monetary amounts are stated in thousands of Trinidad and Tobago dollars unless otherwise stated. These interim summary consolidated financial statements are prepared in accordance with International Financial Reporting Standards and in accordance with the accounting policies described in "Note 2" of the consolidated financial statements for the year ended 31st December 2022. The Group has adopted IFRS 17 effective 1 January 2023, and has applied the full retrospective approach, and the fair value approach where full retrospective is deemed impracticable. In addition, financial instruments within the scope of IFRS 9 have been redesignated at the date of initial application of IFRS 17. The Group acquired 100% of the total issued and outstanding shares in Colonial Fire & General Insurance Limited (COLFIRE) through its subsidiary Trinidad and Tobago Insurance Limited. The Group took operating control on

7 February 2023 and has provisionally accounted for the acquisition. The Group will finalize the accounting during the measurement period as permitted by the International Financial Reporting Standards. COLFIRE has not yet adopted IFRS17, Insurance Contracts. The Group will determine the COLFIRE IFRS 17 impact upon consolidation as soon as is practicable. It anticipates that it will be fully compliant for the annual reporting period ending 31 December 2023.