Businessuite magazine top 100 caribbean public companies 2015 digital edition

Businessuite - Special Monthly Edition

1


2

94D Old Hope RoadKingston 6Jamaica

Telephone: (876)978-5508/ 978-0426

(876)619-1351

Fax: (876)927-9125

Customer Feedback/ Queries:

E-Mail: [email protected]


3


4

ContentsEditorial

Our Ranking MethodologyThe Businessuite Caribbean Top 100 Companies For 2015

Human Resources Is Your Executive Office The Epicenter Of High Standards?

InternationalThe Global Economy In 2014World Economy Continued Its Gradual Recovery, While Inflation Slowed Further... Caribbean Development Bank.

How Caribbean Business Leaders Viewed The World In 2014. The Global Economy Continued Its Uneven Recovery Variability In Pace Of Economic Recovery Across Developed World

Protracted Challenges Faced By Many Countries

2015 Global OutlookThe International Business EnvironmentWorld Growth Set To Speed Up Slightly From 3.3% In 2014 To 3.5% In 2015 (Imfs January 2015 Update To The World Economic Outlook)

Growth In The Global Economy Is Expected To Remain Relatively Stable For 2015.

MarketingSelling Your Way To Greatness

7

8

10

11

14

15

16

20

24

25

28

29

Doing Business In The CaribbeanThe Caribbean RegionThe Fastest Growth Rates Were Estimated For The More Tourism Dependent Economies

Weaknesses Reflected In Many Of The Critical Economic Areas

Caribbean Economies Plagued With High Unemployment High Debt Burdens And Challenging Fiscal Adjustment Programmes

Burdensome Fiscal Deficits, Increasing Debt Levels, Dwindling Foreign Direct Investment, Remained Hindrances To The Economic Stability Of The Region

Top 100The Bottom 50

Business EnvironmentBetter Is Always In Demand

Country ReportsBarbadosBarbados Economy Continued To Struggle

Economic Fundamentals Continue To Be Weak

The Barbados Top 10

Top 100The Businessuite Magazine CaribbeanTop 40 by Profits

Country ReportsGuyanaGuyana economy struggling; still recovering from global recession.


5

ContentsGrowth continues at a slow pace.

The Guyana Top 10

Top 100The Businessuite Magazine CaribbeanTop 40 by Market Capitalisation

Country ReportsJamaicaImprovement In Investor Confidence Bodes Well For Continued Recovery In The Economy.

Key Economic Statistics:

The Jamaica Top 10

Top 100The Businessuite Magazine CaribbeanTop 40 by Revenue

Country ReportsTrinidad & TobagoPerformance Based Primarily On Increased Activity In Both The Energy And Non-Energy Sectors... Ronald F. deC. Harford

Trinidad And Tobago Top 10

Top 100The Businessuite MagazineCaribbean Top 10

RankingBusinessuite #10 Caribbean Ranked Public Company10. Sagicor Group Jamaica

9. Scotia Group Jamaica Ltd.

8. Goddard Enterprises

32

33

36

37

40

42

73

76

80

7. National Commercial Bank

6. CIBC First Caribbean International Bank

5. Republic Bank Group Limited

4. GraceKennedy Limited

3. Ansa Mcal Limited

2. Sagicor Financial Corporation

1. Massy Holdings Limited

Strategic Choices employed by the Businessuite Top 10 Companies

The 2015 Regional OutlookThe CEO Game PlanA Vision And Strategy Of Becoming A Global Consumer Group

Becoming One Of The Top Five Financial Services Institutions In The English And Spanish Speaking Caribbean

Maintain Emphasis On The Delivery Of Quality Products And Services By Our Team Of Professionals

Exploit Our Advantages And Opportunities While Managing Risks And Exposures.

The Groups 4 Strategic Priorities-2015

Add Convenience And Value To The Communities We Serve.

DOING BUSINESS IN THE CARIBBEAN2015 Regional OutlookGrowth Must Be More Inclusive And Sustainable, Not Just Faster And Critically Must Create Jobs

The Path To Sustained Growth During 2015 Will Continue To Be Challenging


6

Content DirectorKayla [email protected] Businessuite News Centre BNC

Publisher and Editor in ChiefAldo [email protected]

Subscription and [email protected]

Advertising [email protected]

Graphic Design and Layout: Bonito Thompson

Photo Credits Sourced from the internet and contributed

Social MediaCLICK Digital Agency

BusinessuiteonlineBusinessuite is your source for information, news and tools on starting, running and growing your business. We know your time is valuable and scarce, so we take the time to find, create and present all the information that will be relevant to the success of your business.

Businessuite Online, Businessuite Digital, Businessuite Magazine, Businessuite Today, Businessuite Minute and Businessuite News Channel are owned and operated by Blackslate Media Group.

PUBLISHERS:Businessuite News Centre BNC A division of the Blackslate Media GroupSilicon Mountain Mandeville JamaicaFor all information 876-630-2216 (Kingston Office)876- 342-9332 (Mobile)876-630-2216 (Mandeville Office)876-542-3719 (Mobile)[email protected]@blackslateholdings.comOR email [email protected]

Corporate Information:Blackslate Media Group Ltd, Silicon Mountain Mandeville Jamaica876-630-2216 (Kingston Office)876-458-3253 (Mobile)876-630-2216 (Mandeville Office)876-280-9192 (Mobile)To learn more about Blackslate go [email protected]

ISBN NumberISSN 0799-4427

Credits


7

o Editorial

Kayla WrightContent DirectorBusinessuite News Centre

As the Business environment continues to develop in the Caribbean, companies continue to focus on how best they can differentiate their products while remaining true to their origins.

Grace Kennedy which has its base in Jamaica remained focused on strengthening home aspect of its productions while attempting to grow its international presence. Meanwhile, ANSA McAL Limited in Trinidad and Tobago was keen maintaining its ability to deliver consistent performance and value in varying economic circumstances. And Massy Holdings Limited said it remained committed to pursuing opportunities outside of CARICOM.

The Businessuite News Centre (BNC) through its premier digital, print and online publications, Businessuite Magazine, Businessuite Magazine Digital and the www.businessuiteonline.com has been publishing the hugely popular and widely read annual Top 10 Jamaican CEOs since 2005 and most recently the annual 50 Most Powerful Women In Jamaican Businesses.

Last year, BNC expanded its coverage and rankings across the Caribbean and since then has sought to make the publishing of The Caribbeans Top 100 Public Companies and The Caribbeans Top 100 CEOs (due for publication next month), an annual occurrence. As the only Caribbean magazine with this kind of corporate and financial information, digitally published, our reach and exposure is substantially extended beyond the Caribbean. The Caribbeans Top 100 is available online to hundreds of thousands of investors and business executives looking to the Caribbean for investment opportunities and business partners.

In arriving at a universally accepted method for our rankings we researched other rankings such as that employed by FORTUNE and FORBES magazines. We sought to adopt these tried and proven methods adjusting for local peculiarities. The intent is to compare and measure companies on The Businessuite Caribbean Top 100 with those on the FORTUNE and FORBES rankings.

Companies used for the Businessuite Top 100 are publically listed on one or a combination of the following Caribbean stock exchanges: Jamaica, Guyana, Barbados and Trinidad and Tobago.

Our primary ranking is based on US$ Revenues, supported by Profits After Tax and Capitalization used to further highlight the top performers. We have also included individual Top 10 rankings for the main markets of Jamaica, Trinidad and Tobago, Barbados and Guyana.

For the main Businessuite Top 100 Ranking, the companies are ranked by total revenues for their respective fiscal years in US$.

An undertaking of this magnitude would not have been possible with the support and cooperation of the following people and organisations.

Barry Blenman Operations Supervisor - Business Development, Barbados Stock Exchange Inc. George Edwards General Manager Guyana Stock Exchange Mrs. Marlene Street Forrest General Manager Jamaica Stock Exchange and her marketing

team of Michael Johnson and Neville Ellis Trinidad and Tobago Stock Exchange Information Department Klao Bell-Lewis Communications Director and Collin Cunningham Communications Officer at

the Caribbean Development Bank Businessuite News Centre (BNC) and Blackslate Media Group team members

Your collective efforts and contribution has made this publication possible.

