ANSA McAL : 11 Nov 2022 – ANSA McAL Limited – Unaudited Financial Results for the Nine Months ended September 30, 2022

UNAUDITED RESULTS FOR THE NINE MONTHS ENDED 30 SEPTEMBER, 2022

CHAIRMAN'S STATEMENT									SUMMARY CONSOLIDATED STATEMENT OF INCOME													SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Over the nine-month period ended 30 Sep-	share to $0.00 ($1.65 - 2021).	and inorganic growth in both new and ex-								$'000		$'000	$'000			$'000			$'000						$'000		$'000	$'000	$'000
																	STATED		RESERVES	NON-	TOTAL
tember 2022, the Group's revenue increased					isting regional and international markets. We								UN-AUDITED	UN-AUDITED	UN-AUDITED		UN-AUDITED		AUDITED
While it is challenging to predict with certain-															CAPITAL			CONTROLLING
by $581million or 14% to $4.716 billion	also continue to balance prudent cost man-								THREE MONTHS	THREE MONTHS	NINE MONTHS	NINE MONTHS		YEAR
($4.135 billion - 2021) and total assets grew	ty the timing of the turnaround of the invest-	agement and pricing strategies to achieve										Balance as at 1 January 2022		175,566	8,084,648	INTERESTS	9,335,845
by 3% to $17.570 billion ($17.043 billion -	ment portfolios, the core operating banking	our very ambitious growth targets.								ENDED	ENDED	ENDED			ENDED			ENDED			1,075,631
2021). Our gearing ratio reduced to 8.6%	and insurance business lines continue to per-	Our strategic intent is to create not only sus-								30-Sep-22	30-Sep-21	30-Sep-22		30-Sep-21		31-Dec-21		Total comprehensive income for the period	-	(1,751)	12,924		11,173
(9.6% - 2021).		form well and are expected to grow. ANSA	Revenue						1,570,655	1,459,003	4,716,138		4,134,754			5,969,663			Transfers and other movements		-	(52,708)	(894)		(53,602)
		Bank's transformative	digital commercial	tainable but inclusive growth for the benefit
With the exception of banking and insur-	model is still on track to be launched before	of society. We have therefore embedded a	Operating profit					62,030	177,784	159,785		494,643			977,223			Net movement in unallocated shares		-	7,976	-		7,976
ance, all major business segments continue	the end of the year, and regulatory approval	strong environmental, social and governance	Finance costs						(14,571)	(12,024)	(37,168)		(34,805)		(46,713)			Dividends to equity holders		-	(310,052)	-		(310,052)
to show improvement over last year with	was recently granted for the acquisition of	(ESG) proposition within our plans to assure	Share of results of associates and joint venture																Dividends of subsidiaries		-	-	(27,041)		(27,041)
our Automotive, Beverage, Manufacturing,	COLFIRE by TATIL which we expect to close	the creation of value for all our stakeholders	interests						(1,615)	(8,432)	16,477		2,006			4,750			Balance as at 30 September 2022 (Unaudited)	175,566	7,728,113	1,060,620		8,964,299
Construction and Distribution	operations	early in 2023. This addition to our Insurance	in the long term. With a resilient balance
demonstrating strong top line growth and	business will provide a significant uplift while	sheet, strong core values and talented peo-	Profit before taxation					45,844	157,328	139,094		461,844			935,260			Balance as at 1 January 2021		175,566	7,788,640	1,002,545		8,966,751
profitability. The investment portfolios of	improving our offerings to a wider customer	ple, we remain confident about the future.	Taxation						(64,983)	(47,182)	(125,361)		(126,693)		(238,152)			Total comprehensive income for the period	-	280,147	49,256		329,403
our Banking and Insurance Segment and at	base.							(Loss)/profit for the period/year			(19,139)	110,146	13,733		335,151			697,108			Transfers and other movements		-	(10,603)	(1,194)		(11,797)
Parent continue to be affected by volatility
																												Net movement in unallocated shares		-	10,287	-		10,287
