2

Our Report

In 2022, our Annual Report unveiled our new vision

- A Global Force For Good, An Investment
Holding Company with a Caribbean Heart.
This year, that vision has already begun to blossom.
Even as we have celebrated the milestone of our
centennial, with pride in our signal achievements
and gratitude for all those on whose tireless
shoulders we have been carried through the years,
our eyes have been fixed on the fresh vistas that lie
ahead.

Growth and expansion are in our sights,

yes, but always pursuant to our philosophy
and our strategic approach, and always
maintaining our keen sense of who we are
and what we stand for - uniquely rooted in
our common strength, our Caribbean Heart.
THAT's why we can look forward with confidence to
the future - to the next hundred years, and beyond!

2023 Annual Report 1

MASSY HOLDINGS LTD
 www.massygroup.com Read our Annual Report Read our SRR Report
online online
You will find this Annual Report
published on our website.
In the event of any difference
between the on-line and printed
versions, the information in the
on-line version prevails.
The printed version is provided
for your convenience.

The Social Responsibility Report

is available on-line only.

2
Contents Our Purpose and Values 5
Our Performance 6
Our Portfolios 8

Corporate Information 9
Notice of Annual Meeting 10
Our Board of Directors 14

A Message from our Chairman Robert B. Riley 22

A Message from our Chief Executive Officer Gervase Warner 25
Review from our Chief Financial Officer James McLetchie 33

Corporate Risk 39
Our Executive Team 41

Integrated Retail Portfolio Review 44

Gas Products Portfolio Review 56
Motors & Machines Portfolio Review 68
Financial Services Line of Business Review 80

People and Culture 82

Corporate Governance Report 89

Directors’ Report 99
Management Proxy Circular 102
Statement of Management’s Responsibilities 103

Independent Auditor’s Report 105

Consolidated Statement of Financial Position 114
Consolidated Statement of Profit or Loss 116
Consolidated Statement of Other Comprehensive Income 117
Consolidated Statement of Changes in Equity 118
Consolidated Statement of Cash Flows 119
Notes to the Consolidated Financial Statements 121
Five-Year Review 208

2023 Annual Report 3

MASSY HOLDINGS LTD
4
Our Purpose
We are a Group that is inspired by a purpose:
A Force for Good;
Creating Value,
Transforming Life.
This purpose defines who we are,
what we do and how we work.

Our Values
Honesty & Integrity
Our actions match our words. We believe that everything that
we do must be able to withstand the test of public scrutiny.

Responsibility
We are responsible stewards of our businesses and our
communities and we are accountable to each other and
to our Stakeholders.

Collaboration
Understanding different perspectives and constantly working
to create a space where everyone fearlessly shares ideas,
is an ideal to which we are all committed.

Growth & Continuous Improvement

We strive for leadership and global competitiveness
in the business sectors in which we operate.

Love & Care

We believe that everybody matters, and that everyone
deserves to be treated with kindness, respect, consideration
and compassion.

2023 Annual Report 5

MASSY HOLDINGS LTD
 Who we are

Our Performance
As quoted in Trinidad and Tobago Dollars (TT$)

$ 14,195M $1,229M ** ¢ 38.61

Revenue Profit Before Tax Earnings per Share
$12,327m - 2022: +15% $995m - 2022: +24% ¢41.12 - 2022: -6%

¢ 15.83 41.0% 6.97%

Dividends per Share Dividend Payout Ratio Total Return to
Shareholders
¢15.68 - 2022: +1% 38.1% - 2022
18% - 2022

$ 1,637M * $ 11.16M $ 414M *

Salaries & Wages Community Contributions Statutory Contributions
$1,563m - 2022: +5% $11m - 2022: +1% $327m - 2022: +27%

As quoted in United States Dollars (US$)

$ 2,107M $ 182M** ¢ 5.73

Revenue Profit Before Tax Earnings per Share
$1,828m - 2022: +15% $148m - 2022: +24% ¢6.10 - 2022: -6%

¢ 2.35 41.0% 6.97%

Dividends per Share Dividend Payout Ratio Total Return to
Shareholders
¢2.33 - 2022: +1% 38.1% - 2022
18% - 2022

$243M* $ 1.66M $ 61M*

Salaries & Wages Community Contributions Statutory Contributions
$232m - 2022: +5% $1.63m - 2022: +1% $49m - 2022: +27%

* Includes discontinued operations * *From continuing operations

6
 Who we are

Profit Before Tax (%)

by Portfolio/Line of Business by Territory

Other
Financial
Services
6 3 4
Colombia
Jamaica 8
19
Motors &
Machines Guyana
Integrated Trinidad &
Retail 23 Tobago
49 42
Gas
Products
26
Barbados 20
& Eastern
Caribbean
*Excluding Corporate Office

TT$1.2B
recorded Profit
Territories in which we operate

Before Tax

15%
increase in
Florida
St Vincent Saint Lucia

Jamaica
Barbados
Revenues Trinidad & Tobago
Colombia Guyana

24%
increase in Integrated Retail

Profit Before Tax Gas Products

Motors & Machines
Financial Services

6% 13,000+
decrease in
Earnings per Share
60+
Companies Employees

2023 Annual Report 7

MASSY HOLDINGS LTD
 Who we are

Our Portfolios
Major Operating Companies

Integrated Retail Gas Products Motors & Machines

Trinidad & Tobago Trinidad & Tobago Trinidad & Tobago

Massy Integrated Retail Ltd.: Massy Gas Products (Trinidad) Ltd. Automotive
Massy Stores (Trinidad) Massy Carbonics Ltd. Massy Motors Ltd.
(division of Massy Integrated Retail) Caribbean Industrial Gases Unlimited Massy Automotive Components Ltd.
(50%)
Massy Distribution (Trinidad) Massy Motors Best Auto Ltd.
(division of Massy Integrated Retail) Massy Gas Products Manufacturing
(Trinidad) Ltd. Master Serv Limited
Guyana Massy Motors (Tobago) Ltd.
Massy Distribution (Guyana) Inc. Guyana
Industrial Equipment
Massy Stores (Guyana) Inc. Massy Gas Products (Guyana) Ltd.
Massy Machinery Ltd.
Barbados Jamaica Guyana
Massy Stores (Barbados) Ltd. Massy Gas Products (Jamaica) Limited
Massy Motors (Guyana) Ltd.
Massy Distribution (Barbados) Ltd. IGL Limited
Colombia
Jamaica Colombia Massy Motors Colombia S.A.S.
Massy Distribution (Jamaica) Limited Massy Energy Colombia S.A.S.
Mazko S.A.S.
Granados Gomez & CIA S.A. Empresa Auto Orion S.A.S.
Saint Lucia de Servicios Publicos Gas, Gragos S.A.
E.S.P. (Gragos) Massy Motors Premium S.A.S.
Massy Stores (SLU) Ltd.
Vehiculos Y Seguros Ltda.
Massy Distribution (St. Lucia) Ltd.
Automontaña S.A.S.
St Vincent Germania Motors S.A.S.
Massy Stores (SVG) Ltd. Autolux S.A.S.
Seguros Automontaña S.A.S.
USA
Autogalias S.A.S.
Massy Distribution (USA) Inc.
Massy Motors Bogota S.A.S.
Massy Stores (USA) LLC
Massy Motors Rentals S.A.S.

USA
Massy Motors and Machines
Miami Distribution Inc.

Holding Companies
Massy Holdings Ltd. | Massy (Guyana) Ltd. | Massy (Barbados) Ltd. | Massy Integrated Retail Ltd. | Massy Energy (Trinidad) Ltd.
Massy Gas Products Holdings Ltd. | Massy Transportation Group Ltd. | Massy Motors Colombia S.A.S.

8
 Who we are

Corporate Information
As at September 30

Chairman Registered Office Auditors

Mr. Robert Riley 63 Park Street PricewaterhouseCoopers
Port of Spain 11-13 Victoria Avenue
Trinidad and Tobago Port of Spain
President & Group CEO West Indies Trinidad and Tobago
Mr. Gervase Warner Telephone: 868 625 3426 West Indies
Facsimile: 868 627 9061
Email: [email protected]
Directors Website: www.massygroup.com Principal Bankers
Mr. Robert Riley, Chairman RBC Royal Bank
Mr. Gervase Warner, President & (Trinidad & Tobago) Limited
Group CEO Audit & Risk 55 Independence Square
Mr. James McLetchie, Group CFO Committee Port of Spain
Mr. David Affonso Mr. Peter Jeewan, Chairman Trinidad and Tobago
Mr. Nigel Edwards Mr. Patrick Hylton West Indies
Mr. Marc-Kwesi Farrell Ms. Soraya Khan
Mr. Patrick Hylton Mr. Suresh Maharaj
Mr. Peter Jeewan Mr. Bruce Melizan Registrar and
Ms. Soraya Khan Mr. Gervase Warner, ex-officio Transfer Office
Mrs. Luisa Lafaurie Rivera The Trinidad and Tobago Central
Mr. Suresh Maharaj Depository Limited
Mr. Vaughn Martin Governance, 10th Floor
Mr. Bruce Melizan Nomination & Nicholas Towers
Remuneration 63-65 Independence Square
Committee Port of Spain
Corporate Secretary Mrs. Luisa Lafaurie Rivera, Chairwoman Trinidad and Tobago
Ms. Wendy Kerry Mr. Nigel Edwards West Indies
Mr. Marc-Kwesi Farrell Telephone: 868 625 5107-9
Mr. Robert Riley, ex-officio Email: [email protected]
Assistant Corporate Website: http://www.stockex.co.tt/
Secretary
Mrs. Shalini Rambachan Maharaj
Sub-Registrar
Jamaica Central Securities
Depository Limited
Registrar Services Unit
40 Harbour Street
Kingston
Jamaica
Telephone: 1 876 967 3271
Email: [email protected]
Website: http://www.jamstockex.com

2023 Annual Report 9

MASSY HOLDINGS LTD
 Notice of Annual General Meeting

Notice of Annual Meeting

To: All Shareholders Notes to the Notice of Annual Meeting

NOTICE IS HEREBY GIVEN that the One Hundredth Annual 1 Shareholders participating in the Meeting electronically are
Meeting of Shareholders of Massy Holdings Ltd. (“the Company”) required to pre-register during the period commencing on
will be held at the Ballroom, Hilton Trinidad and Conference November 27, 2023 and ending at 4:00 p.m. on December
Centre 1B Lady Young Road, Port-of-Spain, Trinidad and Tobago, 15, 2023. Once you have pre-registered and are confirmed
on December 18, 2023, at 10:00 a.m. in a hybrid format whereby as a Shareholder, you will receive an email with the Meeting
Shareholders may attend and participate in the Meeting either credentials (a Zoom link, Meeting ID and password) to
in person or electronically via a live webcast for the following remotely attend the Meeting.
purposes:
A Proxy holder may be authorised by the Shareholder to
1 To receive and consider the Report of the Directors and the use the login credentials to attend the meeting on behalf of
Audited Financial Statements for the financial year ended the Shareholder. Further details to pre- register and attend
September 30, 2023, together with the Report of the Auditors electronically via the live webcast are included in the enclosed
thereon. Appendix 1 - Guidelines for Shareholders’ Pre-Registration
and Online Attendance at Massy Holdings Ltd.’s
2 To elect and re-elect Directors for specified terms and if One Hundredth Annual Meeting.
thought fit, to pass the following Ordinary Resolutions:
a THAT, the Directors to be elected and re-elected, be 2 Members are reminded that the By-Laws provide that
elected and re-elected en bloc; and the Directors may require that any Member, Proxy or duly
b THAT, in accordance with the requirements of paragraphs Authorised Representative, provide satisfactory proof of his/
4.4.1, 4.4.2 and 4.6.1 of By-Law No. 1 of the Company, Mr. her identity before being admitted to the Annual Meeting.
Nigel Edwards be and is hereby elected a Director of the
Company to hold office until the close of the third Annual 3 No service contracts were entered into between the
Meeting of the Shareholders of the Company following this Company and any of its Directors.
election; and
c THAT, in accordance with the requirements of paragraphs 4 A Member of the Company entitled to attend and vote at
4.4.1 and 4.6.1 of By-Law No. 1 of the Company, Mr. David the above Meeting is entitled to appoint a Proxy to attend
Affonso, Mr. Patrick Hylton, Mrs. Luisa Lafaurie Rivera and and vote in his or her stead. Such Proxy need not also be a
Mr. Robert Riley be and are hereby re-elected Directors Member of the Company. Where a Proxy is appointed by a
of the Company to hold office until the close of the third corporate member, the Form of Proxy should be executed
Annual Meeting of the Shareholders of the Company under seal or signed by its attorney.
following this election; and
5 Corporate members are entitled to attend and vote by a
3 To re-appoint the incumbent Auditors and authorise the duly Authorised Representative who need not himself be a
Directors to fix their remuneration and expenses for the member. Such appointment must be by resolution of the
ensuing year. Board of Directors of the corporate member.

By Order of the Board 6 Attached is a Form of Proxy which must be completed, signed
and then deposited with the Secretary of the Company, at the
Company’s Registered Office, 63 Park Street, Port of Spain,
Wendy Kerry not less than 48 hours before the time fixed for holding the
Corporate Secretary Meeting. Forms may also be emailed to
[email protected].
November 22, 2023 Shareholders wishing to appoint a Proxy may also visit the
website www.massygroup.com to download a Form of Proxy.

10
 Notice of Annual General Meeting

Shareholders who return completed Forms of Proxy are not years. Prior to his current role at the UTC, he served as their Chief
precluded from attending the Meeting either in person or Financial Officer. Before joining the UTC, he served in multiple
electronically via the live webcast instead of their Proxies and roles, including Chief Executive, Executive Director, Finance
voting via that medium if subsequently they so wish. Director, and Corporate Secretary in a diverse commercial group in
Trinidad and Tobago.

Item 1 - Presentation of Consolidated Financial Nigel has served as a non-executive Director on several listed
Statements and Auditors’ Report companies on the Trinidad and Tobago Stock Exchange and on
The Consolidated Financial Statements of the Company for several public interest company Boards. Throughout his career, he
the year ended September 30, 2023, and the Auditors’ Report has guided multiple complex mergers and acquisitions, corporate
thereon are included in the Annual Report which is published on reorganisations and restructuring efforts. He remains in active
the Company’s website: www.massygroup.com. service to public authorities and several volunteer community
organisations across Trinidad and Tobago.

Item 2 – Election and Re-Election of Directors He is the holder of an MSc. Finance from the London Business
The Board presently consists of 13 Members. Messrs. David School and a BSc. Management Studies from the University of the
Affonso, Nigel Edwards, Patrick Hylton, Robert Riley and Mrs. Luisa West Indies, St. Augustine. Nigel is also a Fellow of the Chartered
Lafaurie Rivera will retire on rotation at the end of this meeting, and Association of Certified Accountants (FCCA).
being eligible, will be seeking either election or re-election.
Mr. Patrick Hylton - 60 years of age
Following are the biographies of the eligible persons proposed Patrick has a career in banking and finance spanning over 30
as nominees for election and re-election as Directors of the years and has earned his place among Jamaica’s legendary
Company and for whom it is intended that votes will be cast businessmen.
pursuant to the form of proxy enclosed:
His vast experience in the financial services sector includes
Mr. David Affonso - 58 years of age leadership roles as: President & Group CEO of the NCB Financial
In over 30 years with the Group, David has served on the Boards Group, Managing Director of the Financial Sector Adjustment
of many companies and in particular many of the Group’s Retail Company (FINSAC) in Jamaica (a government appointment) and
and Distribution companies across the region. David currently President of the Jamaica Bankers Association. In 2020, he was
serves as Chairman of the Group’s Integrated Retail Portfolio conferred with the Order of Jamaica for distinguished contribution
which is comprised of more than 65 Supermarket doors and 7 to the Financial Sector and Philanthropy.
food and non-food distribution businesses across the Caribbean
from Florida, USA to Guyana, South America. The Integrated Retail Patrick has brought a pragmatic approach to the Board given
Portfolio currently accounts for approximately 63 percent of the his vast experience in retail and distribution, private equity, and
Group’s revenue and 53 percent of its profit before tax. insurance contributing to the Group’s journey as an Investment
Holding Company.
In addition to his role as Chairman of the Integrated Retail Portfolio
David also serves as Chairman of Massy (Guyana) Ltd. and has Mrs. Luisa Lafaurie Rivera - 63 years of age
led several Group wide initiatives including cost reduction and Luisa has held leadership roles in both private and public
procurement, he has also previously served as chairman of the enterprise including a position as Minister of Mines and Energy in
Group’s Investment Committee. Colombia.

Mr. Nigel Edwards - 52 years of age Luisa has a wealth of experience in the energy sector, as founding
Nigel is the Executive Director of the Trinidad and Tobago Unit partner of Sumatoria, advisor to Synergy Group Corp and CEO of
Trust Corporation and has served in several executive positions, Ocensa SA and CENIT SAS.
primarily in the financial services sector, over his career of over 25

2023 Annual Report 11

MASSY HOLDINGS LTD
 Notice of Annual General Meeting

Luisa brings a fresh and diverse perspective to the Board as To attend the Meeting electronically, Shareholders are required
an economist with experience in finance and investment, to pre-register during the period commencing on November 27,
contributing to the Group’s strategic growth, new market entry and 2023, and ending at 4.00 p.m. on December 15, 2023, via the
assessments of investments. following steps:
• Visit www.massygroup.com
Mr. Robert Riley - 66 years of age • Complete the form - type in full name, address, valid
Over more than two decades, Robert has held a variety of identification number (ID Card, Passport or Driver’s Permit) and
executive management and senior legal positions in major valid email address in the spaces provided.
multinationals, including: Head of Safety and Operations Risk, • Click “Submit” to complete your request.
Safety Risk Leadership and Culture, BP PLC, London; Chairman • Once you are confirmed as a Shareholder or proxy on record,
and Chief Executive Officer, BP Trinidad and Tobago; and Vice you will receive an email confirming your attendance with
President, Legal and Government Affairs, Amoco and BP/Amoco. meeting credentials (a Zoom link, Meeting ID and password)
Robert was awarded the Chaconia Medal (Gold) by the Republic of to attend the live webcast meeting.
Trinidad and Tobago for his contribution to National Development.
Attendance at Annual Meeting
Robert brings to the Board experience in global leadership and In-Person Attendance
business management. • Shareholders attending the Meeting in person are
encouraged to arrive at least 30 minutes before the Meeting
commences to complete the registration process.
Item 3 – Re-Appointment of Incumbent Auditors
PricewaterhouseCoopers are the incumbent Auditors of the Electronic Attendance
Company. It is proposed to re-appoint PricewaterhouseCoopers • Shareholders attending electronically who have received the
as Auditors of the Company to hold office until the next Annual Meeting credentials, will need to download the Zoom app,
Meeting of Shareholders. as voting can only be done from the Zoom app. There is no
need to create a Zoom account.
• Click on the Zoom link provided in your confirmation email.
This Appendix Forms Part of The Notice of Meeting of This is an example only of how the link will look:
Shareholders of Massy Holdings Ltd. dated, November https://otago.zoom.us/j/123456789
22, 2023 • If a pop-up appears on your computer asking to open the link
in the Zoom app, select “Allow”.
Appendix 1 • Please enter the Meeting I.D.
• You must enter your full name (First Name and Last Name) as
Guidelines for Shareholders’ Pre-Registration and pre-registered.
Electronic Attendance at Massy Holdings Ltd.’s • Enter password.
One Hundredth Annual Meeting

Pre-Registration for Annual Meeting Notes

To attend the Meeting in-person, Shareholders are encouraged to
indicate their intention by notifying the Company during the period • As an electronic attendee to this meeting, you will NOT be
commencing on November 27, 2023, and ending at 4.00 p.m. on able to unmute your microphone or turn on your camera. You
December 15, 2023, via any of the following ways: will NOT be able to see or message other attendees. You will
have the ability to see and hear the Chairman of the meeting,
• Email: [email protected] as well as any presentations made at the meeting. You will be
• Website: www.massygroup.com able to vote on the resolutions put before the meeting, and
• Telephone: (868) 625-3426 Ext. 2202/2136 you will be able to post questions during the question and
answer segment.

12
 Notice of Annual General Meeting

• For security reasons, you will NOT be able to login and view
the meeting on more than one device at a time.
- If switching devices, you will need to log out of the current
device first.
- The invitation link received, will only work on one device, so
please do not share this link.
• You will have an opportunity to ask questions by text only, via
the Q&A section of your Zoom app when prompted by the
Chairman.
• To return to the meeting after asking a question click “Close”.
• Do not use the “Hands Up” feature for this meeting as it will
not be acknowledged.
• When it is time to vote on the Resolutions, a pop-up screen
will appear stating the Resolution number e.g., “Resolution
1” and the text of the resolution. Simply click (press for touch
screens) on the button next to the word “For” or “Against”
depending on your vote.
• Please select carefully, as you cannot change your vote or
vote multiple times.
• Please be advised that the use of the Zoom app requires
either a working smart phone/tablet with enough space for
installation or a working computer and an internet connection.
- Remember, internet browsers do not support voting, so you
must download the Zoom app on your computer or smart
phone/tablet before the event.
• We recommend the use of a high-speed internet connection
and a fully charged mobile device. If on a wi-fi network, limit
the amount of video streaming from other devices.
• Massy Holdings Ltd. is NOT responsible for the reliability of
Shareholders’ devices or internet connection speed.

2023 Annual Report 13

MASSY HOLDINGS LTD
 Our Board of Directors

Our Board of Directors

As at September 30

Robert Riley
Chairman of the Board Committee
Governance, Nomination and
Appointed
Remuneration, Member (ex-officio)
May 2023
Birth year
Non-Executive Director 1957
Appointed Nationality
October 2019 Citizen of Trinidad and Tobago
Citizen of United Kingdom

Gervase Warner
President and Group CEO Committee
Audit and Risk, Member (ex-officio)
Appointed
December 2009
Birth year
1965
Executive Director
Appointed Nationality
September 2004 Citizen of Trinidad and Tobago

James McLetchie
Executive Vice President & Committee
Chief Financial Officer None

Executive Director Birth year

Appointed 1973
August 2023
Nationality
Citizen of Trinidad and Tobago

David Affonso
Executive Vice President & Committee
Executive Chairman, None
Integrated Retail Portfolio
Birth year
Executive Director 1965
Appointed
Nationality
April 2019 Citizen of Trinidad and Tobago

14
 Our Board of Directors

Nigel Edwards
Non-Executive Director Committee
Governance, Nomination and
Appointed
Remuneration, Member
December 2022
Birth year
1971

Nationality
Citizen of Trinidad and Tobago

Marc-Kwesi Farrell
Non-Executive Director Committee
Governance, Nomination and
Appointed
Remuneration, Member
February 2022
Birth year
1982

Nationality
Citizen of Trinidad and Tobago

Patrick Hylton
Non- Executive Director Committee
Audit and Risk, Member
Appointed
January 2012 Birth year
1963

Nationality
Citizen of Jamaica

Peter Jeewan
Non-Executive Director Committee
Audit and Risk, Chairman
Appointed
January 2022 Birth year
1969

Nationality
Citizen of Canada

2023 Annual Report 15

MASSY HOLDINGS LTD
 Our Board of Directors

Soraya Khan
Non-Executive Director Committee
Audit and Risk, Member
Appointed
December 2019 Birth year
1975

Nationality
Citizen of Trinidad and Tobago

Luisa Lafaurie Rivera

Non-Executive Director Committee
Governance, Nomination and
Appointed
Remuneration, Chairwoman
October 2020
Birth year
1960

Nationality
Citizen of Colombia

Suresh Maharaj
Non-Executive Director Committee
Audit and Risk, Member
Appointed
April 2017 Birth year
1949

Nationality
Citizen of Trinidad and Tobago

Vaughn Martin
Executive Vice President & Committee
Executive Chairman, None
Gas Products Portfolio
Birth year
Executive Director 1975
Appointed
October 2022 Nationality
Citizen of Trinidad and Tobago

16
 Our Board of Directors

Bruce Melizan
Non-Executive Director Committee
Audit and Risk, Member
Appointed
June 2021 Birth year
1967

Nationality
Citizen of Trinidad and Tobago

2023 Annual Report 17

MASSY HOLDINGS LTD
 Our Board of Directors

Robert Riley External Directorships

Chairman of the Board • Citicorp Merchant Bank Limited
Non-Executive Director • The Arthur Lok Jack Graduate School of Business
• United Way Trinidad and Tobago
Qualifications
• Consortium EMBA, Thunderbird, The American Graduate
School of International Management James McLetchie
• Legal Education Certificate, Council of Legal Education Chief Financial Officer
• LLB (Honours), the University of the West Indies Executive Director
• BSc. (Honours), Agricultural Sciences, the University of the
Qualifications
West Indies
• MBA in Finance and Management Information System (MIS),

Skills and Experience Purdue University, USA

Over more than two decades, Robert has held a variety of • Association of Chartered Certified Accountants (ACCA)

executive management and senior legal positions in major

Skills and Experience
multinationals, including: Head of Safety and Operations Risk,
James brings more than 30 years of financial, M&A,
Safety Risk Leadership and Culture, BP PLC, London, Chairman
transformation, and strategy experience to Massy, with an
and Chief Executive Officer, BP Trinidad and Tobago; Vice
emphasis on international M&A and growth. James started his
President, Legal and Government Affairs, Amoco and BP/Amoco.
career as an auditor, at Price Waterhouse in Trinidad. After 7
Robert was awarded the Chaconia Medal (Gold) by the Republic of
years, he left Price Waterhouse as an audit manager to complete
Trinidad and Tobago for his contribution to National Development
his MBA in Finance and Management Information System
Robert brings to the board experience in global leadership and (MIS) at Purdue University in the United States. He then joined
business management. PricewaterhouseCoopers, working in their Chicago, Los Angeles,
and New York City offices, working with clients in many sectors to
External Directorships integrate their acquisitions focused on designing and delivering
• Robert Riley Leadership and Energy Consulting LLC the full potential and synergies of those acquisitions.
• Republic Financial Holdings Limited
James later joined McKinsey & Co, where he spent 13 years
designing and leading M&A integration programs until 2021. He
Gervase Warner was part of the McKinsey & Co global M&A leadership team and
President and CEO led the Merger Management and Organisation teams for the
Executive Director UK and Irish offices. He worked “on the ground” in over 30 cities
across the world in countries including Brazil, Chile, United States,
Qualifications
United Kingdom, Germany, France, Turkey, Japan and India, just to
• MBA, Harvard Graduate School of Business Administration
name a few.
• BSE, Electrical Engineering & Computer Science Engineering,
University of Pennsylvania Most recently, James was Senior Vice President of Integration at
AVEVA Group, a FTSE 50 company and world leader in industrial
Skills and Experience
software company specialising in Power and Oil and Gas. James
Gervase has served the Group for nearly 20 years, joining as a
was responsible for integrating and delivering the value from
Director and holding the position of Executive Chairman of the
AVEVA’s largest acquisition as well as their most ambitious
Energy & Industrial Gases Business Unit. Prior to joining the Group,
business model transformation to drive their global growth
he spent over a decade in International Management Consulting
ambitions.
at McKinsey & Company managing a portfolio of clients across
a wide range of industries, in the US, Latin America and the
Caribbean.

18
 Our Board of Directors

David Affonso reorganisations and restructuring efforts. He remains in active

service to public authorities and several volunteer community
Executive Vice President & Executive Chairman,
Integrated Retail Portfolio organisations across Trinidad and Tobago.
Executive Director
He is the holder of an MSc. Finance from the London Business
Qualifications School and a BSc. Management Studies from the University of the
• BA Economics, University of Western Ontario, Canada West Indies, St. Augustine. Nigel is also a Fellow of the Chartered
Association of Certified Accountants (FCCA).
Skills and Experience
In over 30 years with the Group, David has served on the Boards External Directorships
of many companies and in particular many of the Group’s Retail • Trinidad & Tobago Unit Trust Corporation
and Distribution companies across the region. David currently • Trinidad & Tobago Revenue Authority
serves as Chairman of the Group’s Integrated Retail Portfolio
which is comprised of more than 65 Supermarket doors and 7
Marc-Kwesi Farrell
food and non food distribution businesses across the Caribbean
Non-Executive Director
from Florida USA to Guyana South America. The Integrated Retail
Portfolio currently accounts for approximately 63 percent of the Qualifications
Group’s revenue and 53 percent of its profit before tax. • MBA, Harvard Business School, USA

In addition to his role as Chairman of the IRP David also serves • MPhil, Technology Policy, University of Cambridge, UK

as Chairman of Massy (Guyana) Ltd. and has led several Group • S.B. Chemical Engineering, Massachusetts Institute of

wide initiatives including cost reduction and procurement, he has Technology, USA

also previously served as Chairman of the Group’s Investment

Skills and Experience
Committee.
Marc-Kwesi is the founder and CEO of the award-winning Ten to
One Rum. Prior to Ten to One, Marc-Kwesi previously held several
Nigel Edwards roles at Starbucks, where he was the company’s youngest Vice

Non-Executive Director President, leading its eCommerce business, U.S. Retail Lobby and
Beverage Innovation, during his tenure. His earlier professional
Qualifications career path includes roles at Fidelity Equity Partners and Bain
• Association of Chartered Certified Accountants (ACCA) & Co, along with degrees from MIT, Cambridge University, and
• MSc. Finance from the London Business School Harvard Business School.
• BSc. Management Studies from the University of the West
Marc-Kwesi brings a fresh perspective on innovation,
Indies, St. Augustine.
entrepreneurship, and global business to the board, while
Skills and Experience contributing to the Group’s diversity and global vision.
Nigel is the Executive Director of the Trinidad and Tobago Unit
External Directorships
Trust Corporation and has served in several executive positions,
• Wheels Up (NYSE: UP)
primarily in the financial services sector, over his career of over 25
• Ten to One Rum
years. Prior to his current role at the UTC, he served as their Chief
Financial Officer. Before joining the UTC, he served in multiple
roles, including Chief Executive, Executive Director, Finance Patrick Hylton
Director, and Corporate Secretary in a diverse commercial group in Non-Executive Director
Trinidad and Tobago.
Qualifications
Nigel has served as a non-executive Director on several listed
• Business Administration (Upper Second Class Honours),
companies on the Trinidad and Tobago Stock Exchange and on
University of Technology, Jamaica
several public interest company Boards. Throughout his career, he
• Associate Chartered Institute of Bankers (ACIB), London
has guided multiple complex mergers and acquisitions, corporate
• Honorary Doctor of Laws, University of the West Indies

2023 Annual Report 19

MASSY HOLDINGS LTD
 Our Board of Directors

Skills and Experience Soraya Khan

Patrick has a career in banking and finance spanning over 30 Non-Executive Director
years and has earned his place among Jamaica’s legendary
businessmen. His vast experience in the financial services Qualifications
sector includes leadership roles as: President & Group CEO of • MBA International Finance, University of the West Indies
the NCB Financial Group, Managing Director of the Financial • Certified Public Accountant
Sector Adjustment Company (FINSAC) in Jamaica (a government • BSc. Accounting, Finance and Management Information
appointment) and President of the Jamaica Bankers Association. Systems State University of New York, USA

Skills and Experience

In 2020, he was conferred with the Order of Jamaica for
Soraya is a finance executive with over twenty years’ experience
distinguished contribution to the Financial Sector and Philanthropy.
within multinational organisations, she has held the positions
Patrick has brought a pragmatic approach to the Board given
of: Chief Financial Officer, Citibank, Head of Finance, Centrica
his vast experience in retail and distribution, private equity, and
Energy and is currently Head of Finance, International Operations
insurance contributing to the Group’s journey as an Investment
at Woodside Energy. Her valuable experience covers corporate
Holding Company.
governance, company divestments, project valuations and
External Directorships sanctioning, strategic operational planning and forecasting, and
• NCB Financial Group Limited, NCB Insurance Agency & Fund treasury and financial controls
Managers, NCB Capital Markets Ltd
Soraya is also a Board member of Women in Action for the Needy
• Guardian Holdings Limited, Guardian General Insurance
and Destitute (WAND), a non-profit organisation established over
Limited, Guardian Life of the Caribbean
20 years ago, which is dedicated to improving the lives of the less
fortunate across all communities.
Peter Jeewan
Soraya’s attention to detail, experience in finance, corporate
Non-Executive Director
banking and energy sectors make her well equipped to contribute

Qualifications to the Group’s strategic direction.

• Chartered Professional Accountant, Chartered Accountants of

External Directorships
Ontario
• Woodside Energy (Trinidad-2c) Ltd., Woodside Energy
• BA Commerce, University of Toronto
(Trinidad-3a) Ltd., Woodside Energy (Trinidad) Holdings Ltd.,
Woodside Energy (GOM) Inc., Woodside Energy Boliviana Inc.,
Skills and Experience
Woodside Energy (Americas) Inc.,
Peter’s career spans various roles in accounting, tax, finance, sales
• Hamilton Brothers Petroleum Corporation, Hamilton Oil
and business at industry-leading organisations. He was President
Company Inc.
and CEO of the Lannick Group of Companies, Canada’s largest
• Women in Action for the Needy and Destitute
regional finance and accounting specialist firm and President and
CEO of Vaco Canada. His forte is connecting people and processes
to execute on strategy and achieve outstanding results. Luisa Lafaurie Rivera
Peter’s global and innovation experience coupled with his Non-Executive Director
background in the banking sector has honed his ability to execute
Qualifications
on strategy and to connect External Directorships people and
• EMBA, Universidad de los Andes, Colombia
processes in keeping with the Group’s people centric focus.
• Postgraduate Degree, Finance, Universidad de Los Andes,
External Directorships Colombia
• Vaco Canada • BS, Economics, Pontifica Universidad Javeriana, Colombia

Skills and Experience

Luisa has held leadership roles in both private and public
enterprise including a position as Minister of Mines and Energy in

20
 Our Board of Directors

Colombia. Luisa has a wealth of experience in the energy sector, Skills and Experience
as founding partner of Sumatoria, advisor to Synergy Group Corp Vaughn brings over twenty-eight years of Financial & Business
and CEO of Ocensa SA and CENIT SAS. Management experience in various business sectors, with
twenty five of these spent in the Oil & Gas industry. Prior to his
Luisa brings a fresh and diverse perspective to the Board as
appointment, Vaughn held the position of Senior Vice President
an economist with experience in finance and investment,
Other & Strategic Investments for two years. He has held several
contributing to the Group’s strategic growth, new market entry and
other executive roles within the Massy Group including Managing
assessments of investments.
Director at Massy’s joint venture company, Massy Wood Group
External Directorships Ltd., Country Manager in both Suriname and Ghana and Finance
• Mercantil Colpatria S.A. Director of Massy’s Energy & Industrial Gases Business Unit.
• National Development Finance Company (FDN) S.A.
Vaughn recently completed the Advance Management Program
• Transportadora de Gas Internacional S.A (TGI)
at Harvard Business School and holds an Executive MBA from
the Arthur Lok Jack Graduate School of Business and is FCCA-
Suresh Maharaj designated by the Association of Chartered Certified Accountants.

Non-Executive Director As a past national volleyball athlete, Vaughn maintains his passion
for sport which continues to fuel his involvement in several
Qualifications sporting activities across Trinidad & Tobago.
• MBA, Mellen University
• Bachelor of Science Degree, Mellen University
Bruce Melizan
Skills and Experience Non-Executive Director
Suresh is a highly recognized International Banker and Global
Senior Executive with 43 years of experience in the financial Qualifications
services industry. Prior to his retirement from Citibank in 2015, • MBA, Cranfield University, UK

he held the position of Chief Executive Officer (CEO) for Citibank • BSc (Honours), Electrical Engineering, Queen’s University,

Caribbean, Central America and Equador, with responsibility for Canada

Citibank’s Corporate, Commercial and Investment and Consumer

Skills and Experience
operations. He also served in the position of CEO and Country
Bruce’s career spans multiple industries and since moving to the
Head for the Company’s operations in the Philippines and Guam.
United Kingdom more than twenty-five years ago, he has worked
Suresh brings to the Board experience in investment banking, internationally in outsourcing, project finance and equipment
mergers and acquisitions, divestments, top-line growth, corporate rental in both Financial Times Stock Exchange listed and private
finance, risk management, organisational restructuring, and global equity owned businesses including Interserve Plc and Algeco
market identification. SA. In addition to his Massy role, Bruce also Chairs ES Global, a
global leader in demountable overlay and EcoSync, a PropTech/
CleanTech startup out of Oxford University.
Vaughn Martin
Executive Vice President & Executive Chairman, Bruce brings a diverse skill set to the Board and his experience in
Gas Products Portfolio data and digital transformation, innovation, and entrepreneurship
Executive Director aligns with the Group’s vision and strategy.

Qualifications External Directorships

• Executive MBA, Distinction, Arthur Lok Jack Graduate School • Project Prestige TopCo Ltd. (trading as ES Global Ltd.)
of Business • EcoSync Ltd.
• Association of Chartered Certified Accountants (ACCA), • Sianda Ltd.
Omardeen’s School of Accountancy

2023 Annual Report 21

MASSY HOLDINGS LTD
 Our Chairman's Message

Dear Valued Stakeholders

Massy is now one hundred years old, and I am

extremely proud of our Massy team for pursuing
the significant transformation of the Group
from its heritage as a Caribbean conglomerate
to becoming a focused investment holding
company, operating responsibly and consciously.
As our Group embarks upon its next 100 year
journey, it also does so with a renewed Vision of
being ‘A Global Force for Good, An Investment
Holding Company with a Caribbean Heart.’

A Message from
Our Chairman
Robert B. Riley

In the wake of the COVID-19 pandemic, we have

experienced two years of health scares, lockdowns,
and disruptions in supply chains. This has led to a
world marked by increasing nationalization, global
conflicts (such as those in Ukraine and Gaza), and
both threats and opportunities arising from the rapid
availability and adoption of artificial intelligence.
Additionally, we are facing higher interest rates to
combat record high inflation, economic contraction
in China, stagnation in Europe, and recession-
defying growth in the United States (US) economy.
Furthermore, we are witnessing increasing polarity
worldwide and more frequent extreme weather
conditions. The challenges and complexities of our
world have reached unprecedented levels.

Notwithstanding the unprecedented challenges and

complexities of our time, we at Massy believe
that our renewed spirit and vision is
exactly what we need in this new era
on which we embark.

22
 Our Chairman’s Message

$US182M
The Group’s vision and its conscious and healing operating
paradigms are critical in the times we face. The Group’s devolution
of autonomy and engagement of leadership with increased
accountability deep within the organisation are important profit before tax from continuing
principles for operating in the complex environment in which we
operations grew 24% over lthe
find ourselves. The fact that we are 100 years old speaks to our
people’s resilience and our businesses’ sustainability. Recent
previous year
changes to focus the Group on the industries in which we have
experience and scale, combined with more decentralised

TT15.83¢
decision-making, permits the businesses within the Group to
respond to the many changes and challenges with agility but with
consistency in approach.

total declared dividend for

I would like to thank our colleagues for their hard work, dedication
fiscal year 2023
and love and care for each other, throughout the year. Every team
and colleague has had their own challenges to face and has risen
to meet those challenges incredibly well, together. We got very
clear this year that, at Massy, ‘there is no me without you’ – our
colleagues, customers, families, communities, suppliers, investors
are all critical to the Massy ecosystem.

I wish to thank our Stakeholders for the trust that they have healthy, tourist numbers continue to rebound and head towards
placed in us to be a responsible business, whether that’s by pre-pandemic levels in the Caribbean. Guyana continues to
supporting the communities we serve and source from, managing experience one of the highest growth rates in the world and
our environmental impacts or contributing to a healthier, more Jamaica has benefitted from a relatively stable exchange rate
inclusive society. in Fiscal Year (FY) 2023. Challenges such as increasing interest
rates just at the time the Group increased its borrowings to
We are in this together, every single Massy fund acquisitions, and depreciation in the Colombian peso this
year have been accommodated through the Group’s overall
person and every single person that touches
performance. The Colombian economy has still grown despite the
Massy… our Caribbean Heart must touch yours.
volatile exchange rate and high interest rates. We have confidence
We must be inspired moving into our next in the long-term outlook for that country.
century – with Love, Care, Healing, Compassion,
Sustainability, and leveraging technology in a As we continue to execute our strategy to focus our efforts on
the three core industry Portfolios, I am pleased to report that
way that transforms lives for people.
Massy’s Portfolios and Lines of Business teams have grown
across the Group’s core territories and delivered commendable
Massy’s 2023 Performance results for yet another year. All Portfolios recorded double digit
growth with acquisitions in FY2023 contributing to incremental
We are strongly committed to the premise that as a business, growth in the Integrated Retail and Gas Products Portfolios. Profit
the delivery of consistent and improving business performance Before Tax from Continuing Operations grew by 24 percent to
is fundamental to our ability to deliver our purpose and vision. TT$ 1,229 million (US$182 million) in FY2023. As Discontinued
The world, including Massy, has had several volatile and businesses fall off the Group’s Profit and Loss and the one-off
challenging years, and we are grateful that 2023 has been one gains on sale of assets and businesses are not repeated, there
of relative stability although headwinds remain. Oil prices remain are expectedly lower earnings from Discontinued Operations. In

2023 Annual Report 23

MASSY HOLDINGS LTD
 Our Chairman's Message

fact, Discontinued Operations produced a Profit After Tax (PAT) Our Lens into the Next One Hundred:
loss in FY2023 of TT$20.4 million (US$3.0 million) versus a PAT Our Pursuit of Purpose
contribution of TT$169 million (US$25 million) in FY2022. As a
result, Group’s PAT (After Discontinued Operations) declined by 5 I believe that our individual purpose on this planet – the reason for
percent to TT$813 million; and Earnings Per Share declined by 6.1 our existence – is that we are here to ensure that we heal, thrive
percent to TT 38.61 cents. and live together in a prosperous, caring and abundant world. I
also believe that business is a critical part of leading that trajectory.
The Massy Group is continuously committed to creating value for
At Massy, our pursuit of growth is driven by our
its shareholders and hence, we have declared a final dividend of
TT 12.68 cents per share, which brings to total dividend for FY2023
pursuit of our purpose and our desire to expand
to TT 15.83 cents per share which is an increase in the total the experience of operating in a conscious
dividend from FY2022. organisation. We believe that by our work we will
facilitate a kind of growth that won’t only change
the trajectory for one person, or one family, but
Board Changes
for many generations to come.
In May 2023, we said goodbye to Robert Bermudez who retired
from the Board and the Chair. I am grateful for the way that Robert
has paved for me and us all. Robert’s humility, business acumen,
integrity and straight forward approach has made him a leader of
leaders and a mentor and guide for many. On behalf of the Board
and Directors and all of Massy’s Stakeholders, I wish to thank
him for his sterling service and contribution over a long period to
Massy and to us all.

Luisa Lafaurie Riveria succeeded me as Chair of the Governance,

Nomination and Remuneration Committee (“GNRC”) and
on assuming the Chair, I became an ex-officio Member of
that Committee. Luisa has deep experience in all matters of
Governance and great wisdom and judgement from an extensive
career in Colombia which included serving as the Minister of
Energy and several posts as Chief Executive Officer of companies
in the oil and gas sector.

Last December we welcomed Mr. Nigel Edwards as an

Independent Director. Both Nigel and Marc-Kwesi Farrell agreed
to serve on the GNRC this year and we look forward to their
contributions.

Mr. James McLetchie joined the Company as the Group Chief

Financial Officer and was appointed as an Executive Director
effective August 15, 2023. We extend a warm welcome to James.

24
 Our Chief Executive Officer's Report

Operating As we have embraced true

care and human-centred
with a leadership, we have been
Caribbean able to unleash an Energy
that drives the performance
Heart of our organisation.

A Message from
Our Chief Executive Officer
Gervase Warner

Dear Valued Stakeholders

On February 1, 2023, the Massy Group celebrated its

100-Year Anniversary. This is a significant milestone
for the Group. Throughout our 100-year journey, the
lessons we’ve learned along the way, our successes,
and the mistakes we’ve made, have all helped us grow
and shape who we are today. We have seen that our
approach of love and care, tapping into our “Caribbean
Heart”, with a disciplined focus on our three main
Portfolios, results in stronger engagement and leads to
greater prosperity for all.

As part of marking Our100, we have recommitted to an

Employee Ownership initiative to ensure that all Massy
employees are given an opportunity to own shares in
the Group. We believe Massy’s success should be
everyone’s success and we are committed to creating
opportunities for our employees to enjoy financial
benefits as we expand our global footprint. While, Massy
employees in Trinidad & Tobago have long participated
in an Employee Stock Ownership Programme (ESOP), we
are currently pursuing an initiative to ensure that every
employee across all territories has an opportunity to
become a vested owner in Massy.

2023 Annual Report 25

MASSY HOLDINGS LTD
 Our Chief Executive Officer's Report

In Jamaica, all employees were granted a gift of United States

dollars (US$) 100 worth of Massy shares in 2023; and we
are exploring further initiatives to ensure that all our 13,000+
employees enjoy some ownership stake in the Group.

Our100 also includes “Forces For Good” impact initiatives

which empowers our people to lead and determine how and
where best our resources would be channelled. Empowering
our Massy family to personally select meaningful community
projects to receive funding allowed our people to actively
participate in shaping their communities. The engagement of
our employees across all the territories in which we operate
was overwhelmingly positive and resulted in the selection
of 47 projects from all 8 countries in which the Group has
significant operations. We will report on the impact of these
projects as they are pursued and implemented.