Every effort has been made to ensure the accuracy of the information presented.. Your assistance in helping to improve the creditability and reliability of the information by pointing out such errors and omissions in addition to suggestions for improvement will be greatly appreciated.BM


8

The Businessuite Caribbean Top 100 Companies for 2015

o Our Ranking Methodology

1. Companies used for the Businessuite 100 are publically listed on one or a combination of the following exchanges: Jamaica, Guyana, Barbados and Trinidad and Tobago.

2. For the main Businessuite Top 100 Ranking, the companies are ranked by total revenues for their respective fiscal years in US$.

3. Percent change calculations for revenue, net income, and earnings per share are based on data as originally reported. They are not restated for mergers, acquisitions, or accounting changes.

4. The only changes to the prior years data are for significant restatement due to reporting errors that require a company to file amended reports.

5. Revenues are as reported, including revenues from discontinued operations when published. If a spinoff is on the list, it has not been included in discontinued operations.

6. Revenues for commercial banks and savings institutions are interest and noninterest revenues.

7. Revenues for insurance companies include premium and annuity income, investment income, and capital gains or losses but exclude deposits.

8. Revenues figures for all companies include consolidated subsidiaries and exclude excise taxes.

9. Data shown are for the fiscal year ended on or before December. 31, 2014. Unless otherwise noted, all figures are for the year ended Dec. 31, 2014.

10. Profits are shown after taxes, extraordinary credits or charges, cumulative effects of accounting changes, and non-controlling interests (including subsidiary preferred dividends).

11. Figures in parentheses indicate a loss. Profit declines of more than 100% reflect swings from 2014 profits to 2013 losses.

12. Balance Sheet Assets are the companys year-end total.

13. Total stockholders equity is the sum of all capital stock, paid-in capital, and retained earnings at the companys year-end. Excluded is equity attributable to non-controlling interests. Also excluded is redeemable preferred stock whose redemption is either mandatory or outside the companys control. Dividends paid on such stock have been subtracted from the profit figures used in calculating return on equity.

14. Earnings Per Share The figure shown for each company is the diluted earnings-per-share figure that appears on the income statement. Per-share earnings are adjusted for stock splits and stock dividends. Though earnings-per-share numbers are not marked by footnotes, if a companys profits are footnoted it can be assumed that earnings per share is affected as well.

15. The five-year earnings-growth rates are the annual rates, compounded.

16. Total Return to Investors includes both price appreciation and dividend yield to an investor in the companys common stock. The figures shown assume sales at the end of 2013 of stock owned at the end of 2012. It has been assumed that any proceeds from cash dividends and stock received in spinoffs were reinvested when they were paid.

17. Returns are adjusted for stock splits, stock dividends, recapitalizations, and corporate reorganizations as they occurred; however, no effort has been made to reflect the cost of brokerage commissions or of taxes.

18. Total-return percentages shown are the returns received by the hypothetical investor described above.

19. The five-year returns are the annual rates, compounded.

20. Medians: No attempt has been made to calculate median figures in the tables for groups of fewer than four companies. The medians for profit changes from 2012 to 2013 do not include companies that lost money in 2012 or lost money in both 2012 and 2013, because no meaningful percentage changes can be calculated in such cases.

21. 21. Market Capitalization (on December 31, 2014) is the total value of the issued shares of the company; i.e. the yearend share price times the number of shares outstanding.

The PublishersBusinessuite News Centre (BNC)[email protected]


9

Where You Will Find The Caribbeans Top Business Leaders


10

Is Your Executive Office the Epicenter of High Standards?

o Human Resources

By Francis WadeAuthor and Management Consultant

I have never seen a study comparing the value of CEO/Managing Director time with that of the average employee but Im willing to make a bet. Id wager that ten minutes of a CEOs time may be worth a few days of the average employees time. In this regard it is suggested that CEOs consider the major question, Is your executive office the Epicenter of High Standards?I have experienced CEOs who appear to be as scatter-brained as the most junior clerk when it comes to managing their time. They chase from one appointment to another, late as usual. (Bill Clinton was famous for this particular habit.) They miss deadlines, forcing them to work overtime, usually in the company of others. In meetings they are constantly distracted by something more important than the task they are working on at the moment.

People around them eventually learn to overcome their ineffectiveness, shooting off frequent reminders and updates to keep them on track. No-one has the courage to give them serious feedback so they just dont realise they are always behind. They are blind to the example they are setting.

Its a pity, because their ability to operationalize their daily activity has everything to do with the bottom line. The CEOs office is the one that needs to be the best run.

I worked with a top executive who actually understood the high stakes he was dealt. He demanded that anyone who worked close to him needed to be specifically trained in high performance: a process which took several months. Only a few made the cut, but at the end he had a highly efficient team who could make his day run smoothly. If you are an executive, here are some things you should also be doing.

1. Hire a Powerful Administrative Assistant Recently McKinsey reported that the best executives have top notch executive help. Unfortunately, too many companies treat this position as a perk, rather than a requirement, selecting admins from a pool of available resumes. The result? I once heard of a local assistant who booked a flight to a city with the same name... on the wrong continent.

2. Assigning Ownership In most companies, the job of assuring individual, executive productivity falls into the gap between H.R. and I.T. In other words, no-one owns the issue, so decisions about apps, devices and software are made randomly. This results in inefficiency and waste as even simple activities, such as meeting coordination, are left to chance. Frustration and tension can only be avoided when someone is given the ownership of this critical role.

3. Learning the Best Practices Too many top executives assume that if they are the most productive person in their office, it must be good enough. Unfortunately, this standard is often too low causing them to flounder, taking everyone else with them. They simply dont realize the power they wield, or the influence they have over other people in the organization who look at them to keep high standards of performance.

The CEOs office needs to be striving for world-class standards of productivity. It just cant be left to chance.----Francis Wade is the author of Perfect Time-Based Productivity, a keynote speaker and a management consultant. To receive a free summary of links to his past articles, send an email to [email protected]


11

o International

Global economic output expanded by an estimated 3.3% in 2014, the same as in 2013, according to the January 2015 update to the International Monetary Fund (IMF) World Economic Outlook. Growth continued to be driven

by emerging and developing economies, especially China and India, but there were some improvements among advanced economies as well.

Growth in the United States (US) increased from 2.2% in 2013 to 2.4% and, as an upshot, unemployment fell, while inflation remained low.

The combined Euro area experienced a return to positive growth (0.8%), although within this Germany grew by 1.5%, while Italy continued to contract, by 0.4%. Domestic demand continued to increase in advanced economies, where unemployment rates fell even in the Euro Area, although this was still higher than other advanced economies, reflecting uncertainty about the future of the single currency and fear of deflation.

Inflationary pressures remained low globally, driven by falls in commodity prices, especially the 40% fall in the price of crude oil during the year. Monetary policy in advanced economies therefore remained largely accommodative.

The US Federal Reserve ended its quantitative easing programme in October, but interest rates were kept low there and elsewhere, including in the United Kingdom. Figure 1 presents growth, unemployment and inflation rates for advanced economies, which are the major trading partners of CDBs borrowing member countries (BMCs), as well as trends in international commodity prices. BM

Source: CDB 2014 Caribbean Economic Review & Outlook for 2015

World Economy Continued Its Gradual Recovery, While Inflation Slowed Further... Caribbean Development Bank.

The Global Economy in 2014

Global economic output expanded by an estimated 3.3% in 2014, the same as in 2013, according to the January 2015 update to the International Monetary Fund (IMF)

World Economic Outlook.


12

HOW CARIBBEAN BUSINESS LEADERS VIEWED THE WORLD IN 2014.

