Businessuite magazine top 100 caribbean public companies 2015 digital edition

Businessuite - Special Monthly Edition

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Businessuite - Special Monthly Edition

94D Old Hope Road Kingston 6 Jamaica Telephone: (876)978-5508/ 978-0426 (876)619-1351 Fax: (876)927-9125 Customer Feedback/ Queries: E-Mail: Info@cabjm.com

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Businessuite - Special Monthly Edition

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Businessuite - Special Monthly Edition

Contents 7 8

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Editorial

The Caribbean Region The Fastest Growth Rates Were Estimated For The More Tourism Dependent Economies

Our Ranking Methodology

The Businessuite Caribbean Top 100 Companies For 2015

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Weaknesses Reflected In Many Of The Critical Economic Areas

Human Resources

Is Your Executive Office The Epicenter Of High Standards?

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Caribbean Economies Plagued With High Unemployment High Debt Burdens And Challenging Fiscal Adjustment Programmes

International

The Global Economy In 2014 World Economy Continued Its Gradual Recovery, While Inflation Slowed Further...

Caribbean Development Bank.

Burdensome Fiscal Deficits, Increasing Debt Levels, Dwindling Foreign Direct Investment, Remained Hindrances To The Economic Stability Of The Region

How Caribbean Business Leaders Viewed The World In 2014.

The Global Economy Continued Its Uneven Recovery

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Protracted Challenges Faced By Many Countries

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Business Environment

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Country Reports

Better Is Always In Demand

Barbados Barbados’ Economy Continued To Struggle

2015 Global Outlook

Economic Fundamentals Continue To Be Weak

The International Business Environment World Growth Set To Speed Up Slightly From 3.3% In 2014 To 3.5% In 2015…

(Imf’s January 2015 Update To The World Economic Outlook)

The Barbados Top 10

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Top 100

The Businessuite Magazine Caribbean Top 40 by Profits

Growth In The Global Economy Is Expected To Remain Relatively Stable For 2015.

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Top 100

The Bottom 50

Variability In Pace Of Economic Recovery Across Developed World

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Doing Business In The Caribbean

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Country Reports

Guyana Guyana economy struggling; still recovering from global recession….

Marketing

Selling Your Way To Greatness 4

Businessuite - Special Monthly Edition

Contents Growth continues at a slow pace‌.

7. National Commercial Bank

The Guyana Top 10

6. CIBC First Caribbean International Bank 5. Republic Bank Group Limited

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Top 100

4. GraceKennedy Limited

The Businessuite Magazine Caribbean Top 40 by Market Capitalisation

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3. Ansa Mcal Limited 2. Sagicor Financial Corporation

Country Reports

1. Massy Holdings Limited

Jamaica Improvement In Investor Confidence Bodes Well For Continued Recovery In The Economy.

73 Businessuite Top 10 Companies

Key Economic Statistics:

76 The 2015 Regional Outlook

Strategic Choices employed by the

The CEO Game Plan A Vision And Strategy Of Becoming A Global Consumer Group

The Jamaica Top 10

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Top 100

Becoming One Of The Top Five Financial Services Institutions In The English And Spanish Speaking Caribbean

The Businessuite Magazine Caribbean Top 40 by Revenue

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Maintain Emphasis On The Delivery Of Quality Products And Services By Our Team Of Professionals

Country Reports

Trinidad & Tobago Performance Based Primarily On Increased Activity In Both The Energy And Non-Energy Sectors... Ronald F. deC. Harford

Exploit Our Advantages And Opportunities While Managing Risks And Exposures.

Trinidad And Tobago Top 10

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Top 100

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Ranking

The Group’s 4 Strategic Priorities-2015 Add Convenience And Value To The Communities We Serve.

The Businessuite Magazine Caribbean Top 10

80 DOING BUSINESS IN THE CARIBBEAN

2015 Regional Outlook Growth Must Be More Inclusive And Sustainable, Not Just Faster And Critically Must Create Jobs

Businessuite #10 Caribbean Ranked Public Company 10. Sagicor Group Jamaica 9. Scotia Group Jamaica Ltd.

The Path To Sustained Growth During 2015 Will Continue To Be Challenging

8. Goddard Enterprises 5

Businessuite - Special Monthly Edition

Credits Content Director Kayla Wright kayla.wright@blackslateholdings.com The Businessuite News Centre BNC Publisher and Editor in Chief Aldo Antonio aldo@blackslateholdings.com Subscription and Distribution businessuitemagazine@gmail.com Advertising Sales businessuitemagazine@gmail.com Graphic Design and Layout: Bonito Thompson Photo Credits Sourced from the internet and contributed Social Media CLICK Digital Agency Businessuiteonline Businessuite is your source for information, news and tools on starting, running and growing your business. We know your time is valuable and scarce, so we take the time to find, create and present all the information that will be relevant to the success of your business.

Businessuite Online, Businessuite Digital, Businessuite Magazine, Businessuite Today, Businessuite Minute and Businessuite News Channel are owned and operated by Blackslate Media Group.

PUBLISHERS: Businessuite News Centre BNC A division of the Blackslate Media Group “Silicon Mountain” Mandeville Jamaica For all information 876-630-2216 (Kingston Office) 876- 342-9332 (Mobile) 876-630-2216 (Mandeville Office) 876-542-3719 (Mobile) aldo@blackslateholdings.com kayla.wright@blackslateholdings.com OR email blackslateholdings@gmail.com Corporate Information: Blackslate Media Group Ltd, “Silicon Mountain” Mandeville Jamaica 876-630-2216 (Kingston Office) 876-458-3253 (Mobile) 876-630-2216 (Mandeville Office) 876-280-9192 (Mobile) To learn more about Blackslate go to www.blackslateholdings.com aldo@blackslateholdings.com ISBN Number ISSN 0799-4427

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Businessuite - Special Monthly Edition

o Editorial

As the Business environment continues to develop in the Caribbean, companies continue to focus on how best they can differentiate their products while remaining true to their origins.

Grace Kennedy which has its base in Jamaica remained focused on strengthening home aspect of its productions while attempting to grow its international presence. Meanwhile, ANSA McAL Limited in Trinidad and Tobago was keen maintaining its ability to deliver consistent performance and value in varying economic circumstances. And Massy Holdings Limited said it remained committed to pursuing opportunities outside of CARICOM. The Businessuite News Centre (BNC) through its premier digital, print and online publications, Businessuite Magazine, Businessuite Magazine Digital and the www.businessuiteonline.com has been publishing the hugely popular and widely read annual Top 10 Jamaican CEO’s since 2005 and most recently the annual 50 Most Powerful Women In Jamaican Businesses.

Last year, BNC expanded its coverage and rankings across the Caribbean and since then has sought to make the publishing of The Caribbean’s Top 100 Public Companies and The Caribbean’s Top 100 CEO’s (due for publication next month), an annual occurrence.

As the only Caribbean magazine with this kind of corporate and financial information, digitally published, our reach and exposure is substantially extended beyond the Caribbean. The Caribbean’s Top 100 is available online to hundreds of thousands of investors and business executives looking to the Caribbean for investment opportunities and business partners.

In arriving at a universally accepted method for our rankings we researched other rankings such as that employed by FORTUNE and FORBES magazines. We sought to adopt these tried and proven methods adjusting for local peculiarities. The intent is to compare and measure companies on The Businessuite Caribbean Top 100 with those on the FORTUNE and FORBES rankings.

Companies used for the Businessuite Top 100 are publically listed on one or a combination of the following Caribbean stock exchanges: Jamaica, Guyana, Barbados and Trinidad and Tobago.

Our primary ranking is based on US$ Revenues, supported by Profits After Tax and Capitalization used to further highlight the top performers. We have also included individual Top 10 rankings for the main markets of Jamaica, Trinidad and Tobago, Barbados and Guyana.

For the main Businessuite Top 100 Ranking, the companies are ranked by total revenues for their respective fiscal years in US$.

An undertaking of this magnitude would not have been possible with the support and cooperation of the following people and organisations.

• • • • • •

Barry Blenman Operations Supervisor - Business Development, Barbados Stock Exchange Inc. George Edwards General Manager Guyana Stock Exchange Mrs. Marlene Street Forrest General Manager Jamaica Stock Exchange and her marketing team of Michael Johnson and Neville Ellis Trinidad and Tobago Stock Exchange – Information Department Klao Bell-Lewis Communications Director and Collin Cunningham Communications Officer at the Caribbean Development Bank Businessuite News Centre (BNC) and Blackslate Media Group team members

Your collective efforts and contribution has made this publication possible.

Kayla Wright

Content Director Businessuite News Centre

Every effort has been made to ensure the accuracy of the information presented.. Your assistance in helping to improve the creditability and reliability of the information by pointing out such errors and omissions in addition to suggestions for improvement will be greatly appreciated.BM

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Businessuite - Special Monthly Edition

o Our Ranking Methodology

The Businessuite Caribbean Top 100 Companies for 2015 1.

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Companies used for the Businessuite 100 are publically listed on one or a combination of the following exchanges: Jamaica, Guyana, Barbados and Trinidad and Tobago.

For the main Businessuite Top 100 Ranking, the companies are ranked by total revenues for their respective fiscal years in US$.

Percent change calculations for revenue, net income, and earnings per share are based on data as originally reported. They are not restated for mergers, acquisitions, or accounting changes.

The only changes to the prior years’ data are for significant restatement due to reporting errors that require a company to file amended reports.

Revenues are as reported, including revenues from discontinued operations when published. If a spinoff is on the list, it has not been included in discontinued operations.

Revenues for commercial banks and savings institutions are interest and noninterest revenues.

Revenues for insurance companies include premium and annuity income, investment income, and capital gains or losses but exclude deposits.

Revenues figures for all companies include consolidated subsidiaries and exclude excise taxes.

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Data shown are for the fiscal year ended on or before December. 31, 2014. Unless otherwise noted, all figures are for the year ended Dec. 31, 2014.

10. Profits are shown after taxes, extraordinary credits or charges, cumulative effects of accounting changes, and non-controlling interests (including subsidiary preferred dividends).

11. Figures in parentheses indicate a loss. Profit declines of more than 100% reflect swings from 2014 profits to 2013 losses.

12. Balance Sheet Assets are the company’s year-end total.

13. Total stockholders’ equity is the sum of all capital stock, paid-in capital, and retained earnings at the company’s year-end. Excluded is equity attributable to non-controlling interests. Also excluded is redeemable preferred stock whose redemption is either mandatory or outside the company’s control.

Dividends paid on such stock have been subtracted from the profit figures used in calculating return on equity.

14. Earnings Per Share The figure shown for each company is the diluted earnings-per-share figure that appears on the income statement. Per-share earnings are adjusted for stock splits and stock dividends.

Though earnings-per-share numbers are not marked by footnotes, if a company’s profits are footnoted it can be assumed that earnings per share is affected as well.

15. The five-year earnings-growth rates are the annual rates, compounded.

16. Total Return to Investors includes both price appreciation and dividend yield to an investor in the company’s common stock. The figures shown assume sales at the end of 2013 of stock owned at the end of 2012. It has been assumed that any proceeds from cash dividends and stock received in spinoffs were reinvested when they were paid.

17. Returns are adjusted for stock splits, stock dividends, recapitalizations, and corporate reorganizations as they occurred; however, no effort has been made to reflect the cost of brokerage commissions or of taxes.

18. Total-return percentages shown are the returns received by the hypothetical investor described above.

The Publishers Businessuite News Centre (BNC)

businessuitemagzine@gmail.com

19. The five-year returns are the annual rates, compounded.

20. Medians: No attempt has been made to calculate median figures in the tables for groups of fewer than four companies. The medians for profit changes from 2012 to 2013 do not include companies that lost money in 2012 or lost money in both 2012 and 2013, because no meaningful percentage changes can be calculated in such cases.

21. 21. Market Capitalization (on December 31, 2014) is the total value of the issued shares of the company; i.e. the yearend share price times the number of shares outstanding.

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Businessuite - Special Monthly Edition

Where You Will Find The Caribbean’s Top Business Leaders

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Businessuite - Special Monthly Edition o Human Resources

Is Your Executive Office

the Epicenter of High Standards?

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have never seen a study comparing the value of CEO/Managing Director time with that of the average employee but I’m willing to make a bet. I’d wager that ten minutes of a CEO’s time may be worth a few days of the average employee’s time. In this regard it is suggested that CEOs consider the major question, “Is your executive office the Epicenter of High Standards?”

I have experienced CEOs who appear to be as scatter-brained as the most junior clerk when it comes to managing their time. They chase from one appointment to another, late as usual. (Bill Clinton was famous for this particular habit.) They miss deadlines, forcing them to work overtime, usually in the company of others. In meetings they are constantly distracted by something more important than the task they are working on at the moment.

People around them eventually learn to overcome their ineffectiveness, shooting off frequent reminders and updates to keep them on track. No-one has the courage to give them serious feedback so they just don’t realise they are always behind. They are blind to the example they are setting.

It’s a pity, because their ability to operationalize their daily activity has everything to do with the bottom line. The CEO’s office is the one that needs to be the best run.

I worked with a top executive who actually understood the high stakes he was dealt. He demanded that anyone who worked close to him needed to be specifically trained in high performance: a process which took several months. Only a few made the cut, but at the end he had a highly efficient team who could make his day run smoothly. If you are an executive, here are some things you should also be doing.

1. Hire a Powerful Administrative Assistant Recently McKinsey reported that the best executives have top notch executive help.

Unfortunately, too many companies treat this position as a perk, rather than a requirement, selecting admins from a pool of available resumes. The result? I once heard of a local assistant who booked a flight to a city with the same name... on the wrong continent.

2. Assigning Ownership In most companies, the job of assuring individual, executive productivity falls into the gap between H.R. and I.T. In other words, no-one owns the issue, so decisions about apps, devices and software are made randomly. This results in inefficiency and waste as even simple activities, such as meeting coordination, are left to chance. Frustration and tension can only be avoided when someone is given the ownership of this critical role.

3. Learning the Best Practices

Too many top executives assume that if they are the most productive person in their office, it must be good enough. Unfortunately, this standard is often too low causing them to flounder, taking everyone else with them. They simply don’t realize the power they wield, or the influence they have over other people in the organization who look at them to keep high standards of performance.

The CEO’s office needs to be striving for world-class standards of productivity. It just can’t be left to chance.

---By Francis Wade

Author and Management Consultant

Francis Wade is the author of Perfect Time-Based Productivity, a keynote speaker and a management consultant. To receive a free summary of links to his past articles, send an email to columns@fwconsulting.com

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Businessuite - Special Monthly Edition o International

The Global Economy in 2014 World Economy Continued Its Gradual Recovery, While Inflation Slowed Further... Caribbean Development Bank.

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lobal economic output expanded by an estimated 3.3% in 2014, the same as in 2013, according to the January 2015 update to the International Monetary Fund (IMF) World Economic Outlook. Growth continued to be driven by emerging and developing economies, especially China and India, but there were some improvements among advanced economies as well.

Growth in the United States (US) increased from 2.2% in 2013 to 2.4% and, as an upshot, unemployment fell, while inflation remained low.

The combined Euro area experienced a return to positive growth (0.8%), although within this Germany grew by 1.5%, while Italy continued to contract, by 0.4%. Domestic demand continued to increase in advanced economies, where unemployment rates fell – even in the Euro Area, although this was still higher than other advanced economies, reflecting uncertainty about the future of the single currency and fear of deflation.

Inflationary pressures remained low globally, driven by falls in commodity prices, especially the 40% fall in the price of crude oil during the year. Monetary policy in advanced economies therefore remained largely accommodative.

The US Federal Reserve ended its quantitative easing programme in October, but interest rates were kept low there and elsewhere, including in the United Kingdom. Figure 1 presents growth, unemployment and inflation rates for advanced economies, which are the major trading partners of CDB’s borrowing member countries (BMCs), as well as trends in international commodity prices. BM

Source: CDB 2014 Caribbean Economic Review & Outlook for 2015

Global economic output expanded by an estimated 3.3% in 2014, the same as in 2013, according to the January 2015 update to the International Monetary Fund (IMF) World Economic Outlook.

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Businessuite - Special Monthly Edition o International

The Global Economy in 2014 HOW CARIBBEAN BUSINESS LEADERS VIEWED THE WORLD IN 2014.

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n order to attain a better understanding of the why’s and how’s of the strategic choices made by the Caribbean leaders, it is necessary to have some insight into how they see and maneuver the business world and economy.

To determine this information, the Businessuite Magazine team reviewed the annual reports for the 2014 Financial Year. Based on these reports, it was determined that despite differences in management styles, product offerings and locations, the Caribbean Business Leaders faced similar challenges and implemented similar strategies to overcome these challenges. The following excerpts from the annual reports best illustrate these similarities.

o International

The Global Economy in 2014 The Global Economy Continued Its Uneven Recovery

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dvanced economies took the lead as emerging markets experienced challenges given the mounting threat emanating from the scaling back of the accommodative policy of the US Federal Reserve, widely known as Quantitative Easing (QE). The Federal Reserve has been reducing its monthly bond purchases under QE, signaling its confidence in the current trajectory of the country’s economic performance.

The World Bank revised its growth forecast for the Eurozone downwards to 0.9% for 2014 and 1.6% in 2015, from 1.0% and 1.7% respectively. Plagued by sluggish growth, high levels of unemployment and the possibility of deflation, the ECB announced, on September 4, 2014, plans to pursue even further accommodative measures. This time around, the ECB plans to initiate monthly bond purchases of asset backed securities (ABS), which will be employed with the view of increasing banking system liquidity and expanding credit.

Supporting this move, is the fact that there have been positive signs in key pockets of the economy, which contributed to US GDP expanding by 4.6% in the April to June quarter of 2014, while unemployment declined to 6.1% from 7.2% in the previous year.

Despite the slowdown in the Eurozone, robust growth momentum from heavyweight economies such as the US, UK and China is likely to drive global economic activity. As such, the global output is expected to pick up speed as the year progresses and is projected to expand by 2.8% this year, strengthening to 3.4% and 3.5% in 2015 and 2016, respectively. The World Bank expects that high-income economies will contribute about half of global growth in 2015 and 2016, compared with less than 40% in 2013. The acceleration in high-income economies will be an important impetus for developing countries such as Jamaica.

Of note though, mounting geopolitical tensions involving the US, Europe and Middle Eastern countries have the potential to reverse prior economic gains, in the event these developments become protracted.

There was favourable news in other parts of the world as the UK appeared to have recovered the output lost during the financial crisis and is on track for a solid performance. Output was 3.2% higher than a year earlier, the fastest annual pace in six years and has surpassed its pre-recession 2008 GDP peak.

The IMF raised its U.K. growth forecast recently to 3.2%, putting Britain on course to expand more rapidly than the U.S. in 2014.

The Eurozone on the other hand, continues to be beset by challenges. Initiatives undertaken by the European Central Bank (ECB) to promote credit expansion and economic growth through its low interest rate policy and long term refinancing operation (LTRO), failed to provide the necessary growth impetus.

By Patrick A. Hylton, CD

Group Managing Director National Commercial Bank Jamaica

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Businessuite - Special Monthly Edition o International

The Global Economy in 2014

Variability In Pace Of Economic Recovery Across Developed World

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he 2014 financial year saw variability in the pace of economic recovery across the developed world, as evidenced through relatively moderate growth of 2.4% in the United States of America (USA), while the economies of Europe and Japan experienced growth of 0.8% and 0.1% respectively. Despite the positive signs in the USA, global growth remained tenuous as recessionary headwinds stagnated growth in Europe and Japan. This necessitated the prolongation of the accommodative fiscal and monetary policies, particularly within developed economies throughout 2014.

Furthermore, the unexpectedly sharp and extended decline in oil prices negatively impacted oil exporting emerging market countries, namely Russia. In light of the general anemic economic conditions which prevailed in the broader developed and emerging market economies, the International Monetary Fund revised downward its projections for global growth by 0.3% to 3.5% for 2015.

In the USA, economic indicators showed improvement. Consumer spending increased during the fourth quarter of 2014, while the unemployment rate declined to 5.6% in December, the lowest level since 2008.

By Stephen McNamara

Non-Executive Chairman Sagicor Financial Corporation

o International

Against the backdrop of encouraging economic data, the Federal Reserve concluded its bond repurchase programme in October 2014. However, the protracted decline of global oil prices further constrained the already subdued level of inflation, which stood at 1.3% in November 2014, and prompted the continuance of near zero interest rates for the foreseeable future.

In Europe, the low level of inflation, coupled with the generally weak investment climate and persistently high unemployment, continued to weigh on economic growth. Therefore, the European Central Bank (ECB) maintained its relaxed fiscal policy stance and held interest rates constant at an unprecedentedly low level.

The Global Economy in 2014 Protracted Challenges Faced By Many Countries

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n the wake of a weaker than expected first quarter economic growth, the prospects of a solid rebound going into the second half of 2014 looked good. However, the protracted challenges faced by many countries, both individually and collectively, combined with stillfragile economic recoveries, produced yet another round of lower-than-expected growth performances, and triggered a wave of downward forecast revisions.

Despite varying levels of growth among its members, developed countries are collectively forecasted to expand by 1.8% in 2014. Developing countries, many of which appear to be settling back to growth levels lower than the pre-crisis boom and post-crisis recovery, are expected to grow by 4.4% this year.

By Ronald F. deC. Harford Chairman

The October edition of the International Monetary Fund’s (IMF) World Economic Outlook, forecasts that the world economy will expand by 3.3% this year and 3.8% in 2015, both downward revisions from April’s forecasts. New geo-political developments such as the disruption in the Middle East caused by Islamic State Militants and the spread of the Ebola virus, if not checked, could contribute to much smaller growth in 2015.

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Businessuite - Special Monthly Edition o 2015 GLOBAL OUTLOOK

The International Business Environment World growth set to speed up slightly from 3.3% in 2014 to 3.5% in 2015… (IMF’s January 2015 Update to the World Economic Outlook)

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ed by the United States (US), accelerated growth is anticipated in most advanced economies, with the notable exception of the United Kingdom (UK), where growth may be constrained by fiscal tightening. Conversely, emerging and developing economies are generally expected to slow, driven primarily by a further slowdown in China.

softness in the Euro area economy. The weak investment climate and market fears of deflation have already prompted the European Central Bank to institute a programme of quantitative easing.

