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OCM Annual Report 2018 ALL Pages FINAL

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OCM Annual Report 2018 ALL Pages FINAL ONE CARIBBEAN MEDIA LIMITED | ANNUAL REPORT 2018 ASPIRATION STATEMENT To be the leading regional corporation with global reach serving as the most credible and authoritative source of news, information and entertainment in and of the Caribbean. To take the leadership role in the development of the media industry by: • Zealously guarding and advocating the Freedom of the Press/Media. • Observing and promoting the highest professional standards. • Providing training and development opportunities for media personnel. To be an exemplary employer. To make sound investments in diverse businesses that will provide for the leveraging of the Group’s assets and competencies and the creation of shareholder value. To take a leadership role in corporate social responsibility initiatives in the region. TABLE OF CONTENTS Corporate Information ........................................................................................................... Page 3 The Brands .................................................................................................................................. Page 4 Chairman’s Statement ............................................................................................................. Page 6 Group Chief Executive Ofcer’s Statement ..................................................................... Page 8 OCM CSR Initiatives 2018 ....................................................................................................Page 10 Board of Directors ..................................................................................................................Page 14 Corporate Governance .........................................................................................................Page 17 Organisational Chart and Executive Team ....................................................................Page 19 Financial Performance Summary - Graphs ....................................................................Page 21 Directors’ Report .....................................................................................................................Page 22 Directors’ and Senior Ofcers’ Interests and Major Shareholders .........................Page 23 Statement of Management’s Responsibilities .............................................................Page 26 Independent Auditor’s Report ...........................................................................................Page 27 Consolidated Balance Sheet ...............................................................................................Page 36 Consolidated Statement of Proft or Loss ......................................................................Page 38 Consolidated Statement of Other Comprehensive Income ...................................Page 39 Consolidated Statement of Changes in Equity ............................................................Page 40 Consolidated Statement of Cash Flows ..........................................................................Page 41 Notes to the Consolidated Financial Statements .......................................................Page 42 Notice of Meeting ................................................................................................................Page 104 Proxy Form ..............................................................................................................................Page 105 DESIGN, LAYOUT AND PHOTOGRAPHY www.omgtt.com | PRINTING scripj.com Page 2 |ONE CARIBBEAN MEDIA LIMITED | ANNUAL REPORT 2018 CORPORATE INFORMATION HEAD OFFICE BOARD OF DIRECTORS Express House 35 Independence Square, Port of Spain CHAIRMAN Trinidad and Tobago Tele: 868-623-1711-8, 868-627-8806 Mr. Faarees Hosein Fax: 868-627-2721 SECRETARY DIRECTORS Karlene Ng Tang 35 Independence Square, Port of Spain Mrs. Dawn Thomas Trinidad and Tobago Dr. Grenville Phillips REGISTRAR The Trinidad and Tobago Central Mr. Michael Carballo Securities Depository Limited 10th Floor, Nicholas Towers, Mr. Peter G. Symmonds Q.C. 63-65 Independence Square Port of Spain, Trinidad and Tobago Mr. Anthony Shaw ATTORNEYS-AT-LAW Mr. Gregory Thomson Juris Chambers 39 Richmond Street Mr. Douglas Wilson Port of Spain Trinidad and Tobago Mrs. Renee Kowlessar Ezra Alleyne Attorney-at-Law Suite 202, Kays House Roebuck Street, Bridgetown, Barbados C. Anthony Audain Aâstra Law, Aâstra House St. Matthias Road Christ Church, Barbados AUDITORS PricewaterhouseCoopers 11-13, Victoria Avenue, Port of Spain, Trinidad and Tobago NO. OF EMPLOYEES 724 ONE CARIBBEAN MEDIA LIMITED | ANNUAL REPORT 2018 | Page 3 THE BRANDS PRINT BROADCAST - TELEVISION CABLE & BROADBAND Page 4 |ONE CARIBBEAN MEDIA LIMITED | ANNUAL REPORT 