Directors - Caribbean Cement Company Limited

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CARIBBEAN CEMENT COMPANY LIMITED AND ITS SUBSIDIARIESNotes to the Consolidated Financial StatementsYear ended 31 December 2008(Expressed in Jamaican Dollars)1. Corporate informationCaribbean Cement Company Limited (the “Company”) and its Subsidiaries areincorporated under the laws of Jamaica. The Company is a public company listed on theJamaica Stock Exchange.The Company is a 65.65% owned subsidiary of TCL (Nevis) Limited. TCL (Nevis)Limited is a wholly owned subsidiary of Trinidad Cement Limited (the “Ultimate ParentCompany”) which also owns 8.45% of the ordinary shares of the Company. The principalactivities of Caribbean Cement Company Limited and its Subsidiaries (the “Group”) arethe manufacture and sale of cement, the mining and sale of gypsum, shale and pozzolan,and the management of port facilities.The registered office of the Company is Rockfort, Kingston, Jamaica.2. Significant accounting policiesThe most significant policies are summarized below:a) Basis of preparation(i) Statement of complianceThese financial statements have been prepared in accordance withInternational Financial Reporting Standards (“IFRS”) and the requirements ofthe Jamaican Companies Act.(ii) Current year changes in accounting standards and interpretationsThe Group has adopted all the new and revised accounting standards andinterpretations to existing accounting standards that are mandatory for annualaccounting periods beginning on or after 1 January 2008 and which arerelevant to the Group’s operations. The following revised accountingstandard and interpretations were adopted:40• IAS 39 (Amendment), Financial instruments: Recognition andmeasurementAn amendment to IAS 39 was issued in October 2008, which permits anentity to reclassify non-derivative financial assets (other than thosedesignated at fair value through profit or loss by the entity upon initialrecognition) out of the fair value through profit or loss category inparticular circumstances. The amendment also permits an entity totransfer from the available-for-sale category to the loans and receivablescategory a financial asset that would have met the definition of loans andreceivables (if the financial asset had not been designated as availablefor sale), if the entity has the intention and ability to hold that financialasset for the foreseeable future. The Company did not exercise thisoption and as such IAS 39 (Amendment) had no impact on thesefinancial statements.12CARIBBEAN CEMENT COMPANY & ITS SUBSIDIARIES
CARIBBEAN CEMENT COMPANY LIMITED AND ITS SUBSIDIARIESNotes to the Consolidated Financial StatementsYear ended 31 December 2008(Expressed in Jamaican Dollars)2. Significant accounting policies (continued)a) Basis of preparation (continued)(ii) Current year changes in accounting standards and interpretations(continued)• IFRIC 11, IFRS 2, Group and Treasury share transactionsThis interpretation requires arrangements whereby an employee isgranted rights to an entity’s equity instruments to be accounted for as anequity – settled scheme, even if the entity buys the instruments fromanother party, or the shareholders provide equity instrument needed; Norights to equity instruments were granted by the Company and as suchthis interpretation had no impact on the Company and as such thisinterpretation had no impact on these financial statements.• IFRIC 12, Service Concession ArrangementsThis interpretation applies to service concession operators and explainshow to account for the obligations undertaken and rights received inservice concession arrangements. The Group did not operate a serviceconcession and hence this interpretation had no impact on the Group.(iii) Future changes in accounting standards and interpretationsCertain new standards and amendments to and interpretation of existingaccounting standards have been published but which are not yet effective andthe Group has not adopted early. Those which will be effective foraccounting periods ending after 31 December 2008 are:• IAS 1 (Revised), Presentation of Financial Statements (effectivefrom annual periods beginning on or after 1 January 2009) requiresthe separation of owner and non-owner changes in equity, throughthe introduction of a statement of comprehensive income. Theseamendments will result in additional disclosures.• IAS 23 (Revised), Borrowing Costs (effective from annual periodsbeginning on or after 1 January 2009) requires capitalization ofborrowing costs that relate to a qualifying asset. The transitionalprovisions of the standard require prospective application from theeffective date. The impact of this amendment has not yet beenassessed by the Management of the Company.1341ANNUAL REPORT 2008
Page 3 and 4: Corporate DataCARIBBEAN CEMENT COMP
Page 5 and 6: Mr. Derek Jones wasappointed to the
Page 7: Objectives of the BoardAudit Commit
Page 10 and 11: Statement from the ChairmanThe year
Page 12 and 13: Outlook for 2009With the impact of
Page 14 and 15: Management Discussion & AnalysisOpe
Page 16 and 17: 10.009.008.007.006.005.004.003.002.
Page 18: Senior Management TeamFrancis L.A.
Page 21 and 22: 21ANNUAL REPORT 2008
Page 23 and 24: CEMENT MILL 5UNDER CONSTRUCTIONThe
Page 25 and 26: ‘PLANTS FOR LIFE’The Plants for
Page 28 and 29: Ten Year Financial Summary(In $’0
Page 30 and 31: CARIBBEAN CEMENT COMPANY LIMITED AN

Directors - Caribbean Cement Company Limited

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