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 | |||||||
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Disclaimer
Trinidad and Tobago NGL Ltd. published this content on 15 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2023 17:30:07 UTC.