We are confident that the strategic actions and organisational

transformation over the last several years positions the
Massy Group to continue its success and resilience as we
Proud New
forge forth on our new vision for the next 100 years: Shareholders
As part of Our 100 celebrations in
“A Global Force For Good, An Investment Jamaica, Massy employees were
Holding Company with a Caribbean Heart” gifted US$100 in Massy shares

Our 100th year, 2023, was another commendable year for the
Group’s financial performance and strategic execution. Third
Party Revenue grew by 15 percent from Trinidad & Tobago dollars
(TT$)12.3 billion (US$1.8 billion) in Fiscal Year (FY) 2022 to TT$14.2
billion (US$2.1 billion) in FY2023. Profit Before Tax (PBT) from
Strategy Update
Continuing Operations grew by 24 percent from TT$995 million
The Group’s Corporate Strategy remains consistent and follows
(US$148 million) in FY2022 to TT$1.2 billion (US$182 million) in
from the new vision statement with three simple components:
FY2023; and Profit After Tax (PAT) from Continuing Operations
• Growth and Global Expansion
grew by 21 percent. All Portfolios recorded double digit growth with
• Capital Management to Increase Value for Stakeholders
acquisitions in FY2023 contributing to incremental growth in the
• Operating with a Caribbean Heart
Integrated Retail and Gas Products Portfolios. Growth was also
enhanced by the performance of the Divested Funds Portfolio
(DFP) and TIRCL investment portfolios which were rebalanced
Growth and Global Expansion
In FY2023, we successfully closed three significant acquisitions:
in favour of more conservative fixed income investments versus
1 Rowe’s IGA Supermarkets: independent supermarket chain
a heavier weighting in equities for the first half of FY2022. This
of 7 stores in Jacksonville, Florida USA;
resulted in a positive improvement of TT$55 million (US$8 million)
2 Air Liquide Trinidad & Tobago Ltd: a manufacturer and supplier
for the Group’s results. With acquisitions worth US$240.5 million in
of industrial and medical gases in Trinidad & Tobago; and
FY2023, the Group’s Debt to Equity increased from 25 percent to
3 IGL (St. Lucia) Limited: the parent company of a distributor
46 percent, but the Group maintains TT$1.3 billion (US$191 million
of LPG, and manufacturer and distributor of industrial and
equivalent) in cash at the end of the year.
medical gases in Jamaica.

26
 Our Chief Executive Officer's Report

$US2.1B
The Group deployed over US$240.5 million in capital to
consummate these transactions and during the fiscal year. An
additional TT$1.1 billion (US$158 million) in Revenue and TT$142
revenue grew by 15% from million (US$21 million) in PBT were derived specifically from the
three deals in aggregate. We are actively engaged in efforts
US$1.8 billion in fiscal 2022
to integrate the companies within the Massy Group. These
integration efforts are not only focused on capturing the desired
synergies for enhanced financial performance, but also on

US$182M
ensuring cultural integration and alignment with our core values for
wider stakeholder value creation.

PBT from Continuing Operations grew After divesting non-core assets over the past few years, the

by 24% from US$148 m in fiscal 2022 strategy of focusing the Group on the three Portfolios continues
to pay off and these acquisitions demonstrate the benefits of
such focus. During the year, we strengthened our commitment
to global expansion by executing focused business development

US$21M
activities as well as implementing key structures to sustainably
propel this effort. For example, we hosted a Global Expansion
Summit in April 2023 which brought together several executives
in PBT from three new acquisitions from both the Portfolios and Investment Holding Company for
problem-solving and fostering alignment on global expansion. We
also conducted roadshows and market visits to specific territories
in the US, Europe, and Africa throughout the year to strengthen
relationships with key stakeholders including investment bankers,
financial advisors, law firms and prospective partners which has
already supported the development of our investment opportunity
pipeline.

Expanding
our Retail
Footprint
New acquisitions
in 2023, 7 Rowe’s
supermarkets have
been fully integrated
into our retail
operations and are
out-performing initial
expectations

2023 Annual Report 27

MASSY HOLDINGS LTD
 Our Chief Executive Officer's Report

Bringing New
Energy
Our purchase of IGL
Jamaica enables
greater efficiencies
and allows us to better
serve the robust
and active Jamaican
liquified petroleum gas
(LPG) market

We commenced the process of developing pitchbooks and unlocked US$21.5 million equivalent from the sale of non-core
investment prospectuses to engage key stakeholders and provide real estate assets in Barbados and Jamaica. As we continually
clarity on where each respective Portfolio will focus, not only in pivot towards greater international investments, the Group will
terms of participating within industry sub-sectors but also as it increasingly rely on other sources of capital to fund expansion:
relates to geographic coverage. Additionally, we established clear free cash flow generated internally by our operations and capital
roles between the Investment Holding Company and Portfolios available from external sources. Internally, the Group Corporate
with respect to various phases involved in Merger and Acquisitions Treasury (GCT) function continues to mature, placing greater
(M&A) execution as we continue to source, assess and integrate emphasis on cash management, the tracking and projecting
new acquisitions internationally. of cash balances across the Group. This has enabled greater
transparency on the generation and usage of cash across our
Capital Management to Increase Value operations, allowing the Investment Holding Company to have
for Stakeholders greater insight on how much capital is available by territory, and

We continue to enhance our approach to crucially in which currency. Externally, we have been strengthening
our international network to broaden the channels for raising debt
capital management to increase returns to
that allows us to lever our equity investments. It should be noted
shareholders and overall value to our key that the three acquisitions mentioned above were partially funded
stakeholders. As we advance our capabilities to better with third-party debt amounting to US$106 million and borrowing
manage and allocate capital as an evolving global Investment from the margin line on the DFP investments of $127 million. While
Holding Company, I would like to highlight some areas that are this reduced our weighted average cost of capital, it increased
currently being addressed to operationalise this component of our our Debt to Equity ratio to 46 percent which remains well within a
corporate strategy. tolerable limit. We will continue to responsibly use these sources
of capital going forward, using improved cash management
Firstly, unlocking new capital is critical to fuel our processes to ensure that we have adequate cash flows to service
growth and global expansion initiative. Over the all our capital providers in the form of interest, principal, and
last three years, our programmatic divestment initiative provided dividend payments.
most of the new capital, and this continued in FY2023, as we

28
 Our Chief Executive Officer's Report

Secondly, we have consistently reported that US$ earned Following the implementation of the two-stage approval process

from the divestment of non-core assets have mentioned last year, the Group is focused on further codifying how
capital is allocated between potential projects that are competing
been directed to a Divestment Funds Portfolio
for funding and on what the optimal capital structure is across the
(DFP) managed by fund managers in the US. As
Group. The introduction of this Capital Allocation Framework will
at September 30, 2023, the Group held approximately US$172
form part of our approval process for new investments and will be
million in funds invested through the DFP for the most part
formally implemented in FY2024.
invested in fixed income bonds. The DFP fund managers provide
a margin line for borrowing that is secured by the DFP balances. To
Operating with a Caribbean Heart
fund its equity investments in the acquisitions described above,
the Group has accessed the margin lines from fund managers
Operating with a Caribbean Heart is a
for US$127 million. The Group maintains an attractive spread distinctive element of the Massy Strategy. Ten
between the interest paid on its fixed income investments and years into the journey of becoming a Conscious Company
the interest costs from the margin lines being used. As interest is and now on the path to becoming a Healing Organisation, we
paid from fixed income investments, proceeds are used to pay have come to deeply appreciate the natural, authentic warmth
the interest on the margin lines and to reduce the margin line of Caribbean people that is universally appealing. As we have
balances as well. The gains from the DFP reported in the Group’s released the bonds of learned command and control behaviours
Profit and Loss represent the net of interest earned from fixed and embraced true care and human-centred leadership, we
income investments and interest paid on the margin lines. The have been able to unleash an Energy that drives the performance
Group is therefore holding financial investments securing more of our organisations. When the spirits of people are respected
than 100 percent of the margin line borrowings. If the DFP financial and people are listened to and cared for, people have fun and
assets are netted off the margin line borrowings, the Group’s Total authentically express love for one another and what they do. By
Borrowings would reduce by $854 million (US$127 million) and creating such an environment, we are able to unlock the very best
Debt to Equity ratio would drop from 46 percent to 35 percent. in people in a business setting, which redounds to their quality of
work and engagement with customers. As we replicate this Energy
around the world, we are expanding the sphere and influence of
Lastly, we have been enhancing the structures in
that Caribbean Heart.
place to effectively allocate available capital
to fuel growth and create shareholder value.

Expanding
Our Reach
in IMG
The Air Liquide
Trinidad acquisition
has allowed us to
provide service to
several markets in
both Central and
South America

2023 Annual Report 29

MASSY HOLDINGS LTD
 Our Chief Executive Officer's Report

The empowerment of our people is very aligned Our commitment to operating with a Caribbean Heart guides our
approach to the evolving landscape of Environmental, Social,
with the operating strategy that has seen the
and Governance (ESG). As the consciousness of businesses
Group devolve authority to and empower our
and society has grown, the importance of ESG in guiding the
Portfolios. We are proud of the work that we operations of companies has become more important. Massy’s
have done to evolve our leadership ethos and culture of care over several scores of years provides a strong
expectations. At Massy, opportunities and expectations for platform for our authentic expression of ESG. Historically, the
Massy Group has been deeply involved in making contributions to
leadership are extended to all employees. Each employee has the
the societies in which it operates through charitable donations and
opportunity to lead in their own way through suggestions, ideas
employee volunteerism. The Group has also been continuously
and observations. The behaviours we expect of leaders extend
improving its diversity and inclusion among employees, executives
to all our employees. Of course, with expanded responsibility
and board members. Our adoption of the principles of Conscious
of leading people, expectations of leaders are enhanced. We
Capitalism has further accelerated our inclusivity and respect for
are committed to the continued advancement of our leadership ".
people. Massy has been a regional leader in Governance of its
agenda, and our Massy Learning Institute (MLI) provides the
Group as one of the first publicly traded companies in the region
structure and platform for our continuous improvement. Our
and our Corporate Governance section of this Annual Report
Expectations of Massy Leaders program delivered through
outlines the Group’s comprehensive Governance structures and
MLI and the 360-degree lens for feedback that this facilitates,
standards that are grounded in our values. While many of our
continues to drive transformative change for leaders at all
companies have adopted significant and pioneering initiatives
organisational levels. Additionally, in 2023, over 100 executives
to do our part to protect the environment, we recognise that
across several territories were exposed to the concept of The
we can do more and become more quantitative and explicit in
Healing Organisation in workshops facilitated by Dr. Raj Sisodia
reporting on our progress in this area. With upcoming International
and Dr. Neha Sangwan. We recognise that our deepest insights
Financial Reporting Standards (IFRS) S1 regulations coming into
come from our employees and as result of this latest work on
effect for Massy’s FY2025, the Group will do the requisite work in
conscious leadership, we have also launched a series of Listening
FY2024 to be ready for the standard and to better showcase its
Sessions aptly named “Real Talk”, to allow us to listen more
environmental impact initiatives.
closely to employees at all levels across the Group.

Empowering Our People

to Drive Change
Our Forces for Good program gave
employees the deciding voices
and votes to determine how and where
our resources would be channeled

30
 Our Chief Executive Officer's Report

Embodying
C.A.R.E.
Our C.A.R.E.
acronym illustrates
the Group’s approach
to developing an ESG
framework consistent
with our values of Love
and Care

To kick-off our approach to being more systematic about ESG In Closing…

objectives and reporting, the Group held an ESG Summit with the
executive and the board at the end of FY2023. In this Summit, I would first like to express my personal appreciation to our
we outlined opportunities and inspirational examples for Massy longstanding Chairman Robert Bermudez who retired after serving
businesses in the ESG journey and we also adopted Massy’s own on the Board of Massy Holdings Ltd. for 26 years. Robert inspired
acronym for ESG that is more consistent with our values of Love the executives at Massy to dream big, to have bold aspirations.
and Care. He encouraged focus and the drive for greater autonomy deeper
in the organisation; and his trust generated the confidence to
As we pursue our journey in ESG the Massy achieve extraordinary results. He was always a staunch advocate

Group will be guided by its C.A.R.E. framework: for the welfare of employees and encouraging abundance created
through growth to be shared throughout the entire organisation.
C Commit to be a force for good for our
We are eternally grateful for his wisdom, counsel, and inspiration.
customers and communities He has left us with an energy of Abundance, Confidence and
A Accountability in our practices and Possibility. A legacy that will serve us well for the next 100 years.
governance On behalf of the executives, employees and board of directors of

R Responsibility for healing our environment the Massy Group, I express our gratitude to Robert and wish him
much happiness and fulfilment in his retirement.
E Empathy and support for our employees
As we bid farewell to Robert Bermudez, we welcome Robert Riley
In FY2024, we will engage the Group’s Portfolios, Corporate Office
as the Group’s new Chairman. Robert was an accomplished
and other businesses in developing customized approaches for
executive who led bpTT’s business for many years and is a
the adoption of C.A.R.E. We will assess our business models
Chaconia Gold awardee from the Government of the Republic
against the relevant challenges the world faces and develop
Trinidad and Tobago for his contributions to national development
objectives and specific plans that should well exceed the
while serving as bpTT President. He is also an accomplished
requirements of impending regulation.
international executive who served as the Global Head of Safety &

2023 Annual Report 31

MASSY HOLDINGS LTD
 Our Chief Executive Officer's Report

Operational Risk for BP PLC. Robert has a deep connection to the At 100, we understand our commitment to the Caribbean, and
Group’s purpose and vision. His leadership is already making a all the countries in which we operate. We lean into the duty of
great contribution. being the very best corporate citizen that we can be. For us, “A
Force for Good” is not a catch phrase - but our
I would also like to welcome James McLetchie who joined the
ethos, the fundamental core of our being that
Group as Executive Vice President & Group Chief Financial Officer
defines what we do and how we do what we do.
in the last quarter of FY2023. James brings more than 30 years
of financial, M&A, transformation, and strategy experience to
Most importantly, at 100, we understand our commitment to
Massy, with an emphasis on international M&A and growth. Most
our teams, our staff – our Massy people past and present. We
recently, James was based in the United Kingdom as Senior Vice
know that it is our people that creates our success. Our people’s
President of Integration at a FTSE 50 industrial software company
knowledge and skills; their tenacity and bravery; their ingenuity
specialising in Power and Oil & Gas. James looks forward to
and creativity; their humanity and compassion. Our people
bringing his experiences ‘home’ to support the Group’s bold and
exciting vision for the future. Vaughn Martin generously supported are our head and our heart. Our people are what
the Group taking on role of Acting Group Chief Financial Officer makes Massy, MASSY.
prior to James’ appointment while at the same time managing
the responsibility of Executive Vice President and Executive My report would not be complete without thanking and expressing
Chairman of the Gas Products Portfolio. I want to express my deep appreciation for our customers, suppliers and shareholders.
gratitude to Vaughn for taking on this additional responsibility, and Without your support the Group could not achieve its greatness.
to recognise the strong management team of Gas Products who Thank you for your continued support and loyalty. We look forward
made it possible for him to do so. to continuing to create value for you through another 100 years.

32
 Our Chief Financial Officer's Report

Pursuing The Group continues to make

outstanding progress on our
significant strategy and the exceptional
growth, growth from our continued
operations reflects our target
responsibly business strategies at work

Review from
Our Chief Financial Officer
James McLetchie

Dear Shareholders,

I’m humbled but excited to join Massy as the Group

Chief Financial Officer (CFO) in August of this year. In my
capacity as CFO, I have the honor and privilege to update
you on the Group’s consolidated financial performance
for fiscal year 2023.

As you heard from the Group CEO, the Group continues

to make outstanding progress on our strategy and
the exceptional growth from our continued operations
reflects our target business strategies at work. Our
existence as an Investment Holding Company has
continued our journey to empower our portfolio
companies as performing operators in our local and
regional markets. This year, in keeping with our strategies
for global expansion, and resulting diversity in risk, cash
flow and currency exposure, we continued to expand
into international territories to achieve our Global Vision.
At the same time, we continue to stay focused on the
current businesses to ensure they continue to deliver on
their full potential for the Group.

With results like this, it is easy to miss the challenges

of the current environment. Amidst continued rising
inflation for most of 2023, global and regional economic
challenges, geopolitical concerns from the ripple effects

2023 Annual Report 33

MASSY HOLDINGS LTD
 Our Chief Financial Officer's Report

of the ongoing war in Ukraine, we are proud to report double-digit their acquisition of Air Liquide Trinidad and Tobago Limited and
growth of 21 percent in in Profit After Tax (PAT) from Continuing I.G.L. (St. Lucia) I.B.C Limited and the Motors & Machines Portfolio
Operations. saw an increase of 10 percent from 2022.

The Group has successfully acquired three value-creating entities

Profit Before Tax (TT$M)
whilst prudently managing associated financial and other risks. We
have proven we can remain strategically focused, highly resilient CAGR + 16%
to pursue significant growth responsibly.
1,500
1,229
916 995
We are excited by what the future holds for the Massy Group of 1,000

Companies, and we will ‘go out into the world’ with confidence,
500
while being firmly grounded by our Purpose and Core Values.
0
2021 2022 2023

2023 Financial Performance Overview

Massy Holdings Ltd. (MHL) Third Party Revenue increased to $14.2 In FY 2023 the DFP recorded a gain of $17 million (US$2.6 million)
billion (US$2.1 billion) in 2023 up 15 percent from 2022. Integrated with a positive variance of $51 million (US$7.5 million) versus its
Retail Portfolio (IRP) Revenue grew by 20 percent, while Gas losses of $33 million (US$4.9 million) in FY 2022, these losses
Products and Motors and Machines Portfolio Revenues grew by 11 were curtailed in FY 2022 when the Group revised its investment
percent and 5 percent respectively. philosophy thereby limiting further losses and volatility while at the
same time making a significant contribution to Group profits.

Revenue (TT$M)

CAGR + 13% Acquisitions

15,000
12,327
11,089 14,195 In FY 2023, the Group had three major acquisitions: Rowe’s IGA
10,000
supermarkets in Jacksonville, Florida (US$47 million), Air Liquide
operations in Trinidad ($51.5 million with a deferred consideration)
5,000
and IGL Jamaica (US$142 million).
0
2021 2022 2023
Rowe’s IGA acquisition closed on December 12th and is a major
step in achieving the Group’s global vision as it provides an
excellent beachhead for further niche supermarket acquisitions in
The Group continued with robust performance in 2023 with Profit the United States, while providing strength in hard currency cash
Before Tax (PBT) from Continuing Operations reaching $1,229 generation.
million (US$182 million) from $995 (US$148) million in 2022 which
represents growth of 24 percent. We are excited and energized In January, the Group acquired Air Liquide’s operations in
by the performance of our portfolios/LoBs whose combined Trinidad solidifying the Group’s position as the leading industrial
performance contributed to a 15 percent improvement from the gas manufacturer and distributor in the region and generating
prior year. Furthermore, our three core portfolios all recorded additional export opportunities.
double digit growth in 2023! The Integrated Retail Portfolio aided
by its Rowe’s IGA acquisition continued its strong performance The IGL Jamaica acquisition closed in May 2023, and this
with growth of 23 percent in PBT from 2022, Gas Products consolidated the Group’s position as the leading LPG business in
followed suit with a 12 percent increase over 2022 supported by the region and will also provide access to additional economies of
scale to bring efficiencies to consumers.

34
 Our Chief Financial Officer's Report

The outlook for the Group continues to be full of potential. We from Continuing Operations grew by 22 percent while EPS from
believe we have exportable value creation capabilities in 3 very Discontinued Operations declined by 112 percent.
specific businesses. This will allow us to successfully acquire and
grow the companies in our core portfolios delivering results that Earnings Per Share (TT¢)
are accretive to both earnings and cash flow .

40.09 41.12 38.61

50
MHL’s Performance 39.64
40
31.92 32.57
30
The Group is taking the opportunity to live out its Purpose through
20
its celebrations and engagement initiatives around its 100 Year 8.55
10 8.17
Anniversary (Our100). On February 1, 2023, the Group celebrated -1.03
0
its 100th Anniversary. This is a significant milestone for the Group.
-10
Throughout our 100-year journey, the lessons we’ve learned along 2021 2022 2023
the way, our successes, and the mistakes we’ve made, have all continuing discontinuing total
helped us grow and shape who we are today.

Financially, the Group continues to perform commendably.

As mentioned above, PBT from Continuing Operations and PAT Wealth Creation and Value Distribution
from Continuing Operations grew by 24 percent and 21 percent
respectively. As mentioned in the Chairman’s message, we Cash generated from operating activities increased by 18 percent
expected PAT from Discontinued Operations to decline in FY2023, from TT$681 million in 2022 to TT$802 million in 2023. This cash
knowing that the companies whose operations were discontinued flow from operations growth, is driven by the efficient conversion
in FY2022 would no longer contribute to the Group and some of our increase in PBT into cash. This was further enhanced with
of the one-off gains on sales of assets and companies (such as increased working capital through inventory management and
Massy United) would also not be repeated in FY2023. In FY2023, increased deposits from our Financial Services line of businesses.
Discontinued Operations produced a loss of TT$20.4 million As we continue to put plans in place for additional growth, we
(US$3.0 million) mainly derived from impairments associated with will continue to put increased emphasis on working capital
non-core real estate assets and businesses in Barbados slated for management to ensure an efficient cash conversion from our
divestment in FY2024. This is in comparison to PAT contribution businesses.
of TT$169 million (US$25 million) from Discontinued Operations
in FY2022. As a result, Group’s Profit After Tax (After Discontinued The Group’s working capital ratio decreased by 22 percent in the
Operations) declined by 5 percent to TT$813 million; and Earnings current year primarily due to the margin loans taken to fund our
Per Share declined by 6 percent to 38.61 TT cents per share. EPS acquisitions.

Wealth Creation and Value Distribution (TT$M)

Including held for sale

Payments to suppliers
$9,496 Employees (salaries, wages and other benefits) $1,637
Government (statutory contributions) $414

$13.38B Value Distribution Value Distribution

Shareholders (dividends) $313
Wealth Creation Reinvested in the Business (retained earnings) $289
$2,823
Lenders (finance costs) $159
Community (contributions) $11
Payments for rent, services
and other external costs
$1,059

2023 Annual Report 35

MASSY HOLDINGS LTD
 Our Chief Financial Officer's Report

Group Working Capital (TT$M) Debt to Equity (%)

CAGR - 19%
50
5,000 4,499 40 46
4,000 3,796 30 25 25 35
2,956
3,000 20
2,000 10
1,000 0
0 2021 2022 2023
2021 2022 2023
debt to equity without margin-line

Group debt has been on an upward trajectory as we have MHL Share Performance and
increased our debt in 2023 (as previously mentioned) shown in Investor Return Analysis
the table below. The Group’s debt to equity ratio has increased
from 25 percent to 46 percent which in comparison is above the Our Shareholder performance is best illustrated by the Total Return
Caribbean Conglomerates average benchmark of 23.89 percent, to Shareholders (TRS) generated during the financial year as this
but below the LATAM Peer Group median benchmark of 50.18 comprises the sum of share price appreciation percent and return
percent. As mentioned in the Letter from the Group CEO, the on cash dividends paid. For FY2023, the TRS is 6.97 percent
Group is holding financial investments securing more than 100 made up of 3.61 percent due to share price appreciation [$4.88
percent of the margin line borrowings. If the DFP’s financial assets - $4.71) divided by $4.71] and a 3.36 percent 12-month return on
are netted against the margin line borrowings, the Group’s Debt cash dividends paid [$0.1583 per share divided by $4.71 closing
to Equity ratio would drop from 46 percent to 35 percent. It must FY2022 price]. Comparatively, the Trinidad and Tobago Composite
be noted that in March 2023, CariCRIS reaffirmed its overall ‘High Index (TTCI) had an annual TRS of -6.99 percent for the period
creditworthiness’ rating for the Group. matching our financial year i.e., negative returns for the period
matching MHL’s financial year, further highlighting the strong
Group Debt (TT$M) performance of our shares in FY2023.

CAGR +43% Massy’s shares continue to appeal to different types of investors

4,000 as our strong and consistent dividend return maintains its lead
3,000 3,491 over Caribbean and LATAM Peer Groups thus attracting income
2,637 investors. Our Price-to-Earnings (P/E) ratio from Continuing
2,000
1,786 Operations trailing below Caribbean and LATAM Peer Groups
1,000 1,710
maintains the attraction for growth investors who believe that
0 Massy’s vision, strategic business model and strong capitalization
2021 2022 2023
debt without margin-line

Market CAP P/E 1 Dividend 2 Debt/

TT$million Multiple Yield % Equity %

Notes: Massy 9,659 12.3 3.36 45.88

1 Based on EPS from Continuing
Operations only. PE based on Continuing
and Discontinued Operations is 12.6x Average
2 Based on the 12M Trailing Dividends Paid Caribbean
relative to the Share Price at the End of Conglomerate 7,715 18.8 2.77 23.89
the Financial Year Peer Group
3 Represents the selected Peer Group
average Median
4 Determined independently by BICS Best Latin American³ 19,010 14.4 2.98 50.18
Fit as per Bloomberg Peer Group

36
 Our Chief Financial Officer's Report

will further drive high growth and consequent share price Portfolio/LOB Performance
appreciation.

The Group’s invested capital in our three main portfolios has

MHL’s P/E ratio from Continuing Operations declined in FY2023 steadily increased over the last 3 years from 85 percent in 2021
from 14.5x to 12.3x, as EPS from Continuing Operations surged 22 to 96 percent of all invested capital in 2023, as we divest the few
percent YoY while MHL’s share price increased 3.61 percent for remaining non-core assets and continue to integrate our new
the financial year. Compared to both sets of regional Peer Groups, acquisitions, we expect to fortify our positions and progress growth
Massy is seen to have good upside potential for further share within our main portfolios/LOBs.
price growth, as our P/E ratio of 12.3x trails the benchmark levels for
both groups at 18.8x and 14.4x for the Caribbean and LATAM Peer
Invested Capital (%)
Groups respectively. The table also highlights Massy’s capacity to
favourably drive Shareholder Value going forward, as the low level 5,595 6,361 7,675
100 4
of gearing highlights the Company’s ability to access additional
15 16
debt capital for organic and/or acquisitive growth opportunities. 18
80
20 19
27
Over the last 5 years, the Massy share has outperformed both 60
19 18
local and international benchmarks. This is demonstrated in
40
the following table which looks at the performance of a $100
51
investment in Massy from September 2018 to September 2023 46 47
20
versus an identical investment in the TTCI and the S&P 500 Index
for the same period assuming that all dividends were reinvested. 0

The above demonstrates the superior performance of an 2021 2022 2023

IR GP MM FS

TT S&P
Composite 500 We continue to assess the performance of the Portfolios and the
Massy Index Index Lines of Business both comparatively within the Massy Group and
across relevant industry benchmarks. Included are some of the
Opening Price (Sep 28 2018) 2.35 1219.43 2913.98 measurements used in that assessment for your consideration:
Closing Price (Sep 29 2023) 4.88 1209.63 4288.05 1 Portfolio Line of Business Contribution to the Massy Group’s PBT
% price 107.7% -0.8% 47.20% 2 Portfolio and Line of Business Contribution to the Massy Group’s
Dividends 41.1% 15.6% 13.20% EPS
Total Return 148.8% 14.8% 60.30% 3 Portfolio and Line of Business Return on Net Assets

Value of $100 Continuing Operations PBT (%)

investment in 2018 $248.78 $114.77 $160.31 Contribution by Business Unit (TT’000s)

952,025 1,167,320 1,345,452

100
9 8 6

18 20 19
investment in the Massy share over the last five years, as you 80

would have more than doubled your money (148.8 percent return)
60 28 26 26
by investing in Massy at the end of September 2018 whereas you
would have only achieved approx. 15 percent to 60 percent total 40
returns by investing in the domestic and international benchmark
45 46 49
equity indices. 20

0
2021 2022 2023
IR GP MM FS

2023 Annual Report 37

MASSY HOLDINGS LTD
 Our Chief Financial Officer's Report

Group Profit Before Tax (TT$’000s) The Integrated Retail Portfolio led contributions with 63 percent of
Group Revenue, 49 percent of Group PBT and 52 percent of EPS.
Motors & Machines contributed to 23 percent of Group Revenue,
14 86,625 1,345,452
261,622 1,229,055 19 percent of Group PBT and 19 percent of its EPS. While Gas
12 (116,397)
Products contributed 13 percent of Group Revenue, 26 percent of
343,242 995,017
10 Group PBT and 22 percent of EPS.
915,864

8
653,963
6 The portfolio’s contribution to Return on net assets is shown
below:
4

2
Return On Net Assets (%)
0
IR GP MM FS PBT CO 2023 2022 2021
from & other
continuing adjust-
operations ments 20

15

Continuing Operations EPS (%)

Contribution by Business Unit (¢) 10

12 15 15 18 18 13 10 14 13
32.13 39.94 46.32 5
100
10 8 7
0
20 19 Integrated Gas Motors &
80 18 Retail Products Machines
2021 2022 2023
22
60 28 25

40

20
44 47 52 Conclusion

0 In conclusion, the financial year 2023 has been a milestone in our

2021 2022 2023 journey as we evolve for the next 100 years of Massy impact.
IR GP MM FS

I want to also add, consistent with our Group CEO’s vision, I firmly
believe that conscious capitalism is effectively realized through
Earnings Per Share (TT¢)
conscious leadership. At Massy, embodying this philosophy
means aligning our corporate actions with our unique
50
3.26 46.32 Caribbean Heart to deliver extraordinary impact. We are on
8.75

40 38.61
41.12 40.09 this journey and stand committed to being a global force for
(6.68)
(1.03)
10.40 good, demonstrating that Massy Group can thrive as both a
30 successful and conscious organization.
23.91

20
On behalf of the management team, like our Chairman

10
and our Group CEO, I extend my sincere gratitude to our
employees, customers, partners, and you, our shareholders,
0 for your unwavering support and confidence in Massy.
IR GP MM FS EPS CO Discon- 2023 2022 2021
from tinued
& other
continuing adjust-
operations ments

38
 Corporate Risk

Corporate Risk

Group Risk Update

The Group’s Enterprise Risk Management (ERM) Framework continues to ensure the business is sustainable and resilient through its
robust process for the identification, mitigation, and monitoring of risks across the group. We continue to focus on having the proper
governance and processes in place to ensure that our business is sustainable and resilient to meet our regulatory and customer
expectations. The table below represents the group’s most critical risks.

RISK CATEGORY RISK

Credit Credit Concentration

Strategic Strategy Execution

Digital Disruption

Market Investment Portfolio Management

Operational Supply Chain Disruptions

FX Liquidity

IT Cybersecurity & Data Governance

Financial Year 2023 was a year in which the Group effected a transition from centrally driven coordination of ERM and risk management
to Portfolios and their Audit and Risk Committees driving reviews of risk registers and ERM frameworks for their business and reporting
results and insights to the Corporate Office for communication and review by the Board’s Audit and Risk Committee. Risk Registers and
the management of the ERM framework are now well established as the responsibility of the individual portfolio companies and provide
the essential practical framework for the respective boards, leadership and management to catalog and manage company risk.

Cyber Risk

Cyber Risk continues to deserve special attention. Over the past year we have taken a comprehensive risk-based look at our cybersecurity
posture, by identifying, analysing, and evaluating the potential risks faced by the Group. Our dedicated Information Technology
professionals have worked relentlessly alongside our global and local cybersecurity experts ensuring that the cybersecurity controls
we implement are appropriate to risks we encounter. We conducted local onsite SWAT engagements to perform detailed vulnerability
scans on all systems and networks throughout all the Group’s operations. Vulnerabilities identified were all thoroughly documented, and
remediation plans executed. As we know that new risks continue to arise, vulnerability scans will be conducted on an ongoing basis and
all operations throughout the Group have (or will shortly have) contracted cyber monitoring services from reliable providers.

Since sustaining a cybersecurity breach in April 2022, the Group has implemented a holistic cybersecurity posture and readiness to
prevent, detect, contain, and respond to threats to our information assets. We have also gained a quantitative understanding of the risks
arising out of the ever-changing global cyber threat landscape relative to our current security resiliency and how we can continuously
improve our business resilience effectively and efficiently. All our people have contributed to building a cyber-safe culture by immersing in
the continuous Group wide cyber-awareness training – we know this is vital to enhancing and sustaining our cyber safe-culture.

2023 Annual Report 39

MASSY HOLDINGS LTD
 Corporate Risk

As AI technology advances, so do the cyber threats that target businesses across the globe. These threats are becoming more frequent
and complex, requiring us to be vigilant and prepared. As we continue our cybersecurity maturity journey Massy is committed to
safeguarding the interest of our customers, employees, and all stakeholders by implementing rigorous security measures at every level,
in every portfolio, country and region. Ensuring a secure business environment is paramount for the trust and success of the Group. Our
dedication to data protection, data privacy and cybersecurity means the safety of our customers and stakeholders information remain in
focus. We regard a robust security framework as not only an essential requirement, but a key principle that guides our operations, building
trust among all stakeholders and facilitating the long-term success and well-being of the Group.

Through this journey, Massy’s Information Technology (IT) staff have developed the skill sets that enable them to adequately perform
cybersecurity related tasks, the organization has successfully become more security centric in its business and technological operations;
and the Group now has a standardized approach to cybersecurity and governance that is performed within each of the businesses and
the corporate office by their respective teams. Going forward, our technology teams and business will focus on completing outstanding
remediation recommendations and fully implementing a comprehensive Governance, Risk and Compliance (GRC) framework for the
management of cyber risks throughout the Group.

Business Resilience

Through our century of existence, Massy’s adaptive and agile approach to business has contributed considerably to our longevity and
success. Our shift to establishing autonomous portfolios is intended to take the fullest advantage of this flexibility and enhances our ability
to respond, while the continued strengthening of our Group’s governance structures ensures robust and responsible oversight.

As we move to implement our own customised models for reporting on and measurement of ESG metrics (see the Group CEO and
Corporate Governance reports for additional details on our C. A. R. E. framework), we are embracing a forward-looking approach to
business resilience. Individual portfolios are already reporting on key areas such as employee engagement, supplier compliance and
environmental stewardship. Additional metrics are being developed and will be assessed in combination with centrally coordinated
initiatives such as analysis of data from our Employee Assistance Programme and holistic care under the Wellness and Benefits team,
leadership and development under the Massy Learning Institute, and our Business Integrity programmes.

We will continue to develop appropriate methodologies for benchmarking and tracking our trajectory towards strategic resilience.
Inculcating a proactive, rather than reactive, mindset towards risk management and foregrounding forecasting and risk mitigation,
including through the use of business intelligence systems and other technological tools, will see us well-placed to weather the
uncertainties of a swiftly changing world.

Emerging Risks

We also note that changes in the external environment - political, social, financial - are occuring rapidly, and while they may not yet have a
material impact on the Group’s operations, we recognize that inflation, impending ESG regulations, social unrest / inequality, further supply
chain and commodity disruptions arising from wars in Ukraine and the Middle-East, and climate change are emerging risks which we think
will become more important over the next 12 months to 24 months.

At the end of July 2023, the Group’s VP, Chief Risk Officer resigned to immigrate to Canada. As at the time of writing this report, the Group
is still in the process of recruiting an appropriate replacement. The first round of recruiting with a search firm was not successful. A second
round has commenced.

40
 Our Leadership

Our Executive Management Team

As at September 30

Gervase Warner
President & CEO Gervase has been President and Group CEO since
2009. He joined the Group in 2004, as a Director of
Joined Group Massy Holdings Ltd.and has served as the Executive
2004 Chairman of the Group’s Energy and Industrial Gases
Business Unit. Prior to his Massy experience, his career
included a position as Partner at the international
management consulting firm, McKinsey & Company,
where Gervase spent 11 years serving clients in the US,
Latin America and the Caribbean across a wide range
of industries.

James Mc Letchie
Executive Vice President James is the financial and strategic advisor to the
& Chief Financial Officer Group CEO and the Board and is responsible for the
accuracy and integrity of the financial statements of
Joined Group the Group. His career spans over 20 years in mergers
and acquisitions and international growth, including
2023 key roles in consulting, technology transformation &
M&A integration. James also has extensive experience
of audit and consolidations as a chartered accountant
earlier in his career. His 25 years of international market
experience plays a strong role in supporting the Group’s
global growth ambitions.

David O'Brien
Executive Vice President David brings a wealth of experience having served
Global Expension on the Boards of several Massy companies. Under
his leadership the Motors & Machines Portfolio
Joined Group expanded outside of the Caribbean region to become
a leading automobile dealership group in Colombia
2005 and established a regional distribution hub in Miami.
In his current role as Executive Chairman, Global
Expansion David works with the Group CEO and the
Portfolio Chairmen to develop international expansion
opportunities consistent with the Group’s aspiration to
expand beyond the Caribbean Basin.

David Affonso
Executive Vice President In over 30 years with the Group, David has served on
& Executive Chairman, the Boards of many companies and in particular many
Integrated Retail Portfolio of the Group’s Retail and Distribution companies across
the region. David currently serves as Chairman of the
Joined Group Group’s Integrated Retail Portfolio which is comprised of
more than 65 Supermarket doors and 7 food and non-
1989 food distribution businesses across the Caribbean from
Florida USA to Guyana South America.

2023 Annual Report 41

MASSY HOLDINGS LTD
 Our Leadership

Julie Avey
Executive Vice President Julie is passionate about the people and culture
People & Culture of the Massy Group. “We are working to unleash
the potential of the creativity and abundance of
Joined Group each Massy employee, so that we can delight our
customers and all of our stakeholders and fearlessly
2010
thrive in this age of disruption.” Julie was previously
General Manager of the car dealerships in Massy
Motors in Colombia, the first acquisition in Colombia
by the Massy Group. She is also co-founder and Chair
of Nudge – the Massy-powered Caribbean Social
Enterprise organisation.

Wendy Kerry
Senior Vice President Wendy is a Barrister of the Honourable Society of the
Corporate Governance Middle Temple in England and Wales and an Attorney
& Corporate Secretary at Law in Trinidad and Tobago. At Massy, her focus is
Corporate and Securities law, Corporate Governance
Joined Group and Sustainability. She also serves as a Director on
the Trinidad and Tobago Stock Exchange. Wendy is
2011
committed to achieving values-based results through
the empowerment of people and the fostering of
ethical, responsible and sustainable business.

Vaughn Martin
Executive Vice President With over 25 years of financial and business
& Executive Chairman, management experience under his belt, including 21
Gas Products Portfolio years spent in the oil and gas sector, Vaughn brings a
wealth of knowledge to his leadership role, in the Gas
Joined Group Products Portfolio. Within the Group, he has also held
several other executive positions, including that of
1997
Managing Director at Massy Wood Group Limited.

Angélique Parisot-Potter
Executive Vice President Angélique is a qualified UK Solicitor and, as the Group
Business Integrity & General Counsel, she leads a high performing team
Group General Counsel of ethical legal professionals. She also leads and
develops the Group’s business integrity framework.
Joined Group Prior to joining the Group in 2016, Angélique had
extensive international experience, spanning over 15
2016
years in the oil and gas sector, working in the United
Kingdom, Brazil, Trinidad and Tobago and Egypt.

42
 Our Leadership

Roger Ramdwar
Vice President Roger is a career Internal Auditor with over thirty years’
Internal Audit experience, of which in excess of twenty (20) has
been leading internal audit functions in publicly listed
Joined Group entities across the Caribbean Region. He leads a team
spread across six countries and has articulated a
2019 vision for internal audit, that aligns with the Group’s and
Portfolio’s strategic objectives and the expectations of
its stakeholders.

Marc Rostant
Executive Vice President Marc assumed responsibility for the Motors &
& Executive Chairman, Machines Portfolio in October 2022, assuming
Motors & Machines responsibility from the previous Chairman with whom
Portfolio he worked closely for several years. Marc joined the
Group in 2006 and has held multiple roles across
Joined Group the organization. Most recently Marc was based
in Colombia where he was instrumental in leading
2006
the growth of the Massy Motors dealerships and
Enterprise Holdings car rental franchise across
multiple cities in Colombia.

2023 Annual Report 43

MASSY HOLDINGS LTD
 Our Portfolio Review

Who we are
The Integrated Retail Portfolio (IRP) comprises a
traditional supermarket retail business with 67
modern retail stores operating in six territories in
South Florida and the Caribbean. Six full-service
distribution businesses representing a number of
Integrated
international FMCG (Fast Moving Consumer Goods) and
pharmaceutical brands make up the rest of the Portfolio.
While IRP owned and operated Distribution companies
are located in the five largest islands in the Caribbean,
from our base in Miami, Florida, our distribution network
touches every island in the Caribbean chain.

Our focus in 2023

The Integrated Retail Portfolio achieved another year
of strong revenue and PBT performance in 2023 driven
by the acquisition of Rowe’s IGA supermarkets, organic
growth, improved product availability and the continued
strengthening of the tourism sector in Barbados and
the Eastern Caribbean.

2023 also marked the expansion of the Portfolio’s retail

Retail
business outside of the Caribbean with the acquisition
of Rowe’s IGA supermarkets in Jacksonville, Florida. The
seven Rowe’s IGA stores have increased our family by
over 400 associates and have contributed revenue of
$798 million (US$118.4 million) and PBT of $30.3 million
($4.5 million) in the 9.5 months since acquisition. The
acquisition provides the base for the further expansion
of the Portfolio’s Retail footprint in the lucrative
US market which is consistent with it achieving its
ambitious growth objectives.

In 2023 our distribution businesses achieved double

digit PBT growth driven by the acquisition of significant
new product lines, market share expansion and the
effective management of the supply chain to ensure the
availability of key items. Operationally, much was done
during the year to improve efficiency and reduce Go to
Market costs by revisiting our conventional approach to
the trade and introducing technology where appropriate
to improve the effectiveness of the assets deployed.

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 Our Portfolio Review

7,300+
Employees

67
Retail stores
in 6 countries

1M
sq. ft.
retail space

15
Distribution
warehouses
in 6 countries

845K
sq. ft.
warehouse
space

30
Pharmacies

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 Integrated Retail Portfolio Review

Even as we focused on delivering

strong PBT growth, significant
effort was placed on adequately
resourcing the Portfolio with the
necessary human resources, IT,
physical infrastructure and other
assets necessary to ensure the
long-term sustainability of our
businesses.

A message
from our
Chairman
David Affonso

Revenue
by Country
TT$ 8,993M
Third Party Revenue 2023, representing
a 20% increase over 2022
Trinidad and Tobago 32%

Barbados

Eastern Caribbean
23%

17%
TT$ 654 M
2023 Profit Before Tax, a 23% growth
over the previous year
Guyana 13%

Jamaica 4% 15%
2023 RONA
USA 11%

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 Integrated Retail Portfolio Review

Our performance highlights

RETAIL DISTRIBUTION

Trinidad Retail recorded strong PBT growth While the business benefitted from the
Trinidad &

on prior year driven by a focus on the store acquisition of new lines and stabilization of
Tobago

perimeter and full year operation of its new the supply chain, this was offset by the loss
stores - Brentwood and Couva. of pharmaceutical based pandemic related
revenue streams and increased competition in
the parallel market.

Barbados Distribution achieved double digit

Barbados

Barbados Retail achieved double digit PBT

growth on prior year driven by a strengthening growth in both revenue and PBT vs. prior year.
of the tourism sector and continuously adapting
Strong tourism, new lines and improved route to
to customer demand.
market have all contributed to this growth.

Guyana Retail’s PBT has grown steadily every Guyana Distribution experienced another
Guyana

year and achieved an operating profit in FY2023. year of double digit PBT growth driven by the
The increase in economic activity and store acquisition of two major lines, the deepening of
traffic along with management of expenses all distribution in the down trade and buoyancy in
contributed to the positive performance. the economy.

Similar to Barbados, our retail operations in the Saint Lucia Distribution experienced
OECS were bolstered by a strong tourist season. significant year-on-year PBT growth through
Caribbean

the acquisition of new lines and increasing its

Eastern

Year-on-year PBT growth was also driven by customer base.

the recently opened Dennery Supermarket,
improved stock availability and category
expansions.

Rowe’s IGA was acquired in December USA Distribution achieved strong revenue and
2022, and has contributed 9.5 months of PBT growth through the acquisition of new lines
revenue and PBT to the Portfolio’s results. The for Regional distribution and strong organic
Rowe’s acquisition has out-performed initial growth from existing lines.
USA

expectations.
The gain on disposal of the Medley Warehouse
in Miami, Florida at the end of the financial year
further boosted the reported results of this
business.

Jamaica Distribution delivered another strong

Jamaica

year with double-digit PBT growth achieved

in both its consumer and pharmaceutical
divisions.

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 Integrated Retail Portfolio Review

Our Team
Keeps
Growing
The newly-acquired
Rowe’s Supermarkets
are now fully
integrated into our
operations - and
have shown stellar
performance!

Strategy in Action Operational Efficiency

We continue to adopt appropriate technology across the portfolio.
The strategic focus of the Integrated Retail Portfolio centres During the year, over 50 self-checkouts have been installed
around retail footprint development, distribution portfolio in stores in Trinidad and Barbados, decreasing the wait time
expansion, mergers and acquisitions and operational efficiency for customers and offering a new and convenient shopping
through technology adaptation. experience to our customers.

