Notes to Consolidated Financial Statements - Barbados Investment ...

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Table lV DOMESTIC EXPORTS TO CARICOM BY MARKETS FISCAL YEAR 2007/08 AND 2008/09 (BDS$) CARICOM MARKETS 2007/08 R 2008/09 P % Change ANGUILLA 2,656,813 3,418,594 28.67 ANTIGUA 16,301,046 19,185,179 17.69 BELIZE 4,295,816 4,112,874 -4.26 DOMINICA 8,663,513 9,270,926 7.01 GRENADA 17,752,758 17,088,039 -3.74 GUYANA 19,706,640 26,848,991 36.24 JAMAICA 32,859,659 29,943,487 -8.87 MONTSERRAT 569,091 411,414 -27.71 ST. KITTS/NEVIS 10,048,687 13,320,565 32.56 ST. LUCIA 38,759,984 41,063,172 5.94 ST.VINCENT 25,362,527 22,076,371 -12.96 SURINAME 9,862,104 7,297,024 -26.01 TRINIDAD & TOBAGO 80,458,629 32,689,855 P -59.37 TOTAL 267,297,267 226,726,491 -15.18 R – Revised P – Provisional Source: Barbados Statistical Service TABLE V DOMESTIC EXPORTS TO MAJOR MARKETS BY VALUE AND PERCENTAGE SHARE FISCAL YEAR 2007/08 AND 2008/09 (BDS$) 2007/08 R 2008/09 P MARKETS $ BDS % Share $ BDS % Share CARICOM 267,297,267 52.02 226,726,491P 49.25 USA 78,997,493 15.37 81,319,609 17.66 Canada 15,525,315 3.02 19,402,121 4.21 EU 75,640,386 14.72 73,272,999 15.92 Dominican Republic 2,227,736 0.43 3,577,085 0.78 Other 74,186,803 14.44 56,082,567 12.18 TOTAL 513,875,000 100.00 460,380,872 100.00 R – Revised P – Provisional Source: Barbados Statistical Service 20 BARBADOS INVESTMENT AND DEVELOPMENT CORPORATION ANNUAL REPORT 2009
during the period under review. Approximately BDS$4.5 million was spent on maintenance. The capital works programme however suffered a major setback in July 2008 when fire destroyed a number of units and damaged several others at the Grazettes Industrial Park. As a result of the fire, some 44,000 square feet of viable space was placed out of use. Prompt response by BIDC personnel mitigated dislocation to the affected businesses and a number of them were relocated shortly thereafter and were able to continue their operations. The BIDC has committed itself to the installation of sprinkler systems in high risk buildings and to the reduction of all fire risks. In addition the corporation is working with the Chief Fire Officer to certify that all its buildings are safe. As part of the capital works programme, construction resumed on the completion of the buildings at Newton Business Park. This followed the appointment of a new contractor in January 2008. At the end of March 2009, approximately 80% of the construction work was completed. This was despite a number of delays due to unforeseen engineering problems that needed to be corrected. This phase of the project now has an anticipated completion date of June 2009. Efforts to lease and sell properties within the industrial estates it is believed will further enhance the corporation’s performance in property management. Proceeds from the sale of properties will provide funds for capital expansion and refurbishment and will at the same time provide equity for manufacturers who on purchasing would be the owners of the properties. Two properties were sold during the period under review, and proceedings for the sale of another two have started. RENT COLLECTION The collection of rents is a key revenue generating activity for the Corporation. The efforts of the Accounting Services Department during the review period realized BDS$10.0 million in rent, up 1.01% from the BDS$9.94 million collected in the previous year. This represents a collection rate of 90% of billings as compared with 95% in the previous year. While revenues increased as a result of increased occupancy and as additional space was made available during the review period, the number of clients failing to service their rental obligations also increased. The BIDC remains committed to assisting companies in meeting their rental commitments and continues to work with tenants to identify alternative payment plans that redound to the benefit of all parties. The Corporation will at the same time seek to expand its space recovery program in the upcoming fiscal period. HUMAN RESOURCE DEVELOPMENT As part of efforts to respond more effectively to the challenges emerging within the indigenous manufacturing and services sectors and in support of its revised mandate, further organizational restructuring was undertaken during the period under review. The process of staff reassignments and filling approved positions was mostly completed. The staff training programme was continued in support of the restructuring process. This ensured that employees were well prepared to effectively perform their assigned duties and were better positioned to accomplish organizational objectives. Over 90% of agreed training programmes were completed, but as a result of financial constraints in the last quarter activity in this area had to be restricted. In support of organizational and staff development, a Human Resource Information System was acquired and will be implemented in the new financial year. This system will facilitate effective planning and implementation of training programmes, increased use of human resource metrics and other related activities. During the year, the Corporation also implemented a revamped Performance Management System with no major concerns being reported. Some 99% of staff BARBADOS INVESTMENT AND DEVELOPMENT CORPORATION ANNUAL REPORT 2009 21
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Page 4 and 5: Mission To be a dynamic Business De
Page 6 and 7: Board Of Directors Members of the B
Page 8 and 9: Chairman’s Report The Year in Rev
Page 10 and 11: Operating Environment Global Indust
Page 12 and 13: FIGURE 1 DISTRIBUTION OF INVESTMENT
Page 14 and 15: 2. The development of a viable, hig
Page 16 and 17: partnership was developed with the
Page 18 and 19: assistance aimed at overall export
Page 22 and 23: appraisals were completed. Emphasis
Page 24 and 25: 2008/09 IN PICTURES The BIDC’s bo
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Page 28 and 29: Auditors’ Report To the Board of
Page 30 and 31: Consolidated Statement of Changes i
Page 32 and 33: Consolidated Statement of Cash Flow
Page 34 and 35: Notes to Consolidated Financial Sta
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