DOCSLIB.ORG

For the Year Ended 31 December 2020 Table of Contents

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
For the Year Ended 31 December 2020 Table of Contents Annual Report & Consolidated Financial Statements For the Year Ended 31 December 2020 TAble oF ConTenTS 2 DIRECTORS, MANAGEMENT AND ADVISERS 3 COMPANY OVERVIEW 6 CHAIRMAN’S STATEMENT 9 STRATEGIC REPORT 11 PRINCIPAL RISKS 16 VIABILITY STATEMENT 19 INVESTMENT MANAGER’S REVIEW 32 THE BOARD OF DIRECTORS 34 DIRECTORS’ REPORT 40 DIRECTORS’ REMUNERATION REPORT 42 ENVIRONMENTAL SOCIAL GOVERNANCE (ESG) STRATEGY 45 REPORT OF THE AUDIT COMMITTEE 48 STATEMENT OF DIRECTORS’ RESPONSIBILITIES 49 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF CEIBA INVESTMENTS LIMITED 56 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 57 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 58 CONSOLIDATED STATEMENT OF CASH FLOWS 59 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 60 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 90 INVESTOR INFORMATION 92 GLOSSARY OF TERMS AND DEFINITIONS AND ALTERNATIVE PERFORMANCE MEASURES 95 NOTICE OF ANNUAL GENERAL MEETING Visit our Website at www.ceibalimited.co.uk to fnd out more about CEIBA Investments Limited. THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. If you are in any doubt about the action you should take, you are recommended to seek your own independent fnancial advice from your stockbroker, bank manager, solicitor, accountant or other fnancial adviser authorised under the Financial Services and Markets Act 2000 (as amended by the Financial Services Act 2012) if you are in the United Kingdom or, if not, from another appropriately authorised fnancial adviser. If you have sold or otherwise transferred all your Ordinary Shares in CEIBA Investments Limited, please forward this document, together with the accompanying documents immediately to the purchaser or transferee, or to the stockbroker, bank or agent through whom the sale or transfer was efected for transmission to the purchaser or transferee. 1 DiReCToRS, MAnAgeMenT AnD ADviSeRS DIRECTORS (All NON-ExECUTIVE) REGISTERED OFFICE John Herring (Chairman) CEIBA Investments limited Trevor Bowen Ground Floor, Dorey Court Keith Corbin Admiral Park, St Peter Port Peter Cornell Guernsey GY1 2HT Colin Kingsnorth all of the registered ofce AIFM INVESTMENT MANAGER Aberdeen Standard Fund Managers limited Aberdeen Asset Investments limited Bow Bells House, 1 Bread Street Bow Bells House, 1 Bread Street London EC4M 9HH London EC4M 9HH ADMINISTRATOR AND SECRETARY REGISTRAR JTC Fund Solutions (Guernsey) limited link Market Services (Guernsey) limited Ground Floor, Dorey Court Mont Crevelt House, Admiral Park, St Peter Port Bulwer Avenue, St Sampson Guernsey GY1 2HT Guernsey GY2 4LH AUDITOR FINANCIAl ADVISER & BROkER Grant Thornton limited Nplus1 Singer Advisory llP Lefebvre House, Lefebvre Street 1 Bartholomew Lane St Peter Port, Guernsey GY1 3TF London EC2N 2AX ADVOCATES TO THE COMPANY (AS TO GUERNSEY lAW) SOlICITORS TO THE COMPANY (AS TO ENGlISH lAW) Carey Olsen (Guernsey) llP Gowling WlG (Uk) llP Carey House, Les Banques 4 More London Riverside St Peter Port, Guernsey London GY1 4BZ SE1 2AU TRANSFER AGENT DEPOSITARY link Asset Services JTC Global AIFM Solutions limited The Registry Ground Floor, Dorey Court 34 Beckenham Road, Admiral Park, St Peter Port Beckenham, Guernsey GY1 2HT Kent BR3 4TU BOND lISTING AGENT BOND REGISTRAR AT THE INTERNATIONAl STOCk ExCHANGE JTC Registrars limited Carey Olsen Corporate Finance limited Ground Floor, Dorey Court Carey House Admiral Park, St Peter Port Les Banques, St Peter Port Guernsey GY1 2HT Guernsey GY1 4BZ 2 DIRECTORS, MANAGEMENT AND ADVISERS CoMpAny oveRview GENERAl CEIBA Investments Limited (“CeibA” or the “Company”) is a Guernsey-incorporated, closed-ended investment company, with registered number 30083. The Ordinary