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Annual Report 2018

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Annual Report 2018 GROWTH, INNOVATION & TRANSFORMATION 2018 ANNUAL REPORT PBS' most important asset... MISSION We are committed to our customers, we work with exceptional human capital and we represent world leaders in the technology industry, to provide the best solutions and services in our markets. OUR BRANDS REGIONAL BRANDS ** * * * * Available in all countries, * excluding Colombia. LOCAL BRANDS ** GROWTH, INNOVATION & TRANSFORMATION & INNOVATION GROWTH, ** AvailableAilbli in select lt countries. ti 4 PBS: WE MAKE THINGS HAPPEN | ANNUAL REPORT 2018 OUR ALLIANCES & SERVICES ALLIANCES PROFESSIONAL SERVICES GROWTH, INNOVATION & TRANSFORMATION & INNOVATION GROWTH, IT SERVICES MANAGED PRINT SERVICES (CMPS) SYSTEM INTEGRATION MAINTENANCE OUTSOURCING PREPAID PHONE & SOCIAL CARDS TRAINING & EDUCATION DIGITALIZATION CUSTOMER COMMUNICATION MANAGEMENT PBS: WE MAKE THINGS HAPPEN | ANNUAL REPORT 2018 5 made to think.™ TABLE OF CONTENTS Director's Report 11 Corporate Information 12 Contact Information 13 Governance Policy 14 5JCTGJQNFGTU 2TQƂNG 16 Shareholding Executives 17 Chairman's Message 20 Company's Description 22 CEO's Message 24 Management Discussion & Analysis 26 Board of Director 32 Board Committees 38 Executive Management Team 40 Regional Support Team 42 Management Team 43 HHRR Policies 44 Environmental Policy 48 Across the Region 50 Marketing Activities 52 Awards & Recognitions 56 Sales Achievements 60 Corporate Social Resonsibility 68 External Audited Consolidated Financial Statements 74 GROWTH, INNOVATION & TRANSFORMATION & INNOVATION GROWTH, COLLABORATION 10 PBS: WE MAKE THINGS HAPPEN | ANNUAL REPORT 2018 DIRECTOR’S REPORT DIRECTORS’ REPORT The Directors of Productive Business Solutions Limited submit herewith their Annual