Retail Footprint Development Risk Analysis

In the last year, we have opened one new retail door – Massy The Risk Management Framework continues to be integral
Stores Dennery in Saint Lucia and have completed upgrades to the IRP and is reviewed annually for relevance. Across the
to numerous stores across the portfolio. Additionally, seven Portfolio, risk information is considered in decision making and
supermarkets were acquired in Jacksonville, Florida under resource allocation and forms an integral part of the performance
the Rowe’s IGA banner. These supermarkets have been fully management systems across the portfolio.
integrated into our retail operations and we continue to explore
synergies where feasible. The IRP continues to maintain a flexible, but cautious approach to
the management of most of its business risks in order to achieve
Distribution Portfolio Expansion its objectives. We are however unwilling to accept any deviation
In Distribution, we have added new lines in every territory and from high standards on the health and safety of our employees
opened new warehousing space in Barbados (Brandons), Guyana and customers and in areas such as data privacy and information
(Montrose) and Florida (Medley) to support this growth. The Medley We have intensified our efforts to further
security.
warehouse has subsequently been sold and the Portfolio has
mitigate risks in these areas and ensure that
acquired a new 170,000 sq. ft. warehouse facility in Jacksonville,
business continuity plans are routinely reviewed
Florida, which is three times the space used by Massy Distribution
in Medley, providing ample room for IRP’s growth plans. and updated.

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 Integrated Retail Portfolio Review

232K sq.ft.
Our Portfolio Audit and Risk committee meets quarterly to review
the management of risk across the Portfolio and to ensure
conformity to the parameters set and expectations of both the
Increased retail footprint Portfolio and the Parent boards.

Our Stakeholders

250K sq.ft. A Great Place to Work

Our employees continue to be at the heart of our business.
Increased Distribution Throughout 2023, we have continued to focus on the health and
warehouse capacity wellness of our people, ensuring support and growth in both their
professional and personal lives. The emphasis in 2023
has been on ensuring that our teams have

50+
access to the support they need to navigate
the rapidly changing economic and social
landscape across the region with increased life
Self-checkout units were
skill training, communication and engagement.
installed in Massy Stores
throughout Trinidad & Barbados Health, Safety and Wellbeing
The IRP continues to take proactive steps to eliminate risks from
the operations and has achieved a TRIF score below 2.0 for three
consecutive years. In Fiscal Year (FY) 2023, the Total Recordable
Injury Frequency (TRIF) score of 1.4 was a marginal increase on
prior year (1.2) mainly from an increase in Days Away from Work
Cases (DAWFCs). There were no Restricted Work Injuries (RWIs) in
2023, and Medical Treated Incidents (MTIs) notably decreased.

Expanding
Our Horizons
Our newly-acquired
170K sq. ft.
warehouse space in
Jacksonville, Florida
will facilitate the
growth of our US
Distribution business

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MASSY HOLDINGS LTD
 Integrated Retail Portfolio Review

The HSSE Culture score, which measures employees’ attitudes centric programmes to ensure that we maintain a results driven
and perceptions in key health and safety areas, increased from 74 culture and excellent stakeholder interactions aligned with the
percent in FY2022 to 76 percent in FY 2023. Massy Values across the Portfolio.

Employee Health & Safety In 2023, numerous programmes were conducted across the
portfolio such as the IRP Immersion Programme in Trinidad, which
2023 2022 provides graduates with an opportunity to work in our businesses for
one year on key projects which equip them with diverse skills critical
Days Away from Work Cases 121 93 to their future careers. The LeaderShift Program in the Eastern
Caribbean focused on enhancing the thinking and skillset of high-
Lost Workdays 1,330 826
potential employees, while the 4Rs for Location Managers in Saint
Restricted Work Injuries 0 1 Lucia addressed skills gaps and transformational leadership.
Total Recordable
Incident Frequency (TRIF) 1.4 1.2
Additionally, employees across the region
HSSE Culture Survey 76% 74% were exposed to a host of life and soft skills
programmes such as emotional intelligence,
health and safety, wellness, cybersecurity and
self-confidence.
Investing in our People
Training and development of our people remains a key priority
across the IRP in both technical and leadership areas. Each year, Employee Engagement
our training and development agenda is linked to our strategy In 2023, we conducted a pulse survey to gauge our employee
of nurturing the next generation of leaders through appropriate engagement across the portfolio. The results were mixed but
leadership development courses and innovative retail/distribution showed increased engagement in most IRP organisations. We

Prioritizing
Customer
Experience
From walk-in to
checkout, we delight
in offering our
customers exceptional
service

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 Integrated Retail Portfolio Review

Dedicated
to Equality
With a female staff
complement of
over 70% across
the organization,
IRP is committed
to supporting and
empowering women

also had an increased number of engagement activities across Diversity and Inclusion
the portfolio including family days and other events to celebrate Diversity and female empowerment are key drivers for the
the Group’s 100th anniversary, as well as staff awards, wellness Integrated Retail Portfolio. With a female staff complement of over
challenges, football tournaments, and the celebration of national 70 percent across the organisation, we have ensured that many
and international observances. of our initiatives are geared towards empowering and supporting
our female team members. In Trinidad, we continue to facilitate
Feedback from the employee engagement survey along with the LIFE programme which is designed to empower female
focus groups and discussions will guide our employee employees and give them the opportunity to develop the skills
programmes and initiatives in the new financial year. and resilience to meet the challenges of their home and working
life. This programme has now been expanded into the LIFT
programme, which focuses on female supervisors and the Protégé
Employees programme, which focuses on females aged 14-19.

2023 2022 In Barbados, the IRP represented Massy locally by being a

signatory on the document for the Adoption of Joint Policy
Employee Engagement Score 65% 64% Positions, which addresses Gender-Based Violence (GBV) at the

All Employees workplace.

– Male:Female ratio 30:70 –
Introductory sign language and communication training was rolled
Senior Team
– Male:Female ratio 51:49 – out for employees in Barbados who interact with deaf employees
and customers, and donations were made to the Barbados
Extended Leadership Team
Council for the Disabled and Signature Interpretations.
– Male:Female ratio 41:59 –

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MASSY HOLDINGS LTD
 Integrated Retail Portfolio Review

Convenience
at your
Fingertips
Our customers
can now enjoy self-
checkout options for
a speedy solution on
those hectic days

Engaging with our Customers and Suppliers Supporting our Communities

Customer Service is a key pillar of, and Sponsorship of the Women’s Caribbean Premier League
Massy supported the inaugural Women’s Caribbean Premier
differentiator for our business. We continue
League (WCPL) tournament in 2022 and renewed its commitment
to focus and invest in Customer Service
for a three-year period (2023-2025). It is the vision of both Massy
Excellence as a critical element of our success. and CPL to see the WCPL athletes be as globally recognized
In 2023, the Retail business recorded strong performance in both as their male CPL counterparts. We are also confident that the
customer satisfaction and customer loyalty, achieving scores of WCPL will continue to grow, inspire, and provide opportunities for
74 percent and 94 percent respectively. Similarly, our Distribution sportswomen in the Caribbean and across the globe.
business achieved strong customer satisfaction and supplier
satisfaction scores of 76 percent and 87 percent respectively. Supporting Heart Health and the Fight Against Breast
Cancer
For the third consecutive year, Massy Stores in Trinidad, Barbados
Customer Service and St. Lucia have supported the fight against breast cancer
through the unwavering support from our customers and
2023 2022 employees. Proceeds from the sale of our pink reusable bags
in October, cancer awareness month, have been donated to the
Retail Customer
Trinidad and Tobago Cancer Society (TTCS), the Barbados Cancer
– Satisfaction 74% 74%
Society’s Breast Screening Programme and the Faces of Cancer
– Loyalty 94% 94%
in St. Lucia.

Distribution Customer
– Satisfaction 76% 74% Through the Heart to Hearts campaign, our Retail operations in
– Loyalty 87% 90% Barbados donated part proceeds from the sale of the Massy
Stores green reusable bags to the Heart & Stroke Foundation
Barbados Inc.

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 Integrated Retail Portfolio Review

Additionally, we leverage our Massy Stores Pharmacies across In Trinidad, our Distribution business has partnered with 50
the region to offer free health testing, such as blood pressure and registered farmers who provide us with a variety of local produce.
blood sugar tests, on select occasions to support preventative All produce is washed and packaged within our facility then
health measures across various communities. distributed to stores. Farmers are provided with access to
products such as pesticides, fertilizers and seedlings, as well as
Supporting Local Entrepreneurship educational workshops through our agricultural sales team.
Massy Stores advanced the Nudge partnership to support local
entrepreneurs who participated in the in-store activation of Nudge, Our Team Gives Back
namely through: Our employees across the region continue to contribute to
• Offering prime, on-shelf retail space to provide visibility for the the communities they operate in. IRP Trinidad supported over
items produced by the local entrepreneurs. 20 affiliated charities, who receive year-round contributions. In
• Marketing and brand promotion through Massy Stores Guyana, our stores supported the Tails of Hope Animal Rescue
channels. organisation and the Hope Children’s Home. Massy Stores St.
• Mentoring from senior retail experts to upskill entrepreneurs Lucia continues to be a strong financial contributor to the St. Lucia
and enable them to compete with international brands, National Community Foundation (NCF), which funds scholarships
understand the principles of supplying to a large retailer and for students from low-income families, supports programs that
the demands that come with larger scale. provide healthcare to the less fortunate, and helps reinforce youth
at risk programs.
Supporting Farmers
In St. Lucia, we continued our micro-financing program to support Protecting our Environment
the farming community and have invested over EC$100K in loans Since 2021, Massy Stores Trinidad has partnered with New Age
to 52 registered farmers. The loans covered the purchase of water Recycling and Mega Recycling to route cardboard boxes used by
tanks, irrigation pipes and fittings, seedlings, fertilizers and other the stores to their recycling plants, where the boxes are crushed
farm essentials. Since the Massy Stores SLU registered farmers and re-formed into new boxes. Massy Stores (SLU) Ltd., through
loans programme started in 2010, well over 750 registered its mobile recycling trailer, continues to provide year-round
farmers have been given interest-free loans to help improve opportunities for St. Lucians to deposit plastic bottles, electrical
various aspects of their business. and electronic waste and aluminium cans for recycling. On Global

Living Our
Purpose
There’s never
a shortage of
enthusiastic staff
volunteers for projects
to give back to our
communities!

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 Integrated Retail Portfolio Review

Recycling Day (March 18, 2023) the company hosted a reusables Governance
collection drive, which saw the collection of approximately 600
lbs of electronic waste and 900 large bags of plastic bottles. Integrated Retail Portfolio Board
The Integrated Retail Portfolio Board continues to strengthen
In all territories, Massy Stores continues to lead the charge in the subsidiary governance and the Portfolio’s autonomy, which
promoting the use of reusable bags to reduce the circulation ensures the Portfolio’s flexibility and agility in responding to the
of waste plastic in the environment. The company has also business’ needs and challenges that may arise. The Board of
continued to make sustainable improvements, including: Directors held seven meetings during FY2023.
• Incorporated insulated roofing designs and LED lighting at
new and refurbished stores. Effective September 30, 2022, Ian Chinapoo and Randall Banfield
• VFD drives and digital compressors on refrigeration and air resigned as directors of the IRP Board. Navin Thakur and David
conditioning condensers. O’Brien were appointed as directors to the IRP Board effective
• Switched to R-404A gas - a gas with zero ozone layer impact, December 1, 2022.
used in new refrigeration equipment.
• Solar Photovoltaic systems can be found at 9 of our locations Effective January 23, 2023, Aaron Suite resigned as a director of
across Barbados and St. Lucia. the IRP Board. On the same date, Keesha Sahadeo was appointed
• Installed UV light systems at select store locations. as a director of the IRP Board.

Celebrating Our 100th Anniversary

• One Hundred (100) indigenous fruit trees were planted

across ten primary and secondary schools in Saint Lucia
in March 2023.
• Under the theme “100 Years of Wisdom, our 100
meets theirs” Massy Stores SLU in collaboration with
the Department of Human Services held a special
ceremony to honour the island’s 24 living centenarians.
• IRP Barbados continued their partnership with the
Holetown Festival and sponsored this year’s school’s
costume-making competition, ‘Everything Bajan’.

Celebrating Our
First Century
We brought Our100 party
to our Retail Stores with
storewide customer savings
and special employee events

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 Integrated Retail Portfolio Review

Our Board

David Affonso
What's Ahead
Executive Vice President & Executive Chairman
Integrated Retail Portfolio • Drive success of major retail partners
with "Hero Brands".
Roxane De Freitas • Expand our Distribution growth
Executive Director, Senior Vice President, initiative.
Integrated Retail Portfolio
• Drive growth and performance in US

William Lucie-Smith businesses.

Independent Non-Executive Director, • Execute on simplification, optimization
Chairman, Audit and Risk Committee and digital initiatives.
• Execute ongoing capacity expansion,
Suresh Maharaj
warehouse automation and fleet
Independent Non-Executive Director
initiative: within Global Supply Chain.
Ambikah Mongroo • Develop, diversify and engage talent
Executive Director, Senior Vice President,
Integrated Retail Portfolio

Jeremy Nurse
Non-Executive Director, Senior Vice President,
Corporate Strategy & Transactions, Massy Group

David O’Brien
Non-Executive Director, Executive Vice President,
Global Expansion, Massy Group

Keesha Sahadeo
Executive Director, Senior Vice President,
Integrated Retail Portfolio

Alicia Samuel
Independent Non-Executive Director

Navin Thakur
Executive Director, Senior Vice President,
Integrated Retail Portfolio

Portfolio Audit and Risk Committee

The Portfolio Audit and Risk Committee (PARC) is responsible for
making appropriate recommendations for the Board’s approval
of the financial reporting process, risk management, the system
of internal control and the audit process. The PARC held five
meetings during FY2023.

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MASSY HOLDINGS LTD
 Our Portfolio Review

Who we are
We are a dedicated provider of Liquified Petroleum
Gas (LPG) for domestic and commercial use and
of Industrial and Medical Gases (IMG) to upstream
and downstream energy, construction, healthcare,
manufacturing, agriculture, food and beverage,
hospitality, water treatment, petroleum, and many other
industries throughout the Caribbean. Our businesses
are renowned for commitment to service excellence
and safety, adhering to the highest industry standards
and best practices. We pride ourselves on our integrity,
Products business ethics, technical competence, efficiency,
and service excellence. Our businesses are located in
Trinidad and Tobago, Guyana, Jamaica, and Colombia.

Our focus in 2023

In fiscal 2023, we have invested considerable time
and energy into tangible executions of our medium-
term strategy, particularly in the arena of expanding
our operations. Timely moves in our key markets have
allowed us to sustain our position as a major player in
industrial gases and LPG in the region.

With great sadness, we mark the loss of Massy

Energy Engineered Solutions Ltd. employee Allanlane
Gas

Ramkissoon in June 2023, and we continue to support

his family through this challenging time. A complete
and thorough investigation was conducted into the
root causes of the fatal incident, the results of which
have been reported to relevant regulatory authorities.
Our Portfolio and the wider Group are committed
to ensuring that lessons are learned to ensure
safe working conditions for all our employees and
stakeholders.

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 Our Portfolio Review

3,208
Employees

37
Territories
served

35
Export
territories

1,547K
LPG cylinders

97K
Oxygen & other
cylinders

35.4K
LPG storage
barrels

28
Production
& filling plants

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 Gas Products Portfolio Review

In 2023 our focus has been on

consistent strategic execution,
with the aim of aligning significant
growth prospects with our
history of predictable returns.
Through the pursuit of judicious
acquisitions, we are expanding
our reach and capacity to better
serve our customers.

A message
from our
Chairman
Vaughn Martin

Revenue
by Country
TT$ 1,801M
Third Party Revenue 2023, representing
an 11% increase over 2022
Trinidad 35%

Guyana

Jamaica
15%

28%
TT$ 343M
2023 Profit Before Tax, a 12% growth
over the previous year

Colombia 22%

13%
2023 RONA

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 Gas Products Portfolio Review

Our performance highlights

Trinidad &
Tobago

Acquisition of Air Liquide Trinidad and Tobago Limited

Completing and Commissioning of an Air Separation Unit (ASU) to produce oxygen and nitrogen in-
Guyana

country. The facility has the capacity to produce at double its current outputs and the possibility for
exports

An Argon filling plant which is now fully operational

Jamaica

Acquisition of IGL Limited

Commissioning of an Oxygen Filling plant to service the north region of the Country
Colombia

Successful integration of our three LPG businesses optimising efficiency and increasing market share

The growth moves executed this year will support for its burgeoning industries. As with all our operations,
we are directing our efforts intentionally towards sustainable
translate to superior customer experience and
development.
increased operational efficiencies, through
integration of our new acquisitions Air Liquide The Gas Products Portfolio (GPP) completed the year with solid
Trinidad and Tobago Limited. (now renamed “Massy Gas Products
revenue and PBT performances, driven by the acquisitions of the
Manufacturing (Trinidad) Ltd”) and IGL Limited in Jamaica. The
Air Liquide operations in Trinidad and Tobago and the IGL LPG and
acquisition of Air Liquide will redound to our benefit both in terms
Industrial and Medical Gases (IMG) business in Jamaica. There
of security of production and increased operational capabilities.
was organic growth in LPG for our existing businesses in Jamaica
Similarly, our purchase of IGL will allow us to retain our competitive
and Guyana, which was driven by our expansion of the non-
advantage in a robust and active Jamaican Liquified Petroleum
cooking application of LPG in those territories along with increased
Gas (LPG) market, and to maintain our high standards of service
volumes sold in the cylinder segment of the business.
delivery to both residential and commercial customers.

As a result, the Portfolio achieved double digit Profit Before Tax

Our construction and commissioning of an Air Separation Unit
(PBT) growth, generating third-party revenue of TT$1.8 billion and
(ASU) in Guyana demonstrates our intent to be the long-term
PBT of TT$343 million for FY 2023, representing 11 percent and 12
IMG solution for that market, and to provide the necessary
percent growth on the prior year respectively.

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IGL Jamaica,
now part of
the Massy
family
This acquisition will
allow us to maintain
our high standards
of service delivery
to both residential
and commercial
customers in a robust
and active Jamaican
liquified petroleum gas
(LPG) market

Strategy in Action These acquisitions along with strategic projects completed

in 2023 provide a solid base for the further expansion of the
Our acquisition activity has been the main driver of the execution Portfolio’s regional footprint in the lucrative Central and South
of our strategy in 2023, providing avenues for both current American regions, along with the Northern Caribbean markets.
and potential market growth as well as increased operational This is aligned to our strategy of market leadership in the region as
efficiencies. we seek to attain our ambitious growth objectives.

Data analytics projects have also been a Operational Efficiency

Beyond offering enhanced market penetration, our acquisitions
key initiative in supporting our strategy and
offer us new opportunities to share best practices across the
operations and further inculcating a data-driven organisation and to implement backward integrations that
culture. Our goal is to be able to fully utilise market data using increase our operational efficiency.
smart tracking and customised business intelligence platforms to
guide service distribution and optimize capital expenditure. Operationally, substantial work was done during the year to deploy
technology to improve workflows and data security. In addition,
Market Leadership several strategic projects were undertaken to facilitate more
In 2023, there was an expansion of the Portfolio’s market effective and efficient distribution of products in the Northern
leadership in the Industrial Gases business in the region and the region of Jamaica. These projects included the upgrade of the
LPG business in Jamaica. The Air Liquide Trinidad acquisition discharge pipe filling line to the LPG storage facility and the
allowed us to enter several markets in both Central and South installation of the Oxygen vaporisation unit in Montego Bay which
America and consolidate our market leadership in Industrial and was completed and commissioned.
Medical Gases (IMG), while the IGL acquisition has made us the
market leader in LPG and IMG in Jamaica. The Air Liquide and IGL The commissioning of our new ASU in Guyana now allows us
acquisitions have contributed revenue of TT$284.8 million and not only to better serve our customers but affords Guyana the
PBT of TT$111.5 million in their 8.0 and 4.5 months respectively. opportunity to become self-reliant in the production of oxygen
and other industrial gases. It is a facility for the future, where we

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 Gas Products Portfolio Review

are currently producing at just 50 percent of our capability, and our current security posture and to implement processes, policies,
we consider it a landmark project that speaks to our long history and tools to mature our cybersecurity readiness and adopt an
of investment in Guyana. This facility, we expect, will provide long- Information Security Management Systems (ISMS) framework.
term industrial benefits from the “in-country” production of oxygen This will ensure that we can track our progress, protect our
and nitrogen, and provides the opportunity for Guyana to become corporate and stakeholders’ data, and effectively report to our
an exporter of products in the future. We note that our operations Stakeholders. At our current stage in the Cybersecurity Journey, we
in Guyana continue to be 100 percent locally staffed. have assigned a dedicated Infrastructure and Security Manager
at the Portfolio level, focusing on reviewing the security controls
Risk Analysis and vulnerabilities within the companies. We are working with the
We place the highest priority on the management and mitigation individual IT Operations teams to close identified vulnerabilities.
of risk across our Portfolio’s businesses, particularly regarding the We have also implemented vulnerability and Patch Management
safety of our employees, suppliers, and customers. Our Portfolio Programs to ensure we have a continual review process to monitor
Audit and Risk Committee meets at least quarterly to carry out its risks and mitigate them. Additionally, work was completed on
mandate for oversight over financial reporting, the internal control classifying our data and designing customised methods of
environment, the audit processes of both Internal and External securing the data based on its sensitivity.
audits and enterprise-wide risk management framework of the
Portfolio. This ensures that all Portfolio businesses conform to the
policies and guidelines set by the Parent board as well as to the Our Stakeholders
expectations and standards of the Portfolio boards and to global
best-practice. A Great Place to Work
Investing in our People
In fiscal 2023, we also devoted considerable resources to As a critical component of our acquisition strategy, we have
enhancing our cybersecurity and data protection. The Portfolio incorporated a robust change management process into our
worked alongside a professional cybersecurity consulting team operations that has borne fruit in the smooth integration of the new
who guided our internal IT team to work towards understanding members of our Massy Gas Products family.

Long-term
benefits
for Guyana
Our new Air
Separation Unit
allows the potential
for Guyana to
become an exporter
of oxygen and
nitrogen in the future

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Employee Engagement - Seeking Feedback

on How we can Make Employees Experience Employee Health & Safety
Better
2023 2022

The Gas Products Portfolio prides itself on Days Away from Work Cases
(DAFWC) 2 2
being employee-focused and dedicated to
creating a best-in-class work environment. As Lost Time Injury Rate (LTIR) 0.02 0.07

such, we remain dedicated to the safety of our Total Recordable

Incident Frequency (TRIF) 0.06 0.1
employees, to maintaining an engaged team
Significant Incident Frequency
and to continuous improvement. To this end, we (SIF) 0.1 0.2
connect with our people through many avenues to seek feedback
on what we can do better as we step into our second century of
operations.

Based on our 2023 Engagement Survey, the Engagement

Diversity, Equity, and Inclusion
Index for our portfolio was 75 percent, with a Safety Index of 83
We believe that diversity, equity, and inclusion is not only a
percent and a Trust Index of 77 percent. Additionally, according
fundamental human right, but necessary for a sustainable world
to the survey, 80 percent of our employees felt satisfied with
that fosters social development, innovation, and business
their respective companies and 84 percent felt proud to work in
performance. We encourage diversity, equal treatment, and the
the GPP businesses. Our average employee turnover rate of 7
advancement of women as we strive to create and maintain
percent is indicative of the effort we dedicate to maintaining staff
a work environment devoid of all forms of discrimination,
engagement.
harassment, or victimisation.
• `Women in the Workforce –19 percent of our workforce is
Employees female.
• `Representation in Leadership Teams - 37 percent of the
2023 executives on our Leadership Teams are females.
• `Women in Supervisory, Management & Executive Roles - 23
Employee Engagement Score 75% percent of our Supervisory, Managerial and Executive roles
are held by females.
Safety Index Score 83%
• `Women climbing the corporate ladder – Women accounted
for 21 percent of all promotions during the financial year.
Trust Index Score
77%
• `Employee Engagement – An Engagement Index for females
of 75 percent

The IMG industry has historically been more male dominated, and
Health Safety and Wellbeing
these figures represent progress. However, we recognise that we can
and will improve on female participation in the workforce, leadership
We are committed to providing safe and secure working
teams and supervisory, management and executive roles.
environments, with the objective of contributing to higher quality
jobs and life.
We aim to support social inclusion, decent job creation,
entrepreneurship, and creativity. We also strongly believe that
employees and communities benefit from increased motivation
and belonging by supporting them in their career paths, sharing
culture and values.

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 Gas Products Portfolio Review

Diversifying
IMG
In a historically male-
dominated industry,
we recognise that we
have a part to play
in promoting female
participation in our
workforce at all levels

75th
Engaging with our Customers and Suppliers

Each business is committed to adapting to individual cultures

anniversary of Massy Gas and environments in their respective territories to create optimal
Products (Guyana) Ltd. outcomes and address the unique needs of its customers. Our
customers are integral to the continued success and business
continuity of the Portfolio.

37% Supporting our Communities

of the executives Massy Gas is a business with people at its

on our leadership heart. Our products and services touch nearly
team are female every aspect of people’s lives, and we strive to
remain ever conscious of our impacts. We have
invested considerable work across the portfolio this year on ESG

84%
measurements and have taken a Portfolio approach to begin
formal tracking and reporting of ESG metrics.

of employees say The Massy Gas Products Portfolio shares the view that literacy
is the path to a well-educated, efficient, and sustainable society.
they are proud to work
Aligned with advancing the literacy agenda towards a more
at Massy Gas Products literate and sustainable society, the Massy Gas Products Teams in
Trinidad, Guyana, Colombia, and Jamaica have supported schools
in the communities in which we operate, to make an impact

2023 Annual Report 63

MASSY HOLDINGS LTD
 Gas Products Portfolio Review

and contribute to building a more inclusive society. Our Portfolio Guyana

supports and joins efforts to accelerate progress towards the Massy Gas Products (Guyana) Ltd. (MGPGL) continued its
achievement of United Nations Sustainable Development Goal 4 “Transforming Life” campaign during the year. For more than
(on education and lifelong learning). a decade MGPGL has been offering “Stove Packages” to the
marketplace with emphasis towards the depressed areas. These
Trinidad “Stove Packages” offer families the opportunity to change from
The Gas Products Companies in Trinidad have continued to using kerosene, coal, and wood to LPG for their everyday meal
expand their social footprint for 2023 through providing support preparation. The Packages, comprising of a two burner stove,
for several projects such as Habitat for Humanity – Evening Under a filled cylinder of LPG, regulator, hose & clips are offered at
the Stars, Waterloo Secondary School – Mathematics in the Lower subsidized pricing, approximately 40 percent off the retail price,
School, a Christmas drive benefiting Ezekiel Children’s Home to households, allowing them to save in excess of US$40 per
and beach clean-up initiatives at Pt. Sable and Carli Bay as part package.
of the United Way Day of Caring. On International Literacy Day,
representatives from our Companies celebrated the power of Our ongoing association with the Eccles Primary School where we
reading by having “Joy of Reading” sessions with primary school support efforts to create a “best in class” learning environment led
students within the communities in which we operate. The aim to the refurbishment of the students’ lunchroom. MGPGL team
of these sessions was to spark the joy of reading, promote also participated with the students in celebrating International
vocabulary development, and inspire reading as a fun and Literacy Day campaign through reading and conversation with the
enjoyable activity. These sessions were enjoyed and appreciated students.
by all students.

Protecting our
Environment
We are proud of the
spirit of volunteerism
that brings out our
staff and their families
to support initiatives
like this beach cleanup

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 Gas Products Portfolio Review

Living United
We can always rely on
our people to step up
for the community -
like the team at Massy
Wood (Trinidad), seen
here on the National
Day of Caring

Colombia We see LPG as a critical resource in the transition to a zero-carbon

Massy Gas Products in Colombia continues to provide support for future. GPP operates in countries in which the alternative cooking
117 children via the Formemos Foundation, as well as supporting applications are more harmful to the environment than LPG.
several schools throughout Colombia with donations of supplies We promote the use of LPG as a transition fuel to lower carbon
and providing accommodation and air transport for Operation emissions and to improve the quality of life for many people.
Smile. Additionally, its local Supplier Development programme
provides targeted training to suppliers with identified opportunities
for organizational improvement. Celebrating Our 100th Anniversary

Jamiaca As we celebrated Our 100, we honored the resilience, adaptability,

Massy Gas Products Jamaica Limited maintains a “Gas Pro” dedication, and support of our employees without whom we
scholarship programme as a means of creating an impact could not have reached this momentous milestone. As such, the
in the lives of our community members while sharing in the Portfolio’s celebrations focused significantly on honouring our
development of future generations. employees’ contributions to our success.

All our companies participated in the Massy 100 Watch Party on

Protecting our Environment February 1, 2023, where we officially celebrated our Centennial
and paved the way for a series of celebrations within the Portfolio.
Climate change is affecting all asset classes and companies are
increasingly exposed to climate change risks and opportunities. In Colombia, celebrations were held to recognise and honor

Through our investments we aim to promote employees for their contributions to the growth of Massy. In
Guyana, it was a dual celebration as Massy Gas Products (Guyana)
energy efficiency improvements and carbon
Ltd. celebrated its 75th anniversary. In Trinidad, the Companies
footprint reductions, as well as the development within the Portfolio held a collaborative Massy 100 Curry Duck
of innovative low carbon products and Cookout event in addition to Trivia Games related to the “History
services. LPG is one of the cleanest burning of Massy”. In Jamaica, the Massy Gas Products (Jamaica) Limited

hydrocarbons. marked the centennial anniversary with a Thanksgiving Church

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 Gas Products Portfolio Review

Service and fun activities such as Movie Night, Challenge Quiz Gas Products Portfolio Board
and Themed Fridays, while a Family & Sports Day was held by
our newly acquired IGL Limited. All employees of Massy Gas
Products (Jamaica) Limited also received a gift of Massy Shares to Our Board
commemorate the occasion.
Vaughn Martin
These Massy 100 celebrations have contributed Executive Vice President, Executive Chairman
Gas Products Portfolio
to a renewed sense of engagement, creative
synergy, enhanced teamwork, and collaboration Ansar Abdool
Non-Executive Director, Assistant Vice President
within the Gas Products Portfolio. & Chief Accountant, Massy Ltd.

Nigel Irish
Executive Director, Senior Vice President Finance

Luisa Lafaurie Rivera

Independent Non-Executive Director

Suresh Maharaj
Celebrating Our Independent Non-Executive Director

First Century Alberto Rozo

As we celebrated Our 100, we honored Executive Director, Senior Vice President
Business Development
the resilience, adaptability, dedication,
and support of our employees without Eugene Tiah
whom we could not have reached this Non-Executive Director
momentous milestone.

Our Portfolio Board has been actively monitoring the

performance and integration of our new acquisitions, while
continuing to participate in ongoing ethics and governance
training, in alignment with Massy’s suite of Ethics Policies,
statutory requirements and good governance best
practices.

In 2022, we laid the foundation to connect our purpose

more intentionally with our ESG strategy, to better
understand and address the needs of customers,
colleagues, partners, shareholders, and communities.
In 2023, we advanced this work by further embedding
ESG throughout our GPP corporate strategy, business
operations, and governance structure. We have done a
considerable amount of work this year across the portfolio
on developing ESG metrics and have taken a Portfolio
approach to the collection of baseline data and reporting.
requirements

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 Gas Products Portfolio Review

‘I am truly excited about the strides we have made in identifying

clear pathways to facilitate and include ESG strategies in our
operations. At the heart of our ESG approach is the commitment
to long-term sustainability, aimed at positively impacting our
What's Ahead
people, our customers, the communities in which we operate and
• The deployment of technological and data
the environment, thus responsibly fulfilling our purpose – “A Global
analytics enhancements across the portfolio.
Force for Good, Creating Value, Transforming Life”.’ Vaughn Martin,
This will enable enhanced stakeholder
Executive Chairman
experiences and access to live market data
to effect targeted interventions and improve
The Board met on 10 occasions (including Special Meetings) in
forward planning.
fiscal 2023.
• Full utilisation of the ASU facility in Guyana
• Embedding ESG as a way of doing business in
the Portfolio
People and Culture Committee • Fully integrating our Jamaica Operations
• Global scanning of the market for opportunities
The People and Culture Committee promotes and supports
that will fit into the Portfolio’s strategy.
strategies for talent development and retention, succession
planning and providing cross-territorial professional opportunities
within the Portfolio.

Portfolio Audit and Risk Committee

The Portfolio uses its revamped IT Governance and Risk
framework to continuously evaluate its data governance, security,
business continuity controls and business process automations.

Board Committee Meetings

NO. OF MEETINGS

Gas Products Portfolio Board 10

Audit & Risk Committee 5

People & Culture Committee 1

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 Our Portfolio Review

Who we are
Our companies provide sales and service
representation to manufacturers and distributors
of automobiles, trucks, industrial equipment and
automotive components. We also offer short and
long-term automobile, truck, and equipment rentals.
Sales and service are provided directly to consumers
as well as to businesses, particularly in the marine,
Machines energy, and power generation sectors. We currently
operate automotive dealerships in Trinidad and Tobago,
Colombia and Guyana. We are the Caterpillar dealer
Motors &
for Trinidad and Tobago, the importer for Nissan in 10
territories, the macro-distributor for Shell lubricants
in 19 territories in the Caribbean region and the macro
distributor for Moura batteries in 16 Caribbean, 7 Central
American countries and 3 South American countries.
We are also the franchise holder for Enterprise Holdings
(National, Alamo, Enterprise car rentals) in 6 countries in
the Caribbean and Colombia.

Our focus in 2023

In 2023, in keeping with the new corporate Vision that
the Group unveiled last year, our overarching focus
has been on expansion – by branching out into new
territories, by extending our brand representation and
footprint in existing markets.

Our ambitions for global expansion are bolstered

by the strong relationships we have fostered over
the years, both on a brand level with our new and
longtime partners, and on a regional level through new
relationships which we are developing in the countries
where we have representation.

We are a People Portfolio. We strongly believe in the

energy of abundance and are enriched when we share
this abundance with all of our people throughout every
level of the organization. This continues to be a key
executive tool that we use to incentivize and reward
performance – when the business does well, our people
do well also.

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 Our Portfolio Review

29
Showrooms

25
Service facilities

10.6K
New cars sold

2K
Used cars sold

168
Machinery
units sold

1.6K
Vehicles in
rental fleet

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 Motors & Machines Portfolio Review

Our ambitions for global

expansion are bolstered by the
strong relationships we have
fostered over the years, both
on a brand level with our new
and longtime partners, and on
a regional level, through new
developing relationships in the
countries in which we operate.

A message
from our
Chairman
Marc Rostant

Revenue
by Country
TT$ 3,215M
Third Party Revenue 2023, representing
an 5% increase over 2022
Trinidad 47%

Colombia 44% TT$ 262M

2023 Profit Before Tax, a 10% growth
Guyana 9%
over the previous year

13%
2023 RONA

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 Motors & Machines Portfolio Review

Our performance highlights

MOTORS MACHINES

Volvo’s new models and electrification have We continue to be the market leader in the
been well received, while Volkswagen and heavy-duty segment.
Subaru continue to enjoy strong brand equity
In 2023 we officially launched FarmTrak
Trinidad & Tobago

despite availability issues.

tractors.
Nissan continues to be the market leader in the
pickup space, and the Hyundai Tucson remains Alongside our 100th anniversary we are also
one of our most popular offerings. celebrating 95 years as a Caterpillar dealership.

MG has performed exceptionally well during our We got approval from Caterpillar to carry its
first full year of distribution. SEM line, providing a new more-economic
option for the local market.
We opened two additional “Everything
Automotive” ACL centres in 2023, one in Barataria
and one on Tragarete Road in Port of Spain.

During 2023 our most impactful event was the 2023 saw the successful expansion of the UD
launch of the MG brand brand into the Guyana market.

Our partnership with Moura has expanded to We continue to be an essential player in the
cover 16 Caribbean, 7 Central American and provision of industrial equipment for Guyana’s
3 South American countries, driven by the burgeoning oil and gas sector.
excellent relationship that we have built with
Guyana

them in Guyana.

The Guyanese economy continues to grow

exponentially and we are positioning ourselves
to continue to support that growth with
additional brands and capacity.

This year we have purchased 4 acres of land in

Essequibo to begin the construction of a new
facility, further bolstering our footprint.

We have launched a new dealership in

Barranquilla, representing the brands imported
Colombia

by Astara - Volvo, Jeep, Dodge, Chrysler,

Peugeot and Fiat.

We also expanded the National, Alamo and

Enterprise car rental business, opening in
several new cities and enjoying notable fleet
growth.

We have leased a new warehouse adjacent to

the existing warehouse, increasing our capacity
by 50 percent.
USA

Our Miami operation has also signed the non-

exclusive distribution contract for Goodyear
tyres across the Caribbean.

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 Motors & Machines Portfolio Review

2023 Performance Highlights Massy Motors & Machines Portfolio generated an Earnings Before
Interest, Taxes, and Amortisation (EBITDA) of TT$397 million
The Motors & Machines Portfolio (MMP) generated third-party (US$59 million) during the year, and this strengthened financial
revenue of Trinidad and Tobago dollars (TT$) 3,215 million (United position sees the Portfolio well placed to support its growth
States dollars (US$) 477 million) and Profit Before Tax (PBT) of aspirations, both organic and non-organic.
TT$261.6 million (US$38.8 million) for Fiscal Year (FY) 2023,
representing 5 percent and 10 percent growth on prior year We owe these results to the creativity, commitment and
respectively. professionalism of our people. Their dedication has been the
driving force behind our achievements, and we are proud to have
While FY2023 was a year marked by numerous challenges them as the backbone of our success.
across the markets in which our portfolio operates, our
performance demonstrated the resilience,
Strategy in Action
adaptability and unwavering commitment of our
people and our partners. Our operations in Colombia As MMP continues to evolve, we find ourselves operating broadly
were challenged by i) a new vehicle market decline of 30 percent, in four business types. The first is new car importation and
ii) an interest rate increase of more than 700bp, and iii) a currency operation of dealerships (for sales of both new and used cars); the
devaluation of over 15 percent. This is evidenced by the 51 second is the provision of heavy equipment and trucks, the third is
percent decrease in PBT in Colombia. Furthermore, in FY2023, rentals, and the fourth is automotive-related retail and distribution.
MMP impaired the full value of its investment in online used car Our intention over time is to introduce more breadth and coverage
platform Curbo, i.e., TT$14.8 million (US$2.2 million) but retained a under each of those categories.
license to use the software for MMP as it seeks to strengthen its
digital capabilities in Colombia. These declines were offset by an The ultimate goal of this diversification is to ensure that we can
outstanding performance in Trinidad and Tobago, where the PBT be agile and maintain our ability to pivot through the strength
grew by 37 percent. The Portfolio also maintained stringent focus and variety of our brand portfolio. This is a strategy to ensure our
on cost control across the entire Portfolio and this, combined with long-term sustainability in the industries in which we operate while
the performance in Trinidad and Tobago resulted in the Portfolio’s facing significant disruption.
strong results.

Strengthening
ties
This year we have
worked assiduously
to incorporate into
our logistics and
supply chain system
the existing Nissan
dealers in the 8
additional territories
for which we now have
distribution rights.

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 Motors & Machines Portfolio Review

Celebrating
95 years with
Caterpillar
We maintained a
stellar performance
track record in
our 95th year as a
Caterpillar dealer,
achieving gold medal
status in two of
their five excellence
programmes, silver in
another and bronze in
the final two

Regional Representation of High-quality Brands Expansion into Markets with Strong Growth
and Products Potential
Our journey towards becoming a global player began with Our Everything Automotive service offering in Trinidad under
our entry into Colombia in 2014. Since then, we have been the aegis of Massy Automotive Components Limited (ACL)
expanding our footprint in that country. We continue to leverage continues to grow, allowing us to offer parts, repairs, and service
our longstanding relationship with Nissan to gain distribution to customers even outside our network. With centres opening in
rights to 8 additional territories and we have worked throughout Barataria and Tragarete Road, Port of Spain in 2023 and additional
the year to take on direct relationships with the existing Nissan locations slated for Point Fortin, Rio Claro, and Tobago in 2024, we
dealers in these territories. All of these dealers have now been intend to carry on aligning ourselves with the right partners and
incorporated into our logistics and supply chain system. Moving with the right brands to ensure the highest quality of service.
forward, we will be focused on adding value for the customers
and dealers we serve in these markets through line extensions, Massy has historically enjoyed strong
new model introductions and building economies of scale while
relationships in the territories where we operate,
demonstrating our capacity to lead a regional business.
and maintaining mutually supportive bonds is
Similarly, the success of our partnership with the MG brand in a critical part of our involvement in the growing
Trinidad, has led to an extension of that brand representation into markets we serve. Our history in Guyana, for instance,
Guyana this year, a clear testament to the strong relationships dates back to Guyanese independence, and now with a team
we seek to build with our brand partners, who are integral to our of 100 plus strong and counting we are focused on continued
ongoing prosperity. This year of our centennial also marks our 95th investment that will allow us to provide the necessary support for
year as a Caterpillar dealer, which is an incredible achievement the developmental projects and requirements of the community at
and one we’re proud to celebrate alongside Caterpillar, who this exciting time.
have recently entrusted us with their economy SEM line of heavy
equipment.

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95
We have continued to introduce new brands into the market in
Guyana, most recently with the very well-received launch of MG
vehicles, and also the introduction of the UD brand of trucks. In
years with Caterpillar terms of physical plant, we have purchased 4 acres of land in
Essiquibo for the construction of a new facility which we expect to
in Trinidad & Tobago
have on stream by 2026.

Through our relationship with the Brazilian battery manufacturer

50%
Moura, in Guyana, we have now expanded that partnership to
cover 16 Caribbean countries, 7 Central American and 3 South
American countries. Out of Miami, we have signed on as the
increased warehouse distributor for Goodyear tires across the Caribbean region.
capacity in Miami
We continue to grow our footprint in Colombia with the launch of a
new multi-brand dealership in Barranquilla, the fourth largest, and
fastest growing city in the country. This move has deepened our

90+
Massy Motors & Machines
relationship with the Astara importer group in Colombia.

We continue to build scale and market coverage with the National,

Alamo and Enterprise brands across Colombia with new location
employees honoured for openings and fleet growth.
exceptional performance
Retaining and Building our Customer Base by
Delivering Superior Service to our Customers
Customer satisfaction is integral to the success of all our
businesses. We view the Massy customer experience as a key
differentiator in both Motors & Machines businesses. We are
committed to achieving an iconic customer service experience,

Growing
in Guyana
We are focused on
pursuing partnerships
like the one with UD
that this year allowed
us to introduce the UD
line of trucks to the
Guyanese market

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 Motors & Machines Portfolio Review

Bringing the
best to our
customers
We work with our
suppliers to ensure
that our technicians
have access to the
best training and
technology

and have made encouraging strides, for instance in our car rental In 2023 we have given special attention to cybersecurity across
businesses where we have seen an uptick in customer feedback the Portfolio, partnering with international firms to strengthen our
scores. One of the advantages of running a global portfolio, is cybersecurity defenses and will continue to refine our strategy
that it permits us to learn from each other. As a result, we have while dedicating additional resources to reinforce this area. We
been sharing learnings in this space as our Colombian entities conducted a comprehensive scan of vulnerabilities across our
are frequently recognised by the brands we represent as best- technological platforms using highly specialised tools designed
in-class, and these experiences form the benchmark across our for this purpose. The findings have been closely monitored, and
entire portfolio. various vulnerabilities have been mitigated. It’s important to note
that we have developed a strategic cybersecurity plan, generating
Our Everything Automotive retail footprint offers another best practices and frameworks to ensure the security of all
opportunity to connect with customers in, and outside of, technology. We plan to continuously review different cybersecurity
our network, providing convenient solutions in a comfortable records and conduct frequent scans to ensure we stay ahead of
environment. We pride ourselves on going above and beyond to security issues. Additionally, we have implemented an awareness
deliver customer satisfaction. plan for all our employees on information and data security matters.

The assurance of information and data has a

Risk Analysis positive impact on the trust of our clients, their
rights in the handling of the data we have about
MMP is committed to maintaining the highest standards of risk
management and risk mitigation. We pay careful attention to them, and the reputation of our brand.
Health, Safety, Security, and the Environment (HSSE) and service
pillars across the breadth of our operations. We continue to We are also redesigning the entire infrastructure, networks,

manage our exposure through judicious decisions with regard telecommunications, and systems through the implementation

to investments and financial management. Our Audit and Risk of enterprise architecture and software architecture, ensuring

Committee ensures that we are consistently operating within the various layers of security, extending down to database levels.

risk tolerance parameters set by the Parent Board, while meeting Ethical hacking operations will be initiated as a means of ensuring

the expectations of our Portfolio Board and adhering to the information system security. This will lead to strengthened disaster

standards of the countries in which we operate. recovery plans and ensure business continuity at the system level.

