11072017%20business

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TUESDAY, NOVEMBER 7, 2017

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Auto dealers: ‘God help us’ if 30% fall persists

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

N

ew car dealers yesterday expressed “grave concern” over the 31.17 per cent third quarter sales decline, warning: “God helps us if this trend continues into 2018.”

Fred Albury, the Bahamas Motor Dealers Association’s (BMDA) president, told Tribune Business it was “not a pretty picture” in the industry, with the recent Car Show - normally a sales booster - proving “quite depressing”.

And he made a call, likely to be controversial in some quarters, for the Government to further tighten regulations on used car imports, expressing concern that the Bahamas could become a “dumping ground” for aged vehicles that ultimately become an environmental and health hazard.

Mr Albury likened autos more than 10 years-old to “flat screen TVs and microwaves”, suggesting that they were just as easily discarded when they broke

* BMDA chief: Car Show ‘quite depressing’ * ‘Grave concern’ if Q3 trends persist * Bahamas ‘dumping ground’ fears down, and added that the Government was missing out on a significant revenue raising opportunity.

“There’s a tremendous concern,” he told Tribune Business of the near onethird drop in new car sales for the three months to end-September 30. “Sales are down considerably.

“We’re not sure if this is because of the hurricane situation [Irma and Maria], and people got scared and tightened up. But it is of grave concern going forward.

“If this trend continues, God help us in 2018. We’ll see the demise of some of these dealers. Either we’re going to fade away or become a used car dealer like everyone else, bring in cars under my personal name, sell them on the side of the road and not pay any taxes.”

Mr Albury’s latter comment was made partially ‘tongue in cheek’, but

there was little disguising the concerns over the new auto industry’s continuing inability to rebound from the 2008-2009 recession almost a decade later.

The 31.17 per cent third quarter sales decline wiped out the 6.7 per cent increase enjoyed in the 2017 first half, pushing year-to-date sales for the first nine months down by 7.42 per cent compared to 2016 figures.

Mr Albury said BMDA members had been anticipating a recovery every year for the past four-five years, but none had yet materialised.

“I’m keeping my fingers crossed that was due to the hurricanes out there,” he said of the third quarter plunge. “It’s not a pretty picture out there; not a pretty picture at all.

“We had the Car Show a couple of weeks ago, and there was a lot of window shopping, but very few

[sales] materialised up there. We’re still following up on it, and there is some activity; people came in and looked, got invoices, spoke to the banks and have to follow up on documents.

“But it’s nowhere where it was a few years ago,” Mr Albury continued. “It was quite depressing up there to see an industry that I’ve helped to build for all these years, and the business, to see it slipping away.

“There’s not much you can do about it. We’ll have to see what 2018 brings around for us, but I don’t think it’s going to be much better than 2017. I think everyone is just in the mode of trying to keep their doors open and heads above water.”

The BMDA president expressed scepticism over whether Baha Mar’s full opening in 2018, and

SEE PAGE 5

CRUISE ships at Prince George Wharf in New Providence.

Top cruise port operator eyes Nassau takeover

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE world’s largest cruise port operator is in talks with the Government to take over management and operations at downtown Nassau’s Prince George Wharf.

The approach by UKbased Global Ports Holding was confirmed by its potential joint venture partner, BISX-listed Arawak Port Development Company (APD), in its 2017 annual report.

APD, the Nassau Container Port’s (NCP) operator, said the two companies planned to add “additional berths and facilities” to the Bahamas’

* GLOBAL PORTS HOLDING IN PRINCE GEORGE WHARF TALKS * IN JOINT VENTURE WITH BISX-LISTED APD * ARAWAK PORT TARGETS LNG, 15-ACRE BUY busiest cruise port if the Minnis administration gave their project the go-ahead.

Work will begin in the 2018 first half if all approvals are received, with APD confirming it had decided to “pursue the partnership” with a company that generated almost $115 million in full-year revenues for 2016.

SEE PAGE 4

ARAWAK PORT PREDICTS GB POWER BUY-OUT’S THREAT NEAR-$3M PROFIT FALL TO ‘PREFERENTIAL TAX BENEFITS’

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net ARAWAK Port Development Company (APD) was 11 per cent ahead of profit projections for its 2018 first quarter, despite forecasting a near-$3 million decline for the full-year.

The BISX-listed Nassau Container Port (NCP) operator revealed in its annual report that it continues to outperform its internal budget, with revenues, margins and container throughput volumes also ahead of expectations for the three months to end-September 2017.

“Our net income is currently 11 per cent or $211,600 over budget as at September 30, 2017, and

* BUT NET INCOME 11% AHEAD FOR Q1 * CARGO, MARGINS AND REVENUE BEAT FORECAST * 2017 PROFITS EXCEEDED TARGET BY 127% we continue to see a steady import of used vehicles from Asia and storagerelated income,” APD told shareholders in its newlyreleased report.

“NCP’s TEU (twentyfoot equivalent unit) volumes as at September 30, 2017, are tracking 1 per cent over budget. Total revenue as at September 30, 2017, is tracking about 2 per cent over budget.”

APD has adopted conservative financial forecasts following a record-setting 157 per cent profit increase in its 2017 financial year, which was aided by the one-off recovery of almost $1.1 million

in Baha Mar-related storage fees and rent through the project’s construction resumption.

Cargo volumes were also boosted by construction imports related to Hurricane Joaquin and Matthew rebuilding efforts, and bulk vehicle imports that came through the Arawak Caybased port.

APD is projecting a 26.4 per cent year-over-year profit decline for the 12 months to end-June 2018, with revenues falling 2 per cent in comparison to 20178’s $32.551 million.

“For the 2018 fiscal year,

SEE PAGE 6

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE $35 million GB Power buy-out was yesterday branded “financially catastrophic” for Bahamian investors, an outspoken QC arguing they will will “lose their preferential tax position”.

Fred Smith QC, the Callenders & Co attorney and partner, told Tribune Business that minority ICD Utilities shareholders who decided to exchange their shares - in whole or in part - for Emera Depository Receipts (DRs) would relinquish the ‘no tax benefits’ provided by Freeport’s Hawksbill Creek Agreement (HCA).

Pointing out that DR holders would be exposed

* QC: INVESTORS WILL LOSE FREEPORT BENEFITS * STILL DRAFTING JUDICIAL REVIEW CHALLENGE

FRED SMITH to the 25 per cent Canadian withholding tax on any dividends, and currency fluctuations against the US dollar, he again urged Emera to offer ICD Utilities shareholders shares in GB Power itself.

This would require the 19.6 per cent Bahamian minority to receive one GB Power share for every two ICD Utilities shares, but Archibald Collins, the latter’s chief executive, said this option was “never considered” amid Emera’s determination to streamline the utility’s ownership structure into a single shareholder.

Mr Smith, though, argued that Bahamian shareholders opting for DRs, in addition to facing taxation/currency risks, will also lose the current advantages provided

by GB Power not having

SEE PAGE 3

‘PUT OUR HOUSE IN ORDER’ BEFORE WTO

By NATARIO MCKENZIE Tribune Business Reporter nmckenzie@tribunemedia.net

* NATION MUST REMOVE ‘HANDCUFFS’ ON BUSINESS * REFORMER CITES HIGH INTEREST, EXCHANGE CONTROL * OTHERWISE LOCAL FIRMS AT ‘TOTAL DISADVANTAGE’

THE Government was yesterday urged to “put our house in order first” and remove the competitive disadvantages facing Bahamian businesses prior to joining the World Trade Organisation (WTO).

Robert Myers, a principal with the Organisation for Responsible Governance (ORG, told Tribune Business that the Bahamas would “not be ready” to accede to full WTO membership unless the Government enabled local businesses to compete on a ‘level playing field’ with foreign rivals.

He identified the relatively high cost of capital (interest rates) for Bahamian businesses, and exchange control restrictions, as key obstacles

that needed to be relaxed before this nation opened its markets and industries to foreign companies.

“We’re not ready for it until such time that government can remove the competitive hurdles out of the way of Bahamian businesses ahead of that accession, otherwise you are going to put Bahamian businesses and services at a complete disadvantage to foreign ones,” Mr Myers told Tribune Business.

“Due to the restrictive nature of our banking, our debt is regionally higher; exchange control prohibits us from being able to function effectively or efficiently in other nations; and you are essentially making it easier for foreigners to have

foreign accounts than locals to have foreign accounts and operate in local jurisdictions.

The banking interest rates, complexity and exchange control are two huge hurdles.”

Mr Myers was speaking after Tribune Business revealed that the Minnis Cabinet has approved an “aggressive” push for the Bahamas to become a full WTO member by 2019.

Brent Symonette, minister with responsibility for trade and industry, confirmed to Tribune Business that the WTO process was among the Minnis administration’s priorities as it seeks to re-position the Bahamian economy for growth via liberalisation and deregulation.

Mr Myers, meanwhile, said, is the Bahamas’ ease and cost of doing business was another obstacle to the ability of its economy, and companies, to compete in a rules-based trading environment.

“You have to be very careful that you put your house is order before you allow others to come into the Bahamas and compete,” he told Tribune Business. “It is the movement of goods and services.

It is important for us to be in an advantageous position. To do so otherwise is just going to jeopardise Bahamians and their ability to compete.

“I think that there is a tremendous amount of opportunity for Bahamians to go out and compete.

There is a tremendous opportunity for Bahamians to go out and expand their

SEE PAGE 3

THE TRIBUNE

Tuesday, November 7, 2017, PAGE 3

GB Power buy-out’s threat to ‘preferential tax benefits’ FROM PAGE 1 to pay real property taxes or Business License fees due to the HCA. Such advantages, he argued, will be diluted when GB Power is absorbed into Emera’s wider corporate structure, as both he and other opponents made a last ditch bid to rally Bahamian shareholder sentiment against the buy-out ahead of tomorrow night’s meeting and vote.

