ANSA McAL : 12 May 2023 – ANSA McAL Limited – Unaudited Consolidated Financial Statements for the quarter ended March 31st, 2023

UNAUDITED RESULTS FOR THE THREE MONTHS ENDED 31 MARCH, 2023

CHAIRMAN'S STATEMENT									SUMMARY CONSOLIDATED STATEMENT OF INCOME							SUMMARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Our Group has delivered strong results	Some of the highlights in this first quarter	crease positive outcomes for society and		$'000	$'000		$'000				$'000	$'000	$'000	$'000
					STATED	RESERVES	NON-	TOTAL
	UNAUDITED	UNAUDITED		AUDITED
at the start of 2023. Compared to the	include some improvement in the invest-	reduce our impact on the environment.						CAPITAL		CONTROLLING
same period last year, Revenue grew 10%	ment portfolios within our Banking and						THREE MONTHS	THREE MONTHS		YEAR
As we look ahead, while increased mac-										INTERESTS
and above pre-pandemic levels ($1.595	Insurance segment reflected in non-cash				Balance as at 1 January 2023 (Audited)	175,566	7,854,716	9,100,872
billion vs $1.445 billion) and PBT grew	mark to market gains. In our Automotive	roeconomic uncertainty globally merits		ENDED	ENDED		ENDED		1,070,591
102% ($160 million vs $79 million). EPS	business there was a marked increase in	caution, we believe our Group's value		31-Mar-23	31-Mar-22		31-Dec-22		Effect of adoption of new accounting standard		-	29,029	-		29,029
increased 171% ($0.59 vs $0.22). Having	sales with the supply of units becoming	proposition, talented	employees, good	Revenue	1,594,545	1,445,232		6,525,424			Balance as at 1 January 2023 (Restated)		175,566	7,883,745	1,070,591	9,129,902
considerably increased capital expendi-	more consistent. In addition, our new	governance practices and strong balance
ture by 49% ($143 million vs 96 million)	chlorine hub in Jamaica performed well	sheet will serve us well to navigate this	Operating profit	170,358	74,546		482,021			Total comprehensive income for the period	-	93,881	13,762	107,643
total assets increased by 2% ($17.874 bil-	maintaining	profitability throughout the	environment. Our pledge to our vision of	Finance costs	(17,519)	(10,934)		(50,316)			Transfers and other movements	-	33,586	11,196	44,782
lion vs $17.550 billion). The Group contin-	quarter.			doubling Group performance by 2027 is	Share of results of associates and joint venture interests	7,003	15,567		2,151			Net movement in unallocated shares	-	(246)	-		(246)
ues to have low gearing at 7.7% vs 8.2% in					unwavering s we focus on delivering value
prior year. During the quarter, over $300	We were also pleased to be acknowledged	for all stakeholders.			Profit before taxation	159,842	79,179		433,856			Dividends to equity holders	-	-	-		-
million was expended to close the COL-	for excellence in Governance by the Euro-					Taxation expense	(42,403)	(38,853)		(182,330)			Dividends of subsidiaries	-	-	(29)	(29)
FIRE acquisition. Nonetheless, free cash	pean Business Chamber in Trinidad and					Profit for the period/year	117,439	40,326		251,526			Balance as at 31 March 2023 (Unaudited)		175,566	8,010,966	1,095,520	9,282,052
flows are expected to accelerate as stored	Tobago during its inaugural Sustainability
up inventory of finished goods and raw	Champion awards. Sustainability is a key												Balance as at 1 January 2022 (Audited)	175,566	8,084,648	1,075,631	9,335,845
materials deplete with increased market	aspect of our growth strategy, and we are	A. Norman Sabga			Attributable to:							Total comprehensive income for the period		-	36,987	2,563	39,550
activity.	determined to continuously improve our	Chairman			Equity holders of the parent	102,388	37,697		197,655			Transfers and other movements	-	(22,673)	(3,722)	(26,395)
	business operations to ensure that we in-	By order of the board						Net movement in unallocated shares	-	(1,464)	-		(1,464
									Non-controlling interests	15,051	2,629		53,871
												Balance as at 31 March 2022 (Unaudited)		175,566	8,097,498	1,074,472	9,347,536
SUMMARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION						117,439	40,326		251,526
											Balance as at 1 January 2022 (Audited)	175,566	8,084,648	1,075,631	9,335,845
															Total comprehensive income for the year
							$'000									-	100,976	45,360	146,336
				$'000	$'000		Basic earnings per share	$0.59	$0.22		$1.15
				UNAUDITED	UNAUDITED		AUDITED	Diluted earnings per share	$0.59	$0.22		$1.15			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
												Dividends to equity holders	-	(310,079)	-		(310,079)
				31-Mar-23	31-Mar-22		31-Dec-22
Assets												Dividends of subsidiaries		-	-	(46,885)	(46,885)
															Balance as at 31 December 2022 (Audited)	175,566	7,854,715	1,070,590	9,100,871
Fixed Assets and Investment Properties				2,688,584	2,529,452		2,613,792		SUMMARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Investment in associates and joint venture interests		141,683	142,470		125,936
Other Long Term Assets				7,056,798	6,406,983		6,587,285									SUMMARY CONSOLIDATED STATEMENT OF CASH FLOWS
			$'000	$'000		$'000
Current Assets				7,986,479	8,471,084		8,323,562
Total Assets										UNAUDITED	UNAUDITED		AUDITED							$'000	$'000		$'000
			17,873,544	17,549,989		17,650,575
										THREE MONTHS	THREE MONTHS		YEAR						UNAUDITED	UNAUDITED		AUDITED
Equity and Liabilities										ENDED	ENDED		ENDED						THREE MONTHS	THREE MONTHS		YEAR
																ENDED	ENDED		ENDED
Stated Capital				175,566	175,566		175,566			31-Mar-23	31-Mar-22		31-Dec-22
																31-Mar-23	31-Mar-22		31-Dec-22
Reserves				8,010,966	8,097,498		7,854,715		Profit for the period/year	117,439	40,326		251,526			Profit before taxation				159,842	79,178		433,856
				8,168,532	8,273,064		8,030,281
Non-controlling interests				1,095,520	1,074,472		1,070,590		Other Comprehensive income:							Adjustment for items not affecting working capital				12,511	85,676		520,529
					Re-measurent gains on defined benefit plans (net)	-	-		(75,482)		Operating profit before working capital changes				172,353	164,854		954,385
Total Equity				9,282,052	9,347,536		9,100,871
					Market to market (loss)/gain on investments at fair							Net change in working capital				(135,377)	164,183		(171,206
Non-current Liabilities				3,136,089	2,682,656		3,117,819
					value through other compresensive income (net)	(11,532)	(6)		(26,173)		Cash flows from operating activities				36,979	329,037		783,179
Current Liabilities				5,455,403	5,519,797		5,431,885
							Other cash applications				(22,464)	7,778		(141,784)
					Exchange differences in translating foreign operations	1,736	(770)		(3,535)
Total Liabilities				8,591,492	8,202,453		8,549,704				Net cash flows from operating activities				14,512	336,815		641,395
					Other Comprehensive income/(loss) for the period/year	(9,796)	(776)		(105,190)
Total Equity and Liabilities				17,873,544	17,542,989		17,650,575				Investing activities				(461,491)	(99,353)		(502,854)
					Total Comprehensive income for the period/year	107,643	39,550		146,336
												Financing activities				(25,178)	(40,343)		(513,949)
									Total Comprehensive income attributable to:
															Net increase/(decrease) in cash and cash equivalents				(472,157)	197,119		(375,408)
									Equity holders of the parent	93,881	36,987		100,976
												Net foreign exchange differences				1,415	(366)		13,171
									Non-controlling interests	13,762	2,563		45,360
A. NORMAN SABGA			DAVID B. SABGA								Cash and cash equivalents at the beginning of the period/year				2,134,683	2,496,920		2,496,920
										107,643	39,550		146,336
DIRECTOR			DIRECTOR									Cash and cash equivalents at the end of the period/year				1,663,941	2,693,673		2,134,683
SUMMARY SEGMENT INFORMATION
	Construction, manufacturing, packaging & brewing	Automotive, trading & distribution		Banking & Insurance				Media, retail, services & parent company					Total