A great deal of uncertainty also surrounds the question of how long the current low commodity prices are likely to persist. This has implications for potential inflation trajectories in 2015, with the impact of possible monetary policy responses on economic activity circling back to affect the growth outlook.

Downside risks to the global outlook are increasingly significant in terms of their potential impact, as well as the likelihood that they will materialise. They include a worsening of current geopolitical tensions (e.g. Middle East, Ukraine, North Korea), global public health concerns (e.g. Ebola) and the risk of a Euro Area break-up.

Indeed, despite inflationary pressures being well contained at present, the United States’ Federal Reserve has hinted at a rate hike in 2015, which would be the first since the Great Recession.

With regard to the latter, the election of a new Greek government in January 2015 has revived concerns about debt default and/or a Greek exit, or ‘Grexit’ from the Euro, with potential contagion effects spreading to the rest of the monetary union. Like the other risk scenarios, this raises the possibility of renewed global financial market volatility.

Fiscal policy changes among major economies will also affect the growth outlook, with the notable example of the upcoming election in the UK. Both main parties are likely to cut the budget deficit further, the main difference being one of degree, which would have knock-on effects on disposable incomes and economic activity there. BM

Fundamentally, underlying investor concerns about the implications of a ‘Grexit’ or Euro area breakup is the continued

o 2015 GLOBAL OUTLOOK

Source: CDB 2014 Caribbean Economic Review & Outlook for 2015

The International Business Environment Growth In The Global Economy Is Expected To Remain Relatively Stable For 2015.

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he IMF has forecasted global growth of 3.5% in 2015, following 3.3% in 2014. The net positive impact of the extended decline in global oil prices is expected to be outweighed by various downside risks, including a reduced level of investment and persistently modest economic recovery across the developed world. Additional effects are the decline in commodity prices and the associated downward trend in the level of growth in key emerging market countries. In 2015, advanced economies are projected to expand moderately by 2.4%, led by the USA, while emerging markets are expected to experience relatively flat growth of 4.3%.

The economic recovery of the Caribbean economies remains fragile and heavily reliant upon the economic improvement of developed economies. Generally, the tourism sector is expected to show modest improvement. However, rising public debt levels, fiscal imbalances and high unemployment challenges will continue to impede the region’s competitiveness. The IMF has forecasted regional growth of 1.3% in 2015.

By Stephen McNamara

Non-Executive Chairman Sagicor Financial Corporation

During 2015, Sagicor will continue to focus on reducing operating costs, improving process efficiency and improving customer service through the rationalisation of its major operating centres.

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Businessuite - Special Monthly Edition o MARKETING

Selling Your Way to Greatness

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very business is in the business of sales. Every employee is a salesperson. The old model is dead and the old salesman is buried next to it. The reason for this is simple; every business is selling something, whether it is a physical product or a service. By increasing the amount of sales points along the closing continuum you improve your chances of closing and the propensity and frequency of sales. Aside from the misguided few, most are in business to help someone or an organization get what they want. In my case it is to help them transform, increase efficiency, productivity, profit, organizational harmony and the like. I aim to be a catalyst provoking growth. This is what sales is all about; being an agent for generating improvement in one form or another. Old sales spoke to closing the deal, new sales speaks to opening a relationship.

For those who know me, history is of utmost importance, as knowledge of ones’ self is primary in my book, but in this instance, I say ‘out with the old and in with the new’. Many wonder how to build world class businesses, it is through opening relationships with your clients, not simply selling, but understanding the idiosyncrasies between the soft sell, the close, the driver, the cross-sell, up-sell and consumer relevancy. All of these aspects compliment the old and show the evolution of what was once seen by many to be a zero sum game - You get what you want, and they part with their money, even if they don’t get what they want. This cannot be considered a victory anymore.

But before I go on, who wants to be a salesperson anyway? This is a legitimate question. I have yet to see a career day populated with school children dressed in a shirt and tie championing the profession. Why? Because it is seen as intrusive and not the archetypical professions such as being a Doctor, a Lawyer, or the like. However, the lack of effective sales people, with developed sales skills is also why many businesses fail. Don’t expect your reputation to carry you forever, and never be fearful to show your customers all you have to offer, you just may accidentally fill a need, which is purpose of business anyway.

Titles and distinctions between sales, and other company roles is a false dichotomy. Every member of your organization should be selling something that you have to offer. Everyone who has pulled up to the drive-through window of their closest fast food spot has seen this philosophy at work. Their advertisements or the scent of their offerings may have brought you, but it’s the salesperson at the windows whose role has been extended outside of simply taking an order that is going to persuade you to go large for a few dollars extra. “Would you like a biscuit with that?” “We have a special on…” Even the most strong willed among us has given in to this request at least once, stretching our waistlines and the revenue of the restaurant in the process. We undervalue the power of sales and even more the importance of learning to sell.

Sales is by no means a simple endeavor, it requires certain sensibilities. However, I have good news. These sensibilities can be learned. Often times we will hear people remark: “I can’t sell, I can’t influence people” or “I’m shy” or “I’ve never sold anything in my life”. Well that must be false if you have ever entered into a relationship or ever held a job. The first date and the interview were in effect your sales pitch. You must have displayed or ‘sold’ certain qualities to your respective partner or prospective employer that made you ‘Qualified’ in their eyes. However, I also hold to the belief that whether you think you can’t or can, you are right. So we must cultivate positive beliefs in regards to sales if we are to create world class businesses because the new paradigm of sales is customer driven not product driven.

Give the people what they want and help them to improve their lives. Will you and yours step up to the plate? If you do remember, good sales people are not born, they are made.

----

By Dr Leahcim Semaj

Dr. Semaj is an international keynote and motivational speaker and cultural transformation specialist. The Jamaica Employers’ Federation has recognized Dr. Semaj for “Leadership in Innovative Workplace Practices”. He is included in Peter Ferguson’s publication CHANGE MAKERS as one of the 101 men who have helped to define modern day Jamaica. This Psychologist combines ancient wisdom with contemporary ‘livity’ to bring fresh insight to old human problems. As a Transformation Specialist he offers two options – ABOVE or BEYOND. Above where you presently are or Beyond your wildest dreams.

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Businessuite - Special Monthly Edition o DOING BUSINESS IN THE CARIBBEAN

The Caribbean Region The Fastest Growth Rates Were Estimated For The More Tourism-Dependent Economies In a few other BMCs, continued underperformance in key sectors contributed to flat or declining economic activity.

Preliminary estimates indicate that the regional recovery continued in 2014, with 16 of CDB’s 19 BMCs expanding during the year, driven mainly by tourism and construction services.

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Barbados and the British Virgin Islands (BVI) stagnated for the seventh consecutive year in 2014. Marginal growth was estimated for Barbados, as weak performances in tourism, international business and construction scarcely compensated for declines in manufacturing and agriculture.

he fastest growth rates were estimated for the more tourism-dependent economies; while some large commodity exporters were also able to grow quite rapidly, this was primarily services-led.

Preliminary estimates of a slight contraction in economic activity in BVI were based on indications of a significant decline in construction, as well as moderate downturns in other major sectors including international business, which outweighed relatively strong growth in tourism.

St. Kitts and Nevis and the Turks and Caicos Islands (TCI) each experienced accelerated growth of around 4%, based on the strengthening recovery in tourism and continued investment inflows for mainly tourism and real estate-related construction.

Meanwhile, sizeable economic contractions in St. Lucia and St. Vincent and the Grenadines in 2014 partly reflected the impact of the so-called Christmas Eve Trough just before the start of the year, which exacerbated pre-existing, chronic weaknesses in critical sectors.

Meanwhile, despite declines in mining and quarrying output in Belize, Guyana and Suriname, all three recorded growth rates in excess of 3%, led by construction and other services. Also primarily a commodity exporter, Haiti’s growth performance fell slightly below this level, mainly due to a large droughtrelated contraction in agricultural output, but was similarly boosted by ongoing post-earthquake reconstruction and, to a lesser extent, tourism.

In St. Lucia, the impact of the storm on agriculture, together with a continuation of declines in construction, distribution and manufacturing observed in most years since 2009, offset relatively strong growth in tourism.

Moderate gains (between 1 and 3%) in services-dependent Anguilla, Antigua and Barbuda, The Bahamas, Cayman Islands, Grenada and Montserrat were likewise linked to the general improvement in tourism and, for all except Grenada, construction. Relatively modest increases of just under 1% were estimated for Dominica and Jamaica, but these nevertheless represented improvements when compared with 2013.

On the other hand, manufacturing provided the main positive impetus in St. Vincent and the Grenadines, as agriculture contracted sharply due to the storm and drought impacts in the second half of the year, while tourism continued its secular downtrend of recent years and construction declined.

Overall, the Bank’s preliminary estimate of growth in real Gross Domestic Product (GDP) for the Region in 2014 was 1.3%. While this was lower than the revised1 figure of 1.7% for 2013, this was mainly due to the critical supply challenges and sharper-than-expected drop in prices of key commodities, which constrained performances among the Region’s 5 major commodity exporters2. The latter remained the principal contributors to overall growth, owing to their generally greater weighting in regional GDP. BM

In these two economies, which are somewhat more diversified than other regional tourism destinations, with relatively large commodity export sectors (21 and 22%, respectively, of GDP), expansions in tourism and construction outweighed declines in manufacturing and slowdowns in mining and quarrying, as well as a slight contraction in agriculture for Dominica.

However, there were a few exceptions to the ongoing strengthening of the recovery in the Region. Most notably, Trinidad and Tobago, which accounts for nearly a third of the Region’s total GDP and therefore weighs heavily on overall regional growth, slowed considerably to record modest growth in 2014.

Source: CDB 2014 Caribbean Economic Review & Outlook for 2015

Operational challenges and the significant drop in oil prices during the year suppressed petroleum output; driving a decline in the mining and quarrying sector.

16

Businessuite - Special Monthly Edition o DOING BUSINESS IN THE CARIBBEAN

The Caribbean Region

Weaknesses Reflected In Many Of The Critical Economic Areas

T

he Barbados economy continued to experience challenges during 2014 with weaknesses reflected in many of the critical economic areas. By the end of the year the economy experienced growth (estimated at 0.2%) for the first time since 2011 driven by 1% improved performance in tourism and construction activity. Foreign exchange reserves stabilized at the end of December to a stock of US$526.0M, representing 14.7 weeks of import cover.

The Central Bank of Barbados expressed confidence that the threat to the Barbadian dollar’s peg to the US dollar of BDS$2: USD$1 no longer exists. The unemployment rate increased to 12.7% following government’s retrenchment program, and inflation averaged 1.9% at the end of December 2014. Tourism value-added is estimated to have increased by 1%, reversing the downward trend witnessed over the last three years.

By Sarah MacDonald

Executive Chairman Emera (Caribbean) Incorporated (EC)

o DOING BUSINESS IN THE CARIBBEAN

Long-stay arrivals rose by 1%, and visitors stayed slightly longer than in 2013. Increased airlift out of the UK contributed to growth in arrivals of 10%, but arrivals were down from the US and Canada by 3% and 4% respectively. Arrivals from Trinidad and other CARICOM markets contracted by 12 % and 9% respectively.

The Caribbean Region Caribbean Economies Plagued With High Unemployment High Debt Burdens And Challenging Fiscal Adjustment Programmes

D

espite some signs of improvement, the Caribbean economies continue to be plagued with high unemployment rates, high debt burdens and challenging fiscal adjustment programmes.

In some of the tourism-dependent economies there has been some marginal recovery in stay-over arrivals. According to the Caribbean Tourism Organization, increases have been seen in Grenada (18.6%), Cayman Islands (9.4%), Saint Lucia (6.0%) and Jamaica (1.6%), with Barbados, Saint Vincent and the Grenadines and Saint Kitts and Nevis all showing declines.

By Mr. A. Charles Herbert Chairman Goddard Enterprises

The Caribbean region overall has experienced slight growth which should help provide some relief to these economies. However, the Caribbean debt crisis and minimal growth in foreign exchange inflows continue to constrict the overall regional economic performance. The Economic Commission of Latin America and the Caribbean has had to revise its 2014 growth rate estimate for the region downward from 2.7% to 2.2%.

17

Businessuite - Special Monthly Edition o DOING BUSINESS IN THE CARIBBEAN

The Caribbean Region Burdensome Fiscal Deficits, Increasing Debt Levels, Dwindling Foreign Direct Investment, Remained Hindrances To The Economic Stability Of The Region

R

egionally, economic growth across the majority of Caribbean islands trended positively, albeit at relatively low levels. However, the protracted economic challenges of burdensome fiscal deficits, increasing debt levels as well as dwindling foreign direct investment, remained hindrances to the economic stability of the region.

Conversely, there was an incipient recovery in the tourism sector which generally showed moderate improvement, but remained well below the pre-crisis levels prior to 2008.

The Barbados economy experienced modest expansion of 0.3% in 2014, which was supported by growth within the tourism and

there was an incipient recovery in the tourism sector which generally showed moderate improvement, but remained well below the pre-crisis levels prior to 2008. construction sectors. Trinidad & Tobago and Jamaica experienced real GDP growth for 2014 of 2.0% and 0.9%, respectively. The level of unemployment remained high across the region, while the level of inflation trended lower and remained positively correlated with the decline in global oil prices.

In Jamaica, areas of expansion were in tourism, services, transportation, mining and telecommunications, while the growth in the Trinidad & Tobago economy was underpinned by positive contributions from the energy and non-energy sectors. Given the dampening impact of the decline of global energy prices on the performance of Trinidad & Tobago’s economy as an exporter of oil, the budgetary price assumptions for oil have been revised downwards for 2015.

By Stephen McNamara Chairman SAGICOR FINANCIAL

In tandem with an anticipated increase in short-term interest rates in the USA, Trinidad & Tobago’s Repo rate increased to 3.25% by year-end, relative to 2.75% in 2013, with an additional 25 basis points increase to 3.5% in January 2015. Throughout 2014, the US dollar rallied against major international currencies. In the region, the Jamaica dollar depreciated relative to the US dollar by an annualised 7.8%.

18

Businessuite - Special Monthly Edition

19

Businessuite - Special Monthly Edition

THE BOTTOM 50

o Top 100

Businessuite 2015 Top Caribbean 100 Companies - US $ Revenue Rank 2015

Rank 2014

51

50

52

53

53

Listed Company

US $ 000 2013

%

Stock Market

LC $ 000 2014

US $ 000 2014

LC $ 000 2013

Demerara Tobacco Company Ltd.

GASCI

$6,531,802

$31,669

$7,182,597

$34,825

Barbados Dairy Industries Limited

BSE

$60,715

$30,664

$60,531

$30,571

0.30%

55

West India Biscuit Compant Limited

BSE

$59,119

$29,858

$53,186

$26,861

11.16%

54

51

Gleaner Company

JSE

$3,320,245

$28,957

$3,188,709

$31,643

-8.49%

55

56

Flavorite Foods Limited

TTSE

$160,309

$24,980

$163,360

$25,455

-1.87%

56

59

J.P. Santos & Company Ltd.

GASCI

$4,102,515

$19,891

$3,940,965

$19,108

4.10%

57

60

Scotia Investments Jamaica Ltd.

JSE

$2,144,882

$18,706

$1,914,403

$18,998

-1.53%

58

68

Demerara Bank Ltd.

GASCI

$3,730,008

$18,085

$2,738,615

$13,278

36.20%

59

58

Pan-Jamaican Investment Trust

JSE

$1,939,224

$16,913

$2,106,271

$20,902

-19.08%

60

62

Sterling Products Ltd.

GASCI

$3,430,375

$16,632

$3,559,893

$17,260

-3.64%

61

61

Radio Jamaica Limited

JSE

$1,844,190

$16,084

$1,783,997

$17,704

-9.15%

62

66

Citizens Bank Guyana Inc.

GASCI

$3,217,429

$15,600

$3,009,754

$14,593

6.90%

63

64

Berger Paints Jamaica Limited

JSE

$1,737,995

$15,158

$1,608,216

$15,959

-5.02%

64

65

Dolphin Cove Limited

JSE

$1,707,682

$14,893

$1,502,209

$14,907

-0.09%

65

70

Proven Investments Jamaica Limited *

JSE

$13,221

$14,419

$11,185

18.20%

66

67

Mayberry Investments Limited

JSE

$1,495,738

$13,045

$1,393,675

$13,830

-5.68%

67

69

Jamaican Teas Limited

JSE

$1,142,904

$9,968

$1,226,435

$12,171

-18.10%

68

72

Berger Paints Trinidad Limited

TTSE

$60,514

$9,429

$64,146

$9,995

-5.66%

69

71

Blue Power Group Limited

JSE

$1,045,837

$9,121

$1,044,905

$10,369

-12.04%

70

75

Access Financial Services Ltd.

JSE

$993,552

$8,665

$761,541

$7,557

14.66%

71

NR

Medical Disposables & Supplies Ltd.

JSE

912,972

7,962

72

79

Caribbean Cream Limited

JSE

$855,568

$7,462

$675,708

$6,705

11.28%

73

78

Bico Industries Limited

BSE

$14,662

$7,405

$13,727

$6,933

6.81%

74

74

Palace Amusement Company (1921) Limited

JSE

$833,893

$7,273

$862,474

$8,559

-15.03%

75

76

Cave Shepherd & Company Limited

BSE

$14,003

$7,072

$14,616

$7,382

-4.19%

76

73

Guardian Media Limited

TTSE

$44,554

$6,942

$58,849

$9,170

-24.30%

77

80

Consolidated Bakeries Jamaica Limited

JSE

$742,808

$6,478

$672,945

$6,678

-2.99%

78

77

Honey Bun (1982) Limited

JSE

$741,951

$6,471

$701,712

$6,964

-7.07%

79

82

Salada Foods Jamaica Limited

JSE

$736,369

$6,422

$634,434

$6,296

2.01%

80

81

Paramount Trading (Jamaica) Limited

JSE

$709,037

$6,184

$642,129

$6,372

-2.96%

81

84

Barita Investments Limited

JSE

$624,996

$5,451

$512,700

$5,088

7.13%

82

86

AMG Packaging & Paper Company

JSE

$607,017

$5,294

$444,468

$4,411

20.03%

83

85

Lasco Financial Services Limited

JSE

84

83

Caribbean Container Inc.

GASCI

85

88

Jamaica Stock Exchange Limited

86

nr

87 88 89 90

Change -9.06%

$594,685

$5,186

$467,730

$4,642

11.74%

$1,064,122

$5,159

$1,100,566

$5,336

-3.31%

JSE

$337,249

$2,941

$295,554

$2,933

0.28%

Knutsford Express Limited

JSE

323,155

2,818

89

Pulse Investments Limited

JSE

$258,663

$2,256

$259,912

$2,579

-12.54%

nr

Caribbean Flavours & Fragrances Ltd

JSE

255,362

2,227

101

Barbados Farms Limited

BSE

$3,888

$1,964

$0

$0

N/A

90

Cargo Handlers Limited

JSE

$220,391

$1,922

$157,489

$1,563

22.99%

91

87

KLE Group Limited

JSE

$218,745

$1,908

$333,875

$3,313

-42.42%

92

92

Eppley Limited

JSE

$117,681

$1,026

$65,292

$648

58.40%

93

91

Kingston Properties Limited

JSE

$108,049

$942

$91,470

$908

3.81%

94

93

Montego Bay Ice Co. Limited

JSE

$21,229

$185

$17,979

$178

3.77%

95

97

C2W Music Limited *

JSE

$169

$19

$19

808.80%

96

95

Rupununi Development Company Ltd.

GASCI

$25,825

$125

$14,010

$68

84.33%

97

94

Humphrey & Company Ltd.

GASCI

$18,076

$88

$14,875

$72

21.52%

98

63

LJ Williams Limited

TTSE

$0

$0

$102,642

$15,994

-100.00%

99

36

National Flour Mills Limited

TTSE

$0

$0

$457,897

$71,350

-100.00%

57

The West Indies Rum Distillery Limited

BSE

$0

$0

$44,969

$22,712

100

20

Businessuite - Special Monthly Edition

THE BOTTOM 50

o Top 100

Businessuite 2015 Top Caribbean 100 Companies - US $ Profit after Tax Rank 2015

Listed Company

Stock MArket

LC $ 000 2014

US $ 000 2014

LC $ 000 2013

US $ 000 2013

% Change

51

General Accident Insurance Co Ja

JSE

$320,078

$2,792

$327,914

$3,083

52

Access Financial Services Ltd.

JSE

$306,726

$2,675

$270,112

$2,539

5.35%

53

Hardware & Lumber Limited

JSE

$217,316

$1,895

$609,963

$5,734

-66.95%

54

Readymix (West Indies) Limited

TTSE

$11,749

$1,833

($1,586)

($247)

-841.83%

55

Cave Shepherd & Company Limited

JSE

$3,545

$1,790

($7,807)

($3,943)

-145.41%

56

Gleaner Company

JSE

$181,147

$1,580

$85,842

$807

95.78%

57

Lasco Financial Services Limited

JSE

$176,683

$1,541

$163,899

$1,541

0.01%

58

Pulse Investments Limited

JSE

$164,988

$1,439

$127,899

$1,202

19.68%

59

Caribbean Cement Company Limited

JSE

$138,985

$1,212

$113,921

$1,071

13.19%

60

Cargo Handlers Limited

JSE

$131,718

$1,149

$84,947

$799

43.86%

61

Guyana Stockfeeds Inc.

GASCI

$230,459

$1,117

$219,527

$1,064

4.98%

62

Sterling Products Ltd.

GASCI

$208,224

$1,010

$180,604

$876

15.29%

63

Salada Foods Jamaica Limited

JSE

$105,067

$916

$88,224

$829

10.49%

64

Paramount Trading (Jamaica) Limited

JSE

$93,387

$814

$73,348

$690

18.12%

65

Blue Power Group Limited

JSE

$93,102

$812

$103,980

$977

-16.93%

66

Barita Investments Limited

JSE

$70,974

$619

$70,278

$661

-6.31%

67

Radio Jamaica Limited

JSE

$59,476

$519

($29,845)

($281)

-284.89%

68

Medical Disposables & Supplies Ltd.