“GB Power is an extremely profitable company,” Mr Smith told Tribune Business, “but when it merges into Emera it will lose its preferential tax position within the Bahamas’ jurisdiction. It’s lost or diluted by merging its accounts into the parent structure. “This is where the minority Bahamian shareholders in ICD Utilities are being dramatically affected. When you factor in the 25 per cent withholding tax, the averaging out of GB Power’s profits into the overall corporate structure

of Emera and the challenges faced by Canadian dollar currency fluctuations, this is a financially catastrophic deal for Bahamian investors in ICD Utilities.”

He added: “In addition to that, Emera doesn’t pay tax locally. It doesn’t pay real property tax, it doesn’t pay Business License fees on its gross turnover like companies in Nassau.

“Because of its jurisdiction within the Bahamas, GB Power does not pay any Canadian or provincial taxes. When all these factors are taken into account - at the Bahamas jurisdiction, Freeport and Hawksbill Creek Agreement level - it is a very profitable and valuable company.

“That is where the mischief is for Bahamian shareholders. They’re being deprived of all the benefits of investing in a company which, even within the Bahamas, enjoys preferential tax benefits that will be completely lost if Bahamians only own DRs.” The buy-out offer requires approval by a

NOTICE

NOTICE is hereby given that JIMMY BELFORT of Marsh Harbour, Abaco, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 31st day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

PUBLIC NOTICE CHANGE OF NAME BY DEED POLL The public is hereby advised that I, Bruce Eugene Brown, of Boston Massachusetts USA, formally of Nassau Bahamas, have changed my name to Eugene Carlos Ruiz through the courts of Massachusetts USA. If there are any comments on the name change, you may write to the chief passport officer, P.O. Box N-742, Nassau, The Bahamas, no later than thirty (30) days after the date of the publication of this notice

majority of non-Emera shareholders at ICD Utilities’ annual and special meeting tomorrow night, but could potentially end Bahamian ownership in GB Power if all accept the $8.85 per share cash payout option.

That price is a 26 per cent premium to the current BISX trading price, and 33 per cent higher than the 24-month volume weighted average price, with KPMG Advisory Services having advised ICD Utilities’ independent directors that the offer is fair.

However, Mr Smith and others believe the offer is under-valued, with some alleging that Emera, as GB Power and ICD Utilities’ majority shareholder, has “suppressed” dividend payments to keep the share price low.

They are arguing that the Canadian utility is seeking to acquire 100 per cent ownership “on the cheap”, with GB Power’s value set to increase as Grand Bahama’s economy recovers and debt taken on to build the new generation plant is paid down.

Tribune Business has even seen social media claims that the shares

should be valued as high as $15.50.

Mr Collins previously questioned the “metric” used to arrive at such valuations, pointing out that ICD Utilities had never been above $8 since Emera paid $8.20 per share to acquire Lady Henrietta St George’s 50 per cent interest in 2008.

However, Mr Smith retorted: “When properly valued and dividends are declared, GB Power is a very profitable piece of the Emera puzzle.

“I can understand wanting to streamline the ownership and the rest of it, but the streamlining is at the expense of Bahamians who bought into the GB Power construct 23 years ago. Therein lies the mischief for Bahamians.”

With GB Power having “weathered the storm” produced by Hurricane Matthew, and achieved generation and rate stability, Mr Smith said the energy monopoly was “poised to dramatically increase in value and be paying a regular quarterly dividend as it used to do”.

Mr Smith, who is still drafting a Judicial Review challenge to the Emera

‘PUT OUR HOUSE IN ORDER’ BEFORE WTO FROM PAGE 1 portfolios in the Caribbean, but not when we are handcuffed by our own government.”

Mr Symonette told Tribune Business that becoming a full WTO member was part of the Government’s strategy to overhaul the Bahamas’ current economic model, and open up new GDP growth possibilities

by attracting new industries and businesses to domicile in this nation.

buy-out that he hopes to file this week, added that the late Edward St George had promised ICD Utilities shareholders in a November 15, 1996, letter that they

would receive a quarterly dividend.

He argued that this represented “a contract” with investors that is now in danger of being lost.

DIVIDEND NOTICE TO ALL SHAREHOLDERS

The Board of Directors of Bahamas Waste Limited has declared a Dividend for Ordinary Shares, to all shareholders of record as November 15th, 2017 of $0.14 cents per share

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The Bank will consider all EOI responses received and formal tenders will be invited from companies that will be required to complete a Request for Proposal (RFP), which will be available on Monday, 6 November 2017.