The Global Economy Continued Its Uneven Recovery

In order to attain a better understanding of the whys and hows of the strategic choices made by the Caribbean leaders, it is necessary to have some insight into how they see and maneuver the business world and economy.

To determine this information, the Businessuite Magazine team reviewed the annual reports for the 2014 Financial Year. Based on these reports, it was determined that despite differences in management styles, product offerings and locations, the Caribbean Business Leaders faced similar challenges and implemented similar strategies to overcome these challenges. The following excerpts from the annual reports best illustrate these similarities.

Advanced economies took the lead as emerging markets experienced challenges given the mounting threat emanating from the scaling back of the accommodative policy of the US Federal Reserve, widely known as

Quantitative Easing (QE). The Federal Reserve has been reducing its monthly bond purchases under QE, signaling its confidence in the current trajectory of the countrys economic performance. Supporting this move, is the fact that there have been positive signs in key pockets of the economy, which contributed to US GDP expanding by 4.6% in the April to June quarter of 2014, while unemployment declined to 6.1% from 7.2% in the previous year. There was favourable news in other parts of the world as the UK appeared to have recovered the output lost during the financial crisis and is on track for a solid performance. Output was 3.2% higher than a year earlier, the fastest annual pace in six years and has surpassed its pre-recession 2008 GDP peak.

The IMF raised its U.K. growth forecast recently to 3.2%, putting Britain on course to expand more rapidly than the U.S. in 2014. The Eurozone on the other hand, continues to be beset by challenges. Initiatives undertaken by the European Central Bank (ECB) to promote credit expansion and economic growth through its low interest rate policy and long term refinancing operation (LTRO), failed to provide the necessary growth impetus.

By Patrick A. Hylton, CDGroup Managing DirectorNational Commercial Bank Jamaica

The World Bank revised its growth forecast for the Eurozone downwards to 0.9% for 2014 and 1.6% in 2015, from 1.0% and 1.7% respectively. Plagued by sluggish growth, high levels of unemployment and the possibility of deflation, the ECB announced, on September 4, 2014, plans to pursue even further accommodative measures. This time around, the ECB plans to initiate monthly bond purchases of asset backed securities (ABS), which will be employed with the view of increasing banking system liquidity and expanding credit. Despite the slowdown in the Eurozone, robust growth momentum from heavyweight economies such as the US, UK and China is likely to drive global economic activity. As such, the global output is expected to pick up speed as the year progresses and is projected to expand by 2.8% this year, strengthening to 3.4% and 3.5% in 2015 and 2016, respectively. The World Bank expects that high-income economies will contribute about half of global growth in 2015 and 2016, compared with less than 40% in 2013. The acceleration in high-income economies will be an important impetus for developing countries such as Jamaica. Of note though, mounting geopolitical tensions involving the US, Europe and Middle Eastern countries have the potential to reverse prior economic gains, in the event these developments become protracted.

o International

o International




13

Variability In Pace Of Economic Recovery Across Developed World

The 2014 financial year saw variability in the pace of economic recovery across the developed world, as evidenced through relatively moderate growth of 2.4% in the United States of America (USA), while the economies of Europe and Japan experienced growth of 0.8% and 0.1% respectively. Despite the positive signs in the USA, global growth remained tenuous

as recessionary headwinds stagnated growth in Europe and Japan. This necessitated the prolongation of the accommodative fiscal and monetary policies, particularly within developed economies throughout 2014. Furthermore, the unexpectedly sharp and extended decline in oil prices negatively impacted oil exporting emerging market countries, namely Russia. In light of the general anemic economic conditions which prevailed in the broader developed and emerging market economies, the International Monetary Fund revised downward its projections for global growth by 0.3% to 3.5% for 2015. In the USA, economic indicators showed improvement. Consumer spending increased during the fourth quarter of 2014, while the unemployment rate declined to 5.6% in December, the lowest level since 2008. Against the backdrop of encouraging economic data, the Federal Reserve concluded its bond repurchase programme in October 2014. However, the protracted decline of global oil prices further constrained the already subdued level of inflation, which stood at 1.3% in November 2014, and prompted the continuance of near zero interest rates for the foreseeable future. In Europe, the low level of inflation, coupled with the generally weak investment climate and persistently high unemployment, continued to weigh on economic growth. Therefore, the European Central Bank (ECB) maintained its relaxed fiscal policy stance and held interest rates constant at an unprecedentedly low level.

In the wake of a weaker than expected first quarter economic growth, the prospects of a solid rebound going into the second half of 2014 looked good. However, the protracted challenges faced by many countries, both individually and collectively, combined with still-fragile economic recoveries, produced yet another round of lower-than-expected growth

performances, and triggered a wave of downward forecast revisions. Despite varying levels of growth among its members, developed countries are collectively forecasted to expand by 1.8% in 2014. Developing countries, many of which appear to be settling back to growth levels lower than the pre-crisis boom and post-crisis recovery, are expected to grow by 4.4% this year. The October edition of the International Monetary Funds (IMF) World Economic Outlook, forecasts that the world economy will expand by 3.3% this year and 3.8% in 2015, both downward revisions from Aprils forecasts. New geo-political developments such as the disruption in the Middle East caused by Islamic State Militants and the spread of the Ebola virus, if not checked, could contribute to much smaller growth in 2015.

By Stephen McNamaraNon-Executive ChairmanSagicor Financial Corporation

By Ronald F. deC. HarfordChairman

o International The Global Economy in 2014

o International The Global Economy in 2014Protracted Challenges Faced By Many Countries


14

World growth set to speed up slightly from 3.3% in 2014

to 3.5% in 2015 (IMFs January 2015 Update to the World Economic Outlook)

Led by the United States (US), accelerated growth is anticipated in most advanced economies, with the notable exception of the United Kingdom (UK), where growth may be constrained by fiscal tightening. Conversely, emerging

and developing economies are generally expected to slow, driven primarily by a further slowdown in China. Downside risks to the global outlook are increasingly significant in terms of their potential impact, as well as the likelihood that they will materialise. They include a worsening of current geopolitical tensions (e.g. Middle East, Ukraine, North Korea), global public health concerns (e.g. Ebola) and the risk of a Euro Area break-up. With regard to the latter, the election of a new Greek government in January 2015 has revived concerns about debt default and/or a Greek exit, or Grexit from the Euro, with potential contagion effects spreading to the rest of the monetary union. Like the other risk scenarios, this raises the possibility of renewed global financial market volatility. Fundamentally, underlying investor concerns about the implications of a Grexit or Euro area breakup is the continued

The IMF has forecasted global growth of 3.5% in 2015, following 3.3% in 2014. The net positive impact of the extended decline in global oil prices is expected to be outweighed by various downside risks, including a reduced level of investment and persistently modest economic recovery across the developed world. Additional effects are the decline in commodity prices

and the associated downward trend in the level of growth in key emerging market countries. In 2015, advanced economies are projected to expand moderately by 2.4%, led by the USA, while emerging markets are expected to experience relatively flat growth of 4.3%. The economic recovery of the Caribbean economies remains fragile and heavily reliant upon the economic improvement of developed economies. Generally, the tourism sector is expected to show modest improvement. However, rising public debt levels, fiscal imbalances and high unemployment challenges will continue to impede the regions competitiveness. The IMF has forecasted regional growth of 1.3% in 2015. During 2015, Sagicor will continue to focus on reducing operating costs, improving process efficiency and improving customer service through the rationalisation of its major operating centres.

