barita ar 2015 - jamaica stock exchange · 2 barita investments ltd. | annual report 2015 notice is...

…�e path to financial freedomSafety • Integrity • Prudent Money Management

A N N U A L R E P O R T 2 0 1 5

INVESTMENTS LIMITED

• • • • • • • • • • • • • • • • • • • • • •

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B a r i t a I n v e s t m e n t s L t d . | A n n u a l R e p o r t 2 0 1 5

Notice of Annual General Meeting

Mission & Values

Corporate Data

Chairman’s Message

Directors’ Report

Corporate Governance

Board Members

Management Discussion & Analysis

Executive Team

Corporate Social Responsibility

Highlights of our Financial Year

Five year Statistical Review

Shareholdings of Directors’ & Connected Parties

Auditor’s Report

Proxy Form

TABLE OF CONTENTS

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04

05

06

08

09

12

14

24

27

30

32

34

37

115

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Notice is hereby given that the Thirty Eighth Annual General Meeting

of Barita Investments Limited will be held at the Courtleigh Hotel, 85

Knutsford Boulevard, Kingston 5, on Thursday, March 24, 2016 at

10a.m., for the following purposes:

1. To receive and consider the Directors’ Report and Financial

Statements for the year ended September 30, 2015, and the Report

of the Auditors thereon.

To consider and (if thought fit) pass the following Resolution: -

Resolution 1

“THAT the Balance Sheet and the Profit and Loss Account together

with the Reports of the Directors and the Auditors circulated with

the Notice convening the meeting be and are hereby adopted.”

2. “To approve and ratify the Final Dividend for the year under review.”


Resolution 2

“THAT the interim dividend of J$0.11c per share declared by the

Board of Directors of the Company on February 15, 2016, paid

to ordinary shareholders of the Company on March 11, 2016 to

shareholders on record as at February 29, 2016, be approved and

declared as a final dividend for the year ended September 30, 2015.”

3. To elect Directors and fix their remuneration.

(i) The Directors retiring from office by rotation pursuant to Article

93 of the Articles of Incorporation are Mrs. Rita Humphries-Lewin

and Mr. Karl Lewin.

Notice of Annual General Meeting

3


Notice of Annual General Meeting cont’d

To consider and (if thought fit) pass the following Resolutions: -

Resolution 3 (a)

“THAT retiring Director Mrs. Rita Humphries Lewin be and is hereby

re-elected a Director of the Company.”

Resolution 3 (b)

“THAT retiring Director Mr. Karl Lewin be and is hereby re-elected a

Director of the Company.”

4. To appoint Auditors and authorize the Directors to fix the remuneration

of the Auditors.


Resolution 4

“THAT the Directors be authorized to appoint and fix the remuneration

of the Auditors.

5. To consider any other business of an Annual General Meeting.

By Order of the Board

Ian McNaughton

Secretary

Kingston, Jamaica

February 15, 2016

Please note: A member entitled to attend and vote at the above-mentioned

meeting is entitled to appoint one or more proxies to attend and on a poll to vote

instead of him. Such proxy must be lodged at the Company’s Registered Office

no less than forty-eight hours before the meeting. A proxy need not be a member.

A suitable form of proxy is enclosed.

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INVESTMENTS LIMITED

…making money work for you

MissionTo be the premier investment services group

in Jamaica and the Caribbean;

To maintain alliances with successful regional and international investment institutions;

To utilize appropriate technology and business practices;

To foster conditons for a highly motivated team of professionals;

To provide a high level of global financial products and services;

To generate wealth for our wide range of clients, owners and employees.

Valuessafety

We are committed to providing secure investment products and services.

integRity

We believe in communicating honestly with our clients and operating in

an ethical and transparent manner.

PRudent Money ManageMent

We practice wise management of your money and provide the best

returns for your investment.

5


RegisteRed office exteRnal auditoR15 St. Lucia Way PricewaterhouseCoopers

Kingston 5, Jamaica Scotiabank Centre

Toll Free: 1-888-429-5333 Duke Street

Tel: (876) 926-2681 Kingston, Jamaica

Fax: (876) 929-3490

subsidiaRy inteRnal auditoRBarita Unit Trusts Management Co Ltd. Ernst & Young

15 St. Lucia Way 8 Olivier Road

Kingston 5, Jamaica Kingston 8

Tel: (876) 968-8154

Fax: (876) 960-2512

bRanches

Mandeville Principal Banker

Shop 2A, Manchester Shopping Centre CIBC First Caribbean

17 Caledonia Road 23 Knutsford Boulevard

Mandeville, Manchester Kingston 5, Jamaica

Tel: (876) 625-0031

Fax: (876) 625-3660

Montego Bay Registrar & Transfer Agents

Suite S301, Baywest Shopping Centre Jamaica Central

Harbour Street Securities Depository

Montego Bay, St. James 40 Harbour Street

Tel: (876)940-7201 Kingston

Fax: (876)952-7306

Email: [email protected]

Website: www.barita.com

Corporate Data

Barita Investments Limited was founded in 1977 by Rita Humphries-Lewin

and has the distinction of being the oldest member of the Jamaica

Stock Exchange. The Company is licensed by the Financial Services

Commission (FSC), and is a Primary Dealer and a Cambio Dealer for

the Bank of Jamaica.

With a highly dedicated team of over eighty (80) professionals, Barita

is committed to serving its customer’s island wide, through its head

office in New Kingston, and branches in Mandeville and Montego Bay.

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On behalf of our Board of Directors, I am

very pleased to share with you our year’s

performance, as we continue our historic

record of never posting a loss.