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Recognising
and rewarding
excellence
Over ninety of our
top performing
employees across the
entire Porfolio were
recognised for their
achievements in our
Centennial Awards
ceremony which was
held in Santa Marta,
Colombia

Our Stakeholders Investing in our People

A Great Place to Work We are a People Portfolio. Our principal focus in

Health Safety and Wellbeing the people space this year was the celebration
In 2023 MMP recorded a 4 percent increase in Days Away from
of our 100 years as a group. Across our Portfolio our
Work Cases (DAWFCs) and a Total Recordable Injury Frequency
people were responsible for planning and executing our varied
(TRIF) score of 1.14. We maintain our hands-on approach to
events and celebrations as we marked this important milestone.
Health and Safety, which includes portfolio-wide training,
We naturally had cross country teams come together to figure
inspections/audits, leadership walkarounds, safety talks and safety
out the best way to celebrate our achievement. The collaboration
observations.
across the Portfolio on the proposals and final selection of
our “Forces for Good” initiatives was truly humbling and was a
Both Massy Machinery and Motors have resounding display of our Caribbean heart beating strong.
maintained ISO 9001:2015 certifications.
As we elevate, expand and grow so will our teams. We are actively
building in-house capabilities as we seek to reimagine what
Employee Health & Safety our ideal structure looks like inside the new Group paradigm
of autonomous Portfolios. This year we’ve strengthened our
2023 2022 leadership team with the addition of 5 new appointments at the
Senior Vice President, Vice President and Acting Vice President
Days Away from Work Cases 26 25
levels, and will introduce further resources in 2024 to support our
growth trajectory.
Total Recordable
Incident Frequency (TRIF) 1.14 1.08
Massy Machines follows a five-year rolling development plan for
executives in the organisation, and in addition to that has embarked

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 Motors & Machines Portfolio Review

on a mini graduate trainee programme, adding three graduates We continue to enjoy an excellent performance track record
this year to the five it brought on last year. This year we celebrated with Caterpillar, achieving gold medal status in two of their five
our top performers in our Centennial Awards ceremony which was excellence programs, silver in another and bronze in the final two.
held in Santa Marta, Colombia. Over ninety of our top performing Our ultimate goal is to achieve gold in all five categories, as well as
employees from Colombia, Trinidad & Tobago and Guyana were be in full alignment with all six of their global statements (currently
recognized for their achievements in an exciting event. on target for four). Increased automation and connected supplier
interfaces have enhanced our ability to meet these targets. Massy
The Portfolio has invested in a new Human Resource Information Machinery Ltd.’s Caterpillar sales force also participated in the CAT
System, Bamboo HR, which is being implemented in the Guyana Ignite Program. Ignite was created to recognise dealer aftermarket
and Trinidad & Tobago companies. The system will significantly sales reps for their acquisition of knowledge through training and
impact our HR efficiencies, and greatly enhance the quality of use of its application to improve services sales execution and
service to our employees. We continue to be instructed by the performance.
feedback received in the Employee Opinion Surveys that we
undertake in all the companies across the portfolio. Beyond the CAT dealership our employees are making us proud
on the global stage as well, with a technical team representing us
We have invested in hundreds of hours of training and at the Mack Trucks Mack Masters global aftersales competition
development for our people to ensure we are prepared to serve finals for the second consecutive year and a technician who has
our customers and have had technicians frequently recognised on been invited to participate in the Hyundai World Skill Olympics.
the world stage by the varied brands we represent.

Our Customers
Engaging with our Customers and Suppliers
Our primary objective is to consistently delight customers by
Complementing the 100th year anniversary of the Massy Group, delivering exceptional service from the initial contact through
December 6, 2023 marks our 95th year as a Caterpillar dealership, post-sales support. We meticulously monitor and evaluate our
a milestone we look forward to celebrating alongside our partners performance in these aspects using Key Performance Indicators
at Caterpillar.

Marking Our 100

Motors and Machines went
all out in celebrating our
centennial, most notably in the
overwhelming participation
in the employee-driven,
employee-nominated
Forces for Good.

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(KPIs) and third-party assessments to guarantee our continuous Protecting our Environment
pursuit of optimal outcomes.

Environmental stewardship has top-of-mind awareness across the

In 2023, the Portfolio increased by 1 percent in customer Portfolio, with an increasing focus in the dealership business on
feedback. In Trinidad our Motors business had a score of 89.8 electric and hybrid models. 5 out of the 6 brands carried by Massy
percent while Machinery recorded 92 percent, and in Colombia Motors Trinidad have an electric or hybrid offering, and 7 percent
we had a score of 94 percent. Our Guyanese operations reached of our 2023 sales were electric or hybrid.
79 percent score.

Our Everything Automotive service technicians also install home

wall chargers for EVs and hybrids, further extending the spread of
Supporting our Communities charging points across Trinidad.

We continue to be involved in local community activities, aside In Colombia our newly opened showroom premises in Barranquilla
from our contributions towards the work of the Massy Foundation. use solar energy panels, our first facility to do so. We also continue
2023 also saw the marked impact of Forces For Good, our to recycle or repurpose used oil via various methods across our
employee-driven, employee-nominated projects. regional operations. Additionally, in Guyana we have partnered
with the Environmental Protection Agency to measure and ensure
Forces For Good created a huge amount of compliance on a number of metrics including noise pollution, air

internal conversation as our people went all-in pollution, and wastewater.

on nominating and backing projects that struck

Electrification stands to be a big disruptor to the automotive
an emotional chord and were meaningful to industry, and we couldn’t be more excited! If you look across
them on a personal level. The enhanced connection the brands that we represent, each one of them has brought a
and the sense of personal investment paid off in the number different piece of the puzzle to the market. We recently introduced
projects that were eventually nominated. We are proud to say that the Nissan Xtrail E Power, an electric vehicle that practically never
the “People’s Choice” Forces for Good initiative came from our needs to be plugged into the charger – a new technology that’s
operations in Medellin. come into play means that it charges itself as it drives.

Powering
electrification
Massy Motors is
proudly bringing the
latest technological
developments to our
customers, introducing
new hybrid and fully
electric models
and supporting the
installation of charging
ports in both personal
and public spaces

78
 Motors & Machines Portfolio Review

We also have recognized top-of-the-line models like the Ionic Portfolio Audit and Risk Committee
5 from Hyundai, which was voted car of the year in 2022, a full The Portfolio Audit and Risk Committee (PARC) has responsibility for
electric car that’s in the market now – and recently for MG, we and oversight of the financial reporting process, risk management,
have just launched the MG4. Massy Motors is solidly participating the system of internal control and the audit process as well as
in the drive for electrification, and we are proudly bringing the the company’s internal controls and compliance with laws and
latest technological developments to our customers. regulations. The PARC held 4 meetings during FY2023.

People and Culture Committee

Governance The People and Culture Committee strives to balance the need for
managing performance to deliver results against the constraints of
Motors & Machines Portfolio Board various challenging environmental factors. The Committee held 2
The Motors & Machines Portfolio Board of Directors held 7 meetings during FY2023.
meetings during FY2023, 1 of which was a special meeting.

Our Board

Marc Rostant
What's Ahead
Executive Vice President & Executive Chairman
Motors & Machines Portfolio • The continued search for expansion
opportunities outside of existing
Julie Avey markets
Non-Executive Director, Executive Vice President, • The construction of new showrooms
People & Culture, Massy Group
and premises in all territories

Jean Pierre Du Coudray • The expansion of the Everything

Executive Director, Senior Vice President, Automotive service centres across
Motors & Machines Portfolio Trinidad and Tobago
• Exploration of mobility solutions as
Nicholas Gomez
autonomous vehicles and ride share
Independent Non-Executive Director
solutions become more prevalent.
Bruce Melizan
Independent Non-Executive Director

Angelique Parisot-Potter
Non-Executive Director, Executive Vice President
Business Integrity & Group General Counsel,
Massy Group

Ramnarine Persad
Executive Director, Senior Vice President,
Motors & Machines Portfolio

Alvaro Serrano
Executive Director, Senior Vice President,
& Chief Financial Officer, Motors & Machines Portfolio

2023 Annual Report 79

MASSY HOLDINGS LTD
 Money Services Division
Financial Services Trinidad & Tobago
Massy Remittance Services (Trinidad) Ltd.
Line of Business Saint Lucia
Massy Remittance Services (St. Lucia) Ltd.

St. Vincent
Massy Remittance Services (St. Vincent) Ltd.

Guyana
Massy Remittance Services (Guyana) Ltd.

Barbados
Massy Card Barbados Limited
(Western Union Operations)

Financial Services Division

Trinidad & Tobago
Massy Finance GFC Ltd.

Revenue
by Country
TT$ 163M
Third Party Revenue 2023, representing
a 9% increase over 2022
Trinidad 50%

Barbados

Guyana
1%

47%
TT$ 87M
2023 Profit Before Tax, a 4% decline
over the previous year

Eastern Caribbean 2%

9%
2023 RONA

80
 Financial Services Line of Business Review

Who we are digital solutions, and prioritise customer experience have laid a
strong foundation for future growth. We remain committed to
delivering innovative digital products and services that provide
Massy’s Financial Services Line of Business enhanced convenience, security, and accessibility to our
consists of two highly strategic operations customers.
that enable improved performance among our
three core Portfolios. The Remittance Services We are confident that our unwavering commitment to excellence,

division is a key foreign exchange earner for our strategic vision for digital transformation, and the team’s
dedication will propel the remittance division to new heights. The
the Group while also providing strong returns
positive momentum will continue in the new financial year as we
on invested capital. It is an important partner
strive to improve our Foreign Exchange (FX) contribution to the
of the Integrated Retail portfolio and provides a
group while maintaining our existing customers and increasing
remittance channel for its customers through
market share.
its partnerships with MoneyGram and Western
Union. Massy Finance GFC is an important partner
to the Motor & Machines Portfolio, providing Massy Finance GFC
financing for customers purchasing vehicles and
industrial equipment as a critical component of its During the Financial Year 2023, Massy Finance GFC (MFGFC)
business operations. Massy Finance GFC’s foreign continued on a path of commendable performance as it furthered
exchange license permits the Group to purchase its activities geared towards Group Enablement in the provision of
foreign currency from third parties, greatly financial solutions to the core industry portfolios and sourcing FX
assisting the Group’s currency sourcing needs. for the Group.

During 2023, MFGFC embarked on a transformation program to

Massy Finance Remittances become a technology enabled business, leveraging automation
to drive a distinctive customer experience. The InstaLoan lending
The Remittance Division has achieved its Financial and Strategic product has proven to be a resounding success, in terms of its
Business performance indicators for FY2023. Revenue growth entry into the digital lending space while meeting the unsecured
of 3 percent over the prior year was attributed to the growth of 6 borrower needs existing in the consumer credit arena. In its
percent in Receive volumes and 12 percent in Send volumes. As inaugural year, the InstaLoan portfolio has delivered favourable risk-
an increasing share of Receive transactions originated from online adjusted returns. Success in this arena will be transferred to the
senders at lower fees per transaction. We expanded our agent car lending business in the future.
network with 8 new locations, bringing our total to 110 MoneyGram
and 9 Western Union locations regionally. Our achievements In 2023, the Company also enhanced its capacity with the addition
through strategic planning, diligent execution, and the dedication of talent and a greater focus on Corporate Governance, Risk
of the entire division teams enabled us to succeed in Trinidad, Management, Policy Implementation and Operating Procedures.
Guyana, Barbados, Saint Lucia, and St. Vincent. Overall, Going forward MFGFC is in pursuit of a Digitisation and Information
customer Net Promoter Score (NPS) increased, indicative of our Technology transformation that is anticipated to yield a superior
commitment to providing unparalleled value to our customers and customer experience across all segments. Strategic focus will be
agents. placed on:
1 Supply of FX to the Group;
As more remittance transactions are expected to be conducted 2 Growing traditional asset finance business with digital
through digital media, Massy Remittances has adopted a products;
strategic imperative to acquire digital transaction capabilities. Our 3 Growing the InstaLoan portfolio; and
digital transformation journey has yielded significant progress, 4 Maintaining the investment portfolio and Treasury support
culminating in obtaining the E-Money License for Massycard for the Group.
(Barbados) Limited. Our efforts to upgrade infrastructure, embrace

2023 Annual Report 81

MASSY HOLDINGS LTD
 It has been a joy to be here, at Massy,
People &
for Our100, and to be able to share
how we have celebrated our history
and strengthened the foundations for
the future. We are a group that thrives
Culture on constant evolution. We are proud
that we have been able to confront
the ever-changing global landscape
with transparency and accountability,
maintaining the values that have made our
success possible.

We entered our 100th year with a new

vision: A Global Force for Good, an
Investment Holding Company with a
Caribbean Heart. Over the course of the
past 12 months, we have been blown
away by the impact and energy that has
been unleashed by foregrounding that
“Caribbean Heart”. In a world divided by
differences, we feel confident in stepping
forward to present our case for the power of
collective authenticity; for the impact that
is possible when we empower our people to
stand up proudly and share their resilience,
their warmth, and their boundless optimism
with everyone they encounter.

82
Our Portfolio Review

2023 Annual Report 83

MASSY HOLDINGS LTD
 People & Culture

Replicating the Caribbean Heart A Force of Nurture

Currently the Massy family is over 13,000 strong, spread across From its genesis in offering programmes to build the “listening

8 countries, and as we pursue our vision of Global Expansion, muscle” in our executives, the momentum continues to build
at the Massy Learning Institute (MLI). We offer programmes
we have started capturing what it means to
to leaders at all levels who want to grow and be relevant in the
operate with a Caribbean Heart; the openness
turbulent changing world. MLI is intended to foster a culture of
and warmth coupled with the strength and lifelong learning, to create new opportunities for our team and
determination of character that enables us greater impact for our communities. We believe that learning is the
to celebrate and find joy even in the face of fuel that powers our journey. It allows us to explore new horizons,
overcome challenges, and create value that reaches well beyond
adversity.
our businesses.

In a rapidly changing world, we know that we don’t have all the

answers, but we do know that the way we choose to lead is vital We help to embed the Massy leadership approach across
to our success. We have embedded a human-centered process the Group by providing early integration opportunities for
for listening, sharing, and iterating, which we know creates a leaders in new acquisitions and by enabling cross-business
space of innovation and trust, into all our people practices, from conversations that allow learnings to flow both ways. This
executive training to employee initiatives to celebrations and year we completed more than 60,000 hours
commemorations. This has truly transformed the way we operate. of leadership training for leaders across the
Group in our three flagship programmes –
As we continue to increase our sphere of influence in the pursuit
Expectations of Massy Leaders, Listen Like a
of our global vision, the People & Culture team is supporting our
portfolios through a host of efforts including skills development Leader and Emotional Intellegence. We are also
and career-pathing support, wellness programmes and health purposeful in the way we manage transitions during the process

initiatives, ethics, and standards training, and more. Our annual of divestments. We strive to ensure our offerings are empowering

OneHR conference, which brings together People & Culture and transformative, and as a result many of our Massy “alumni”

professionals from across the Group has allowed us to strengthen return to us asking that we share our approach within their new

our connections and share best-practices as our portfolios grow organisations.

into their autonomous operations.

" Our values have been shaped by

the people who have served and led
Massy over the past 100 years. Our
values and People have built a strong
foundation, and it is on this base
that we will shape our future. Clarity
on what we expect of our Leaders
to ensure people-centred, values-
driven leadership is key to the future
"
success and resilience of Massy.

Julie Avey
Executive Vice President People & Culture

84
 People & Culture

" What we’re seeking to create,

across Massy and indeed across the
region, is a learning culture. Shifting
mindsets, shifting approaches
to learning – in a fast-paced
environment, that’s how you don’t "
get left behind. At the end of the day,
we are providing tools for life.

Audra Mitchell
Vice President Group Learning &
Development & General Manager
Massy Learning Institute

Leadership across our region is evolving and we are committed Holistic Wellbeing and the Healing
to being a part of this positive growth. We are proud to provide Organisation
corporate training for leading entities such as Nestle, Republic
Bank Limited, the Arthur Lok Jack Global School of Business and We have made a commitment to journey towards becoming a
the Central Bank of Trinidad and Tobago. For us, this is one of the healing organisation. By emphasising our values of
most powerful ways in which we can enact our vision. As a global
Love and Care - love for self, love for others,
force for good, we see this as an opportunity to create meaningful
care for self, care for others – we are building
connections and to help drive progress by helping fellow
organisations along their own journeys of development. a happier, healthier workforce with a strong,
sturdy Caribbean Heart.
In keeping with our resolve to honor and celebrate the
diversity of everyone we serve, we strive to keep our offerings
accessible to all audiences. These efforts range from
making our own programmes available in Spanish or through
facilitating training programmes for the hearing-impaired
on behalf of an international conglomerate – a truly exciting
opportunity that we believe we can extend into additional
offerings for our Massy employees.

Bringing the vibes

from Jamaica
Massy Distribution (Jamaica) shared the
story behind the work that they’ve been
doing to build employee engagement with
the participants at our OneHR conference

2023 Annual Report 85

MASSY HOLDINGS LTD
 People & Culture

" From active service to retirement,

we strive to provide unwavering
support and comfort to all
employees because everybody
matters. We are all precious beings.
As an organisation that cares, we’re
creating a masterpiece through
nurturing an environment that
"
fosters a healthy Caribbean heart in
a holistic way. We are the oxygen for
the Caribbean heart.
Amanda McMillan
Vice President Group Wellness & Benefits

Through the efforts of our Wellness and Benefits team, the focus In 2023, we made strides in the further rolling out of preventative
has shifted to emphasising self-care, wellbeing, and preventative care and saw where a practice of annual checks and screenings
care. Our Group has worked hard to dispel stigmas – from the aimed at early detection could make a positive impact on
importance of time away from the office to accessing key mental the reduction of Noncommunicable Diseases (NCDs) and
health services when needed – to create a safe environment for other illnesses across our employee base. We ensure that
every employee to be healthy and whole. all employees are aware of and educated on their options for
preventative care, and we are pleased to report noticeable
We know that we must consider all the dimensions of wellbeing – increases in uptake in annual checks and screenings in Trinidad
physical, emotional, social, occupational, and financial – and ensure and Tobago and Barbados. We have supported the HR teams in all
our people have the access they need to the tools to help
them thrive. To this end we are partnering with Virgin Pulse to
launch the Massy Resource Center in early 2024, to provide
another layer of care and support to enhance our existing
Employee Assistance Programme. All employees across the
Group will be able to create their own custom profiles, using
a platform available in multiple languages, and access a
wide range of resources to enable their wellness journeys.

Shopping
the Nudge stall
Guests at Reconnect Barbados
were amazed at the locally produced
products on display from the Nudge
entrepreneurs

86
 People & Culture

territories to ensure that they are equipped with the tools they
need to bolster the self-care needs of their organisations.
We have also established strong connections with regional
NGOs for hotlines and other support.

Celebrating our Legacy

Our century of impact is best represented

in the lives we’ve uplifted, the employees
we’ve inspired, and the communities
we’ve strengthened. With this in mind, we
incorporated our human-centred process
approach into the preparations for Our100,
putting the power in the hands of our people to shape the
ways in which they chose to celebrate, and to spearhead
the events and activities that would be most meaningful and
significant to them and their communities. After all, the world
knows that we in the Caribbean celebrate like no one else! Always lots
The result was dozens of mindfully planned and executed
to talk about
events across the region, starting with a collective day Catching up with old friends at
of commemoration on February 1, 2023 and continuing Reconnect Trinidad & Tobago
throughout the year with volunteer drives, customer
appreciation days and employee-driven celebrations,
captured and shared across social media and on the
Message Wall of the Our100 microsite.

We were delighted, as part of our “Our100” centennial and has established itself as a Social Innovation Hub. You can
celebrations, to hold two major “Reconnect” events for discover more about Nudge in this year’s Corportate Social
Massy retirees in Trinidad and Tobago and Barbados, days Responsibilities (CSR) report.
filled with fun, food, music, laughter, and wonderful memories.
We welcomed nearly 1600 retired team members from We believe that the Group’s success should
businesses all across the Group, including a special few
be everyone’s success, and a central initiative
who were close to celebrating centennials of their own!
Celebrating our retirees in this way created a huge sense of
in marking our centennial was making a
pride and belonging, building a bridge between current and commitment to ensure that every employee
past Massy employees, and giving them a unique window will have the opportunity to become a vested
into our shared history. owner in Massy. While we have for many years offered an
Employee Share Ownership Programme to employes in Trinidad
As part of our Reconnect events we were especially thrilled to
& Tobago, this year our Jamaica-based employees also became
include products from Nudge Caribbean entrepreneurs in the
shareholders via a gift to each employee of Massy shares as part
tokens of appreciation that we presented to our retirees. With
of their centennial celebrations. Work is ongoing to determine
support from the Group, Nudge has grown to serve a community
how we structure programmes to extend the opportunity for share
of nearly 200 entrepreneurs across the Eastern Caribbean
ownership to all Massy employees.

2023 Annual Report 87

MASSY HOLDINGS LTD
 People & Culture

Forces for Good – Celebrating Our 100 by One thing that will not change is our commitment to Business
Starting a New Movement Integrity. We believe that a deeply embedded culture of integrity is
key to Massy’s vision of being A Global Force for Good. Honesty
Giving back and seeking out opportunities to support our and Integrity, which are Massy values, require deliberate action,
communities is embedded deeply within our DNA. As part of our communication, and empathy. How we do what we do matters
centennial celebrations, we wanted to find a uniquely Massy way and maintaining that strong culture of integrity rewards us with
of involving our people in this process, and so the Forces for Good great trust from our stakeholders.
project was born.
We keep our word to our business partners, vendors, and
We were delighted and inspired by the nominations our employees. We take seriously our responsibility
employees made when invited to suggest causes to receive to uphold Massy’s century-long reputation for
grants as part of Our100. It was incredible to see the level of conducting business with honesty, integrity, and
engagement from our people and the genuine excitement that
respect across the Caribbean and beyond. We
many of them felt to be able to effect change in communities that
hire for it. We train for it. We retain it. We’re recognised for it, and
mean so much to them. (more information in our CSR report)
our leaders show up every day with the core mission to embody
our values.

Stepping into the Future with Confidence Diversity is an integral part of our story, as it is a part of the
Caribbean story; but more than this, it is a cornerstone of our
In a turbulent and rapidly evolving global landscape we
success. We truly believe that we are fundamentally made better
understand that the private sector has a vital role to play in
through the unique gifts and skills that each individual brings to
facilitating sustainable development and creating prosperity in
the collective table. We actively seek partners and people from
the societies within which we operate. We acknowledge this
a constellation of cultures and communities across the region,
responsibility, but even more than that, we are energised and
and we’re committed to championing diversity as we expand.
eager for the opportunity to engage, to empower and to enact
Embracing and honouring the cultures of the communities we
lasting, meaningful change.
serve is a great source of motivation and empowerment to
our team, and we believe that the beauty and diversity of our
As the world wrestles with thorny problems like climate change,
Caribbean Heart is a winning formula.
we gathered with the Board, senior executives and thought partners
to work on how Environmental, Social, and Governance (ESG)
fits in our commitment to C.A.R.E. [see Letter from our Group
CEO] We know that ticking a box will not be the solution. As
our people and businesses continue to evolve, the pillars of
environmental and social sustainability and good corporate
governance that are established now will provide our
foundation for the next hundred years.

Forces for Good

It was incredible to see the level of
engagement from our people and
the genuine excitement that they felt
to be able to help causes that are
important to them.

88
 Sustainability and Corporate Governance Report

Sustainability and Corporate Governance Report

Our Commitment to Good Governance and Governance

Creating Long-Term Sustainable Value
The Board is committed to ensuring that the Company acts
The Board of Directors and Executives of Massy Holdings Ltd. ethically and responsibly with honesty and integrity, and
(“Massy Holdings” / “the Company”) are committed to the highest in a manner consistent with the legitimate interests of its
global standards of corporate governance and continue to strive Stakeholders. The ‘formalisation of sustainability’ therefore
to ensure sustainable growth, underpinned by a clear purpose included incorporating ESG into the Company’s governance
which unites the Massy Group - A Global Force for Good, Creating framework and last year, the Company’s Board Charter and
Value, Transforming Life. Corporate Governance Code were revised to include appropriate
ESG oversight by the Board. The Governance, Nominations and
Sustainability Remuneration Committee (“GNRC”) then discussed the specific
oversight that each of the Board’s respective Committees would
This year, at the Massy Group, we began our journey to formalise have on relevant ESG matters which would be built into the
our sustainability strategy and found that there was real potential respective Committee Charters.
to build a distinctive, differentiated, coherent sustainability strategy
for the Massy Group that resonates with us. When we began this Also key to our governance culture are our Business Integrity
journey, we underscored the importance of ensuring that our programmes; ‘Speak Up’ (Whistleblower), Anti-Bribery and
‘formalisation’, although influenced in part, by the Environmental, Corruption, and Conflict of Interests, which are all underpinned
Social and Governance (“ESG”) movement, did not lead us on by our Group’s Code of Ethics. Honesty and Integrity, which is a
a path of mere compliance but rather ensured that we continue Massy value, requires deliberate reinforcement through constant
to be a conscious company - a journey that we aspired to and and consistent communication and example. How we do what we
started over a decade ago. do, matters and maintaining our strong culture of integrity rewards
us with great trust from our Stakeholders.
As our people and businesses continue to evolve, we see our
journey to continued good governance and our aspiration of Environment
being a conscious organisation also evolve, to becoming a
healing organization; a business that alleviates suffering and As a business that’s been around for 100 years, we know how
elevates compassion and caring while delivering on extraordinary important it is to look to the future. We know that caring about our
performance. We intend that the pillars of sustainability and impact on the planet today and in the future is good businesses.
governance that are established now, will set a platform for Throughout the Massy Group most of our businesses have their
the next hundred years … a platform that would create value own initiatives which aim to contribute to waste and pollution
and enhance life for our employees, customers, investors, reduction for the planet. This year, we started the work to gather
communities and the planet for many generations to come.

" Massy’s journey to good governance was and is a journey to

humanity. We turned away from a culture of ‘command and control’
to become a conscious Group of Companies and now, we aspire to
become a healing organisation – rehabilitating, acting from our core
values including love and care, ensuring accountability in hand with "
compassion, and delivering extraordinary performance. It has
become a journey of purpose and of who we are as Massy.
Wendy Kerry, Senior Vice President Corporate Governance & Corporate Secretary

2023 Annual Report 89

MASSY HOLDINGS LTD
 Sustainability and Corporate Governance Report

data to measure the impact of our initiatives and develop of the territories within which we operate. This hundredth year,
baselines from which we can reduce our carbon footprint, and even more than years before, Massy’s work in the community,
optimise our energy consumption across our Portfolios and makes our colleagues proud to work for Massy. Initiatives that
territories within which we operate. We are cognisant that on our impact our society such as: ‘Nudge Caribbean’ help small local
own, we may not significantly reduce global warming or stymie the entrepreneurs by providing business coaching and mentoring
effects of climate change, but we are committed to doing our part from our Executives, as well as space in selected Massy Stores
in managing our impact on the environment and being true to who to distribute their products. Nudge’s mission is to revolutionise
we say we are – A Global Force for Good. the small business landscape by proving what can happen when
small businesses are given a chance to thrive.
Another area where we are working on having a greater impact
is the use of plastics. Although packaging and plastics do an ‘Reconnect’ is an event where we hosted hundreds of retirees
important job, it should never find its way into the environment. of Massy companies in Trinidad & Tobago and Barbados for a day
Packaging does protect our products and reduces food wastage of fun, food and lots of laughter. We honour and care for the elderly
and so, across the Group we have implemented various initiatives and considered it important to thank the people who have built the
to either remove, reduce, reuse, or replace plastics or to reduce Massy that we have inherited today.
wastage. We remove where we can, reduce where we cannot,
reuse more of it and recycle the rest. This is a continuous work Our ‘Forces for Good’ initiative was created this year to help our
in progress, and we are committed to getting better at it and at employees positively impact their communities. To celebrate 100
measuring our impact years of Massy, we invited our Massy family to select personally
meaningful community projects being supported by charitable
Social organizations and apply for grants to further their mission and
goals.
The Massy Group has a long history of social contribution. We
are committed and focused on our employees’ overall health The work described above is in addition to the good work
and well-being and the Group has over the years introduced done by the Massy Foundation, across various territories. From
and continued various initiatives to support in this area. Over the its inception in 1979, the Foundation in Trinidad has focused
past year, initiatives included; ‘preventative care’, education and on poverty alleviation, and the relief of suffering and distress
awareness programmes through the Massy Learning Institute, for disadvantaged persons. The Foundation’s focus, when
‘listening sessions’ and ‘healing workshops’. We listen to our created, was to assist in the functionality of Non-Governmental
people, what they need, what impacts on their quality of life Organisations (NGOs), schools and religious bodies and its scope
and what they see as valuable support for their wellness and by has now expanded to include nation-building and sustainability by
extension, their families. focusing on:
• Youth
We are also focused on our aspirations of equality and • Education
representation and in doing so, we focus on attracting, developing, • Arts & Culture
and retaining diverse talent. The data we have examined thus far • Sport
across the Group shows that in some parts of the Group, we are • Health & Wellness
strong in gender diversity, but in other parts we have some work • Community Development, and
to do. • Employee Engagement

Our Group believes in doing the right thing by and for our
communities. Our remarkable people take action that makes a big
difference on some of the most pressing causes in many parts

90
 Sustainability and Corporate Governance Report

Corporate Governance Our Company’s Board of Directors

Application of the Trinidad and Tobago Corporate Key Areas of Oversight

Governance Code, the Jamaica Stock Exchange Private The Board’s main areas of focus are; governance, ESG, strategy,
Sector Organisation Code on Corporate Governance and operational and financial performance, risk management and
Massy Holdings Ltd.’s Corporate Governance Code stakeholder relations. In addition to its general oversight of
As a company with public accountability, Massy continues to apply Management, the Board among other things is responsible for:
the Principles and Recommendations of the Trinidad and Tobago • Corporate Governance across the Group and ensuring that
Corporate Governance Code, the Jamaica Stock Exchange Private appropriate policies, processes and standards are effectively
Sector Organisation Code, as well as, elements of other global in place to support the business;
codes and best practices, as outlined in this report. We, at Massy, • Annually reviewing the Board and its Committees’ Charters
have developed our own internal Corporate Governance Code, and ensuring their relevance in line with applicable
that combines regional, international and relevant principles and governance and legal standards;
best practices that apply to the Company and its Subsidiaries. • Selecting, evaluating and compensating the Group Chief
Executive Officer (“Group CEO”) and overseeing Group CEO
Our Governance Framework - succession planning;
Our Board and its Committees • Ensuring that appropriate succession plans are in place for
Senior/Executive Management;
The Group is led by the Massy Holdings Board and its • Reviewing, monitoring and where appropriate, approving
Committees, which provide direction and structure for responsible fundamental financial and business strategies and major
and effective decision-making to support the Group’s purpose corporate actions;
and strategic objectives. This framework is articulated through the • Approving major investments;
Company’s Board and Committee Charters, which are annually • Assessing the major risks facing the Company and the Group
reviewed. and ensuring that appropriate strategies for their mitigation are
implemented;
The Board’s Charter, Committee Charters, Director • Ensuring that processes are in place for maintaining the
Independence Policy and Corporate Governance Code can be sustainability and integrity of the Company, the integrity of the
found on our website at www.massygroup.com financial statements and compliance with all laws and ethical
standards of business; and
Having an effective corporate governance framework is very • Promoting a culture that is in line with the Company’s purpose
important to us at Massy – it helps the Board to deliver the and core values.
Group’s strategy and it supports long-term sustainable growth
while operating within a framework of effective controls. The The Board is supported by the Corporate Secretary, who assists
Board has a Delegation of Authority in place to ensure that it has the Chairman and the Board in driving and maintaining the highest
the appropriate level of oversight for matters that are material to standards of corporate governance. This includes ensuring
the Group. The Board has also established a risk management good information flows within the Board and its Committees,
framework to manage and report the risks we face as a business. as well as facilitating the induction, training and professional
Efficient internal reporting, effective internal controls and development of Directors. The Corporate Secretary provides
oversight of current and emerging risks are embedded into the independent, impartial advice to the Board on issues of process
Company’s processes, which align to our Purpose, Vision and and governance and all Directors have access to the Corporate
Values. The Board, with the support of its Committees, places Secretary.
great importance on ensuring that we achieve a high level of
governance across the Group Board Structure, Composition and Succession Planning
The Company is led by an effective and competent Board that
brings together their wide range of experience, qualifications, skills
and values in supporting the strategic goals of the Company and

2023 Annual Report 91

MASSY HOLDINGS LTD
 Sustainability and Corporate Governance Report

Our Board's Skill, Experience & Diversity Composition

ESG in ensuring value creation for all Stakeholders. The Board

and the GNRC regularly review the ‘Director Skills Matrix’
Cyber Security 1
as part of its on-going board refreshment and succession
Org. Design, Talent Managent planning, to ensure that the Board and its Committees have
6
& Corporate Culture
the necessary skills, expertise and cognitive diversity to
Risk Management 4 sustainably deliver on its strategic purpose.

Finance & Investment 11 In accordance with the Company’s Articles of Continuance,

as at September 30, 2023, the Board was comprised of 13
Legal & Regulatory 2
Directors; nine of whom were Independent, Non-Executive
Data, Technology &
5
Directors and four of whom were Executive Directors. During
Digital Transformation
this period under review, Mr. Robert Bermudez retired as an
Energy/Gas Sector 7 Independent Director and Chairman effective May 11, 2023
and Mr. Robert Riley was appointed as Chairman of the Board
Retail/Distribution Sector 4
effective May 12, 2023. The following changes also took
place in the Board directorate:
Private Equity 6
• Mr. Nigel Edwards was appointed as an Independent
Economics 4 Director effective December 8, 2022; and
• Mr. James McLetchie was appointed as an Executive
Innovation/Entrepeneurship 5 Director effective August 15, 2023.

Global Experience 9
Directors David Affonso, Nigel Edwards, Patrick Hylton, Luisa

Gender Diversity 2
Lafaurie Rivera and Robert Riley will offer themselves for
either election or re-election at the upcoming Annual General
Geographic Diversity 9 Meeting on December 18, 2023.

Dig 1. Board Composition by Qualification, Experience, Skills, and Diversity

Numbers represent number of Directors

Board Composition

Executive/
Gender Tenure Non-Executive Directors
Over 10 Years
2 2
Female Executive
Director
4-6 Years 4
2 0-3 Years Independent,
9 Non-Executive
Male Director

11 9

Dig 2. Board Composition by Gender Dig 3. Board Composition by Tenure Dig 4. Board Composition by Executive/
Non-Executive Directors

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 Sustainability and Corporate Governance Report

Director Tenure, Performance Management and Board the period under review, a 3-year training plan was developed
Refreshment and implemented to bring structure to the ongoing education
In accordance with the Company’s By-laws, Directors are elected and training of directors. The suite of training and learning
for terms not exceeding three years. When nearing the expiration programs are reviewed on an on-going basis and includes a mix
of those terms, the performance of those Directors who are of mandatory and discretionary internal and external programs,
expected to retire on rotation, is reviewed by the GNRC, prior to accredited directors’ programs as well as presentations by
a recommendation being made regarding his/her nomination industry subject matter experts.
for re-election. The Director peer evaluation tool is a key
feedback mechanism and is further supported by performance Director Independence
conversations which are held between the Chairman and the Independent Non-Executive Directors make up the majority
Directors retiring on rotation. on the Company’s Board. Director independence is reviewed
annually against the criteria outlined in the Company’s Director
The composition of the Board is also a key consideration prior to Independence Policy, which policy, is also reviewed annually.
nomination for re-election and as such, Director succession is A review of Directors’ Annual Declarations of Interests to the
managed through a rigorous and formal process where significant Company, remains a key element in this process, as the
consideration is given to the strategic direction of the Company Board keeps under review, whether there are relationships or
for Board refreshment or when vacancies arise. circumstances which are likely to affect, or could appear to affect
a Director’s independence or impact a Director in fulfilling their
In the coming year, the Board intends to further enhance and duties to the Company. This year, the Board determined that
modernise the Director recruitment and nomination process each Non-Executive Director was independent in character and
by proactively engaging with significant Shareholders (holding judgement, committed sufficient time and energy to the role and
more than 5 percent of the issued and outstanding shares in continued to make a valuable contribution to the Board and its
the Company) regarding any recommendations for director Committees.
candidates.
Both the Audit and Risk Committee (ARC) and the GNRC are led
Director On-Boarding, Training and On-going Education by independent Directors. Annual Declarations of independent
New Directors participate in the Company’s on-boarding Portfolio Directors were also reviewed to ensure independent
programme upon joining the Board which among other things, oversight at the Portfolio level.
provides them with a formal introduction to the Company and
its businesses through meetings with key persons, provision Board, Committee and Director Effectiveness
of relevant information and specific training programs such as The Board performs an annual self-assessment of its
‘Expectations of a Massy Leader’. The on-boarding process performance, its Committees’ performance and the performance
is mapped for a period of between six months to a year and of Directors due to retire on rotation. On a triennial basis, in order
is reviewed and updated to ensure its relevance in supporting to add independence and rigour to the process, the Board retains
individual Directors to fulfil their duties and responsibilities. For an external firm to conduct an independent board evaluation. The

During this financial year, various Directors participated in the following training courses/programmes:

ORGANISATION/FACILITATOR PROGRAMME/TOPIC

Massy Learning Institute Expectations of a Massy Leader

Corporate Governance Institute ESG for Directors Certificate Programme

Office of the Corporate Secretary ESG Teardown and Summit

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MASSY HOLDINGS LTD
 Sustainability and Corporate Governance Report

Board considers these reviews useful opportunities for Directors • Board TT $3,420,000
to reflect on their collective and individual effectiveness and to • ARC TT $320,000
consider where improvements can be made. • GNRC TT $180,000

The Board evaluated the performance of the Directors who will Executive Remuneration
be retiring on rotation at the Annual Meeting of Shareholders on There is a formal review and decision-making process for
December 18, 2023, and also, reviewed the action plan arising compensating Executives which is mirrored across the Group.
from the triennial independent Board evaluation facilitated by Incentives for Executives are linked to Massy’s purpose and
Egon Zehnder in the 2021/2022 Financial Year. Issues which were strategic priorities and further, short terms results are balanced
discussed, reviewed, addressed and clarified included; defining with long-term sustainability objectives which considers the
the Board’s approach to ESG, strengthening of the risk monitoring impact to all stakeholders. Executive Scorecards are established
model, improvement in Board dynamics and talent planning and at the start of the financial year and are aligned with the
development through continued education. Internal Board and Group’s strategies around both the financial and non-financial
Committee Evaluations were conducted during the 2022/2023 performance of the Group. Targets are established around the
financial year and the results/feedback of these evaluations will financial performance of the Group and also around employees,
form the basis of the development of the 2023/2024 action plan customers, and communities.
to enhance Board and Committee effectiveness.
The GNRC will continue to have effective oversight that ensures:
Director Remuneration • The application of pay principles which are applicable to
Remuneration for Independent, Non-Executive Directors is all across the Group and, in particular, the principle that
determined by the Board, on the recommendation of the remuneration should support the delivery of the Group’s
GNRC. In determining appropriate remuneration levels, the purpose;
GNRC considers, among other things, the time commitments • The alignment with, and incentivise the delivery of, the Group’s
and responsibilities required by Directors and benchmarks the strategy;
Massy Holdings’ Board fees against peers in other publicly traded • The fostering of performance in line with the Group’s culture,
companies. The review of Directors fees takes place on a triennial values and behaviours;
basis. The total Board and Committee remuneration paid to Massy • The alignment with emerging best practice;
Holding’s Independent Directors for the financial year 2022-2023 • The motivation of Executive talent;
were as follows: • The success of the Company for the benefit of key
Stakeholders; and
• The evolution of the Company’s remuneration philosophy and
policy.

Executive Composition

Gender Remuneration

3
Female 36
Long-term 32
Incentive
Salary
Male

8 Short-term
Incentive 32

Numbers represent number of Senior Officers Percentage represents percentage of total compensation

Dig 5. Executive Management Composition by Gender Dig 6. Executive Management Remuneration Composition

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 Sustainability and Corporate Governance Report

Board of Directors Meetings

The Board of Directors held eight Meetings during the period October 1, 2022, to September 30, 2023 one of which was a special
meeting. The two-day Meetings held in April and September were ‘Strategy’ and ‘Operationalising Strategy and Purpose’ (formerly
Budget) Meetings, respectively.

November 1, 2022

September 28 &
Special Meeting

August 9, 2023
November 23,

May 10, 2023

April 27 & 28,
December 7,

February 8,

29, 2023
2022

2022

2023

2023
Robert Riley
Chairman, Non-Executive Director

Gervase Warner
President & CEO, Executive Director

James McLetchie
CFO, Executive Director

Robert Bermudez
Non-Executive Director

David Affonso
Executive Director

Nigel Edwards
Executive Director

Marc-Kwesi Farrell
Non-Executive Director

Patrick Hylton
Non-Executive Director

Peter Jeewan
Non-Executive Director

Soraya Khan
Non-Executive Director

Luisa Lafaurie Rivera

Non-Executive Director

Suresh Maharaj
Non-Executive Director

Vaughn Martin
Executive Director

Bruce Melizan
Non-Executive Director

Present Absent Not a member of the Board for the period under review

Board Committees and the GNRC - from which it receives reports on the Committees’
work and areas of oversight. Minutes of these Committees’
The Board’s Committees are key to assisting the Board in meetings, as well as reports from each Committee Chairperson,
effectively discharging its duties and responsibilities. These are tabled and presented to the Board. A brief overview of the
Committees consider in greater depth and detail, on behalf of Committees and their work is presented below.
the Board, issues relevant to their various Charters, and report
to the Board after each meeting. The Board has two constituted
committees to support it in the discharge of its duties – the ARC

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 Sustainability and Corporate Governance Report

Audit and Risk Committee Structure and Independence of Internal Audit

The ARC is responsible for making appropriate recommendations The appointed Group Internal Auditor is responsible for the overall
for the Board’s approval of the financial reporting process, Group Internal Audit function and adherence to the International
risk management, the system of internal control and the audit Standards for the Professional Practice of Internal Auditing of
process. The Committee’s Charter, along with the Group Internal The Institute of Internal Auditors. The Group Internal Auditor
Audit Charter and the Delegation of Authority for Non-Audit reports administratively to the Group Chief Executive Officer and
Services – provided by the External Auditor, were reconfirmed and functionally to the ARC. Internal Audit has unfettered access to the
approved by the Massy Holdings’ Board on the recommendation ARC and the Internal Audit Risk Alignment & Internal Audit Scope
of the GNRC. Further, several Group Information Technology/ was prepared in accordance with the Institute of Internal Auditors
Cybersecurity Policies were confirmed and approved by the methodology.
Board on the recommendation of the ARC, including the Group
Clean Desk Policy, Group Password Policy, and Group Anti-Virus The ARC is satisfied that the Internal Audit function has been
Policy. discharged in an objective and transparent manner. Further, the
ARC has satisfied itself that the performance of the function is not
ARC Structure and Composition subject to management’s undue influence.
The ARC is comprised of six Directors, five of whom are
Independent, Non-Executive Directors. The ARC Members as at The Board is responsible for the Company’s system of internal
September 30, 2023 were: controls and for reviewing its effectiveness. The ongoing
• Mr. Peter Jeewan, Chairman monitoring of the adequacy and effectiveness of the Group’s
• Mr. Suresh Maharaj internal control systems is the primary responsibility of Internal
• Mr. Patrick Hylton Audit. The ARC is satisfied that Management, by approved risk
• Ms. Soraya Khan corrective actions, adequately remedied any weaknesses in
• Mr. Bruce Melizan internal controls highlighted in the internal audit reports.
• Mr. Gervase Warner, Ex-Officio

Risk Governance
The ARC held five meetings during the period October 1, 2022 to
Risk Governance consists of the rules and norms that govern
September 30, 2023.
how policy is developed and business decisions are made
and executed. Risk Governance at Massy is a comprehensive
framework that incorporates oversight, documented policies,
November 22,
November 7,

February 8,

August 9,

evaluation frameworks and measurement.

May 10,
2022

2022

2023

2023

2023

The practice of Enterprise Risk Management (“ERM”) at Massy

Peter Jeewan
Chairman is one of continuous improvement, borrowing from external
best in class practices and learning from experience from its
Patrick Hylton
own operations. Risk is an ongoing part of operating a business
Soraya Khan and Massy embraces this, while doing its utmost to properly
assess and mitigate risk in order to achieve the best results for
Suresh Maharaj all stakeholders in a world with many challenges.

Bruce Melizan
ERM is well established in the corporate culture at Massy;
Gervase Warner formally integrated into decision making and performance
Ex Officio
management throughout the Group.
Present Absent

More detail on the Group’s management of risk is available in

the Corporate Risk Report.

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 Sustainability and Corporate Governance Report

External Audit The GNRC held five meetings for the period October 1, 2022, to
The ARC reviewed and approved the External Auditor’s approach September 30, 2023.
to and scope of their examination of the financial statements
for the 2023 financial year. The Members were satisfied that

December 7,
November 1,

February 2,

August 18,
PricewaterhouseCoopers planned the audit to obtain reasonable

May 3,
2022

2022

2022

2023

2023
assurance that the financial statements were free of material
misstatement and presented a fair view of the financial position
Luisa Lafaurie Rivera
of the Group as at September 30, 2023, in accordance with Chairwoman

International Financial Reporting Standards.

