Trinidad and Tobago NGL : 15 Aug 2023 – Trinidad and Tobago NGL Limited – Unaudited Financial Statements for the quarter ended March 31st, 2023 (Full)

Trinidad and Tobago NGL Limited

Financial statements

Three months ended 31 March 2023

(Expressed in thousands of Trinidad and Tobago dollars)

Trinidad and Tobago NGL Limited

Contents

Page

Statement of Financial Position	1
Statement of Profit or Loss and Other Comprehensive Income	2
Statement of Changes in Equity	3
Statement of Cash Flows	4
Notes to the Financial Statements	5 - 30

Trinidad and Tobago NGL Limited

Statement of Financial Position

(Expressed in Trinidad and Tobago dollars)

		Unaudited		Unaudited		Audited
				Restated
		31 March		31 March		31 December
		2023	2022	2022
	Notes	$'000		$'000		$'000
Assets
Non-current assets
Investment in joint venture	5(b),16	1,597,237		2,132,178		1,588,588
Total non-current assets		1,597,237	2,132,178	1,588,588
Current assets
Taxation recoverable		314	341	314
Cash at bank and on hand	7	112,931		157,800		105,547
Total current assets		113,245		158,141		105,861
Total assets		1,710,482	2,290,319	1,694,449
Shareholders' equity and liabilities
Equity
Share capital	8	2,772,120	2,772,120	2,772,120
Translation reserve	16	146,974	150,455	145,252
Retained deficit	16	(1,211,926)		(711,144)		(1,226,493)
Total shareholders' equity		1,707,168	2,211,431	1,690,879
Current liabilities
Due to parent company/related party	9	30	71	142
Dividend payable		--	77,400	--
Trade and other payables	6	3,284	1,417	3,428
Taxation payable		--		--		--
Total liabilities		3,314		78,888		3,570
Total equity and liabilities		1,710,482		2,290,319		1,694,449

The notes on pages 5 to 30 are an integral part of these financial statements.

The financial statements of Trinidad and Tobago NGL Limited were authorised for issue by the Board of Directors on 11 August 2023.

____________________________	___________________________
Director	Director

1

Trinidad and Tobago NGL Limited

Statement of Profit or Loss and Other Comprehensive Income

(Expressed in Trinidad & Tobago dollars)

		Unaudited		Unaudited		Audited
				Restated
		Three		Three		Year
		Months		Months
		31 March		31 March		31 December
		2023	2022	2022
	Notes	$'000		$'000		$'000
Income
Share of profit from investment in joint
venture	5(d)	14,918	65,112	168,053
Interest income		26	33	96
Foreign exchange gain		--		--		130
Total income		14,944	65,145	168,279
Expenses
Impairment loss	11	--	--	(562,448)
Legal and professional fees		(353)	(358)	(1,221)
Other expenses		(24)		(119)		(1,192)
Profit/(loss) before taxation		14,567	64,668	(396,582)
Income tax (expense)/credit	10	--		(79)		2
Profit/(loss) after taxation		14,567	64,589	(396,580)
Other comprehensive (loss)/income:
Items that will be reclassified
subsequently to
profit or loss
Exchange translation differences, net
of tax	16	1,722		(771)		(5,974)
Other comprehensive income/(loss)		1,722		(771)		(5,974)
Total comprehensive income/(loss)		16,289	63,818	(402,554)
Earnings/(loss) per share
Basic (dollars per share)	12	0.09		0.42		(2.56)

The notes on pages 5 to 30 are an integral part of these financial statements.

2

Trinidad and Tobago NGL Limited

Statement of Changes in Equity

(Expressed in Trinidad & Tobago dollars)

				Retained
		Share	Translation	(deficit)/	Total
	Notes	capital	reserve	earnings	equity
		$'000	$'000	$'000	$'000
Unaudited three month ended 31 March
2023
Balance at 1 January 2023		2,772,120	145,252	(1,226,493)	1,690,879
Profit for the year		--	--	14,567	14,567
Other comprehensive income		--	1,722	--	1,722
Total comprehensive income		--	1,722	14,567	16,289
Dividends	13	--	--	--	--
Balance at 31 March 2023		2,722,120	146,974	(1,211,926)	1,707,168
Unaudited three months ended 31
March 2022
Balance at 1 January 2022 (originally
stated)		2,772,120	153,860	789,655	3,715,635
Effect of restatement (prior period error)		--	(2,634)	(1,487,988)	(1,490,622)
Balance at 1 January 2022		2,772,120	151,226	(698,333)	2,225,013
Profit for the year		--	--	64,589	64,589
Other comprehensive loss		--	(771)	--	(771)
Total comprehensive profit		--	(771)	64,589	63,818
Dividends	13	--	--	(77,400)	(77,400)
Balance at 31 March 2022		2,772,120	150,455	(711,144)	2,211,431
Audited year ended 31 December 2022
Balance at 1 January 2022		2,772,120	151,226	(698,333)	2,225,013
Loss for the year		--	--	(396,580)	(396,580)
Other comprehensive loss		--	(5,974)	--	(5,974)
Total comprehensive loss		--	(5,974)	(396,580)	(402,554)
Dividends	13	--	--	(131,580)	(131,580)
Balance at 31 December 2022		2,772,120	145,252	(1,226,493)	1,690,879

The notes on pages 5 to 30 are an integral part of these financial statements

3