JSE

$56,544

$493

$14,619

$137

258.84%

69

Berger Paints Jamaica Limited

JSE

$54,906

$479

$42,240

$397

20.60%

70

Jamaican Teas Limited

JSE

$52,742

$460

$93,256

$877

-47.53%

71

Derrimon Trading Company Limited

JSE

$51,567

$450

$49,927

$469

-4.18%

72

Eppley Limited

JSE

$51,176

$446

$38,985

$366

21.79%

73

Caribbean Flavours & Fragrances Ltd

JSE

$50,547

$441

$38,832

$365

20.77%

74

Knutsford Express Limited

JSE

$50,293

$439

$35,062

$330

33.08%

75

Berger Paints Trinidad Limited

TTSE

$2,701

$421

$837,384

$130,482

-99.68%

76

Flavorite Foods Limited

TTSE

$2,681

$418

($1,208)

($188)

-322.25%

77

AMG Packaging & Paper Company

JSE

$45,597

$398

$49,432

$465

-14.42%

78

Caribbean Cream Limited

JSE

$35,077

$306

($3,257)

($31)

-1099.17%

79

LJ Williams Limited

TTSE

80

Honey Bun (1982) Limited

JSE

81

Bico Industries Limited

BSE

82

Consolidated Bakeries Jamaica Limited

83 84

-9.44%

$1,419

$221

$13,187

$2,055

-89.22%

$23,300

$203

$35,317

$332

-38.79%

$343

$173

$374

$189

-8.18%

JSE

$19,216

$168

$33,115

$311

-46.16%

Caribbean Container Inc.

GASCI

$30,275

$147

$20,088

$97

50.71%

Montego Bay Ice Co. Limited

JSE

$5,679

$50

$5,145

$48

2.41%

85

Jamaica Stock Exchange Limited

JSE

$3,128

$27

$5,674

$53

-48.85%

86

Humphrey & Company Ltd.

GASCI

$5,592

$27

$2,650

$13

110.99%

87

Rupununi Development Company Ltd.

GASCI

$1,568

$8

($585)

($3)

-368.03%

88

C2W Music Limited *

JSE

89

The West Indies Rum Distillery Limited

BSE

90

City Jewelers and Pawnbrokers Ltd.

91

$1

($620)

-100.12%

$0

$0

($3,447)

($1,741)

-100.00%

GASCI

N/A

$0

$1,299

$6

-100.00%

Property Holdings Inc.

GASCI

N/A

$0

$0

$0

N/A

92

Kingston Properties Limited

JSE

($1,137)

($10)

$52,496

$493

-102.01%

93

J.P. Santos & Company Ltd.

GASCI

($13,387)

($65)

$185,422

$899

-107.22%

94

Palace Amusement Company (1921) Limited

JSE

($12,388)

($108)

$14,886

$140

-177.21%

95

Barbados Dairy Industries Limited

BSE

($243)

($123)

($4,722)

($2,385)

-94.86%

96

KLE Group Limited

JSE

($38,888)

($339)

($55,866)

($525)

-35.42%

97

Barbados Farms Limited

BSE

($2,899)

($1,464)

98

Cable & Wireless (Barbados) Limited

BSE

($53,148)

($26,842)

99

LIME

JSE

($3,504,000)

100

Trinidad Cement Limited

TTSE

($211,019)

21

$0

N/A

$8,993

$4,542

-690.99%

($30,560)

($4,822,000)

($45,329)

-32.58%

($32,927)

$67,281

$10,484

-414.08%

Businessuite - Special Monthly Edition

THE BOTTOM 50

o Top 100

Businessuite 2015 Top Caribbean 100 Companies - US $ Market Capitalisation Rank 2015

Listed Company

Stock Market

Issued Shares

Price

LC$ Market Capitalisation

US $ Market Capitalisation

51

Jamaica Producers Group

JSE

187,024,006

17.50

3,272,920,105

32,479,112

52

Cave Shepherd & Company Limited

BSE

18,379,470

3.00

55,138,410

27,847,682

53

Access Financial Services Limited

JSE

274,509,840

8.96

2,459,608,166

24,408,139

54

PLIPDECO Limited

TTSE

39,625,684

3.75

148,596,315

23,154,499

55

Caribbean Producers Ja Ltd

JSE

1,100,000,000

2.03

2,233,000,000

22,159,373

56

National Flour Mills Limited

TTSE

120,200,000

1.15

138,230,000

21,539,205

57

Caribbean Cement Co.

JSE

851,136,591

2.41

2,051,239,184

20,355,653

58

Mayberry Investments Ltd.

JSE

1,201,149,291

1.52

1,825,746,922

18,117,961

59

General Accident Insurance Co Ltd

JSE

1,031,250,000

1.75

1,804,687,500

17,908,976

60

West India Biscuit Compant Limited

BSE

3,022,504

10.46

31,615,392

15,967,370

61

Lasco Financial Services Limited

JSE

1,228,102,990

0.98

1,203,540,930

11,943,445

62

The West Indies Rum Distillery Limited

BSE

2,740,540

8.00

21,924,320

11,072,889

63

Gleaner Company

JSE

1,211,243,827

0.85

1,029,557,253

10,216,902

64

Barita Investments

JSE

445,876,824

2.25

1,003,222,854

9,955,571

65

Sterling Products Ltd.

GASCI

15,271,000

130.00

1,985,230,000

9,625,358

66

Salada Foods Jamaica

JSE

103,883,290

8.70

903,784,623

8,968,787

67

Guyana Stockfeeds Inc.

GASCI

80,286,000

20.00

1,605,720,000

7,785,309

68

Caribbean Container Inc.

GASCI

150,917,000

10.00

1,509,170,000

7,317,188

69

Cargo Handlers Limited

JSE

41,625,000

16.00

666,000,000

6,609,110

70

Hardware & Lumber

JSE

80,842,023

7.94

641,885,663

6,369,809

71

Derrimon Trading Company Ltd

JSE

273,336,067

2.15

587,672,544

5,831,820

72

Flavorite Foods Limited

TTSE

7,777,660

4.80

37,332,768

5,817,248

73

Barbados Farms Limited

BSE

20,607,294

0.50

10,303,647

5,203,862

74

Kingston Properties Limited

JSE

68,800,102

7.50

516,000,765

5,120,579

75

Medical Disposables & Supplies Ltd

JSE

263,157,895

1.75

460,526,316

4,570,074

76

Jamaican Teas Limited

JSE

168,708,365

2.51

423,457,996

4,202,223

77

Paramount Trading (Jamaica) Ltd

JSE

154,246,708

2.62

404,126,375

4,010,384

78

Radio Jamaica

JSE

357,476,991

1.13

403,949,000

4,008,624

79

Property Holdings Inc.

GASCI

100,000,000

8.20

820,000,000

3,975,758

80

Berger Paints Ltd

JSE

214,322,393

1.73

370,777,740

3,679,446

81

Blue Power Group Limited

JSE

56,499,000

6.39

361,028,610

3,582,699

82

Barbados Dairy Industries Limited

BSE

4,691,094

1.50

7,036,641

3,553,859

83

LJ Williams Limited Ordinary 'B'

TTSE

19,742,074

1.00

19,742,074

3,076,239

84

Eppley Limited

JSE

796,249

380.00

302,574,620

3,002,626

85

Berger Paints Trinidad Limited

TTSE

5,161,444

3.65

18,839,271

2,935,563

86

Caribbean Cream Limited

JSE

378,568,115

0.75

283,926,086

2,817,566

87

Jamaica Stock Exchange Ltd

JSE

140,250,000

1.57

220,192,500

2,185,100

88

Caribbean Flavours & Fragrances Ltd

JSE

89,920,033

2.35

211,312,078

2,096,974

89

AMG Packaging & Paper Co Ltd

JSE

102,378,857

1.90

194,519,828

1,930,335

90

Bico Industries Limited

BSE

2,315,871

1.65

3,821,187

1,929,893

91

Consolidated Bakeries (Jamaica) Ltd

JSE

222,709,171

0.82

182,621,520

1,812,261

92

Honey Bun (1982) Limited

JSE

94,253,390

1.71

161,173,297

1,599,417

93

C2W Music Limited

JSE

400,000,000

0.39

156,000,000

1,548,080

94

Montego Bay Ice

JSE

6,161,510

17.95

110,599,105

1,097,540

95

KLE Group Limited

JSE

100,000,000

1.00

100,000,000

992,359

96

Pulse Invesments Ltd.

JSE

271,789,674

0.35

95,126,386

943,995

97

Palace Amusement

JSE

1,437,028

66.00

94,843,848

941,191

98

Rupununi Development Company Ltd.

GASCI

368,000

500.00

184,000,000

892,121

99

Ciboney Group Ltd

JSE

546,000,000

0.07

38,220,000

379,280

22

Businessuite - Special Monthly Edition

Blackslate Holdings Group, is a private equity firm that primarily makes investments in the private equity of operating companies through a variety of loosely affiliated investment strategies including leveraged buyout, venture capital and growth capital.

Blackslate operates by raising pools of capital or private equity and use these funds to acquire a position in companies including startups and brands around the region. www.blackslateholdings.com

23

Businessuite - Special Monthly Edition o BUSINESS ENVIRONMENT

I

Better is always in demand

t is common to hear individuals who are contemplating going into business say they are looking for a ‘niche market’ to enter.

Quite often the term is used imprecisely but generally the idea is that they want to enter a market in which they will encounter little to no competition. Such markets are few and far between since it appears that there is competition everywhere. Those who are thinking about starting their own business must therefore accept that competition is ubiquitous. The only way around competition is by way of a highly innovative unique product.

analysis must expose underlying dissatisfactions that continue to exist even though there is an abundance of the products that target the specific needs. It is the ability to find such new ways to satisfy consumers that have many claiming that marketers are able to create needs that did not exist for consumers.

There is clear evidence among new business aspirants of an inherent fear for competition even though you will hear some speaking ‘tongue-in-cheek’ that they welcome competition. Most people try their best to avoid competition and as such will not consider entering a market where competition is fierce or even exist. This however ought not to be the case. There is always room in a fiercely competitive market for a new entrant to be successful. The question is; enter how?

A critical first step in entering a competitive market is to ensure that the product’s distinction on which you are relying is easily discernible. If it is not, it will require extraordinary efforts to get the consumers to become convinced of the difference. It will not be enough to point out the difference between your product and those that currently exist. The difference must be established in terms of the superior benefits to be derived from the use of your product.

Those analyses that conclude that a market is saturated generally lack thoroughness. What is often true in their conclusion is that there is no need for more of the existing products or services in the market. Those incomplete analyses usually fail to identify how differently the existing needs that are now being filled by the existing products can be satisfied. In other words, can some other product or service bring greater satisfaction to consumers in the market?

The fact that a product is superior along a particular dimension does not make it superior overall when compared to the competition. Consumers in making up their mind will be thinking broadly about all the product choices before them. They will be making quick assessments of all the demonstrated benefits to determine which is more relevant or useful to them. Those assessments will include quick computations relating to cost/ benefit analysis on which their ultimate decision is made.

The fact is, consumers are always open to new routes to their satisfaction. Innovative companies are aware of that and as such are constantly seeking to find new ways to deliver new and higher levels of satisfaction to those consumers. These innovative companies are therefore not interested in the fact that consumers’ needs are being met in a particular way. What they are interested in is how differently they can meet those same needs and more.

A great communication campaign about the new product will anticipate all the questions relating to the usual consumer assessments. How this is done will depend on the nature and complexity of the product. Complex products will require careful explanations and so is best done with personal selling being a significant component of the communication strategy. Simple and small value products can be effectively communicated through mass media.

There are some consumers that will shift loyalty merely because a new product is made available purely on the basis that they value the opportunity of doing some things differently. A new night club or a new restaurant will have some early business from such consumers. These consumers however cannot be relied on to sustain the ongoing viability of a business because what makes a product or service new today will certainly disappear tomorrow.

The sales pitch must highlight all the distinguishing features that will underscore the main benefits to be derived on switching to the new market entrant. Obviously there will be some inertia against switching but that will be made less depending on how compelling the sales pitch. Consumers are always looking for greater value at least cost. That is the reason why even in the most competitive markets, there are opportunities for new products to enter and succeed.

Excellence by design

This raises the need for a new product entering a competitive market to be more than just new and different. This new and different product must effectively meet the needs of the consumers in the market, meaning it must meet their needs better than the existing competitors do. It does not stop there however because ‘better’ must be sustainable. In other words it is pointless entering at a price that is easily matched or with features that are easily replicated.

To arrive at a product that can effectively compete in a market that is already fully supplied or is saturated as some would say, requires sophisticated analysis of the consumers’ needs. This

By Ronnie Sutherland

24

Businessuite - Special Monthly Edition o COUNTRY REPORTS

BARBADOS Barbados’ Economy Continued To Struggle

B

arbados’ economy continued to struggle during the period under review and according to the Central Bank of Barbados, real output is estimated to have declined by 0.2 percent during fiscal year 2013 and growth remained flat at the end of the first quarter of 2014 as our financial year came to a close.

Economic output in the vital tourism sector declined by 1 percent while value added in non-sugar agriculture expanded by 11 percent. The manufacturing sector recorded minimal growth of 0.7 percent and the construction sector recorded a contraction of 12 percent in economic activity.

By Sir Allan Fields, KCMG

Chairman Cable & Wireless (Barbados) Limited

o COUNTRY REPORTS

This environment would have negatively impacted the demand for the Company’s products and services. It is within this context, as the only full service telecommunications provider, that the Company sought to reduce its operating expenditure to ensure its long term sustainability, through the implementation of a major restructuring exercise in concert with several new exciting strategic initiatives.

BARBADOS Economic Fundamentals Continue to be weak

T

he Government has implemented fiscal adjustment programmes while unemployment climbed to an estimated 11.7%. Barbados’ economic fundamentals continue to be weak. Competitive and other structural shortcomings, and recently announced tax reforms, continue to paint a bleak outlook for the country. Gross public sector debt increased to 109.2% up from 105.2% one year ago. Based on this, no real growth in Gross Domestic Product is expected in 2015.

By Mr. A. Charles Herbert Chairman Goddard Enterprises

The Government has implemented fiscal adjustment programmes while unemployment climbed to an estimated 11.7%.

25

Businessuite - Special Monthly Edition o COUNTRY REPORTS

BARBADOS THE Barbados TOP 1O Barbados Top 10 by Revenue

Rank 2015

Company

CUrrency

Revenue ($'000)

Revenue (US $'000)

US $

1,039,483

1,039,483

01

Sagicor Financial Corporation

02

First Caribbean International Limited

US $

529,852

529,852

03

Goddard Enterprises Limited

BDS $

962,625

486,174

04

Light & Power Holdings Limited

BDS $

624,472

315,390

05

Cable & Wireless (Barbados) Limited

BDS $

344,420

173,949

06

Banks Holdings Limited

BDS $

179,001

90,405

07

Insurance Corporation Of B'DOS Limited

BDS $

111,479

56,302

08

Barbados Dairy Industries Limited

BDS $

60,531

30,571

09

West India Biscuit Compant Limited

BDS $

53,186

26,861

10

The West Indies Rum Distillery Limited

BDS $

44,969

22,712

Barbados Top 10 by Profits Rank 2015

Company

CUrrency

Profits ($'000)

Profits (US $'000)

01

Light & Power Holdings Limited

BDS $

54,212

27,380

02

Goddard Enterprises Limited

BDS $

33,988

17,166

03

Insurance Corporation Of B'DOS Limited

BDS $

16,459

8,313

04

Cable & Wireless (Barbados) Limited

BDS $

8,993

4,542

05

Sagicor Financial Corporation

US $

4,120

4,120

06

Banks Holdings Limited

BDS $

5,411

2,733

07

West India Biscuit Compant Limited

BDS $

2,973

1,502

08

Bico Industries Limited

BDS $

374

189

09

Fortress Caribbean Property Fund

BDS $

194

98

10

Almond Resorts Incorporated

BDS $

169

85

26

Businessuite - Special Monthly Edition o COUNTRY REPORTS

BARBADOS THE BARBADOS TOP 1O Barbados Top 10 By Market Capitalization

Rank 2015

Company

Issued Shares

Market Value (BDS $ Only)

Price

Market Value (US $ Only)

1,577,094,570

2,838,770,226

$1.80

1,433,722,336

303,917,020

547,050,636

$1.80

276,288,200

17,274,848

443,963,594

$25.70

224,224,037

141,864,946

425,594,838

$3.00

214,946,888

01

First Caribbean International Limited

02

Sagicor Financial Corporation

03

Light & Power Holdings Limited

04

Cable & Wireless (Barbados) Limited

05

Goddard Enterprises Limited

58,310,410

369,687,999

$6.34

186,711,111

06

Banks Holdings Limited

64,853,760

188,075,904

$2.90

94,987,830

07

Insurance Corporation Of B'DOS Limited

39,223,758

94,529,257

$2.41

47,742,049

08

Cave Shepherd & Company Limited

18,379,470

55,138,410

$3.00

27,847,682

09

West India Biscuit Compant Limited

3,022,504

31,615,392

$10.46

15,967,370

10

The West Indies Rum Distillery Limited

2,740,540

21,924,320

$8.00

11,072,889

27

Businessuite - Special Monthly Edition

The Businessuite Magazine Caribbean Top 40 by Profits

o Top 100

Businessuite 2015 Top Caribbean 40 Companies - US $ Profit after Tax Rank 2015

Listed Company

Stock Market

LC $ 000 2014

US $ 000 2014

LC $ 000 2013

US $ 000 2013

% Change

11

Republic Bank Limited

TTSE

$306,721

$47,861

$1,210,549

$188,630

-74.63%

12

Carreras Limited

JSE

$3,999,992

$34,885

$6,234,059

$58,603

-40.47%

13

GraceKennedy Limited

JSE

$3,799,127

$33,134

$3,794,064

$35,666

-7.10%

14

ANSA Merchant Bank Limited

TTSE

$206,123

$32,163

$266,414

$41,513

-22.52%

15

First Citizens Bank Limited

TTSE

16

Desnoes & Geddes Limited

JSE

17

Emera (Caribbean) Incorporated

BSE

18

Pan-Jamaican Investment Trust

JSE

19

Jamaica Money Market Brokers Limited

JSE

$177,660

$27,722

$606,540

$94,512

-70.67%

$3,153,163

$27,500

$1,211,244

$11,386

141.52%

$51,066

$25,791

$54,212

$27,380

-5.80%

$2,842,755

$24,793

$2,491,106

$23,418

5.87%

$2,832,855

$24,706

$3,739,058

$35,149

-29.71%

20

Goddard Enterprises Limited

BSE

$48,903

$24,698

$33,988

$17,166

43.88%

21

Angostura Holdings Limited

TTSE

$153,426

$23,941

$411,071

$64,054

-62.62%

22

PLIPDECO Limited ***

TTSE

$115,172

$17,971

$236,788

$36,897

-51.29%

23

Scotia Investments Jamaica Ltd.

JSE

$1,789,666

$15,608

$1,994,535

$18,750

-16.75%

24

Banks DIH Ltd.

GASCI

$3,152,985

$15,287

$3,421,540

$16,589

-7.85%

25

One Caribbean Media Limited

TTSE

$84,729

$13,221

$71,467

$11,136

18.72%

26

Republic Bank Guyana Ltd.

GASCI

$2,339,428

$11,343

$2,354,287

$11,415

-0.63%

27

Guyana Bank for Trade & Industry Ltd.

GASCI

$2,121,133

$10,284

$2,178,917

$10,564

-2.65%

28

Sagicor Investments Jamaica Limited

JSE

$1,162,613

$10,140

$1,462,284

$13,746

-26.24%

29

Demerara Distillers Ltd.

GASCI

$1,945,855

$9,434

$1,569,421

$7,609

23.99%

30

Seprod Limited

JSE

$1,011,810

$8,824

$905,753

$8,515

3.64%

31

Jamaica Broilers Group Limited

JSE

$957,283

$8,349

$1,092,580

$10,271

-18.71%

32

Supreme Ventures Limited

JSE

$929,917

$8,110

$482,569

$4,536

78.78%

33

Demerara Bank Ltd.

GASCI

$1,671,461

$8,104

$1,294,563

$6,277

29.11%

34

Demerara Tobacco Company Ltd.

GASCI

$1,624,692

$7,877

$1,850,640

$8,973

-12.21%

35

Prestige Holdings Limited

TTSE

38.29%

36

Kingston Wharves Limited

JSE

37

Unilever Caribbean Limited

TTSE

38

Mayberry Investments Limited

39

Lasco Distributors Limited

40

$50,267

$7,844

$36,400

$5,672

$842,730

$7,350

$839,255

$7,889

-6.84%

$44,697

$6,975

$70,485

$10,983

-36.50%

JSE

$726,080

$6,332

$102,343

$962

558.21%

JSE

$587,464

$5,123

$506,833

$4,764

7.54%

Lasco Manufacturing Limited

JSE

$584,450

$5,097

$640,220

$6,018

-15.31%

41

Citizens Bank Guyana Inc.

GASCI

$989,155

$4,796

$1,003,935

$4,868

-1.47%

42

Agostini's Limited

TTSE

$26,959

$4,207

$61,368

$9,562

-56.01%

43

Insurance Corporation Of B'DOS Limited

BSE

$8,313

$4,198

$16,459

$8,313

-49.49%

44

Dolphin Cove Limited

JSE

$439,727

$3,835

$322,060

$3,028

26.67%

45

Proven Investments Jamaica Limited *

JSE

$3,788

$4,153

-8.79%

46

Caribbean Producers Jamaica Ltd. *

JSE

$3,468

$3,193

8.62%

47

National Flour Mills Limited

TTSE

48

Jamaica Producers Group Limited

JSE

49

Guardian Media Limited

50

West India Biscuit Compant Limited

$21,778

$3,398

$21,197

$3,303

2.89%

$358,220

$3,124

$252,273

$2,371

31.74%

TTSE

$19,089

$2,979

$54,045

$8,421

-64.63%

BSE

$5,847

$2,953

$2,973

$1,502

96.65%

28

Businessuite - Special Monthly Edition o COUNTRY REPORTS

Guyana Guyana economy struggling; still recovering from global recession‌.