For the financial year October 1, 2014

to September 30, 2015, the Company

increased its pre-tax profits by 226%;

a direct response to the foundation we

created to manage the slew of changes

in our environment. As a boutique

operation, we focus on forging stronger

relationships with our cl ients, who

continue to respond to our culture of

service and wide range of products.

Our resolve to enhance shareholder value remained at the fore and led

to a Profit after tax of $242 million, which translated into earnings per

share of $0.55 cents. Total Revenues also increased from $1,335 billion

prior year to $1,531 billion during this reporting period.

Of note, is the increased performance of Barita Unit Trusts, aided by

the mandated shift from the repo business model to that of Collective

Investment Schemes. We listened to our clients and created solutions

for them that bolstered Barita Unit Trusts’ funds under management

by an astounding 56% from prior year.

Chairman’s Message

7


Chairman’s Message cont’d

During this financial year, we successfully completed a number of

projects to continue on our growth trajectory. To meet the demands of

regulatory changes , we added two additional portfolios to Barita Unit

Trusts Multiple Portfolio Fund -The Barita FX Growth Portfolio (US$) and

the Barita Real Estate Portfolio (JA$). We also completed the development

of the fixed income module of our in-house software platform BIIMS; a

significant investment in improving our output.

The transformation needed to meet the needs of the retail repo framework

was significant and while other players decided to exit this market, we

worked tirelessly to ensure that this product remained an option for our

clients who want to operate on this platform.

Our investment in technology continued to be substantial and to

enhance our client interface, we introduced the revamped Barita Roadmap

(a financial planning tool) and Barita Stock Alerts - (which allows clients

real-time access to equity information). Barita Stock Alerts is the first

of its kind in Jamaica, and we will continue to search for and bring

innovative products and tools to the market.

Operating expenses increased by 3% during this financial period, as we

strived to minimize the impact of the costs of expanding our business.

Our investment in our IT systems continue to pay off, allowing us to bring

further automation to our processes and be more efficient.

Our solid performance this year would not have been achieved without

the leadership of our Board and Management team and the tireless

efforts of our other team members. Our hard work was recognised

by the Jamaica Stock Exchange, who presented us with a trophy for

Investor Relations and Best Website in 2014. It was truly an honour to

be recognised as a leader amongst our peers.

I continue to extend my deepest gratitude to our customers who

continue to show confidence in our brand. We remain committed to

serving you, as we look forward to another robust financial year.

Rita Humphries Lewin

Chairman

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The Directors present their Report and the audited Financial Statements for the

year ended September 30, 2015.

financial Results

Full details of our results are set out in pages 39-113. We however highlight the

following:

Profit before Income tax $372,698,000

Profit after tax $242,062,000

RetiRing diRectoRs

Mrs. Rita Humphries-Lewin

Mr. Karl Lewin

auditoRs

Messrs. Pricewaterhouse Coopers wil l continue in office as Auditors

in accordance with the provisions of Section 154(2) of the Companies Act.

By Order of the Board,

February 15, 2016

Ian McNaughton

Company Secretary

Directors’ Report

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The Board of Directors of Barita Investments Limited is committed to

establishing and maintaining the highest standards of good corporate

governance. The fundamental objective of good governance is to ensure

transparency and accountability, in an effort to protect shareholders’

and stakeholders’ value.

The corporate governance policies are overseen by the Board who

ensure that prudent and effective controls are in place, so that the

company functions in a sound and sustainable way, and meets its

strategic goals. It includes the stewardship of the organization’s assets

and the management of risk to meet legal and regulatory requirements,

and to ensure compliance.

boaRd selection and coMPosition

Selection

Board members are selected to provide a balance of skills and

experience for the company. Consideration is given as to their reputation

in their respective professions, their honesty and integrity, and the time

available to devote to the Board and work of the committees.

Composition

The Company’s Articles, requires that there be no less than two (2) and

no more than ten (10) directors. As at September 30, 2015, the board

of Barita Investments Limited consists of eight (8) members, five (5) of

which are Non Executive Directors, who analyze specific areas of the

business to ensure that agreed goals and policies are met.

Corporate Governance

The Policy requires that the Board meets for a minimum of six (6) times

annually. During this financial period, six (6) board meetings were held.

10


boaRd MeMbeR Meetings attended

Rita Humphries-Lewin 6

John (Jackie) Minott 1

Carl Domville 6

R. Anthony Jenkinson 4

George W. Cooper 5

Karl Lewin 5

Enith Williams 6

Ian McNaughton 5

Corporate Governance cont’d

boaRd coMMittee

The Audit Committee appointed by the Board, provides guidance and

oversight on strategic issues. The primary role of this committee is to provide

the conduit between our internal auditors and the Board, regarding

the strengthening and maintenance of internal processes vis-à-vis

internal controls and operating compliance to established policy.

Our internal auditors are Ernst and Young, and the members of the

Audit Committee are Mr. Carl Domville, Mr. Karl Lewin, Mr. R. Anthony

Jenkinson, Mr. George W. Cooper and Mr. Ian McNaughton, Mrs. Rita

Humphries-Lewin is an ex-officio member and the committee is chaired

by Mr. Carl Domville who is a Non Executive Director.

During the period under review, the committee met for the required

minimum of four (4) times. There were no known reported incidences

of fraud or any reported irregularities.

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Corporate Governance cont’d

audit coMMittee MeMbeR Meetings attended

Carl Domville 4

Rita Humphries-Lewin 3

R. Anthony Jenkinson 3

George W. Cooper 4

Karl Lewin 4

Ian McNaughton 4

inVestMents coMMittee

The Investments committee while not being a board appointed committee

does perform a critically important role in the Governance function of

the organization. This Committee is mandated to meet on a fortnightly

basis to examine and determine the directions of the various markets

for both the clients and the Company.