Nigel Edwards

Financial Statements Marc-Kwesi Farrell

During 2023, the interim unaudited financial statements were
Robert Riley
presented to the ARC at its quarterly meetings for review and Ex Officio

recommendation for adoption by the Board. The ARC was

Robert Bermudez
satisfied that the audited financial statements contained in this
Annual Report were complete, consistent with information known
Present Absent Not a member of the Board for the period under review
to its Members and in conformity with appropriate accounting
principles that have been consistently applied.
Over the financial year 2022/2023, the work of the GNRC included
Governance, Nomination & Remuneration the following:

Committee
The objectives of the GNRC are to develop, implement and
Governance
• Review of the Massy Holdings Ltd. Corporate Governance
periodically review standards for corporate governance for the
Code, Board and Committee Charters, and Director
Company and the Massy Group of companies. The GNRC’s
Independence Policy;
responsibilities include; reviewing the Board’s composition and
• Review of the Executive Compensation Philosophy;
structure to ensure that it remains effective in achieving the
• Review of Board, Committee and Senior Executive
company’s strategic objectives, compliance monitoring, review succession plans;
and evaluation of director independence, reviewing key policies, • Review of the Board and Committee oversight structure for
director induction and training, board and committee evaluations ESG and defining the Company’s approach to ESG;
and oversight of Executive succession planning and remuneration. • Oversight of the Speak Up (Whistle-blower) policy and
The GNRC’s Charter was reviewed and reconfirmed by the Board process;
during this period under review. • Analysis of the results of the triennial Board evaluation
and oversight of execution of the action plan to address
GNRC Structure and Composition opportunities to strengthen the Board’s effectiveness;
The GNRC is comprised of four Independent, Non-Executive • Review and oversight of the Internal Board and Committee
Evaluation;
Directors and as at September 30, 2023 its Members were:
• Review of changes to the Massy Group Legal Structure;
• Ms. Luisa Lafaurie Rivera , Chairwoman
• Review of Directors’ Annual Declarations of Interests and
• Mr. Nigel Edwards
assessment of the independence of the Company’s Non-
• Mr. Marc-Kwesi Farrell
Executive Directors and Non-Executive Portfolio Directors;
• Mr. Robert Riley, Ex-Officio
• Review and consideration of Senior Officers’ Annual
Declaration of Interests;
Mr. Gervase Warner, President and Group CEO attends all GNRC
• Oversight for Group appointments to Portfolio Boards; and
meetings.
• Oversight of the Portfolio and Subsidiary Governance
framework.

2023 Annual Report 97

MASSY HOLDINGS LTD
 Sustainability and Corporate Governance Report

Nomination Loyalty and Independence

• The continued focus on director succession planning and The Board conducted its annual review of Non-Executive
board refreshment facilitated the addition of one Independent, Directors’ and Non-Executive Portfolio Directors’ interests and
Non-Executive Director during this financial year;
considered each against the requirements outlined in the Director
• Ongoing review and strengthening of the Director on-boarding
Independence Policy. Further, all director candidates who were
process;
due to retire at the end of their three-year rotation, participated
• The Chairman held performance conversations with Directors
in a director peer evaluation which was followed by performance
retiring on rotation; and
conversations with the Chairman.
• Development and implementation of the 3-year director training
programme and review of director training and on-going
learning programmes to ensure relevance and value add. Senior Management also disclosed, to the Board, all material
interests in any matter directly affecting the Company.

Remuneration
• Oversight and participation in the ‘People Day’ assessments Disclosure and Accountability
of Group Executives’ key accomplishments, ‘Expectations of
Massy Leaders’ surveys, and their strengths and development The Company continues to maintain an effective disclosure
areas; regime and makes quarterly, annual and other material disclosures
• Review, rationalisation and strengthening of Executives’ regarding its performance and activities within the prescribed
contracts, role descriptions and balanced scorecards; statutory timeframe. The Company also has a well-established
• Review of the Group CEO’s and Senior Executives’ cycle of communication with its various stakeholders to
succession plans with specific focus on leadership vacancies periodically discuss its activities and performance. The Company’s
expected to arise in the next three to five years;
Disclosure Policy includes many global standard disclosure
• Review and approval of the Long-Term Incentive Plan (“LTIP”)
practices and is reviewed on a regular basis.
for FY 2022 and Eligibility for Awards in FY 2023; and
• Review and approval of the Short- Term Incentive Plan for the
Strengthening Stakeholder Relationships
Senior Leadership Team for FY 2022.

Engagement with the Company’s Shareholders is an essential

Portfolio Governance
component in the value added to the Company. This is facilitated

The Massy Holdings’ Board and its Committees maintain through the Company’s Chairman, President and Group Chief

oversight of the Group’s governance framework which includes, Executive Officer and Corporate Secretary. The Ninety-Ninth

the structure and composition of the Portfolio boards. Each Annual Meeting of Shareholders was again successfully held

Portfolio is overseen by a parent board, whose members in a hybrid format which facilitated both the in-person and

comprise: electronic attendance of Shareholders across various jurisdictions.

• At minimum, 50% independent directors – some of whom This Meeting format presented a continued opportunity for
also serve as Directors on the Massy Holdings Board; greater stakeholder connections as Shareholders were able
• Group Executives, who were independent of the respective to question the Board, Senior Management and the Auditors
business; on the resolutions placed before the Meeting as well as on the
• Independent experts in relevant business areas; and presentations made relating to the Company’s performance and
• Executive directors from in the respective Portfolios. strategic direction.

Independent/Non-Executive Directors are recommended In addition to the hybrid Annual Meeting, the Company again
for appointment by the Massy Holdings Board, on the hosted quarterly online investor presentations made by Massy
recommendation of the Group Chief Executive Officer, and Portfolio Executives. These investor presentations do not include any
executive directors are recommended for appointment by the additional statements on current trading performance, nor do
Portfolio chairperson. This structure has supported the application they disclose any new, material financial information, but offers
of consistent values and standards for corporate governance investors more in-depth information on the progress being made
across the Group, optimised risk management and enhanced the towards the Company’s strategic goals. The slides from the
agility in business decision making across the Group. presentations are available on our corporate website.

98
 Directors’ Report

Directors’ Report

The Directors have pleasure in submitting their Report and the Audited Financial Statements for the financial year ended September 30,
2023.

Principal Activities
The main activity is that of a Holding Company.

Financial results for the year $000’s

Profit attributable to shareholders 764,195

Dividends paid (313,337)

Profit retained for the year 450,858

Other movements on revenue reserves (162,346)
Balance brought forward 6,370,513

Retained earnings at end of year 6,659,025

Dividends
The Directors declared an interim dividend of 3.15 cents per share and a final dividend of $12.68 per share, making a total dividend of
$15.83 per share for the financial year. The final dividend will be paid on or after December 18, 2023, to Shareholders whose names
appear on the Register of members of the Company at the close of business on December 8, 2023.

Directors
Pursuant to paragraphs 4.4.1, 4.4.2 and 4.6.1 of By-Law No. 1 of the Company, Messrs. David Affonso, Nigel Edwards, Patrick Hylton, Robert
Riley and Mrs. Luisa Lafaurie Rivera retire from the Board by rotation and being eligible offer themselves for either election or re-election
until the close of the third Annual Meeting following this appointment.

Directors’ and Senior Officers’ Interests

These should be read as part of this report.

Auditors
The Auditors, PricewaterhouseCoopers, retire and being eligible offer themselves for re-appointment.

By Order of the Board

Wendy Kerry
Corporate Secretary

November 22, 2023

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MASSY HOLDINGS LTD
 Directors’ Report

Directors’, Senior Officers’ and Connected Parties’ Interests

Set out below are the Directors, Senior Officers and their connected parties with interests in the shares of Massy Holdings Ltd. and the
holders of the ten (10) largest blocks of shares in the Company as at September 30, 2023.

Connected Parties’
Directors & Senior Officers Shareholdings Shareholdings

David Affonso 2,638,496 Nil

Nigel Edwards Nil Nil
Marc-Kwesi Farrell Nil Nil
Patrick Hylton Nil Nil
Peter Jeewan Nil Nil
Soraya Khan 65,800 Nil
Luisa Lafaurie Rivera Nil Nil
Suresh Maharaj Nil Nil
Vaughn Martin 4,514,718 Nil
James McLetchie Nil Nil
Bruce Melizan 13,620 Nil
Robert Riley Nil Nil
Elliot Gervase Warner 24,994,769 Nil
Julie Avey 2,520,308 Nil
Wendy Kerry 1,349,304 Nil
David O’Brien 2,947,600 Nil
Angelique Parisot Potter 3,133,641 Nil
Roger Ramdwar 394,748 Nil
Marc Rostant 893,698 Nil
Alberto Rozo 311,980 Nil

Holders of the Ten (10) Largest Blocks of Shares

Number of Shares
Shareholder as at 30-09-2023

National Insurance Board of Trinidad and Tobago 396,021,020

RBC Nominee Services (Caribbean) Limited (formerly RBC/RBTT Nominee Services Limited) 216,696,215
Republic Bank Limited 133,890,548
RBC Trust (Trinidad and Tobago) Limited (formerly RBC/RBTT Trust Limited) 111,628,975
Unit Trust Corporation Financial and Investment Advisory Limited (formerly Unit Trust Financial Services Limited) 89,204,576
Kiss Baking Company Limited 78,659,262
Trintrust Limited 64,299,662
Guardian Life of the Caribbean Limited 62,639,088
National Insurance Board (Barbados) 56,007,440
First Citizens Depository Services Limited (formerly First Citizens Asset Management Limited) 50,740,860

The Company’s shares were split 20:1 effective March 11, 2022

100
 Directors’ Report

Notes

1 The indirect Beneficial Shareholding of Directors and Senior Officers corresponds to the Trinidad & Tobago Stock Exchange Rules
(Rule 600) regarding the shareholdings of persons connected to Directors and Senior Officers. It includes the indirect beneficial
ownership/control of shares held by; (i) entities that a person owns/controls>50 percent shares, (ii) the Director’s/Senior Officer’s
husband or wife and (iii) the Director’s/Senior Officer’s minor children.

2 RBC Nominee Services (Caribbean) Limited holds a non-beneficial interest in 216,696,215 shares for the Neal & Massy Employee
Stock Ownership Plan.

3 The National Insurance Board Limited holds a substantial interest in the issued share capital of the Company. A substantial interest
means one-tenth or more of the issued share capital of the Company.

4 There have been no changes to the Substantial Interests occurring between the end of the Company’s financial year and one month
prior to the date of the Notice convening the Annual Meeting.

5 There were no beneficial interests attached to any shares in the names of the Directors in the Company’s subsidiary companies, such
shares being held by the Directors as nominees of the Company or its subsidiaries.

6 At no time during, or at the end of the financial year, were any material contracts or proposed material contracts granted by the
Company, or any of its subsidiary companies, to any Director or Proposed Director of the Company.

2023 Annual Report 101

MASSY HOLDINGS LTD
 Management Proxy Circular

Management Proxy Circular

Republic of Trinidad and Tobago

The Companies Act, Ch. 81:01

[Section 144]

1 Name of Company Massy Holdings Ltd.

Company No. M 4805 (C)

2 Particulars of Meeting
One Hundredth Annual Meeting of Shareholders of the above-named Company to be held at the Ballroom, Hilton Trinidad and
Conference Centre, 1B Lady Young Road, Port-of-Spain, Trinidad at 10:00 a.m. on December 18, 2023, in a hybrid format whereby
Shareholders may attend and participate in the Meeting either in person or electronically, via a live webcast.

3 Solicitation
It is intended to vote the Proxy solicited hereby (unless the Shareholder directs otherwise) in favour of all resolutions specified therein.

4 Any Director’s statement submitted pursuant to Section 76(2)

No statement has been received from any Director pursuant to Section 76(2) of the Companies Act, Ch. 81:01.

5 Any Auditor’s statement submitted pursuant to Section 171(1)

No statement has been received from the Auditors of the Company pursuant to Section 171(1) of the Companies Act, Ch. 81:01.

6 Any Shareholder’s proposal submitted pursuant to Sections 116(a) and 117(2)

No proposal has been received from any Shareholder pursuant to Sections 116(a) and 117(2) of the Companies Act, Ch. 81:01.

DATE NAME AND TITLE SIGNATURE

November 22, 2023 Wendy Kerry

Corporate Secretary

102
 Statement of Management’s Responsibilities

Statement of Management’s Responsibilities

Management is responsible for the following: In preparing these audited consolidated financial statements,
• Preparing and fairly presenting the accompanying management utilised the International Financial Reporting
consolidated financial statements of Massy Holdings Standards, as issued by the International Accounting Standards
Ltd. and its subsidiaries (the Group) which comprise the Board and adopted by the Institute of Chartered Accountants
consolidated statement of financial position as at September of Trinidad and Tobago. Where International Financial Reporting
30, 2023, the consolidated statements of profit or loss, other
Standards presented alternative accounting treatments,
comprehensive income, changes in equity and cash flows for
management chose those considered most appropriate in the
the year then ended and a summary of significant accounting
circumstances.
policies and other explanatory information;
• Ensuring that the Group keeps proper accounting records;
Nothing has come to the attention of management to indicate
• Selecting appropriate accounting policies and applying them
in a consistent manner; that the Group will not remain a going concern for the next
• Implementing, monitoring and evaluating the system of twelve months from the reporting date; or up to the date the
internal control that assures security of the Group’s assets, accompanying consolidated financial statements have been
detection/prevention of fraud, and the achievement of authorised for issue, if later.
operational efficiencies for the Group;
• Ensuring that the system of internal control operated Management affirms that it has carried out its responsibilities as
effectively during the reporting period; outlined above.
• Producing reliable financial reporting that comply with laws
and regulations, including the Companies Act; and
• Using reasonable and prudent judgement in the
determination of estimates.

E. Gervase Warner James McLetchie

Chief Executive Officer Chief Financial Officer
November 22, 2023 November 22, 2023

2023 Annual Report 103

MASSY HOLDINGS LTD
 Contents Independent Auditor’s Report 105
Consolidated Statement of Financial Position 114
Consolidated Statement of Profit or Loss 116
Consolidated Statement of Other Comprehensive Income 117
Consolidated Statement of Changes in Equity 118
Consolidated Statement of Cash Flows 119
Notes to the Consolidated Financial Statements 121

1 General Information 121

2 Summary of significant accounting policies 123
3 Segment information 144
4 Critical accounting estimates and judgements 148
5 Property, plant and equipment 150
6 Leases 152
7 Investment properties 154
8 Goodwill 155
9 Other intangible assets 156
10 Investments in associates and joint ventures 156
11 Trade and other receivables 159
12 Financial assets 160
13 Deferred income tax 162
14 Retirement benefit assets/obligations 163
15 Inventories 170
16 Statutory deposits with regulators 170
17 Cash and cash equivalents 170
18 Share capital 171
19 Dividends per share 171
20 Other reserves 171
21 Non-controlling interests 172
22 Borrowings 174
23 Customers’ deposits 175
24 Trade and other payables 176
25 Operating profit before finance costs 177
26 Staff costs 178
27 Finance costs – net 178
28 Income tax expense 179
29 Earnings per share 179
30 Contingencies 180
31 Commitments 180
32 Related party transactions 181
33 Financial risk management 182
34 Business combinations 199
35 Discontinued operations 201

Five-Year Review 208

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 Our Financials

Consolidated Statement of Financial Position

Expressed in Thousands of Trinidad and Tobago dollars

As at September 30

Notes 2023 2022

$ $

ASSETS
Non-current assets
Property, plant and equipment 5 3,399,878 2,528,760
Right of use assets 6 769,990 769,535
Investment properties 7 – 297,821
Goodwill 8 1,071,282 168,200
Other intangible assets 9 116,107 63,417
Investments in associates and joint ventures 10 104,014 140,228
Trade and other receivables 11 26,472 822
Financial assets 12 1,622,259 1,861,390
Deferred income tax assets 13 151,629 133,890
Retirement benefit assets 14 403,635 416,840

7,665,266 6,380,903

Current assets
Inventories 15 2,450,402 2,063,908
Trade and other receivables 11 2,344,081 1,854,381
Financial assets 12 1,406,286 1,044,797
Statutory deposits with regulators 16 77,656 47,654
Cash and cash equivalents 17 1,289,686 1,227,119
Assets classified as held for sale 35 307,473 79,821

7,875,584 6,317,680

Total assets 15,540,850 12,698,583

EQUITY
Capital and reserves attributable to equity holders of the Parent
Share capital 18 764,344 764,344
Retained earnings 6,659,025 6,370,513
Other reserves 20 (21,900) (67,903)

7,401,469 7,066,954
Non-controlling interests 21 207,037 185,829

Total equity 7,608,506 7,252,783

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As at September 30

Notes 2023 2022

$ $

LIABILITIES
Non-current liabilities
Borrowings 22 1,487,613 1,546,406
Lease liabilities 6 795,533 846,518
Trade and other payables 24 8,045 2,116
Deferred income tax liabilities 13 333,683 224,210
Customers’ deposits 23 262,400 211,938
Retirement benefit obligations 14 111,605 77,715
Provisions for other liabilities and charges 13,957 15,689

3,012,836 2,924,592

Current liabilities
Trade and other payables 24 1,943,615 1,713,135
Customers’ deposits 23 604,054 334,665
Current income tax liabilities 215,973 157,432
Borrowings 22 2,002,927 239,822
Lease liabilities 6 142,399 76,154
Liabilities classified as held for sale 34 10,540 –

4,919,508 2,521,208

Total liabilities 7,932,344 5,445,800

Total equity and liabilities 15,540,850 12,698,583

The notes on pages 121 to 207 are an integral part of these consolidated financial statements.

On November 22, 2023, the Board of Directors of Massy Holdings Ltd. authorised these consolidated financial statements for issue.

Gervase Warner Peter Jeewan James McLetchie

Director Director Director

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 Our Financials

Consolidated Statement of Profit or Loss

Year ended September 30. Expressed in Thousands of Trinidad and Tobago dollars

Year ended September 30

Notes 2023 2022

$ $

35.5 (Restated)
Continuing operations:
Revenue 3/25 14,195,284 12,326,604

Operating profit before finance costs and expected credit losses 1,453,058 1,101,091
Expected credit losses 25.2 (59,008) (23,504)

Operating profit before finance costs 25 1,394,050 1,077,587

Finance cost - net 27 (168,787) (101,412)

Operating profit after finance costs 1,225,263 976,175

Share of results of associates and joint ventures 10 3,792 18,842

Profit before income tax

1,229,055 995,017
Income tax expense 28 (395,756) (305,976)

Profit for the year from continuing operations 833,299 689,041

Discontinued operations:
Gain on sale of discontinued operations 35 – 83,441
(Loss)/Profit after tax from discontinued operations 35 (20,367) 85,706

(Loss)/Profit for the year from discontinued operations

(20,367) 169,147

Profit for the year 812,932 858,188

Owners of the Parent:

Profit for the year from continuing operations 784,562 644,782
(Loss)/Profit for the year from discontinued operations 35 (20,367) 169,147

764,195 813,929
Non-controlling interests:
Profit for the year from continuing operations 21 48,737 44,259

Profit attributable to non-controlling interests 48,737 44,259

Profit for the year 812,932 858,188

Earnings per share attributable to the owners of the Parent

during the year (expressed in TT$ per share):
Basic earnings per share
– from continuing operations 30/35 39.64 32.57
– from discontinued operations 30/35 (1.03) 8.55

38.61 41.12

The notes on pages 121 to 207 are an integral part of these consolidated financial statements.

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Consolidated Statement of Other Comprehensive Income

Year ended September 30. Expressed in Thousands of Trinidad and Tobago dollars

Year ended September 30

2023 2022
$ $

Profit for the year 812,932 858,188

Total other comprehensive income:
Items that will not be reclassified to profit or loss
- remeasurement of defined benefit pension plans (37,610) (24,587)

(37,610) (24,587)

Items that may be subsequently reclassified to profit or loss

- currency translation differences 46,226 (37,262)
- financial assets at fair value through OCI (109,062) (35,859)

(62,836) (73,121)

Other comprehensive loss for the year, net of tax (100,446) (97,708)

Total comprehensive income for the year 712,486 760,480

Other comprehensive income for the year attributable to:
owners of the Parent 662,756 715,241
non-controlling interests 49,730 45,239

Total comprehensive income for the year

712,486 760,480

Other comprehensive income for the year attributable to:
continuing operations 681,815 549,897
discontinued operations (19,059) 165,344

Total comprehensive income for the year 662,756 715,241

The notes on pages 121 to 207 are an integral part of these consolidated financial statements.

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 Our Financials

Consolidated Statement of Changes in Equity

Year ended September 30. Expressed in Thousands of Trinidad and Tobago dollars

Subtotal
attributable
to equity Non-
Share Other Retained holders of controlling Total
Notes capital reserves earnings the Parent interest equity
$ $ $ $ $ $

Balance at October 1, 2022 764,344 (67,903) 6,370,513 7,066,954 185,829 7,252,783

Profit for the year – – 764,195 764,195 48,737 812,932
Other comprehensive income/(loss) – 45,201 (146,640) (101,439) 993 (100,446)

Total comprehensive income for the year – 45,201 617,555 662,756 49,730 712,486

Other movements:
- Other reserve movements 20 – 802 (15,706) (14,904) (1,680) (16,584)
Transactions with owners:
- Purchase of non-controlling interest – – – – (1,966) (1,966)
- Dividends paid 19 – – (313,337) (313,337) (24,876) (338,213)

Balance at September 30, 2023 764,344 (21,900) 6,659,025 7,401,469 207,037 7,608,506

Balance at October 1, 2021 764,344 25,075 5,878,713 6,668,132 164,039 6,832,171

Profit for the year – – 813,929 813,929 44,259 858,188
Other comprehensive (loss)/income – (38,298) (60,390) (98,688) 980 (97,708)

Total comprehensive income for the year – (38,298) 753,539 715,241 45,239 760,480

Other movements:
- Transfer from other reserves 20 – 15,052 (15,052) – – –
- Disposal of subsidiaries – (61,962) – (61,962) – (61,962)
- Other reserve movements – (7,770) 40,324 32,554 (443) 32,111
Transactions with owners:
- Dividends paid 19 – – (287,011) (287,011) (23,006) (310,017)

Balance at September 30, 2022 764,344 (67,903) 6,370,513 7,066,954 185,829 7,252,783

Year ended Year ended

September 30, 2023 September 30, 2022

Dividends per share 19 15.83¢ 15.68 ¢

Dividends paid per share 19 15.83¢ 14.50¢

The notes on pages 121 to 207 are an integral part of these consolidated financial statements.

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Consolidated Statement of Cash Flows

Year ended September 30. Expressed in Thousands of Trinidad and Tobago dollars

Year ended September 30

Notes 2023 2022

$ $
(Restated)
Cash flows from operating activities
Profit before income tax from continuing operations 1,229,055 995,017
Profit before tax from discontinued operations 35 (20,348) 173,248

1,208,707 1,168,265
Adjustments for:
Share of results of associates and joint ventures 10 (3,792) (18,842)
Depreciation and impairment of property, plant and equipment 5 303,254 228,854
Depreciation and impairment of right-of-use asset 6 106,799 91,021
Depreciation and impairment of investment properties 7 20,733 2,577
Amortisation of other intangible assets 9 23,466 20,980
Unwinding of interest on restoration liability 295 214
Gain on disposal of property, plant and equipment (32,149) (67,472)
Gain on disposal of investment properties – (6,791)
Gain on disposal of associates (30,442) –
Gain on disposal of subsidiaries 35 – (83,441)
Expected credit losses/impairment expense on financial instruments 59,008 22,278
(Gain)/loss on other financial instruments (67) 16,810
Employee retirement and other benefits 2,603 11,035

Profit before changes in working capital 1,658,415 1,385,488

Changes in working capital:

Increase in inventories (365,538) (435,865)
Increase in trade and other receivables (512,253) (304,333)
Decrease in provisions and other charges (23,432) (32,743)
Increase in instalment credit (154,325) (25,005)
Increase in trade and other payables 229,842 182,633
Change in statutory deposits (30,002) (21,011)
Increase in customers’ deposits 319,851 253,101

Cash generated from operations 1,122,558 1,002,265

Taxation paid (320,161) (321,154)

Net cash generated from operating activities 802,397 681,111

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 Our Financials

Consolidated Statement of Cash Flows

Year ended September 30. Expressed in Thousands of Trinidad and Tobago dollars

Year ended September 30

Notes 2023 2022

$ $
(Restated)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment 66,830 119,085
Proceeds on sale of investment properties 109,424 27,270
Additions to property, plant and equipment 5 (518,065) (700,837)
Additions to investment properties 7 (3,118) (2,179)
Net change in other financial assets excluding instalment credit and other loans 12 (76,419) (1,423,126)
Increase in other investments, other intangibles, non-controlling interests
and investments in associates and joint ventures (21,972) (54,510)
Dividends received from associated companies 10 13,513 40,232
Net change in Net Assets reclassified to held for sale 35 – 399,995
Acquisition of subsidiaries 34 (1,615,047) (19,585)
Proceeds on sale of associates 54,813 –
Proceeds on sale of subsidiaries, net of cash disposed and direct costs 35 – 56,529

Net cash used in investing activities (1,990,041) (1,557,126)

Cash flows from financing activities

Proceeds from borrowings 3,020,792 943,705
Principal repayments on borrowings (1,362,985) (884,652)
Principal repayments on lease liabilities 6 (91,197) (67,728)
Purchase of non-controlling interest (1,966) –
Dividends paid to company’s shareholders 19 (313,337) (287,011)
Dividends paid to non-controlling interests (24,876) (23,006)

Net cash generated from/(used in) financing activities 1,226,431 (318,692)

Net increase/(decrease) in cash, cash equivalents

38,787 (1,194,707)
Cash, cash equivalents and bank overdrafts at beginning of the year 1,169,333 2,362,092
Effect of exchange rate changes on cash and bank overdrafts
5,723 1,948

Cash, cash equivalents and bank overdrafts at end of the year 1,213,843 1,169,333

Cash and short – term funds 1,292,079 1,227,119

Bank overdrafts and other short term borrowings (78,236) (57,786)

1,213,843 1,169,333

The following amounts are included within cash flows from operating activities:
Interest income 119,018 79,609
Dividend income from investments 554 2,331

Continuing Operations 1,289,686 1,227,119

Reclassified to held for sale 2,393 –

1,292,079 1,227,119

The notes on pages 121 to 207 are an integral part of these consolidated financial statements.

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 Our Financials

Notes to the Consolidated Financial Statements

Year ended September 30. Expressed in Thousands of Trinidad and Tobago dollars

1 General information
Massy Holdings Ltd. (the ‘Company’), was incorporated in the Republic of Trinidad and Tobago in 1923. The address of its registered
office is 63 Park Street, Port of Spain, Trinidad. The Company and its subsidiaries, (together, the Group) is engaged in trading, service
industries and finance in Trinidad and Tobago, the wider Caribbean region and Colombia. The Company has primary listings on the
Trinidad and Tobago and Jamaica Stock Exchange.

The principal subsidiaries are listed below with the percentage holding of the parent’s (Massy Holdings Ltd.) effective shareholding
where there is an intermediary company.

Percentage
Country of equity capital
incorporation held

Motors and Machines

Massy Transportation Group Ltd. Trinidad and Tobago 100
Massy Motors Ltd. Trinidad and Tobago 100
City Motors (1986) Limited Trinidad and Tobago 100
Massy Machinery Ltd. Trinidad and Tobago 100
Massy Automotive Components Ltd. Trinidad and Tobago 100
Massy Motors (Tobago) Ltd. Trinidad and Tobago 100
Master Serv Limited Trinidad and Tobago 100
Massy Motors (Guyana) Ltd. Guyana 93.64
Massy Motors Colombia S.A.S Colombia 100
Massy Motors Best Auto Ltd. Trinidad and Tobago 100
Massy Motors & Machines Miami Distribution Inc. United States of America 100

Financial Services
Massy Remittance Services (Trinidad) Ltd. Trinidad and Tobago 100
Massy Remittance Services (SLU) Ltd. Saint Lucia 100
Massy Finance GFC Ltd. Trinidad and Tobago 100
Massycard (Barbados) Limited Barbados 100
Massy Remittance Services (Guyana) Ltd. Guyana 93.64
Massy Credit Plus Ltd. Trinidad and Tobago 100
Massy Remittance Services (St. Vincent) Ltd. St Vincent 100

Gas Products
Massy Gas Products Holdings Ltd. Trinidad and Tobago 100
Massy Energy (Trinidad) Ltd. Trinidad and Tobago 100
Massy Gas Products (Trinidad) Ltd. Trinidad and Tobago 100
Massy Gas Products (Jamaica) Limited Jamaica 100
Massy Gas Products (Guyana) Ltd. Guyana 93.64
Massy Energy Colombia S.A.S. Colombia 100
Massy Energy Engineered Solutions Ltd. Trinidad and Tobago 100
Massy Gas Products Manufacturing (Trinidad) Ltd.* Trinidad and Tobago 100
I.G.L. Limited* Jamaica 100

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 Our Financials

Notes to the Consolidated Financial Statements

Year ended September 30. Expressed in Thousands of Trinidad and Tobago dollars

1 General information (continued)

Percentage
Country of equity capital
incorporation held

Integrated Retail
Massy Integrated Retail Ltd. Trinidad and Tobago 100
Arvee Foodmaster Limited Trinidad and Tobago 100
Massy Stores (SLU) Ltd. Saint Lucia 60
Massy Stores (Guyana) Inc. Guyana 93.64
Massy Stores (Barbados) Ltd. Barbados 100
Price Low Ltd. Barbados 100
Massy Stores (SVG) Ltd. St Vincent 83.33
Massy Distribution (Jamaica) Limited Jamaica 100
Massy Distribution (Guyana) Inc. Guyana 93.64
Massy Distribution (Barbados) Ltd. Barbados 100
Massy Distribution (St. Lucia) Ltd. Saint Lucia 100
Massy Distribution (USA) Inc. United States of America 100
Knights Limited Barbados 99.8
Massy Stores (USA) LLC United States of America 100
Rowe’s IGA, LLC* United States of America 100
Rowe’s IGA II, LLC* United States of America 100
Rowe’s IGA III, LLC* United States of America 100
Rowe’s IGA IV, LLC* United States of America 100
Rowe’s IGA V, LLC* United States of America 100
Rowe’s IGA VII, LLC* United States of America 100
Rowe’s IGA VIII, LLC* United States of America 100

Corporate Services
Massy Ltd. Trinidad and Tobago 100
Massy (Barbados) Ltd. Barbados 100
Massy (Guyana) Ltd. Guyana 93.64
The Interregional Reinsurance Company Limited Cayman Islands 100
Massy Finance (Barbados) Ltd. Barbados 100

The Group has subsidiaries whose year-ends are not coterminous with September 30, as follows:

Reporting
year end

Massy Motors Colombia S.A.S December 31

Massy Energy Colombia S.A.S December 31
Autogalias S.A.S December 31
Macarena de la Montaña SAS December 31
Autolux SAS December 31
Seguros Automontaña Ltda. December 31
Automontaña S.A.S December 31
Germania Motors S.A.S December 31
Auto Orion S.A.S December 31
Massy Motors Premium S.A.S. December 31

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1 General information (continued)

Reporting
year end

Massy Motors Rentals S.A.S December 31

Mazko S.A.S. December 31
Massy Motors Costa S.A.S. December 31
Massy Motors Bogota S.A.S December 31
Granados Gomez & CIA S.A. Empresa de Servicios Publicos Gas, Gragos S.A. E.S P. (Gragos) December 31

* reference to note 34 - Business Combinations

2 Significant accounting policies

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These
policies have been consistently applied to all the years presented, unless otherwise stated.

2.1 Basis of preparation

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards
(“IFRS”) and International Financial Reporting Interpretations Committee (“IFRIC”) interpretations. The consolidated financial
statements have been prepared under the historical cost convention as modified by the measurement of certain financial assets
at fair value and except for assets held for sale which are measured at fair value less costs to sell.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also
requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a
higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial
statements are disclosed in Note 4.

2.1.1 Standards, amendments and interpretations adopted by the Group

The Group has applied the following amendment for the annual reporting period commencing 1 October 2022:
• Amendment to IFRS 3, “Business Combinations”, which updates references to this Conceptual Framework for
Financial Reporting and the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets and Interpretation
21 Levies. This includes confirmation that contingent assets should not be recognised at the acquisition date.
• Amendment IAS 16, ‘Property, Plant and Equipment – Proceeds before Intended Use’, prohibits an entity from
including in the cost of the item of property, plant and equipment, any proceeds from selling items produced while
bringing an asset into the location and condition necessary for it to be capable of operating in the manner intended
by management. It also clarifies that an entity is ‘testing whether the asset is functioning properly’ when it assesses
technical and physical performance of the asset. The financial performance of the asset is not relevant to this
assessment. Instead, the sales proceeds and associated costs of producing the item, are recognised in the profit or
loss.
• Amendment to IAS 37, ‘Onerous Contracts – Cost of Fulfilling a Contract’, clarifies that the direct costs of fulfilling a
contract include both the incremental costs of fulfilling the contract and an allocation of other costs directly related
to fulfilling contracts. Before recognising a separate provision for an onerous contract, the entity recognises any
impairment loss that has occurred on assets used in fulfilling the contract.
• Annual improvement on IFRS 9, ‘Financial Instruments’, clarifies which fees should be included in the 10% test for the
derecognition of financial assets and liabilities.

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MASSY HOLDINGS LTD
 2 Significant accounting policies (continued)
2.1 Basis of preparation (continued)
2.1.1 Standards, amendments and interpretations adopted by the Group (continued)

• Annual improvement on IFRS 16, ‘Leases’, amends illustrative example 13 to remove the illustration of payments from
the lessor relating to leasehold improvements, to remove any confusion about the treatment of lease incentives.

The adoption of these amendments did not have a material impact on the Group.

2.1.2 New standards and interpretations that are not yet effective and not early adopted
The following are new standards and interpretations which have not yet been adopted and are not expected to have a
material impact on the Group in the current or future reporting periods and on foreseeable future transactions:
• Amendments to IAS 1, Presentation of financial statements’, on classification of liabilities (effective 1 October 2024)
• Narrow scope amendments to IAS 1, Practice statement 2 and IAS 8 (effective October 1, 2023)
• Amendment to IAS 12 – deferred tax related to assets and liabilities arising from a single transaction (effective 1
October 2023)
• IFRS 17, ‘Insurance contracts’, as amended in December 2021 (effective October 1, 2023).

2.2 Consolidation
2.2.1 Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity
when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to
affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is
transferred to the Group. They are deconsolidated from the date that control ceases.

The Group applies the acquisition method to account for business combinations. The consideration transferred for the
acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the
acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset
or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent
liabilities assumed in a business combination are measured initially at their fair values at the acquisition date.

The Group recognises any non-controlling interest in the acquiree on an acquisition-by-acquisition basis, either at fair
value or at the non-controlling interest’s proportionate share of the recognised amounts of acquiree’s identifiable net
assets.

Acquisition-related costs are expensed as incurred.

If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held
equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such
re-measurement are recognised in profit or loss.

Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date.
Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is
recognised in the statement of profit or loss. Contingent consideration that is classified as equity is not re-measured, and
its subsequent settlement is accounted for within equity.

Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated.
Unrealised losses are also eliminated. When necessary amounts reported by subsidiaries have been adjusted to conform
with the Group’s accounting policies.

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2 Significant accounting policies (continued)
2.2 Consolidation (continued)

2.2.2 Transactions with non-controlling interests

The Group treats transactions with non-controlling interests as transactions with equity owners of the Group. For
purchases from non-controlling interests, the difference between any consideration paid and the relevant share acquired
of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling
interests are also recorded in equity.

When the Group ceases to have control or significant influence, any retained interest in the entity is remeasured to its fair
value, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the
purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition,
any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the
Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other
comprehensive income are reclassified to profit or loss.

If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the
amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate.

2.2.3 Associates and Joint ventures

Associates are all entities over which the Group has significant influence but not control or joint control, generally
accompanying a shareholding of between 20% and 50% of the voting rights.

Investments in associates are accounted for using the equity method of accounting and are initially recognised at cost.
The Group’s investment in associates includes goodwill (net of any accumulated impairment loss) identified on acquisition.

The Group’s share of its associates’ post acquisition profits or losses is recognised in the consolidated statement of profit
or loss, and its share of post-acquisition movements in reserves is recognised in reserves. The cumulative post-acquisition
movements are adjusted against the carrying amount of the investment. When the Group’s share of losses in an associate
equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise
further losses, unless it has incurred obligations or made payments on behalf of the associate. Joint ventures are also
accounted for using the equity method. The Group discontinues the use of the equity method from the date on which it
ceases to have joint control over, or have significant influence in, a jointly controlled entity.

Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of
the Group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an
impairment of the asset transferred.

Accounting policies of associates and joint ventures have been changed where necessary to ensure consistency with the
policies adopted by the Group.

Dilution gains and losses arising in investments in associates are recognised in the consolidated statement of profit or
loss.

2.3 Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-
maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the
operating segments, has been identified as the Group Chief Executive Officer who makes strategic decisions.

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MASSY HOLDINGS LTD
 2 Significant accounting policies (continued)

2.4 Foreign currency translation

2.4.1 Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary
economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are
presented in Trinidad and Tobago dollars, which is the Group’s presentation currency.

2.4.2 Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates
of the transactions.

Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated
statement of profit or loss.

Translation differences on non-monetary financial assets and liabilities, such as equities held at fair value through profit or
loss are recognised as part of the fair value gain or loss.

Translation differences on non-monetary items such as equities classified as fair value through consolidated other
comprehensive income are treated as though they were carried at amortised cost and recognised in the consolidated
statement of profit or loss.

Translation differences on debt securities and other monetary financial assets measured at fair value are included in
foreign exchange gains and losses.

Translation differences on a monetary item designated as a hedging instrument in a cash flow hedge, to the extent
that the hedge is effective, are recognised in other comprehensive income. This also occurs for a monetary item that is
designated as a hedge of a net investment in consolidated financial statements, to the extent that the hedge is effective.

2.4.3 Group companies

The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy)
that have a functional currency different from the presentation currency are translated into the presentation currency as
follows:
a assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of
that statement of financial position;
b income and expenses for each statement of profit or loss are translated at average exchange rates (unless this
average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in
which case income and expenses are translated at the dates of the transactions); and
c all resulting exchange differences are recognised in the consolidated statement of other comprehensive income.

On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of
borrowings and other currency instruments designated as hedges of such investments, are taken to the consolidated
statement of other comprehensive income. When a foreign operation is sold, exchange differences that were recorded in
other comprehensive income are recognised in the consolidated statement of profit or loss as part of the gain or loss on
sale.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are included in assets and liabilities of the
foreign entity and translated at the closing rate.

126
2 Significant accounting policies (continued)

2.5 Property, plant and equipment

Property, plant and equipment including land and buildings are stated at historical cost less depreciation. Historical cost includes
expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. The carrying amount of the replaced part is de-recognised. All other repairs and maintenance are charged to the
consolidated statement of profit or loss during the financial period in which they are incurred.

Interest costs on borrowings to finance the construction of property, plant and equipment are capitalised during the period of
time that is required to complete and prepare the asset for its intended use. Other borrowing costs are expensed.

Land is not depreciated.

Depreciation is provided on the straight-line basis at rates estimated to write-off the cost of each asset over its expected useful
life. In the case of motor vehicles, depreciation is based on cost less an estimated residual value. The estimated useful lives of
assets are reviewed periodically, taking account of commercial and technological obsolescence as well as normal wear and tear,
and depreciation rates are adjusted if appropriate.

Current rates of depreciation are:

Freehold property - 2%
Leasehold property and improvements - 2% to 20%
Plant and equipment - 5% to 33.3%
Rental assets - 25%
Furniture and fixtures - 10% to 25%
Motor vehicles - 10% to 25%

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each statement of financial position date.

Leasehold property and improvements are depreciated over the shorter of the asset’s useful economic life and the lease term.

An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than
its estimated recoverable amount.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are included in the
consolidated statement of profit or loss.

2.6 Leases
At inception of a contract, the Group assesses whether a contract is, or contains a lease. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess
whether a contract conveys the right to control the use of an identified asset, the Group assesses whether:
• The contract involves the use of an identified asset. This may be specified explicitly or implicitly, and should be physically
distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution
right, then the asset is not identified;
• The Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of
use; and
• The Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that
are most relevant to changing how and for what purpose the asset is used.

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MASSY HOLDINGS LTD
 2 Significant accounting policies (continued)
2.6 Leases (continued)

2.6.1 The Group as a lessee

The Group mainly leases various commercial space, motor vehicles and equipment used in its operations. Rental
contracts for these leases are typically made for fixed periods but may have extension options, which are described
below. Some contracts contain lease and non-lease components, which are accounted for as separate components
based on the standalone prices stated in the contracts.

Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease
agreements do not impose any covenants and the leased assets may not be used as security for borrowing purposes.

The Group applies a single recognition and measurement approach to all leases, except for short-term leases and leases
of low-value assets. At lease commencement date, the Group recognises a right-of-use asset and a lease liability in the
consolidated statement of financial position.

The right-of-use asset is initially measured at cost, which comprises the initial measurement of the lease liability, any initial
direct costs incurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the lease,
and any lease payments made in advance of the lease commencement date (net of any incentives received). Subsequent
to initial measurement, the right-of-use asset is depreciated on a straight-line basis from the lease commencement date
to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. If the Group is reasonably
certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. The
Group also assesses the right-of-use asset for impairment when such indicators exist. The Group does not revalue any of
its right-of-use assets.

The lease liability is initially measured at the present value of the lease payments that are not paid at the lease
commencement date, discounted using the interest rate implicit in the lease. If the interest rate implicit in the lease cannot
be readily determined, the lessee’s incremental borrowing rate is used, being the rate the individual lessee would have
to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic
environment with similar terms, security and conditions. These rates were attained from the Group’s bankers in the
differing regions.

Lease payments included in the measurement of the lease liability comprise the following:
• Fixed lease payments (including in-substance fixed payments), less any lease incentives;
• Residual guarantees;
• Variable lease payments that depend on an index or rate, initially measured using the index or rate at the
commencement date;
• Lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option; and
• Penalty payments for early termination of a lease unless the Group is reasonably certain not to terminate early.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using
the effective interest method) and by reducing the carrying amount to reflect lease payments made.

The Group remeasures the lease liability when there is a change in future lease payments arising from a change in an
index or rate, or if the Group changes its assessment of whether it will exercise an extension or termination option.
Extension and termination options are included in a number of leases across the Group. These are used to maximise
operational flexibility in terms of managing the assets used in the Group’s operations. The majority of extension and
termination options held are exercisable only by the Group and not by the respective lessor. When the lease liability is
remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the
consolidated statement of profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

128
2 Significant accounting policies (continued)
2.6 Leases (continued)
2.6.1 The Group as a lessee (continued)

Variable lease payments that do not depend on an index or a rate are not included in the measurement of the lease liability
and the right-of-use asset. The related payments (or credits) are recognised as an expense (or income) in the period in
which the event or condition that triggers those payments. The Group did not have any variable lease payments that do
not depend on an index or a rate for the period ended 30 September 2023.

The Group applies the short-term lease recognition exemption to its short-term leases i.e., those leases that have a lease
term of 12 months or less from the commencement date and do not contain a purchase option. It also applies the lease
of low-value assets to leases that are considered to be low value. The Group recognises the lease payments associated
with these leases as an expense on a straight line basis over the lease term.

2.6.2 The Group as a lessor

When assets are leased out under a finance lease, the present value of the lease payments is recognised as a receivable.
The difference between the gross receivable and the present value of the receivable is recognised as unearned finance
income. Lease income is recognised over the term of the lease using the net investment method, which reflects a
constant periodic rate of return. Assets leased out under operating leases are included in property, plant and equipment
in the consolidated statement of financial position. They are depreciated over their expected useful lives on a basis
consistent with similarly owned property, plant and equipment. Rental income (net of any incentives given to lessees) is
recognised on a pattern reflecting a constant periodic rate of return on the lessor’s net investment.

2.7 Investment properties

Investment and development properties are owned or leased by the Group and held for long-term rental income and capital
appreciation and exclude properties occupied by the Group.

Investment properties are stated at cost less accumulated depreciation and impairment. Transaction costs are included on
initial measurement. The fair values of investment properties are disclosed in Note 7. These are assessed using internationally
accepted valuation methods, such as taking comparable properties as a guide to current market prices or by applying the
discounted cash flow method. Like property, plant and equipment, investment properties are depreciated using the straight-line
method.

The current rate of depreciation is 2%.

Investment properties cease recognition as investment property either when they have been disposed of or when they are
permanently withdrawn from use and no future economic benefit is expected from their disposal. Gains or losses arising from
the retirement or disposal of investment property are determined as the difference between the net disposal proceeds and the
carrying amount of the asset and are recognised in the consolidated statement of profit or loss in the period of the retirement or
disposal.

2.8 Intangible assets

2.8.1 Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable
assets of the acquired subsidiary/associate at the date of acquisition. Goodwill represents the goodwill acquired on
acquisition of subsidiaries. Goodwill on acquisition of associates is included in ‘Investments in Associates’. Separately
recognised goodwill is tested annually for impairment (ref. Note 2.8.4) and carried at cost less accumulated impairment
losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying
amount of goodwill relating to the entity sold.

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MASSY HOLDINGS LTD
 2 Significant accounting policies (continued)
2.8 Intangible assets (continued)
2.8.1 Goodwill (continued)

Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those
cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in
which the goodwill arose. The Group discloses goodwill for each business segment in each country in which it operates
(Note 8).

2.8.2 Computer software

Costs associated with the maintenance of existing computer software programmes are expensed as incurred.
Development costs that are directly attributable to the design and testing of identifiable and unique software products
controlled by the Group are recognised as intangible assets when the following criteria are met:
• it is technically feasible to complete the software product so that it will be available for use;
• management intends to complete the software product and use or sell it;
• there is an ability to use or sell the software product;
• it can be demonstrated how the software product will generate probable future economic benefits;
• adequate technical, financial and other resources to complete the development and to use or sell the software product
are available; and
• the expenditure attributable to the software product during its development can be reliably measured.

Directly attributable costs that are capitalised as part of the software product include the software development employee
costs and an appropriate portion of relevant overheads.

Other development expenditures that do not meet these criteria are recognised as an expense as incurred. Development
costs previously recognised as an expense are not recognised as an asset in a subsequent period.