T

he recently concluded financial year was challenging in many respects but as a result of prudent decision-making and the implementation of cost saving measures, and strict financial controls, we have produced a result which even though down on the previous year’s results, can be considered as acceptable.

Even though the economic data suggests that the global financial situation may be recovering in some areas, uncertainty and fear have now taken their place on the agenda of legitimate concerns which are affecting economic results across the globe and locally. Banks DIH Limited was not exempt from that reality and the effects of the global recession resulting in the financial tsunami which in turn resulted in the virtual collapse of the global financial markets.

By Clifford Barrington Reis, C.C.H. Chairman, Banks DIH Ltd.

2014 will stand out as an exceptionally challenging period.

During the period, we witnessed a dramatic increase in security concerns across the globe which had their origins in the continuing destructive wars across the Middle East which negatively impacted oil prices during the first half of the year. Global fears over the spread of the Ebola pandemic from Liberia and surrounding countries, started to spread to other parts of the globe which were ill prepared to deal with this epidemic, and tried to calm the fears of citizens. The Ebola situation only served to reinforce the understanding that as a result of increased air travel and more open forms of international movement of humans, fragile economies such as ours, can be impacted in frighteningly negative ways.

Closer to home, of the issues which negatively impacted the economic performance of Companies such as ours, the crime situation was probably at the top of the list. As citizens and consumers learned once again to deal with the realities of fear and uncertainty, spending contracted which impacted the Income Statements of most businesses.

Even though the economic data suggests that the global financial situation may be recovering in some areas, uncertainty and fear have now taken their place on the agenda of legitimate concerns 29

Businessuite - Special Monthly Edition

Guyana Growth continues at a slow pace‌.

o COUNTRY REPORTS

T

he world economy continued to experience uneven recovery with growth of 3.3 percent. Developed Countries’ growth remained slow in the face of favourable financial conditions with only the US and UK posted growth in excess of 2.0 percent. Emerging Economies experienced slower growth due to a fall in exports and sluggish investments.

Growth in Developing Countries slowed but remained robust at 4.4 percent despite a decline in commodity prices. Inflation was under control in most economies due to lower oil and food prices in 2014. The job market continues to be flat.

The Guyanese economy continued to register broad-based real economic growth of 3.8 percent, albeit at a slower rate, following the 5.2 percent in 2013. Growth reflected higher sugar, rice, forestry and manufacturing output; as well as expanding activities in the services sector. The urban inflation rate was 1.2 percent at end-December 2014, reflecting moderate increases in food prices.

The market was particularly impacted by increases in foreign currency accounts balances and hard currency transactions segments. Relatively higher net sales caused the Guyana dollar to depreciate against the United States dollar by 0.12 percent to G$206.50.

By Dr. Gobind N. Ganga Governor- Bank of Guyana

Guyana THE GUYANA TOP 1O

o COUNTRY REPORTS

2015 Businessuite Top 10 Guyana Public Companies - Ranked by 2014 US $ Revenue Rank 2015

Company

Revenue G$' $000

Revenue 2014 US $000

Revenue G$' $000

Revenue 2013 US $000

% Change

01

Banks DIH Ltd.

26,546,367

128,710

26,430,316

128,470

0.19%

02

Demerara Distillers Ltd.

18,403,580

89,229

17,529,199

86,876

2.71%

03

Republic Bank Guyana Ltd.

8,936,281

43,327

6,293,077

40,893

5.95%

04

Guyana Stockfeeds Inc.

8,455,575

40,997

8,021,520

39,158

4.70%

05

Guyana Bank for Trade & Industry Ltd.

6,699,810

32,484

5,045,239

31,364

3.57%

06

Demerara Tobacco Company Ltd.

6,531,802

31,669

7,180,733

34,825

-9.06%

07

J.P. Santos & Company Ltd.

4,102,515

19,891

3,808,199

19,108

4.10%

08

Demerara Bank Ltd.

3,730,008

18,085

2,738,040

13,278

36.20%

09

Sterling Products Ltd.

3,430,375

16,632

3,526,346

17,260

-3.64%

10

Citizens Bank Guyana Inc.

3,217,429

15,600

2,633,786

14,593

6.90%

30

Businessuite - Special Monthly Edition

Guyana THE GUYANA TOP 1O

o COUNTRY REPORTS

2015 Businessuite Top 10 Guyana Public Companies - Ranked by 2014 US $ Profit after Tax Rank 2015

Company

2014 Profit After Tax GUY$

2014 Profit After Tax US$

2013 Profit After Tax GUY$

2013 Profi After Tax US$

01

Banks DIH Ltd.

3,152,985

$15,287

3,421,540

16,589

02

Republic Bank Guyana Ltd.

2,339,428

$11,343

2,354,287

11,415

03

Guyana Bank for Trade & Industry Ltd.

2,121,133

$10,284

2,178,917

10,564

04

Demerara Distillers Ltd.

1,945,855

$9,434

1,569,421

7,609

05

Demerara Bank Ltd.

1,671,461

$8,104

1,294,563

6,277

06

Demerara Tobacco Company Ltd.

1,624,692

$7,877

1,850,640

8,973

07

Citizens Bank Guyana Inc.

989,155

$4,796

1,003,935

4,868

08

Guyana Stockfeeds Inc.

230,459

$1,117

219,527

1,064

09

Sterling Products Ltd.

208,224

$1,010

180,604

876

10

Caribbean Container Inc.

30,275

$147

20,088

97

Guyana Top 10 by Market Capitalization Rank 2015

Company

Issued Shares

Price LC $

Market Capitalization

Market Capitalization

lc $

US $

300,000,000

125

37,500,000,000

181,818,182

23,400,000

1099.9

25,737,660,000

124,788,655

Guyana Bank for Trade & Industry Ltd.

2,121,133,000

600

24,000,000,000

116,363,636

04

Banks DIH Ltd.

1,000,000,000

20

20,000,000,000

96,969,697

05

Citizens Bank Guyana Inc.

989,155,000

325

19,334,575,000

93,743,394

06

Demerara Distillers Ltd.

770,000,000

18.60

14,322,000,000

69,440,000

07

Demerara Bank Ltd.

1,671,461,000

30

13,500,000,000

65,454,545

08

Sterling Products Ltd.

208,224,000

130

1,985,230,000

9,625,358

09

Guyana Stockfeeds Inc.

230,459,000

20

1,605,720,000

7,785,309

10

Caribbean Container Inc.

30,275,000

10

1,509,170,000

7,317,188

01

Republic Bank Guyana Ltd.

02

Demerara Tobacco Company Ltd.

03

31

Businessuite - Special Monthly Edition

The Businessuite Magazine Caribbean Top 40 by Market Capitalisation

o Top 100

Businessuite 2015 Top Caribbean 40 Companies - US $ Market Capitalisation Rank 2015

Listed Company

Stock Market

11

Guardian Holdings Limited

TTSE

12

National Commercial Bank Jamaica Ltd.

JSE

13

Angostura Holdings Limited

TTSE

14

Sagicor Group Jamaica Limited*

JSE

15

Sagicor Financial Corporation

16

Issued Shares

Price

lc $ Market Capitalisation

US $ Market Capitalisation

231,899,986

13.25

3,072,674,815

478,788,771

2,466,762,828

18.50

45,635,112,318

452,864,070

206,277,630

13.50

2,784,748,005

433,923,586

3,905,634,918

10.15

39,642,194,418

393,392,819

BSE

303,917,020

1.80

547,050,636

276,288,200

Unilever Caribbean Limited

TTSE

26,243,832

64.50

1,692,727,164

263,763,270

17

One Caribbean Media Limited

TTSE

66,215,683

25.00

1,655,392,075

257,945,661

18

Light & Power Holdings Limited

BSE

17,274,848

25.70

443,963,594

224,224,037

19

Cable & Wireless (Barbados) Limited

BSE

141,864,946

3.00

425,594,838

214,946,888

20

Gracekennedy Ltd.

JSE

331,223,045

61.03

20,214,542,436

200,600,798

21

Goddard Enterprises Limited

BSE

58,310,410

6.34

369,687,999

186,711,111

22

Republic Bank Guyana Ltd.

GASCI

300,000,000

125.00

37,500,000,000

181,818,182

23

Carreras Limited

JSE

485,440,000

36.46

17,699,142,400

175,639,004

24

Agostini's Limited

TTSE

58,583,349

17.50

1,025,208,608

159,749,534

25

Desnoes & Geddes

JSE

2,809,171,264

4.95

13,905,397,757

137,991,443

26

Pan-Jamaican Investment Trust

JSE

213,231,978

59.00

12,580,686,702

124,845,556

27

Demerara Tobacco Company Ltd.

GASCI

23,400,000

1,099.90

25,737,660,000

124,788,655

28

Guardian Media Limited

TTSE

40,000,000

19.77

790,800,000

123,223,635

29

Guyana Bank for Trade & Industry Ltd.

GASCI

40,000,000

600.00

24,000,000,000

116,363,636

30

Jamaica Money Market Brokers Ltd

JSE

1,630,552,530

7.06

11,511,700,862

114,237,381

31

Sagicor Real Estate X Fund*

JSE

1,495,336,750

7.11

10,631,844,293

105,506,046

32

Trinidad Cement Limited

TTSE

249,765,136

2.50

624,412,840

97,296,940

33

Banks DIH Ltd.

GASCI

1,000,000,000

20.00

20,000,000,000

96,969,697

34

Scotia Investments Jamaica

JSE

423,194,765

23.00

9,733,479,595

96,591,045

35

Banks Holdings Limited

BSE

64,853,760

2.90

188,075,904

94,987,830

36

Citizens Bank Guyana Inc.

GASCI

59,491,000

325.00

19,334,575,000

93,743,394

37

Prestige Holdings Limited

TTSE

62,203,193

9.56

594,662,525

92,661,201

38

Kingston Wharves

JSE

1,430,199,578

6.00

8,581,197,468

85,156,271

39

Cable and Wireless Jamaica - LIME

JSE

16,817,439,741

0.48

8,072,371,076

80,106,888

40

Seprod Limited

JSE

516,397,918

13.70

7,074,651,477

70,205,929

41

Proven Investments Limited

JSE

368,689,855

0.19

70,051,072

70,051,072

42

Demerara Distillers Ltd.

GASCI

770,000,000

18.60

14,322,000,000

69,440,000

43

Demerara Bank Ltd.

GASCI

450,000,000

30.00

13,500,000,000

65,454,545

44

Supreme Ventures

JSE

2,637,254,926

2.00

5,274,509,852

52,342,065

45

Lasco Distributors Limited

JSE

3,373,931,150

1.45

4,892,200,168

48,548,181

46

Jamaica Broilers Group

JSE

1,199,276,400

4.04

4,845,076,656

48,080,546

47

Insurance Corporation Of B'DOS Limited

BSE

39,223,758

2.41

94,529,257

47,742,049

48

Lasco Manufacturing Limited

JSE

4,087,130,170

1.12

4,577,585,790

45,426,077

49

Readymix (West Indies) Limited

TTSE

12,000,000

18.80

225,600,000

35,153,328

50

Dolphin Cove Limited

JSE

392,426,376

9.00

3,531,837,384

35,048,500

32

Businessuite - Special Monthly Edition o COUNTRY REPORTS

JAMAICA Improvement In Investor Confidence Bodes Well For Continued Recovery In The Economy.

A

fter several years of contraction, the Jamaican economy returned to growth in the September 2013 quarter. This growth continued through to the June 2014 quarter where output increased by 1.8% according to the Statistical Institute of Jamaica. However, as a result of the severe drought that affected the Agriculture sector through a decline in crop yields, the Planning Institute of Jamaica (PIOJ) reported that real GDP contracted by an estimated 0.8% for the July to September 2014 quarter. As plant yields normalise, the economy is expected to return to growth in December 2014. The economic turnaround up to the June 2014 quarter has been helped by improvement in key industries such as Agriculture, Construction and Tourism along with an increase in investor confidence and the implementation of several capital projects. The Goods Producing sector led the way in taking the economy out of a trough, with the Agricultural sector playing an integral role.

Improvements in agriculture largely reflected recovery from the impact of Hurricane Sandy and the benefits from drought mitigation measures implemented in previous quarters, together with increased output from the Agro Parks. However there is the downside risk that prolonged drought conditions could negate some of these positive developments in the sector, and as such slow the pace of growth from July onwards. Other areas of the Goods Producing sector such as, construction continued to show growth thanks to road and hotel construction projects. In the Services Industry, Tourism continues to be one of the stand-out performers along with sectors such as “Finance & Insurance Services” and “Real Estate, Renting & Business Services”.

Expectations are that growth will continue in the new financial year. The PIOJ projects that growth for both the 2014 calendar year and 2014/15 fiscal year will be between 0.5% and 1.5%. The improvement in investor confidence bodes well for continued recovery in the local economy. In the 2nd quarter 2014 survey of Business & Consumer Confidence, investment plans reached an all-time record level.

A record number of firms for the third consecutive quarter expressed their intent to increase their investments in their own business during the year ahead. Robust investment plans for new plant and equipment represent a vote of confidence by business firms in the future state of the Jamaican economy.

Confidence continued to be restored following Jamaica’s success in meeting its quantitative performance targets and passing its fifth test under the Extended Fund Facility (EFF) with the IMF. These strides were acknowledged on September 19, 2014 by Standard & Poors (S&P) Ratings Services which affirmed the ‘B-’long-term foreign and local currency and ‘B’ short-term foreign and local currency sovereign credit ratings on Jamaica. At the same time, the outlook on the long-term sovereign credit ratings was revised to positive from stable. The outlook reflects the fact that the Jamaican economy has stabilised thanks to improved external liquidity, a return to economic growth, the ability to successfully re-enter the international capital markets for the first time since the National Debt Exchange (NDX) and the Government’s success in meeting its fiscal targets under the programme. This suggests the possibility of an upgrade if more progress is made on the external and fiscal fronts.

Patrick A. Hylton, CD

Group Managing Director National Commercial Bank Jamaica

Despite these positives, there is still a long road ahead in creating a path of sustainable economic growth. Critical sectors such as manufacturing, often a gauge of economic strength, have struggled even as the economy grew over the last four quarters. Other areas of economic weakness lie in the job market where the unemployment rate remains high. While local unemployment declined to 13.8% as at July 2014, 1.6 percentage points lower year over year, the rate of unemployment remains high. The pace of hiring is slow and could restrict consumer investment, spending plans as well as hinder the Government’s revenue collection Efforts.

33

Businessuite - Special Monthly Edition o COUNTRY REPORTS

JAMAICA Key Economic Statistics: • Growth in Real Gross Domestic Product (GDP) was 0.5% for the 12-month period to December 2014 compared to 1.0% in 2013.

• Average savings rates (domestic currency) increased by 21 bps to reach 1.44% at December 2014. The rate at December 2013 was 1.23%.

• The 6-month Treasury Bill rate decreased by 111 bps to 7.14%.

The rate at December 2013 was 8.25%.

• The average lending rate increased by 0.43% to 14.99% by December 2014. The rate at December 2013 was 14.56%.

• Inflation ended the 12-month period to December 2014 at 6.4%, down from 9.7% last year.

• The Jamaica Stock Exchange main index declined by 5.3% to $76,353.39. There was a 12.45% decline in 2013.

• The Jamaican dollar depreciated by 8% against the US$, during the 2014 calendar year, versus 14% in 2013 with the weighted average daily selling price of $114.6607 as at December 31, 2014.

• Unemployment decreased to 13.7% at December 2014 from about 15.3% at December 2013.

• The primary surplus for FY2013/14 met the target of 7.5% with an actual outcome of 7.6%.

• The ratio of debt to GDP at December 2014 remained high at about 132.8% (135.5% in 2013).

• The BOJ’s gross reserves amounted to US$2.473 billion and the NIR US$2.016 billion as at December 2014, representing 18.4 weeks of projected imports and well above the international benchmark of 12 weeks of goods and services imports.

• Business confidence index improved to 122.9% compared to 98.2% last year.

Source: Sagicor Group Jamaica 2014 Annual Report

34

Businessuite - Special Monthly Edition

JAMAICA THE JAMAICA TOP 1O

o COUNTRY REPORTS

Jamaica Top 10 by Revenue Rank 2015

Company

Revenue ($'000)

Revenue (US $'000)

01

GraceKennedy Limited

$77,970,073

$680,007

02

National Commercial Bank Jamaica Ltd.

$57,422,834

$500,807

03

Scotia Group Jamaica Ltd.

$45,676,089

$398,359

04

Sagicor Group Jamaica Limited

$45,630,223

$397,959

05

Supreme Ventures Limited

$41,309,545

$360,276

06

Jamaica Broilers Group Limited

$30,851,350

$269,066

07

Cable and Wireless Jamaica - LIME

$18,443,000

$160,848

08

Jamaica Money Market Brokers Limited

$15,749,515

$137,358

09

Seprod Limited

$14,771,943

$128,832

10

Caribbean Cement Company Limited

$14,356,017

$125,204

Jamaica Top 10 by Profits Rank 2015

Company

Revenue ($'000)

Revenue (US $'000)

01

National Commercial Bank Jamaica Ltd.

$11,642,073

$101,535

02

Scotia Group Jamaica Ltd.

$9,674,209

$84,372

03

Sagicor Group Jamaica Limited

$8,512,779

$74,243

04

Carreras Limited

$3,999,992

$34,885

05

GraceKennedy Limited

$3,799,127

$33,134

06

Desnoes & Geddes Limited

$3,153,163

$27,500

07

Pan-Jamaican Investment Trust

$2,842,755

$24,793

08

Jamaica Money Market Brokers Limited

$2,832,855

$24,706

09

Scotia Investments Jamaica Ltd.

$1,789,666

$15,608

10

Sagicor Investments Jamaica Limited

$1,162,613

$10,140

Businessuite Top 10 Jamaica - US$ Market Capitalisation Rank 2015

Company

Issued Shares

Price

JS $ Market Capitalisation

US $ Market Capitalisation

01

Scotia Group Jamaica

3,111,572,984

$20.15

62,262,575,410

617,868,169

02

National Commercial Bank Jamaica Ltd.

2,466,762,828

$18.50

45,635,112,318

452,864,070

03

Sagicor Group Jamaica Limited*

3,760,991,782

$10.15

39,642,194,418

393,392,819

04

Gracekennedy Ltd.

334,723,248

$61.03

20,214,542,436

200,600,798

05

Carreras Limited

485,440,000

$36.46

17,699,142,400

175,639,004

06

Desnoes & Geddes

2,809,171,264

$4.95

13,905,397,757

137,991,443

07

Pan-Jamaican Investment Trust

213,231,978

$59.00

12,580,686,702

124,845,556

08

Jamaica Money Market Brokers Ltd

1,630,552,530

$7.06

11,511,700,862

114,237,381

09

Sagicor Real Estate X Fund*

1,495,336,750

$7.11

10,631,844,293

105,506,046

10

Scotia Investments Jamaica

423,194,765

$23.00

9,733,479,595

96,591,045

35

Businessuite - Special Monthly Edition

The Businessuite Magazine Caribbean Top 40 by Revenue

o Top 100

Businessuite 2015 Top Caribbean 40 Companies - US $ Revenue Rank 2015

Rank 2014

Listed Company

Stock Market

11

10

Supreme Ventures Limited

JSE

12

12

Trinidad Cement Limited

TTSE

13

11

Emera (Caribbean) Incorporated

GASCI

14

14

Jamaica Broilers Group Limited

JSE

15

15

First Citizens Group Limited

16

16

17

%

LC $ 000 2014

US $ 000 2014

LC $ 000 2013

US $ 000 2013

$41,309,545

$360,276

$34,140,265

$338,794

6.34%

$2,103,074

$327,704

$1,941,049

$302,457

8.35%

$630,338

$318,353

624,472

315,390

0.94%

$30,851,350

$269,066

$26,522,970

$263,203

2.23%

TTSE

$1,681,119

$261,954

$1,633,764

$254,576

2.90%

Guardian Holdings Limited

TTSE

$1,469,319

$228,951

$1,437,270

$223,958

2.23%

18

Agostini's Limited

TTSE

$1,410,639

$219,808

$1,363,011

$212,386

3.49%

18

17

Scotiabank Trinidad & Tobago Limited

TTSE

$1,382,655

$215,447

$1,388,922

$216,424

-0.45%

19

19

Cable and Wireless Jamaica - LIME

JSE

$18,443,000

$160,848

$19,075,407

$189,296

-15.03%

20

20

Cable & Wireless (Barbados) Limited

BSE

$314,317

$158,746

$344,420

$173,949

-8.74%

21

21

The West Indian Tobacco Company Limited

TTSE

1,017,368

$158,528

$944,790

$147,219

7.68%

22

22

Prestige Holdings Limited

TTSE

$921,802

$143,637

$902,167

$140,577

2.18%

23

24

Jamaica Money Market Brokers Limited

JSE

$15,749,515

$137,358

$13,601,445

$134,975

1.77%

24

23

Seprod Limited

JSE

$14,771,943

$128,832

$13,921,759

$138,154

-6.75%

25

30

Banks DIH Ltd.

GASCI

$26,546,367

$128,710

$26,496,857

$128,470

0.19%

26

28

Caribbean Cement Company Limited

JSE

$14,356,017

$125,204

$12,089,484

$119,971

4.36%

27

26

Desnoes & Geddes Limited

JSE

$14,085,101

$122,842

$12,732,391

$126,351

-2.78%

28

29

Angostura Holdings Limited

TTSE

$672,234

$104,749

$663,227

$103,345

1.36%

29

30

Banks Holdings Limited

BSE

$183,635

$92,745

$179,001

$90,405

2.59%

30

31

Unilever Caribbean Limited

TTSE

$587,774

$91,588

$579,372

$90,279

1.45%

31

27

Carreras Limited

JSE

$10,342,006

$90,197

$12,241,512

$121,480

-25.75%

32

32

Demerara Distillers Ltd.

