Trinidad Cement Limited
Annual Report 2012
28
PROGRESS
The turbulence within the Group during the first half of 2012 undoubtedly hindered
the initially anticipated progress of new market entry and penetration. However, the
Group was able to commence shipments on a contractual basis into Venezuela to
supply cement to a dam construction project there. Shipments into Haiti continued
under a yearly contract with two major players, whilst logistics arrangements were
finalised towards the end of the year for steady shipments into the French West
Indies. TCL continued to supply Brazil, despite some logistical challenges, and
occasional shipments have been made to Panama.
OUTLOOK
The rebuilding process in the Group is quite advanced and major maintenance
programmes were completed during the latter half of 2012, with certain planned
stops carded for the first half of 2013. The Group’s concerted action plan for a return
to profitability in 2013 has already begun to produce results, with a reported Net
Profit after Tax of $14.2 million for the first quarter of 2013.
We face the future with optimism to rightfully restore the Group’s Pride of Place, as
the premier manufacturing Pan Caribbean Company in the Region.
BOARD CHANGES: NEWDIRECTORS AND RESIGNATIONS
As reported in the 2011 annual report, effective 29 March, 2012, two new Directors
joined the TCL Board, in compliance with the terms of the Override Agreement.
Messrs. Jean Michel Allard and George Thomas were appointed in accordance with
paragraph 4.4.2 of Bye-law No. 1 to fill casual vacancies created by the resignations
of Dr. Leonard Nurse and Mr. Jeffrey Mc. Farlane, and to facilitate successful
Opportunities for the new TCL
We see tough times as opportunity,
not as challenge—opportunity to
focus on our core strengths, to create
better value for our customers and
shareholders, to eliminate waste and
operational redundancies and to
become a leaner organisation. The
new TCL is just that: more competitive,
more sustainable, more valuable.
The Year in Review
Group Chairman’s Report 2012 (continued)