The Board remains committed to best practices. The Corporate Governance

Policy will continue to be reviewed to ensure that the company’s core

values of safety, integrity and prudent money management are met.

Kindly note that our Corporate Governance Policy is available on our

website at www.barita.com.

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1. Rita huMPhRies-lewin, c.d., chaiRMan

Mrs. Humphries-Lewin is the Founder and Chairman of

Barita Investments Limited and is a pioneer in the financial

services sector in Jamaica. Her sterling contribution to the

development of the island’s Financial Industry led to her

being conferred with The Order of Distinction Commander

by the Government of Jamaica in the year 2000.

A philanthropist in many areas of the Jamaican society,

her passion continues to rest in the field of early childhood

education. She was honoured with a Doctorate Degree

of Education in Leadership by Mico University, for her

contribution to early childhood development.

Board Members

2. John (Jackie) Minott, b. coMM., c.d.,

J.P., dePuty chaiRMan

Mr. Minott is the Managing Director of Jamaica Standard

Products Company Limited. He sits on numerous boards

and committees and is a Justice of the Peace for Man-

chester. In 2000, Mr. Minott was bestowed with the Order

of Distinction, Commander Class (CD) for his outstanding

contribution in the fields of Commerce and Export.

3. caRl doMVille, b.sc. (hons.), f.c.c.a.,

f.c.a., chaiRMan – audit coMMittee

Mr. Domville is the former Chief Operating Officer and

Group Treasurer of the Seprod Group of Companies. A

Chartered Accountant, he currently serves as a Director

of Radio Jamaica Limited (RJR); the Teachers’ Services

Commission (TSC) and is a Trustee of the Seprod et al

Superannuation Scheme. He is also a former President

of the Jamaica Cooperative Credit Union League Limited.

1.

3.

4.

5.

6.

2.

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4. R. anthony Jenkinson, ll.b. (hons.),

M.a., J.P.

Mr. Jenkinson, an Attorney-at-law with a commercial

practice, is the former Managing Partner and Senior

Partner and now Consultant of the Law Firm Nunes

Scholefield DeLeon and Company. He is also a Barrister-

at-Law of Gray’s Inn, U.K. and has been called to the

Grenadian Bar. He is a Director of the Bermudez Group

Limited, the Jamaica Biscuit Company Limited and Xsomo

International Limited, and Fleetwood Jamaica Limited. He

is also a former President of the American Chamber of

Commerce of Jamaica and a former Director of Colgate

Palmolive Jamaica Limited, Goodyear Jamaica Limited

and T. Geddes Grant (Jamaica) Limited. Mr. Jenkinson

resides in Grenada where he is an Attorney-at-Law.

5. geoRge (Paul) w. cooPeR

Mr. Cooper is a former Senior Partner at the law firm of

Livingston, Alexander and Levy. He has over 44 years of

experience in the areas of real estate, lenders’ security

documentation, company law and commercial law. He is

a member of the Jamaica Bar Association and the Law

Society of England and Wales. He also serves on the

Boards of The Laws Street Trade Training Centre and

Mustard Seed Communities.

6. enith williaMs

Ms. Williams is a Business Consultant with many years

of experience working in the non-profit, government

and private sectors in Jamaica and the United States. A

licensed financial professional, she is a former international

banker with Merrill Lynch in New York City. She currently

serves as a member of the Board of the Export-Import

Bank of Jamaica and sits on Bank’s Audit and Conduct

Review and Enterprise Risk Management committees.

Ms. Williams is also a member of the Projects Committee

of 138 Student Living Jamaica Limited, a developer and

operator of student accommodations on the campus of

the University of the West Indies, Mona.

7. kaRl lewin, b.sc., Mba Managing

diRectoR, baRita unit tRusts

Mr. Lewin, Managing Director of Barita Unit Trusts

Management Company Limited, joined Barita Investments

Limited in 1992 and was appointed Managing Director

of Barita Unit Trusts Management Co. Ltd. in 1995.

Mr. Lewin serves on the Board of the St. Andrew Care

Centre and is a former Director of Radio Jamaica Limited

and Television Jamaica Limited.

A career financial manager, he has held numerous senior

management positions both locally and overseas.

8. ian Mcnaughton, b.sc., Mba

coMPany secRetaRy &

Managing diRectoR

Mr. McNaughton joined Barita in 2008 as the Financial

Controller and has been promoted from this post to

General Manager and now Managing Director effective

September 1, 2013. He also serves as the Company

Secretary for Barita Investments Limited and is the

Deputy Chairman of the Jamaica Stock Exchange and

a Director of the Jamaica Central Securities Depository.

An avid footballer, Mr. McNaughton also sits on the board

of the Harbour View Football Club.

7.

8.

14


MaRket ReView

In stark contrast to the corresponding twelve-month period of 2014,

the 2015 financial year saw a boost in investor confidence, as was

demonstrated by stronger demand for Jamaican dollar liquidity, and

a vibrant stock market in the latter half of the year. As the Jamaican

economy continued its transformation under the International Monetary

Fund’s External Funds Facility programme, real Gross Domestic Product

(GDP) growth, which started the period predominantly flat, closed the

year between 1 percent and 2 percent for the final quarter after two

consecutive quarters of growth. Additionally, the country’s ranking in

the World Bank’s Ease of Doing Business Report jumped 27 places to

58th among 189 measured territories, and first in the Caribbean.