GASCI

$18,403,580

$89,229

$17,918,278

$86,876

2.71%

33

33

One Caribbean Media Limited

TTSE

$547,713

$85,345

$551,713

$85,969

-0.73%

34

34

Lasco Distributors Limited

JSE

$9,464,744

$82,546

$8,255,354

$81,923

0.76%

35

40

Caribbean Producers Jamaica Ltd. *

JSE

$78,640

$69,368

$67,491

16.52%

36

35

Jamaica Producers Group Limited

JSE

$8,817,029

$76,897

$7,753,863

$76,946

-0.06%

37

37

National Enterprises Limited

TTSE

$457,897

$71,350

$446,263

$69,537

2.61%

38

39

Hardware & Lumber Limited

JSE

$7,137,578

$62,250

$6,810,599

$67,586

-7.90%

39

38

Sagicor Investments Jamaica Limited

JSE

$6,816,959

$59,453

$6,816,959

$67,649

-12.11%

40

41

Insurance Corporation Of B'DOS Limited

BSE

$115,421

$58,293

$111,479

$56,302

3.54%

41

42

Derrimon Trading Company Limited

JSE

$5,609,597

$48,923

$5,255,523

$52,154

-6.19%

42

43

ANSA Merchant Bank Limited

TTSE

$288,693

$44,985

$292,176

$45,527

-1.19%

43

44

General Accident Insurance Co Ja

JSE

$5,072,375

$44,238

$4,479,755

$44,455

-0.49%

44

47

Republic Bank Guyana Ltd.

GASCI

$8,936,281

$43,327

$8,434,209

$40,893

5.95%

45

46

PLIPDECO Limited

TTSE

$273,015

$42,542

$264,339

$41,190

3.28%

46

48

Guyana Stockfeeds Inc.

GASCI

$8,455,575

$40,997

$8,076,272

$39,158

4.70%

47

49

Lasco Manufacturing Limited

JSE

$4,023,673

$35,092

$3,659,094

$36,311

-3.36%

48

45

Kingston Wharves Limited

JSE

$3,819,691

$33,313

$4,232,408

$42,001

-20.68%

49

54

Readymix (West Indies) Limited

TTSE

$210,900

$32,863

$175,580

$27,359

20.12%

50

52

Guyana Bank for Trade & Industry Ltd.

GASCI

$6,699,810

$32,484

$6,468,834

$31,364

3.57%

36

Change

Businessuite - Special Monthly Edition o COUNTRY REPORTS

Trinidad and Tobago Performance Based Primarily On Increased Activity In Both The Energy And Non-Energy Sectors... Ronald F. deC. Harford

T

he domestic economy is estimated to have grown by 1.9% in 2014, up marginally from 1.7% in 2013. This performance was primarily based on increased activity in both the energy and non-energy sectors, which themselves experienced divergent fortunes. While growth in the non-energy sector accelerated to 2.5% in 2014, up from 1.6% in the previous year, energy sector growth slowed to 1%, compared to 1.6% in 2013.

The estimated 1% expansion of the energy sector in 2014 occurred in the context of high oil and gas prices. The performance of the non-energy sector improved in 2014, driven by a 3% expansion of the services sub-sector, which offset the third successive contraction of the manufacturing sector.

Having maintained an accommodative policy stance for four years, the Central Bank of Trinidad and Tobago increased the ‘Repo’ rate by 25 basis points to 3% in September 2014.

The move was influenced in part, by the increasing likelihood of a US policy rate increase by the middle of 2015. This expectation has made US dollar denominated assets even more attractive relative to assets denominated in the local currency. As a result, the Central Bank responded to the need to protect the local economy against capital flight by pushing up domestic interest rates.

By Ronald F. deC. Harford Chairman

With the global demand for oil constrained by fragile growth and global supply currently booming, oil prices have been trending down since June 2014. Several forecasters expect oil prices to average between US$75 and US$80 per barrel during the first half of 2015. If this occurs, growth of the domestic energy sector is likely to be curtailed. Production is expected to remain flat during the year, with no significant increase in output. The domestic economy is projected to grow by 2.1% in 2015.

The domestic economy is estimated to have grown by 1.9% in 2014, up marginally from 1.7% in 2013.

37

Businessuite - Special Monthly Edition

Trinidad and Tobago The Trinidad and Tobago Top 10

o COUNTRY REPORTS

Trinidad and Tobago Top 10 by Revenue Rank 2015

Company

2014 TT $ Revenue

2014 Revenue US $

2013 TT $ Revenue

2013 Revenue US $

01

Massy Holdings Limited

$10,703,801

$1,667,882

9,391,521

1,463,401

02

ANSA Mc Al Limited

$6,105,443

$951,359

6,217,660

968,845

03

Republic Bank Limited

$3,705,034

$577,324

3,437,265

535,600

04

Trinidad Cement Limited

$2,103,074

$327,704

1,930,553

300,822

05

First Citizens Group Limited

$1,681,119

$261,954

1,633,764

254,576

06

Guardian Holdings Limited

$1,469,319

$228,951

1,438,463

224,143

07

Agostini's Limited

$1,410,639

$219,808

1,363,011

212,386

08

Scotiabank Trinidad & Tobago Limited

1,382,655

$215,447

1,347,880

210,029

09

The West Indian Tobacco Company Limited

1,017,368

$158,528

944,790

147,219

10

Prestige Holdings Limited

$921,802

$143,637

902,167

140,577

Trinidad and Tobago Top 10 by Market Capitalization Rank 2015

Company

Issued Shares

Price

Market Capitalisation value (tt $ only)

Market Capitalisation value (us $ only)

01

Republic Bank Limited

161,943,663

119.74

19,391,134,207.62

3,021,555,442

02

ANSA Mc Al Limited

176,192,841

66.40

11,699,204,642.40

1,822,987,510

03

Scotiabank Trinidad & Tobago Limited

176,343,750

61.52

10,848,667,500.00

1,690,455,544

04

National Enterprises Limited

600,000,641

17.42

10,452,011,166.22

1,628,647,963

05

The West Indian Tobacco Company Limited

84,240,000

121.33

10,220,839,200.00

1,592,626,402

06

First Citizens Bank Limited

251,353,562

37.06

9,315,163,007.72

1,451,502,588

07

Massy Holdings Limited

97,729,169

68.25

6,670,015,784.25

1,039,331,804

08

ANSA Merchant Bank Limited

85,605,263

39.45

3,377,127,625.35

526,229,062

09

Guardian Holdings Limited

231,899,986

13.25

3,072,674,814.50

478,788,771

10

Angostura Holdings Limited

206,277,630

13.50

2,784,748,005.00

433,923,586

38

Businessuite - Special Monthly Edition

Trinidad and Tobago The Trinidad and Tobago Top 10

o COUNTRY REPORTS

Trinidad and Tobago Top 10 by Profit Rank 2015

Rank 2014

Company

Net Profit (TT $)

Net Profit (US $)

01

5

ANSA Mc Al Limited

802,002

125,145

02

2

Massy Holdings Limited

600,099

93,640

03

4

Scotiabank Trinidad & Tobago Limited

559,942

87,374

04

7

The West Indian Tobacco Company Limited

489,195

76,334

05

6

National Enterprises Limited

401,947

62,720

06

9

Guardian Holdings Limited

400,516

62,497

07

1

Republic Bank Limited

306,721

47,861

08

11

ANSA Merchant Bank Limited

206,123

32,163

09

3

First Citizens Bank Limited

177,660

27,722

10

8

Angostura Holdings Limited

153,426

23,941

A Road Map Driven By Perpetual Expansion, Innovation And Enhanced Efficiencies “Despite a challenging operating environment in 2014, the Company saw growth in revenue by $354M and subsequent growth in gross profit by $65M when compared to the previous year. This resulted in revenues closing the year at $5.6B and gross profit at $626M. Our net profit saw an increase of $1.7M to end the year at $51.6M. The road map for continued success will be driven by our perpetual expansion and innovation along with enhancing efficiencies within our Company. We remain committed to all our stakeholders to employ the best business practices as we continue our journey to become a world class company. Thank you for your support and we look forward to serving you along our journey.�

Derrick Cotterell Chairman & CEO

235 Marcus Garvey Drive, Kingston 11, JAMAICA Tel: + 1 (876) 937-4897-8 | Fax:+ 1 (876) 937-0754 | www.derrimon.com

39

Businessuite - Special Monthly Edition o Top 100

The Businessuite Magazine Caribbean

40

Businessuite - Special Monthly Edition

Businessuite 2015 Top Caribbean 100 Companies - US $ Profit after Tax Rank 2015

Listed Company

Stock Market

01

ANSA Mc Al Limited

TTSE

02

National Commercial Bank Jamaica Ltd.

JSE

LC $ 000 2014

US $ 000 2014

LC $ 000 2013

US $ 000 2013

% Change

$802,002

$125,145

$874,598

$136,281

-8.17%

$11,642,073

$101,535

$8,549,831

$80,372

26.33% -1.57%

03

Massy Holdings Limited

TTSE

$600,099

$93,640

$610,518

$95,132

04

Scotiabank Trinidad & Tobago Limited

TTSE

$559,942

$87,374

$561,195

$87,446

-0.08%

05

Scotia Group Jamaica Ltd.

JSE

$9,674,209

$84,372

$10,485,047

$98,564

-14.40%

06

The West Indian Tobacco Company Limited

TTSE

80.72%

07

Sagicor Group Jamaica Limited

JSE

08

Sagicor Financial Corporation

09 10

$489,195

$76,334

$271,076

$42,239

$8,512,779

$74,243

$6,297,935

$59,204

25.40%

BSE

$73,938

$73,938

$4,120

$2,081

3453.33%

National Enterprises Limited

TTSE

$401,947

$62,720

$200,956

$31,313

100.30%

Guardian Holdings Limited

TTSE

$400,516

$62,497

$45,569

$7,101

780.16%

Businessuite 2015 Top Caribbean 100 Companies - US $ Market Capitalisation Rank 2015

Listed Company

Stock Market

Issued Shares

Price

lc $ Market Capitalisation

US $ Market Capitalisation

01

Republic Bank Limited

TTSE

161,943,663

119.74

19,391,134,208

3,021,555,442

02

ANSA Mc Al Limited

TTSE

176,192,841

66.40

11,699,204,642

1,822,987,510

03

Scotiabank Trinidad & Tobago Limited

TTSE

176,343,750

61.52

10,848,667,500

1,690,455,544

04

National Enterprises Limited

TTSE

600,000,641

17.42

10,452,011,166

1,628,647,963

05

The West Indian Tobacco Company Limited

TTSE

84,240,000

121.33

10,220,839,200

1,592,626,402

06

First Citizens Bank Limited

TTSE

251,353,562

37.06

9,315,163,008

1,451,502,588

07

First Caribbean International Limited

BSE

1,577,094,570

1.80

2,838,770,226

1,433,722,336

08

Massy Holdings Limited

TTSE

97,729,169

68.25

6,670,015,784

1,039,331,804

09

Scotia Group Jamaica

JSE

3,111,572,984

20.01

62,262,575,410

617,868,169

10

ANSA Merchant Bank Limited

TTSE

85,605,263

39.45

3,377,127,625

526,229,062

41

Businessuite - Special Monthly Edition o RANKING

Businessuite #10 Caribbean Ranked Public Company

Sagicor Group Jamaica “Laying The Platform To Deliver Continued Growth In The Years Ahead”

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10

Company Profile:

Stock Exchange:

Sagicor Group Jamaica is a full service financial group offering banking, investments, life & health insurance, annuities pensions, and real estate services. We have 45 years of proven expertise in the insurance business with an outstanding history and reputation for leading innovation.

• • • • • •

Company:

Sagicor Group Jamaica Limited

2015 Rank:

#10

2014 Rank:

#10

Chairman:

Dr. The Hon. R.D. Williams

President & CEO:

We are:

Address:

Professional Experienced Focused Flexible Transparent Service Oriented

Telephone:

Richard O. Byles R. Danny Williams Building 28-48 Barbados Avenue, Kingston 5, Jamaica, W.I. (876) 929-8920-9

Toll Free:

1-888-SAGICOR

Fax No:

(876) 929-4730

Email: Website:

42

Jamaica

infoja@sagicor.com www.sagicorjamaica.com

Businessuite - Special Monthly Edition

Key Financials Businessuite #10 Caribbean Ranked Public Company Sagicor Group Jamaica Limited Company

JA $'000

%

US $'000

397,961

45,630,223 8,512,779

74,244

284,215,813

2,478,770

46,065,358

401,756

39,642,194,418

345,736,913

18.66% 3.00% 18.48%

0.01927

2.21 7.05%

0.01240

1.422

18% 20.8

o RANKING

Businessuite #10 Caribbean Ranked Public Company

“2014…A Year Of Much Achievement” The following edited extract was taken from the company’s 2014 Annual Report to shareholders.

T

he growth trend continued with our team producing improved financial results for the fifteenth consecutive year.

Net profit for the year was $8.51 billion, which is 35% above 2013. Revenues were 8% ahead of prior year, reaching $45.63 billion. We provided $17.25 billion of insurance and annuity benefits to our customers and their families in 2014, up 9% over last year. In addition, we managed the GEASO and GPASO health business on behalf of the Government of Jamaica and the largest pool of pension funds in Jamaica.

These are major businesses from which we pay out almost another $10 billion annually. Our investment funds outperformed their respective benchmarks for the most part and some were the best performers in their asset class. Our banking reach across the island expanded exponentially.

2014 was a year of much achievement. We concluded a series of major transactions and continued laying the platform to deliver continued growth in the years ahead.

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Businessuite - Special Monthly Edition

We acquired the minority shareholdings in Sagicor Investments Jamaica Limited through a share swap for SGJ shares in May. We finalised the acquisition of RBC Jamaica, rebranded that business to Sagicor Bank and commenced the amalgamation of our commercial banking operations in June. Sagicor Bank is now the third-largest commercial bank in Jamaica.

We built out a shared services organisation to provide best in-class common services to all entities of the Group while leveraging best talent, systems and other resources.

We embarked on an ambitious programme to reorganise the commercial and investment banking operations, upgrade to leading-edge technologies and entrench a customer-centric and sales-oriented culture.

We had excellent new business sales, again outperforming the individual and group insurance markets.

Team morale in the group improved further. The annual, independently administered staff survey indicates that 77.5% of our team members consider themselves to be highly engaged in their jobs.

Customer experience across the group showed 73% of our surveyed customers expressing satisfaction with our services across all our major product lines and 69% are confident that Sagicor provides unique benefits to customers.

We further strengthened the recognition of and affinity for the Sagicor brand through a wide array of product promotions and social initiatives focused primarily on sport, health and education.

Underpinning our commitment to deliver promised benefits to our customers is a strong balance sheet. In 2014 our assets grew 43% to $284.22 billion and capital grew by 28% to $46.07 billion after paying dividends of $2.41 billion to our 8,312 shareholders. Regulated companies of the group continue to exceed the risk-adjusted capital required by our regulators.

The Jamaican economy continues to show improvements and signs of growth. Much work remains and it is critical that the Government stays the course of tight fiscal management and reform. So far each of the quarterly IMF tests have been passed. We therefore look forward to 2015 with optimism.BM

-------------------------------------------------------------------------------

Dr. the Hon. R. Danvers (Danny) Williams is the founder of Life of Jamaica Limited, now Sagicor Life Jamaica, serving as President & CEO on two separate occasions. He also serves on the boards of a number of Sagicor Group Jamaica member companies.

In 1972 Dr. Williams was awarded the National Honour of Commander of the Order of Distinction (CD) and in 1993 was conferred with the Order of Jamaica (OJ) for voluntary service to his community. He served the Government of Jamaica for three years (from 1977 to 1980) as a Senator, Minister of State and Minister of Industry and Commerce, respectively.

DR. THE HON. R.D. WILLIAMS, OJ, CD, JP, Hon. LL.D(UTech), Hon. LL.D(UWI) Chairman

He was conferred twice with the degree of Doctor of Laws (Hon) by the University of Technology in 2005 and by the University of the West Indies (Mona) in 2013. Dr. Williams currently serves on the boards of several major Jamaican companies, organisations and foundations. He is Director Emeritus of Jamaica Broilers Group Limited and Chairman of the Jamaica College Foundation.

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Businessuite - Special Monthly Edition o RANKING

Businessuite #9 Caribbean Ranked Public Company

Scotia Group Jamaica Ltd. “Continuing a legacy of strength, stability and building long term value�

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9

Company Profile:

Stock Exchange:

Scotia Group Jamaica Limited (Scotia Group) has delivered 125 unbroken years of high quality financial services to Jamaica, supported by a network of 38 banking and investment branches, 237 Automated Teller Machines and 2,282 employees. Our parent company, The Bank of Nova Scotia, operates from headquarters in Toronto, Canada.

Company:

Scotia Group Jamaica Ltd.

2015 Rank:

#9

2014 Rank:

#8

Chairman:

Sylvia Chrominska

President & CEO:

We provide a broad range of financial services through our main subsidiaries to a wide base of personal, commercial, corporate and government clients across Jamaica.

Address:

45

Jamaica

Jacqueline (Jackie) Sharp Scotia Centre Cnr Duke and Port Royal Street Kingston, Jamaica

Telephone:

1.888.472.6842

Toll Free:

1.888.4SCOTIA

Website:

www.scotiabank.com/jm

Businessuite - Special Monthly Edition

Key Financials Businessuite #9 Caribbean Ranked Public Company Scotia Group Jamaica Ltd Company

JA $'000

%

US $'000

398,361

45,676,089 9,674,209

84,373

407,030,262

3,549,889

75,327,107

656,961

62,262,575,410

543,019,147

21.18% 2.38% 12.84%

0.0274

3.14 13.50%

0.0299

3.432

17.11 19.588

o RANKING

Businessuite #9 Caribbean Ranked Public Company

Continuing a legacy of strength, stability and building long term value The following edited extract was taken from the company’s 2014 Annual Report to shareholders.

O

ur financial performance over the past year was achieved against a difficult economic backdrop. While the country has started to see improved fiscal conditions as evidenced by the successful completion of all IMF tests to date, the fairly significant devaluation of the Jamaican dollar versus the US dollar coupled with stagnant wages have negatively impacted our customers’ disposable incomes. Slow economic growth and the attendant uncertainty about job security continued to weigh on business and consumer confidence throughout the year.

Not only were our customers impacted by the economic conditions, but we also faced tightened liquidity conditions and a material increase in its operating expenses resulting from an increase in asset tax imposed by the Government. We also saw heightened competitive pressures as rivals aggressively vied for market share in a low growth environment.

Notwithstanding the challenges in the operating environment, we are proud to continue our legacy of strength, stability, and building long-term value for shareholders. During the year, we continued our focus on growing our core business while prudently managing risk and improving operating efficiencies.

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Businessuite - Special Monthly Edition

We are pleased to announce that Scotiabank Group recorded net profit of $10.118 billion for the year, driven primarily by growth in our retail and commercial loan portfolios.

We also continue to be well capitalized with all operating subsidiaries exceeding prudential requirements.

Our strong capital base positions us well to take advantage of growth opportunities as they arise.

Our performance during the year confirms that our strategy and business model is sound, and that our management team continues to execute well on key initiatives. We continued to be recognized by international institutions as Jamaica’s leading financial services provider including “Bank of the Year Jamaica” by the Banker Magazine and “Best FX Bank” by Global Finance for the 6th consecutive year.

We continued to innovate and expand our product offering to meet the diverse needs of customers. We are pleased to have enhanced our credit card suite with the re-launch of AERO® Platinum and MasterCard® Gold products, which now afford customers more attractive loyalty rewards. We also launched a new universal life insurance policy, AFFIRM through Scotia Insurance. AFFIRM will offer clients higher insurance coverage with added investment options, meeting multiple client needs under a single umbrella.

Scotia Group continued to operate in a very challenging environment during the financial year, as efforts by the Government of Jamaica (GOJ) to stabilize the economy further affected market conditions. The tight liquidity conditions which existed at the end of the last financial year intensified during the first half of the year, as the Government strived to meet its Net International Reserve targets in March 2014.

During this period, financial institutions experienced increased funding costs as a result of the constrained supply of JMD liquidity.

In May 2014, Government increased asset tax rates to assist in meeting its fiscal targets. The asset tax for regulated entities increased from 0.14% to 0.25%, excluding insurance companies, which experienced a more significant increase from 0.14% to 1.00%. This aggregate additional tax cost imposed on the financial sector is estimated at $2.7 billion per annum. In addition, the sector faces a higher corporate income tax rate of 33.33% compared to 17.5 % – 25% for other companies.

Despite the economic challenges, business confidence for the first 3 quarters of 2014 was higher than the same period for any year since 2007; as some macroeconomic indicators started to trend positively.

A substantially higher proportion of businesses expected better conditions in the future and as a result, expressed their intent to increase investments in the year ahead.

Consumer confidence, however, continued to decline as opportunities for job creation waned, while purchasing power continued to be eroded by the depreciation of the Jamaica dollar and tax increases, and wages remained stagnant.

Gross loans in institutions regulated by the Bank of Jamaica grew at a generally slower rate this year with gross loans increasing by 7.3% as against 14.9% last year. In the commercial banking sector, loans to the private sector increased by 3.5% or $5.7 billion (vs. 15.5% or $22.1 billion in 2013) while consumer loans increased by $15 billion or 9.2% year over year (vs. 23.8% or $31.2 billion last year) as at September 2014.

Deposits grew by 7.3%, down from 13.6% growth in the previous year, with growth in foreign currency deposits outpacing the JMD portfolio. Credit quality for the sector also improved with non-performing loans being 4.8% of total loans as at September 2014 down from 5.8% the prior year. The decline in lending rates impacted the retail sector, in particular, as competitive forces drove lending rates down. Average overall lending rates fell 54 basis points (bps).

The collective investment industry (unit trusts and mutual funds) grew by 42.7% to US$1.0 billion during the year ended October 2014, as institutional investors repositioned their portfolios. Gross life insurance premiums sold in the industry were flat over the same period, despite the efforts of market participants to launch new products and expand their customer base.BM

-----------------------------------------------------------------------------------

Sylvia D. Chrominska Chairman

Ms. Sylvia Chrominska was appointed Chairperson of Scotia Group Jamaica Limited and The Bank of Nova Scotia Jamaica Limited on March 1, 2013. Ms. Chrominska joined The Bank of Nova Scotia in 1979 and prior to her retirement on May 1, 2013, she served in several capacities including Group Head, Global Human Resources and Communications.