Shares of the Company are listed on the Specialist Fund Segment (“SFS”) of the London Stock Exchange’s Main Market under the symbol CBA (ISIN: GG00BFMDJH11). The Bonds are listed on The International Stock Exchange, Guernsey under the symbol CEIB1026 (ISIN: GG00BMV37C27). The Company is governed by a Board of Directors, the majority of whom are independent. Like many other investment companies, it outsources its investment management, administration and other services to third party providers. Through its consolidated subsidiaries (together with the Company, the “group”), the Company invests in Cuban real estate and other assets by acquiring shares in Cuban joint venture companies or other entities that own the underlying properties. The Company also arranges and invests in fnancial instruments granted in favour of Cuban borrowers. FINANCIAl HIGHlIGHTS AS AT 31 DECEMBER 2020 IN £ AND US$ (FOREx: £/US$ = 1.3608) Net Asset Value (“nAv”) and share price are quoted in Sterling (£) but the functional currency of the Company is the U.S. Dollar (US$). As such, the fnancial highlights of the Company set out below are being provided in both currencies, applying the applicable exchange rate as at 31 December 2020 of £1:US$1.3608 (2019 £1=US$1.3113). £ Net (loss)/Gain to Total Net Assets NAV per share1 shareholders £142.9m 2019: £157.7m 103.8p 2019: 114.5p (£14.6m) 2019: £5.8m 2 2 2 2 2 2 £145.0m 2019: £160.6m 105.3p 2019: 116.6p (£15.3m) 2019: £5.0m (loss) / Earnings per share NAV Total Return1 Share price return1, 3 (10.6p) 2019: 4.2p (9.4%) 2019: 0.8% 19.0% 2019: (26.1%) 2 2 2 2 (11.1p) 2019: 3.6p (9.7%) 2019: 0.3% Share price Market Capitalisation Discount to NAV1 (18.6%) 2019: (38.0%) 84.5p 2019: 71.0p £116.3m 2019: £97.7m 2 2 (19.8%) 2019: (39.1%) COMPANY OVERVIEW 3 US$ Net (loss)/Gain to Total Net Assets NAV per share1 shareholders US$194.4m US$1.41 (US$19.8m) 2019: US$206.7m 2019: US$1.50 2019: US$7.6m US$197.3m2 US$1.432 (US$20.8m)2 2019: US$210.6m2 2019: US$1.532 2019: US$6.6m2 (loss)/Earnings per share NAV Total Return1 Share price return1, 3 (US$0.14) (6.0%) 2019: US$0.06 2019: 4.9% 22.8% 2019: (23.1%) (US$0.15)2 (6.3%)2 2019: US$0.052 2019: 4.3%2 Share price Market Capitalisation Discount to NAV1 (18.6%) US$1.15 US$158.3m 2019: (38.0%) 2 2019: US$0.93 2019: US$128.2m (19.8%) 2019: (39.1%)2 1 These are considered Alternative Performance Measures. See glossary on page 92 for more information. 2 These fgures difer from the fgures derived from the audited Consolidated Financial Statements beginning on page 56. The fgures are calculated in full accordance with International Financial Reporting Standards (“IFRS”), except that they include the efect of an adjustment recognising the full amount of US$5.0m / £3.9m received from Aberdeen Standard Fund Managers Limited on 23 November 2018 in connection with the execution of the Management Agreement in the Statement of Comprehensive Income for the year ended 31 December 2018, rather than deferring this amount over the fve-year term of the Management Agreement as required by IFRS. This adjustment resulted in the increase of the net income attributable to the shareholders of the Company for the year ended 31 December 2018 by US$5.0m / £3.9m and decreases the net income attributable to the shareholders of the Company by the amount of US$1.0m / £0.7m per year over the fve year term of the Management Agreement. Consequently, for the year ended 31 December 2020 the adjustment resulted in a decrease in the net income attributable to the shareholders of the Company in the amount of US$1.0m / £0.7m. 3 Source: Refnitiv 4 COMPANY OVERVIEW MANAGEMENT The Company has appointed Aberdeen Standard Fund Managers Limited (“ASFMl” or the “AiFM”) as the Company’s alternative investment fund manager to provide portfolio and risk management services to the Company. The AIFM has delegated portfolio management