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TABLE OF CONTNETS 1 TABLE of 2 WHO WE ARE CONTENTS 3 VISION, MISSION, GUIDING PRINCIPLE AND VALUES 4 CORPORATE INFORMATION 5 CHAIRMAN’S REPORT 11 DIRECTORS’ REPORT 21 EXECUTIVE TEAM 22 MANAGEMENT TEAM 27 MANAGEMENT DISCUSSION AND ANALYSIS 55 STATEMENT OF MANAGEMENT’S RESPONSIBILITIES 56 INDEPENDENT AUDITORS’ REPORT 62 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 63 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME The Colour Of Resilience Design 64 CONSOLIDATED STATEMENT TONELADA OF CHANGES IN EQUITY Layout Paria Publishing Co. Ltd. 65 CONSOLIDATED STATEMENT Printing OF CASH FLOWS Scrip J Photography of Executive 66 NOTES TO THE CONSOLIDATED and Management Team FINANCIAL STATEMENTS Image Factory Limited 2 WHO WE ARE Angostura®, a world market leader for bitters, is one of the Caribbean’s leading rum producers and home to a superb collection of rum brands. WHO WE ARE Our iconic drinks include Angostura 1824®, Angostura® 1787, Angostura 1919®, Angostura® 7-year-Old rum, Angostura® 5year Old rum, Angostura® Reserva, Angostura Single Barrel®, White Oak and its innovative array of flavours – Sorrel, Coconut, Watermelon and Pink Grapefruit – Forres Park Puncheon, Black Label, and Royal Oak. As a market leader for bitters, Angostura® produces products such as Angostura® aromatic bitters, Angostura® orange bitters, Angostura® cocoa bitters, Amaro di Angostura® and signature beverages which include Angostura® Lemon Lime and Bitters and Angostura® Sorrel and Bitters. Along with being a Royal Warrant Holder to the Queen of England for our Angostura® aromatic bitters, we have successfully marketed our iconic bitters globally and have a geographic reach into 170 markets. The recipe for Angostura® aromatic bitters has not been changed since the first bottle was introduced to the world in 1824 and remains a top secret. BittersRange Drinks Int Creative DEC20 aw.indd 1 08/12/2020 18:17 Many of our brands have been bringing joy for generations in Trinidad and Tobago, our core rum market. Meanwhile, our premium rums have been causing a stir at countless international competitions over the past decade and have been awarded many prestigious accolades internationally. In addition, Angostura® aromatic bitters has been named the Number One Selling Bitters and Number One Trending Bitters since 2018 by Drinks International. VISION, MISSION 3 VISION, MISSION, GUIDING PRINCIPLE AND VALUES VISION GUIDING PRINCIPLE Proudly grow for the betterment of the environment “No Stickin” - Be relentless in making it happen! and the people of Trinidad and Tobago. VALUES MISSION Integrity Be a world-renowned rum company with sought after Togetherness brands rooted in authenticity and craftsmanship, while Tenacity accelerating the ingenuity and mystique of delivering Passion exceptional Aromatic Spirits and other beverages. “Celebrate the spirit of Trinidad & Tobago” 4 CORPORATE INFORMATION CORPORATE INFORMATION BOARD OF DIRECTORS Mr. Terrence Bharath (Chairman), Mrs. Michal Andrews, Ms. Alana Beaubrun, Ms. Renée Johncilla, Ms. Ingrid Lashley COMPANY SECRETARY Mrs. Kathryna Baptiste Assee, Company Secretary, Ms. Tishana Abdool, Assistant Company Secretary REGISTERED OFFICE Corner Eastern Main Road & Trinity Avenue , Laventille, Republic of Trinidad and Tobago Telephone No. (868) 623-1841, Fax: (868) 623-1847 E-mail: [email protected] Website: www.angostura.com REGISTRAR & TRANSFER AGENT Trinidad & Tobago Central Depository Limited, 10th Floor, Nicholas Towers, 63-65 Independence Square Port of Spain, Republic of Trinidad and Tobago Telephone No. (868) 625-5107/9 Fax: (868) 623-0089 AUDITORS PricewaterhouseCoopers, 11-13 Victoria Avenue, Port of Spain, Republic of Trinidad and Tobago Telephone: (868) 299-0700, Fax: (868) 623-6025 BANKERS Republic Bank Limited, Promenade Centre, 72 Independence Square, Port of Spain, Republic of Trinidad and Tobago First Citizens Bank Limited. Corporate Banking Unit, 2nd Floor, Corporate Centre, 9 Queen’s Park East, Port of Spain, Republic of Trinidad and Tobago Citibank (Trinidad & Tobago) Limited, 12 Queen’s Park East, Port of Spain, Republic of Trinidad and Tobago Scotiabank Limited, Scotia Centre Branch, 56-58 Richmond Street, Port of Spain, Republic of Trinidad and Tobago ATTORNEYS-AT-LAW Lex Caribbean, First Floor, 5-7 Sweet Briar Road , Port of Spain, Republic of Trinidad and Tobago Tel: 1 (868) 628-9255, Fax: 1 (868) 628-6714 CHAIRMAN’S REPORT 5 TERRENCE BHARATH CHAIRMAN CHAIRMAN’S REPORT “In fiscal 2020, a year of unprecedented challenges and adversity, Angostura Holdings Limited persevered and quickly adapted, continuing its annual revenue growth trend from 2017.” 