Revenue

Total gross revenue

Inter-segment

Third party revenue

Results

Finance costs

Depreciation and amortisation

Impairments

Reportable segment profit before taxation Taxation expense

Share of results of associates and joint venture interests

Assets

Reportable segment assets

Investment in associates and joint venture interests Capital Expenditure

Liabilities

Reportable segment liabilities

		$'000	$'000		$'000	$'000		$'000	$'000		$'000	$'000		$'000	$'000
	UNAUDITED	AUDITED	UNAUDITED	AUDITED	UNAUDITED	AUDITED	UNAUDITED	AUDITED	UNAUDITED	AUDITED
	THREE MONTHS ENDED	YEAR ENDED	THREE MONTHS ENDED	YEAR ENDED	THREE MONTHS ENDED	YEAR ENDED	THREE MONTHS ENDED	YEAR ENDED	THREE MONTHS ENDED	YEAR ENDED
2023	31-Mar	31-Dec	2023	31-Mar	31-Dec	2023	31-Mar	31-Dec	2023	31-Mar	31-Dec	2023	31-Mar	31-Dec
2022	2022	2022	2022	2022	2022	2022	2022	2022	2022
800,072	739,814	3,420,059	564,582	520,693	2,262,814	320,273	269,874	1,057,734	205,689	244,850	1,095,818	1,890,616	1,775,231	7,836,425
(111,975)	(82,710)	(428,469)	(11,877)	(18,825)	(52,892)	(44,898)	(55,354)	(95,174)	(127,320)	(173,110)	(734,466)	(296,070)	(329,999)	(1,311,001)
	688,097	657,104	2,991,590	552,705	501,868	2,209,922	275,375	214,520	962,560	78,369	71,740	361,352	1,594,546	1,445,232	6,525,424
514	343	1,523	281	326	1,494	14,119	5,601	29,482	2,605	4,664	17,817	17,519	10,934	50,316
74,143	72,388	296,407	10,178	10,113	42,683	14,114	11,449	41,524	13,327	13,727	56,323	111,762	107,677	436,937
-	-	8	-	-	-	-	-	-	-	-	31,800	-	-	31,808
65,962	88,633	459,439	37,547	33,767	181,302	60,365	(40,010)	(33,843)	(4,032)	(3,212)	(173,042)	159,842	79,179	433,856
24,309	31,223	148,818	12,769	6,731	49,449	6,533	(1,076)	27,190	(1,208)	1,975	(43,177)	42,403	38,853	182,330
-	-	-	-	-	-	-	-	85	7,003	15,567	2,066	7,003	15,567	2,151
3,336,372	3,362,842	3,452,338	1,593,399	1,447,901	1,620,341	9,800,189	9,417,951	9,516,058	3,143,584	3,321,295	3,061,838	17,873,544	17,549,989	17,650,575
-	-	-	-	-	-	10,241	10,166	10,230	131,443	132,304	115,706	141,683	142,470	125,936
101,718	50,855	305,688	13,487	15,184	94,762	24,711	26,971	156,986	3,312	3,423	14,679	143,228	96,433	572,115
323,860	495,582	457,589	484,730	415,666	509,799	7,029,049	6,607,941	6,851,086	753,853	683,264	731,230	8,591,492	8,202,453	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.