By Stephen McNamaraNon-Executive ChairmanSagicor Financial Corporation

softness in the Euro area economy. The weak investment climate and market fears of deflation have already prompted the European Central Bank to institute a programme of quantitative easing. A great deal of uncertainty also surrounds the question of how long the current low commodity prices are likely to persist. This has implications for potential inflation trajectories in 2015, with the impact of possible monetary policy responses on economic activity circling back to affect the growth outlook. Indeed, despite inflationary pressures being well contained at present, the United States Federal Reserve has hinted at a rate hike in 2015, which would be the first since the Great Recession. Fiscal policy changes among major economies will also affect the growth outlook, with the notable example of the upcoming election in the UK. Both main parties are likely to cut the budget deficit further, the main difference being one of degree, which would have knock-on effects on disposable incomes and economic activity there. BM Source: CDB 2014 Caribbean Economic Review & Outlook for 2015

o 2015 GLOBAL OUTLOOK The International Business Environment

o 2015 GLOBAL OUTLOOK The International Business EnvironmentGrowth In The Global Economy Is Expected To Remain Relatively Stable For 2015.


15

By Dr Leahcim Semaj

Selling Your Way to Greatness

Every business is in the business of sales. Every employee is a salesperson. The old model is dead and the old salesman is buried next to it. The reason for this is simple; every business is selling something, whether it is a physical product or a service. By increasing the amount of sales points along the closing continuum you improve your chances of closing and the

propensity and frequency of sales. Aside from the misguided few, most are in business to help someone or an organization get what they want. In my case it is to help them transform, increase efficiency, productivity, profit, organizational harmony and the like. I aim to be a catalyst provoking growth. This is what sales is all about; being an agent for generating improvement in one form or another. Old sales spoke to closing the deal, new sales speaks to opening a relationship. For those who know me, history is of utmost importance, as knowledge of ones self is primary in my book, but in this instance, I say out with the old and in with the new. Many wonder how to build world class businesses, it is through opening relationships with your clients, not simply selling, but understanding the idiosyncrasies between the soft sell, the close, the driver, the cross-sell, up-sell and consumer relevancy. All of these aspects compliment the old and show the evolution of what was once seen by many to be a zero sum game - You get what you want, and they part with their money, even if they dont get what they want. This cannot be considered a victory anymore. But before I go on, who wants to be a salesperson anyway? This is a legitimate question. I have yet to see a career day populated with school children dressed in a shirt and tie championing the profession. Why? Because it is seen as intrusive and not the archetypical professions such as being a Doctor, a Lawyer, or the like. However, the lack of effective sales people, with developed sales skills is also why many businesses fail. Dont expect your reputation to carry you forever, and never be fearful to show your customers all you have to offer, you just may accidentally fill a need, which is purpose of business anyway. Titles and distinctions between sales, and other company roles is a false dichotomy. Every member of your organization should be selling something that you have to offer. Everyone who has pulled up to the drive-through window of their closest fast food spot has seen this philosophy at work. Their advertisements or the scent of their offerings may have brought you, but its the salesperson at the windows whose role has been extended outside of simply taking an order that is going to persuade you to go large for a few dollars extra. Would you like a biscuit with that? We have a special on Even the most strong willed among us has given in to this request at least once, stretching our waistlines and the revenue of the restaurant in the process. We undervalue the power of sales and even more the importance of learning to sell. Sales is by no means a simple endeavor, it requires certain sensibilities. However, I have good news. These sensibilities can be learned. Often times we will hear people remark: I cant sell, I cant influence people or Im shy or Ive never sold anything in my life. Well that must be false if you have ever entered into a relationship or ever held a job. The first date and the interview were in effect your sales pitch. You must have displayed or sold certain qualities to your respective partner or prospective employer that made you Qualified in their eyes. However, I also hold to the belief that whether you think you cant or can, you are right. So we must cultivate positive beliefs in regards to sales if we are to create world class businesses because the new paradigm of sales is customer driven not product driven. Give the people what they want and help them to improve their lives. Will you and yours step up to the plate? If you do remember, good sales people are not born, they are made. ---- Dr. Semaj is an international keynote and motivational speaker and cultural transformation specialist. The Jamaica Employers Federation has recognized Dr. Semaj for Leadership in Innovative Workplace Practices. He is included in Peter Fergusons publication CHANGE MAKERS as one of the 101 men who have helped to define modern day Jamaica. This Psychologist combines ancient wisdom with contemporary livity to bring fresh insight to old human problems. As a Transformation Specialist he offers two options ABOVE or BEYOND. Above where you presently are or Beyond your wildest dreams.

o MARKETING


16

The Fastest Growth Rates Were Estimated For The More Tourism-Dependent Economies

Preliminary estimates indicate that the regional recovery continued in 2014, with 16 of CDBs 19 BMCs expanding during the year, driven mainly by tourism and construction services.

The fastest growth rates were estimated for the more tourism-dependent economies; while some large commodity exporters were also able to grow quite rapidly, this was primarily services-led.

St. Kitts and Nevis and the Turks and Caicos Islands (TCI) each experienced accelerated growth of around 4%, based on the strengthening recovery in tourism and continued investment inflows for mainly tourism and real estate-related construction.

Meanwhile, despite declines in mining and quarrying output in Belize, Guyana and Suriname, all three recorded growth rates in excess of 3%, led by construction and other services. Also primarily a commodity exporter, Haitis growth performance fell slightly below this level, mainly due to a large drought-related contraction in agricultural output, but was similarly boosted by ongoing post-earthquake reconstruction and, to a lesser extent, tourism.

Moderate gains (between 1 and 3%) in services-dependent Anguilla, Antigua and Barbuda, The Bahamas, Cayman Islands, Grenada and Montserrat were likewise linked to the general improvement in tourism and, for all except Grenada, construction. Relatively modest increases of just under 1% were estimated for Dominica and Jamaica, but these nevertheless represented improvements when compared with 2013.

In these two economies, which are somewhat more diversified than other regional tourism destinations, with relatively large commodity export sectors (21 and 22%, respectively, of GDP), expansions in tourism and construction outweighed declines in manufacturing and slowdowns in mining and quarrying, as well as a slight contraction in agriculture for Dominica.

However, there were a few exceptions to the ongoing strengthening of the recovery in the Region. Most notably, Trinidad and Tobago, which accounts for nearly a third of the Regions total GDP and therefore weighs heavily on overall regional growth, slowed considerably to record modest growth in 2014.

Operational challenges and the significant drop in oil prices during the year suppressed petroleum output; driving a decline in the mining and quarrying sector.

In a few other BMCs, continued underperformance in key sectors contributed to flat or declining economic activity.

Barbados and the British Virgin Islands (BVI) stagnated for the seventh consecutive year in 2014. Marginal growth was estimated for Barbados, as weak performances in tourism, international business and construction scarcely compensated for declines in manufacturing and agriculture.

Preliminary estimates of a slight contraction in economic activity in BVI were based on indications of a significant decline in construction, as well as moderate downturns in other major sectors including international business, which outweighed relatively strong growth in tourism.

Meanwhile, sizeable economic contractions in St. Lucia and St. Vincent and the Grenadines in 2014 partly reflected the impact of the so-called Christmas Eve Trough just before the start of the year, which exacerbated pre-existing, chronic weaknesses in critical sectors.

In St. Lucia, the impact of the storm on agriculture, together with a continuation of declines in construction, distribution and manufacturing observed in most years since 2009, offset relatively strong growth in tourism.

On the other hand, manufacturing provided the main positive impetus in St. Vincent and the Grenadines, as agriculture contracted sharply due to the storm and drought impacts in the second half of the year, while tourism continued its secular downtrend of recent years and construction declined.