2018 BROADCAST - RADIO RENEWABLE ENERGY VIDEO PRODUCTION, PRINTING & DESIGN DIGITAL MEDIA DISTRIBUTION ONE CARIBBEAN MEDIA LIMITED | ANNUAL REPORT 2018 | Page 5 MR. FAAREES HOSEIN CHAIRMAN Page 6 |ONE CARIBBEAN MEDIA LIMITED | ANNUAL REPORT 2018 CHAIRMAN’S STATEMENT The Group’s operating results were im- before the end of the third quarter of following this re-election and Mrs. Dawn pacted by the economic challenges and 2019 and will contribute to the Group’s Thomas, Mr. Anthony Shaw and Mr. transformation occurring in two of our performance. Douglas Wilson for terms not exceeding major markets (Trinidad and Barbados). the third Annual Meeting following this We acknowledge the realities of the re-election. The Group reported revenues of changing market and the Group TT$394M / US$58M which represents continues to adopt strategies to take We wish to thank our loyal readers, a decline of 11% compared to prior advantage of all the opportunities that viewers, listeners and advertisers for year while our Net Proft Before Tax will arise. their continued support and to also and Impairment of TT$50M / US$7.4M express our appreciation to the Group’s declined by 37%. Notwithstanding our economic management and staf who continue to constraints, the Group continues rise to the market challenges and strive In 2018, the Group continued its to support a number of regional to deliver value to all our stakeholders. restructuring eforts to better position community events annually. In itself to increase efciencies and Barbados, the community events Your Directors have approved a fnal seize opportunities presented by the include the Nation Annual Funathlon dividend of 40 cents per share bringing growing digital landscape. As a result and ‘Youth in athletics’, while in the total dividend declared for the year of this strategic thrust, the Group’s Trinidad and Tobago, the National Word to 60 cents. performance took into account Championship and the TV6 Community substantial restructuring costs. T10 Cricket League are all eagerly The Annual Meeting has been scheduled anticipated. for Thursday 13th June 2019 at 10:00am We remain cautiously optimistic that in at Express House, 35 Independence Trinidad and Tobago we will see signs This year the Harold Hoyte Scholarship Square, Port of Spain. of recovery, however the challenges in for Journalism was awarded to Kimiko Barbados continue. Scott (Trinidad and Tobago), who is now the 3rd individual to beneft from this Encouragingly, our Eastern Caribbean scholarship fund. media assets are now operating proftably and the non-media At the upcoming Annual Meeting, Faarees Hosein investments are making a useful your Directors take great pleasure Chairman contribution to the Group. In addition in recommending the re-election of One Caribbean Media Limited to these, our “Flexographic” plant is Dr. Grenville Phillips for a term not scheduled to be fully commissioned exceeding the frst Annual Meeting ONE CARIBBEAN MEDIA LIMITED | ANNUAL REPORT 2018 | Page 7 MRS. DAWN THOMAS GROUP CHIEF EXECUTIVE OFFICER Page 8 |ONE CARIBBEAN MEDIA LIMITED | ANNUAL REPORT 2018 CEO’S STATEMENT 2018 The Group’s operating performance organisation to ensure future growth. Corporate Social was impacted by both the economic Signifcant progress has been made challenges faced in the region and with the restructuring process and Responsibility costs associated with eforts to implementation of a ‘Shared Services’ The Group has remained committed to restructure the organisation for greater model as we strategically pursue a much contributing to building the regional efciency and to allow it to be better more efcient organisation structure. community as we believe that our positioned to take advantage of Additionally, dedicated resources and success is tied to the well-being of the emerging opportunities. The Barbados focus have been given to the business communities that we operate within. subsidiaries were particularly afected segments/areas identifed for future by adverse market developments which Our new subsidiary, Green Dot Limited growth which include: resulted in a decline in advertising held its First Annual Fair and Mini Expo revenues and a drastic slowdown of the 1. Digital and Social Media platforms at its new Headquarters in Cunupia. Renewable Energy business. The Expo saw a wide range of services 2. Development and Monetisation of on display from literacy improvement Revenues across the Group of $394M local content to home security in keeping with the were 11% below prior year while Net 3. Technology – Broadband services, Company’s mantra ‘Improving and Proft before Tax and Impairment Software and App development, Simplifying lives’ of $50M was 37% below prior year. Digital payment platform. The Group’s operating performance Other initiatives led by the Group across included signifcant
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