Computer software development costs recognised as assets are amortised over their estimated useful lives, which do not
exceed six years.

2.8.3 Brands
Brands acquired in a business combination are recognised at fair value at the acquisition date, and are being amortised
over seven to twenty years.

2.8.4 Impairment of non-financial assets

Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets
that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that
the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s
carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs
of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which
there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered
an impairment are reviewed for possible reversal of the impairment at each reporting date.

130
2 Significant accounting policies (continued)

2.9 Financial assets

2.9.1 Classification
The Group classifies its financial assets in the following measurement categories:
• those to be measured at Amortised Cost (AC),
• those to be measured at Fair Value Through Other Comprehensive income (FVOCI), and
• those to be measured subsequently at Fair Value Through Profit or Loss (FVPL).

The classification for debt instruments depends on the entity’s Business Model for managing those assets. It also requires
the entity to examine the contractual terms of the cash flows, i.e. whether these represent ‘Solely Payments of Principal
and Interest’ (SPPI).

The Business Model test requires the entity to assess the purpose for holding debt securities (hold to collect, hold to
collect and sell or to trade). Substantially all the Group’s debt instruments are held to collect cash flows and accordingly
meet the ‘hold to collect’ criteria.

All debt instruments passing the Business Model and SPPI tests are classified at amortised cost. Debt securities where
the contractual cash flows are solely principal and interest and the objective of the Group’s business model is achieved
both by collecting contractual cash flows and selling financial assets are classified at FVOCI.

On initial recognition, equity securities which are not held for trading and which are considered strategic investments are
classified irrevocably at FVOCI.

All other instruments are carried at FVPL. For assets measured at fair value, gains and losses are recorded in profit or loss

The Group reclassifies debt investments when and only when its business model for managing those assets changes.

2.9.2 Recognition and derecognition

Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the Group commits
to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial
assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of
ownership.

2.9.3 Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair
value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at FVPL are expensed in profit or loss.

a Debt instruments
Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and
the cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its
debt instruments:
• Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent
SPPI are measured at amortised cost. Interest income from these financial assets is included within ‘net interest
and other investment income’ using the effective interest rate method.

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 2 Significant accounting policies (continued)
2.9 Financial assets (continued)
2.9.3 Measurement (continued)
a Debt instruments (continued)

The amortised cost is the amount at which the financial asset or financial liability is measured at initial recognition
minus the principal repayments, plus or minus the cumulative amortisation using the effective interest method of
any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss
allowance.

The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through
the expected life of the financial asset or financial liability to the gross carrying amount of a financial asset (i.e. its
amortised cost before any impairment allowance) or to the amortised cost of a financial liability. The calculation
does not consider expected credit losses and includes transaction costs, premiums or discounts and fees and
points paid or received that are integral to the effective interest rate, such as origination fees. For purchased
or originated credit-impaired (POCI) financial assets - assets that are credit-impaired at initial recognition - the
Group calculates the credit-adjusted effective interest rate, which is calculated based on the amortised cost of
the financial asset instead of its gross carrying amount and incorporates the impact of expected credit losses in
estimated future cash flows.

When the Group revises the estimates of future cash flows, the carrying amount of the respective financial assets
or financial liability is adjusted to reflect the new estimate discounted using the original effective interest rate. Any
changes are recognised in profit or loss.

Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in ‘net interest and
other investment income’ together with foreign exchange gains and losses. Impairment losses are presented as
separate line item in the statement of profit or loss.

• FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where
the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements
in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest
income and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is
derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss
and recognised in other gains/(losses). Interest income from these financial assets is included in finance income
using the effective interest rate method. Foreign exchange gains and losses are presented in operating profit before
finance costs in the statement of profit or loss.

• FVPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVPL. A gain or loss on
a debt investment that is subsequently measured at FVPL is recognised in profit or loss and presented net within
‘net interest and other investment income’ in the period in which it arises.

b Equity instruments
The Group subsequently measures all equity investments at fair value. Gains or losses are either recognised either
in OCI or in profit or loss, depending on the nature and purpose of the investment. Changes in the fair value of
financial assets at FVPL are recognised in ‘net interest and other investment income’ in the statement of profit or
loss as applicable. While changes in the fair value of financial assets at FVOCI are recognised in ‘items that will not
be reclassified to profit or loss – financial assets at fair value through OCI’ in the statement of other comprehensive
income. Dividends from equity investments are recognised in profit or loss within ‘net interest and other investment
income’ when the Group’s right to receive payments is established.

132
2 Significant accounting policies (continued)
2.9 Financial assets (continued)

2.9.4 Impairment
The Group assesses on a forward-looking basis the expected credit losses (ECL) associated with its debt instruments
carried at amortised cost and FVOCI.

a Debt instruments carried at amortised cost and FVOCI

IFRS 9 outlines a ‘three-stage’ model for impairment based on changes in credit quality since initial recognition as
summarised below:
• Stage 1 - This category comprises instruments which are performing in accordance with the contractual terms
and conditions and display no deterioration in credit risk since initial recognition. This category also
includes those financial instruments with low credit risk.
• Stage 2 - This category includes instruments which display a significant increase in credit risk (SICR) since initial
recognition but have not yet defaulted.
• Stage 3 - This category includes instruments that are in default.  

The above categories exclude purchased or originated credit-impaired (POCI) financial assets. A financial asset is
considered credit-impaired on purchase or origination if there is evidence of impairment at the point of initial recognition
(for instance, if it is acquired at a deep discount). POCI financial assets are not included in Stages 1, 2 or 3, and are
instead shown as a separate category.

Expected credit loss (ECL) is measured as follows:

• Financial instruments in Stage 1 have their ECL measured at an amount equal to the portion of lifetime expected
credit losses that result from default events possible within the next 12 months.
• Instruments in Stages 2 or 3 or that are POCI have their ECL measured based on expected credit losses on a
lifetime basis.
• A pervasive concept in measuring ECL in accordance with IFRS 9 is that it should consider forward- looking
information. The Group utilised a probability-weighted assessment of the factors which it believes will have an
impact on forward looking rates.

The formula for ECL is generally the ‘Probability of Default’ (PD) multiplied by the ‘Exposure at Default’ (EAD) multiplied
by the ‘Loss Given Default’ (LGD). An adjustment is made to reflect the time value of money by considering the original
effective interest rate on the individual instruments. The overall models involved the use of various PD, EAD and LGD
tables which were then applied to individual instruments based on several pre-determined criteria, including type,
original tenor, time to maturity, whether they are in Stages 1, 2 or 3 and other indicators.

The process in arriving at the individual components of ECL and the forward-looking adjustments involved critical
estimates and judgements. This is discussed further in Note 4.

The change in allowance for debt investments is recognised in profit or loss. For debt instruments at FVOCI, the
change is recognised in profit or loss and adjusts the fair value change otherwise recognised in OCI.

b Definition of default and credit-impaired assets

The Group defines a financial instrument as in default, which is fully aligned with the definition of credit-impaired, when
it meets one or more of the following criteria:
Expected credit loss measurement Quantitative criteria:

The borrower is more than 90- days past due on its contractual payment.

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 2 Significant accounting policies (continued)
2.9 Financial assets (continued)
2.9.4 Impairment (continued)
b Definition of default and credit-impaired assets (continued)

Qualitative criteria:
The borrower meets unlikeliness to pay criteria, which indicates the borrower is in significant financial difficulty. These
are instances where:
• The borrower is deceased
• The borrower is insolvent.
• The borrower indicated reduced income. In response to Covid-19, the Government and other institutions
implemented programs such as; “loan payment deferral program” to offer relief to borrowers during the global
pandemic. Borrowers were asked to provide a reason for their application, which was used together with specific
industry factors, as indicators of SICR for the duration of the deferral period where the borrowers’ arrears status
would be frozen.
• It is becoming probable that the borrower will enter bankruptcy
• Financial assets are purchased or originated at a deep discount that reflects the incurred credit losses.

The criteria above have been applied to all financial instruments held by the Company and are consistent with the
definition of default used for internal credit risk management purposes. The default definition has been applied
consistently to model the Probability of default (PD), Exposure at Default (EAD), and Loss given Default (LGD)
throughout the Company’s expected loss calculations.

An instrument is considered to no longer be in default (i.e. to have cured) when it no longer meets any of the default
criteria for a consecutive period of six (6) months.

Expected credit loss measurement

The Group recognises provision for losses on instalment credit and other loans subject to credit risk using the
expected credit loss model. While cash and cash equivalents, statutory deposit, due from related parties and
other financial assets are also subject to the impairment requirements of IFRS 9, the identified impairment loss was
immaterial.

The Group uses the general approach in arriving at expected losses for instalment credit and other loans.

The general approach

Under the general approach, the Group considers the probability of default upon initial recognition of an asset and
whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To
assess whether there is a significant increase in credit risk, the Company compares the risk of a default occurring on
the asset as at the reporting date with the risk of default as at the date of initial recognition.

It considers available reasonable and supportive forwarding-looking information, including the following:
- Significant changes in the expected performance and behaviour of the borrower, including changes in the payment
status of borrowers in the Company.

Regardless of the analysis above, a significant increase in credit risk is presumed:

- if a debtor is more than 30 days past due in making a contractual payment.

A default on a loan occurs in the following circumstances:

- When the borrower fails to make contractual payments within 90 days of when they fall due.

134
2 Significant accounting policies (continued)
2.9 Financial assets (continued)
2.9.4 Impairment (continued)
b Definition of default and credit-impaired assets (continued)
The general approach (continued)

Historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting
the ability of the customers to settle the receivables. The Company has identified the country’s GDP as the most
relevant macroeconomic factor and accordingly adjusted the historical loss rates based on expected changes in this
factor.

c Trade receivables and contract assets

The Group applies the simplified approach for trade receivables and contract assets as permitted by IFRS 9, which
requires expected lifetime losses to be recognised from initial recognition of the assets. All customer accounts are
grouped together based on shared credit risk characteristics and are aged using a ‘provisions matrix’. Scaled loss
rates are then calculated based on historical payment profiles. The loss rates were adjusted to incorporate forward-
looking information and then applied to the different aging buckets as of the statement of financial position date.

The Group prepares separate calculations for those customers with special arrangements for settlement over an
extended period. The Group segregates those customers from the main provision matrix, and thereafter calculates
the impairment provision by comparing their carrying values to the present value of expected future cash flows using
the discount rates which reflect the counterparty credit risk. The Group derives estimations of future receipts by
considering the pattern of historical receipts and/or any formal payment arrangements.

2.10 Inventories
Inventories are stated at the lower of cost or net realisable value. Cost is determined using the weighted average cost method.
The cost of finished goods and work in progress comprise raw materials, direct labour, other direct costs and related production
overheads, but excludes interest expense. Net realisable value is the estimate of the selling price in the ordinary course of
business, less the costs of completion and selling expenses.

2.11 Trade receivables

Trade receivables are recognised initially at the amount of consideration that is unconditional, unless they contain significant
financing components when they are recognised at fair value. They are subsequently measured at amortised cost using the
effective interest method, less provision for impairment.

Trade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of
business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are
classified as current assets. If not, they are presented as non-current assets.

Impairment of trade receivables is described in Note 2.9.4(b).

2.12 Cash and cash equivalents

In the consolidated statement of cash flows, cash and cash equivalents include cash in hand, deposits held at call with banks,
other short-term highly liquid investments with original maturities of three months or less that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value and bank overdrafts. In the consolidated
statement of financial position, bank overdrafts and short-term borrowings are shown within borrowings in current liabilities.

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 2 Significant accounting policies (continued)

2.13 Share capital

Ordinary shares are classified as equity.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from
the proceeds.

Where any Group company purchases the Company’s equity share capital (treasury shares), the consideration paid, including
any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company’s equity
holders until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration
received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity
attributable to the Company’s equity holders.

2.14 Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from
suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal
operating cycle of the business if longer). If not, they are presented as non-current liabilities.

Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
method.

2.15 Insurance
2.15.1. Insurance and reinsurance contracts
Insurance and reinsurance contracts are defined as those containing significant insurance risk at the inception of the
contract, or those where at the inception of the contract there is a scenario with commercial substance where the level
of insurance risk may be significant.

The significance of insurance risk is dependent on both the probability of an insured event and the magnitude of its
potential effect. Once a contract has been classified as an insurance contract, it remains an insurance contract for the
remainder of its lifetime, even if the insurance risk reduces significantly during the period.

In the normal course of business, the Group seeks to reduce the losses to which it is exposed that may cause
unfavourable underwriting results by re-insuring a certain level of risk with reinsurance companies. Reinsurance
premiums are accounted for on a basis consistent with that used in accounting for the original policies issued and the
terms of the reinsurance contracts.

Reinsurance contracts ceded do not relieve the Group from its obligations to policyholders. The Group remains liable to
its policyholders for the portion re-insured, to the extent that the reinsurers do not meet the obligations assumed under
the reinsurance agreements.

2.15.2 Amounts receivable from reinsurance companies

Included in accounts receivable on the statement of financial position, are amounts receivable from reinsurance
companies, which consist primarily of amounts due in respect of ceded insurance liabilities. Recoverable amounts are
estimated in a manner consistent with the outstanding claims reserve or settled claims associated with the re-insured
policies and in accordance with the relevant reinsurance contract.

136
2 Significant accounting policies (continued)
2.15 Insurance (continued)
2.15.2 Amounts receivable from reinsurance companies

If amounts receivable from reinsurance companies are impaired, the Group reduces the carrying amount accordingly
and recognises an impairment loss in the consolidated statement of profit or loss. A reinsurance asset is impaired if
there is objective evidence that the Group may not receive all, or part, of the amounts due to it under the terms of the
reinsurance contract.

2.16 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at
amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the
consolidated statement of profit or loss over the period of the borrowings using the effective interest method.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at
least 12 months after the statement of financial position date.

Borrowings are removed from the statement of financial position when the obligation specified in the contract is discharged,
cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in
profit or loss as other income or finance costs.

2.17 Current and deferred income tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the consolidated statement of profit or
loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the
tax is also recognised in other comprehensive income or directly in equity, respectively.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the statement
of financial position date in the countries where the Group’s subsidiaries, associates and joint ventures operate and generate
taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable
tax regulations are subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to
be paid to the tax authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of
assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is
not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that
at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax
rates (and laws) that have been enacted or substantially enacted by the statement of financial position date and are expected to
apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against
which the temporary differences can be utilised.

Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates and joint
ventures, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that
the temporary difference will not reverse in the foreseeable future.

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 2 Significant accounting policies (continued)
2.17 Current and deferred income tax (continued)

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation
authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net
basis.

The principal temporary differences arise from depreciation on property, plant and equipment, retirement benefits and tax losses
carried forward. Deferred tax assets relating to the carrying forward of unused tax losses are recognised to the extent that it is
probable that future taxable profit will be earned against which the unused tax losses can be utilised.

2.18 Employee benefits

2.18.1 Pension obligations
Group companies operate various pension plans. The majority of the Trinidad and Tobago resident employees are
members of either the Neal & Massy Group Pension Fund Plan, the Retirement Income Security Plan or the T. Geddes
Grant Limited Pension Fund Plan.

These plans share risks among subsidiaries of the Group which are under common control. The Group’s policy is to
recognise the net defined benefit cost of the plan in the Consolidated Financial Statements of Massy Holdings Ltd
which is legally considered the sponsoring employer of the plan. The participating entities recognise a cost equal to
its contribution payable for its employees in its separate financial statements. The liability or asset is recognised in the
Consolidated Statement of Financial Position. In respect of the defined benefit pension plan, as at September 2023, the
defined benefit pension plan asset represented the fair value of the plan’s asset less the present value of the obligation
at the end of the reporting period. The plan is currently on a contribution holiday.

The Neal & Massy Group Pension Fund Plan, contributions to which were frozen on January 3,1990, is a defined
contribution plan whose assets are held separately from those of the Group in an independently administered fund. The
pension benefits accrued prior to 1 February 1990 are defined benefit in nature. The most recent actuarial valuation, at
March 31, 2020, revealed that the plan is adequately funded. There are certain benefits payable by the Neal & Massy
Group Pension Fund Plan which fall within the scope of IAS 19 (revised) – Employee Benefits.

The Retirement Income Security Plan incorporates an employee stock ownership plan, which is funded by contributions
made by the employer, and a deferred annuity savings plan, which is funded by the employees. Contributions to
the Plan are accounted for on the accrual basis and the assets are held separately from those of the Company in
independently administered funds.

T. Geddes Grant Limited Pension Fund Plan is a defined contribution plan whose assets are held separately from those
of the Group in an independently administered fund. Contributions to the plan are accounted for on the accrual basis
and are reviewed by independent actuaries on the basis of triennial valuations.

The majority of the employees of the overseas companies participate in either defined contribution or defined benefit
pension plans which are separate from the Trinidad and Tobago plans.

A defined benefit plan is a pension plan that defines an amount of pension benefit to be provided, usually as a function
of one or more factors such as age, years of service or compensation. A defined contribution plan is a pension plan
under which the Group pays fixed contributions into a separate entity (a fund) and will have no legal or constructive
obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees benefits relating to
employee service in the current and prior periods.

138
2 Significant accounting policies (continued)
2.18 Employee benefits (continued)
2.18.1 Pension obligations (continued)

The asset and liability recognised in the consolidated statement of financial position in respect of defined benefit pension
plans is the present value of the defined benefit obligation at the statement of financial position date less the fair value of
plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit
method. The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows using interest rates of government bonds that are denominated in the currency in which the benefits will be
paid, and that have terms to maturity approximating to the terms of the related pension obligation. The Group operates
in countries where there is no deep market and trading liquidity for corporate bonds and as such the market rates on
government bonds are used as a benchmark to derive prices and bond values.

The pension assets consist of financial investments held at fair value which are based on a range of inputs obtainable
from readily available liquid market prices and rates. Certain securities are based on modelled prices due to limited
market data. For these instances, significant judgements are made by management resulting in high estimation
uncertainty risks.

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and
the fair value of plan assets. This cost is included in employee benefit expense in the statement of profit or loss.

Actuarial gains and losses arising from experience adjustments, changes in actuarial assumptions and amendments to
pension plans are charged or credited to equity in other comprehensive income in the period in which they arise.

Past-service costs are recognised immediately in income, unless the changes to the pension plan are conditional on the
employees remaining in service for a specified period of time (the vesting period). In this case, the past-service costs are
amortised on a straight-line basis over the vesting period.

For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance
plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the
contributions have been paid. The contributions are recognised as employee benefit expense when they are due.
Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments
is available.

2.18.2 Other post-employment obligations

Certain Group companies provide post-retirement healthcare benefits to their retirees. The entitlement to these benefits
is usually conditional on the employee remaining in service up to retirement age and the completion of a minimum
service period. The expected costs of these benefits are accrued over the period of employment using the same
accounting methodology as used for defined benefit pension plans. Actuarial gains and losses arising from experience
adjustments, and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in
the period in which it arises. These obligations are valued annually by independent qualified actuaries.

2.18.3 Termination benefits

Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or
whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination
benefits when it is demonstrably committed to a termination and when the entity has a detailed formal plan to terminate
the employment of current employees without possibility of withdrawal. In the case of an offer made to encourage
voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the
offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.

2023 Annual Report 139

MASSY HOLDINGS LTD
 2 Significant accounting policies (continued)
2.18 Employee benefits (continued)

2.18.4 Bonus plans

A liability for employee benefits in the form of bonus plans is recognised in other provisions when there is no realistic
alternative but to settle the liability and at least one of the following conditions are met:
• there is a formal plan and the amounts to be paid are determined before the time of issuing the financial statements;
or
• past practice has created a valid expectation by employees that they will receive a bonus/profit sharing and the
amount can be determined before the time of issuing the financial statements.

Liabilities for bonus plans are expected to be settled within 12 months and are measured at the amounts expected to
be paid when they are settled.

2.18.5 Executive share-based payments and long term incentive plan

a Share-based payments
The Group operates cash and equity-settled, share-based compensation plans, under which the entity receives
services from employees as consideration for cash or equity instruments of the Group. The fair value of the
employee services received in exchange for the allocation or grant of the shares is recognised as an expense under
both the Employee Share Ownership Plan (“ESOP”) and the Performance Share Plan (“PSP”) for Executives only.
The PSP was replaced by the cash-settled long term incentive plan on 1 October 2016.

The total amount to be expensed for shares allocated under the ESOP is determined by reference to the market
value and purchase price of the shares on the market at the point of purchase.

The total amount to be expensed, under the PSP, is determined by reference to the fair value of the shares granted:
• including any market performance conditions (for example, an entity’s share price); and
• excluding the impact of any service and non-market performance vesting conditions (for example, profitability,
sales growth targets and remaining an employee of the entity over a specified time period).

Non-market vesting conditions are included in assumptions about the number of shares that are expected to be
granted and then vested. The total expense is recognised over the vesting period, which is the period over which all
of the specified performance criterion and vesting conditions are to be satisfied. At the end of each reporting period,
the entity revises its estimates of the number of shares that are expected to vest based on the performance criterion
and any applicable non-market vesting conditions. It recognises the impact of the revision to original estimates, if
any, in the consolidated statement of profit or loss, with a corresponding adjustment to equity.

When the share grants are due to be vested, the Company will issue new shares.

The grant by the Company of shares to the Executives of subsidiary undertakings in the Group is treated as a capital
contribution. The fair value of Executive services received, is measured by reference to the grant date fair value and,
is recognised over the vesting period.

b Long term incentive plan

Long-term incentive plans are employee benefits (other than post-employment benefits and termination benefits)
that are not expected to be settled wholly before 12 months after the end of the annual reporting period in which the
employees render the service that gives rise to the benefit. These include annual incentive plans which are subject to
a multi-year vesting period and other considerations, including EPS growth.

140
2 Significant accounting policies (continued)
2.18 Employee benefits (continued)
2.18.5 Executive share-based payments and long term incentive plan (continued)
b Long term incentive plan (continued)

The Plan is not accounted for under IFRS 2 – Share-Based Payments as the growth in EPS in itself is not considered
a true reflection of the fair value of the entity’s shares. Other factors such as changes in P/E multiples are typically
considered in arriving at fair market value. Accordingly, the Plan is accounted for under IAS 19 – Employee Benefits
as a deferred compensation arrangement.

The accounting for deferred compensation arrangements under IAS 19 involves discounting of future cash flows
(where the time value of money is material) using the projected unit credit method. The projected unit credit method
sees each period of service as giving rise to an additional unit of benefit entitlement and measures each unit
separately to build up the final obligation. The rate used to discount the obligations is determined using the same
methodology as that used for defined benefit pension plans, subject to a shorter settlement period.

The measurement of deferred compensation plans is not usually subject to the same degree of uncertainty as the
measurement of post-employment benefits. For this reason, a simplified approach is applied where the service cost,
interest cost and re-measurements are all recognised in profit or loss in the year they arise.

At the end of each financial year, the Group will re-estimate the obligation based on factors existing as of the new
statement of financial position date (e.g. revised EPS numbers, performance score cards etc.). The change in
estimate as it relates to the opening obligation is recognised immediately, such the annual undiscounted current
service cost is always equal to the total benefit divided by 4. Re-estimates and re-measurements are to be
recognised immediately in profit or loss.

2.19 Provisions
Provisions for dismantlement costs, restructuring costs, legal claims and all other provisions are recognised when: the Group
has a present legal or constructive obligation as a result of past events; it is more likely than not that an outflow of resources
will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future
operating losses.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by
considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any
one item included in the same class of obligations may be small.

Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax
rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in
the provision due to passage of time is recognised as interest expense.

2.20 Revenue recognition

2.20.1 Sale of goods and services
Revenue comprises the fair value of the consideration received or receivable for the sale of goods and the rendering of
services in the ordinary course of the Group’s activities. Revenue is shown net of value-added tax, returns, rebates and
discounts and after eliminating sales within the Group. A description of revenue by business segment is shown in Note 3.

2023 Annual Report 141

MASSY HOLDINGS LTD
 2 Significant accounting policies (continued)
2.20 Revenue recognition (continued)
2.20.1 Sale of goods and services (continued)

Revenue from the sale of goods is recognised when control of the products has transferred, being when the products
are delivered to the customer, the customer has full discretion over the use and deployment of the products, and
there is no unfulfilled obligation that could affect the customer’s acceptance of the products. Delivery occurs when the
products have been shipped to the specific customer site or place of delivery, the risks of obsolescence and loss have
been transferred to the customer, or the customer has accepted the products in accordance with the relevant contract.

Sales are recorded based on the price specified in the sales contracts, net of the estimated volume discounts and
returns at the time of sale. Accumulated experience is used to estimate and provide for the discounts and returns. The
volume discounts are assessed based on anticipated annual purchases. No element of financing is deemed present
as the sales are made with credit terms as specified for entities within the Group, which is consistent with the market
practice. Variable consideration relating to volume rebates and discounts are measured using the expected value
approach and are shown within contract liabilities.

Revenue from the rendering of services is recognised in the accounting period in which the services are rendered.
The Group employs various methods for measuring progress for services delivered over time. The method selected
best depicts the pattern of transfer and is applied consistently to similar performance obligations and in similar
circumstances. Methods for measuring progress include:
• Output methods, that recognise revenue based on direct measurements of the value transferred to the customer (for
example, using contract milestones)
• Input methods, that recognise revenue based on the entity’s efforts to satisfy the performance obligation (for
example, labour hours spent).

Payments received in advance of satisfying performance obligations are shown within contract liabilities.

If circumstances arise that may change the original estimates of revenues, costs or extent of progress toward
completion, estimates are revised. These revisions may result in increases or decreases in estimated revenues or costs
and are reflected in income in the period in which the circumstances that give rise to the revision become known by
management.

Some arrangements involve two or more unrelated parties that contribute to providing a specified good or service to
a customer. Management determines, separately for each specified good or service, whether the entity has promised
to provide the specified good and service itself (as a principal) or to arrange for those specified good or service to be
provided by another party (as an agent). An entity is the principal in a transaction if it obtains control of the specified
goods or services before they are transferred to the customer. The principal recognises as revenue the ‘gross’
amount paid by the customer for the specified good or service. The principal records a corresponding expense for the
commission or fee that it has to pay to any agent, in addition to the direct costs of satisfying the contract. An entity is an
agent if it does not control the specified goods or services before they are transferred to the customer. An agent records
as revenue the commission or fee earned for facilitating the transfer of the specified goods or services (the ‘net’ amount
retained). It records as revenue the net consideration that it retains after paying the principal for the specified goods or
services that were provided to the customer.

142
2 Significant accounting policies (continued)
2.20 Revenue recognition (continued)

2.20.2 Customer loyalty programme

The Group operates a loyalty programme where retail customers accumulate points for purchases made which entitle
them to discount on future purchases. The points provide a material right to customers that they would not receive
without entering into a contract. Therefore, the promise to provide points to the customer is a separate performance
obligation. The transaction price is allocated to the product and the points on a relative stand-alone selling price basis.
Management estimates the stand-alone selling price per point on the basis of the discount granted and the likelihood of
redemption using past experience. A contract liability for the award points is recognised at the time of the sale. Revenue
is recognised when the points are redeemed or when they expire.

2.20.3 Premium income

Premiums written are recognised on policy inception and earned on a pro rata basis over the term of the related
policy coverage. Estimates of premiums written as at the statement of financial position date but not yet received, are
assessed based on estimates from underwriting or past experience and are included in premiums earned. Premiums
ceded are expensed on a pro-rata basis over the term of the respective policy.

2.20.4 Rental income

Rental income from investment property leased out under an operating lease is recognised in the consolidated
statement of profit or loss on a straight- line basis over the lease term.

Contingent rents, such as turnover rents, rent reviews and indexation, are recorded as income in the periods in which
they are earned. Rent reviews are recognised when such reviews have been agreed with tenants.

2.20.5 Interest income

Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset
except for financial assets that subsequently become credit-impaired. For credit-impaired financial assets the effective
interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance).

2.20.6 Dividend income

Dividend income is recognised when the shareholder’s right to receive payment is established.

2.21 Dividend distribution

Dividend distribution to the Company’s shareholders is recognised as a liability in the Group’s financial statements in the period
in which the dividends are approved by the Company’s directors.

2.22 Non-current assets (or disposal groups) held for sale and discontinued operations
Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally
through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at
the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising
from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under
insurance contracts, which are specifically exempt from this requirement. An impairment loss is recognised for any initial or
subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognised for any subsequent
increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss
previously recognised. A gain or loss not previously recognised by the date of the sale of the noncurrent asset (or disposal
group) is recognised at the date of derecognition.

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MASSY HOLDINGS LTD
 2 Significant accounting policies (continued)
2.22 Non-current assets (or disposal groups) held for sale and discontinued operations (continued)

Non-current assets (including those that are part of a disposal group) are not depreciated or amortised while they are classified
as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue
to be recognised. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are
presented separately from the other assets in the statement of financial position. The liabilities of a disposal group classified as
held for sale are presented separately from other liabilities in the statement of financial position.

A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale. The results of
discontinued operations are presented separately in the statement of profit or loss.

3 Segment information
The Group Chief Operating Decision Maker (CODM) is the Group Chief Executive Officer (GCEO). Management has determined the
operating segments based on the reports reviewed by the GCEO and the Board of Massy Holdings Ltd.

The GCEO and the Board consider the business from both a geographic and business unit perspective. Geographically,
management considers the performance of operating companies in Trinidad and Tobago, Barbados and the Eastern Caribbean,
Guyana, Jamaica, U.S.A. and Colombia.

The Group is organised into four (2022: five) main business segments:
1 Integrated Retail;
2 Gas Products;
3 Motors and Machines; and
4 Financial Services.

Corporate Office and Other Adjustments relate to the cost associated with the provision of support services by the head office to its
subsidiaries. The returns from divestment proceeds that were re-invested are included, as well as the Held for Sale-Massy Properties
(Barbados) Ltd.

The GCEO and the Board assess the performance of the operating segments based on a measure of profit before income tax, profit
for the year and asset utilisation.

1 Integrated retail
This segment derives its revenue mainly from the sale of retail and wholesale distribution of food, pharmaceuticals and general
merchandise.

2 Gas products
This segment derives its revenue from the sale of Liquified Petroleum Gases and Industrial Gases including Nitrogen, Oxygen
and Carbon Dioxide. Gas Products also derives revenue from the provision of maintenance services and the execution of
construction projects for oil, gas and mining clients.

3 Motors and machines

This segment derives its revenue mainly from the sale of new and used vehicles, spare parts and industrial equipment and also
includes the sale of lubricants and short- and long-term vehicle and equipment rentals.

4 Financial services
This segment includes a financing company that accepts deposits for fixed terms and grants instalment credit secured by assets.
This segment also includes the Group’s Remittances service companies in Guyana, Trinidad, Barbados, St. Lucia and St. Vincent.

144
3 Segment information (continued)

The Group’s retirement benefit assets are deemed unallocated and are not considered to be segment assets but rather are managed
by Head Office. These assets along with the related income and expense are included in Corporate Office and Other Adjustments.

The segment results for the year ended September 30, 2023 relating to continuing operations are as follows:

Corporate
Office
Integrated Gas Motors and Financial & Other
Retail Products Machines Services Adjustments Total
$ $ $ $ $ $

Group revenue 9,510,060 1,861,752 3,548,230 163,398 45,343 15,128,783

Inter-segment revenue (517,477) (61,177) (332,929) – (21,916) (933,499)

Third party revenue 8,992,583 1,800,575 3,215,301 163,398 23,427 14,195,284

At a point in time 9,510,060 1,545,454 3,392,109 116,690 18,554 14,582,867

Over time – 297,239 64,515 46,708 – 408,462
Revenue not recognised
under IFRS 15 – 19,059 91,606 – 26,789 137,454

9,510,060 1,861,752 3,548,230 163,398 45,343 15,128,783

Operating profit/(loss)
before finance costs 712,673 355,299 306,968 86,178 (67,068) 1,394,050
Finance costs - net (58,710) (30,669) (30,526) 447 (49,329) (168,787)

653,963 324,630 276,442 86,625 (116,397) 1,225,263

Share of results of associates
and joint ventures (Note 10) – 18,612 (14,820) – – 3,792

Profit/(loss) before income tax 653,963 343,242 261,622 86,625 (116,397) 1,229,055
Taxation (Note 28) (140,446) (136,048) (87,642) (22,931) (8,689) (395,756)

Profit/(loss) for the year 513,517 207,194 173,980 63,694 (125,086) 833,299

2023 Annual Report 145

MASSY HOLDINGS LTD
 3 Segment information (continued)

The restated segment results for the year ended 30 September 2022 relating to continuing operations are as follows:

Corporate
Office
Integrated Gas Motors and Financial & Other
Retail Products Machines Services Adjustments Total
$ $ $ $ $ $

Group revenue 7,942,952 1,635,011 3,357,119 150,658 20,935 13,106,675

Inter-segment revenue (436,888) (18,732) (302,904) (680) (20,867) (780,071)

Third party revenue 7,506,064 1,616,279 3,054,215 149,978 68 12,326,604

Timing of revenue
At a point in time 7,942,952 1,339,235 3,203,070 113,396 20,935 12,619,588
Over time – 280,307 77,251 36,935 – 394,493
Revenue not recognised
under IFRS 15 – 15,469 76,798 327 – 92,594

7,942,952 1,635,011 3,357,119 150,658 20,935 13,106,675

Operating profit/(loss)
before finance costs 589,369 281,194 262,991 90,968 (146,935) 1,077,587
Finance costs - net (55,794) (7,008) (12,046) (1,196) (25,368) (101,412)

533,575 274,186 250,945 89,772 (172,303) 976,175

Share of results of associates
and joint ventures (Note 10) – 30,978 (12,136) – – 18,842

Profit/(loss) before income tax 533,575 305,164 238,809 89,772 (172,303) 995,017
Taxation (Note 28) (130,671) (102,230) (78,314) (23,674) 28,913 (305,976)

Profit/(loss) for the year 402,904 202,934 160,495 66,098 (143,390) 689,041

146
3 Segment information (continued)

The segment assets and liabilities at 30 September 2023 and capital expenditure for the year then ended are as follows:

Corporate
Office
Integrated Gas Motors and Financial & Other
Retail Products Machines Services Adjustments Total
$ $ $ $ $ $

Total assets 5,879,286 3,515,179 2,355,308 1,246,551 2,544,526 15,540,850

Investments in associates
and joint ventures
(Note 10) – 101,374 1,250 – 1,390 104,014
Total liabilities 2,007,135 1,443,345 960,145 910,416 2,611,303 7,932,344
Capital expenditure
(Notes 5, 6, 7 and 9) 192,044 175,455 201,164 6,589 39,402 614,654

Other segment items included in the consolidated statement of profit or loss are as follows:-

Depreciation and
impairment
(Notes 5, 6 and 7) 212,027 83,376 106,415 2,914 3,409 408,141

The segment assets and liabilities at 30 September 2022 and capital expenditure for the year then ended are as follows:

Corporate
Office
Integrated Gas Motors and Financial & Other
Retail Products Machines Services Adjustments Total
$ $ $ $ $ $

Total assets 4,925,446 2,006,599 1,945,005 1,632,838 2,188,695 12,698,583

Investments in associates
and joint ventures
(Note 10) 19,579 103,997 16,176 – 476 140,228
Total liabilities 1,968,242 484,578 760,919 586,508 1,645,553 5,445,800
Capital expenditure
(Notes 5, 6, 7 and 9) 404,456 111,914 222,571 11,871 12,083 762,895

Other segment items included in the consolidated statement of profit or loss are as follows:-

Depreciation and
impairment
(Notes 5, 6 and 7) 175,623 49,779 85,944 3,784 2,545 317,675

2023 Annual Report 147

MASSY HOLDINGS LTD
 3 Segment information (continued)

The Group’s five business segments operate in six main geographical areas, even though they are managed on a regional basis.

The main operations occur in the home country of the Company. The areas of operation are principally trading, service industries and
finance.

Third party revenue Profit before income tax Total assets Capital expenditure
2023 2022 2023 2022 2023 2022 2023 2022
$ $ $ $ $ $ $ $
(Restated) (Restated)

Trinidad and Tobago 5,090,927 4,756,869 559,159 531,927 7,558,770 4,537,654 240,316 257,705
Barbados and
Eastern Caribbean 3,655,867 3,356,011 264,215 228,231 3,178,457 4,808,955 79,797 272,005
Guyana 1,789,626 1,533,557 303,848 258,527 1,624,493 1,622,830 128,378 82,356
Jamaica 895,213 712,839 112,573 66,706 1,038,068 457,223 84,303 43,619
Colombia 1,822,736 1,848,614 34,796 68,197 948,837 773,037 70,960 104,606
USA 940,915 118,714 70,861 13,732 1,192,225 498,884 10,900 2,604
Corporate Office and
other adjustments – – (116,397) (172,303) – – – –

14,195,284 12,326,604 1,229,055 995,017 15,540,850 12,698,583 614,654 762,895

4 Critical accounting estimates and judgements

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations
of future events that are believed to be reasonable under the circumstances.

a Critical accounting estimates and assumptions

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

i Estimated impairment of goodwill

The Group tests annually whether goodwill has suffered any impairment, in accordance with the accounting policy stated in
Note 2.8.4. The recoverable amounts of cash-generating units have been determined based on value-in-use and fair value
less cost to sell calculations. These calculations require the use of estimates as described in Note 8.

Impact of possible changes in key assumptions.

ii Measurement of the expected credit loss allowance

The measurement of the expected credit loss allowance (ECL) for debt instruments measured at amortised cost and FVOCI
is an area that requires the use of models and significant assumptions about future economic conditions and credit behaviour
(e.g. the likelihood of customers defaulting and the resulting losses). A number of significant judgements are also required in
applying the accounting requirements for measuring ECL, such as:
• Determining criteria for significant increase in credit risk;
• Choosing appropriate models and assumptions for the measurement of ECL;
• Establishing the number and relative weightings of forward-looking scenarios for each type of product / market and the
associated ECL; and

148
4 Critical accounting estimates and judgements (continued)
a Critical accounting estimates and assumptions (continued)
ii Measurement of the expected credit loss allowance

• Establishing groups of similar financial assets for the purposes of measuring ECL.

ECL calculations are shown in Note 33. Had there been a 10% improvement in the average ECL rate for all debt instruments
at amortised cost and FVOCI, the Group ECL allowance would have been lower by $14,305 (2022: $9,082). For receivables
greater 90 days a 3 month delay in cash flow will result in a change in an ECL of $1.8 million.

iii Impairment of property, plant and equipment and investment properties

When any indicators of impairment are identified, property, plant and equipment and investment properties are reviewed for
impairment based on each cash generating unit. The cash generating units are the smallest group of assets which generates
independent cashflows. The carrying value of these assets is compared to the recoverable amount of the cash generating
units, which is based either on value-in-use or fair value less cost to sell. Value-in-use calculations use pre-tax cash flow
projections based on financial budgets approved by management covering a 5-year period. Cash flows beyond the 5-year
period are extrapolated using the estimated growth rates which do not exceed the long-term average growth rates for the
businesses in which the cash generating unit operates. Where fair values are used, these are provided by an independent
professional valuator. Impairment losses are recognised in the consolidated statement of profit or loss.  

The assessment of whether indicators of impairment exist and the estimation of the recoverable amount both require
the use of management judgement. Refer to Notes 5 and 7 for the carrying values of property, plant and equipment and
investment properties.

iv Income taxes
The Group is subject to income taxes in several jurisdictions. Significant judgement is required in determining the provision for
income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the
ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether
additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially
recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is
made. Current and deferred income tax balances are disclosed in the statement of financial position. Details of the expense
for the year are shown in Note 28.

v Fair value of financial instruments

The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The
Group uses its judgement to select a variety of methods and make assumptions that are mainly based on market conditions
existing at each statement of financial position date. The Group uses discounted cash flow analyses for various financial
assets at fair value through other comprehensive income that were not traded in active markets. The assumptions and
amounts subject to fair value measurements are shown in Note 33.

vi Revenue recognition
Once the Group determines that a performance obligation is satisfied over time, it measures its progress towards complete
satisfaction of that performance obligation, in order to determine the timing of revenue recognition. The purpose of measuring
progress towards satisfaction of a performance obligation is to recognise revenue in a pattern that reflects the transfer
of control of the promised good or service to the customer. Management employs various input or output methods for
measuring progress ensuring that the selected approach best depicts the transfer of control of goods or services and applies
that method consistently to similar performance obligations and in similar circumstances. Revenue from the rendering of
services is disclosed in Note 25.

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MASSY HOLDINGS LTD
 4 Critical accounting estimates and judgements (continued)
a Critical accounting estimates and assumptions (continued)

vii Pension benefits

The present value of the pension obligations is determined on an actuarial basis using a number of assumptions. The
assumptions used in determining the net cost (income) for pensions include the discount rate. Any changes in these
assumptions will impact the carrying amount of pension obligations.

The Group determines the appropriate discount rate at the end of each year. This is the interest rate that should be used to
determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. In
determining the appropriate discount rate, the Group considers the interest rates of high-quality government bonds that are
denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the
related pension obligation.

The pension assets consist of financial investments held at fair value which are based on a range of inputs obtainable from
readily available liquid market prices and rates, certain securities are based on modelled prices due to limited market data.
For these instances, significant judgements are made by management resulting in high estimation uncertainty risks.

As at September 30, 2023, if the discount rate had been 1.0% higher or lower with all other variables held constant, the
carrying amount of pension benefits would have been $205,663 lower or $241,109 higher (2022: $182,002 lower or
$234,029 higher).

Other key assumptions for pension obligations are based in part on current market conditions. Additional information is
disclosed in Note 14.

5 Property, plant and equipment

Leasehold
properties Furniture Capital
Freehold & improve- Plant and Rental and Motor work in
Properties ments equipment assets fixtures vehicles progress Total
$ $ $ $ $ $ $ $

Year ended
September 30, 2023
Opening net book
amount 1,290,370 231,594 459,457 236,081 81,059 89,873 140,326 2,528,760
Additions 15,674 15,911 123,892 146,905 19,030 41,449 155,204 518,065
Acquisition of subsidiaries
(Note 34) – 170,863 425,914 – 43,950 32,558 11,823 685,108
Disposals and adjustments 59,960 (55,318) (87,006) (19,778) 55,274 (4,381) 16,568 (34,681)
Translation adjustments 11,391 1,816 866 9,756 456 1,208 384 25,877
Transfer from capital
work in progress 22,123 16,173 118,685 1,652 17,574 20,867 (197,074) –
Reclassified to held
for sale (Note 35) (12,434) – (3,814) – (565) (1,404) (1,780) (19,997)
Depreciation and
impairment charge (49,354) (6,570) (66,392) (74,424) (74,834) (31,680) – (303,254)

Closing net book

amount 1,337,730 374,469 971,602 300,192 141,944 148,490 125,451 3,399,878

150
5 Property, plant and equipment (continued)

Leasehold
properties Furniture Capital
Freehold & improve- Plant and Rental and Motor work in
Properties ments equipment assets fixtures vehicles progress Total
$ $ $ $ $ $ $ $

At September 30, 2023

Cost 1,597,580 589,979 2,339,676 564,925 418,510 335,355 125,451 5,971,476
Accumulated
depreciation (259,850) (215,510) (1,368,074) (264,733) (276,566) (186,865) – (2,571,598)

Net book amount 1,337,730 374,469 971,602 300,192 141,944 148,490 125,451 3,399,878

The net book amount of property, plant and equipment includes $2,128 (2022: $2,399) in respect of motor vehicles held under
finance leases.

Depreciation and impairment expenses of $77,557 (2022: $72,281) have been charged in cost of sales and $225,697 (2022:
$156,573) in ‘selling, general and administrative expenses’.