Overall, the Banks preliminary estimate of growth in real Gross Domestic Product (GDP) for the Region in 2014 was 1.3%. While this was lower than the revised1 figure of 1.7% for 2013, this was mainly due to the critical supply challenges and sharper-than-expected drop in prices of key commodities, which constrained performances among the Regions 5 major commodity exporters2. The latter remained the principal contributors to overall growth, owing to their generally greater weighting in regional GDP. BM

Source: CDB 2014 Caribbean Economic Review & Outlook for 2015

o DOING BUSINESS IN THE

CARIBBEANThe Caribbean Region


17

Weaknesses Reflected In Many Of The Critical Economic Areas

By Sarah MacDonaldExecutive Chairman Emera (Caribbean) Incorporated (EC)

The Barbados economy continued to experience challenges during 2014 with weaknesses reflected in many of the critical economic areas. By the end of the year the economy experienced growth (estimated at 0.2%) for the first time since 2011 driven by 1% improved performance in tourism and construction activity. Foreign exchange reserves stabilized

at the end of December to a stock of US$526.0M, representing 14.7 weeks of import cover. The Central Bank of Barbados expressed confidence that the threat to the Barbadian dollars peg to the US dollar of BDS$2: USD$1 no longer exists. The unemployment rate increased to 12.7% following governments retrenchment program, and inflation averaged 1.9% at the end of December 2014. Tourism value-added is estimated to have increased by 1%, reversing the downward trend witnessed over the last three years. Long-stay arrivals rose by 1%, and visitors stayed slightly longer than in 2013. Increased airlift out of the UK contributed to growth in arrivals of 10%, but arrivals were down from the US and Canada by 3% and 4% respectively. Arrivals from Trinidad and other CARICOM markets contracted by 12 % and 9% respectively.

Caribbean Economies Plagued With High Unemployment High Debt Burdens And Challenging Fiscal Adjustment Programmes

Despite some signs of improvement, the Caribbean economies continue to be plagued with high unemployment rates, high debt burdens and challenging fiscal adjustment programmes. In some of the tourism-dependent economies there has

been some marginal recovery in stay-over arrivals. According to the Caribbean Tourism Organization, increases have been seen in Grenada (18.6%), Cayman Islands (9.4%), Saint Lucia (6.0%) and Jamaica (1.6%), with Barbados, Saint Vincent and the Grenadines and Saint Kitts and Nevis all showing declines. The Caribbean region overall has experienced slight growth which should help provide some relief to these economies. However, the Caribbean debt crisis and minimal growth in foreign exchange inflows continue to constrict the overall regional economic performance. The Economic Commission of Latin America and the Caribbean has had to revise its 2014 growth rate estimate for the region downward from 2.7% to 2.2%.

By Mr. A. Charles HerbertChairmanGoddard Enterprises


CARIBBEAN


CARIBBEAN

The Caribbean Region

The Caribbean Region


18

Burdensome Fiscal Deficits, Increasing Debt Levels, Dwindling Foreign Direct Investment, Remained Hindrances To The Economic Stability Of The Region

By Stephen McNamaraChairmanSAGICOR FINANCIAL

Regionally, economic growth across the majority of Caribbean islands trended positively, albeit at relatively low levels. However, the protracted economic challenges of burdensome fiscal deficits, increasing debt levels

as well as dwindling foreign direct investment, remained hindrances to the economic stability of the region. Conversely, there was an incipient recovery in the tourism sector which generally showed moderate improvement, but remained well below the pre-crisis levels prior to 2008. The Barbados economy experienced modest expansion of 0.3% in 2014, which was supported by growth within the tourism and


CARIBBEANThe Caribbean Region

there was an incipient recovery in the tourism sector which generally showed moderate improvement, but remained well below the pre-crisis levels prior to 2008.

construction sectors. Trinidad & Tobago and Jamaica experienced real GDP growth for 2014 of 2.0% and 0.9%, respectively. The level of unemployment remained high across the region, while the level of inflation trended lower and remained positively correlated with the decline in global oil prices. In Jamaica, areas of expansion were in tourism, services, transportation, mining and telecommunications, while the growth in the Trinidad & Tobago economy was underpinned by positive contributions from the energy and non-energy sectors. Given the dampening impact of the decline of global energy prices on the performance of Trinidad & Tobagos economy as an exporter of oil, the budgetary price assumptions for oil have been revised downwards for 2015. In tandem with an anticipated increase in short-term interest rates in the USA, Trinidad & Tobagos Repo rate increased to 3.25% by year-end, relative to 2.75% in 2013, with an additional 25 basis points increase to 3.5% in January 2015. Throughout 2014, the US dollar rallied against major international currencies. In the region, the Jamaica dollar depreciated relative to the US dollar by an annualised 7.8%.


19


20

THE BOTTOM 50o Top 100

Businessuite 2015 Top Caribbean 100 Companies - US $ RevenueRank2015

Rank2014

Listed Company StockMarket

LC $ 0002014

US $ 0002014

LC $ 0002013

US $ 0002013

%Change

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

100

50

53

55

51

56

59

60

68

58

62

61

66

64

65

70

67

69

72

71

75

N R

79

78

74

76

73

80

77

82

81

84

86

85

83

88

n r

89

n r

101

90

87

92

91

93

97

95

94

63

36

57

Demerara Tobacco Company Ltd.

Barbados Dairy Industries Limited

West India Biscuit Compant Limited

Gleaner Company

Flavorite Foods Limited

J.P. Santos & Company Ltd.

Scotia Investments Jamaica Ltd.

Demerara Bank Ltd.

Pan-Jamaican Investment Trust

Sterling Products Ltd.

Radio Jamaica Limited

Citizens Bank Guyana Inc.

Berger Paints Jamaica Limited

Dolphin Cove Limited

Proven Investments Jamaica Limited *

Mayberry Investments Limited

Jamaican Teas Limited

Berger Paints Trinidad Limited

Blue Power Group LimitedAccess Financial Services Ltd.

Medical Disposables & Supplies Ltd.

Caribbean Cream Limited

Bico Industries Limited

Palace Amusement Company (1921) LimitedCave Shepherd & Company Limited

Guardian Media Limited

Consolidated Bakeries Jamaica Limited

Honey Bun (1982) Limited

Salada Foods Jamaica Limited

Paramount Trading (Jamaica) Limited

Barita Investments Limited

AMG Packaging & Paper Company

Lasco Financial Services Limited

Caribbean Container Inc.

Jamaica Stock Exchange Limited

Knutsford Express Limited

Pulse Investments Limited

Caribbean Flavours & Fragrances Ltd

Barbados Farms Limited

Cargo Handlers Limited

KLE Group Limited

Eppley Limited

Kingston Properties Limited

Montego Bay Ice Co. Limited

C2W Music Limited *

Rupununi Development Company Ltd.

Humphrey & Company Ltd.