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Interested local companies wishing to be considered for inclusion in the Request For Proposal process should submit their EOI in a sealed envelope addressed to: The Central Bank of The Bahamas Administration Department Attention: Mr. Ian B. Scott Fernander, Manager Email: IBFernander@centralbankbahamas.com Frederick & Market Streets Nassau, The Bahamas Tel: (242)-302-9801, Fax: (242)-356-4324 By 5:00 P.M. on 10 November 2017 PROPOSALS WILL NOT BE ACCEPTED AFTER THIS DATE AND TIME

PAGE 4, Tuesday, November 7, 2017

CRUISE PORT OPERATOR FROM PAGE 1 Dionisio D’Aguilar, minister of tourism, confirmed to Tribune Business that the Government was talking to the Global Ports Holding joint venture, but indicated that a deal was some way off.

“They’re still very much in the preliminary stage,” Mr D’Aguilar said briefly from London, when contacted by Tribune Business about the status of negotiations.

APD, though, was not shy in letting its shareholders know about the potential benefits should the joint venture succeed in its ambition to take over Prince George Wharf’s management.

“In response to the Government’s interest in improving the operational and financial performance of Prince George Wharf, APD is exploring the possibility of a joint venture with Global Port Holdings, the largest global cruise port operator in business today,” the Arawak Cay port’s operator revealed.

“The partnership contemplates enhancing Prince George Wharf’s cruise wharf to include additional berths and facilities. If approved by the Government of the Bahamas, the project would commence during the first half of 2018.”

APD’s just-released annual report disclosed that Global Port Holdings approached it to joint venture because it wanted to have a Bahamian partner. It indicated that the UK-domiciled port operator made the initial approach “for the management and operation of Prince George Dock” to the Government by itself.

“This company is considered the world’s largest cruise port operator with a portfolio that includes 14 ports in eight countries, serving cruise liners, ferries, yachts and mega yachts,” APD said of Global Port Holdings.

“Additionally, Global Port Holdings has connections with all the major cruise lines - Carnival,

Royal Caribbean, MSC Cruises and so on. Desiring to have a Bahamian partner, they have approached APD to partner in the venture precisely because of the company’s awarded and widely-recognised excellence in the maritime industry and publicly-headed leadership.”

Michael Maura, APD’s chief executive, revealed to Tribune Business last week that the company had “expressed interest” in Prince George Wharf’s redevelopment as part of a strategy to diversify income streams away from sole reliance on cargo operations.

But the tie-up with Global Port Holdings, which operates the cruise ports in Singapore, Barcelona, Lisbon and Venice, was never disclosed until APD’s annual report was released.

Explaining APD’s rationale, Mr Maura told Tribune Business last week: “The Ministry of Tourism and the Ministry of Transport have expressed a desire to make improvements to Prince George Wharf,” he told this newspaper. “APD has expressed its interest in this project and await project details.

“By diversifying APD’s business, and expanding APD operations and services to the cruise industry, this would serve to reduce the impact on financial performance resulting from the occasional decline in cargo imports.

“The addition of a new revenue stream to APD also serves to distribute APD’s cost of operations across both cargo and cruise, which potentially reduces the tariff on groceries and other core imports. This serves to lower the landed cost of goods in New Providence.”

Mr D’Aguilar and the Government are especially eager to upgrade the downtown Nassau tourism product, with Prince George Wharf representing one of the main projects, given that it is the cruise industry equivalent of Lynden Pindling International Airport (LPIA) - the main gateway to the Bahamas.

The Minnis administration has also demonstrated an enthusiasm to privatise and outsource functions that can be better performed by the private sector, in a

THE TRIBUNE bid to reduce the Government’s $430 million annual subsidies to state-owned enterprises (SOEs), and Prince George Wharf is an asset that fits into this strategy.

Global Ports Holdings’ port assets are concentrated in the Mediterranean, apart from Singapore, and taking over Nassau’s cruise port operations would represent its entrance into the Caribbean market - opening up the possibility to expand its reach throughout the region.

Nassau’s cruise port, though, would likely be the most lucrative target given that some 3.521 million passengers called upon it in 2016 - a number far higher than rival Caribbean ports.

For the year to August 2017, some 2.469 million cruise passengers arrived in Nassau, a 4 per cent increase upon the prior year’s 2.373 million.

But, given that APD is 40 per cent owned by the Government, the latter is effectively ‘negotiating with itself’ on the proposal by the Global Port Holdings joint venture and other initiatives planned for the Arawak Cay port.

APD, meanwhile, said it was also exploring the possibility of establishing a liquefied natural gas (LNG) bunkering and distribution facility at its Arawak Cay site as Bahamas Power & Light’s (BPL) fuel supply needs - and the demand for cleaner energy - evolved.

The BISX-listed port operator said initial projections suggested that such an LNG facility would boost its annual income by more than $650,000, and generate extra import volumes equal to 4,000 twenty-foot equivalent units (TEUs).

It added that 20 jobs would be created, with the extra income - as with the cruise ship venture - potentially diversifying revenue streams and eliminating the need to raise cargo tariffs, aiding Bahamian consumers when it came to retail prices.

“With the indication that the country was ready to move to LNG for electricity generation, and subject to the agreement by Bahamas Power & Light, the decision was made to advance discussions for an LNG facility at

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Nassau Container Port to distribute to the BPL Blue Hill generating plant via pipeline,” APD’s annual report said.