6 CHAIRMAN’S REPORT Prior to COVID-19, the world accepted freedom of movement and association as a given norm. Suddenly, the pandemic came, and social distancing, a ban on mass gatherings, restrictions on the openings and operations of bars and restaurants and lockdowns became the norm. What was taken as a right before, became but a past In fiscal 2020, a year of unprecedented challenges and memory. The pandemic severely disrupted global adversity, Angostura Holdings Limited persevered and economies, entertainment, travel, concerts, cinemas, quickly adapted, continuing its annual revenue growth schools and Universities to name a few, with the result trend from 2017. Reported revenue for the fiscal year ended that the livelihoods of millions were suddenly thrust December 31, 2020 was $905.4 million, an increase of into jeopardy. $58.2 million or 6.9% over the prior year. The Group reported Globally, restrictions were put in place to protect lives profit before tax of $212.7 million which represented a to avoid a health crisis, but economically it resulted 6.8% increase from the prior year over the comparative in a severe blow. According to the World Bank, global period. The Group’s ability to record growth during such activity is estimated to have contracted by 4.3% due a challenging and uncertain period, is testimony to its to COVID-19 in 2020, which was the fourth most severe ability to adapt, to innovate in the face of change and to move into areas of commerce that it regarded as global recession of the past 150 years, exceeded only by the First World War, the Great Depression, and the more lucrative. Despite the limitations facing the global Second World War. No country has been spared from economy, the Group was able to expand its reach, enter the pandemic; businesses both small and large and new markets and international retail outlets which, in even those that have been around for 196 years like the face of supply chain challenges and border controls, Angostura, have felt the impact of the pandemic. amounted to another major achievement. The Central Bank of T&T reported that despite the The accomplishments of the Group in 2020 would not challenges from the pandemic, the private sector in the have been possible without the hard work of employees non-energy sector showed positive signs of adapting to and the way they adapted to the new norm despite the the COVID-19 restrictions and limitations. The Central disruptions to their daily lives. Even as the world grappled Bank also reported that growth was recorded in some with the challenges brought on by the pandemic and sectors by the third quarter in 2020 including the changed the way we conducted business, our employees manufacturing industry. remained steadfast in their commitment to the Group. The Board is grateful for their support during this difficult period. CHAIRMAN’S REPORT 7 TAKING CARE OF OUR STAKEHOLDERS DURING THE PANDEMIC At the outbreak of the pandemic, protecting our bottles of hand sanitizer and donated them to frontline employees was our top priority. workers including security forces and health care workers, During this unprecedented period, the Group provided gas stations, Government Ministries, NGOs and our flexible working schedules for employees to ensure their fenceline communities. safety as some were able to work from home and take Our employees generously gave up some of their vacation care of their families. The Board and the Executive leave which amounted to a value of $1 million from their team worked assiduously to ensure health and safety paid vacation entitlements, towards buying grocery measures were instantly implemented to safeguard items for the most vulnerable. The shutdown of schools employees against the spread of the virus. Maintaining impacted many students who did not have access to a business continuity was crucial but that was not the device for online classes. The Board granted approval for only consideration as protecting citizens of the country the purchase of laptops that were donated to secondary also became a major priority. Being conscious of the schools across the country. vulnerability of our citizens, the Group produced 70,000 GROWTH The setbacks caused by the pandemic did not prevent The rum segment, which represented 65% of our total 2020 us from achieving our milestones as innovation played revenue, grew by 8.5% due to increased local consumer a key role in the Group’s growth in 2020. demand for Forres Park Puncheon and White Oak. The The year started off with the launch of White Oak Coconut closure of bars and bar-related services shortly after Flavoured rum in February which was a big player in Carnival 2020, reduced consumption at on-premise the Carnival celebrations. In July, the Group added avenues and shifted consumption to off-premise purchases. another line to its iconic bitters brand by introducing The Group navigated its focus to the wholesaler and to the world, Angostura® cocoa bitters which was part supermarket channels to compensate for lost sales in of the Group’s efforts to support the local agricultural the on-premise consumption. industry using T&T’s Trinitario cocoa. The innovative Our two largest international markets, North America and Angostura® cocoa bitters came 13 years after Angostura® the EMEAA (Europe, Middle East, Asia, Africa) contributed orange bitters was launched. Angostura® cocoa bitters 22.8% of total revenue. The impact of COVID-19 on the is now exported to several markets including the United EMEAA resulted in a severe contraction of demand from Kingdom, Europe and the USA.

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