LJ Williams Limited

National Flour Mills Limited

The West Indies Rum Distillery Limited

GASCI

BSE

BSE

JSE

TTSE

GASCI

JSE

GASCI

JSE

GASCI

JSE

GASCI

JSE

JSE

JSE

JSE

JSE

TTSE

JSEJSE

JSE

JSE

BSE

JSEBSE

TTSE

JSE

JSE

JSE

JSE

JSE

JSE

JSE

GASCI

JSE

JSE

JSE

JSE

BSE

JSE

JSE

JSE

JSE

JSE

JSE

GASCI

GASCI

TTSE

TTSE

BSE

$6,531,802

$60,715

$59,119

$3,320,245

$160,309

$4,102,515

$2,144,882

$3,730,008

$1,939,224

$3,430,375

$1,844,190

$3,217,429

$1,737,995

$1,707,682

$1,495,738

$1,142,904

$60,514

$1,045,837$993,552

912,972

$855,568

$14,662

$833,893$14,003

$44,554

$742,808

$741,951

$736,369

$709,037

$624,996

$607,017

$594,685

$1,064,122

$337,249

323,155

$258,663

255,362

$3,888

$220,391

$218,745

$117,681

$108,049

$21,229

$25,825

$18,076

$0

$0

$0

$31,669

$30,664

$29,858

$28,957

$24,980

$19,891

$18,706

$18,085

$16,913

$16,632

$16,084

$15,600

$15,158

$14,893

$13,221

$13,045

$9,968

$9,429

$9,121$8,665

7,962

$7,462

$7,405

$7,273$7,072

$6,942

$6,478

$6,471

$6,422

$6,184

$5,451

$5,294

$5,186

$5,159

$2,941

2,818

$2,256

2,227

$1,964

$1,922

$1,908

$1,026

$942

$185

$169

$125

$88

$0

$0

$0

$7,182,597

$60,531

$53,186

$3,188,709

$163,360

$3,940,965

$1,914,403

$2,738,615

$2,106,271

$3,559,893

$1,783,997

$3,009,754

$1,608,216

$1,502,209

$14,419

$1,393,675

$1,226,435

$64,146

$1,044,905$761,541

$675,708

$13,727

$862,474$14,616

$58,849

$672,945

$701,712

$634,434

$642,129

$512,700

$444,468

$467,730

$1,100,566

$295,554

$259,912

$0

$157,489

$333,875

$65,292

$91,470

$17,979

$19

$14,010

$14,875

$102,642

$457,897

$44,969

$34,825

$30,571

$26,861

$31,643

$25,455

$19,108

$18,998

$13,278

$20,902

$17,260

$17,704

$14,593

$15,959

$14,907

$11,185

$13,830

$12,171

$9,995

$10,369$7,557

$6,705

$6,933

$8,559$7,382

$9,170

$6,678

$6,964

$6,296

$6,372

$5,088

$4,411

$4,642

$5,336

$2,933

$2,579

$0

$1,563

$3,313

$648

$908

$178

$19

$68

$72

$15,994

$71,350

$22,712

-9.06%

0.30%

11.16%

-8.49%

-1.87%

4.10%

-1.53%

36.20%

-19.08%

-3.64%

-9.15%

6.90%

-5.02%

-0.09%

18.20%

-5.68%

-18.10%

-5.66%

-12.04%14.66%

11.28%

6.81%

-15.03%-4.19%

-24.30%

-2.99%

-7.07%

2.01%

-2.96%

7.13%

20.03%

11.74%

-3.31%

0.28%

-12.54%

N/A

22.99%

-42.42%

58.40%

3.81%

3.77%

808.80%

84.33%

21.52%

-100.00%

-100.00%


21

THE BOTTOM 50o Top 100

Businessuite 2015 Top Caribbean 100 Companies - US $ Profit after TaxRank2015

Listed Company StockMArket

LC $ 0002014

US $ 0002014

LC $ 0002013

US $ 0002013

%Change

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

100

General Accident Insurance Co Ja

Access Financial Services Ltd.

Hardware & Lumber Limited

Readymix (West Indies) Limited

Cave Shepherd & Company Limited

Gleaner Company


Pulse Investments Limited

Caribbean Cement Company Limited

Cargo Handlers Limited

Guyana Stockfeeds Inc.


Salada Foods Jamaica Limited

Paramount Trading (Jamaica) Limited

Blue Power Group Limited

Barita Investments Limited

Radio Jamaica Limited

Medical Disposables & Supplies Ltd.

Berger Paints Jamaica Limited

Jamaican Teas Limited

Derrimon Trading Company LimitedEppley Limited

Caribbean Flavours & Fragrances LtdKnutsford Express Limited



AMG Packaging & Paper Company


LJ Williams Limited



Consolidated Bakeries Jamaica Limited


Montego Bay Ice Co. Limited

Jamaica Stock Exchange Limited

Humphrey & Company Ltd.


C2W Music Limited *


City Jewelers and Pawnbrokers Ltd.

Property Holdings Inc.



Palace Amusement Company (1921) Limited


KLE Group Limited


Cable & Wireless (Barbados) Limited

LIME

Trinidad Cement Limited

JSE

JSE

JSE

TTSE

JSE

JSE

JSE

JSE

JSE

JSE

GASCI

GASCI

JSE

JSE

JSE

JSE

JSE

JSE

JSE

JSE

JSEJSE

JSEJSE

TTSE

TTSE

JSE

JSE

TTSE

JSE

BSE

JSE

GASCI

JSE

JSE

GASCI

GASCI

JSE

BSE

GASCI

GASCI

JSE

GASCI

JSE

BSE

JSE

BSE

BSE

JSE

TTSE

$320,078

$306,726

$217,316

$11,749

$3,545

$181,147

$176,683

$164,988

$138,985

$131,718

$230,459

$208,224

$105,067

$93,387

$93,102

$70,974

$59,476

$56,544

$54,906

$52,742

$51,567 $51,176

$50,547 $50,293

$2,701

$2,681

$45,597

$35,077

$1,419

$23,300

$343

$19,216

$30,275

$5,679

$3,128

$5,592

$1,568

$0

N/A

N/A

($1,137)

($13,387)

($12,388)

($243)

($38,888)

($2,899)

($53,148)

($3,504,000)

($211,019)

$2,792

$2,675

$1,895

$1,833

$1,790

$1,580

$1,541

$1,439

$1,212

$1,149

$1,117

$1,010

$916

$814

$812

$619

$519

$493

$479

$460

$450 $446

$441 $439

$421

$418

$398

$306

$221

$203

$173

$168

$147

$50

$27

$27

$8

$1

$0

$0

$0

($10)

($65)

($108)

($123)

($339)

($1,464)

($26,842)

($30,560)

($32,927)

$327,914

$270,112

$609,963

($1,586)

($7,807)

$85,842

$163,899

$127,899

$113,921

$84,947

$219,527

$180,604

$88,224

$73,348

$103,980

$70,278

($29,845)

$14,619

$42,240

$93,256

$49,927 $38,985

$38,832 $35,062

$837,384

($1,208)

$49,432

($3,257)

$13,187

$35,317

$374

$33,115

$20,088

$5,145

$5,674

$2,650

($585)

($3,447)

$1,299

$0

$52,496

$185,422

$14,886

($4,722)

($55,866)

$8,993

($4,822,000)

$67,281

$3,083

$2,539

$5,734

($247)

($3,943)

$807

$1,541

$1,202

$1,071

$799

$1,064

$876

$829

$690

$977

$661

($281)

$137

$397

$877

$469 $366

$365 $330

$130,482

($188)

$465

($31)

$2,055

$332

$189

$311

$97

$48

$53

$13

($3)

($620)

($1,741)

$6

$0

$493

$899

$140

($2,385)

($525)

$0

$4,542

($45,329)

$10,484

-9.44%

5.35%

-66.95%

-841.83%

-145.41%

95.78%

0.01%

19.68%

13.19%

43.86%

4.98%

15.29%

10.49%

18.12%

-16.93%

-6.31%

-284.89%

258.84%

20.60%

-47.53%

-4.18%21.79%

20.77%33.08%

-99.68%

-322.25%

-14.42%

-1099.17%

-89.22%

-38.79%

-8.18%

-46.16%

50.71%

2.41%

-48.85%

110.99%

-368.03%

-100.12%

-100.00%

-100.00%

N/A

-102.01%

-107.22%

-177.21%

-94.86%

-35.42%

N/A

-690.99%

-32.58%

-414.08%


22

THE BOTTOM 50Businessuite 2015 Top Caribbean 100 Companies - US $ Market Capitalisation

Rank2015

Listed Company IssuedShares

Price LC$ MarketCapitalisation

US $ MarketCapitalisation

StockMarket

51

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

68

69

70

71

72

73

74

75

76

77

78

79

80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

97

98

99

Jamaica Producers Group


Access Financial Services Limited

PLIPDECO Limited

Caribbean Producers Ja Ltd


Caribbean Cement Co.

Mayberry Investments Ltd.

General Accident Insurance Co Ltd




Gleaner Company

Barita Investments


Salada Foods Jamaica


Caribbean Container Inc.Cargo Handlers Limited

Hardware & Lumber

Derrimon Trading Company Ltd




Medical Disposables & Supplies LtdJamaican Teas Limited

Paramount Trading (Jamaica) Ltd

Radio Jamaica

Property Holdings Inc.

Berger Paints Ltd

Blue Power Group Limited


LJ Williams Limited Ordinary 'B'

Eppley Limited



Jamaica Stock Exchange Ltd

Caribbean Flavours & Fragrances Ltd

AMG Packaging & Paper Co Ltd


Consolidated Bakeries (Jamaica) Ltd


C2W Music Limited

Montego Bay Ice

KLE Group Limited

Pulse Invesments Ltd.

