A n n u a l R e p o r t 2 0 1 3
18
Annual Report 2013
Introduction
In 2013 the TCL Group
registered amajor turnaround
in its performance, after
three (3) consecutive years of
reported losses. The Group
recorded a Net Profit After
Tax of $67.3 million (2012:
Net Loss of $344.5 million).
The economies of the
Group’s traditional markets
experienced modest growth
in 2013 (with the exception
of Barbados) and, in fact,
recorded increases in cement
consumption. This trend
is expected to continue
in 2014. Additionally, the
Group’s two (2) largest
export markets – Suriname
and Guyana – continued
to
outperform
other
territories recording GDP
growth rates of 4.7% and
5.3% respectively. (Source:
International Monetary Fund, World Economic Outlook
Database October 2013)
During the year, the Group prudently managed its
operations under tight cash constraints from internally
generated funds. A key covenant in the Debt Restructuring
Agreement limits Capital Expenditure to US$15 million,
which requires the Management of the Group to be
selective in both the timing and type of works to be
undertaken at the Group’s various plants.
We are pleased to report that all loan payment obligations
and covenant target ratios and measurements have been
successfully honoured and achieved to date, despite the
continued challenges on the road to full recovery.
1.0 HEALTH SAFETY AND ENVIRONMENT (HSE)
Occupational Health and Safety – Safety Performance
At the end of 2013, the Group recorded seven (7) lost-
time accidents (LTAs) among the Permanent and Casual
workforce, three (3) LTAs among Contractor employees
and one (1) fatality, which occurred at CCCL’s Rockfort
quarry. The truck driver, who died, inexplicably exited his
truck, out of the line of sight of the excavator operator
while waiting in the queue to be loaded, and was hit by
the excavator. Notwithstanding this unfortunate death,
TCL Ponsa Manufacturing Limited (TPM), Jamaica Gypsum
Quarries Limited (JGQ), TCL Packaging Limited (TPL), TCL
Guyana Inc. (TGI), must be commended for achieving over
5.8 continuous years without an LTA among all categories
of employees with TPM attaining the record of 6.38
continuous years without an LTA. The Group’s Behaviour-
based Safety Programmes continued to be implemented
at TPM, TPL and ACCL. No company in the TCL Group
received any adverse OSH notice from a Regulatory
Authority for any breaches of OSH legal requirements.
The Group also tracked on a monthly basis, each
company’s performance in a comprehensive suite of
proactive “leading” OSH key performance indicators
(KPIs). Overall, in 2013, all companies maintained good
performance as required by the leading OSH KPIs. Particular
attention was paid to ensuring that all statutorily required
meetings, inspections, and certification of equipment
were completed, and to maintaining a high level of safety
vigilance among all personnel on-site, through the system
of reporting of hazardous conditions or acts.
The Annual Group HSE Forum, a meeting of the Group
CEO, GMs, and senior Operations and HSSE personnel,
was held in November 2013 in Trinidad. Key discussion
areas included critical review of each Company’s HSE
performance, Quarry Safety Rules, Electrical Safety, and
Environmental Improvements.
Environmental Management
In 2013, the Group re-affirmed its ongoing commitment to
pollution prevention, compliance with legal environmental
requirements, and dedication to continual improvement
of its environmental performance. The three (3) cement
companies – Trinidad Cement Limited, Caribbean Cement
Company Limited and Arawak Cement Company Limited
– all successfully completed their respective ISO 14001
EMS Audits, and maintained their Certification status. Due
primarily to challenges in maintaining major plant and
equipment and controlling material-handling operations
in 2013, there were episodes which gave rise to external
complaints (ACCL & TCL) and official site warning notices
(CCCL). Issues were addressed in accordance with the EMS
procedures, through repair and maintenance of critical
equipment and increased process control, and dialogue
with key stakeholders.
Group CEO’s Report &
Management Discussion 2013
Dr. Rollin Bertrand
Group Chief Executive Officer
We are pleased to report that all loan payment obligations and covenant target
ratios and measurements have been successfully honoured and achieved to
date, despite the continued challenges on the road to full recovery.