Point to point inflation moved down 500 basis points from 9 per cent

to 4 per cent over the financial year ending September 30, 2015 as fuel

and fuel related costs trended down.

fixed incoMe MaRket

In February and March of 2015, the central bank introduced what they

called Open Market Repurchase Operations (ORTOs) which provided

90-day liquidity to deposit taking institutions at a rate of 9.15 per cent.

These ORTOs were conducted in response to an increase in Jamaican

Dollar liquidity from large maturities of BOJ repurchase agreements, as

well as Government of Jamaica operations.

The financial year ending September 30, 2015 saw short term market

interest rates declining in the December, June and September quarters,

and rising in the March quarter. The increase in March was consistent

with the stronger demand for Jamaican Dollar liquidity. The Bank of

Jamaica reduced its signal rate - the 30-day Certificate of Deposit, in

the June and September quarters from 5.75 - 5.5 per cent, and 5.5 -

5.25 per cent, respectively. The declines reflected the central bank’s

outlook for lower inflation.

Management Discussion & Analysis

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Management Discussion & Analysis cont’d

Treasury Bills started the 2014-15 financial year with yields trending

downwards in the first quarter, moving from 6.83 - 6.38 per cent, 7.34

- 6.96 per cent, and 7.73 -7.14 percent for 30-day, 60-day and 90-day

instruments, respectively. The declines reflected overall improvements

in local liquidity, and lowered inflation expectations; and were primarily

influenced by strong demand for the instruments. As the year

progressed, Treasury Bill rates continued a predominantly downward

path to close the September quarter at 6.23 per cent for 30-day, 6.20

per cent for 90-day, and 6.35 per cent for 180-day bills.

foReign exchange MaRket

16


The beginning of the financial year saw local currency depreciating

1.76 percent against the US dollar from October to December of 2014,

marking a slowdown in calendar year depreciation to 7.8 percent from

the 14 per cent reported the year before. By the end of the second

quarter , devaluation slowed considerably to a rate of 0.3 per cent for

those three months and 5.0 per cent for the year, as the Bank Of

Jamaica (B.O.J.) intervened in the foreign exchange market in January

by providing liquidity of US$ 141.1 million. Also, the March quarter in

particular saw a number of locally registered companies selling their

foreign currency to meet the annual March 31 tax deadline. The

effects of this carried over into the April to June quarter, resulting in the

Jamaican dollar losing 1.69 per cent to its US counterpart, and 4.26

per cent over 12 months.

The performance of the local currency in the December, March, and

June quarters reflected the trend of slow-down in depreciation observed

by the central bank since September 2013, however, that trend was

reversed in the final quarter. By year end, the weighted average selling

rate of the Jamaican Dollar vis-a-vis the US dollar closed the fourth

quarter at $119.06 to US$1.00, reflecting a rate of depreciation of 1.77

per cent for those final three months, and an annual pace of 5.67 per

cent. The period under review saw increases in net demand for foreign

currency to satisfy Balance of Payments current account transactions

which were estimated to have increased for the year.


local equities

17



The financial year ended with most Jamaica Stock Exchange indices

higher relative to the corresponding period last financial year, and the

twelve months ending June. The main and junior indices advanced 33.3

per cent and 49.9 per cent for the year, respectively, following a negative

return over the last five calendar years. The stronger performance

demonstrated by the local indices reflected the improved confidence

among investors on the back of significantly lower world oil prices and

lower inflation, improved liquidity conditions, and the lowering of the

BOJ’s signal rate which in turn led to lower private interest rates. The

transition of the retail repo business also had a positive impact on the

stock market as equities became the more attractive option to private

repurchase agreements.

For the quarter ending December 31, 2014, growth in the main index

stood at 5.7 per cent while the junior market index grew 5.23 per cent.

By the end of the second quarter, the main index feared significantly

better as it closed the period at 9.76 percent. Market performance was

strongest in the third quarter, as the main and junior indices grew 16.1

per cent and 29.5 per cent, respectively. In the final quarter however,

growth in the main index temporarily came to a halt as it recorded

declines in August and September of 2015, closing the quarter with a

loss of less than one percent.

financial PeRfoRMance

Demonstrating resilience and strong recovery in the midst of regulatory

and other changes to the financial industry, Barita delivered sterling

financial results for the financial year ending September 30, 2015. We

posted profit before tax amounting to $372.7 million - an increase of

$253.2 million or 240% over the prior financial year. After-tax profits

for the 2015 financial year increased over 255% to close the period at

$242.1 million, translating to earnings of $0.55 per share, and resulting

in our return on equity increasing three-fold to 13.1%.

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ReVenue PeRfoRMance

19



Net operating revenues, which includes net interest income, fee &

commission income, dividend income, cambio gains and trading gains

rose year-over-year by 44.8% to $905 million, compared with the prior

year’s gain of 21.9%.

Trading gains, which comprises fixed income and equities trading, was

largely responsible for the group’s bolstered performance, recording an

improvement of almost 256% to $346 million. This increase resulted

in a 38% contribution to net operating revenues, coming from its 16%

contribution for the 2014 financial year. Net interest income which

declined 13% for the financial year totaled $265 million, and was the

second largest contributor to the company’s improved performance

at 29% of net operating revenues, coming from 49% in the previous

financial year. The change in net interest income chiefly reflects the

changes effected on the retail repo framework in the middle of 2015,

and the lower interest rate environment.

Concerning dividend income, our company realised a 13.8% increase to

$13.8 million, while foreign exchange trading & translation gains closed

the year 5% lower at $100.3 million. Fees and commission income also

increased 66.7% year-on-year to $170.9 million.

As we embrace the shifts in the market to collective investment schemes,

we will continue to focus our efforts on growing our non-interest

income revenues.