Palace Amusement


Ciboney Group Ltd

JSE

BSE

JSE

TTSE

JSE

TTSE

JSE

JSE

JSE

BSE

JSE

BSE

JSE

JSE

GASCI

JSE

GASCI

GASCIJSE

JSE

JSE

TTSE

BSE

JSE

JSEJSE

JSE

JSE

GASCI

JSE

JSE

BSE

TTSE

JSE

TTSE

JSE

JSE

JSE

JSE

BSE

JSE

JSE

JSE

JSE

JSE

JSE

JSE

GASCI

JSE

187,024,006

18,379,470

274,509,840

39,625,684

1,100,000,000

120,200,000

851,136,591

1,201,149,291

1,031,250,000

3,022,504

1,228,102,990

2,740,540

1,211,243,827

445,876,824

15,271,000

103,883,290

80,286,000

150,917,000 41,625,000

80,842,023

273,336,067

7,777,660

20,607,294

68,800,102

263,157,895 168,708,365

154,246,708

357,476,991

100,000,000

214,322,393

56,499,000

4,691,094

19,742,074

796,249

5,161,444

378,568,115

140,250,000

89,920,033

102,378,857

2,315,871

222,709,171

94,253,390

400,000,000

6,161,510

100,000,000

271,789,674

1,437,028

368,000

546,000,000

17.50

3.00

8.96

3.75

2.03

1.15

2.41

1.52

1.75

10.46

0.98

8.00

0.85

2.25

130.00

8.70

20.00

10.00 16.00

7.94

2.15

4.80

0.50

7.50

1.75 2.51

2.62

1.13

8.20

1.73

6.39

1.50

1.00

380.00

3.65

0.75

1.57

2.35

1.90

1.65

0.82

1.71

0.39

17.95

1.00

0.35

66.00

500.00

0.07

3,272,920,105

55,138,410

2,459,608,166

148,596,315

2,233,000,000

138,230,000

2,051,239,184

1,825,746,922

1,804,687,500

31,615,392

1,203,540,930

21,924,320

1,029,557,253

1,003,222,854

1,985,230,000

903,784,623

1,605,720,000

1,509,170,000 666,000,000

641,885,663

587,672,544

37,332,768

10,303,647

516,000,765

460,526,316 423,457,996

404,126,375

403,949,000

820,000,000

370,777,740

361,028,610

7,036,641

19,742,074

302,574,620

18,839,271

283,926,086

220,192,500

211,312,078

194,519,828

3,821,187

182,621,520

161,173,297

156,000,000

110,599,105

100,000,000

95,126,386

94,843,848

184,000,000

38,220,000

32,479,112

27,847,682

24,408,139

23,154,499

22,159,373

21,539,205

20,355,653

18,117,961

17,908,976

15,967,370

11,943,445

11,072,889

10,216,902

9,955,571

9,625,358

8,968,787

7,785,309

7,317,188 6,609,110

6,369,809

5,831,820

5,817,248

5,203,862

5,120,579

4,570,074 4,202,223

4,010,384

4,008,624

3,975,758

3,679,446

3,582,699

3,553,859

3,076,239

3,002,626

2,935,563

2,817,566

2,185,100

2,096,974

1,930,335

1,929,893

1,812,261

1,599,417

1,548,080

1,097,540

992,359

943,995

941,191

892,121

379,280

o Top 100


23

Blackslate Holdings Group, is a private equity firm that primarily makes investments in the private equity of operating companies through a variety of loosely affiliated investment strategies including leveraged

buyout, venture capital and growth capital.

Blackslate operates by raising pools of capital or private equity and use these funds to acquire a position in companies including startups and brands

around the region.

www.blackslateholdings.com


24

Better is always in demand

By Ronnie Sutherland

It is common to hear individuals who are contemplating going into business say they are looking for a niche market to enter. Quite often the term is used imprecisely but generally the idea is that they want to enter a market in which they will encounter

little to no competition. Such markets are few and far between since it appears that there is competition everywhere. Those who are thinking about starting their own business must therefore accept that competition is ubiquitous. The only way around competition is by way of a highly innovative unique product. There is clear evidence among new business aspirants of an inherent fear for competition even though you will hear some speaking tongue-in-cheek that they welcome competition. Most people try their best to avoid competition and as such will not consider entering a market where competition is fierce or even exist. This however ought not to be the case. There is always room in a fiercely competitive market for a new entrant to be successful. The question is; enter how? Those analyses that conclude that a market is saturated generally lack thoroughness. What is often true in their conclusion is that there is no need for more of the existing products or services in the market. Those incomplete analyses usually fail to identify how differently the existing needs that are now being filled by the existing products can be satisfied. In other words, can some other product or service bring greater satisfaction to consumers in the market? The fact is, consumers are always open to new routes to their satisfaction. Innovative companies are aware of that and as such are constantly seeking to find new ways to deliver new and higher levels of satisfaction to those consumers. These innovative companies are therefore not interested in the fact that consumers needs are being met in a particular way. What they are interested in is how differently they can meet those same needs and more. There are some consumers that will shift loyalty merely because a new product is made available purely on the basis that they value the opportunity of doing some things differently. A new night club or a new restaurant will have some early business from such consumers. These consumers however cannot be relied on to sustain the ongoing viability of a business because what makes a product or service new today will certainly disappear tomorrow. This raises the need for a new product entering a competitive market to be more than just new and different. This new and different product must effectively meet the needs of the consumers in the market, meaning it must meet their needs better than the existing competitors do. It does not stop there however because better must be sustainable. In other words it is pointless entering at a price that is easily matched or with features that are easily replicated. To arrive at a product that can effectively compete in a market that is already fully supplied or is saturated as some would say, requires sophisticated analysis of the consumers needs. This

analysis must expose underlying dissatisfactions that continue to exist even though there is an abundance of the products that target the specific needs. It is the ability to find such new ways to satisfy consumers that have many claiming that marketers are able to create needs that did not exist for consumers. Excellence by design A critical first step in entering a competitive market is to ensure that the products distinction on which you are relying is easily discernible. If it is not, it will require extraordinary efforts to get the consumers to become convinced of the difference. It will not be enough to point out the difference between your product and those that currently exist. The difference must be established in terms of the superior benefits to be derived from the use of your product. The fact that a product is superior along a particular dimension does not make it superior overall when compared to the competition. Consumers in making up their mind will be thinking broadly about all the product choices before them. They will be making quick assessments of all the demonstrated benefits to determine which is more relevant or useful to them. Those assessments will include quick computations relating to cost/benefit analysis on which their ultimate decision is made. A great communication campaign about the new product will anticipate all the questions relating to the usual consumer assessments. How this is done will depend on the nature and complexity of the product. Complex products will require careful explanations and so is best done with personal selling being a significant component of the communication strategy. Simple and small value products can be effectively communicated through mass media. The sales pitch must highlight all the distinguishing features that will underscore the main benefits to be derived on switching to the new market entrant. Obviously there will be some inertia against switching but that will be made less depending on how compelling the sales pitch. Consumers are always looking for greater value at least cost. That is the reason why even in the most competitive markets, there are opportunities for new products to enter and succeed.

o BUSINESS ENVIRONMENT


25

Barbados Economy Continued To Struggle

By Sir Allan Fields, KCMG ChairmanCable & Wireless (Barbados) Limited

Barbados economy continued to struggle during the period under review and according to the Central Bank of Barbados, real output is estimated to have declined by 0.2 percent during fiscal year 2013 and growth

remained flat at the end of the first quarter of 2014 as our financial year came to a close. Economic output in the vital tourism sector declined by 1 percent while value added in non-sugar agriculture expanded by 11 percent. The manufacturing sector recorded minimal growth of 0.7 percent and the construction sector recorded a contraction of 12 percent in economic activity. This environment would have negatively impacted the demand for the Companys products and services. It is within this context, as the only full service telecommunications provider, that the Company sought to reduce its operating expenditure to ensure its long term sustainability, through the implementation of a major restructuring exercise in concert with several new exciting strategic initiatives.

