National Flour Mills : 28 Apr 2022 – National Flour Mills Limited Annual Report 2021

Contents

Vision & Mission 2

Corporate Information 3

Notice of Forty-Ninth Annual Meeting of Shareholders 4

Board of Directors 6

Biographies of Directors 8

Chairman's Review 12

Executive Management 16

Report of the Chief Executive Officer 17

Financial Overview 22

Ten-Year Comparison 22

Directors' Report 24

Corporate Report 26

Statement of Management's Responsibilities 31

Independent Auditor's Report 32

Consolidated Statement of Financial Position 38

Consolidated Statement of Comprehensive Income 39

Consolidated Statement of Changes in Equity 40

Consolidated Statement of Cash Flows 41

Notes to the Consolidated Financial Statements 42

Management Proxy Circular 91

Design and Layout: Paria Publishing Co. Ltd. Printing: The Office Authority Limited Photography of Directors: Damian Luk Pat

Vision & Mission

National Flour Mills Limited (NFM) was incorporated in 1972 and over the years has since been recognised as the leader in flour milling feed milling and dry mix operations throughout Trinidad and Tobago.

OUR VISION STATEMENT

To be the most trusted food and feed manufacturer in the region.

OUR MISSION STATEMENT

We will feed the region by:

• • Meeting and exceeding global food safety standards

• • Value for money offerings

• • Fairness and equity in treating with our employees

GUIDING PRINCIPLES AND CORE VALUES

• • Dependability

• • Customer Focus

• • Growth Mindset

• • Integrity

• • Ownership.

BUSINESS STANDARDS

It is the policy of NFM to conduct its business practices in accordance with the highest ethical standards. Bribery and corruption will not be condoned. Every effort will be made to ensure that:

• • our products are produced to specifications and in conformance with the customers' requirement;

• • the quality of raw materials used are fit for the purpose intended;

• • customer credit terms are fair; and that

• • customer complaints are treated with in a timely and courteous manner.

Corporate

Information

Directors

Mr. Nigel Romano - Chairman Mr. Ross Alexander

Ms. Sonja Voisin Ms. Karen Shaw

Mrs. Aliyah Hamel-Smith Mr. Shane Correia

Ms. Joanne Salazar Ms. Annalean Inniss

Chief Executive Officer

Mr. Ian Mitchell

Corporate Secretary

Ms. Sati Jagmohan

Registered Office

27-29 Wrightson Road Port of Spain

Telephone: [phone] Fax: [phone]

Email:[e-mail]

Registrar and Transfer Office

The Trinidad and Tobago Central Depository Limited

10th Floor

Nicholas Towers

63-65 Independence Square Port of Spain

Telephone: [phone] Fax: [phone]

Email:[e-mail]

Auditors

PricewaterhouseCoopers Victoria Avenue

Port of Spain

Principal Bankers

Scotiabank Trinidad and Tobago Limited Scotia Centre

Corner Park and Richmond Streets Port of Spain

Citibank (Trinidad and Tobago) Limited 12 Queen's Park East

Port of Spain

Republic Bank Limited

Corporate Business Centre - North Promenade Centre, 1st Floor

72 Independence Square Port of Spain

Principal Attorneys

Ashmead Ali and Company 36 Edward Street

Port of Spain

J.D Sellier & Company 121-131 Abercromby Street Port of Spain

Notice of Forty-Ninth Annual Meeting of Shareholders

NOTICE IS HEREBY GIVEN that the Forty-Ninth Annual Meeting of the Shareholders of National Flour Mills Limited (NFM) will be held on Friday 1st July 2022 at 10.00 am virtually and in the Ballroom, Hilton Trinidad and Conference Centre, Lady Young Road, Port of Spain for the following purposes:

Ordinary Business

• 1. To receive and adopt the accounts for the financial year ended 31 December 2021 and the Reports of the Directors and Auditors thereon;

• 2. To re-elect/elect Directors;

• 3. To re-appoint Auditors and to authorise Directors to fix their remuneration;

• 4. To transact any other business as may properly come before the meeting or any adjournment thereof.

Notes

• 1. Record Date

  The Directors have fixed the 25th day of May 2022 as the Record Date for determining shareholders who are entitled to receive Notice of the Meeting, and have given notice thereof by advertisement in accordance with the Companies Act. Shareholders listed on the Register of Members as at the close of business on that date will be notified of the meeting by mail. A list of those shareholders will be available for examination by shareholders at the Registered Office of the Trinidad and Tobago Central Depository, 10th Floor, Nicholas Tower, 63-65 Independence Square, Port of Spain during normal working hours and at the Annual Meeting.

• 2. Proxies

  A Member of the Company entitled to attend and vote at the above Meeting is entitled to appoint a proxy to attend and vote in his/her stead. Such proxy need not also be a Member of the Company. In the event that a Member of the Company wishes to appoint a proxy to vote in his/her stead, such Member is required to complete and sign the appropriate Proxy Form.

  The signed Proxy Form should be deposited with the Secretary of the Company at the Company's Registered Office, 27-29 Wrightson Road, Port of Spain 48 hours in advance of the Meeting. Where a Proxy is appointed by a corporate Member, the form of Proxy should be executed under seal or signed by an Officer or Attorney duly authorised.

• 3. Annual Report

  The Annual Report can be accessed from the Company's websitewww.nfm.co.tt.

By Order of the Board

Sati Jagmohan

Corporate Secretary

19 April 2022