to Aberdeen Asset Investments Limited (the “investment Manager”). Both ASFML and the Investment Manager are wholly-owned subsidiaries of Standard Life Aberdeen plc, a publicly-quoted company on the London Stock Exchange. Aberdeen Standard Investments (“ASi”) is a brand of Standard Life Aberdeen plc. References throughout this document to ASI refer to both the AIFM and the Investment Manager. FINANCIAl CAlENDAR 17 June 2021 Annual General Meeting 2021 30 September 2021 Announcement of half-yearly results for the six months ending 30 June 2021 31 December 2021 Financial year end COMPANY OVERVIEW 5 CHAiRMAn’S STATeMenT Since publication of the 2019 Annual Report of CEIBA Investments Limited (“CeibA” or the “Company”) in April 2020, both the Company and Cuba have, in line with most of the rest of the world, been battling the Covid-19 pandemic. The extreme impact of this virus was difcult to assess at that time and there still remains considerable uncertainty about its duration and the long-term impact, and the expected return to normality. One of our prime concerns throughout this period has been ensuring the wellbeing of our people and protecting the safety of the people working to advance the afairs of the Company. It is notable that Cuba itself has handled the virus well, with some 103,524 total infections as of writing this report and a death toll of 604 people since the start of the pandemic, which on a global basis is an enviable record. 2020 REVIEW Inmobiliaria Monte Barreto S.A. (“Monte barreto”), the Cuban joint venture company in which the Company owns a 49% interest, owns and operates the Miramar Trade Center. Given the backdrop, it has traded very strongly since the onset of the pandemic and occupancy levels have remained over 98% throughout 2020. Although revenues were down slightly as compared with the prior year, net income in 2020 reached US$14.4 million / £10.6 million for the year, representing a small increase over the prior year and making 2020 the most proftable year since incorporation of the joint venture.
Load more

Recommended publications
  • Diplomacy and Human Migration: a History of U.S. Relations with Cuba During the Late Cold War DISSERTATION Presented in Partial
    Diplomacy and Human Migration: A History of U.S. Relations with Cuba during the Late Cold War DISSERTATION Presented in Partial Fulfillment of the Requirements for the Degree Doctor of Philosophy in the Graduate School of The Ohio State University By Hideaki Kami Graduate Program in History The Ohio State University 2015 Dissertation Committee: Professor Robert J. McMahon, Adviser Professor Peter L. Hahn, Co-adviser Professor Stephanie J. Smith Copyright by Hideaki Kami 2015 Abstract This dissertation analyzes U.S.-Cuban relations by focusing on the interaction of diplomacy and human migration during the late Cold War years. It explores how the U.S. government reformulated its Cuban policy in light of Fidel Castro’s institutionalization of power while, at the same time, trying to build a new relationship with the Cuban- American community as the latter forged a new, politically mobilized constituency within U.S. society. Based on historical sources from the United States, Cuba, and other countries, I argue that the triangular relations among Washington, Havana, and Miami formidably reinforced the status quo. As hundreds of thousands of Cuban-Americans participated in U.S. politics in the hope of toppling the Castro regime, the U.S. government could no longer dismiss their concerns as completely alien to the national interest. But while committing to “freedom” in Cuba in their public statements, U.S. policy-makers in fact placed a higher priority on stability in the Caribbean Sea; they collaborated with the Cuban government to prevent migration crises such as the 1980 Mariel boatlift, one of the largest and most traumatic in modern U.S.