20



The Group is focused on increasing efficiencies and cost containment.

Our total operating expenses grew 3% to $521 million, compared with

the 13% increase recorded for the previous year. This increase was

largely due to increases in staff and administrative expenses of 13.8%

and 11% respectively. Administrative expenses include, among other

things our marketing expenses, asset tax, utilities and security costs.

Please note however that due to our green energy initiatives, utilities

fell 29.5% to $8 million. The Group incurred no impairment costs on

available-for-sale investments for the period. As it relates to operating

efficiency, we did remarkably well as we achieved a 23 percentage

point reduction in our operating expense/operating revenue ratio to

58% coming from 81%, while operating expenses as a percentage of

total revenues fell nearly 4 percentage points to 34%.

21



assets and liabilities

Barita realised a 2.4% reduction in total assets to $13.23 billion for the

financial year ending September 30, 2015 as significant increases in

cash and bank balances, resale agreements, and amounts due from

other parties were offset by a 13% or $1.4 billion reduction in marketable

securities and pledged assets. The Group’s liabilities declined by 4% or

$483.6 million to $11.38 billion as repurchase agreements and deferred

tax liabilities fell 6.3% and 35.9%, respectively.

shaReholdeRs’ equity

Total shareholder’s equity increased 9.6% to $1.85 billion. The increase

was due primarily to a 35% gain in retained earnings to $809 million.

During the year, the company paid out over $31 million in ordinary

dividends to our stockholders.

caPital adequacy Ratios

The capital base of Barita Investments Limited remains strong. Barita

continues to comply with and surpass the minimum of all the

regulatory requirements of the primary regulator, the Financial Services

Commission and also the Jamaica Stock Exchange.

The Group was able to increase its capital to risk-weighted asset ratio

from 18% in 2014 to 19% in 2015.

22



2015 2014

Actual Required Actual Required

19% >10% 18% >10%

96% >50% 94% >50%

segMented Results

The Group is organized in business segments based on core business

activities. They are as follows:

a) Fixed Income –this includes money market activities and securities

broking.

b) Funds Management – this includes the administration of our six unit

trust products – Barita Money Market Fund, Barita Capital Growth Fund,

Barita FX Bond Portfolio, Barita Income Portfolio, Barita FX Growth

Portfolio and Barita Real Estate Portfolio.

c) Other Operations – this includes the operation of the Foreign Exchange

Cambio, stock broking and any other income.

Our segmented results show a 216% increase in Funds under

Management, and 405% increase in Fixed Income year over year.

Regulatory Capital/Risk-weighted assets

Tier 1 Capital/Capital base

segMented financial

Results ($000)2015 2014 change

Total Gross External Revenue

Fixed Income 1,197.584 828.544 44.5%

Funds Management 175,557 88,740 98%

Other 158,175 421,514 -62%

Segmented Results

Fixed Income 570,965 113,071 405%


Other 158,175 421,514 -62%

Net Segmented Assets

Fixed Income 11,861,468 12,436,811 -5%


Net Segmented Liabilites

Fixed Income 10,861,028 11,590.978 -6.3%

23



subsidiaRy

Barita Unit Trusts

Barita Unit Trusts is a wholly owned subsidiary of Barita Investments

Limited. Barita Unit Trusts is comprised of The Management Company,

a Capital Growth Fund, a Money Market Fund, and The Barita Multiple

Portfolio Fund which houses The Barita FX Bond , FX Growth, Income

and Real Estate Portfolios.

The Management Company

For the financial period under review, the Management Company

recorded total revenues of $176 million, as against $88 million prior year.

This increase is attributable to a 100% increase in Management Fees

earned through the continuous outstanding performance of the Barita

Money Market, Capital Growth, and FX Bond Fund, and an increase in

realised gains on investment of $6.6 million compared to $139 thousand

prior year. In addition, two new funds, namely the FX Growth and the

Real Estate Portfolio became operational in April 2015. Consequently,

funds under management increased from $5 billion for the prior year to

$8 billion as at September 30, 2015.

Expenses (which include operating and interest costs), were $47 million

for 2015, compared to $48 million for prior year 2014. Profit before

tax for the year was $128 million, compared to prior results of $40

million. Profit after taxation was $87 million compared to prior results of

$25 million.

Assets increased by 119% or $177 million to $382 million. This increase

in assets is attributable to substantial increases in stock holdings and

Bond Securities. There was also an increase in our liabilities largely due

to an increase in taxation payable of $33 million compared to prior of

$8 million. Shareholder’s equity increased by 54% or $103 million to

$293 million.

segMented financial

Results ($000)2015 2014 change


Margins

Fixed Income 47.68% 13.65% 249%

Funds Management 73.47% 46.06% 60%

Other 100.00% 100.00% 0%

24


Executive Team

1

5

9

6

10

13

7

11

14

8

12

2 3 4

claudine andeRson

JosePh cools-laRtigue

dennis oRgill

dionne ennis

Michele McRae

sean tayloR

dalton caMPbell

geneieVe haRty

sonia owens

angelia thoMson

dianne clunie-wallace

doRothea JaMes

Jacqueline PeaRt

Vanessa williaMs

25


Executive Team cont’d

claudine andeRson

ManageR, Risk & coMPliance

Ms. Anderson joined Barita in 2003 as a Cambio Trader

and in 2005 was appointed to the post of Operations

Manager. In November 2014, she was promoted to the

post of Risk & Compliance Manager. She has over 25

years of experience in the financial sector, having held var-

ious positions in commercial, merchant and investment

banks. She holds an MBA in Finance and Banking

from Manchester Business School and is a Fellow

and Certified Professional Member of the International

Compliance Association.

dalton caMPbell

ManageR, oPeRations

Mr. Campbell joined Barita in 2003 as Operations Assistant

and was later appointed to the position of Senior Supervisor.