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Businessuite - Special Monthly Edition o RANKING

Businessuite #8 Caribbean Ranked Public Company

Goddard Enterprises “And The Journey Has Just Begun”

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8

Company Profile:

Stock Exchange:

Goddard Enterprises Limited (‘the Company’) is incorporated under the Laws of Barbados. The principal activities of the Company and its subsidiaries (together ‘the Group’) include airline, industrial and restaurant catering, ground handling services, general trading, meat processing, printing and print brokers, baking, packaging, automobile and automotive parts sales, insurance, real estate, shipping agents and stevedoring, manufacturing of aerosols and liquid detergents, investments, rum distilling, water purification and bottling and island tours.

Associated companies are involved in waste disposal, laundry services, financing, property rentals, investments, general insurance and hotel operations.

Company:

Goddard Enterprises Limited

2015 Rank:

#8

2014 Rank:

#6

Chairman:

Mr. A. Charles Herbert

President & CEO: Address:

The Group operates throughout the Caribbean and Central and South America.

The Goddard Building, Haggatt Hall, St. Michael, Barbados.

(246) 430-5700

Fax:

(246) 436-8934

Website:

48

Mr. Anthony H. Ali

Telephone:

Email:

The Company is listed on the Barbados Stock Exchange.

These consolidated financial statements have been approved for issue by the Board of Directors on December 16, 2013.

Barbados

gelinfo@thegelgroup.com www.scotiabank.com/jm

Businessuite - Special Monthly Edition

Key Financials Businessuite #8 Caribbean Ranked Public Company Goddard Enterprises Limited Company

BB $'000

%

US $'000

481,874

$954,111 $48,903

24,698

$380,151

191,995

$461,721

233,192

$369,687,999.40

186,711,111

5.13% 12.86% 10.59%

0.3080808

$0.61 -14.56% 28.58

o RANKING

Businessuite #8 Caribbean Ranked Public Company

“2014 Was A Transformational Year For The Group” The following edited extract was taken from the company’s 2014 Annual Report to shareholders.

T

he Barbados economy continues to struggle. The Government has implemented fiscal adjustment programmes while unemployment climbed to an estimated 11.7%. Barbados’ economic fundamentals continue to be weak. Competitive and other structural shortcomings, and recently announced tax reforms, continue to paint a bleak outlook for the country. Gross public sector debt increased to 109.2% up from 105.2% one year ago. Based on this, no real growth in Gross Domestic Product is expected in 2015.

Consolidated Group Revenue and Profit from Operations for the year ended September 30, 2014 amounted to $954.1 million and $64.7 million respectively, compared with $962.6 million and $46.4 million in the previous year. Earnings per share was 62.1 cents compared with 35.3 cents in 2013. These results were achieved in spite of the flat economies that we

49

Businessuite - Special Monthly Edition

faced across the Caribbean for the better part of the year.

For the financial year ended September 30, 2014, Group revenue declined by 0.9% over the prior year to $954.1 million, generating a Gross Profit of $356.0 million, down from the prior year by 0.4%. Gross Profit expressed as a percentage of Sales was 37.3%, compared to 37.1% for the prior year. Selling, marketing and administrative expenses totaled $310.0 million, compared to $312.7 million in 2013 representing a decrease of 0.9%. Profit from operations before other gains/(losses) – net increased over prior year by 3.0% to $50.1 million.

Other gains/ (losses) – net increased to $14.6 million compared to the prior year loss of $2.2 million representing a 753.2% increase. Income from our Associated Companies decreased by 33.0% to $6.6 million from $9.8 million in the prior year.

This decline was as a result of poor performance by Sagicor General Insurance Inc. (“Sagicor”) as well as losses incurred on a recently discovered fraud perpetrated on Globe Finance Inc. (“Globe”).

Turning to the Group Consolidated Balance Sheet, our Working Capital Ratio increased to 1.59 from 1.47 in the prior year mainly due to a reduction in our current borrowings enabled by our improved results. Our Net Asset Value per share stood at $7.92 compared to $7.54 in 2013 representing an increase of 38 cents per share and our closing share price was $6.31 on the Barbados Stock Exchange at September 30, 2014.BM -----------------------------------------------------------------------------------

A. Charles Herbert Chairman

Charles Herbert became Chairman of the Goddard Group of Companies on February 5, 2013, following the retirement of Mr. Joseph N. Goddard. Mr. Herbert spent 15 years of his professional career with The Barbados Mutual Life Assurance Society, now Sagicor Life Inc. (“Sagicor”), and at the time of his resignation from Sagicor, was a member of its senior management team responsible for the Actuarial, Group Insurance and Pension Departments. A Barbadian by birth, Mr. Herbert, a Barbados Exhibition Winner in 1974, achieved First Class Honours in his B.Sc. in Mathematics from the University of Edinburgh. He also holds a Diploma in Education from the University of the West Indies and is a Fellow of the Institute of Actuaries. Prior to joining Sagicor, and on his return to Barbados from Edinburgh, Mr. Herbert served his alma mater, Harrison College, as an Assistant Master. Following his 15 year sojourn at Sagicor, he joined the firm of Watson Wyatt Worldwide as a Consulting Actuary before establishing the Barbados Branch of Eckler Limited in 1996, where he is currently the Principal. Mr. Herbert has worked closely with the Barbados Employers’ Confederation, the Supervisor of Insurance, and more recently, the Financial Services Commission, on the drafting and implementation of the new Pension legislation.

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Businessuite - Special Monthly Edition o RANKING

Businessuite #7 Caribbean Ranked Public Company

National Commercial Bank “Success Is Not A Sprint, It’s A Marathon”

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7

the Financial Institutions Act 1993 as a financial institution with authority to accept deposits, originate finances and service loans and leases, deal in investment securities, including certificates of participation in asset backed securities, and provide foreign exchange and trustee services.

Company Profile: Jamaica’s largest banking and financial services group, based on consolidated total assets at September 30, 2014. National Commercial Bank Jamaica Limited is a licensed commercial bank, which is regulated and supervised by the Bank of Jamaica. Major subsidiaries are: NCB Capital Markets Limited (NCBCM) is a licensed securities dealer and investment advisor regulated and supervised by the Financial Services Commission.

Effective August 6, 2014, AIC Finance Limited’s name was changed to NCB Global Finance Limited. The results of NCB Global Finance are included in the consolidated results of the Group for the year ended September 30, 2014. This acquisition is aligned to our strategic goal of regional expansion, to serve our customers and secure wealth for all our stakeholders.

NCB Insurance Company Limited (NCBIC) is a licensed life insurance company, and an investment manager and pension administrator regulated and supervised by the Financial Services Commission.

We provide retail consumers, small and medium-sized enterprises (“SMEs”), large corporations and government institutions with banking, wealth management, life & general insurance and pension fund management products & services.

Advantage General Insurance Company Limited (AGIC) is a licensed general insurance company regulated and supervised by the Financial Services Commission.

Founded more than 175 years ago, we provide banking, insurance, investments, structured & trade finance, wealth management, pension fund management, and trust services through more than 40 branches and locations. We also offer selected transactions such as bill payments, transfers, and enquiries at over 200 automated banking machines (ABMs). In addition, there are selfservice options at financial kiosks and intelligent ABMs in our Bank on the Go locations and on the Internet -www.jncb.com.

In December 2013, we acquired AIC Finance Limited (in Trinidad and Tobago) through our wholly owned subsidiary NCB Capital Markets Limited (NCBCM). AIC Finance Limited was incorporated in the Republic of Trinidad and Tobago and held licenses under

51

Businessuite - Special Monthly Edition Market/Stock Exchange:

Trades under the symbol “NCBJ” on the Jamaica Stock Exchange and Trinidad & Tobago Stock Exchange.

Company:

National Commercial Bank

2015 Rank:

#7

2014 Rank:

#7

Chairman:

Hon. Michael Lee-Chin OJ

Group Managing Director

Address:

Telephone:

Key Financials Businessuite #7 Caribbean Ranked Public Company National Commercial Bank Jamaica Limited Company

JA $'000

%

500,810

57,422,834

Patrick Hylton National Commercial Bank Limited 32 Trafalgar Road, Kingston 10 Jamaica, W.I. Jamaica

US $'000

11,642,073

101,536

499,345,092

4,355,007

80,613,752

703,068

45,635,112,318

398,003,770

20.27% 2.33% 14.44%

0.04125

$4.73

United States, Canada and the English Speaking Caribbean 1-866-622-3477 United Kingdom 0-800-032-2973

-14.95% 4.37

12.32% 21.21

Website:

o RANKING

www.jncb.com

Businessuite #7 Caribbean Ranked Public Company

“Success Is Not A Sprint, It’s A Marathon” The following edited extract was taken from the company’s 2014 Annual Report to shareholders.

O

ur team at NCB continues to demonstrate immense flexibility in re-engineering its business models to navigate the adversities – by seeking and utilising the opportunities that exist. It has been a challenging year for Jamaica, many of our industries, our people and consequently our organisation. In the end, however we are most grateful for and pleased with our performance.

Banks around the world are demonstrating upturns in performance even as they contend with external factors that affect their ability to grow. These factors include strong competition, new entrants/players and the effects of various government policies. The trend has seen banks worldwide being in the midst of transformation.

More of them are downsizing, consolidating and integrating technology into their operations. Some are also re-imagining how banking services fit into the 21st century technology revolution.

We as individuals and as a company must consistently ask ourselves whether we are content with our achievements and if we are functioning in the best way possible to achieve our

52

Businessuite - Special Monthly Edition long-term goals. If not, then we have to change the way we operate. We must look forward to what could be, compare it with the lessons from the past, and develop improvements based on the combined experiences of all involved in order to stay at the top of our game.

There are major trends that are likely to shape banking in the future. A key trend is that our customers are taking more control of their financial relationships, and this trend is unlikely to change. By 2030 banks will deepen their personal connections with customers via data analysis techniques that might seem fantastic by today’s standards. The reliance on data in the design of service options will make the difference in the survivability of NCB and we are not only aware of this but have embraced it.

The 2014 financial year saw a strong dividend yield of [7.64%] and dividends declared were up [117%] over the 2013 financial year. For the financial years 2010 through 2014, we had an average dividend yield of [6.66%]. This is a commendable performance in these times.

We are known for our Innovation, Expertise and Strength, and these are brand pillars that have historically assisted us in achieving several industry firsts as we continue to lead the pace of banking innovation in Jamaica. In 2014 we deepened our efforts at transforming the Group as we prepared ourselves to seize market opportunities wherever and whenever they occurred. The seeds for future growth were sowed with investments and innovation initiatives in all business platforms. We are proud that during 2014 we became the first financial institution in Jamaica to achieve $500 billion (half a trillion) in assets and $200 billion in customer deposits.

These are milestone achievements that can be leveraged to our advantage.

As we enter 2015 with even greater determination to succeed, and a strong commitment to provide exceptional customer service, while leveraging technological advancements and increasingly customer centric operations, we are confident of the future prospects for our business and of our resolve to manage both the opportunities and the challenges ahead. BM -----------------------------------------------------------------------------------

Hon. Michael Lee-Chin OJ Chairman

Main Positions: Chairman and President of Portland Holdings Inc,; Founding Partner of Portland Private Equity, L.P.; Chairman of the AIC Caribbean Fund. Special Achievements: Bachelor’s Degree in Civil Engineering, McMaster University in Canada. Recipient of honorary Doctor of Laws degrees: University of the West Indies; Northern Caribbean University; McMaster University; University of Toronto ; Wilfrid Laurier University and York University. Chancellor of Wilfrid Laurier University. Recipient of the Order of Jamaica (OJ), for outstanding service in business and philanthropy and recipient of several prestigious awards in the areas of business and community service including the 2004 International Humanitarian Award from the American Friends of Jamaica. Awarded the Queen Elizabeth II Diamond Jubilee Medal in 2013 for significant contributions and achievements. Length Of Directorship: 12 years.

53

Businessuite - Special Monthly Edition 1-888-NCB-FIRST | www.jncb.com

I Got DOUBLE INTEREST Interest on my money and interest in me I didn’t just want a place to bank. I wanted a place to grow. The personal interest I received at NCB is helping me to put my Best LIFE Forward.

NCB Capital Markets Limited | NCB Insurance Company Limited | Advantage General Insurance Company Limited NCB Global Finance Limited | NCB Foundation

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Businessuite - Special Monthly Edition o RANKING

Businessuite #6 Caribbean Ranked Public Company

CIBC First Caribbean International Bank “The Mission - Deepening Customer Relationships And Enhancing Value To The Client.�

#

6

Company Profile:

Key Financials

CIBC FirstCaribbean International Bank is a relationship bank offering a full range of market-leading financial services through our Wholesale Banking, Retail & Business Banking and Wealth Management segments. We are located in seventeen (17) countries around the Caribbean, providing the banking services that matter to our customers through approximately 3,100 employees, in 66 branches. We are one of the largest regionally-listed financial services institutions in the English and Dutch speaking Caribbean, with over US$10.8 billion in assets and market capitalization of US $1.4 billion. The face of banking is changing throughout the world and CIBC FirstCaribbean intends to lead these changes with the expertise, integrity and knowledge of banking that almost 250 years of combined experience in the Caribbean brings.

Market/Stock Exchange:

CIBC First Caribbean International Bank

2015 Rank:

#6

2014 Rank:

#13

Chief Executive Officer:

Company

%

US $'000

$528,315 ($27,477) 68,252,459 8,463,134 1,433,722,336

-5.20%

Barbados Stock Exchange

Company:

Non-executive Chairman:

Businessuite #6 Caribbean Ranked Public Company First Caribbean International Limited

-0.04% -0.32%

-0.60000 -56.10% 0.0256

Mr. David Ritch

13.25

Rik Parkhill The Goddard

19.314

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Businessuite - Special Monthly Edition o RANKING

Businessuite #6 Caribbean Ranked Public Company Business Held Steadfast To Their Mission, Deepening Customer Relationships And Enhancing Value To The Client.

The following edited extract was taken from the company’s 2014 Annual Report to shareholders.

• $4 million decrease in net interest income largely due to sustained downward pressure on loan volumes in key markets.

The Group continues to focus on five strategic priorities to address market trends:

• $3 million increase in operating income driven by higher service based fees and foreign exchange commissions.

1. Cultivating deeper relationships with its clients across its business; 2. Focusing on value for its clients through understanding their need; 3. Competing in businesses where the Group can leverage its expertise to add differentiated value; 4. Pursuing risk-controlled growth in the region; and 5. Continuously investing in its client base, people and infrastructure.

2013 • $54 million increase in operating expenses which includes $38 million related to restructuring expenses.

• $31 million increase in loan loss impairment reflecting further deterioration and updates to key assumptions.

• $24 million decrease in net interest income largely due to sustained downward pressure on loan volumes in key markets.

Ever mindful that a key contributor to our business success rests in the advocacy of our clients, in 2014 our lines of business held steadfast to their mission of deepening customer relationships and enhancing value to the client.

• $11 million increase in operating income driven by foreign exchange commissions and securities gains.

Net loss for the year was $151 million, compared to a net loss of $22 million in 2013.

Total revenue is down year on year by $2 million mainly due to lower net interest income of $4 million, offset by higher operating income of $3 million.

This year’s results were affected by an increase in loan (loss) impairment, impairment charge on goodwill, declining net interest income and operating income which was offset by decreased operating expenses. The region continues to face significant economic challenges and this is reflected in the protracted slowdown in business activity and increased rates of loan delinquency.

In Retail & Business Banking, we have: • Responded to our customers’ needs by offering them a onestop shop in several of our markets through the introduction of Loan & Mortgage Centres. The rolling out of this new customer contact point will continue in the new fiscal and will foster the deepening of our client relationships by providing an easily identifiable point of contact for our clients to meet their personal and financial objectives.

The results for both years were affected by certain significant items as follows:

2014

• Continued the enhancement of our ABM network through the provision of new machines, including dual-currency machines where possible, in some markets and the refurbishment of machines in the rest.

• $116 million in impairment charge on goodwill in light of persistently challenging economic conditions and financial projections for conditions going forward.

• Enhanced our offering to Business Banking customers.

During the year we launched our enhanced Business Banking product including the introduction of business planning tools to assist our customers in managing their businesses along with adding further value through a series of client workshops conducted across the region. We continue to train our staff with a view to increasing their knowledge and skill level to meet the needs of today’s customer.

• $47 million decrease in operating expenses which includes $41 million reduction in salaries and benefits related to the restructuring program in 2013 as well as overall reduction in discretionary spending due to cost cutting measures.

• $55 million increase in loan loss impairment reflecting further deterioration and updates to collateral values underlying secured loans.

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Businessuite - Special Monthly Edition

In Wealth Management, we have: • Successfully opened our first Private Wealth Management (PWM) office in The Cayman Islands, catering to high and ultrahigh net worth individuals with unique needs through customized solutions.

• CIBC Bank & Trust (Cayman) launched Discretionary Portfolio Management services for our Trust and PWM clients.

• We have successfully launched our Fund Administration business in the Bahamas leveraging the strengths and capabilities of our established Cayman business.

•

Additionally, we successfully implemented the Wealth Management Automation Project in support of our local securities businesses in Barbados and Jamaica, increasing efficiency and significantly improving our client reporting capabilities.

In Wholesale Banking, we have: • Deepened our client relationships and leveraged our broader global firm. Despite a challenging economic environment, we successfully arranged and led financings of over US$1.75 billion for our clients across the Caribbean in a broad range of industries including Renewable Energy, Infrastructure, Utilities, Communications, Transportation and Manufacturing.

• Focused on continuing to provide an exceptional client experience by streamlining internal processes and realigning to ensure appropriate support to enable our front-line personnel to provide superior, value-added solutions to our clients.

• Successfully hosted our 2nd annual Infrastructure Conference held in Port of Spain, Trinidad in June 2014 under the theme “Driving Caribbean Infrastructure Forward”. We were successful in bringing together experts and relevant stakeholders to address this important aspect of regional development. The conference underscored the importance of continued partnership between multilaterals and the private and public sectors to create an enabling environment for infrastructure opportunities in areas such as energy, ports and health care, taking into consideration the regional economic challenges. BM -----------------------------------------------------------------------------------

Mr. David Ritch

Non-executive Chairman FirstCaribbean International Bank

Mr. David Ritch: FirstCaribbean International Bank announced the appointment of Mr. David Ritch as its new non-executive Chairman. The appointment took effect from 13th December 2013. Mr. David Ritch, is Senior Partner in the law firm of Ritch & Conolly in the Cayman Islands. He was admitted in 1976, in England as Barrister-at-Law and in the Cayman Islands as an Attorney-at-Law. He is a graduate of the University of the West Indies, (LL.B) (Hons), Inns of Court School of Laws, Inner Temple, London, England.

He has served as a Clerk of Courts, Crown Counsel and Senior Crown Counsel with the Cayman Islands Government from January 1977 - November 1979.

Mr. Ritch is a Past President of the Cayman Islands Law Society.

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Businessuite - Special Monthly Edition o RANKING

Businessuite #5 Caribbean Ranked Public Company

Republic Bank Group Limited ”Another Successful Year For The Republic Bank Group.”

#

5

Company Profile:

Stock Exchange:

Republic Bank Limited (the “Parent”) is incorporated in the Republic of Trinidad and Tobago and was continued under the provision of the Companies Act, 1995 on March 23, 1998. The Republic Bank Group (the “Group”) is a financial services group comprising 14 subsidiaries and four associated companies.

The Group is engaged in a wide range of banking, financial and related activities in Trinidad and Tobago, the Caribbean and from November 2012, in Ghana. A full listing of the Group’s subsidiary companies is detailed in Note 29 while associate companies are listed in Note 6. Republic Bank Limited is the ultimate Parent of the Group and is listed on the Trinidad and Tobago Stock Exchange.

Company:

Republic Bank Group Limited

2015 Rank:

#5

2014 Rank:

#4

Chairman:

Ronald F. deC. Harford

President & CEO:

David Dulal-Whiteway

Address:

Telephone: Fax: Email: Website:

58

Trinidad & Tobago

Republic House PO Box 1153 9-17 Park Street, Port of Spain Trinidad and Tobago, West Indies (868) 625-4411, 623-1056 868) 624-1323 email@republictt.com www.republictt.com

Businessuite - Special Monthly Edition

Key Financials Businessuite #5 Caribbean Ranked Public Company Republic Bank Group Limited Company

tt $'000

%

US $'000

577,324

$3,705,034 306,721

47,794

60,040,123

9,355,541

8,568,263

1,335,120

37,500,000,000

5,843,305,909

8.28% 0.51% 3.58%

0.28671

$1.84 0.41% 6.75

14.45% 15.506

o RANKING

Businessuite #5 Caribbean Ranked Public Company “Another Successful Year For The Republic Bank Group” The following edited extract was taken from the company’s 2014 Annual Report to shareholders.

P

rofit attributable to shareholders for 2014 was $1.19 billion, an increase of $23.4 million or 2% from the prior year, a good performance given the challenging economic climate in which we operate. In accordance with IAS 19 – Employee Benefits (Revised), the Group was required to restate its 2013 profits downwards by $18.97 million, resulting in an adjusted year on year growth of 3.7%.

The Group’s total asset base grew from $57.6 billion in 2013 to $59.4 billion at September 30, 2014, an increase of $1.8 billion or 3.1%. This growth in assets was largely driven by an increase of $1.9 billion or 7.4% in advances and an increase of $129.3 million or 1.6% in investments.

While deposits continue to grow this year, by 4% over the prior period, the rate of growth has decelerated when compared to the 14% deposit growth experienced in 2013.

Throughout the year, we utilised our excess cash reserves to

59

Businessuite - Special Monthly Edition finance the growth in interest earning assets which resulted in a $891.9 million decline in balances Due from Banks.

Total equity increased by $230.3 million to $8.7 billion at September 30, 2014 as the Group continued to build capital resources to support future expansion.

The core operations in Trinidad and Tobago and Guyana continued on their growth path but overall profitability in Guyana remained flat in 2014 due to increased loan loss provisions for loans to the sugar industry.