Leasehold
properties Furniture Capital
Freehold & improve- Plant and Rental and Motor work in
Properties ments equipment assets fixtures vehicles progress Total
$ $ $ $ $ $ $ $

Year ended
September 30, 2022
Opening net book
amount 1,082,321 208,973 393,370 174,191 67,838 77,272 119,921 2,123,886
Additions 167,856 19,527 99,274 154,518 33,508 29,099 197,055 700,837
Acquisition of subsidiaries
(Note 36) 12,675 – 3,471 – 27 4,552 – 20,725
Disposal of subsidiaries
(Note 37) (10,784) – (770) – (487) – – (12,041)
Disposals and adjustments (14,441) 8,300 1,787 (28,841) (223) (3,615) (14,580) (51,613)
Translation adjustments (7,429) (935) (5,066) (8,429) (437) (1,733) (151) (24,180)
Transfer from capital
work in progress 73,273 24,951 45,875 1,580 9,114 7,126 (161,919) –
Depreciation and
impairment charge (13,101) (29,222) (78,484) (56,938) (28,281) (22,828) – (228,854)

Closing net book

amount 1,290,370 231,594 459,457 236,081 81,059 89,873 140,326 2,528,760

At September 30, 2022

Cost 1,517,344 441,674 1,326,088 442,794 282,920 238,098 140,326 4,389,244
Accumulated
depreciation (226,974) (210,080) (866,631) (206,713) (201,861) (148,225) – (1,860,484)

Net book amount 1,290,370 231,594 459,457 236,081 81,059 89,873 140,326 2,528,760

2023 Annual Report 151

MASSY HOLDINGS LTD
 5 Property, plant and equipment (continued)

Leasehold
properties Furniture Capital
Freehold & improve- Plant and Rental and Motor work in
Properties ments equipment assets fixtures vehicles progress Total
$ $ $ $ $ $ $ $

At 1 October, 2021
Cost 1,311,886 392,584 1,223,213 357,621 248,886 213,083 119,921 3,867,194
Accumulated
depreciation (229,565) (183,611) (829,843) (183,430) (181,048) (135,811) – (1,743,308)

Net book amount 1,082,321 208,973 393,370 174,191 67,838 77,272 119,921 2,123,886

6 Leases
The following tables provide information for leases where the Group is a lessee:
6.1 Right-of-use assets

Vehicles and
Buildings Equipment Other Total
$ $ $ $

Year ended September 30, 2023

Opening net book amount 734,620 1,784 33,131 769,535
Exchange adjustment 7,138 34 5 7,177
Additions 68,448 – 10,341 78,789
Acquisition of subsidiaries (Note 34) 140,194 80 5,486 145,760
Disposals and adjustments 1,069 (203) (850) 16
Effect of modification to lease terms* (124,488) – – (124,488)
Depreciation charge (98,368) (1,038) (7,393) (106,799)

At end of year 728,613 657 40,720 769,990

Cost 980,136 6,183 73,155 1,059,474
Accumulated Depreciation (251,523) (5,526) (32,435) (289,484)

At end of year 728,613 657 40,720 769,990

Year ended September 30, 2022

Opening net book amount 813,632 2,711 38,193 854,536
Exchange adjustment (7,819) (240) (14) (8,073)
Additions 44,200 458 – 44,658
Acquisition of subsidiaries (Note 34) 162 – – 162
Disposals and adjustments (32,912) (80) 42 (32,950)
Effect of modification to lease terms 1,468 – 755 2,223
Depreciation charge (84,111) (1,065) (5,845) (91,021)

At end of year 734,620 1,784 33,131 769,535

152
6 Leases
The following tables provide information for leases where the Group is a lessee:
6.1 Right-of-use assets (continued)

Vehicles and
Buildings Equipment Other Total
$ $ $ $

Cost 940,605 6,086 50,266 996,957

Accumulated depreciation (205,985) (4,302) (17,135) (227,422)

At end of year 734,620 1,784 33,131 769,535

6.2 Lease liabilities

2023 2022
$ $

Opening net book amount 922,672 988,233

Translation adjustments 7,963 (8,561)
Additions 78,485 44,114
Payments (91,197) (67,728)
Acquisition of subsidiary (Note 34) 146,943 162
Effect of modifications of lease terms* (125,617) 1,802
Disposals and adjustments (1,317) (35,350)

Closing net book amount 937,932 922,672

Current 142,399 76,154
Non-current 795,533 846,518

937,932 922,672

* During the 2023 financial year, Massy Integrated Retail Ltd. conducted an exercise assessing the reasonability of exercising
their lease extension options. Based on the review, six leases were identified to be remeasured for a modification of the lease
term.

6.3 Amounts recognised in the consolidated statement of profit or loss for continuing operations:
Interest expense on lease liabilities (Note 27) 56,659 61,244
Depreciation charge on right-of-use assets 106,799 91,021
Expense relating to short-term leases 30,440 22,585
Expense relating to leases of low value assets not included above 140 149

194,038 174,999

2023 Annual Report 153

MASSY HOLDINGS LTD
 7 Investment properties

2023 2022
$ $

Cost – 331,463
Accumulated depreciation and impairment – (33,642)

Net book amount – 297,821

Movement analysis:
Opening net book amount 297,821 329,503
Translation adjustments 225 (510)
Additions 3,118 2,179
Disposals (109,424) (20,479)
Depreciation (20,733) (2,577)
Disposal of subsidiary (Note 35) – (10,101)
Reclassified to held for sale (Note 35) (175,736) –
Other adjustments 4,728 (194)

Closing net book amount – 297,821

• The fair value of the investment properties amounted to $313,284 in 2022. For 2023, all investment properties have been
reclassified to held for sale (Note 35). The fair value amounted to $210,589.
• The fair value amount was either:
1 valued by independent, professionally qualified valuators; or
2 asserted via a Director’s valuation based on:
• references to properties in similar areas and condition;
• correspondence from valuators which supports that there has not been significant movement in terms of market
prices;
• the directors’ independent FV assessment based on a calculation if the property is tenanted;
• re-assessment of any assumptions made in the last valuation and whether there were or should have been any
changes and any other factors which support management’s position that the FV continues to be relevant and
appropriate.
• The property rental income earned by the Group during the year from its investment properties, amounted to $6,995 (2022:
$19,679).
• Direct operating expenses arising on the investment properties which generated revenue during the year amounted to $9,014
(2022 $11,402). There were no costs in the current year.
• There were no direct operating expenses arising on the investment properties which did not generate revenue during the current
and prior year.

154
8 Goodwill
2023 2022
$ $

Cost 1,234,367 331,787

Accumulated translation adjustments (7,142) (7,644)
Accumulated impairment (155,943) (155,943)

Net book amount 1,071,282 168,200

Movement analysis:
Opening net book amount 168,200 168,409
Translation adjustments 502 (209)
Additions (Note 34) 902,580 –

Closing net book amount 1,071,282 168,200

Goodwill is allocated to the Group’s cash-generating units (‘CGUs’) identified according to country
of operation and business segment.

For continuing operations, a segment-level summary of the goodwill allocation is presented below.

Motors and Machines 105,223 105,223

Integrated Retail 220,776 60,142
Gas Products 745,283 2,835

1,071,282 168,200

In assessment of the impairment of goodwill the recoverable amount of cash generating units is determined based on value-in-use.

These calculations use weighted cash flow projections based upon a base, best- and worst-case sensitivity approved by Directors
covering a five-year period.

Key assumptions used for value-in-use and fair value less costs to sell calculations:

2023 2022
Growth Discount Growth Discount
Rate1 Rate2 Rate1 Rate2
% % % %

Motors & Machines 3.13 12.25 2.5-4.72 11.06

Gas Products 7.17 6.96 - 12.39 2.3 9.75
Integrated Retail 0.00 6.38 - 10.72 3.00 - 5.97 7.64 - 8.29

¹ Weighted average growth rate used to extrapolate cash flows beyond the budget period.
² Pre-tax discount rate applied to the cash flow projections.

These assumptions have been used for the analysis of each CGU within the business segment. Management determined the
budgeted gross margin based on past performance and its expectations for the market development. The weighted average growth
rates used are consistent with the forecasts included in industry reports. The discount rates used are pre-tax and reflect specific risk
relating to the relevant segments.

2023 Annual Report 155

MASSY HOLDINGS LTD
 8 Goodwill (continued)

The value in use calculation is based on a discounted cash flow model. The cash flows are derived from approved budgets and
do not include restructuring activities that the Group is not yet committed to or significant future investments that will enhance the
asset’s performance of the cash generating unit being tested. The recoverable amount is sensitive to the discount rate used for the
discounted cash flow model as well as the expected future cash inflows and the growth rate used for the extrapolation purposes.

9 Other intangible assets

Intangibles represent brands and software licenses which have been recognised at fair value at the acquisition date and are measured
at carrying value less accumulated amortisation and impairment. No impairment has been recorded during the years presented.

2023 2022
$ $

Opening net book value 63,417 59,415

Translation adjustments 2,969 (4,515)
Additions for the year 14,682 15,534
Acquisition of subsidiaries (Note 34) 55,992 14,820
Amortisation charge for the year (23,466) (20,980)
Other adjustments 2,513 (857)

Net book amount 116,107 63,417

Cost 232,446 156,290
Accumulated amortisation (116,339) (92,873)

Net book amount 116,107 63,417

The amortisation charge is included in selling, general and administrative expenses.

10 Investments in associates and joint ventures

2023 2022
$ $

Investment and advances 118,939 114,157

Share of post-acquisition reserves (14,925) 26,071

104,014 140,228

156
10 Investments in associates and joint ventures
2023 2022
$ $
Movement analysis:
Balance at beginning of year 140,228 129,608
Translation adjustments 78 (24)
Share of results before tax 3,792 18,842
Share of tax (6,358) (9,165)
Dividends received (13,513) (40,232)
Disposal of associates (24,371) --
Additional investments and advances 4,778 39,833
Other (620) 1,366

Balance at end of year 104,014 140,228

Analysed as:
Individually material associates and joint ventures 86,551 120,175
Individually immaterial associates and joint ventures 17,463 20,053

104,014 140,228
Share of profit before tax of associates and joint ventures
Continuing operations 3,792 18,842

3,792 18,842

The tables below provide summarised financial information for those associates and joint ventures that are material to the Group. The
information disclosed reflects the amounts presented in the financial statements of the relevant associates and joint ventures and not
the Group’s share of those amounts. A reconciliation to the net carrying amounts is included below to reflect adjustments made by
the entity when using the equity method, including goodwill and other adjustments.

2023 2022
Caribbean Caribbean
Industrial Industrial
Massy Gases Massy Gases
Wood Unlimited Curbo Total Wood Unlimited Curbo Total
$ $ $ $ $ $ $ $

Summarised balance sheet:

Current assets 249,082 64,570 – 313,652 285,006 79,557 99,353 463,916
Non-current assets 16,181 19,513 – 35,694 23,209 9,675 48,364 81,248
Current liabilities (104,416) (24,256) – (128,672) (137,545) (30,621) (20,178) (188,344)
Non-current liabilities – (19,385) – (19,385) (2,681) (20,057) (10,312) (33,050)

Net assets 160,847 40,442 – 201,289 167,989 38,554 117,227 323,770

2023 Annual Report 157

MASSY HOLDINGS LTD
 10 Investments in associates and joint ventures (continued)

2023 2022
Caribbean Caribbean
Industrial Industrial
Massy Gases Massy Gases
Wood Unlimited Curbo Total Wood Unlimited Curbo Total
$ $ $ $ $ $ $ $

Reconciliation to net
carrying amounts:
Group share of joint
ventures (%) 50 50 19.55 – 50 50 19.55 –
Group share of joint
ventures ($) 80,423 20,221 – 100,644 83,995 19,277 22,918 126,190
Goodwill 727 – – 727 727 – – 727
Impairment – – (14,820) (14,820) – – (6,742) (6,742)

81,150 20,221 (14,820) 86,551 84,722 19,277 16,176 120,175

Other information:
Country of incorporation Trinidad Trinidad Colombia Trinidad Trinidad Colombia
& Tobago & Tobago & Tobago & Tobago

Nature of relationship Joint Joint Associate Joint Joint Associate

venture venture venture venture

Caribbean
Industrial
Gases
Massy Wood Unlimited Curbo Total
$ $ $ $

Summarised statement of comprehensive income

As at September 30, 2023
Revenue 664,333 39,991 – 704,324
Depreciation and amortisation (11,419) – – (11,419)
Interest expense (29) (877) – (906)
Profit before tax 33,042 4,182 – 37,224
Tax (10,196) (2,520) – (12,716)
Profit after tax 22,846 1,662 – 24,508

Reconciliation to profit or loss:

Group share of joint ventures (%) 50% 50% 19.55%
Group share of profit/(loss) before impairment expenses 16,521 2,091 – 18,612
Group Investment Impairment – – (14,820) (14,820)

Group share of profit/(loss) before tax 16,521 2,091 (14,820) 3,792

Income tax expense (5,098) (1,260) – (6,358)

Group share of profit/(loss) for the year 11,423 831 (14,820) (2,566)

158
10 Investments in associates and joint ventures (continued)

Caribbean
Industrial
Gases
Massy Wood Unlimited Curbo Total
$ $ $ $

Summarised statement of comprehensive income

As at September 30, 2022
Revenue 809,094 46,172 5,888 861,154
Depreciation and amortisation (11,269) (1,109) (131) (12,509)
Interest expense (618) (811) (664) (2,093)
Profit/(loss) before tax 46,720 17,170 (27,592) 36,298
Tax (12,590) (5,736) – (18,326)
Profit After Tax 34,130 11,434 (27,592) 17,972

Reconciliation to profit or loss:

Group share of joint ventures (%) 50% 50% 19.55%
Group share of profit/(loss) before impairment expenses 23,360 8,585 (5,394) 26,551
Group Goodwill impairment – (967) – (967)
Group Investment Impairment – – (6,742) (6,742)

Group share of profit/(loss) before tax 23,360 7,618 (12,136) 18,842

Income tax expense (6,295) (2,869) – (9,164)

Group share of profit/(loss) for the year 17,065 4,749 (12,136) 9,678

The Group has investments in a joint venture and an associate whose year ends are not coterminous with September 30:

Country Reporting
of incorporation year end

Massy Wood Trinidad and Tobago 31 December

Curbo Colombia 31 December

11 Trade and other receivables

2023 2022
$ $

Trade receivables 1,395,449 1,063,426

Receivables with related parties 15,478 7,052
Less: Provision for impairment of receivables (Note 33.1.2) (106,102) (64,544)

Trade receivables - net 1,304,825 1,005,934

2023 Annual Report 159

MASSY HOLDINGS LTD
 11 Trade and other receivables (continued)
2023 2022
$ $

Contract assets (Note 11.1) 151,862 105,403

Less: provision for impairment of contract assets (Note 11.1) (81) (173)
Other debtors and prepayments 915,875 745,650
Less: provision for impairment of other debtors (Note 33.1.2) (1,928) (1,611)

Other debtors and prepayments - net 1,065,728 849,269

2,370,553 1,855,203

Non-current portion 26,472 822
Current portion 2,344,081 1,854,381

2,370,553 1,855,203

11.1 Contract assets comprises:

Unbilled income 109,072 95,198
Assets recognised from costs to fulfil a contract 107 123
Other: Service contracts 42,602 9,909

151,781 105,230

The contract assets and other debtors are subjected to impairment testing under IFRS 9. The basis for impairment is explained
in Note 33.1.2.

Contract assets have increased as the Group has provided less services ahead of the agreed payment schedules for fixed-price
contracts.

12 Financial assets
2023 2022
$ $
At amortised cost:
- Bonds 564,993 571,750
- Less: provision for impairment of bonds (939) (1,051)
- Instalment credit, hire purchase receivables and other accounts 776,530 628,425
- Less: provision for impairment of instalment credit, hire purchase receivables
and other accounts (31,633) (20,479)

1,308,951 1,178,645

160
12 Financial assets (continued)
2023 2022
$ $
Fair value through profit or loss:
- Bonds and treasury bills – 13,621
- Listed equities 8,473 11,650
- Unlisted equities 212 212
- Investment funds 139,419 3,178
- Structured notes 56,537 48,232

204,641 76,893
Fair value through other comprehensive income:
- Bonds and treasury bills 1,424,771 1,448,694
- Less: provision for impairment of bonds and Treasury Bills (293) (449)
- Unlisted equities 90,475 202,404

1,514,953
1,650,649

Total 3,028,545 2,906,187

Non-current portion 1,622,259 1,861,390
Current portion 1,406,286 1,044,797

3,028,545 2,906,187

12.1 Finance leases

Included in instalment credit and other accounts are amounts relating to finance leases as follows:

Not later than 1 year 4,274 3,957

Later than 1 year but not later than 5 years 3,183 6,761

7,457 10,718
Unearned finance charges on finance leases (22) (127)

Net investment on finance leases 7,435 10,591

Not later than 1 year 4,261 3,523
Later than 1 year but not later than 5 years 3,174 7,068

7,435 10,591

2023 Annual Report 161

MASSY HOLDINGS LTD
 13 Deferred income tax
Deferred income taxes are calculated in full, on temporary differences under the liability method using a principal tax rate of 30%
(2022: 30%).

The movements in deferred tax assets/(liabilities) are as follows:

Deferred income tax assets

Accelerated
depreciation Tax losses Leases Pension Other Total
$ $ $ $ $ $

Year ended September 30, 2023

At beginning of year 15,904 18,029 38,639 15,864 45,454 133,890
Credit/(Charge) to consolidated
statement of profit or loss 5,034 (724) 904 1,145 (2,371) 3,988
Exchange adjustment 61 158 84 2 4,210 4,515
Acquisition of subsidiary (Note 34) 1,162 – – – – 1,162
Other movements 22,000 (427) 30 1,162 (14,691) 8,074

At end of year 44,161 17,036 39,657 18,173 32,602 151,629

Year ended September 30, 2022

At beginning of year 9,320 21,420 36,867 14,640 50,158 132,405
Credit/(Charge) to consolidated
statement of profit or loss 6,379 (3,986) 1,612 1,224 901 6,130
Exchange adjustment 85 308 136 – (6,884) (6,355)
Other movements 120 287 24 – 1,279 1,710

At end of year 15,904 18,029 38,639 15,864 45,454 133,890

Deferred tax assets are recognised for tax losses carried-forward to the extent that the realisation of the related tax benefit through
the future taxable profits is probable. The Group does not have any unrecorded deferred tax asset for unutilised losses at September
30, 2023.

Deferred income tax liabilities

Accelerated Pension plan

depreciation surplus Other Total
$ $ $ $

Year ended September 30, 2023

At beginning of year 51,419 138,092 34,699 224,210
(Credit)/charge to consolidated statement of profit or loss (7,269) (5,712) (386) (13,367)
Exchange adjustment (38) 47 2,959 2,968
Acquisition of subsidiary (Note 34) 88,017 – – 88,017
Reclassified to held for sale (Note 35) (66) – – (66)
Other movements 21,457 (12,254) 22,718 31,921

At end of year 153,520 120,173 59,990 333,683

162
13 Deferred income tax (continued)
Deferred income tax liabilities (continued)

Accelerated Pension plan
depreciation surplus Other Total
$ $ $ $

Year ended September 30, 2022

At beginning of year 56,317 137,820 39,906 234,043
(Credit)/charge to consolidated statement of profit or loss (1,280) 8,723 (284) 7,159
Exchange adjustment 93 86 (5,422) (5,243)
Acquisition of subsidiary – – 7,044 7,044
Disposal of subsidiary (Note 35) (2,135) – – (2,135)
Other movements (1,576) (8,537) (6,545) (16,658)

At end of year 51,419 138,092 34,699 224,210

14 Retirement benefit assets/obligations

2023 2022
$ $

Retirement benefit assets

Neal & Massy Group Pension Fund Plan 360,078 380,303
Overseas plans – Other 43,557 36,537

403,635 416,840

The pension plans were valued by independent actuaries using the projected unit credit method.

Neal & Massy Group Pension Fund Plan

The amounts recognised in the statement of financial position are as follows:
Fair value of plan assets 1,754,393 1,838,122
Present value of obligation (1,394,315) (1,323,001)

360,078 515,121
Unutilisable asset – (134,818)

Asset in the statement of financial position 360,078 380,303

The movement in the present value of the defined benefit obligation is as follows:
Opening present value of defined benefit obligation 1,323,001 1,292,700
Current service cost 38,475 34,783
Interest cost 64,831 62,978
Actuarial gains on obligation 20,778 (1,164)
Benefits paid (52,770) (66,296)

Closing present value of defined benefit obligation at September 30 1,394,315 1,323,001

2023 Annual Report 163

MASSY HOLDINGS LTD
 14 Retirement benefit assets/obligations (continued)
Retirement benefit assets (continued)

2023 2022
$ $

The movement in the fair value of plan assets for the year is as follows:
Opening fair value of plan assets 1,838,122 1,858,543
Expected return on plan assets 84,265 82,106
Actuarial (losses)/gains on plan assets (131,969) (36,231)
Employer contribution 16,745 –
Benefits paid (52,770) (66,296)

Closing fair value of plan assets at September 30 1,754,393 1,838,122

The amounts recognised in the consolidated statement of profit or loss are as follows:
Current service cost 38,475 34,783
Net interest cost (19,434) (19,128)

Total included in profit or loss 19,041 15,655

Actuarial losses/(gains) recognised in other comprehensive income before tax 17,929 (13,385)

Movement in the asset recognised in the consolidated statement of financial position:

Asset at beginning of year 380,303 382,573
Net pension expense (19,041) (15,655)
Employer contribution 16,745 –
Actuarial gains (17,929) 13,385

Asset at end of year 360,078 380,303

The principal actuarial assumptions used were:

2023 2022
Per annum Per annum

Discount rate 6% 5%
Future salary increases 6% 5%
Future pension increases – post retirement 5% 3%

Sensitivity – change in discount rate 1% increase 1% increase

Sensitivity impact (205,663) (182,002)

164
14 Retirement benefit assets/obligations (continued)

Assumptions regarding future mortality experience are set based on advice from published statistics and experience in each territory.

2023 2022

Plan assets are comprised as follows:

Local equities/mutual funds 31% 32%
Local bonds/mortgages 16% 17%
Foreign investments 48% 45%
Deferred annuities/insurance policy 3% 4%
Short-term securities/cash/accrued income 2% 2%

The average life expectancy in years of a pensioner retiring at age 60 is as follows:

Male 81 81
Female 85 85

Overseas plans – I.G.L. Limited, HD Hopwood Jamaica & Massy Guyana Staff Pension Fund Plans
The amounts recognised in the statement of financial position are as follows:

2023 2022
$ $

Fair value of plan assets 464,091 451,075

Present value of the defined benefit obligation (270,571) (183,657)

193,520 267,418
Unutilisable asset (149,961) (230,881)

Asset recognised in the statement of financial position 43,559 36,537

The movement in the defined benefit obligation over the year is as follows:

Opening present value of defined benefit obligation 183,657 156,295

Current service cost 27,026 4,752
Interest cost 14,051 10,923
Plan participant contributions 6,388 4,043
Actuarial losses on obligation 51,924 12,704
Exchange differences on foreign plans (996) 1,174
Benefits paid (11,479) (6,234)

Closing present value of defined benefit obligation 270,571 183,657

2023 Annual Report 165

MASSY HOLDINGS LTD
 14 Retirement benefit assets/obligations (continued)
Overseas plans – I.G.L. Limited, HD Hopwood Jamaica & Massy Guyana Staff Pension Fund Plans (continued)

2023 2022
$ $

The movement in the fair value of plan assets for the year is as follows:
Opening fair value of plan assets 451,075 323,425
Income from discount rate on utilisable plan assets 18,048 16,118
Actual return on assets greater than above 10,452 108,751
Assets disbursed on settlement (9,682) –
Exchange differences on foreign plans (5,152) 2,172
Employer contributions 4,662 3,412
Plan participant contributions 6,388 4,043
Administration expenses (221) (611)
Benefits paid (11,479) (6,235)

Closing fair value of plan assets at September 30 464,091 451,075

The amounts recognised in the consolidated statement of profit or loss are as follows:
Current service cost 6,386 4,752
Net interest cost (3,997) (5,195)
Administration expenses 221 611
Curtailments and settlements 9,682 –

Total included in other income 12,292 168

Actual return on plan assets (45,465) 124,869

Movement in the asset recognised in the consolidated statement of financial position:

Asset at beginning of year 36,537 74,838
Actuarial losses recognised in other comprehensive (38,675) (41,545)
Net pension income/(expense) 41,035 (168)
Employer contributions 4,662 3,412

Asset at end of year 43,559 36,537

Actuarial losses recognised in other comprehensive income (38,675) (41,543)

The principal actuarial assumptions used were:

2023 2022
Per annum Per annum
% %

Discount rate 5.00 - 13.00 5.00 -11.50

Future salary increases 5.00 - 11.00 5.00 - 5.50
Future national insurance increases 4.00 4.00
Future pension increases 2.00 - 5.50 2.00 - 5.00
Future bonuses 0.00 - 2.00 0.00 - 2.00

Assumptions regarding future mortality experience are set based on advice from published statistics and experience in each territory.

166
14 Retirement benefit assets/obligations (continued)
Overseas plans – I.G.L. Limited, HD Hopwood Jamaica & Massy Guyana Staff Pension Fund Plans (continued)

2023 2022
$ $
Retirement benefit obligations
Massy Holdings/BS&T/Hopwood – medical pension plan (147,926) (121,792)
Barbados Shipping & Trading (BS&T) – pension plan 36,321 44,077

(111,605) (77,715)

Barbados Shipping & Trading (BS&T) – pension plan

The amounts recognised in the statement of financial position are as follows:

Fair value of plan assets 586,753 595,711

Present value of the defined benefit obligation (494,497) (503,722)

92,256 91,989
Unutilisable asset due to limit (55,935) (47,912)

Asset in the statement of financial position 36,321 44,077

The movement in the defined benefit obligation over the year is as follows:
Opening present value of defined benefit obligation 503,722 527,081
Current service cost 4,754 5,104
Interest cost 37,888 38,351
Past service cost (3,591) 1,069
Liabilities extinguished on settlement – (23,629)
Actuarial gains on obligation (9,463) (3,203)
Exchange differences on foreign plans 1,147 (1,028)
Benefits paid (39,960) (40,023)

Closing present value of defined benefit obligation at September 30 494,497 503,722

The movement in the fair value of plan assets for the year is as follows:
Opening fair value of plan assets 595,711 669,730
Income from discount rate on utilisable plan assets 41,273 42,049
Actual return on assets less than above (20,177) (66,294)
Assets disbursed on settlement – (18,059)
Administration expenses (121) (175)
Employer contributions 8,662 9,729
Exchange differences 1,365 (1,246)
Benefits paid (39,960) (40,023)

Closing fair value of plan assets at September 30 586,753 595,711

2023 Annual Report 167

MASSY HOLDINGS LTD
 14 Retirement benefit assets/obligations (continued)
Barbados Shipping & Trading (BS&T) – pension plan (continued)

2023 2022
$ $

The amounts recognised in the consolidated statement of profit or loss are as follows:
Current service cost 4,754 5,104
Net interest income (3,385) (3,698)
Past service cost (3,591) 1,069
Gain on curtailments – (5,570)
Administration expenses 121 175

Income recognised in the statement of profit or loss (2,101) (2,920)

Actual return on plan assets (21,096) (24,245)

Liability at beginning of year 44,077 47,981

Expense recognised in other comprehensive income (18,519) (16,553)
Net pension income 2,101 2,920
Contributions paid 8,662 9,729

Asset at end of year 36,321 44,077

2023 2022
Per annum Per annum

The principal actuarial assumptions used were:

Discount rates 7.75% 7.75%
Future salary increases 5.75% 5.75%
Future NIS increases 3.50% 3.50%
Future pension increases – past service 0.75% 0.75%
Future pension increases – future service 0.75% 0.75%

Assumptions regarding future mortality experience were obtained from published statistics and experience in each territory.
The average life expectancy in years of a pensioner retiring at age 65 is as follows:

Male 83 83
Female 86 86

Barbados Shipping & Trading (BS&T) – medical plans

The principal actuarial assumptions used were:

2023 2022
Per annum Per annum
% %

Discount rate 7.75 7.75

Annual increase in health care 4.00 4.50

168
14 Retirement benefit assets/obligations (continued)

Other Plans: Massy Holdings/BS&T/Hopwood Medical Fund Plan

2023 2022
$ $

The amounts recognised in the statement of financial position are as follows:

Present value of the defined benefit obligation (147,926) (121,792)

Liability recognised in the statement of financial position (147,926) (121,792)

The movement in the defined benefit obligation over the year is as follows:
Opening present value of defined benefit obligation (121,792) (130,645)
Current service cost (13,102) (6,258)
Interest cost (8,913) (8,836)
Actuarial gains on obligation (8,520) 15,734
Past service cost 1,049 4,053
Liabilities extinguished on curtailment – –
Exchange differences on foreign plans (1,194) 545
Benefits paid 4,546 3,615

Closing present value of defined benefit obligation (147,926) (121,792)

The amounts recognised in the consolidated statement of profit or loss are as follows:
Current service cost (6,224) (6,258)
Net interest cost (8,913) (8,836)
Past Service cost 1,049 4,053

Total income recognised in consolidated statement of profit or loss (14,088) (11,041)

The amounts recognised in other comprehensive income:

Actuarial gains/(losses) recognised in other comprehensive income 8,520 (15,734)

The principal actuarial assumptions used were:

2023 2022
Per annum Per annum
% %

Barbados Shipping & Trading (BS&T)

Discount rate 7.75 7.75
Annual Increases in Healthcare Costs 4.50 4.50

Hopwood Medical Fund Plan

Discount rate 13.00 11.50
Annual Increases in Healthcare Costs 12.50 7.00

Neal & Massy Group Medical Fund Plan

Discount rate 6.00 5.00
Annual Increases in Healthcare Costs 4.00 3.50

2023 Annual Report 169

MASSY HOLDINGS LTD
 15 Inventories
Gross Provision 2023
$ $ $

Finished goods and goods for resale 2,248,322 (76,614) 2,171,708

Goods in transit 212,361 – 212,361
Raw materials and consumables 57,471 (6,348) 51,123
Work in Progress 17,010 (1,800) 15,210

2,535,164 (84,762) 2,450,402

Gross Provision 2022

$ $ $

Finished goods and goods for resale 1,727,369 (79,989) 1,647,380

Goods in transit 337,121 – 337,121
Raw materials and consumables 54,985 (7,541) 47,444
Work in progress 33,825 (1,862) 31,963

2,153,300 (89,392) 2,063,908

The cost of inventories recognised in expense and included in cost of sales amounted to $9,490,379 (Restated 2022: $8,358,103).

16 Statutory deposits with regulators

This mainly comprises of Massy Finance GFC Ltd:
The Financial Institutions Act, 2008 requires that every non-banking financial institution licensed under the Act in the Republic
of Trinidad and Tobago hold and maintain a non-interest bearing deposit account with the Central Bank of Trinidad and Tobago
equivalent to 9% of the total deposit liabilities of that institution. As at 30 September 2023 and 2022, Massy Finance GFC Ltd
complied with the above requirement.

17 Cash and cash equivalents

2023 2022
$ $

Cash at Hand and in bank 1,249,196 1,188,360

Short term bank deposit 40,490 38,759

1,289,686 1,227,119

Deposits have an average maturity of less than 90 days.

Cash, cash equivalents and bank overdrafts include the following for the purposes of the cash flow statement:

Cash and cash equivalents 1,289,686 1,227,119

Bank overdrafts (Note 22) (78,236) (57,786)

Cash, net of bank overdrafts 1,211,450 1,169,333

170
18 Share capital
Number of Ordinary
shares shares Total
# $ $

At September 30, 2023 1,979,385 764,344 764,344

At September 30, 2022 1,979,385 764,344 764,344

The total authorised number of ordinary shares is unlimited with no par value. All issued shares are fully paid.

At the Annual Shareholders’ Meeting held on January 21, 2022, the Shareholders approved a proposal by the Company’s Board
of Directors for a 20:1 stock split, which provided authorization for a share split to convert each ordinary share into twenty ordinary
shares, subject to receipt of the requisite regulatory approvals. The effective date was March 11, 2022 for the effecting of the
corporate action. Following approval from the Trinidad and Tobago Stock Exchange there was an increase in the number of issued
shares from 98,969 to 1,979,385. The price of the security was also adjusted consistent with the 20:1 share split ratio.

19 Dividends per share

2023 2022
$ $

Interim paid: 2023 – 3.15 cents per share (2022 – 3 cents) 62,351 59,382
Final paid: 2022 – 12.68 cents per share (2021 – 11.50 cents) 250,986 227,629

313,337 287,011

On November 22, 2023 the Board of Directors of Massy Holdings Ltd. declared a final dividend per share of 12.68 cents, bringing the
total dividends per share for the financial year ended 30 September 2023 to 15.83 cents (2022 – 15.68 cents).

20 Other reserves
Statutory
and general
Translation Catastrophe banking Other
reserve reserve reserves amounts Total
(Note 20.2) (Note 20.1)
$ $ $ $ $

As at September 30, 2023

Balance at beginning of year (207,258) 345,959 17,390 (223,994) (67,903)
Currency translation adjustments 45,201 – – – 45,201
Other reserve movements – (106) – 908 802

Balance at the end of year (162,057) 345,853 17,390 (223,086) (21,900)

2023 Annual Report 171

MASSY HOLDINGS LTD
 20 Other reserves (continued)

Statutory
and general
Translation Catastrophe banking Other
reserve reserve reserves amounts Total
(Note 20.2) (Note 20.1)
$ $ $ $ $

As at September 30, 2022

Balance at beginning of year (136,746) 369,206 17,390 (224,775) 25,075
Currency translation adjustments (38,298) – – – (38,298)
Disposal of subsidiary (31,230) (38,299) – 7,567 (61,962)
Transfer to other reserves – 15,052 – – 15,052
Other reserves (984) – – (6,786) (7,770)

Balance at end of year (207,258) 345,959 17,390 (223,994) (67,903)

20.1 Statutory and general banking reserves

These are applicable to Massy Finance (GFC) Ltd. as follows:
• Statutory Reserve – The Financial Institutions Act, 2008 requires a financial institution to transfer annually a minimum
of 10% of its profit after taxation to a reserve fund until the balance on this reserve is equal to the paid-up capital of the
institution. The reserve amounted to $15,000 (2022: $15,000).
• General Banking Reserve – In keeping with the Financial Institutions (Prudential Criteria) Regulations, 1994, the Company
has set aside a reserve out of retained earnings to provide against unforeseen losses on the loan portfolio. The reserve
amounted to $2,390 (2022: $2,390).

20.2 Catastrophe reserve

This comprises reserves arising from The Interregional Reinsurance Company Limited (TIRCL):
• Appropriations from Retained Earnings are periodically made to this reserve as determined by the Directors. The reserve
is intended to be only available to meet both current and future losses arising under the entity’s insurance policies from
catastrophic events. The reserve amounted to $345,853 (2022: $345,959).

21 Non-controlling interests
The following is an analysis of non-controlling interests which are material and individually immaterial to the Group:

2023 2022
$ $

Accumulated balances with non-controlling interests

Material non-controlling interests 137,837 123,935
Individually immaterial non-controlling interests 69,200 61,894

207,037 185,829

172
21 Non-controlling interests (continued)
2023 2022
$ $

Profit for the year from non-controlling interests
Material non-controlling interests 36,324 33,768
Individually immaterial non-controlling interests 12,413 10,491

48,737 44,259

Individually immaterial non-controlling interests include Massy Guyana Group and Massy Carbonics Limited. In 2023, the non-
controlling interest in Massy Carbonics Limited was purchased.

The table below shows a movement analysis of Massy Stores (SLU) Ltd, the only subsidiary with non-controlling interests that is
material to the Group. The amounts included represents the share attributable to the non-controlling interests.

2023 2022
$ $

40% 40%
Balance at beginning of year 123,935 105,827
Total comprehensive income for the year 36,324 33,768
Dividends (19,466) (20,377)
Currency translation adjustments 178 (234)
Other adjustments (3,134) 4,951

Balance at end of year 137,837 123,935

Set out below is summarised financial information for each subsidiary that has non-controlling interests that are material to the
Group. The amounts disclosed for each subsidiary are the amounts as per the entities’ financial statements before inter-company
eliminations.

2023 2022
$ $

Summarised balance sheet:

Current assets 311,480 262,890
Non-current assets 289,471 311,794
Current liabilities (141,473) (134,988)
Non-current liabilities (101,107) (121,366)
Indirect NCI (7,591) (11,223)

Net assets 350,780 307,107

Summarised statement of comprehensive income:
Revenue 1,563,475 1,448,554
Profit attributable to parent 90,809 84,420

Total comprehensive income for the year 90,809 84,420

2023 Annual Report 173

MASSY HOLDINGS LTD
 21 Non-controlling interests (continued)
Summarised statement of comprehensive income: (continued)

2023 2022
$ $

NCI share (%) 40 40

NCI share ($) 36,324 33,768

Summarised statement of cash flows:
Operating activities 172,455 102,794
Investing activities (25,014) (96,483)
Financing activities (109,381) (33,551)

Net change in cash flows 38,060 (27,240)

22 Borrowings
2023 2022
$ $

Secured advances and mortgage loans 1,903,323 261,176

Unsecured advances 1,465,389 1,457,266
Bank overdrafts (Note 17) 78,236 57,786
Bankers’ acceptance 10,000 10,000
Loans to related parties 33,592 –

Total borrowings 3,490,540 1,786,228

Less short-term borrowings (2,002,927) (239,822)

Medium and long-term borrowings 1,487,613 1,546,406

Short-term borrowings comprise:
Bank overdrafts (Note 17) 78,236 57,786
Bankers’ acceptance 10,000 10,000
Current portion of other borrowings 1,914,691 172,036

2,002,927 239,822

On July 30, 2014, Massy Holdings Ltd. issued a $1.2B TT Dollar Fixed Rate Bond. A private auction system was used to determine
the issue size and cost of each series of the Bond issue. RBC Merchant Bank (Caribbean) Limited was the Arranger and RBC Trust
(Trinidad & Tobago) Limited was the Trustee. The bond was issued at a premium. The face value of both series was $600M each
with a tenure of 10 years (Series A) and 15 years (Series B) at coupon rates of 4.00% and 5.25% respectively. Interest is paid on
a semi-annual basis in arrears and the principal will be repaid via a bullet payment at maturity. The bond payable is shown net of
any investor’s interests held by the parent. Series A of the Bond becomes due in July 2024. As a result, it is recorded in the current
portion of other borrowings.

Secured advances and mortgage loans include secured liabilities (margin line) against US$ investment portfolio equivalent to
$1,438,118 (2022: $156,592).

Bank borrowings are secured by the land and buildings of the Group.

174
22 Borrowings (continued)

Where applicable, the Group has complied with the financial covenants of its borrowing facilities during the 2023 and 2022 reporting
periods.

22.1 Net debt reconciliation

Cash and cash Borrowings,

equivalents, net net of
of overdrafts overdrafts Total
(Note 17)
$ $ $

As at September 30, 2023

At beginning of year 1,169,333 (1,728,442) (559,109)
Proceeds on new borrowings – (3,020,792) (3,020,792)
Principal repayments on borrowings – 1,362,985 1,362,985
Effect of exchange rate changes on cash and bank overdrafts 5,723 (27,668) (21,945)
Other cash flows 36,394 1,613 38,007

At end of year 1,211,450 (3,412,304) (2,200,854)

As at September 30, 2022

At beginning of year 2,016,351 (1,692,111) 324,240
Acquisition of subsidiaries – (253) (253)
Proceeds on new borrowings – (943,705) (943,705)
Principal repayments on borrowings – 884,652 884,652
Effect of exchange rate changes on cash and bank overdrafts (3,703) 21,208 17,505
Other cash flows (843,315) 1,767 (841,548)

At end of year 1,169,333 (1,728,442) (559,109)

23 Customers’ deposits
These represent the deposits for fixed terms accepted mainly by Massy Finance GFC Ltd.

2023 2022
$ $

Payable within one year 604,054 334,665

Payable between two and five years 262,400 211,938

866,454 546,603

Sectorial analysis of deposit balances
Private sector 460,950 223,547
Consumers 405,504 323,056

866,454 546,603

Interest expense on customers’ deposits of $21,672 (2022: $11,429) is shown within “other direct costs” in Note 25.

2023 Annual Report 175

MASSY HOLDINGS LTD
 24 Trade and other payables
2023 2022
$ $

Trade Creditors 1,035,993 828,423

Contract Liabilities (Note 24.1) 22,129 4,193
Other Payables (Note 24.2) 893,538 882,635

1,951,660 1,715,251

Current 1,943,615 1,713,135

Non current 8,045 2,116

1,951,660 1,715,251

24.1 Contract liabilities

Analysis of contract liabilities:
Deferred income 6,463 2,657
Customer loyalty programmes 14,201 –
Extended warranty programmes 842 968
Other 623 568

22,129 4,193

Expected timing of revenue recognition:
Within 1 year 21,589 3,200
After 1 year 540 993

22,129 4,193

Revenue recognised in current period that was included in the contract

liability balance at the beginning of the period 2,313 1,593

24.2 Included in other payables is the provision for the Long-Term Incentive Plan. The Shareholders of Massy Holdings Ltd
approved a Long-term Incentive Plan for the benefit of selected Senior Executives of Massy Holdings Ltd and its subsidiaries.
Individuals are awarded an incentive based on a pre-defined multiple of their salary. This amount is then converted into an
equivalent number of phantom shares which are then adjusted to reflect individual Key Performance Indicators. The phantom
shares awarded are subject to a vesting period of three years. On the vesting date, the settlement amount is determined by
multiplying the number of phantom shares by the phantom share grant price. The latter is determined by applying a pre-
determined P/E ratio to the EPS preceding the year of settlement.

2023 2022
$ $

Balance at the end of the year 53,479 40,287

176
25 Operating profit before finance costs
2023 2022
$ $
(Restated)

Revenue:
- Sale of goods 12,923,165 11,116,293
- Rendering of services 1,201,984 1,173,661
- Net interest and other investment income (Note 25.1) 70,135 36,650

14,195,284 12,326,604
Cost of sales and other direct costs:
- Cost of sales (9,490,379) (8,358,103)
- Other direct costs (692,049) (627,273)

(10,182,428) (8,985,376)

Gross profit 4,012,856 3,341,228

Administrative expenses (1,511,806) (1,339,007)
Other operating expenses (1,459,338) (1,149,549)
Other income 352,338 224,915

Operating profit before finance costs 1,394,050 1,077,587

25.1 ‘Net interest and other investment income’ is attributable to loans to customers and other financial assets held for investment
purposes only. Income from bank balances, short term investments, treasuries and other securities held for cash management
purposes is included within finance income (Note 27).

25.2 The following items were included in arriving at operating profit before finance cost from continuing operations:

2023 2022
$ $
(Restated)

Staff and staff related costs 1,913,902 1,801,168
Expected credit losses/net impairment expense on financial assets (Note 33.1.2):
- Trade and other receivables 47,781 18,878
- Corporate and sovereign bonds (287) 871
- Instalment credit, hire purchase accounts and other financial assets 11,514 3,755
Operating lease rentals 30,581 22,734
Depreciation and impairment of property, plant and equipment 303,254 226,654
Depreciation of right-of-use assets 106,799 91,021
Negative goodwill (Note 34) – (7,215)
Amortisation of other intangible assets 23,466 20,980
Directors Fees 4,037 3,976

2023 Annual Report 177

MASSY HOLDINGS LTD
 25 Operating profit before finance costs (continued)

25.3 Material profit or loss items included in arriving at operating profit:

The Group has identified the following items which are material due to the significance of their nature and/or amount. These are
listed separately here to provide a better understanding of the financial performance of the Group:

2023 2022
$ $

Gain on disposal of subsidiaries (Note 35) – 83,441

26 Staff costs
Staff costs included in cost of sales, selling, general and administrative expenses are as follows:

2023 2022
$ $
(Restated)

Wages and salaries and termination benefits 1,566,453 1,484,637

Pension cost 58,321 60,745

1,624,774 1,545,382

Average number of persons employed by the Group during the year:
Full time 10,935 10,246
Part time 2,580 2,608

13,515 12,854

27 Finance costs – net

Finance costs:
Interest expense on borrowings 160,716 83,020
Unwinding of interest on restoration liability 295 107
Interest expense on lease liabilities (Note 6.3) 56,659 61,244

217,670 144,371
Finance income:
Finance income (Note 27.2) (48,883) (42,959)

Finance cost- net 168,787 101,412

27.1 Borrowing costs capitalised during the year $1,654 (2022: $1,820).

27.2 Income from bank balances, short term investments, treasuries and other securities held for cash management purposes is
shown within finance income.

178
28 Income tax expense
2023 2022
$ $

Current tax 411,988 305,209
Deferred tax (9,378) (3,271)
Business levy/withholding taxes (6,854) 4,038

395,756 305,976
In the current and prior years, the Group’s effective tax rate of 32% differed from the statutory
Trinidad and Tobago tax rate of 30% as follows:

Profit before income tax 1,229,055 995,017

Tax calculated at a tax rate of 30% 393,297 315,211

Effect of different tax rates in other countries 42,815 39,337
Expenses not deductible for tax purposes 142,539 134,892
Income not subject to tax (169,198) (177,666)
Business levy/withholding taxes (6,854) 4,038
Effect of change in overseas tax rate (11,408) 776
Adjustments to prior year tax provisions 4,565 (10,612)

Income tax expense 395,756 305,976

The income tax expense is attributable to:

Trinidad and Tobago subsidiaries 173,518 116,980
Overseas subsidiaries 215,880 179,831
Associated companies 6,358 9,165

395,756 305,976

29 Earnings per share

Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Group by the weighted average
number of ordinary shares in issue during the year.

2023 2022
$ $
(Restated)

Profit attributable to shareholders:

- from continuing operations 784,562 644,782
- from discontinued operations (20,367) 169,147

764,195 813,929

Weighted average number of ordinary shares in issue (thousands) 1,979,385 1,979,385

2023 Annual Report 179

MASSY HOLDINGS LTD
 29 Earnings per share (continued)
2023 2022
$ $
(Restated)

Basic earnings per share

- from continuing operations 39.64 32.57
- from discontinued operations (1.03) 8.55

38.61 41.12

30 Contingencies
Subsidiaries
The Property Tax Act of 2009 (PTA) was enacted into law by the Government of the Republic of Trinidad and Tobago (GORTT)
effective from January 1, 2010. As of present date there have been no further changes to the legislation or extension of the waivers
previously granted by the GORTT. The PTA has not yet been enforced primarily due to non-completion of property valuations by the
statutory authority and assessments not being sent to taxpayers. While a present obligation exists, taxpayers are unable to reliably
estimate the liability as the basis for fair value at this time has not been clarified. Property tax was not accrued for the year ended 30
September 2023.

At September 30, 2023 the Group had contingent liabilities in respect of customs bonds, guarantees and other matters arising in the
ordinary course of business amounting to $354,812 (2022: $807,960).

Group companies are defendants in various legal actions. In the opinion of the Directors, after taking appropriate legal advice, the
outcome of such actions will not give rise to any material unprovided losses.