    [Show full text]
  • No. 8 - the Ubc an Embargo: Policy Outlook After 50 Years Rebecca H
    Digital Commons @ Georgia Law Occasional Papers Series Dean Rusk International Law Center 4-1-2014 No. 8 - The ubC an Embargo: Policy Outlook after 50 Years Rebecca H. White University of Georgia School of Law C. Donald Johnson University of Georgia School of Law Archibald R.M. Ritter Carleton University Ray Walser The Heritage Foundation Ricardo Torres University of Havana Center for the Study of the Cuban Economy See next page for additional authors Repository Citation White, Rebecca H.; Johnson, C. Donald; Ritter, Archibald R.M.; Walser, Ray; Torres, Ricardo; Meyer, Timothy L.; Fisk, Daniel W.; Huddleston, Vicki J.; Muse, Robert L.; Cabañas, José R.; Pagnattaro, Marisa; Benjamin-Alvarado, Jonathan C.; Black, Gary W.; Rosson, C. Parr III; and Sanchez Egozcue, Jorge Mario, "No. 8 - The ubC an Embargo: Policy Outlook after 50 Years" (2014). Occasional Papers Series. 10. https://digitalcommons.law.uga.edu/rusk_oc/10 This Conference Proceeding is brought to you for free and open access by the Dean Rusk International Law Center at Digital Commons @ Georgia Law. It has been accepted for inclusion in Occasional Papers Series by an authorized administrator of Digital Commons @ Georgia Law. Please share how you have benefited from this access For more information, please contact [email protected]. Authors Rebecca H. White, C. Donald Johnson, Archibald R.M. Ritter, Ray Walser, Ricardo Torres, Timothy L. Meyer, Daniel W. Fisk, Vicki J. Huddleston, Robert L. Muse, José R. Cabañas, Marisa Pagnattaro, Jonathan C. Benjamin-Alvarado, Gary W. Black,
    [Show full text]
  • Download Document
    Abstract In 1933, the Cuban Communist Party experienced a change in leadership from the white poet and lawyer Rubén Martínez Villena to a black former shoe repairman from Manzanillo, Blas Roca. This shift marked the beginning of a new era in Cuban politics. This thesis argues that the Communist Party was an unparalleled space for black political activism in Cuba’s late republic period due to the unique convergence of black actors within its ranks. The Party reflected a singular intersection of labor leaders, members of black fraternal organizations, and black intelligencia. This group of black political actors fought for an end to racial discrimination throughout the history of the Party and successfully reintroduced a public engagement with race in Cuban political rhetoric during the 1940 Constitutional Assembly. Unlike other contemporary political parties, the Communist Party created a space for simultaneous expressions of blackness and Cubanness that drew black Cubans into its ranks. The Party’s decades long struggle for anti- discrimination legislation ultimately failed, but their prolonged struggle for greater equity on the island disrupted domestic politics and distinguished the Cuban Party from other contemporary Communist parties. ¬ Copyright by Kaitlyn D. Henderson, 2018 All Rights Reserved. Acknowledgements This work is the result of years of reading and editing and writing and patience and the vast majority of that began with the first person to fight for me and support me at Tulane, Justin Wolfe. Thank you for being the greatest adviser anyone could have asked for. Thank you for helping me to see my struggles through the lens of humor and for your unending curiosity in the world.
    [Show full text]
  • Eduardo Chibás: the Incorrigible Man of Cuban Politics
    City University of New York (CUNY) CUNY Academic Works All Dissertations, Theses, and Capstone Projects Dissertations, Theses, and Capstone Projects 2009 Eduardo Chibás: The Incorrigible Man of Cuban Politics Ilan Ehrlich Graduate Center, City University of New York How does access to this work benefit ou?y Let us know! More information about this work at: https://academicworks.cuny.edu/gc_etds/1411 Discover additional works at: https://academicworks.cuny.edu This work is made publicly available by the City University of New York (CUNY). Contact: [email protected] EDUARDO CHIBÁS: THE INCORRIGIBLE MAN OF CUBAN POLITICS By ILAN EHRLICH A dissertation submitted to the Graduate Faculty in History in partial fulfillment of the requirements for the degree of Doctor of Philosophy, The City University of New York. 2009 i This manuscript has been read and accepted for the Graduate Faculty in History in satisfaction of the dissertation requirements for the degree of Doctor of Philosophy. Alfonso Quiroz _____________________________________________ _______________ _____________________________________________ Date Chair of Examining Committee Helena Rosenblatt ____________________________________________ ____________________________________________ Executive Officer Supervisory Committee _____________________________________________ Samuel Farber _____________________________________________ David Nasaw _____________________________________________ José Moya _____________________________________________ Randolph Trumbach THE CITY UNIVERSITY OF NEW YORK ii Abstract EDUARDO CHIBÁS: THE INCORRIGIBLE MAN OF CUBAN POLITICS By ILAN EHRLICH Advisor: Professor Alfonso Quiroz There is ample evidence to suggest that Eduardo Chibás (1907-1951), despite never having been president, was of primary importance to Cuba’s political system in the years 1940-1952. As a congressman, senator and presidential candidate who was also the island’s most popular radio commentator, Chibás was afforded an excellent opportunity to alter government policy and shape public opinion.