“In comparing the merits of traditional container cargo with LNG throughput, this thrust made good sense for several reasons.

Establishing the LNG component is projected to add the equivalent of 4,000 TEUs to Nassau Container Port volumes, bringing an annual increase of over $650,000 to APD’s income.

“This income could be compared to processing cargo for a new mega resort construction project each year,” it continued. “This represents a highly desirable business development without capital intensive investment in new equipment and expanded container storage space, as compared to building a small compact unit.

“Moreover, incorporating LNG in the business mix is projected to add about 20 new jobs and obviate the need to raise tariffs, thereby subsidising the containment of grocery costs.”

APD’s plans mirror almost exactly the LNG supply proposal from New

Fortress Energy, which the former Christie administration was on the verge of agreeing to until the May 10 general election intervened.

The Minnis administration elected not to proceed with the deal left for them, and BPL’s new Board of Directors has recently issued a new tender or Request for Proposal (RFP) for fuel supplies for the electricity monopoly.

Explaining why Arawak Cay was a better LNG bunkering site for Clifton Pier, APD said: “Adding any new installations at the latter site can only destabilise the already severely compromised environment of south-west New Providence.

No new additions will allow for the much-needed rehabilitation of that ecologically sensitive area that is so valuable to eco-tourism.”

APD’s annual report also confirmed that it has resubmitted its application to the Government to acquire 15 acres of land along its southern boundary, in a bid to “enhance security and ease of doing business at the port”.

“If government accedes to the request, it is intended that the acreage be divided

into three plots,” APD said. “On one plot we will establish a facility to be staffed by Customs and the Road Traffic Department for processing and storing 1,000 vehicles. The vision is for a one-stop shop that gets the vehicle imports off the lot and properly licensed in a single, well-coordinated operation.

“The second plot is intended for building a highly-sophisticated Customs inspection facility to be modelled after the US Customs state-of-the-art installation at the Port of Miami. The goal is a comprehensive and thoroughly modern unit, with a focus on heightened risk assessment and risk management protocols to address fraudulent declarations and the detection and handling of illegal drugs and weapons contraband.

“The third plot will provide the opportunity to do a seasonal removal of excess equipment to increase efficiencies, for example remove chassis from out of the ISPS area. It is projected to take 12-15 months after build out to achieve benefits, and 18 months for full benefit.”

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THE TRIBUNE

AUTO DEALERS: ‘GOD HELP US’ FROM PAGE 1 estimated 5,000 hires, would make a substantial enough impact to drive higher GDP growth and consumer spending.

“Hopefully this new government will have wrapped itself around the economy somewhat, and start to do things that spark some confidence and encourage people to buy new cars as opposed to cheap used cars,” Mr Albury told Tribune Business. “It is what it is.”

The new car industry is significant because, as a ‘luxury good’, its products - and their sales volumes - provide a good insight into the overall Bahamian economy’s health and performance, especially consumer incomes and confidence.

The depressed economy, with high unemployment and reduced incomes, coupled with low consumer confidence, has been the main factor impacting new auto sales over the past decade.

Bahamian consumers have responded by keeping existing vehicles on the road longer, and have switched purchasing tastes towards less expensive ‘used’ cars.

Apart from these trends, other contributing factors working against new car dealers are a combination of buyer difficulties in obtaining bank loans; VAT’s introduction; already-high Excise tax rates; price controls; Business License fees; and real property tax

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Tuesday, November 7, 2017, PAGE 5 increases. All these forces have worked to push new auto prices beyond many Bahamians.

Arawak Port Development Company’s (APD) just-released 2017 annual report exposes the dramatic shift in consumer demand towards used vehicles, and its impact on new auto dealers.

Disclosing details on the bulk vehicle import business it obtained in December 2014, APD said: “ The port began receiving an average of 1,200 to 1,400 cars imported monthly from the Asian markets, which did much to offset a sluggish economy and an underperforming construction industry.

“The aim is to enable the release of 120-150 vehicles per day consistent with staff quota. This new business has involved close co-operation among the agencies, stevedores, APD and the Customs Department.”

Mr Albury yesterday estimated that 95 per cent of these vehicles were “cheap used cars”, whose minimal valuations meant they contributed little to the Public Treasury in terms of tax revenues when compared to more expensive new vehicles.

“The hurtful part is that the Government gets very little revenue out of it,” he told Tribune Business, “and these cheap used cars not only impact new car sales but also the banks, the body repair shops and the insurance companies, who sell less comprehensive insurance.

“When you sell used cars there is a lot of trickle down to other industries, but these used cars are like flat screen TVs and microwaves. When they break down, you throw it away.

Who has to clean it up? Us. “When you buy a car that’s eight to 10 years-old, you drive it for a year and, if you have an accident and the repairs are worth more than the vehicle, you throw it away and buy another one.”

Mr Albury said the preference for used cars meant there was less lending by banks, while the inability to obtain comprehensive insurance meant drivers were less likely to seek out body shops for repairs following an accident.