Report and Audited Accounts for the year ended December 31, 2018. FINANCIAL RESULTS / iÀÕ«i`i`Ì iÞi>ÀÜÌ >«ÀwÌLivÀiÌ>Ýv1-f£Î{]äää>`>iÌ«ÀwÌ>ÌÌÀLÕÌ>LiÌà >Ài `iÀÃv 1-fÈ]äää° iÌ>ÃvÌ iÃiÀiÃÕÌÃ]>}ÜÌ >V«>ÀÃÜÌ Ì i«ÀiÛÕÃÞi>À½Ã«iÀvÀ>Vi>`Ì iÃÌ>Ìi v>vv>ÀÃvÌ i «>Þ]>ÀiÃiÌÕÌÌ i>>}iiÌ ÃVÕÃÃ>`Ƃ>ÞÃÃ>`Ì i>V>-Ì>ÌiiÌà which are included as part of the Report. DIRECTORS }iƂ° >ÀiÀiÃ}i`vÀvwVi>ÀV ÓÈ]Óä£n° `Ü>À`°°ViÜ>Ã>««Ìi`ÌÌ i >À`v ÀiVÌÀÃ] ivviVÌÛiÕÞ£]Óä£n° `i7>iÀÜ>Ã>««Ìi`ÌÌ i >À`v ÀiVÌÀÃ]ivviVÌÛi-i«ÌiLiÀ£n]Óä£n° SFO CORPORATE SECRETARY *Ü À«À>Ìi-iÀÛViÃÌi`ÜÌ >``ÀiÃÃ>Ì À ÕÀÌ] à «¿Ã ÕÀÌ]-Ì°V >i] >ÀL>`ÃVi>Ãi`Ì `vwVi>Ã-iVÀiÌ>ÀÞv*À`ÕVÌÛi ÕÃiÃÃ-ÕÌÃÌi`>`ðÃƂ°° iÞ >ÃLii>««Ìi`>à Corporate Secretary. AUDITORS / iƂÕ`ÌÀÃ]*ÀViÜ>ÌiÀ ÕÃi «iÀÃ-,] >Ûi`V>Ìi`Ì iÀÜ}iÃÃÌVÌÕivwVi°/ i ÀiVÌÀà recommend their re-appointment. GROWTH, INNOVATION & TRANSFORMATION & INNOVATION GROWTH, AUDIT COMMITTEE / i >À`v ÀiVÌÀÃv*À`ÕVÌÛi ÕÃiÃÃ-ÕÌÃÌi`iÝiÀVÃiÃÌÃÀiëÃLÌiÃvÀÌ i>V>-Ì>ÌiiÌà VÕ`i`Ì Ã,i«ÀÌÌ ÀÕ} ÌÃƂÕ`Ì ÌÌii°/ iƂÕ`Ì ÌÌiiVÃÃÌÃviÝiVÕÌÛi >À`iLiÀÃ\Àð i>i-ÕLÀ>Ìi] >À«iÀÃ],V>À`ÕÌV Ã]>`/ >ÃƂ}iÜÆ>`iÝiVÕÌÛi >À`iLiÀÃ\ÃiÃÀ> >` Lois Denny. The independent auditors have full and free access to the Audit Committee. EMPLOYEES / i ÀiVÌÀÃÜà ÌiÝ«ÀiÃÃÌ iÀ>««ÀiV>ÌÌÌ ii«ÞiiÃvÀÌ iÀÞ>ÃiÀÛViÃÌ ÀÕ} ÕÌÌ iÞi>À° Submitted on behalf of the Board of Directors, Paul B. Scott Ƃ,Ƃ PBSPBS: WE MAKE THINGSTHINGS HAPPEN | ANNUAL REPORTREPORT 20182018 1111 CORPORATE INFORMATION Full Corporate Name\*À`ÕVÌÛi ÕÃiÃÃ-ÕÌÃÌi` 4GIKUVGTGF1HƂEG\{Ó7>ÀÀiÃ`ÕÃÌÀ>*>À]-Ì°V >i] >ÀL>`à #FOKPKUVTCVKXG1HƂEG\{Ó7>ÀÀiÃ`ÕÃÌÀ>*>À]-Ì°V >i] >ÀL>`à Tel\Ó{È{£ÇxÈääNFax\Ó{È{Ó£nää£ .CYWPFGTYJKEJKPEQTRQTCVGF\ >ÀL>`à +PEQTRQTCVGF\ iViLiÀ£È]Óä£ä (KUECN;GCT'PF\ iViLiÀΣ]Óä£n %QORCP[5GETGVCT[\à iÞ ATTORNEYS >V`ÕÃÌÀ>-°Ƃ° iÌÀ>ViÀ]ǧƂÛi`> 5-10 Zona 4 Õ Ý Ciudad de Guatemala, Guatemala {n Õi-ÌÀiiÌ }ÃÌ]>>V> Banco BAC Credomatic Calle 0, Avenidas 3 y 5 >Ài]ÌÌiÃ]>ÀiÀ *ÀÛV>`i->Ãi *>ÀiÀÕÃi]7`iÞ ÕÃiÃÃ*>À ->Ãi] ÃÌ>,V> 7`iÞ,>`]-Ì°V >i] >ÀL>`à GROWTH, INNOVATION & TRANSFORMATION & INNOVATION GROWTH, V>"ÀÌi}>]i}> ÕÃi AUDITORS 23 Avenue, 31-01 Zona 5 Guatemala PricewaterhouseCoopers SRL / i>V>-iÀÛVià iÌÀi à «¿Ã ÕÀÌ BANKERS *°"° Ý£££]-Ì°V >i BB14004, Barbados >Ì> iÀV> >>>V>Ì`° £ÇÕÌÃvÀ` ÕiÛ>À` }ÃÌx]>>V> ÌL> °Ƃ°>>V> £VÀiÃÌƂÛiÕi }ÃÌx]>>V> ÀÃÌ >ÀLLi>ÌiÀ>Ì> > À>`-ÌÀiiÌ] À`}iÌÜ >ÀL>`à 12 PBS ANNUAL REPORT 2018 * - ->Û>`À]LÕ`} CONTACT INFORMATION PBS Aruba PBS Curaçao 2$50KECTCIWC >Þ>°° iÌV ÀiãÇä -V ÌÌi}>ÌÜi}"ÃÌÓ ,Ì`>iØi}ØiÃi Oranjestad, Aruba 7iÃÌ>`] ÕÀV> 400 mts al Sur, 100 mts al Oeste /i\ÓÇxnÓx{Ó /i\xÇÎΣÎää >>}Õ> >Ý\ÓÇxnÎÓÓÈÈ >Ý\xÇÎÇ䣣 V>À>}Õ> v°>LÜJ}ÀÕ««LðV [email protected] /i\xäxÓÓxxäÓä >Ý\xäxÓÓxxäÎä PBS Barbados 2$5&QOKPKECP4GRWDNKE V>V°J}ÀÕ««LðV >ViÞÕÃi{Ó7>ÀÀiÃ`ÕÃÌÀ> ƂÛi`> Û>À£ää{] *>À Ã>V i>Õ> PBS Panama 7>ÀÀiÃ]-ÌV >i] >ÀL>`à ->Ì }] V>,i«ÕLV >ixÎ >ÀLi>] /i\Ó{È{£ÇxÈää /i\näxÈÇnÓΣ `wV7À`/À>`i iÌiÀ >Ý\Ó{È{Ó£nää£ >Ý\nä{ÇÓä£x Primer Piso v°LLJ}ÀÕ««LðV Apartado Postal 0832 00040, PBS El Salvador 7/ ]*>>> PBS Belize > Û`->Ì> i>Þ Û`°"À`i /i\xäÇÓä{xä ƂLiÀÌ-ÌÀiiÌ `i>Ì>] `wV8iÀÝƂÌ}Õ >Ý\xäÇÓä{äÓ Belize City, Belize ÕÃV>Ì?>LiÀÌ>`] ->Û>`À VÌ>VÌið«>J}ÀÕ««LðV /i\xä£ÓÓÇänÓÎÉÓ{ /i\xäÎÓÓÎÎäää >Ý\xäÎÓÓÎÎäx PBS Suriname CBM Cayman Islands v°ÃÛJ}ÀÕ««LðV ƂÜ>À>`>Ó{ *" ÝÓÎÓÈ Paramaribo, Suriname {ëÌ>,>` PBS Guatemala /i°\­xÇ®{äÓäx À>` >Þ>9£££äÈ] 23 Avenida 31-01, Zona 5 >\v°ÃÕÀJ}ÀÕ««LðV >Þ>Ã>`à Ciudad de Guatemala, Guatemala V>Þ> i«`iÃJ}ÀÕ««LðV /i\xäÓÓ{Óäxää )NQDCN2TQFWEV#NNKCPEG+PE)2# >Ý\xäÓÓ{ÓäxÎÈ ££{££ 7£äÇÌ -ÌÀiiÌ]-ÕÌiÓ{] PBS Colombia ÃiÀÛV>ViÌi°}ÌJ}ÀÕ««LðV >ÎΣÇn1-Ƃ° ƂÛi`>i À>`ÈÈÎ * i\£­Îäx®{ÇÇÓ{ÓÈ° "wV>ÓäÓ PBS Honduras >\vJ}«>ÕÃ>°V }Ì?] L> /i}ÕV}>«> /i\xÇ£ÎxxÇÓ{ Û`À>â? `wV ]-i}Õ` 7iL\«LÃVL>°V Ûi]>>*>À`i>À>VÌÞ] >ÀiÌ}°VL>J}ÀÕ««LðV /i}ÕV}>«> /i\ÓÓÎÓäÎΣ>ÎÎ 2$5%QUVC4KEC v° J}ÀÕ««LðV xƂÕÌ«ÃÌ>*ÀëiÀiÀández ->,>v>i`i ÃV>âÖ] 2$5,COCKEC ->Ãj] ÃÌ>,V> 51 St Lucia Ave /i\xäÈÓxäÈÎäääÉxäÈÓxäÈΣÎÓ }ÃÌx]>>V> >Ý\xäÈÓÓnnÎ{nÈ /i\nÇÈÓÈxÈÎäqÓ V>V°VÀJ}ÀÕ««LðV >Ý\nÇÈÓxÎÇÓ v°J}ÀÕ««LðV PBS ANNUAL REPORT 2018 13 CORPORATE GOVERNANCE Ƃ 1Ƃ, *",/Óä£n CORPORATE GOVERNANCE POLICY À«À>ÌiÛiÀ>ViÀi>Ã>iÞ>Ài>vvVÕÃvÀ * -ÀÕ«>`ÃViÌÀ>ÌÌ i «>Þ½ÃÃÌÀ>Ìi}V objectives. The principles and the structure of our «VÞiÃÕÀiÌ i } iÃÌÃÌ>`>À`ÃvÌÀ>ë>ÀiVÞ] SFO ÛiÀÃ} Ì >` `i«i`iVi] Ì ÃiÀÛi Ì i LiÃÌ ÌiÀiÃÌ v > ÕÀ ÃÌ>i `iÀð / i «À>VÌVià >Ài consistent with best practices and adhere to the ÀiiÛ>Ìi}>>`Ài}Õ>ÌÀÞvÀ>iÜÀ° Our Corporate Governance Charter was established in December 2010. The charter can be seen in more GROWTH, INNOVATION & TRANSFORMATION & INNOVATION GROWTH, `iÌ>Ì i «>Þ½ÃÜiLÃÌiÜÜÜ°}ÀÕ««LðV PBSPBS: WE MAKE THINGSTHINGS HAPPEN | ANNUAL REPORTREPORT 20182018 1515 SHAREHOLDINGS SHAREHOLDERS' PROFILE TEN LARGEST SHAREHOLDERS >ViÞÀÕ«Ìi` 84,181,818 *ÀÌ>` >ÀLLi>Õ`°*° Ó£]{n]Ç£È *ÀÌ>` >ÀLLi>Õ` >ÀL>`ð*° 4,372,151 Pedro M. París Coronado 3,636,300 >«Ì>>ÀiÌí >Þ>®Ì`° Ó]££]n{ *ÀÌ>`Õ` ÛiÃÌ*>ÀÌiÀà « x£]nÈä ÃiÃÀ> 727,200 Courtney Sylvester 663,473 ÃiÕiÀ,`À}Õiâ*iÀ` 363,600 >Ã>ÀÌ ÀÀ}> 363,600 SHAREHOLDING OF DIRECTORS PERSONAL CONNECTED GROWTH, INNOVATION & TRANSFORMATION & INNOVATION GROWTH, Paul B. Scott - 84,181,818 `i7>iÀ - - Õ}>ÃiÜà - 27,272,727 `Ü>À`Vi - - ÃiÃÀ> 727,200 - Lois Denny - - Melanie M. Subratie - 84,181,818 *>ÌÀVƂ°7°-VÌÌ - - Pedro M. París Coronado 3,636,300 - ,V>À`ÕÌV à - 27,272,727 / >ÃƂ}iÜ - - 16 PBS: WE MAKE THINGS HAPPEN | ANNUAL REPORT 2018 SHAREHOLDINGS SHAREHOLDING OF EXECUTIVES Pedro M. París Coronado 3,636,300 ÃiÕiÀ,`À}Õiâ*iÀ` 363,600 >Ã>ÀÌ ÀÀ}> 363,600 Marco Antonio Almendarez Cisneros 363,600 Christian Asdrubal Sanchez Mena 254,500 i>À`iÃÕÃ6i>õÕiâÕV>ÕÌ 163,600 Michael Raphael Lewis 163,600 ÛÜ>À` >à 142,700 -iÀ},LiÀÌ> >ÀÀà 127,200 ÕV>6i>,Õâ ä]ää TRANSFORMATION & INNOVATION GROWTH, >À ÃÌÕ>À`*à ë>> ä]ää Õ«>V,`À}ÕiâÀ>VÃVÃi ä]ää Alvin A. Greene ]äää ÀÃÌ« iÀ iÀÀi 1,800 