The performances of Barbados and Grenada continue to be hampered by subdued economic conditions. The Grenada operations recorded a small profit, after a loss in 2013, while the contribution from Barbados declined after accounting for one-off adjustments.

As reported previously, we continue to pursue avenues to amicably resolve the takeover of HFC Bank Ghana, which is now the subject of a legal challenge.

Based on these results, the Board of Directors declared a final dividend of $3.00 (2013: $3.00), which brings the total dividend for the fiscal year to $4.25, in line with 2013. This final dividend was paid on December 1, 2014 to all shareholders of record at November 17, 2014. BM ----------------------------------------------------------------------------------Ronald F. deC. Harford, Chairman of Republic Bank Limited since 2003, is a Fellow of the UK Chartered Institute of Bankers, the Institute of Banking of Trinidad and Tobago and the Caribbean Association of Banking and Finance. The former managing director of the Republic Bank Group, Mr. Harford retired from the Bank in 2005 after 42 years of service.

Mr. Harford is also the Chairman of Republic Bank (Barbados) Limited, (formerly Barbados National Bank Inc.), Republic Bank Trinidad and Tobago (Barbados) Limited, and Republic Bank (Grenada) Limited.

Mr. Harford is the Chairman of The University of the West Indies (UWI) Development and Endowment Fund and the Campaign Cabinet for Habitat for Humanity Trinidad and Tobago. He is also the Deputy Chairman of the Arthur Lok Jack Graduate School of Business – UWI; a Director of Caribbean Information and Credit Rating Services Limited and a former Director of the Grenada Industrial Corporation. He is a past President of the Trinidad & Tobago Red Cross Society, having served that body for over two decades, and a past President of the Bankers Association of Trinidad and Tobago.

Ronald F. deC. Harford Chairman

Mr. Harford is a founding Director of the Trinidad and Tobago Debates Commission and led the private sector funding that enabled the Commission to be established and hold a successful political debate on Local Government.

60

Businessuite - Special Monthly Edition o RANKING

Businessuite #4 Caribbean Ranked Public Company

GraceKennedy Limited “On Our Way To Becoming The Global Consumer Group”

#

4

Company Profile:

• Hardware & Lumber Limited (H&L): This is a publicly listed subsidiary on the Jamaica Stock Exchange engaged in the retailing and wholesaling of building materials, home improvement supplies, household items and agricultural products. H&L operates within Jamaica with 10 Rapid True Value locations and six Agro Grace Retail Centres located island wide.

GraceKennedy Limited is a publicly listed company on the Jamaica and Trinidad & Tobago Stock Exchanges. The company was founded on February 14, 1922, and is the parent company of a Group of subsidiaries operating mainly in the food and financial services industries. The Group’s operations are structured as follows: • GraceKennedy Foods (GK Foods): This comprises the business of food manufacturing through our own factories as well as through external suppliers, the distribution of Grace and Grace owned brands in Jamaica and internationally, and the operation of retail outlets through our Hi-Lo Supermarket chain in Jamaica. The Group also manufactures and distributes third party brands in Jamaica and internationally. GK Foods operates primarily in Jamaica, the Caribbean, Central America, North America, Europe and Africa.

Market/Stock Exchange: Company:

GraceKennedy Limited

2015 Rank:

#4

2014 Rank:

#3

Chairman:

Gordon V. Shirley, OJ

Group Chief Executive Officer: Address:

• GraceKennedy Financial Group (GKFG): This comprises our commercial banking, general insurance, insurance brokerage, investment banking, remittance, cambio and payment services businesses. GKFG presently operates within the Englishspeaking Caribbean.

61

Jamaica

Donald G. Wehby 73 Harbour Street, Kingston, Jamaica

Businessuite - Special Monthly Edition

Key Financials Businessuite #4 Caribbean Ranked Public Company Gracekennedy Limited Company

JA $'000

%

US $'000

680,011

$77,970,073 $3,799,127

33,134

68,557,209

597,917

36,533,101

318,621

20,214,542,436

176,299,864

4.87% 5.54% 10.40%

0.08634

9.9

10.20% 10.50

o RANKING

Businessuite #5 Caribbean Ranked Public Company

“Strengthening Our Jamaican Businesses, Growing Our International Presence” The following edited extract was taken from the company’s 2014 Annual Report to shareholders.

I

n 2014, the GraceKennedy Group made significant investments towards the achievement of our Company’s strategic objectives. We are also very excited about the prospects for 2015 and beyond, as the impact of 2014’s investments continue to be realized.

Group revenues for 2014 were J$77.97 billion, representing an increase of 15.9% or J$10.71 billion over 2013 (J$67.26 billion). Net profit attributable to the shareholders of the Company increased from J$3.22 billion to J$3.29 billion during 2014, representing a 2.0% increase compared to 2013. Earnings per share increased from J$9.66 in 2013 to J$9.90 in 2014.

Shareholders’ equity increased by 11.5% or J$3.77 billion moving from J$32.77 billion in 2013 to J$36.53 billion in 2014. In keeping with our Company’s objective to improve shareholder returns, dividends totalling J$2.33 per share were paid in 2014 compared to J$2.18 in 2013, an increase of 6.9%. We returned a total of J$916.12 million to our shareholders through a combination of dividends and stock repurchases. At the end of 2014, the GraceKennedy stock price closed at J$61.03, a 10.8% increase over the prior year, while the Jamaica Stock Exchange Market Index declined 5.3% over the same period.

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Businessuite - Special Monthly Edition Total assets fell by 6.2% or J$6.78 billion from J$108.64 billion in 2013 to J$101.86 billion in 2014, due primarily to the sale of our equity in First Global Financial Services Limited.

The major areas of focus for our Company during 2014 were: strengthening our Jamaican businesses, growing our international presence, specifically in Western Africa, Continental Europe and on both the East and West Coasts of North America, improving capital management, cost containment and continued attention and commitment to our customers and employees.

These, along with the GraceKennedy Group’s commitment to good corporate citizenship, drove our activities during 2014.

The Foods Division experienced several changes in both the Jamaican and international markets. We executed a major initiative to expand our USA business with the acquisition of the business and assets of La Fe Foods Inc. inclusive of top Hispanic Brand, La Fe. This acquisition represents a major step for us, and will be the platform for the growth of GraceKennedy’s North American business going forward.

We anticipate that our introduction into the Hispanic food and beverage market, one of the fastest growing segments in the food market in the United States, will be a significant opportunity for growth.

We integrated the La Fe brands into GraceKennedy Foods USA LLC, and started the selfdistribution of Grace Brands in the North East USA, Florida and Atlanta. We will continue to distribute these brands to surrounding areas through a network of distributors.

Notwithstanding the continued depreciation of the Jamaican currency as well as changes in consumer demand as a result of decreased purchasing power, we were able to grow revenue in the Jamaican market. We saw positive signs in Grace Agro Processors (GAP), part of our manufacturing arm in Jamaica, where pepper mash production increased significantly in 2014, enabling the production of supply for local demand and for export.

Our Foods business in the United Kingdom recorded good growth in revenue, with strong profit growth over the prior year. There was also the expansion of Grace owned brands across the retailers in the markets within that region.

Our business in Africa also saw a major development, with the start of our distribution arm for our Grace and Grace owned brands in parts of West Africa. This led to the hiring of our first employees in that region.

Following the divestment of our equity in First Global Financial Services Limited to Proven Investments Limited, GK Capital Management Limited (“GK Capital”) was established in June 2014. GK Capital’s lines of business include equity trading, corporate finance, mergers and acquisition activity and private equity. BM -----------------------------------------------------------------------------------

Gordon V. Shirley, OJ Chairman

Gordon V. Shirley is also Chairman, President & Chief Executive Officer of the Port Authority of Jamaica.

Chair of GraceKennedy’s Compensation Sub-Committee and Member of GraceKennedy’s Corporate Governance & Nomination Committee.

63

Businessuite - Special Monthly Edition o RANKING

Businessuite #3 Caribbean Ranked Public Company

ANSA McAL Limited “A Secure Investment, Career And Trade Partner Destination”

#

3

Company Profile: The ANSA McAL Group of Companies is a company headquartered in Port of Spain, Trinidad and Tobago and has been doing business since 1881. ANSA McAL is listed on the Trinidad and Tobago Stock Exchange (TTSE: AMCL) and it is one of the largest conglomerates in the Caribbean.

Today the strength of the Group is unparalleled and this is attributed to the commitment and dedication of its people.

The Group’s business operations span 8 sectors throughout the Caribbean including Trinidad and Tobago, Barbados, St. Kitts and Nevis, St. Lucia, Guyana, Grenada and the United States of America.

Trinidad & Tobago

Company:

ANSA McAL Limited

2015 Rank:

#3

2014 Rank:

#2

Chairman:

A. Norman Sabga

CEO:

A. Norman Sabga

Address:

Telephone:

The sectors of the ANSA McAL Group are: • • • • • • • •

Market/Stock Exchange:

Fax:

Automotive Beverage Distribution Financial Services Manufacturing Media Retail Services

Website:

64

9th – 11th Floors, TATIL Building 11 Maraval Road Port of Spain, Trinidad, West Indies (868) 625-3670 to 5 (868) 624-8753 www.ansamcal.com

Businessuite - Special Monthly Edition

Key Financials Businessuite #3 Caribbean Ranked Public Company ANSA McAL Limited Company

tt $'000

%

US $'000

951,359

$6,105,443 802,002

124,969

13,116,695

2,043,863

6,451,933

1,005,350

11,699,204,642

1,822,987,510

13.14% 6.11% 12.43%

0.618611

3.97 17.00% 3.682

o RANKING

0.573735

Businessuite #3 Caribbean Ranked Public Company

“The Ability To Deliver Consistent Performance And Value In Varying Economic Circumstances.”

The following edited extract was taken from the company’s 2014 Annual Report to shareholders.

I

n the period under review, our focus remained on extracting greater efficiency and business synergies to continuously improve our competitiveness, delivering on business plans and budgets, as well as creating stakeholder value.

Your Group’s performance has again demonstrated the benefits of a diverse portfolio strategy and the ability to leverage scope and geographic coverage. Further, we believe there is even more room to grow our market share in the respective sectors, irrespective of a challenging macroeconomy.

For a second consecutive year, the Group has crossed $6 billion in revenue and achieved over $1 billion in PBT. Total assets have grown and now exceed $13 billion with liquidity metrics either preserved or improved.

On a sectoral basis, our financial services sector declined by 23% as local and international portfolios generated $97 million less than the prior year. The strong gains in our automotive, trading and distribution segment offset the decline in the manufacturing, packaging and brewing segment.

65

Businessuite - Special Monthly Edition Our operations in the USA, Barbados, Trinidad & Tobago, Grenada and St. Kitts have all performed well.

On a reported basis, revenues generated were $6.1 billion ($6.2 billion 􀁱 2013), PBT was $1,065 million ($1,144 million - 2013) and earnings per share (EPS) is $3.􀂙􀃇 ($4.31 - 2013). Operating profit (before tax and share of results of associates and joint ventures) exceeded the billion dollar mark for the fifth consecutive year at $1,000 million ($1,164 million 􀁱 2013).

All balance sheet liquidity metrics have been preserved or improved as we grow our asset base and debt is minimal as reflected by our increasing interest cover ratio of 2􀃇.25 (25.12 - 2013). Our balance sheet has never been stronger but we are never complacent. We remind ourselves that adaptability not just strength is key to long term sustainability. In 2014, your Group committed investments of $184 million ($2􀃇6 million 􀁱 2013) across several Sectors in business improvement and new business projects.

A. Norman Sabga

Chairman and Chief Executive ANSA McAL Limited

The ANSA McAL Group has long been one of the most successful and respected conglomerates in the region, both for our results and integrity. We see our integrity as integral to our success? BM

Stingray

Ultimate Swim Ultimate Swim Dolphin Trek

Sharks

66

Businessuite - Special Monthly Edition o RANKING

Businessuite #2 Caribbean Ranked Public Company

Sagicor Financial Corporation #

2

Company Profile:

Stock Exchange:

Sagicor is a dynamic, indigenous Group which has been redefining financial services in the Caribbean. Following a carefully crafted business strategy, the company transformed from a local single-line life insurance company to a financial services group with a solid regional base, before expanding into the international financial services market.

Company:

Sagicor Financial Corporatio

2015 Rank:

#2

2014 Rank:

#5

Non-Executive Chairman: Group President & CEO:

After the company demutualised in 2002, Sagicor Financial Corporation was formed as a publicly-listed holding company. Sagicor, the company name, means “wise judgment”, and reflects the nature of the financial advice and services we offer. Sagicor now operates in 23 countries in the Caribbean, the USA, the UK and Latin America.

Address:

For 175 years, Sagicor’s business has been based on long-term relationships with its employees, communities and customers, who entrust us with their future financial well-being. Our name and identity draw on the strength, stability and financial prudence that are our heritage, and this identity also defines the flexibility that wise financial thinking can bring to our customers throughout their lives.

Local expertise and partnerships with world-class asset managers, reinsurers, and sound risk management, ensure that Sagicor is truly able to improve peoples’ lives through “wise judgment”, and will continue to meet their financial needs now and in the future. Sagicor’s core business strategies will continue to provide a wide range of financial products and services, while we continue to be committed to our vision, “To be a great company, committed to improving the lives of people in the communities in which we operate.”

67

Barbados

Stephen McNamara Dodridge Miller Sagicor Corporate Centre Wildey, St. Michael Barbados

Telephone:

(246) 467-7500

Fax:

(246) 436-8829

Email:

info@sagicor.com

Website:

www.sagicor.com

Businessuite - Special Monthly Edition

Key Financials Businessuite #2 Caribbean Ranked Public Company Sagicor Financial Corporation Company

BB $'000

%

US $'000

$1,045,167 $73,938 $6,180,420 $1,336,534 $547,050,636

276,288,200

7.07% 1.20% 5.53%

-$0.10

7.70% 9.80%

o RANKING

Businessuite #2 Caribbean Ranked Public Company The Sagicor Group had a solid year’s performance Earnings per common share from continuing operations were US 17.3 cents, and represented an annualized return on common shareholders’ equity of 11.2%.

The following edited extract was taken from the company’s 2014 Annual Report to shareholders.

T

he Group’s financial statements in 2014, consistent with 2013 and 2012, have been presented with continuing operations being separated from the discontinued Sagicor Europe run-off operations.

Total revenue closed the year at US $1,045.2 million, compared to the prior year amount of US $1,039.5 million. Net premium revenue stood at US $625.6 million, compared to US $657.0 million for the prior year.

The Sagicor Group had a solid year’s performance, recording net income for the year of US $73.9 million, compared to US $4.1 million for 2013. The continuing operations, comprising our businesses in the Caribbean and in the USA, continued to perform well, recording net income of US $100.3 million for 2014, compared to US $79.6 million for 2013, an increase of US $20.7 million.

When compared to 2013, the lower premium income resulted from lower new annuity business written in our USA segment, together with the impact of the deterioration of the Jamaica dollar to the US dollar on translated premiums in US dollars in 2014. Net investment income closed the period at US $307.2 million, and was an improvement over the prior year amount, which stood at US $279.4 million. Fees and other revenue amounted to US $83.3 million, compared to US $103.1 million in 2013, and were impacted by the lower reinsurance commissions earned as a result of lower new annuity business

Net income from continuing operations attributable to shareholders was US $53.7 million, compared to the prior year result of US $39.1 million, an improvement of US $14.6 million.

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Businessuite - Special Monthly Edition written in the USA segment.

On June 27, 2014, the Group completed the acquisition of RBC Royal Bank’s Jamaica banking operations, and rebranded the business as Sagicor Bank. After determining the fair value of acquired assets and liabilities of the business, the Group recorded negative goodwill on acquisition of US $29.1 million. At the same time, the Jamaica segment incurred US $10.5 million in integration, restructuring and re-branding costs associated with the acquisition. These nonrecurring costs have been included in Administrative Expenses.

Total benefits incurred from continuing operations totaled US $542.2 million, and is a reduction from the comparative amount in 2013 of US $592.8 million. This reduction is the result of the lower annuity business written in the USA segment, together with the impact of the deterioration of the Jamaica dollar to the US dollar on the Jamaica segment.

Expenses (including agents’ and brokers’ commissions) closed the year at US $385.9 million, compared to US $348.1 million for the prior year. The increase of US $37.8 million included restructuring and rebranding costs, along with operating expenses now incurred within the banking division, following the acquisition of RBC Royal Bank’s Jamaica banking operations.

Total comprehensive income was significantly improved when compared to the prior year. Other comprehensive income showed a positive result of US $6.7 million, compared to a loss of US $54.6 million for 2013. Included in comprehensive income were net gains on financial assets of US $15.6 million and net gains on defined benefit plans of US $13.2 million. A decline in the Jamaica dollar against the US dollar contributed to currency retranslation losses of US $22.0 million. The Jamaica dollar depreciated against the US dollar by 7.8% during 2014, compared to 14% during 2013. With the continued improvement in the Jamaican economy, we expect the currency to stabilise against the US dollar and further depreciation to be lower than previous years.

The discontinued operation represents our UK business, which was sold on December 23, 2013. The terms of the sale required the Sagicor Group to retain an interest in the 2011, 2012 and 2013 underwriting years of account. Although actuarial reserves are established to cover best estimates of this liability, exposure to any fluctuations in experience continues until 2018.

During 2014, the discontinued business experienced a net loss of US $26.4 million, resulting from adverse movements in our claims provisioning for 2013 and prior years. As part of the 2014 review of the discontinued business, we have decided to explore the purchase of reinsurance to cover this residual exposure. This would effectively transfer any retained risk to the reinsurer, and would effectively close this discontinued operation at the end of 2014. Subsequent to yearend, management completed the negotiation of the reinsurance, at a cost of US $12.2 million.

The cost of this reinsurance will be accounted for during the 2015 financial year.

In the statement of financial position as at December 31, 2014, assets amounted to US $6.2 billion, an increase of US $0.9 billion over the amount of US $5.3 billion at December 2013. Similarly, liabilities closed at US $5.4 billion, compared to US $4.6 billion, an increase of US $0.8 billion.

The increase in assets and liabilities largely reflects the acquisition of RBC Royal Bank’s Jamaica banking operations. Sagicor’s Group equity totaled US $773.5 million (2013, US$725.2 million).

The Group’s debt, which is included in other liabilities, totaled US $298.9 million (2013, US $290.2 million). The resulting debt to equity ratio was 38.7% compared to 40.0% for the prior year. The Board has declared dividends of US 3.25 cents per preference share and US 2.0 cents per common share, payable on May 15. BM -----------------------------------------------------------------------------------

Stephen McNamara

Non-Executive Chairman Sagicor Financial Corporation

STEPHEN MCNAMARA was appointed Non-Executive Chairman on January 1, 2010, having formerly served as Vice-Chairman since June 2007. He has been an independent Director since December 2002, and is a citizen of St Lucia and Ireland. He is a British trained Attorney-at-law, and is the Senior Partner of McNamara & Company, Attorneys-at-Law of St Lucia. Mr. McNamara was elected to the Board of Sagicor Life Inc. in 1997. He is Chairman of the Group’s main operating subsidiary, Sagicor Life Inc., Sagicor USA, and Sagicor Finance Inc. He serves as a Director of Sagicor Group Jamaica Limited and a number of other subsidiaries within the Group.

69

Businessuite - Special Monthly Edition

#

1

70

Businessuite - Special Monthly Edition o RANKING

Businessuite #1 Caribbean Ranked Public Company

Massy Holdings Limited Company Profile:

Market/ Stock Exchange: Company:

Massy Holdings Limited

2015 Rank:

#1

2014 Rank:

#1

Chairman:

Mr. Robert Bermudez

President & CEO:

Mr. E. Gervase Warner

Massy Holdings Limited (the ‘Company’) was incorporated in the Republic of Trinidad and Tobago in 1923. The Company and its subsidiaries, (together, the Group) are engaged in trading, manufacturing, service industries and finance in Trinidad & Tobago and the wider Caribbean region.

The Group is organised into six main business segments: 1.

2.

3.

4.

5.

6.

Address:

Automotive and Industrial Equipment; Energy and Industrial Gases; Integrated Retail; Insurance; Information Technology and Communications (ITC) Other Investments

(868) 625-3426

Facsimile:

(868) 627-9061

Email:

nmh@neal-and-massy.com

Website:

www.neal-and-massy.com

Businessuite #1 Caribbean Ranked Public Company Massy Holdings Limited TT $'000

US $'000

%

$1,667,882

$10,703,801 600,099

$93,508

10,281,869

$1,602,136

4,383,520

$683,047

6,670,015,784

$1,039,331,804

5.61% 5.84% 13.69%

$0.89

$5.69

71

63 Park Street Port of Spain, Trinidad, West Indies

Telephone:

Key Financials

Company

Trinidad & Tobago

Businessuite - Special Monthly Edition o RANKING

Businessuite #1 Caribbean Ranked Public Company

What They Believe And Committed To Achieve in The Pursuit Of Opportunities Outside CARICOM. The following edited extract was taken from the company’s 2014 Annual Report to shareholders.

Financial Review Highlights • Group Third Party Revenue increased 14% from $9.4 billion to $10.7 billion.

• Profit Before Rebranding Costs and Tax increased by 8%, from $825 million in 2013 to $890 million in 2014.

• Profit After Tax (PAT) increased from $597 million to $600 million.

• Earnings Per Share (EPS) was 5.69, 2% above 2013.

• The cost to rebrand most of the Group companies was $58 million in 2014.

• Group Debt increased by $1.3 billion to $2.5 billion.

• Group cash was $1.6 billion, compared to $1.1 billion in 2013.

• Debt to Debt and Equity Ratio increased, from 25% in 2013 to 38% in 2014.

• The Group issued a $1.2 billion bond in July 2014.

• The Group invested $996 million in Capital expenditure in 2014 (2013: $620 million).

• Current ratio was 1.4 in 2013, compared to 1.8 in 2014.

Overview of Business Unit Performance Massy’s Business Units closed the year with strong operating results crossing $1 billion dollars in profit before rebranding costs in 2014, compared to $948 million in 2013. With the exception of our Other Investment portfolio, all other Business Units showed strong growth over 2013.