With abandoned and/or derelict vehicles littering many Nassau communities, the BMDA chief again called for the Government to introduce an environmental levy; reduced age

limits for imported vehicles; and/or a licensing system to restrict the number of autos persons can import in their own name.

These suggestions are likely to be resisted by some, on the grounds that they are ‘anti-competitive’ and will hurt ‘the small man’, but Mr Albury has repeatedly said all he and BMDA members are seeking is a regulatory and taxation ‘level playing field’.

“The Government, given the need for revenue, is missing an opportunity here, and it’s going to cost them more in clean up fees

to get these used cars out of the country and disposed of in an environmentally friendly way,” he told Tribune Business.

“We’ve put the wheels in motion to create some dialogue with the Ministry of Finance on this issue as it’s having a tremendous impact all around, not just on the industry.

“The banks are not lending money. That’s why bank fees are going up because they’re not earning interest. Whether you like it or not they have to keep their doors open, as people are not borrowing money. That’s out of a bank

manager’s mouth. That’s the long and short of it.”

Mr Albury also warned that the Bahamas would lag in introducing new auto technology that was environmentally friendly, such as hybrid and electric vehicles, if new car dealers continued to be swamped by used autos and went out of business. “It’s the new car dealers that keep the country on the cutting edge of technology,” he said. “If we close our doors we will just be importing these cheap used cars. The Bahamas and other jurisdictions will become a dumping ground.”

PAGE 6, Tuesday, November 7, 2017

THE TRIBUNE

Arawak port predicts near-$3m profit fall FROM PAGE 1 we are forecasting gross revenue of $31.796 million or 2 per cent less than the prior year’s actual gross revenue,” APD said. “Net income is projected to be $8.222 million or $2.949 million less than the 2017 actual net income of $11.171 million.

“Total market volumes are expected to remain around 68,500 TEUs for 2018, or 6,500 over the 2017 budgeted volumes of 62,000 TEUs. Our total revenues as at September 30, 2017, are ahead of budget by approximately $185,778 or 2 per cent. Total expenses as at September 30, 2017, were slightly over budget by $10,817.”

APD added that it did not anticipate “any significant project volumes during fiscal year 2018”, with Baha Mar’s construction set for completion by April 2018, even though The Pointe, One Cable Beach, Albany, and the Atlantis and Sandals upgrades are all in motion.

Turning to 2017, the port operator said its total comprehensive income was 121 per cent higher than its own prediction of $5.044 million.

“In the 2017 financial year, APD continued to exceed projections,” the annual report said. “Budgeted net income was $5.044 million, while actual net income for 2017 was $11.171 million, which is $6.127 million or 121 per cent more than budget. The

company’s total revenues for 2017 were $32.551 million, which is $5.472 million or 20 per cent higher than the prior year.

“Our direct operating margin (DOM) for 2017 was 51 per cent (2016: 37 per cent), which was 12 per cent higher than our forecasted DOM of 39 per cent. For the period ended September 30, 2017, our DOM is 43 per cent, which is 1 per cent more than our forecasted DOM for the same period.

“For the year ended June 30, 2017, NCP had processed 70,226 TEUs. This represents a 14 per cent increase in container volumes over 2016 volumes of 61,778 TEUs.” APD said TEU volumes beat forecast by 13 per cent,

N O T I C E

while bulk vehicle imports of 16,864 were 38 per cent or 4,672 higher than the budgeted figure of 12,192.

“This resulted in revenues of approximately $3.003 million from landing and security fees,” the Nassau Container Port operator said.

“Additionally, revenues from storage fees were approximately $1.056 million over budget. This was attributable to the fact that APD was able to recover storage for container units related to the Baha Mar project that were at the port well beyond the free time allowed.

“Total current assets increased from $9.31 million to $17.929 million, an increase of 93 per cent.

EXXONMOBIL EXPLORATION AND PRODUCTION CONGO (OFFSHORE) LIMITED ________________________________________________

N O T I C E IS HEREBY GIVEN as follows:

Creditors having debts or claims against the above-named Company are required to send particulars thereof to the undersigned c/o P.O. Box N-624, Nassau, Bahamas on or before 5th day of December, A.D., 2017. In default thereof they will be excluded from the benefit of any distribution made by the Liquidator.

(a) EXXONMOBIL EXPLORATION AND PRODUCTION CONGO (OFFSHORE) LIMITED is in dissolution under the provisions of the International Business Companies Act 2000. (b) The dissolution of the said Company commenced on the 3rd day of November 2017 when its Articles of Dissolution were submitted to and registered by the Registrar General.

Dated the 7th day of November, A.D., 2017.

(c) The Liquidator of the said Company is T.A. Parmenter, of 22777 Springwoods Village Parkway, Spring, Texas 77389, U.S.A.

T.A. Parmenter Liquidator 22777 Springwoods Village Parkway Spring, Texas 77389 U.S.A.