In November 2014, he was promoted to the post of

Operations Manager with responsibility for the Back

Office Operations including Settlement and Securities.

Dalton holds a B.Sc. in Mathematics from Northern

Caribbean University.

dianne clunie-wallace

ManageR, MaRketing & client seRVices

Mrs. Clunie-Wallace joined Barita in July of 2004 as

the Marketing Manager and in August of 2005, was

promoted to the position of Marketing and Client

Services Manager. She holds a Bachelors of Arts

in Business Administration (Marketing Major) from

the University of Technology and an MBA from Nova

Southeastern University.

dionne ennis

oPeRations ManageR (but)

Miss Ennis joined Barita in April of 2004 as the Cambio

Assistant and over the years has worked in several Ac-

counting positions. In September of 2015 was promoted

to the position of Operations Manager. Dionne holds a

Bachelors of Arts in Business Administration (Accounting

Major) from the University of Technology.

JosePh cools-laRtigue

ManageR, infoRMation technology

Mr. Cools-Lartigue joined Barita in April 2002 as the

Manager of Information Technology.

Joseph is a graduate of the University of Technology,

where he pursued undergraduate studies in Computer

and Management Studies.

geneieVe haRty

ManageR, Montego bay bRanch

Mrs. Harty joined Barita in August 2002 as an Account

Executive and was promoted in 2005 to the position of

Manager, Montego Bay Branch. She holds a BSc. in

Management Studies from the University of the West

Indies and a Bachelors of Laws (LLB) from the University

of Technology and a Certificate in Compliance from the

International Compliance Association..

doRothea JaMes

consultant, equity & caMbio oPeRations

Mrs. James joined Barita in 1992 as the Acting Accounts

and Finance Manager and has served as the Risk and

Compliance Manager since 2004. In 2015, she was

appointed to the post of Consultant, Equity and Cambio

Operations. Prior to joining Barita, she was a Management

Consultant and Financial Analyst for many years at the

now defunct Julius Edwards and Company. She was

also an Auditor Supervisor at Mair Russell and Partners.

Michele McRae

ManageR, softwaRe deVeloPMent

Ms. McRae joined Barita Investments Limited in 1992 as

a Systems & Software Consultant. In November 2013,

she was appointed as Manager of Software Development.

Michele holds a Master of Science Degree in Computer

Based Management & Information Systems.

1

2

3

4

5

6

7

8

26


sean tayloR

ManageR, business deVeloPMent

Mr. Taylor joined Barita in May 2009 as a Senior Research

Analyst and was appointed to the post of Business

Development Manager on September 1, 2014. With over

10 years of experience in local and international financial

markets, he has spearheaded the management of several

prestigious companies’ portfolios and prepared projections

and business plans for executive management.

Sean is a graduate of the University of the West Indies,

where he earned a Bachelor of Sciences degree in

Actuarial Sciences.

angelia thoMson

ManageR, huMan ResouRces

Mrs. Thomson joined Barita Unit Trusts Management

Company Limited in 2001 as an Administrative Officer

and in 2005 was transferred to Barita Investments as

the Human Resources Manager. She has many years of

experience in the administrative field and has completed

several courses in human resource management.

Vanessa williaMs

ManageR, MandeVille bRanch

Mrs. Williams joined Barita Investments Limited in

2002 as the Manager of our Mandeville Branch. She

has over 25 years of experience in the financial sector

having worked at NCB, Century National Bank, DB&G

and Manufacturers Sigma Merchant Bank. She holds

an MBA in Finance from Manchester Business School

and a Certificate in Compliance from the International

Compliance Association.

dennis oRgill

ManageR, Pensions

Mr. Orgill joined Barita in 2001 as the Sales Manager

for Barita Unit Trusts Management Company Limited.

He spent four years in that position and left Barita for a

few years. In November 2012 he returned to Barita as a

Sales Consultant and in November 2014 was appointed

as Pension Manager.

Dennis holds a B.Sc. in Mathematics and Physics and is a

Fellow of the Life Management Institute. He has extensive

sales and management experience having worked at

the senior management level in the insurance industry in

Jamaica, the United States and in Barbados.

sonia owens

ManageR, tRading & inVestMents

Mrs. Owens joined the Barita Group in 1984 and is

now the Trading and Investments Manager. She holds

a Bachelor’s degree in Banking and Finance from the

University of the West Indies, has attended several

professional training courses with JIM, JIB, CI Financial

and Euro Finance and has completed an MBA at

Edinburgh Business School.

Jacqueline PeaRt

financial contRolleR

Ms. Peart joined Barita Investments Limited on February

01, 2015 as the Financial Controller.

She has over 25 years of experience in the accounting

field, including 14 at the management level as Deputy

General Manager and Financial Controller at St. Thomas

Co-operative Credit Union.

Jacqueline earned her MBA from the Mona School of

Business and is a Certified Public Accountant (CPA).

9

10

11

12

13

14

Executive Team cont’d

27


Corporate Social Responsibility

Barita considers Corporate Social Responsibility vital because of its

direct impact on the future of our country. This year, we continued to

make extensive contributions to various entities such as The Mission-

aries of the Poor, Saint Vincent de Paul, Mustard Seed Communities

and Teen Challenge Jamaica.