    [Show full text]
  • By Rafael Diaz-Balart
    Cuba: Intra-history. An Unremitting Struggle Cuba: Intra-history. An Unremitting Struggle Copyright © 2006 by Lincoln Díaz-Balart Rafael Diaz-Balart La Rosa Blanca design by Waldo Díaz-Balart Translation by Contexto All rights reserved. Printed in Mexico. This publication is protected by copyright, and permission must be obtained from the author prior to any prohibited reproduction, storage in a retrieval system, or transmission in any form or by any means, electronic, mechanical, photocopying, recording, or likewise. Contents The Frustrated Elections Of 1956 ........................................................... 71 A Visit to Chivirico on the Flanks of the Sierra Maestra and my Proposal to Batista .......................................................................... 73 The Mediation of the Amigos de la República (Friends of the Republic) and Don Cosme de la Torriente .......................................................... 75 Prologue.................................................................................................. 11 The General Strike of April 1958. The Last Elections. Rivero Agüero, “the Cuban Zedillo” Who Was Never Able to Govern ......................... 77 A Cuban Memory.................................................................................... 15 Clashes With the Government............................................................ 81 The University ....................................................................................... 27 On My Way to Exile Without Knowing It ..........................................
    [Show full text]
  • A History of the Cuban Revolution Viewpoints/Puntos De Vista: Themes and Interpretations in Latin American History
    A History of the Cuban Revolution Viewpoints/Puntos de Vista: Themes and Interpretations in Latin American History Series editor: Jürgen Buchenau The books in this series will introduce students to the most significant themes and topics in Latin American history. They represent a novel approach to designing supplementary texts for this growing market. Intended as supplementary textbooks, the books will also discuss the ways in which historians have interpreted these themes and topics, thus demonstrating to students that our understanding of our past is con- stantly changing, through the emergence of new sources, methodologies, and historical theories. Unlike monographs, the books in this series will be broad in scope and written in a style accessible to undergraduates. Published A History of the Cuban Revolution, Second Edition Aviva Chomsky Bartolomé de las Casas and the Conquest of the Americas Lawrence A. Clayton Beyond Borders: A History of Mexican Migration to the United States Timothy J. Henderson The Last Caudillo: Alvaro Obregón and the Mexican Revolution Jürgen Buchenau A Concise History of the Haitian Revolution Jeremy Popkin Spaniards in the Colonial Empire: Creoles vs. Peninsulars? Mark A. Burkholder Dictatorship in South America Jerry Dávila Mothers Making Latin America Erin E. O’Connor A History of the Cuban Revolution Second Edition Aviva Chomsky This edition first published 2015 © 2015 John Wiley & Sons, Inc. Edition history: John Wiley & Sons, Inc. (1e, 2011) Registered Office John Wiley & Sons, Ltd, The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, UK Editorial Offices 350 Main Street, Malden, MA 02148‐5020, USA 9600 Garsington Road, Oxford, OX4 2DQ, UK The Atrium, Southern Gate, Chichester, West Sussex, PO19 8SQ, UK For details of our global editorial offices, for customer services, and for information about how to apply for permission to reuse the copyright material in this book please see our website at www.wiley.com/wiley‐blackwell.
    [Show full text]