in the global financial markets.	The result-	Looking wider and farther ahead, we have set					Attributable to:
ing non-cash, mark to market losses reduced	an aggressive target of doubling the Group's	A. Norman Sabga																					Acquired in business combination		-	6,096	1,295		7,391
the Group's profit before tax to $139.1 mil-	profitability by 2027. Underpinning this tar-	Chairman				Equity holders of the parent					(27,263)	94,365	185		284,566			594,774			Dividends to equity holders		-	(315,038)	-		(315,038)
lion ($461.8 million - 2021) and earnings per	get are robust strategies to achieve organic	By order of the Board				Non-Controlling interest					8,124	15,781	13,548		50,585			102,334			Dividends of subsidiaries		-	-	(16,592)		(16,592)
SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION											(19,139)	110,146	13,733		335,151			697,108			Balance as at 30 September 2021 (Unaudited)	175,566	7,759,529	1,035,310		8,970,405
															Balance as at 1 January 2021		175,566	7,788,640	1,002,545		8,966,751
								$'000																	Total comprehensive income for the year
																												-	684,408	114,237		798,645
					$'000	$'000		Basic earnings per share					($0.16)	$0.55	$0.00		$1.65			$3.45
					UN-AUDITED	UN-AUDITED		AUDITED	Diluted earnings per share					($0.16)	$0.55	$0.00		$1.65			$3.45			Transfers and other movements		-	(89,429)	(4,014)		(93,443)
					AS AT	AS AT		AS AT																					Net movement in unallocated shares		-	11,092	-		11,092
Assets					30-Sep-22	30-Sep-21		31-Dec-21																					Dividends to equity holders		-	(310,063)	-		(310,063)
									SUMMARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME											Dividends of subsidiaries		-	-	(37,137)		(37,137)
Fixed Assets and investment properties	2,561,347	2,524,905	2,544,569												Balance as at 31 December 2021 (Audited)	175,566	8,084,648	1,075,631		9,335,845
Investment in associates and joint venture interests	136,781	186,296	118,227																						SUMMARY CONSOLIDATED STATEMENT OF CASH	FLOWS
							$'000		$'000	$'000			$'000			$'000
Other Long Term Assets				6,883,896	6,055,281	6,179,626
Current Assets				7,988,058	8,276,644	8,618,216									UN-AUDITED	UN-AUDITED	UN-AUDITED		UN-AUDITED		AUDITED									$'000	$'000	$'000
											THREE MONTHS	THREE MONTHS	NINE MONTHS	NINE MONTHS		YEAR									UN-AUDITED	UN-AUDITED	AUDITED
Total Assets				17,570,082	17,043,126	17,460,638
																				NINE MONTHS	NINE MONTHS	YEAR
																	ENDED	ENDED	ENDED			ENDED			ENDED									ENDED	ENDED	ENDED
Equity and Liabilities																	30-Sep-22	30-Sep-21	30-Sep-22		30-Sep-21		31-Dec-21
			175,566	175,566	175,566																													30-Sep-22	30-Sep-21	31-Dec-21
Stated Capital					(Loss)/profit for the period/year			(19,139)	110,146	13,733		335,151			697,108			Profit before taxation					139,094	461,844		935,260
Reserves				7,728,113	7,759,529	8,084,648
										Other Comprehensive income:																		Adjustment for items not affecting working capital				471,820	90,776		55,484
				7,903,679	7,935,095	8,260,214
					Re-measurent losses on defined benefit plans (net)		-	-	-		-			105,517			Operating profit before working capital changes				610,914	552,620		990,744
Non-controlling interests				1,060,620	1,035,310	1,075,631
				Mark to market loss on investments at fair value																Net change in working capital					(237,260)	(34,384)		540,681
Total Equity				8,964,299	8,970,405	9,335,845
				through other compresensive income (net)			217	(217)	(1,012)		(908)		252			Cash flows from operating activities					373,654	518,236		1,531,425
Non-current Liabilities				3,327,046	3,326,279	2,639,947
										Other cash applications					(32,152)	(55,276)		(95,091)
				Currency translation differences					(5,555)	30	(1,548)		(4,840)		(4,232)
Current Liabilities				5,278,737	4,746,442	5,484,846
												Net cash flows from operating activities				341,502	462,960		1,436,334