Our strongest commitment however remained towards early childhood

development, as we believe that this area has the potential to deliver

the highest returns for our nation.

baRita education foundation

The Barita Education Foundation aims to improve the overall literacy

and numeracy skills of at- risk children between the ages of 3-6. The

Foundation hires teachers who work with assigned partner schools to

conduct numeracy and literacy programmes. To ensure it’s sustainability,

we also have as a part of our team social workers who implement a

parenting programme that makes parents aware of the important role

they play in their child’s education.

To enhance our work in the communities, we implemented two new

initiatives this year; A Recycling Project with the children and a Library

Project with the parents to improve the resource capabilities available

to the children.

the Recycle PRoJect

Sean Taylor, Business Development Manager,

with two students from Mennonite Basic School

doing their super hero pose.

Sean Taylor, Business Development Manager presents

a recycle bin, garbage bags and a poster to Carolina

Johnson, Principal of Galilee Basic School.

28


the libRaRy PRoJect

Corporate Social Responsibility cont’d

Chi ldren from Mennonite

Basic School enjoy their reading

corner created for them during

the Library Project.

haRbouR View football club – fiRst kick PRogRaM

Barita recently completed its fifth year of sponsoring the Harbour View

Football Club’s (H.V.F.C.) First-Kick Programme. The sponsorship

valued at $350,000 for the 2014-2015 academic year, provided training

for the coaches, gears for the children and accounts for the top 31

students. Barita considers this programme an integral extension of its

work in the early childhood arena as it not only recognises the physical

prowess of the children but also develops life skills by rewarding members

of the club (ages 5-11), who are disciplined, punctual and are strong

academic performers. Barita presents the achievers with investments in

the Barita Money Market Fund, developing in them the habit of saving

and investing for their future goals.

Dianne Clunie-Wallace, Marketing

& Client Services Manager and

Danielle Lyn, Marketing Officer share a

celebratory moment with awardees

from the First-Kick Programme.

29


Corporate Social Responsibility cont’d

baRita MandeVille bRanch

Our branch in Mandeville continued to serve the community by

participating in the following projects:

• The renovation of the Brooks Park Playground. • Donating Screens to Mandeville Hospital • Sponsoring the Manchester Festival Prince & Princess 2015

The Manchester Festival Prince

& Princess contestants paid a

courtesy call on Chairman Rita

Humphries-Lewin & Karl Lewin

(Managing Director, Barita Unit

Trusts)

The refurbished playground

30


Highlights of our Financial Year

baRita Montego bay 10th anniVeRsaRy

Barita Montego Bay celebrated its 10th anniversary on July 2, 2015.

To mark this milestone, customer appreciation was held in branch from

July 1 – 10 and a cocktail reception was held at Seawind Beach Club

on July 2, to thank Western Jamaica for their overwhelming support

of the branch.

The Branch also used the opportunity to donate $100,000, to improve

Grants Basic School located in the community of Flankers.

Team members of the branch band

together to thank clients for their

support at Mobay’s 10th Anniversary. (L-R)

Dainton MacFarlane, Geneieve Harty,

Nordia Morrison, Stephanie Thompson

(Resigned), Marlene Nicholson and

Crystal Grant.

Montego bay’s

10th anniVeRsaRy

Clients of Barita

Montego Bay enjoying

a festive evening.

31


Highlights of our Financial Year cont’d

Geneieve Harty, Montego Bay

Branch Manager along with Ian

McNaughton, Managing Director,

presents a cheque to Ms. Ferguson,

Principal of Grant’s Basic School .

baRita is a winneR at the Jse best PRactices awaRds dinneR

Sean Taylor, Business Development

Manager, accepts awards for

Best Website and 1st Runner Up

Investor Relations, as a Member

Dealer Company at the JSE Best

Practices Awards.

baRita launches two new PRoducts

To facilitate the shift from the

repo business model, Barita

provided investors with more

options to secure wealth by

launching two new investment

products in Apr i l 2015. The

Barita FX Growth is a US$ Equity

Portfolio while The Barita Real

Estate Portfolio is JA$ denomi-

nated and invests in commercial

and/ or residential properties for

lease or sale.

32


Five year Statistical Review

co

nso

lid

ate

d s

tate

Men

t o

f

co

MPR

eh

en

siV

e i

nc

oM

e

20

15

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00

20

14

$’0

00

20

13

$’0

00

20

12

$’0

00

2011

$’0

00

RE

VE

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Inte

rest

inc

om

e8

91

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5

1,0

15

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9

1,0

25

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7

1,1

27

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9

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37

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7

Inte

rest

exp

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se

62

6,0

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7

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7

58

6,8

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73

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5

88

8,7

45

Ne

t in

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65

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33


Five year Statistical Review cont’d

Pro

pe

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pla

nt

an

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6,9

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Ne

t p

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in1

5.8

%5

.0%

6.4

%1

7.2

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%

Op

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tin

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xp

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se

/To

tal

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nu

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%3

7.8

%4

0.2

%3

1.1

%2

5.9

%

Op

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tin

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se

/Op

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tin

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%8

1.2

%8

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%5

7.2

%5

7.7

%

Eff

ec

tive

ta

x r

ate

35

.1%

39

.3%

0.3

%2

6.7

%3

2.5

%

Re

turn

on

ave

rag

e e

qu

ity

13

.1%

4.0

%5

.0%

15

.0%

12

.5%

Re

turn

on

to

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asse

ts1

.8%

0.5

%0

.5%

1.9

%1

.5%

Ea

rnin

gs p

er

sh

are

$0

.55

$0

.15

$0

.16

$0

.57

$0

.49

Bo

ok

Va

lue

pe

r S

ha

re$

4.1

9$

3.7

7$

3.1

5$

3.3

5$

3.4

8

Sh

are

Pri

ce

as a

t S

ep

tem

be

r 3

0$

2.2

0$

2.1

8$

2.4

9$

2.9

9$

3.0

0

Div

ide

nd

s P

aid

($

’00

0)