Dated the 7th day of November 2017 HARRY B. SANDS, LOBOSKY MANAGEMENT CO. LTD. Registered Agent for the above-named Company

“Proceeds are to be used to fund/finance a potential expansion of port facilities, the potential introduction of air cargo operations and port energy conservation projects, including but not limited to installation of a Solar PV System, High Mass Lighting, LED retrofit and other related investments in energy conservation/improvements,” APD said.

“The proceeds may also be used for the development of LNG storage, handling and operations facilities, and for procurement of energy efficient appliances, vehicles and equipment.”

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL

NOTICE

EXXONMOBIL EXPLORATION AND PRODUCTION CONGO (OFFSHORE) LIMITED ________________________________________________

Cash and cash equivalents increased by $8.141million.”

APD said 2017 operating expenses were 8 per cent or $1.742 million lower than forecast, while the port’s Bahamas Power & Light (BPL) substation is expected to be completed during the 2018 financial year.

The BISX-listed port operator emphasised its financial strength by revealing that it has $6 million in unused credit facilities, including one with Royal Bank of Canada (RBC) and another with the InterAmerican Investment Corporation (IIC).

The public is hereby advised that I, Patrick Burrows a.k.a Patrick Andrea Rolle, of New Providence, Bahamas, intend to change my name to PATRICK ANDREW ROLLE. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that KENDAL MICHEL of Marsh Harbour, Abaco, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/ naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 31st day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, Bahamas.

NOTICE

NOTICE is hereby given that MELADIE PIERRE of Buenhiem Close, Stapleton Gardens, P.O. Box GT-2558, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL

MARKET REPORT MONDAY, 6 NOVEMBER 2017

t. 242.323.2330 | f. 242.323.2320 | www.bisxbahamas.com

BISX ALL SHARE INDEX: CLOSE 2,077.12 | CHG 2.56 | %CHG 0.12 | YTD 138.91 | YTD% 7.17 BISX LISTED & TRADED SECURITIES 52WK HI 4.38 19.17 9.09 3.70 1.96 0.16 5.83 8.60 6.30 5.30 14.49 2.59 1.60 6.00 10.05 11.00 4.50 7.25 12.51 11.00

52WK LOW 4.06 17.43 8.19 3.50 1.25 0.12 3.70 8.40 5.83 3.15 9.00 2.18 1.40 5.81 8.78 5.75 3.35 6.61 12.01 10.00

1000.00 1000.00 1000.00 1000.00

900.00 1000.00 1000.00 1000.00

PREFERENCE SHARES

1.00 105.00 100.00 106.00 105.00 103.00 100.00 10.00 1.01

1.00 100.00 100.00 100.00 105.00 100.00 100.00 10.00 1.00

SECURITY AML Foods Limited APD Limited Bahamas Property Fund Bahamas Waste Bank of Bahamas Benchmark Cable Bahamas CIBC FirstCaribbean Bank Colina Holdings Commonwealth Bank Commonwealth Brewery Consolidated Water BDRs Doctor's Hospital Famguard Fidelity Bank Finco Focol ICD Utilities J. S. Johnson Premier Real Estate Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Commonwealth Bank Class E Commonwealth Bank Class J Commonwealth Bank Class K Commonwealth Bank Class L Commonwealth Bank Class M Commonwealth Bank Class N Fidelity Bank Class A Focol Class B

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00 100.00

52WK LOW 100.00 100.00 100.00

SYMBOL AML APD BPF BWL BOB BBL CAB CIB CHL CBL CBB CWCB DHS FAM FBB FIN FCL ICD JSJ PRE CAB6 CAB8 CAB9 CAB10 CHLA CBLE CBLJ CBLK CBLL CBLM CBLN FBBA FCLB

SECURITY Fidelity Bank Note 17 (Series A) + Fidelity Bank Note 18 (Series E) + Fidelity Bank Note 22 (Series B) +

SYMBOL FBB17 FBB18 FBB22

Bahamas Note 6.95 (2029) BGS: 2014-12-3Y BGS: 2015-1-3Y BGS: 2014-12-5Y BGS: 2015-1-5Y BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-3Y BGS: 2015-6-5Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-3Y BGS: 2015-10-5Y BGS: 2015-10-7Y

BAH29 BG0103 BG0203 BG0105 BG0205 BG0107 BG0207 BG0130 BG0230 BG0303 BG0305 BG0307 BG0330 BG0403 BG0405 BG0407

BAHAMAS GOVERNMENT STOCK - (percentage pricing) 115.92 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

MUTUAL FUNDS 52WK HI 2.10 3.98 1.97 176.30 149.66 1.50 1.67 1.58 1.10 6.99 8.54 6.15 10.52 11.46 10.46

52WK LOW 1.67 3.04 1.68 164.74 116.70 1.44 1.63 1.55 1.04 6.41 7.62 5.66 8.65 10.54 9.57

LAST CLOSE 4.31 17.43 9.09 3.65 1.25 0.15 3.70 8.60 6.10 4.95 9.01 2.36 1.51 6.00 10.00 6.90 4.50 7.01 12.50 10.00 1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00 LAST SALE 100.00 100.00 100.00 109.15 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