							Other Comprehensive income for the period/year			(5,338)	(187)	(2,560)		(5,748)		101,537
Total Liabilities				8,605,783	8,072,721	8,124,793								Investing activities							(533,070)	(681,300)		(1,250,709)
				Total Comprehensive income for the period/year	(24,477)	109,959	11,173		329,403			798,645
Total Equity and Liabilities			17,570,082	17,043,126	17,460,638							Financing activities							(440,360)	(418,269)		(520,195)
			Total Comprehensive income attributable to:
																									Net decrease in cash and cash equivalents				(631,928)	(636,609)		(334,570)
										Equity holders of the parent					(31,581)	94,169	(1,751)		280,147			648,404
																			Net foreign exchange differences					647	7,860		11,523
										Non-controlling Interests					7,104	15,790	12,924		49,256			114,237
A. NORMAN SABGA	DAVID B. SABGA																Cash and cash equivalents at the beginning of the period		2,496,920	2,819,967		2,819,967
																	(24,477)	109,959	11,173		329,403			798,645
DIRECTOR	DIRECTOR																			Cash and cash equivalents at the end of the period				1,865,639	2,191,218		2,496,920
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
					NINE MONTHS ENDED		YEAR ENDED			NINE MONTHS ENDED		YEAR ENDED			NINE MONTHS ENDED			YEAR ENDED	NINE MONTHS ENDED		YEAR ENDED				NINE MONTHS ENDED		YEAR ENDED
					30-Sep		31-Dec			30-Sep	2021				31-Dec		2022	30-Sep			31-Dec				30-Sep	2021		31-DEC				30-Sep		31-Dec
Revenue					2022	2021		2021				2022				2021		2021				2021				2022		2021			2022	2021		2021
Total gross revenue					2,442,903	1,895,772		2,817,138				1,640,096	1,501,604			2,103,604		834,978	856,025		1,152,006				786,943	720,538		1,017,915			5,704,920	4,973,939		7,090,663
Inter-segment					(297,596)	(236,373)		(334,969)			(53,346)	(35,948)				(48,198)		(87,320)	(71,118)		(82,040)			(550,520)	(495,746)		(655,793)			(988,782)	(839,185)		(1,121,000)
Third party revenue					2,145,307	1,659,399		2,482,169				1,586,750	1,465,656			2,055,406		747,658	784,907		1,069,966				236,423	224,792		362,122			4,716,138	4,134,754		5,969,663
Results
Finance costs					1,289	881		1,600				1,089	480				1,449		21,450	22,489			27,848				13,340	10,955		15,816			37,168	34,805		46,713
Depreciation and amortisation				221,807	210,921		285,262				31,304	27,783				39,806		29,815	31,669			44,051				40,093	42,858		56,925			323,019	313,230		426,044
Impairments					-	-		-				-	-				-		-		-			-				-	-		-			-	-		-
Reportable segment profit before tax		316,111	174,131		346,329				124,498	89,867				160,799		(144,870)	217,274		370,562				(156,644)	(19,428)		57,570			139,094	461,844		935,260
Income tax expense					104,332	50,265		107,784				30,808	26,744				56,154		7,433	45,918			54,118				(17,212)	3,766		20,096			125,361	126,693		238,152
Share of result of associate and joint venture interests		-	-		-				-	-				-		675		-			499				15,802	2,006		4,215			16,477	2,006		4,750
Assets
Reportable Segment assets				3,484,770	3,368,324		3,333,933				1,530,812	1,403,915			1,502,704		9,497,740	9,165,629		9,374,016				3,056,760	3,105,257		3,249,985			17,570,082	17,043,126		17,460,638
Investment in associates and joint venture interests		-	-		-				-	-				-		10,807		-			10,176				125,974	186,296		108,051			136,781	186,296		118,227
Capital Expenditure					195,648	163,150		244,125				61,978	22,768				37,845		105,060	64,629			96,044				7,904	8,492		12,514			370,591	259,038		390,528
Liabilities
Reportable Segment liabilities				488,197	512,760		476,816				438,732	409,285				461,187		6,892,759	6,452,340		6,519,162				786,095	698,336		667,628			8,605,783	8,072,721		8,124,793

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 (IFRS) and in accordance with the accounting policies described in "Note 2" of the consolidated financial statements for the year ended 31st December 2021, except for new IFRSs in effect from 1 January 2022 where applicable.