Notably, the contributions from the new acquisitions (primarily retail operations in St. Lucia) and the commendable performance in our Consumer Finance Line of Business, Energy & Industrial Gases and ITC Business Units resulted in the growth in 2014.

The Group also expanded our geographical reach in 2014, by investing in new territories, namely Colombia and Costa Rica, and by increasing our ownership in the retail business in St Lucia.

The regional economies continue to be weak as many governments are saddled with mounting debt. The commodity based economies of Trinidad and Tobago and Guyana both had strong trading environments. The Trinidad and Tobago operations contributed 53 percent to third party revenue and 61 percent to profit before head office and other adjustments, rebranding costs and tax compared to 60 percent in 2013. The new investments in territories of Colombia and Costa Rica contributed $123 million in revenue for 2014. In addition, our revenue and profit contribution from the Eastern Caribbean also increased by $737 million and $35 million respectively, with the investment in the retail business in St Lucia.

Overall in 2014, the Group reported 14 percent growth in Group revenue, with 9 percent growth ($69 million) in operating profit from our continuing subsidiaries, before rebranding costs.

Excluding rebranding costs, EPS increased by 10 percent to $6.14. With the rebranding costs of $58 million, EPS grew by 2 percent. BM -----------------------------------------------------------------------------------

Mr. Robert Bermudez Chairman

ROBERT BERMUDEZ is a Non-Executive Director. He was elected to the Board of Neal & Massy Holdings Limited, now Massy Holdings Ltd., in 1997 and has served on the Company’s Audit and Governance and Compensation Committees.

He is also the Chairman of the Board of Directors of the Bermudez Group of Companies and has led the growth of the Bermudez Group from a local, family-owned business, to a regional business throughout the Caribbean and Latin America. Mr. Bermudez has enjoyed a distinguished career in business and is associated with several other corporate bodies in Trinidad and Tobago and the Caribbean. The Board of Directors, in noting his excellent standing and relationships throughout the region, as well as the quality of the contributions he has made to the Board, appointed Mr. Bermudez as Chairman of the Board in July 18, 2014.

72

Businessuite - Special Monthly Edition

Strategic Choices employed by the Businessuite Top 10 Companies

H

“

ow can we as a company set ourselves a part from other companies that offer the same product? How can we differentiate and diversify yet maintain who we are and what we offer at the core of our entity?”

A Strategic analysis of the companies featured in this year’s Businessuite Magazine’s Top 100 companies has determined that this was the major focus of companies during the last financial year. It was determined that, based on the strategic choices implemented by each company ,the entities which included companies from Jamaica, Guyana, Trinidad and Tobago and Barbados, focused mainly on differentiation, cost leader and viewed diversification as their direction.

This analysis, though it focuses on the Top 10, considered that each of the entities featured in the Top 100 were subject to declining markets and harsh economic times during the year in review. It should also be noted that Growth in Revenue does not represent the only indicator to assess performance - Net profit after tax, both as value in size and as a percentage of gross revenue is also another good Key performance indicator of effective and efficient execution of strategy. Liquidity (cash reserves) is also a good example of good Application of Financial Strategy.

Where significant losses were seen, efforts were also made to determine if the Risk management strategies were effective.

Barbados Boasting three positions in the Top 10 (Sagicor Financial- 2, First Caribbean -6 and Goddard Enterprises -8), companies in the Barbados competed well despite what some chairmen describe as not so favorable economic conditions.

Based on the analysis of Sagicor Financial, it has been determined that through this subsidiary of Sagicor Group, the Diversification Strategy was adopted. Indication was also given that Sagicor Financial simulated the strategic choices made by the Sagicor Group by seeking to compete as a “Cost Leader” using a combination of Organic growth made possible from its core business which are effectively classified as Cash Cows in business analysis terms and timely Business Acquisitions to take strong hold of a formidable size share of the Financial Services and Insurance markets.

Meanwhile, the Competitive Strategic Choice applied by CIBC was determined to be mainly Differentiation by way of offering higher quality products in an expansion mode but with a keen eye on risks. This Strategy sees the provider of the product aiming to achieve much more customer satisfaction than the competitors achieve. This normally means raking up higher cost levels compared to other Strategic choices such as the “Cost leader Strategy “. These costs are normally covered by charging a bit more –Premium prices. This strategy requires effective and constantly monitored risk management actions, as higher prices may deliver higher Gross Revenue totals gained from a reduced client base. In harsh economic times, this strategy normally results in of losses as there will be a creeping effect of demand withdrawal. If Costs are cut to counter the demand withdrawal effect then this goes against the core objective of this Strategic Choice And it was determined that Goddard Enterprises chose both the Cost leader and Differentiation as their Business Strategic Choices and implemented these where relevant over its vast diversified business segments. Significant continued decline in the international markets particularly in Barbados where they have roots combined with some failed investments and ineffective Strategic Risk management practices saw them falling from position 6 in previous year to position 8 for 2015.

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Jamaica Featured as numbers 4, 7, 9 and 10 (Grace Kennedy, NCB, Scotia Group and Sagicor Group respectively), Jamaican companies continue to improve and compete against harsh economic currents and the continued devaluation of the Jamaican dollar.

Grace Kennedy, like the Massy Group focused its attention on a combination of Cost Leader and Differentiation with the aim to make significant investments towards the achievement of the Company’s strategic objectives. The company remained focused on strengthening its local brand and increasing its international presence, specifically in Western Africa, Continental Europe and on both the East and West Coasts of North America. There was also an attempt by the company to improve capital management and contain costs.

Meanwhile, the strategy employed by NCB was mainly differentiation, delivered through diversification into related markets such as Financial Services & Insurances. They held the number 7 position firm as their strategic actions incorporated reactions to and adoptions of positive changes to their operations based on technological impact and current international market trends which are aimed at increasing efficiencies. Effective Strategic implementation and objectives met resulted in them doing fairly good at the bottom line.

Similarly, the Strategic Choice implemented by Scotia Group was a combination of Differentiation and Cost leader. They continued to show why they are different in delivering on their core service to customers while recognizing the difficulties the market and the effect this had on its customers. This was done despite competitors making aggressive moves to capture market share. The external environment, particularly government policy changes resulted in increased taxes affecting the group’s earnings per share. To achieve Effectiveness and Efficiencies in this local market, this group focused on Short term Strategic issues protecting its market share from new entries and growth of existing competitors And as stated before, the strategy employed by Sagicor Group was mirrored by Sagicor Financial with specific emphasis placed on adopting the strategy for the Barbadian Market. This is the decision to compete as a “Cost leader “in the current Financial and Insurance Markets. Its current show of strength and success is from applying the “Niche Market “strategic choice in its earlier years –Locking in large customer bases in several developed and underdeveloped countries – in almost monopolistic ways as providers of Affordable Health and other lucrative Insurance related products and to date still does. They stand apart as serious contenders for continued success as they have demonstrated the application of their strategies with momentum that is effectively controlled

Trinidad and Tobago At the top of the Top 10 ranking, Trinidad (through the Massy Group) continues to prove that despite a harsh economic climate, it knows how to do business. With Massy (1), Ansa (3) and the Republic Bank Group (5), Trinidad is making its stance as a force to be reckoned with.

The strategic choices applied by the Massy group focused on a combination of Cost leader and Differentiation. These were then applied through “Diversification” and “where to compete“, as main Strategic directions. Massy Group competed in Foreign and Domestic markets that host sustained repeat customers and with room for expansion. It is believed that the group capitalized on this to ensure growth by way of core business expansion and acquisition of businesses. It is further noted that the markets they chose to compete in require substantial capital outlay to be effective and this acted as an effective barrier to entry for new players. Also in these markets, to achieve worthwhile economic rewards , effectiveness and efficiency are achieved from operating at large economies of scales thus both customers and suppliers would have been most likely locked in. This group held the number 1 position 2013 and 2014, demonstrating their effectiveness at pulling together relevant resources for “Go” projects in time and mastering implementation to monitoring them against short and longer term objectives.

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Meanwhile, Ansa applied the Strategic choice of mainly Differentiation with Strategic direction of Diversification and was effective at these in spite of the vast differences in the eight business markets it operated in. It saw reduced performances in some segments and geographical sectors but managed to counter these by doing better in the other business segments to secure bottom line worthwhile returns on capital employed..

Use of the benefit of its performance saw them increasing Asset base while maintaining good liquidity, securing its claim as a solid going concern with substantial market share.

And Republic Bank, like NCB and Scotia Group employed a combination of Differentiation and Cost Leader. This was seen through efforts by the company to compensate for harsh economic conditions facing some of its operations. The company saw improvements in Trinidad and Tobago, Guyana and Grenada, however, the Barbados market declined after accounting for oneoff adjustments.

The Publishers Businessuite News Centre (BNC)

businessuitemagzine@gmail.com

Reading the signs early and correctly from the external business environment as well as reacting and adapting swiftly to changes are vital skills needed for Strategic Management. If investments are spread over too many unrelated markets when effective cost management decisions will become most critical and this can prove too difficult a task to achieve when increased growth and Profit are the objectives . Good Corporate Governance Practices are necessary in Strategic focus to have embedded Sound and effective Internal Control practices which are key in operation to guard against risk such as significant Strategic and operational risk materializing eg -frauds impacting the bottom line Profits .

We are a Caribbean B2B Branding and Creative Agency “Striking business decision-makers at a more personal and memorable level.� www.amkcomm.com

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CEO GAME PLAN 2015

A Vision And Strategy Of Becoming A Global Consumer Group

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n line with our Vision and Strategy of becoming a Global Consumer Group, these will be the areas of primary focus for the GraceKennedy Group:

• We will reinvest in the Jamaican market to ensure that our existing products continue to provide high quality and value to our consumers. We will introduce new products and relaunch some of the well-loved brands as we seek to reengage our consumers and serve them even better.

• We will continue the expansion of our Foods business across the United Kingdom, Europe and Africa. In the United States, we will integrate our traditional Foods business with our new acquisition La Fe, and seek to provide our new and existing consumers with a more diverse food experience. In Canada, we will deepen our expansion to Western Canada and support our existing brand positioning.

• We will continue to innovate in our Financial Services businesses, introducing new products and services. We will also provide more convenient channels to meet the needs of our customers.

We will deepen our customer relationships and provide valueadded services to them.

• We will utilise technology as an enabler to our strategy and will use data analytics to deepen consumer and market insights.

• We will optimize the structure of the Group, ensuring improved efficiency levels, greater productivity and appropriate allocation of capital to attain the targeted return to shareholders.

2014 was a historic year for GraceKennedy, and one which will play a significant role in the achievement of our Vision and our goals. As a result of the strategic initiatives undertaken, we are well poised for further growth in 2015. We are confident that the investments made in 2014 will bear fruit, and look forward to continuing to execute on our strategies in 2015.

Donald G. Wehby

Group Chief Executive Officer: GraceKennedy Limited - Jamaica

While we anticipate challenges, we will continue to approach them as opportunities. We remain committed to our staff, our consumers and customers, shareholders and communities, and look forward to working with all our stakeholders to realize our Vision of being a Global Consumer Group while reaffirming our commitment to the Jamaican market, which we deem our fortress..” BM

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CEO GAME PLAN 2015

Becoming One Of The Top Five Financial Services Institutions In The English And Spanish Speaking Caribbean

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ur strategic plan continues to be the focus of our endeavours. Not only have we put customers as paramount but we ensure all our initiatives are geared towards becoming one of the top five financial services institutions in the English and Spanish speaking Caribbean.

We will continue to grow our operating income organically and through strategic inorganic growth if opportunities arise. We will also continue our focus on efficiency which will translate to reduced operating costs as well as improved service offerings to our customers. Prudent risk management practices as well as careful management of spreads and liquidity will continue through the 2015 financial year. Our business initiatives will continue to focus on service quality and effectiveness, technological enhancements, lean operating principles, human resource development and organizational health.

These initiatives will be core to our transformation agenda which will keep us concentrated on achieving our vision and strategic objectives.

We launched our ‘Bank on the Go’ self-service facilities which are aimed at improving customer experience and operational efficiency. This channel has 24-hour accessibility in some locations and offers customers a cost-effective and efficient medium through which to conduct business.

Patrick A. Hylton, CD

Group Managing Director National Commercial Bank Jamaica

Initiatives of this nature, which aid in reducing costs to the customers and improving service quality, will continue. In addition to delivering superior products and services, we also look to offer attractive, innovative solutions to meet customers’ financial needs. Our investment in our human capital and our commitment to nation building through community, sports and youth development are ongoing and will continue.

Our business initiatives will continue to focus on service quality and effectiveness,...

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o The 2015 Regional Outlook

CEO GAME PLAN 2015

Maintain Emphasis On The Delivery Of Quality Products And Services By Our Team Of Professionals

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he ongoing efforts by the GOJ to stabilize the country’s finances will require adherence to tight fiscal policies in order to meet the main anchor of the IMF programme: the 7.5% primary surplus target. The actions that have been taken so far have stabilized the economy, and there have been signs of growth and projections for future growth, with the macroeconomic trends being viewed more favourably by the business community.

We expect commercial and small business customers to continue improving their efficiency and seeking financing to grow their businesses, and we will leverage our international network to provide tangible solutions to these entrepreneurs.

The choice of a financial partner will be driven by the ability of financial institutions to meet the specific needs of their clients; particularly for local businesses who want to broaden their global footprint.

As the competition intensifies and credit conditions remain challenging, we will continue to cross-sell to our customers across the Group, and enhance the efficiency of our retail branch network to deliver services using our alternate channel platform.

The improvements in the legislative framework under the IMF programme have resulted in the passage of several new bills that will have an impact on the financial sector. These include the Banking Services Act, the Security Interest in Personal Property Act, Insolvency Act, and the Securities Amendment Act, while Repurchase Agreement legislation is expected shortly. As a Group we monitor all pending legislative changes impacting our business, provide input to legislation and ensure that our strategies and business plans reflect these changes in the market.

Mrs. Jacqueline Sharp

President and Chief Executive Officer Scotia Group Jamaica Limited

Scotia Group is well positioned to support the growth and stability of our economy and capitalize on the opportunities that will be created. In the year ahead, we will maintain our emphasis on the delivery of quality products and services by our team of professionals as we continue our quest to help customers achieve their financial goals.

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CEO GAME PLAN 2015 Exploit Our Advantages And Opportunities While Managing Risks And Exposures.

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trategic thinking, strategic planning, financial modelling, performance measurement and performance-driven compensation are central to how we manage our business.

The overarching vision and objectives are first set at the Group level.

In support of the Group vision and objectives, each business unit and operating department conduct detailed SWOT analyses, determine specific objectives and identify strategies in alignment with the Group vision. These detailed plans are used to build the Group strategic plan with supporting budgets for a three-year planning horizon. Our Board of Directors approves the strategic plans and budgets in December.

Amidst the local and global economic challenges, we at Sagicor will continue to exploit our advantages and opportunities while managing risks and exposures.

The key strategies which we will be pursuing in 2015 are: • We must safeguard our reputation for excellent customer service, making it a competitive advantage in the marketplace.

• Write even higher levels of new business and manage conservation • Produce superior returns on investments and keep Sigma Funds as #1 • Continued focus on building the efficiency of the business by streamlining, simplifying and automating • Complete the build-out of our upgraded technology architecture, especially in the areas of banking and employee benefits Richard O. Byles B.Sc., M.Sc. President & CEO: Sagicor Group Jamaica Limited

o The 2015 Regional Outlook

• Get the full energy and commitment of the team by continuously engaging and motivating • Protecting our brand and improving our corporate social responsibility.

CEO GAME PLAN 2015 The Group’s 4 Strategic Priorities-2015 Customer – improve reliability in all of our operations and enable the integration of more renewables onto our grids to help stabilize electricity prices.

Fuel To Assets – invest in ways to make electricity generation cleaner and in getting that energy to market. This includes further development of the renewable energy portfolio through investments in solar photovoltaic and geothermal energy.

Intelligent Grid Systems – develop smart grid infrastructures to support clean energy generation, which includes a pilot Advanced Metering Infrastructure (AMI) in Barbados.n Regulatory – prepare for DOMLEC’s rate review with the IRC in Dominica and submission by BLPC of various filings to the FTC in Barbados.

Peter Williams

CEO Emera (Caribbean) Incorporated (EC)

Shared Services - leverage the expertise that exists across the regional utilities to the benefit of customers, employees and shareholders.

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CEO GAME PLAN 2015 Add Convenience And Value To The Communities We Serve.

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s the only full service telecommunications provider in Barbados, our priority remains focused on maintaining profitability through the provision of cutting-edge communications, entertainment and information products that add convenience and value to the communities we serve.

Despite the challenging climate in which we operate, we remain committed to driving fiscal growth through continued mobile leadership, the enhancement of our landline product, the continued deployment of fibre and growth of LIME TV, which offers crystal clear high definition (HD) picture quality over LIME’s comprehensive broadband network. LIME will also continue to pursue the widening of its presence in both the corporate and Government sectors.

However, as 2014 unfolds, an ethos of exceptional customer service must continue to guide us in our strategy for fiscal growth.

Sir Allan Fields, KCMG Chairman

This philosophy should manifest itself through value-added services, offering superior networks and coverage, coupled with an unparalleled customer experience.

The Click philosophy……“Creating compelling conversations and experiences between Brands and consumers and helping clients shift from interruptive messages to immersive experiences.” www.blackslatehldings.com

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2015 REGIONAL OUTLOOK Growth Must Be More Inclusive And Sustainable, Not Just Faster And Critically Must Create Jobs

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xpansions are currently being projected for all 19 BMCs, with most set to once again grow by between 1 and 3%. Regional heavy-weight Trinidad and Tobago is expected to be in that range, albeit at the lower end, as unscheduled maintenance activities that have been disrupting petroleum production over the past few years are expected come to an end.

Also, notwithstanding current projections of continued declines in key commodity prices, growth in output of export commodities should be supported by large-scale investments in gold in Guyana and Suriname, as well as marketing arrangements already established by regional producers for bauxite, alumina and key agricultural products. More rapid growth rates of between 3.5 and 4.5% are therefore being projected for Guyana, Haiti and Suriname.

Similarly high rates of growth are also expected in Antigua and Barbuda and St. Kitts and Nevis, as the recovery in regional tourism is expected to strengthen further. By the same token, Barbados, BVI, St. Lucia and St. Vincent and the Grenadines are all expected to show improvement relative to their weak performances in 2014.

The Caribbean Tourism Organization’s expectations of continued recovery are mainly being driven by forecasts for rising source market incomes and lower fuel costs. Stay-over arrivals should also be supported by negotiated airlift increases to several regional destinations, along with additional room stock and enhanced marketing associated with current investments by major hotel brands. This would more than compensate for the impact of the planned repositioning of cruise ships back to the Mediterranean in 2015.

Some of the downside risks identified in the global outlook, together with more localised risks, have significant implications for the Region’s prospects, although there are some opportunities as well. In tourism, again, destinations that are highly dependent on the UK market may see some fallout from any fiscal tightening there. A similar risk exists in relation to the possibility of further Euro area weakening. Notably, European visitors account for around 14% of stay-over arrivals.

For regional commodity exporters, a major concern would be if commodity prices were to once again decline more sharply than anticipated by the market, which would curtail mining and quarrying output as in 2014.

At the same time, further reductions in oil prices could threaten the sustainability of the PetroCaribe arrangement, under which many BMCs finance petroleum imports on extremely concessional terms, representing a tail-end risk to fiscal and debt sustainability.

In addition, from both the growth and fiscal perspectives, the outlook is subject to the perennial risks of natural disasters and other weather-related challenges, which over the years have randomly and devastatingly reversed BMCs’ economic fortunes.

Conversely, some of these risks also exhibit upside potential if the opposite were to occur – if commodity prices were to stage a recovery, or the EU and/or UK were to grow faster than projected, for example.

Also, a reduction in commodity prices would assist in lowering fuel and energy costs, further tamping down inflationary pressures. It would also present the opportunity for regional governments to reduce expenditure on fuel subsidies where applicable.

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Overall, therefore, CDB is cautiously optimistic about the outlook for the Region in 2015, while taking a longer-term view on the policy priorities. The Bank anticipates further strengthening of the regional recovery in 2015, which would allow for a continuation of the reduction in unemployment that started to take hold in 2014. Nevertheless, lingering development challenges continue to dampen medium and long-run prospects in most BMCs. Infrastructure needs are acute; unemployment, particularly among the youth, remains unacceptably high; poverty is still too widespread and crime and violence too prevalent.

Meanwhile, natural hazards and climate change impacts, as well as overreliance on hydrocarbonbased energy sources, continue to compound these issues.

Sustained poverty reduction and improved standards of living will require much higher rates of economic growth than 2 or even 3% going forward.

Growth will also have to be more inclusive and sustainable, not just faster - and, critically, it must create jobs.BM Source: CDB 2014 Caribbean Economic Review & Outlook for 2015

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2015 REGIONAL OUTLOOK The Path To Sustained Growth During 2015 Will Continue To Be Challenging

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otwithstanding the positive movement in output in Barbados during 2014, the performance of the other leading economic indicators suggests that the path to sustained growth during 2015 will continue to be challenging. The high fiscal deficit (12.3% of GDP) and government debt levels (100% of GDP) will have to be contained if confidence is to return to the economy following the series of downgrades of the Country’s sovereign creditworthiness, the most recent being by Standard and Poor’s (S&P) to ‘B’ with a negative outlook in December 2014. The ability of the economy to grow at around 2% as predicated by the Central Bank will depend heavily on the anticipated upturn in tourism and construction-related activity.

Continued growth is expected for the Dominican economy within the foreseeable future. Both the Eastern Caribbean Central Bank and the IMF expects GDP growth of 1.8% for Dominica in 2015.

Sarah MacDonald

Executive Chairman Emera (Caribbean) Incorporated (EC)

The outlook for the St. Lucian economy is also positive despite the contraction experienced in 2014 and 2013. The Eastern Caribbean Central Bank is expecting growth of 1.1% in 2015 while the IMF’s projection is slightly higher at 1.4%.

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The best way to research and stay ahead of financial markets in the Caribbean. http://moneymax101.com 85

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