PBS: WE MAKE THINGS HAPPEN | ANNUAL REPORT 2018 17 6JG(WVWTGQH 18 PBS ANNUAL REPORT 2018 %JGEMRQKPV5ETGGPKPI L-3 ClearScan iÃ}i`Ì`iÌiVÌiÝ«ÃÛiÃ]wÀi>ÀÃ]`ÀÕ}Ã>`Ì iÀVÌÀ>L>`°"ÕÀV iV- «Ì ÃVÀii} «À`ÕVÌà VÀ«À>Ìi > Û>ÀiÌÞ v «ÀÛi ÌiV }ià ÃÕV >Ã\ >ÕÌ>Ìi`]VÛiÌ>]>`8À>Þ]>}ivÀiiÃ>vi>VÌÛiiÌiÀÜ>Ûi]iÌ> `iÌiVÌÆ>`iiÀ}iÌV>ÌiÀ>Ã`iÌiVÌvÀÌÀ>ViiÝ«ÃÛið PBS ANNUAL REPORT 2018 19 CHAIRMAN’S MESSAGE Dear Shareholders, Óä£nÜ>Ã>}`Þi>ÀvÀ*À`ÕVÌÛi ÕÃiÃà -ÕÌà Ìi` >` Ìà ÃÕLÃ`>Àià ­* -®° 7 iÌ iÀiÃÕÌÃwÀÃÌ}>Vi>ÞÌÀiyiVÌ ÃÕV > }iiÀÕà `iÃVÀ«Ì° " `iÌ>i` >>ÞÃÃ] Ì Ã Vi>À Ì >Ì * - à ÌÀ>ÃvÀ} and operationally, in 2018 it performed well. "ÕÀ / ƂVÀi>Ãi`>ÌiÀ>Þ° 20 PBS ANNUAL REPORT 2018 7iÀi`ÕVi`ÕÀ«iÀ>ÌVÃÌÃLÞiÝViÃÃv "ÕÀ Ài} à ÛiÃÌ} /] Ü iÌ iÀ Ì Ã vÀ 1-fΰÓ>Õ>ÞÌ ÀÕ} >Þi>ÃÕÀià security or operational improvement we believe vÀÜ V Ì iLiiwÌÃÜÀiyiVÌÓ䣰 Ì >Ì Ì i >ÀiÌ Ü VÌÕi Ì }ÀÜ° 9ÕÀ V«>Þ]* -]ÃÕµÕiÞ«ÃÌi`ÌLiiwÌ À`iÀÌ`Ì ÃÜiëiÌiÝViÃÃv1-f£° vÀÌ Ã}ÀÜÌ ° Ài`Õ`>VÞV >À}iÃ`ÕÀ}Ì iÓä£n year under review in addition to the start-up Ü>ÌÌÌ>iÌ Ã««ÀÌÕÌÞÌÌ >>vÕÀ ÃÃià Üi ÃÕvviÀi` L>° 7i >à v>Vi` Ìi>>Ì* -vÀÌ iÀ >À`ÜÀÛiÀÌ i>ÃÌÞi>À° Ã}wV>ÌV >i}iÃivÕÀ>>ÀiÌÃ] >Ü>ÞÃvii«ÀÛi}i`ÌÜÀÜÌ ÃÕV }Ài>Ì V>À>}Õ>]Ü iÀiÕÀÃ>iÃÜiÀi>vviVÌi`LÞÌ i «i«i°Ì iwÀÃ̵Õ>ÀÌiÀÕÀ`i«ÕÌÞV >À> }}VÛÕÀiÃÌÌ >ÌVÕÌÀÞ°"«iÀ>Ì>Þ] À° }i >Ài ÀiÃ}i` Ì ÃiÀÛi Ì i «i«i * -ÃÜ iÀiÌii`ÃÌLi>`Üi>ÀiVw`iÌ v >>V> >à > iLiÀ v «>À>iÌ° i Ì >ÌÓä£Üà ÜvÕÀÌ iÀ / Ƃ}ÀÜÌ ° ÃÕLÃiµÕiÌÞ`ÕÀ}Ì iÞi>ÀÜ>Ã>««Ìi`ÌLi Ì iÃÌiÀv>Vi>>V>°ÜÕ`iÌ iÝÌ Þi>À ­Ó䣮 Ì iÀi Ü Li > vVÕÃ Ì i Ì > À° >ÀivÀ ÃÌÀii`ÕÃVÌÀLÕÌ V >À}iÃLiÜÌ i / Ƃi]Ü iÜiiÝ«iVÌ ÌÌ i}ÀÕ«°7iV>VÃiÕÀÃiÛiÃÌ >Ì VÌÕi` }ÀÜÌ ] vÀ ÃÌÀ} Ã>ià }ÀÜÌ ÕÀÃÃÜLi>>V>½Ã}>° >`iÝ«iÃiVÌÀ°* - >ÃÃ}wV>Ì>Õ> V >À}ià iÝViÃà v fn°Ç Ì >Ì >Ài Ì ÕÀ}Ì iÞi>ÀÜiÜiVi`ÌÜiÜ`ÀiVÌÀÃÌ deductible due to the capital structure of the Ì iL>À`° `Ü>À`Vi]> >ÀL>`>iÌÀi«ÀiiÕÀ] V«>Þ iVi ÕÀ Ã}wV>Ì Ì>Ý V >À}iÃ Ü VÃ`iÀ i v Ì i >ÀLLi>½Ãi>`} relative to our PBT.
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