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

SUMMARY

INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED 31 MARCH 2023

CHAIRMAN'S STATEMENT

For the first three months ended 31 March 2023, Trinidad and Tobago NGL Limited ('TTNGL'/'Company') recorded an after-tax profit of TT$14.6 million (2022: TT$64.6 million). This translated into earnings per share of TT$0.09, compared to TT$0.42 for the corresponding period in 2022.

TTNGL's performance for the period was derived from its share of profit from its investment in Phoenix Park Gas Processors Limited ('PPGPL'). For the quarter, PPGPL recognised lower Mont Belvieu natural gas liquids ('NGLs') prices, which were 36.5% below those of the corresponding period of 2022. These lower prices were driven by a warmer than expected winter in the United States, which created lower demand during the peak season, as well as lower exports in a higher production environment.

NGL production from gas processing was also lower by 17.6% compared to 2022 as a result of lower gas volumes received by PPGPL for processing (2023: 1,032 million standard cubic feet per day ('mmscfd'); 2022: 1,088 mmscfd). This reduction was attributed to 60 mmscfd of gas being bypassed during the quarter to manage operational challenges on one of the company's gas plants. This issue will be addressed during PPGPL's planned

maintenance turnaround in second quarter of 2023. Lower NGL production impacted sales volumes for first quarter (36.4% lower than 2022), with forecasted natural gasoline sales volumes, which are sold in large cargo sizes, being deferred to later in 2023.

PPGPL continued the integration and expansion activities of its North American-based subsidiary, Phoenix Park Trinidad and Tobago Energy Holdings Limited ('PPTTEHL'). Sales volumes for the quarter were 17,656 barrels per day, 5.5% above the 2022 amount. Despite this improvement, volumes were below planned levels as demand remained muted due to warmer winter weather.

As PPGPL continues to mitigate the negative impact of operational and market challenges, the company will continue its eciency and growth eorts across all areas to increase shareholder value in the long term.

han, Chairman

SUMMARY STATEMENT OF PROFIT OR LOSS AND

OTHER COMPREHENSIVE INCOME

TT$'000			Unaudited	Audited
					Restated
	Three months	Three months
				ended	ended	Year ended
		31 March	31 March	31 Dec
		2023	2022	2022
Income			$'000	$'000	$'000
Share of profit from investment
in joint venture	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	-	-	(562,448)
Legal and professional fees	(353)	(358)	(1,221)
Other expenses	(24)	(119)	(1,192)
Profit/(loss) before tax			14,567	64,668	(396,582)
Income tax (expense)/credit	-	(79)	2
Profit/(loss) after taxation			14,567	64,589	(396,580)
Other comprehensive income:
Exchange translation dierences, net of tax	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	0.09	0.42	(2.56)
Basic (dollars per share)

SUMMARY STATEMENT OF FINANCIAL POSITION

TT$'000				Unaudited	Audited
						Restated
	31 March 2023	31 March 2022	31 Dec 2022
Non-current assets				$'000	$'000	$'000
Investment in joint venture	1,597,237	2,132,178	1,588,588
Total non-current assets	1,597,237	2,132,178	1,588,588
Current assets
Tax recoverable	314	341	314
Cash at bank and on hand	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
Equity
Share capital	2,772,120	2,772,120	2,772,120
Translation reserve	146,974	150,455	145,252
Retained (deficit)/earnings	(1,211,926)	(711,144)	(1,226,493)
Total shareholder's equity		1,707,168	2,211,431	1,690,879
Current liabilities
Due to parent company/related party	30	71	142
Dividend payable	-	77,400	-
Trade and other payables	3,284	1,417	3,428
Total liabilities		3,314	78,888	3,570
Total equity and liabilities		1,710,482	2,290,319	1,694,449

NOTES TO THE SUMMARY INTERIM FINANCIAL STATEMENTS

FOR THE THREE MONTHS ENDED 31 MARCH 2023

1. Basis of preparation

These condensed interim financial statements have been prepared in accordance with International Accounting Standard 34 - "Interim Financial Reporting". They do not include all of the information required for full annual financial statements, and should be read in conjunction with the audited financial statements for the year ended 31 December 2022. These condensed interim financial statements have not been audited and were approved by the Board of Directors on 11 August 2023.

2. Significant Accounting Policies

The accounting policies applied in these unaudited condensed interim statements are consistent with those applied in the audited financial statements for the year ended 31 December 2022.

3. Currency

All monetary amounts are stated in Trinidad and Tobago dollars.

Visit our website www.ngl.co.tt

SUMMARY STATEMENT OF CHANGES IN EQUITY

TT$'000			Share	Translation	Retained	Total
			capital	reserve	(deficit)/	equity
					earnings
Unaudited three months			$'000	$'000	$'000	$'000
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		-	-	-	-
Balance at 31 March 2023	2,772,120	146,974	(1,211,926)	1,707,168
Unaudited three months
ended 31 March 2022 (restated)
Balance as at 1 January 2022 -
originally stated	2,772,120	153,860	789,655	3,715,635
Eect 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 income	-	(771)	64,589	63,818
Dividends	-	-	(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	-	-	(131,580)	(131,580)
Balance at 31 December 2022		2,772,120	145,252	(1,226,493)	1,690,879

SUMMARY STATEMENT OF CASH FLOWS

TT$'000				Unaudited	Audited
		Three months	Three months
						ended	ended	Year ended
			31 March	31 March	31 Dec
			2023	2022	2022
Cash flows from operating activities				$'000	$'000	$'000
Profit/(loss) for the period/year
before taxation	14,567	64,668	(396,582)
Impairment loss	-	-	562,448
Dividends from joint venture	7,896	26,343	105,286
Interest income	(26)	(33)	(96)
Share of income from investment
in joint venture	(14,918)	(65,112)	(168,053)
					7,519	25,866	103,003
Decrease in amount due to related party	(112)	51	122
Increase in trade and other payables	(144)	(99)	1,833
Cash flows generated from operating activities			7,263	25,818	104,958
Taxation received	-	-	29
Taxation paid	-	(158)	(1)
Net cash flow generated from
operating activities	7,263	25,660	104,986
Cash flows from financing activities
Dividends paid	-	-	(131,580)
Net cash used in financing activities				-	-	(131,580)
Cash flows from investing activities
Interest and other investment income	26	33	96
Net cash generated from investing activities				26	33	96
Net increase/(decrease) in cash	7,289	25,693	(26,498)
at bank and on hand
Net foreign exchange dierences	95	(154)	(216)
Cash at bank and on hand at 1 January		105,547	132,261	132,261
Cash at bank and on hand at end of period/year	112,931	157,800	105,547