31

,21

11

3,3

76

50

,73

04

0,0

50

15

,57

5

34


Shareholdings of Directors’ & Connected Parties

shaReholdings of the 10 laRgest oRdinaRy shaReholdeRs

shaReholdings of

diRectoRs

and connected PaRties

shaReholdings of senioR ManageRs and

connected PaRties

shaReholdeR aMount

Rita Humphries-Lewin 339,975,664

BPM Financial Ltd. A/C BP 905 14,180,000

Peta-Rose Hall 11,188,814

John O. Minott (Snr.) 5,885,322

Karl Lewin 5,675,322

First Caribbean International Securities

Limited A/C B.U.T.

5,404,804

George William Cooper 5,302,322

Monica L. Cools-Lartigue 4,310,500

Yvonne Shaw 4,260,000

Agnes Barbara Humphries 4,000,000

diRectoR shaReholding

Rita Humphries-Lewin 339,975,664

John O. Minott (Snr.) 5,885,322

Robert A. Jenkinson 875,000

George William Cooper 5,302,322

Carl Domville

Connected Party

2,151,061

608,713

Karl Lewin 5,675,322

Ian McNaughton 296,000

Enith Williams 195,000

ManageR shaReholding

Ian McNaughton 296,000

Sonia Owens 260,000

Dorothea Lynette James 25,000

Claudine McLeish 0

Vanessa Lawrence-Williams 75,000

Geneieve Harty

Connected Parties

35,000

39,000

35


Audited Financial StatementsYEAR ENDED 30 SEPTEMBER 2015

36


Index

Independent Auditors’ Report to the Members 37-38

financial stateMents

Consolidated Statement of Comprehensive Income 39

Consolidated Statement of Financial Position 40

Consolidated Statement of Changes in Stockholders’ Equity 41

Consolidated Statement of Cash Flows 42

Company Statement of Comprehensive Income 43

Company Statement of Financial Position 44

Company Statement of Changes in Stockholders’ Equity 45

Company Statement of Cash Flows 46

Notes to the Financial Statements 47-113

Pages

37


Independent Auditors’ Report

39-113,

38


Independent Auditors’ Report cont’d

39


Consolidated Statement of

Comprehensive IncomeYear ended 30 September 2015

(expressed in Jamaican dollars unless otherwise indicated)

40



Financial Position30 September 2015


41



Changes in Stockholders’ EquityYear ended 30 September 2015


42



Cash FlowsYear ended 30 September 2015


43


Company Statement of

Comprehensive IncomeYear ended 30 September 2015


44



Financial Position30 September 2015


45



Changes in Stockholders’ EquityYear ended 30 September 2015


46



Cash FlowsYear ended 30 September 2015


47


Notes to the Financial Statements30 September 2015


48


Notes to the Financial Statements cont’d

30 September 2015


49



30 September 2015


50



30 September 2015


51



30 September 2015


52



30 September 2015


53



30 September 2015


54



30 September 2015


55



30 September 2015


56



30 September 2015


57



30 September 2015


58



30 September 2015


59



30 September 2015


60



30 September 2015


61



30 September 2015


62



30 September 2015


63



30 September 2015


64



30 September 2015


65



30 September 2015


66



30 September 2015


67



30 September 2015


68



30 September 2015


69



30 September 2015


70



30 September 2015


71



30 September 2015


72



30 September 2015


73



30 September 2015


74



30 September 2015


75



30 September 2015


76



30 September 2015


77



30 September 2015


78



30 September 2015


79



30 September 2015


80



30 September 2015


81



30 September 2015


82



30 September 2015


83



30 September 2015


84



30 September 2015


85



30 September 2015


86



30 September 2015


87



30 September 2015


88



30 September 2015


89



30 September 2015


90



30 September 2015


91



30 September 2015


92



30 September 2015


93



30 September 2015


94



30 September 2015


95



30 September 2015


96



30 September 2015


97



30 September 2015


98



30 September 2015


99



30 September 2015


100



30 September 2015


101



30 September 2015


102



30 September 2015


103



30 September 2015


104



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Notes

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Proxy Form

J$ 100

STAMP

I/We..............................................................................................................

of ..................................................................................................................

being a member/members of Barita Investments Limited, hereby appoint

.....................................................................................................................

of ..................................................................................................................

or failing him/her.............................................................................................

of ........................................................................................................as my/

our Proxy to vote for me/us and on my/our behalf at the Annual General Meeting

of the Company to be held at the Courtleigh Hotel, 85 Knutsford Boulevard,

Kingston 5 on Thursday, March 24, 2016, at 10:00 a.m.

Dated the...................................... date of.............................................2016

Signed: ........................................................................................................

NOTES:

1. This Form of Proxy must be received by the Secretary of the Company not

less than 48 hours before the time appointed for the Meeting.

2. This Form of Proxy should bear stamp duty of $100.

3. If the appointer is a Corporation, this Form of Proxy must be executed under its

common Seal or under the hand of an officer or attorney duly authorized in writing.

baRita inVestMents liMited

INVESTMENTS LIMITED

15 St. Lucia Way,Kingston 5, Jamaica W.I.T: (876) 926.2681, 926.6673F: (876) 929.8432website: www.barita.com

Designed by Sharmac Graphics Ltd.

barita ar 2015 - jamaica stock exchange · 2 barita investments ltd. | annual report 2015 notice is...

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