Other investments
Included within the contingencies above is the guarantee entered into by Massy Holdings Ltd. with Mitsubishi Heavy Industries, Ltd
(MHI) under which it guaranteed payment of 10% of the base equity commitment for Caribbean Gas Chemical Barbados Limited.
MHL’s maximum liability under guarantees is $200,432 (2022: $644,786). In October 2022, the guarantee of 10% of Caribbean
Gas Chemical Limited’s payment obligations to MHI under the contracts for the engineering procurement and construction of the
methanol and DME plants expired.

31 Commitments
Capital commitments
Capital expenditure contracted at the consolidated statement of financial position date but not yet incurred is as follows:

2023 2022
$ $

Property, plant and equipment 70,032 89,652

Operating lease commitments - where a Group Company is the lessee:

The Group leases various retail outlets, commercial space and warehouses under non-cancellable operating lease agreements. The
leases have varying terms, escalation clauses and renewal rights.

The Group also leases various plant and machinery under cancellable operating lease agreements. The Group is required to give a
six-month notice for the termination of these agreements.

180
31 Commitments (continued)

The future aggregate minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
$ $

No later than 1 year 11,728 11,472

Operating lease commitments - where a Group Company is the lessor:

Less than one year 9,520 28,182
One year to five years 8,539 36,860

18,059 65,042

32 Related party transactions

The ultimate parent of the Group is Massy Holdings Ltd. (incorporated in the Republic of Trinidad and Tobago).

The following transactions were carried out with related parties:

2023 2022
$ $

a Sales of goods
Associates 45,103 37,595

Goods are sold on the basis of the price lists in force with non-related parties.

b Purchases of goods
Associates 1,060 2,427

Goods purchased from entities controlled by non-executive directors 212,643 687,368

Goods are bought on the basis of the price lists in force with non-related parties.

c Key management compensation

Salaries and other short-term employee benefits 172,822 164,496
Post-employment benefits 11,233 10,692

184,055 175,188

d Year-end balances arising from sales/purchases of goods/services

Receivables from related parties 14,314 6,244

Payables to related parties 1,328 62

e Customer deposits to related parties 38,468 31,602

2023 Annual Report 181

MASSY HOLDINGS LTD
 33 Financial risk management
33.1 Financial risk factors
The Group’s activities expose it to a variety of financial risks. The Group’s aim therefore is to achieve an appropriate balance
between risk and return and minimise potentially adverse effects on the Group’s financial performance. This is achieved by the
analysis, evaluation, acceptance and management of the Group’s risk exposure.

The Board of Directors is ultimately responsible for the establishment and oversight of the Group’s risk management
framework. The main financial risks of the Group relate to the availability of funds to meet business needs, the risk of default by
counterparties to financial transactions, and fluctuations in interest and foreign exchange rates. The treasury function manages
the financial risks that arise in relation to underlying business needs and operates within clear policies and stringent parameters.
The function does not operate as a profit centre and the undertaking of speculative transactions is not permitted.

The Group’s principal financial liabilities comprise bank loans, operating overdrafts, trade payables and insurance claims
liabilities which are used to finance Group operations. There are various financial assets such as trade receivables, investments,
loans receivable, cash and short-term deposits which emanate from its operations. The main risks arising from the Group’s
financial instruments are credit risk, liquidity risk, foreign currency risk, interest rate risk and equity securities price risk.

The following contains information relative to the Group’s exposure to each of the above risks, including quantitative
disclosures.

33.1.1 Market risk

The Group is inherently exposed to market risk, which is the risk that the fair value or future cash flows of a financial
instrument will fluctuate because of changes in market factors. Market risk can be subdivided into three categories
namely currency risk, interest rate risk and price risk.

a Currency risk
The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures.
Foreign exchange risk arises from future commercial transactions and recognised financial assets and financial
liabilities. The Group manages its foreign exchange risk by ensuring that the net exposure in foreign assets and
liabilities is kept to an acceptable level by monitoring currency positions as well as holding foreign currency
balances.

The following table summarises the Group’s net exposure and sensitivities to currency risk on its financial
instruments.

Net Currency Change/

Exposure Sensitivity Impact
$ % $

As at September 30, 2023

USD 199,654 2 3,993
BBD (212,330) 2 (4,247)
PESO (274,575) 1 (2,746)
GYD 216,649 3 6,499
JCD 139,094 5 6,955
Other (109,810) 2 (2,196)

(41,318) 8,258

182
33 Financial risk management (continued)
33.1 Financial risk factors (continued)
33.1.1 Market risk (continued)
a Currency risk (continued)

Net Currency Change/

Exposure Sensitivity Impact
$ % $

As at September 30, 2022
USD 1,988,576 2 39,772
BBD (335,908) 2 (6,718)
PESO (177,980) 1 (1,780)
GYD 231,943 3 6,958
JCD 123,162 5 6,158
Other (191,381) 2 (3,828)

Total 1,638,412 40,562

b Interest rate risk

The Group’s loans receivable are fixed rate and are subject to fair value interest rate risk with no impact to the
financial statements since they are carried at amortised cost. However, floating rate loans and bonds are subject to
cash flow interest rate risk. The Group’s exposure to floating rate bonds is minimal.

The Group’s exposure to changes in market interest rates relates primarily to the long-term debt obligations, with
floating interest rates. The exposure to interest rate risk on cash held on deposit is not significant.

At the end of 2023, interest rates were fixed on approximately 56% of the borrowings (2022: 93%). The impact on
the consolidated statement of profit or loss to a 50 basis points change in floating interest rates is $31,880 in 2023
(2022: $602).

c Price risk
The Group has investments in equity securities and investment funds and these are carried at fair value,
consequently resulting in exposure to equity securities price risk. The Group is not exposed to commodity price risk.
To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio. Diversification
of the portfolio is done in accordance with the limits set by the Group. See note 33.3.1

33.1.2 Credit risk

The Group is exposed to credit risk, which is the risk that may arise from its customers, clients and counterparties
failing to discharge their contractual obligations. The credit exposures arise primarily from the Group’s receivables on
sales, interest-bearing investments and cash held on deposit at various financial institutions.

The Group has no significant concentrations of credit risk and trades mainly with recognised, creditworthy third
parties. It is the Group’s policy that all customers trading on credit terms are subject to credit verification procedures.
These procedures are elements of a structured credit control system and include an analysis of each customer’s
creditworthiness and the establishment of limits before credit terms are set. In addition, receivable balances are
monitored on an ongoing basis to mitigate the Group’s exposure to bad debts.

2023 Annual Report 183

MASSY HOLDINGS LTD
 33 Financial risk management (continued)
33.1 Financial risk factors (continued)
33.1.2 Credit risk (continued)

The following is a summary of the Group’s maximum exposure to credit risk.

2023 2022
$ $

Cash and cash equivalents (Note 17) 1,289,686 1,227,119

Trade and other receivables (Note 11) 2,370,653 1,855,203

Other financial assets at amortised cost (Note 12):

- Bonds 564,054 570,699
- Instalment credit and other accounts 668,613 544,576
- Hire purchase receivables 76,284 63,370

Other financial assets at fair value through profit or loss (Note 12):
- Bonds and treasury bills – 13,621

Other financial assets at fair value through other comprehensive income (Note 12):
- Bonds and treasury bills 1,424,478 1,448,245

Assets reclassified to held for sale (Note 35)

Cash and cash equivalents 2,393 –

Other financial assets at amortised cost

- Instalment credit and other accounts 67,838 71,131
- Loan receivables 26,995 –

Total 6,490,994 5,793,964

The Group recognises provision for losses for assets subject to credit risk using the expected credit loss model. While
cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss
was immaterial.

The Group uses the general approach in arriving at expected losses for instalment credit and other loans, Note 2.9.

A default on a financial asset occurs in the following circumstances:

- When the issuer of a bond has missed a payment of principal or interest or has announced its intention to suspend
payments on part or all of its financial obligations, or
- For all other financial assets, when the counterparty fails to make contractual payments within 90 days of when
they fall due.

184
33 Financial risk management (continued)
33.1 Financial risk factors (continued)
33.1.2 Credit risk (continued)

Practical expedient for financial assets with low credit risk

As an exception to the simplified and general approaches, if the credit risk of a financial instrument is low at the
reporting date, the Group can measure impairment using 12-month expected credit losses (ECL), and so it does not
have to assess whether a significant increase in credit risk has occurred.

The financial instrument has to meet the following requirements, in order for this practical expedient to apply:
- it has a low risk of default;
- the borrower is considered, in the short term, to have a strong capacity to meet its obligations in the near term; and
- the lender expects, in the longer term, that adverse changes in economic and business conditions might, but will
not necessarily, reduce the ability of the borrower to fulfil its obligations.

Assets written off

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage
in a repayment plan with the Company. The Company categorises a loan or receivable for write off when a debtor fails
to make contractual payments, even after several attempts at enforcement and/or recovery efforts. Where loans or
receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the
receivable due. Where recoveries are made, these are recognised in profit or loss.

Collateral and other credit enhancements

The Group’s policies regarding obtaining collateral have not significantly changed during the reporting period and there
has been no significant change in the overall quality of the collateral held by the Group since the prior period.

• Trade receivables and treasuries: These are generally unsecured and are generally considered low risk subject to a
few exceptions.
• Corporate debt securities and sovereign debt securities: These are both secured and unsecured by fixed or floating
charges on the assets of the issuer.
• Instalment credit debtors, hire purchase receivables and other accounts: The principal collateral types for these
instruments are security agreements over motor vehicles, furniture and appliances, the values of which are reviewed
periodically if there is a significant increase in credit risk.

Summary of ECL calculations

a The simplified approach (trade receivables, contract assets and other debtors)
The following is a summary of the ECL and Exposure at Default (EAD) on trade receivables and contract assets from
a combination of specific and general provisions:

Aging Bucket

Average Estimated Expected

Category ECL rate EAD credit loss
% $ $

As at September 30, 2023

Current (0-30 days) 0.74 767,134 5,648
31 to 90 days 2.09 270,102 5,635
Over 90 days 18.05 525,553 94,900

Total 6.79 1,562,789 106,183

2023 Annual Report 185

MASSY HOLDINGS LTD
 33 Financial risk management (continued)
33.1 Financial risk factors (continued)
33.1.2 Credit risk (continued)
Summary of ECL calculations (continued)
a The simplified approach (trade receivables, contract assets and other debtors) (continued)

Reclassified to held for sale

Aging Bucket

Average Estimated Expected

Category ECL rate EAD credit loss
% $ $

As at September 30, 2023

Current (0-30 days) – 1,201 –
31 to 90 days – 1,044 –
Over 90 days 100.00 3,663 3,663

Total 62.00 5,908 3,663

As at September 30, 2022

Current (0-30 days) 0.65 600,116 3,917
31 to 90 days 1.63 214,535 3,506
Over 90 days 15.86 361,230 57,294

Total 5.50 1,175,881 64,717

The movement in the provision for expected credit losses for trade receivables and contract asset accounts is as
follows:

2023 2022
$ $

Balance at beginning of the year 64,717 56,549

Disposal of subsidiary – (140)
Translation adjustments 123 (283)
Increase in loss allowance recognised in profit or loss 46,121 12,143
Amounts written off in the current year (1,115) (3,552)

Balance at end of the year 109,846 64,717

Reclassified to held for sale (3,663) –

Total 106,183 64,717

186
33 Financial risk management (continued)
33.1 Financial risk factors (continued)
33.1.2 Credit risk (continued)
Summary of ECL calculations (continued)
a The simplified approach (trade receivables, contract assets and other debtors) (continued)

The following is an analysis of the net impairment expense on financial assets recognised in profit or loss:

2023 2022
$ $

Net changes to provisions for the year per above 46,121 12,143
Other adjustments 1,679 6,657

Net expense for the year 47,800 18,800

Net expense for the year attributable to:
Continuing operations (Note 25.2) 47,818 18,526
Discontinued operations (18) 274

Total 47,800 18,800

The following is a summary of the ECL on other debtors and prepayments from a combination of specific and
general provisions:

Aging Bucket

Average Estimated Expected

Category ECL rate EAD credit loss
% $ $

As at September 30, 2023

Current (0-30 days) 0.02 746,497 174
31 to 90 days 5.99 261 16
Over 90 days 4.84 35,886 1,738

Total 0.24 782,644 1,928

Reclassified to held for sale

Current (0-30 days) – 6,046 –

Total – 6,046 –

As at September 30, 2022

Current (0-30 days) 0.01 647,761 63
31 to 90 days 1.73 104 2
Over 90 days 10.87 14,220 1,546

Total 0.24 662,085 1,611

2023 Annual Report 187

MASSY HOLDINGS LTD
 33 Financial risk management (continued)
33.1 Financial risk factors (continued)
33.1.2 Credit risk (continued)
Summary of ECL calculations (continued)
a The simplified approach (trade receivables, contract assets and other debtors) (continued)

The movement in the provision for expected credit losses for other debtors and prepayments accounts is as follows:


2023 2022
$ $

Balance at beginning of the year 1,611 2,123

Translation adjustments (8) 3
Increase in loss allowance recognized in profit or loss (37) 352
Amounts written off in the current year 362 (867)

Balance at end of the year 1,928 1,611

The following is an analysis of the net impairment expense on financial assets recognised in profit or loss:

2023 2022
$ $

Net changes to provisions for the year per above (37) 352

Net expense for the year (37) 352

Net expense for the year attributable to:
Continuing operations (Note 25.2) (37) 352

Total (37) 352

b The general approach

A summary of the assumptions underpinning the Company’s expected credit loss model under the general
approach is as follows:

Basis for recognition of

Category Definition expected credit loss provision

Performing The counterparty has a low risk of 12 month expected losses. Where the
(Stage 1) default and a strong capacity to expected lifetime of an asset is less
meet contractual cash flows than 12 months, expected losses are
measured at its expected lifetime
Underperforming
(Stage 2) Financial assets for which there is a Lifetime expected losses
significant increase in credit risk since
origination

Non-performing The financial asset is in default Lifetime expected losses

(Stage 3)

188
33 Financial risk management (continued)
33.1 Financial risk factors (continued)
33.1.2 Credit risk (continued)
Summary of ECL calculations (continued)
b The general approach (continued)

Basis for recognition of

Category Definition expected credit loss provision

Purchased or Financial assets with evidence of Lifetime expected losses using

Credit-impaired impairment at the point of initial a credit-adjusted effective
recognition (for instance, if they interest rate.
are acquired at a deep discount)

Write-off There is no reasonable expectation Asset is written off

of recovery

Over the term of the financial asset, the Group accounts for its credit risk by appropriately providing for expected
credit losses on a timely basis. In calculating the expected credit loss rates, the Group considers historical loss rates
for each category of financial assets and adjusts for forward looking macroeconomic data.

Corporate and sovereign bonds at amortised cost

Aging Bucket

Average Estimated Expected

Category ECL rate EAD credit loss
% $ $

As at September 30, 2023

Performing (Stage 1) 0.15 562,289 871
Non-Performing (Stage 3) 2.53 2,704 68

Total 0.17 564,993 939

The movement in the provision for expected credit losses is as follows:

Non-
Performing Performing Total
$ $ $

As at September 30, 2023

Balance at beginning of the year 813 238 1,051
Reclassification and other adjustments 132 – 132
Net charge to profit or loss (74) (170) (244)

Balance at end of the year 871 68 939

2023 Annual Report 189

MASSY HOLDINGS LTD
 33 Financial risk management (continued)
33.1 Financial risk factors (continued)
33.1.2 Credit risk (continued)
Summary of ECL calculations (continued)
b The general approach (continued)
Corporate and sovereign bonds at amortised cost (continued)

Average Estimated Expected

Category ECL rate EAD credit loss
% $ $

As at September 30, 2022

Performing (Stage 1) 0.14 567,324 813
Non-performing (Stage 3) 5.38 4,426 238

Total 0.18 571,750 1,051

The movement in the provision for expected credit losses is as follows:

Non-
Performing Performing Total
$ $ $

As at September 30, 2022

Balance at beginning of the year 165 248 413
Translation adjustments (1) (1) (2)
Reclassification and other adjustments 111 (9) 102
Net charge to profit or loss 538 – 538

Balance at end of the year 813 238 1,051

The following is an analysis of the net impairment expense on financial assets recognised in profit or loss:

2023 2022
$ $

Net changes to provisions for the year per above (244) 538
Other adjustments 26 –

Net expense for the year (218) 538

Net expense for the year attributable to:
Continuing operations (Note 25.2) (218) 538

Total (218) 538

190
33 Financial risk management (continued)
33.1 Financial risk factors (continued)
33.1.2 Credit risk (continued)
Summary of ECL calculations (continued)
b The general approach (continued)

Corporate and sovereign bonds at fair value through other comprehensive income

Aging Bucket

Average Estimated Expected

Category ECL rate EAD credit loss
% $ $

As at September 30, 2023

Performing (Stage 1) 0.02 1,424,771 293

Total 0.02 1,424,771 293

The movement in the provision for expected credit losses is as follows:

Performing Total
$ $

As at September 30, 2023

Balance at beginning of the year 449 449
Reclassification and other adjustments (116) (116)
Net charge to profit or loss (40) (40)

Balance at end of the year 293 293

Aging Bucket

Average Estimated Expected

Category ECL rate EAD credit loss
% $ $

As at September 30, 2022

Performing (Stage 1) 0.03 1,448,694 449

Total 0.03 1,448,694 449

Performing Total
$ $

As at September 30, 2022

Reclassification and other adjustments 116 116
Net charge to profit or loss 333 333

Balance at end of the year 449 449

2023 Annual Report 191

MASSY HOLDINGS LTD
 33 Financial risk management (continued)
33.1 Financial risk factors (continued)
33.1.2 Credit risk (continued)
Summary of ECL calculations (continued)
b The general approach (continued)
Corporate and sovereign bonds at fair value through other comprehensive income (continued)

The following is an analysis of the net impairment expense on financial assets recognised in profit or loss:

2023 2022
$ $

Net changes to provisions for the year per above (40) 333
Other adjustments (29) –

Net expense for the year (69) 333

Net expense for the year attributable to:
Continuing operations (Note 25.2) (69) 333

Total (69) 333

Instalment credit, hire purchase accounts and other financial assets

Aging Bucket

Average Estimated Expected

Category ECL rate EAD credit loss
% $ $

As at September 30, 2023

Performing (Stage 1) 0.29 683,233 1,967
Underperforming (Stage 2) 1.36 14,766 201
Non-Performing (Stage 3) 37.52 78,531 29,465

Total 4.07 776,530 31,633

Reclassified to held for sale

Performing (Stage 1) 0.38 82,308 313
Underperforming (Stage 2) 9.19 3,164 291
Non-Performing (Stage 3) 12.87 11,437 1,472

Total 2.14 96,909 2,076

192
33 Financial risk management (continued)
33.1 Financial risk factors (continued)
33.1.2 Credit risk (continued)
Summary of ECL calculations (continued)
b The general approach (continued)
Instalment credit, hire purchase accounts and other financial assets (continued)

The movement in the provision for expected credit losses is as follows:

Under- Non-
Performing performing Performing Total
$ $ $ $

As at September 30, 2023

Balance at beginning of the year 5,827 604 14,048 20,479
Translation adjustments 2 6 23 31
Net changes to provisions and reclassifications (3,797) (450) 15,274 11,027
Amounts written off in the current year (65) 41 120 96

Balance at end of the year 1,967 201 29,465 31,633

Reclassified to held for sale

Balance at beginning of the year 384 356 1,771 2,511
Translation adjustments – 2 4 6
Net changes to provisions and reclassifications 53 (42) (269) (258)
Amounts written off in the current year (124) (25) (34) (183)

Balance at end of the year 313 291 1,472 2,076

Average Estimated Expected

Category ECL rate EAD credit loss
% $ $

As at September 30, 2022

Performing (Stage 1) 1.06 548,600 5,827
Underperforming (Stage 2) 3.16 19,171 604
Non-performing (Stage 3) 23.16 60,654 14,048

Total 3.26 628,425 20,479

Reclassified to held for sale

Performing (Stage 1) 0.66 58,118 384
Underperforming (Stage 2) 10.68 3,336 356
Non-performing (Stage 3) 14.53 12,188 1,771

Total 3.41 73,642 2,511

2023 Annual Report 193

MASSY HOLDINGS LTD
 33 Financial risk management (continued)
33.1 Financial risk factors (continued)
33.1.2 Credit risk (continued)
Summary of ECL calculations (continued)
b The general approach (continued)
Instalment credit, hire purchase accounts and other financial assets (continued)

The movement in the provision for expected credit losses is as follows:

Under- Non-
Performing performing Performing Total
$ $ $ $

As at September 30, 2022

Balance at beginning of the year 3,388 659 13,245 17,292
Translation adjustments 5 7 29 41
Net changes to provisions and reclassifications 2,449 (59) 2,014 4,404
Amounts written off in the current year (15) (3) (1,240) (1,258)

Balance at end of the year 5,827 604 14,048 20,479

Reclassified to held for sale

Balance at beginning of the year 722 894 4,234 5,850
Translation adjustments (2) (2) (8) (12)
Net changes to provisions and reclassifications (392) (75) (258) (725)
Amounts written off in the current year 56 (461) (2,197) (2,602)

Balance at end of the year 384 356 1,771 2,511

The following is an analysis of the net impairment expense on financial assets recognised in profit or loss:

2023 2022
$ $

Net changes to provisions for the year per above 10,769 3,679
Other adjustments 539 (1,424)

Net expense for the year 11,308 2,255

Net expense for the year attributable to:
Continuing operations (Note 25.2) 11,514 3,755
Discontinued operations (206) (1,500)

Total 11,308 2,255

194
33 Financial risk management (continued)
33.1 Financial risk factors (continued)

33.1.3 Liquidity risk

Liquidity risk is the risk which may arise if the Group is unable to meet the obligations associated with its financial
liabilities when they fall due.

The Group’s liquidity risk management process is measured and monitored by senior management. This process
includes monitoring current cash flows on a frequent basis, assessing the expected cash inflows as well as ensuring
that the Group has adequate committed lines of credit to meet its obligations.

The following is an analysis of the undiscounted contractual cash flows payable under financial liabilities. Undiscounted
cash flows will differ from both the carrying values and the fair values.

Maturity analysis of financial liabilities

Less than 1-5 More than Contractual Carrying

1 year years 5 years cash flows amount
$ $ $ $ $

2023
Financial liabilities
Bank overdraft & bankers’
acceptance (Note 22) 88,236 – – 88,236 88,236
Other borrowings (Note 22) 1,916,064 670,080 827,574 3,413,718 3,402,304
Customers’ deposits (Note 23) 604,460 262,400 – 866,860 866,454
Trade and other payables (Note 24) 1,943,615 8,045 – 1,951,660 1,951,660
Lease Liabilities (Note 6.2) 145,708 466,100 809,874 1,421,682 937,932

Total 4,698,083 1,406,625 1,637,448 7,742,156 7,246,586

2022
Financial liabilities
Bank overdraft & bankers
acceptance (Note 22) 67,786 – – 67,786 67,786
Other borrowings (Note 22) 178,915 855,793 695,658 1,730,366 1,718,442
Customers’ deposits (Note 23) 340,228 199,432 22,062 561,722 546,603
Trade and other payables (Note 24) 1,713,135 2,116 – 1,715,251 1,715,251
Lease liabilities (Note 6.2) 125,839 434,882 1,291,403 1,852,124 922,672

Total 2,425,903 1,492,223 2,009,123 5,927,249 4,970,754

2023 Annual Report 195

MASSY HOLDINGS LTD
 33 Financial risk management (continued)

33.2 Capital risk management

The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to
provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the
cost of capital.

In order to maintain or adjust the capital structure, the Group may vary the amount of dividends paid to shareholders, return
capital to shareholders, issue new shares or sell assets to reduce debt.

The Group monitors capital on the basis of the gearing ratio. The ratio is calculated as net debt divided by total capital. Net
debt is calculated as total borrowings (current and non-current borrowings) less cash and cash equivalents. Total capital is
calculated as total equity as shown in the consolidated statement of financial position plus net debt.

2023 2022
$ $

Total borrowings (Note 22) 3,490,540 1,786,228

Less: Cash and cash equivalents including cash
Reclassified to held for sale (1,292,079) (1,227,119)

Net debt 2,198,461 559,109

Total equity 7,608,506 7,252,783

Total capital 9,806,967 7,811,892

Gearing ratio 22.4% 7.2%

Total borrowings to total equity ratio 45.9% 24.6%

33.2.1 Regulatory capital held by subsidiaries

a Massy Finance GFC Ltd.
This entity is incorporated in the Republic of Trinidad and Tobago and is licensed under the Financial Institutions Act,
2008. It is subject to the capital requirements set by the Central Bank of Trinidad and Tobago (CBTT).

Capital adequacy and the use of regulatory capital are monitored weekly by management based on the guidelines
developed by the Basel Committee, as implemented by the CBTT, the country’s authority for supervisory purposes.
The required information is filed with the CBTT on a quarterly basis.

In addition to the above, there are specific requirements governing lending, customers’ deposits and other activities
in relation to the Company’s capital.

196
33 Financial risk management (continued)
33.2 Capital risk management (continued)
33.2.1 Regulatory capital held by subsidiaries (continued)
a Massy Finance GFC Ltd. (continued)

The table below summarises the total equity positions of each of the above entities, both of which are in excess of
their minimum regulatory capital requirements.

Massy Finance GFC Ltd.

2023 2022
$ $

Total equity 145,889 141,202

33.3 Fair value of financial assets and liabilities

33.3.1 Fair value hierarchy
The Group uses the following hierarchy for determining and disclosing the fair value of financial assets and liabilities
recorded at fair value in the consolidated financial statements based upon the level of judgement associated with
the inputs used to measure their fair value. The hierarchical levels, from lowest to highest based on the amount of
subjectivity associated with the inputs to fair valuation of these assets and liabilities are as follows:

Level 1
Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. The
types of assets carried at level 1 fair value are equity and debt securities listed in active markets. The fair value of
financial instruments traded in active markets is based on quoted market prices at the statement of financial position
date. The quoted market price used for financial assets held by the Group is the current bid price.

Level 2
Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or
indirectly. These inputs are derived principally from or corroborated by observable market data by correlation or other
means at the measurement date and for the duration of the instruments’ anticipated life.

The fair value of financial instruments that are not traded in an active market is determined by using valuation
techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing
at each statement of financial position date. Quoted market prices or dealer quotes for similar instruments are used for
long-term debt. Other techniques, such as estimated discounted cash flows, are used to determine fair value for the
remaining financial instruments.

Level 3
Inputs that are unobservable for the asset or liability for which there are no active markets to determine a price. These
financial instruments are carried at fair value and are regularly tested for impairment with changes taken through other
comprehensive income.

2023 Annual Report 197

MASSY HOLDINGS LTD
 33 Financial risk management (continued)
33.3 Fair value of financial assets and liabilities (continued)
33.3.1 Fair value hierarchy (continued)

The following table presents the Group’s assets that are measured at fair value at September 30, 2023:

Level 1 Level 2 Level 3 Total

$ $ $ $

Assets
Financial assets at FVPL and FVOCI (Note 12)
Bonds and treasury bills 285,765 1,138,713 – 1,424,478
Listed equities 8,439 34 – 8,473
Unlisted equities – 140 90,547 90,687
Investment funds 125,353 14,066 – 139,419
Structured Notes _ 56,538 – 56,538

419,557 1,209,491 90,547 1,719,595

The following table presents the Group’s assets that are measured at fair value at September 30, 2022:

Level 1 Level 2 Level 3 Total

$ $ $ $

Assets
Financial assets at FVPL and FVOCI (Note 12)
- Bonds and treasury bills – 1,448,245 13,621 1,461,866
- Listed equities 11,616 34 – 11,650
- Unlisted equities – 139 202,477 202,616
- Investment funds 3,178 – – 3,178
- Structured Notes – 48,232 – 48,232

14,794 1,496,650 216,098 1,727,542

The movement in Level 3 financial assets is as follows:

2023 2022
$ $

Balance at beginning of year 216,098 198,850

Additions for the year 67 13,621
Disposals for the year (13,621) –
Transfers – 4,034
Net fair value losses recognised in other comprehensive income (112,290) –
Exchange adjustments on retranslation of overseas operations 293 (407)

90,547 216,098

198
33 Financial risk management (continued)
33.3 Fair value of financial assets and liabilities(continued)
33.3.1 Fair value hierarchy (continued)

The Group utilises the valuation specialists (internal or external) for the valuations of non-property items required for
financial reporting purposes, including level 3 fair values. The following is a summary of the significant unobservable
inputs used in level 3 fair value measurements of unlisted equity instruments:
• Risk-adjusted discount rates – Discount rates ranging around 12.1% were used in arriving at fair value
measurements. Had these rates changed by +/- 200 basis points, the fair value measurement would have been
lower or higher by $4,108 or higher by $5,901.
• Growth rate was nil since operations are at 100% capacity
• Methanol prices were based upon the Argus Price Forecast

33.3.2 Fair value of financial instruments carried at amortised cost

The carrying amounts and fair values of financial instruments carried at amortised cost are as follows:

Carrying amount Fair value

2023 2022 2023 2022
$ $ $ $
Financial assets
Financial assets at amortised cost (Note 12)
- Bonds 564,054 570,699 564,084 571,183
- Instalment credit and other accounts 668,613 544,576 668,613 562,116
- Hire purchase receivables 76,284 63,370 74,900 60,399
- Reclassified to held for sale (Note 35) 94,833 71,131 94,833 71,131

1,403,784 1,249,776 1,402,430 1,264,829

Financial liabilities
- Bank overdraft and bankers’ acceptance (Note 22) 88,236 67,786 88,236 67,786
- Other borrowings (Note 22) 3,402,304 1,718,442 3,433,178 1,718,466
- Customers’ deposits (Note 23) 866,454 546,603 866,454 550,558

4,356,994 2,332,831 4,387,868 2,336,810

Due to the short-term nature of Trade and other receivables and Trade and other payables, their carrying amounts are
considered to be the same as their fair values. Accordingly, their values are not shown in the tables above.

34 Business combinations
The Group acquired 100% of the shareholdings in the following companies in 2023:
- Rowe’s IGA Group – effective December 12, 2022
- Air Liquide Trinidad & Tobago Limited (now known as Massy Gas Products Manufacturing (Trinidad) Ltd) – effective January
28, 2023
- I.G.L. (St. Lucia) IBC Limited – effective May 17, 2023

2023 Annual Report 199

MASSY HOLDINGS LTD
 34 Business combinations (continued)
Massy Gas
Products
Rowe’s IGA Manufacturing IGL
Group (Trinidad) Ltd (SLU) Ltd. Total
$ $ $ $

Purchase Consideration
Period ended 30 September 2022
Total purchase consideration 316,684 347,005 958,803 1,622,492
Deferred consideration – 15,589 – 15,589

316,684 362,594 958,803 1,638,081

Net Assets Acquired
Cash and short-term investments – – 23,034 23,034
Trade receivables – 22,157 43,128 65,285
Inventories – 3,936 19,072 23,008
Current tax asset – 10,013 18,286 28,299
Fixed assets 100,561 233,949 350,598 685,108
Right of use assets 139,996 5,566 198 145,760
Intangible assets 55,992 – – 55,992
Other assets – 1,340 24,017 25,357
Trade payable – (3,689) (26,876) (30,565)
Current tax liabilities – (3,895) (18,634) (22,529)
Deferred tax liabilities – (52,415) (35,602) (88,017)
Lease obligations (139,996) (6,914) (33) (146,943)
Pension liabilities – – (6,882) (6,882)
Other liabilities – (15,652) (5,754) (21,406)

Net identifiable assets acquired 156,553 194,396 384,552 735,501

Goodwill 160,131 168,198 574,251 902,580

Purchase consideration-cash outflow
Outflow of cash to acquire subsidiary, net of cash acquired
Cash consideration 316,684 347,005 958,803 1,622,492
Less: Cash and short-term investments acquired – – (23,034) (23,034)

Net outflow of cash – investing activities 316,684 347,005 935,769 1,599,458

200
34 Business combinations (continued)

On December 1, 2021 the Group acquired 100% of the issued share capital of Grandos Gomez & CIA S.A. Empresa de Servicios
Publicos Gas, Gragos S.A. E.S P (Gragos).

The following table summarises the consideration paid, the fair value of assets acquired and liabilities assumed at the acquisition date:

Gragos
$

Total purchase consideration 20,573

The assets and liabilities recognised as a result of the acquisition are as follows:

Cash and short-term investments 988

Trade receivables 1,152
Inventories 434
Current tax assets 452
Fixed assets 20,725
Right of use asset 162
Intangible assets 14,820
Medium and long-term borrowings (253)
Trade payable (910)
Current tax liabilities (325)
Deferred tax liabilities (7,044)
Other liabilities (2,413)

Net identifiable assets acquired 27,788

Negative Goodwill (7,215)

Purchase consideration-cash outflow

Outflow of cash to acquire subsidiary, net of cash acquired

Cash consideration 20,573

Less: Cash and short-term investments acquired (988)

Net outflow of cash - investing activities 19,585

35 Discontinued operations
The following disposals are reported in the current and prior period. Disposals and disposal groups held for sale are restated in the
prior period as discontinued operations.

September 30, 2023 – Disposed entities

• The Group’s 49% interest in Dunmass Holdings, Inc. was sold to Dunblare Import-Export, Inc. on September 25, 2023.
• Other - Farnells Holdings Inc., an associate of Massy Barbados Ltd., was sold to Mr. Harry Yeh on February 6, 2023.

2023 Annual Report 201

MASSY HOLDINGS LTD
 35 Discontinued operations (continued)

September 30, 2023 – Held for sale entities

• Massycard (Barbados) Limited has signed a sale agreement for the sale of the credit card portfolio and supporting assets. The
sale is expected to be completed within the new financial year.
• Massy Properties (Barbados) Ltd., which contains all remaining investment properties, has been reclassified to held for sale as
several properties have been earmarked to be sold within the next year.

September 30, 2022 – Disposed entities

• Massy United Insurance Ltd. was sold to the Coralisle Group Ltd. on May 4, 2022.
• Endervelt Limited was sold to AB SG Acquisition Company Limited on May 31, 2022.
• Massy Properties (Trinidad) Ltd. was sold to Endeavour Holdings Limited on July 8, 2022.
• Other - this consists primarily of a $20 million warranty provision arising from the sale of Massy Technologies (Trinidad) Ltd in
2020. This warranty expired on the September 30, 2022 with no claims being made by the purchaser, therefore this provision
was released as at September 30, 2022.

September 30, 2022 – Held for sale entities

• Massycard (Barbados) Limited has signed a sale agreement for the sale of the credit card portfolio and supporting assets. The
sale is expected to be completed within the new financial year.
• Other - Massy Barbados Ltd. has signed a sale agreement for the sale of Farnells Holdings Inc, an associate of Massy Barbados
Ltd. The sale is expected to be completed within the new financial year.
 
35.1 Summary of gain on sale of subsidiaries
The following are the details of the assets and liabilities sold, the proceeds and the gain on sale for the period ended
September 30, 2022.

Massy
Endervelt Properties Massy United
Limited (Trinidad) Ltd. Insurance Ltd. Total
$ $ $ $

Analysis of net assets sold

Property, plant and equipment – 12,041 68,700 80,741
Investment properties 6,383 10,100 – 16,483
Right of use assets – – 2,508 2,508
Other financial assets – – 442,982 442,982
Inventory – 45 – 45
Trade and other receivables 3 367 1,032,859 1,033,229
Other current assets 3,500 1,075 582,157 586,732
Trade and other payables (4,250) (1,209) (419,132) (424,591)
Other liabilities – (2,135) (1,191,039) (1,193,174)

Net assets 5,636 20,284 519,035 544,955

Cumulative currency translation adjustments – – (21,267) (21,267)
Intangible assets – – 9,159 9,159
Goodwill – – 20,702 20,702
Impairment (3,000) – – (3,000)

Adjusted net assets 2,636 20,284 527,629 550,549

Cash (3,500) (1,075) (572,886) (577,461)

Adjusted net assets (net of cash) (864) 19,209 (45,257) (26,912)

202
35 Discontinued operations (continued)
35.1 Summary of gain on sale of subsidiaries (continued)

Massy
Endervelt Properties Massy United
Limited (Trinidad) Ltd. Insurance Ltd. Total
$ $ $ $

Proceeds 2,500 55,775 620,084 678,359

Direct costs (107) (557) (43,705) (44,369)
Cash (3,500) (1,075) (572,886) (577,461)

Proceeds, net of cash sold and direct costs (1,107) 54,143 3,493 56,529

Gain/(loss) on sale (243) 34,934 48,750 83,441

35.2 Held for Sale entities

Assets reclassified to Held for Sale for the period ended September 30, 2023:

Massy
Massycard Properties
(Barbados) (Barbados)
Ltd. Ltd. Total
$ $ $

Property, plant and equipment 3,972 19,997 23,969

Investment properties – 175,736 175,736
Financial assets
- Instalment credit and other accounts 67,838 – 67,838
- Loan receivables – 26,995 26,995
Trade & other receivables – 8,487 8,487
Cash & cash equivalents – 2,393 2,393
Inventories – 2,055 2,055
Other current assets – – –

Total assets 71,810 235,663 307,473

Liabilities reclassified to Held for Sale for the period ended September 30, 2023.

Massy
Properties
(Barbados)
Ltd.
$

Trade and other payables 10,474

Deferred income tax liabilities 66

Total assets 10,540

2023 Annual Report 203

MASSY HOLDINGS LTD
 35 Discontinued operations (continued)
35.2 Held for Sale entities (continued)

Assets reclassified to Held for Sale for the period ended September 30, 2022.

Massycard
(Barbados)
Ltd. Other Total
$ $ $

Property, plant and equipment 3,678 – 3,678

Financial assets
- Instalment credit and other accounts 71,131 – 71,131
Other current assets – 5,012 5,012

Total assets 74,809 5,012 79,821

35.3 Analysis of the results of discontinued operations

2023 2022
$ $

Revenue 48,323 413,180

Operating profit before finance costs
and expected credit losses (20,572) 86,755
Expected credit losses 224 1,226

Operating profit before finance costs (20,348) 87,981

Finance cost - net – 1,826

Operating profit after finance costs (20,348) 89,807

Income tax expense (19) (4,101)

Profit after income tax (20,367) 85,706

Gain on sale of discontinued operations – 83,441

Profit for the year from discontinued operations (20,367) 169,147

Attributable to:
Owners of the parent (20,367) 169,147

(20,367) 169,147

Analysis of profit before tax from discontinued operations as per
consolidated statement of cashflows:
Operating profit after finance costs (20,348) 89,807
Gain on sale of discontinued operations – 83,441

(20,348) 173,248

204
 35 Discontinued operations (continued)
35.3 Analysis of the results of discontinued operations (continued)

Massy Properties Massy United Massycard Endervelt Massy Properties

(Barbados) Ltd. Insurance Ltd. (Barbados) Ltd. Other Limited (Trinidad) Ltd. Total
2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022
$ $ $ $ $ $ $ $ $ $ $ $ $ $

Revenue 28,150 40,541 – 344,404 20,174 21,769 – – – 35 – 6,431 48,323 413,180

Operating profit before
finance costs and
expected credit losses (26,512) 34,385 – 18,495 3,532 8,380 2,408 24,688 – 6,214 – (5,407) (20,572) 86,755
Expected credit losses 24 (83) – – 200 1,309 – – – – – – 224 1,226

Operating profit before

finance costs (26,488) 34,302 – 18,495 3,732 9,689 2,408 24,688 – 6,214 – (5,407) (20,348) 87,981
Finance cost - net – – – 1,826 – – – – – – – – – 1,826

Operating profit after

finance costs (26,488) 34,302 – 20,321 3,732 9,689 2,408 24,688 – 6,214 – (5,407) (20,348) 89,807
Income Tax Expense – – – (3,926) (19) 160 – – – 1 – (336) (19) (4,101)

Profit after
income tax (26,488) 34,302 – 16,395 3,713 9,849 2,408 24,688 – 6,215 – (5,743) (20,367) 85,706

Attributable to:
Owners of the parent (26,488) 34,302 – 16,395 3,713 9,849 2,408 24,688 – 6,215 – (5,743) (20,367) 85,706

(26,488) 34,302 – 16,395 3,713 9,849 2,408 24,688 – 6,215 – (5,743) (20,367) 85,706

MASSY HOLDINGS LTD

2023 Annual Report
205
 35 Discontinued operations (continued)

35.4 Analysis of cash flows from material disposals

2023 2022
$ $

Net cash inflow from operating activities 11,514 75,324

Net cash inflow from investing activities 110,556 124,523
Net cash outflow from financing activities (122,824) (270,255)

(754) (70,408)

35.5 Restatement of results from material disposals

The consolidated statement of profit or loss for 30 September 2022 was restated for the Massy Properties (Barbados) Ltd.
being classified as discontinued.

As previously
reported Adjustment Restated
2022 2022 2022
$ $ $

Continuing Operations:
Revenue 12,367,145 (40,541) 12,326,604

Operating profit before finance costs and expected credit losses 1,135,476 (34,385) 1,101,091
Expected credit losses (23,587) 83 (23,504)

Operating profits before finance costs 1,111,889 (34,302) 1,077,587

Finance cost - net (101,412) – (101,412)

Operating profits after finance cost 1,010,477 (34,302) 976,175

Share of results of associates and joint ventures 18,842 – 18,842

Profit before income tax 1,029,319 (34,302) 995,017

Income tax expense (305,976) – (305,976)

Profit for the year from continuing operations 723,343 (34,302) 689,041

Discontinued operations:
Gain on sale of discontinued operations 83,441 – 83,441
Profit after tax discontinued operations 51,404 34,302 85,706

Profit for the year from discontinued operations 134,845 34,302 169,147

Profit for the year 858,188 – 858,188

206
35 Discontinued operations (continued)
35.5 Restatement of results from material disposals (continued)

As previously
reported Adjustment Restated
2022 2022 2022
$ $ $

Owners of the parent:

Profit for the year from continuing operations 679,084 (34,302) 644,782
Profit for the year from discontinued operations 134,845 34,302 169,147

813,929 – 813,929
Non-controlling interests:
Profit for the year from continuing operations 44,259 – 44,259

Profit attributable to non-controlling interests 44,259 – 44,259

Profit for the year 858,188 – 858,188

Basic earnings per share

- from continuing operations 34.31 (1.74) 32.57
- from discontinued operations 6.81 1.74 8.55

41.12 – 41.12

2023 Annual Report 207

MASSY HOLDINGS LTD
 Five Year Review
Year ended September 30, Expressed in Thousands of Trinidad and Tobago dollars, except where otherwise stated

Sept. 2019 Sept. 2020 Sept. 2021 Sept. 2022 Sept. 2023
(Restated) (Restated) (Restated) (Restated)

Income Statement Information

Third party revenue 10,364,174 10,205,454 11,089,117 12,326,604 14,195,284
Operating profit before finance costs 719,756 764,432 968,335 1,077,587 1,394,050
Finance costs (69,699) (112,318) (102,767) (101,412) (168,787)
Share of results of associates and joint ventures 61,429 48,948 50,296 18,842 3,792
Profit before tax 711,486 701,062 915,864 995,017 1,229,055
Effective tax rate (%) 36 36 27 31 32
Profit for the year from continuing operations 454,958 448,452 666,023 689,041 833,299
Profit/(loss) for the year from discontinued operations 158,274 294,699 156,005 169,147 (20,367)
Profit/(loss) for the year 613,232 743,151 822,028 858,188 812,932
Profit attributable to owners of the parent 563,164 696,403 788,458 813,929 764,195
Basic earnings per share
- from continuing operations (¢) 21.51 21.06 31.92 32.57 39.64
Basic loss per share
- from discontinued operations (¢) 7.30 14.48 8.17 8.55 (1.03)
Total earnings per share (¢) 28.81 35.54 40.09 41.12 38.61

Balance Sheet Information
Non current assets 4,985,705 5,445,388 5,179,494 6,380,903 7,665,266
Current assets 7,339,368 7,794,359 8,355,415 6,317,680 7,875,584
Total assets 12,325,073 13,239,747 13,534,909 12,698,583 15,540,850
Non current liabilities 2,400,675 2,764,101 2,846,504 2,924,592 3,012,836
Current liabilities 3,977,457 4,058,602 3,856,234 2,521,208 4,919,508
Total liabilities 6,378,132 6,822,703 6,702,738 5,445,800 7,932,344
Shareholder’s equity 5,713,898 6,170,638 6,668,132 7,066,954 7,401,469
Non-controlling interests 233,043 246,406 164,039 185,829 207,037
Equity 5,946,941 6,417,044 6,832,171 7,252,783 7,608,506
Cash 2,073,058 2,533,621 2,034,141 1,227,119 1,289,686
Debt 2,199,712 2,117,280 1,709,901 1,786,228 3,490,540

Balance Sheet Quality Measures
Working Capital 3,361,911 3,735,757 4,499,181 3,796,472 2,956,076
Current Ratio 1.85 1.92 2.17 2.51 1.60
Quick Ratio 1.46 1.53 1.74 1.69 1.10
Total debt to shareholder’s equity (%) 38.5 34.3 25.6 25.3 47.2
Total debt to shareholder’s equity and debt (%) 27.8 25.5 20.4 20.2 32.0

Cash Flow Information
Cash flow from operating activities 805,869 839,173 414,037 681,111 802,397
Cash flow from investing activities 16,942 14,898 221,891 (1,557,126) (1,990,041)
Cash flow from financing activities (354,078) (389,621) (794,623) (318,692) 1,226,431
Net increase/(decrease) in cash, cash equivalents
before exchange rate changes 468,733 464,450 (158,695) (1,194,707) 38,787

208
2023 Annual Report 209
MASSY HOLDINGS LTD