CLOSE 4.31 17.43 9.09 3.65 1.25 0.15 3.70 8.60 6.10 4.97 9.01 2.34 1.51 6.00 10.00 6.90 4.50 7.01 12.50 10.00

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.00 -0.02 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

1000.00 1000.00 1000.00 1000.00 1.00 100.00 100.00 100.40 100.00 100.00 100.00 10.00 1.00

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CLOSE 100.00 100.00 100.00

CHANGE 0.00 0.00 0.00

109.24 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

0.09 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund FG Financial Preferred Income Fund FG Financial Growth Fund FG Financial Diversified Fund FG Financial Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund

VOLUME

23,070 65,390 560

150

VOLUME

NAV 2.10 3.98 1.97 176.30 149.66 1.51 1.64 1.59 1.09 6.97 8.00 6.25 10.96 11.60 10.08

EPS$ 0.444 0.932 -0.223 0.540 -1.373 0.000 -0.857 0.611 0.574 0.196 0.582 0.102 0.392 1.217 0.743 0.575 0.310 -0.668 0.543 0.000

DIV$ 0.080 1.000 0.000 0.210 0.000 0.000 0.000 0.300 0.220 0.120 0.570 0.060 0.050 0.290 0.450 0.000 0.120 0.140 0.600 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 9.7 18.7 N/M 6.8 N/M N/M -4.3 14.1 10.6 25.4 15.5 22.9 3.9 4.9 13.5 12.0 14.5 -10.5 23.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

0.00% 0.00% 0.00% 0.00% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 6.25% 7.00% 6.50%

INTEREST 7.00% 6.00% Prime + 1.75%

MATURITY 19-Oct-2017 31-May-2018 19-Oct-2022

6.95% 4.00% 4.00% 4.25% 4.25% 4.50% 4.50% 6.25% 6.25% 4.00% 4.25% 4.50% 6.25% 3.50% 3.88% 4.25%

20-Nov-2029 15-Dec-2017 30-Jul-2018 16-Dec-2019 30-Jul-2020 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2018 26-Jun-2020 26-Jun-2022 26-Jun-2045 15-Oct-2018 15-Oct-2020 15-Oct-2022

YTD% 12 MTH% 3.29% 4.48% 1.69% 2.22% 1.77% 2.42% 4.66% 3.89% 5.58% 6.65% 2.15% 4.22% -1.93% -1.89% 0.81% 2.21% 2.28% 1.30% -1.08% 1.77% -5.96% -3.05% 1.90% 4.59% 7.24% 11.96% 2.77% 3.88% 3.94% 4.69%

NAV Date 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017 30-Sep-2017

MARKET TERMS BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00 52wk-Hi - Highest closing price in last 52 weeks 52wk-Low - Lowest closing price in last 52 weeks Previous Close - Previous day's weighted price for daily volume Today's Close - Current day's weighted price for daily volume Change - Change in closing price from day to day Daily Vol. - Number of total shares traded today DIV $ - Dividends per share paid in the last 12 months P/E - Closing price divided by the last 12 month earnings

YIELD 1.86% 5.74% 0.00% 5.75% 0.00% 0.00% 0.00% 3.49% 3.61% 2.41% 6.33% 2.56% 3.31% 4.83% 4.50% 0.00% 2.67% 2.00% 4.80% 0.00%

YIELD - last 12 month dividends divided by closing price Bid $ - Buying price of Colina and Fidelity Ask $ - Selling price of Colina and fidelity Last Price - Last traded over-the-counter price Weekly Vol. - Trading volume of the prior week EPS $ - A company's reported earnings per share for the last 12 mths NAV - Net Asset Value N/M - Not Meaningful

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | FG CAPITAL MARKETS 242-396-4000 | COLONIAL 242-502-7525 | LENO 242-396-3225

The public is hereby advised that I, KAVON TRISTON BOOTLE of #53 Cantelope Street, Freeport, Grand Bahama, Bahamas, intend to change my name to KAVON TRISTON BOWLEG If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that JOHN TITUS of Minnie Street, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE

NOTICE is hereby given that STEVE CHERY of Hope Garden, Nassau Village, P.O. Box N-3391, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 31st day of October, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PUBLIC NOTICE INTENT TO CHANGE NAME BY DEED POLL The public is hereby advised that I, JANET DENISE JOHNSON of #31 Mahoganny St., Pinewood Gardens, P.O. Box SB-50383, New Providence, Bahamas, intend to change my child’s name from PETER NATHANIEL JOHNSON to PETER NATHANIEL JOHNSON JR. If there are any objections to this change of name by Deed Poll, you may write such objections to the Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of the publication of this notice.

NOTICE

NOTICE is hereby given that VALENTINO PINDER of Hope Gardens, P.O. Box SB-51120, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for registration/naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 7th day of November, 2017 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.