Economic Fundamentals Continue to be weak

By Mr. A. Charles Herbert ChairmanGoddard Enterprises

The Government has implemented fiscal adjustment programmes while unemployment climbed to an estimated 11.7%. Barbados economic fundamentals continue to be weak. Competitive and other structural shortcomings,

and recently announced tax reforms, continue to paint a bleak outlook for the country. Gross public sector debt increased to 109.2% up from 105.2% one year ago. Based on this, no real growth in Gross Domestic Product is expected in 2015.

o COUNTRY REPORTS

o COUNTRY REPORTS

BARBADOS

BARBADOS

The Government has implemented fiscal adjustment programmes while unemployment climbed to

an estimated 11.7%.


26

THE Barbados TOP 1O

o COUNTRY REPORTS BARBADOS

Barbados Top 10 by RevenueRank2015

Company CUrrency Revenue($'000)

Revenue(US $'000)

01

02

03

04

05

06

07

08

09

10

Sagicor Financial Corporation

First Caribbean International Limited

Goddard Enterprises Limited

Light & Power Holdings Limited


Banks Holdings Limited

Insurance Corporation Of B'DOS Limited




US $

US $

BDS $

BDS $

BDS $

BDS $

BDS $

BDS $

BDS $

BDS $

1,039,483

529,852

962,625

624,472

344,420

179,001

111,479

60,531

53,186

44,969

1,039,483

529,852

486,174

315,390

173,949

90,405

56,302

30,571

26,861

22,712

Barbados Top 10 by ProfitsRank2015

Company CUrrency Profits($'000)

Profits(US $'000)

01

02

03

04

05

06

07

08

09

10









Fortress Caribbean Property Fund

Almond Resorts Incorporated

BDS $

BDS $

BDS $

BDS $

US $

BDS $

BDS $

BDS $

BDS $

BDS $

54,212

33,988

16,459

8,993

4,120

5,411

2,973

374

194

169

27,380

17,166

8,313

4,542

4,120

2,733

1,502

189

98

85


27

THE BARBADOS TOP 1O

o COUNTRY REPORTS BARBADOS

Barbados Top 10 By Market CapitalizationRank2015

Company IssuedShares

01

02

03

04

05

06

07

08

09

10

First Caribbean International Limited










1,577,094,570

303,917,020

17,274,848

141,864,946

58,310,410

64,853,760

39,223,758

18,379,470

3,022,504

2,740,540

Market Value(BDS $ Only)

2,838,770,226

547,050,636

443,963,594

425,594,838

369,687,999

188,075,904

94,529,257

55,138,410

31,615,392

21,924,320

Price

$1.80

$1.80

$25.70

$3.00

$6.34

$2.90

$2.41

$3.00

$10.46

$8.00

Market Value(US $ Only)

1,433,722,336

276,288,200

224,224,037

214,946,888

186,711,111

94,987,830

47,742,049

27,847,682

15,967,370

11,072,889


28

o Top 100 The Businessuite Magazine CaribbeanTop 40 by Profits

Businessuite 2015 Top Caribbean 40 Companies - US $ Profit after TaxRank2015


LC $ 0002014

US $ 0002014

LC $ 0002013

US $ 0002013

%Change

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

Republic Bank Limited

Carreras Limited

GraceKennedy Limited

ANSA Merchant Bank Limited

First Citizens Bank Limited

Desnoes & Geddes Limited

Emera (Caribbean) Incorporated

Pan-Jamaican Investment Trust

Jamaica Money Market Brokers Limited


Angostura Holdings Limited

PLIPDECO Limited ***

Scotia Investments Jamaica Ltd.

Banks DIH Ltd.

One Caribbean Media LimitedRepublic Bank Guyana Ltd.

Guyana Bank for Trade & Industry Ltd.

Sagicor Investments Jamaica Limited

Demerara Distillers Ltd.

Seprod Limited

Jamaica Broilers Group Limited

Supreme Ventures Limited

Demerara Bank Ltd.Demerara Tobacco Company Ltd.

Prestige Holdings Limited

Kingston Wharves Limited

Unilever Caribbean Limited

Mayberry Investments Limited

Lasco Distributors Limited

Lasco Manufacturing Limited


Agostini's Limited


Dolphin Cove Limited

Proven Investments Jamaica Limited *

Caribbean Producers Jamaica Ltd. *


Jamaica Producers Group Limited

Guardian Media Limited


TTSE

JSE

JSE

TTSE

TTSE

JSE

BSE

JSE

JSE

BSE

TTSE

TTSE

JSE

GASCI

TTSEGASCI

GASCI

JSE

GASCI

JSE

JSE

JSE

GASCIGASCI

TTSE

JSE

TTSE

JSE

JSE

JSE

GASCI

TTSE

BSE

JSE

JSE

JSE

TTSE

JSE

TTSE

BSE

$306,721

$3,999,992

$3,799,127

$206,123

$177,660

$3,153,163

$51,066

$2,842,755

$2,832,855

$48,903

$153,426

$115,172

$1,789,666

$3,152,985

$84,729 $2,339,428

$2,121,133

$1,162,613

$1,945,855

$1,011,810

$957,283

$929,917

$1,671,461 $1,624,692

$50,267

$842,730

$44,697

$726,080

$587,464

$584,450

$989,155

$26,959

$8,313

$439,727

$21,778

$358,220

$19,089

$5,847

$47,861

$34,885

$33,134

$32,163

$27,722

$27,500

$25,791

$24,793

$24,706

$24,698

$23,941

$17,971

$15,608

$15,287

$13,221 $11,343

$10,284

$10,140

$9,434

$8,824

$8,349

$8,110

$8,104 $7,877

$7,844

$7,350

$6,975

$6,332

$5,123

$5,097

$4,796

$4,207

$4,198

$3,835

$3,788

$3,468

$3,398

$3,124

$2,979

$2,953

$1,210,549

$6,234,059

$3,794,064

$266,414

$606,540

$1,211,244

$54,212

$2,491,106

$3,739,058

$33,988

$411,071

$236,788

$1,994,535

$3,421,540

$71,467 $2,354,287

$2,178,917

$1,462,284

$1,569,421

$905,753

$1,092,580

$482,569

$1,294,563 $1,850,640

$36,400

$839,255

$70,485

$102,343

$506,833

$640,220

$1,003,935

$61,368

$16,459

$322,060

$21,197

$252,273

$54,045

$2,973

$188,630

$58,603

$35,666

$41,513

$94,512

$11,386

$27,380

$23,418

$35,149

$17,166

$64,054

$36,897

$18,750

$16,589

$11,136 $11,415

$10,564

$13,746

$7,609

$8,515

$10,271

$4,536

$6,277 $8,973

$5,672

$7,889

$10,983

$962

$4,764

$6,018

$4,868

$9,562

$8,313

$3,028

$4,153

$3,193

$3,303

$2,371

$8,421

$1,502

-74.63%

-40.47%

-7.10%

-22.52%

-70.67%

141.52%

-5.80%

5.87%

-29.71%

43.88%

-62.62%

-51.29%

-16.75%

-7.85%

18.72%-0.63%

-2.65%

-26.24%

23.99%

3.64%

-18.71%

78.78%

29.11%-12.21%

38.29%

-6.84%

-36.50%

558.21%

7.54%

-15.31%

-1.47%

-56.01%

-49.49%

26.67%

-8.79%

8.62%

2.89%

31.74%

-64.63%

96.65%


29

Guyana economy struggling; still recovering from global recession.

By Clifford Barrington Reis, C.C.H.Chairman, Banks DIH Ltd.

The recently concluded financial year was challenging in many respects but as a result of prudent decision-making and the implementation of cost saving measures, and strict financial controls, we have produced a result which

even though down on the previous years results, can be considered as acceptable. Even though the economic data suggests that the global financial situation may be recovering in some areas, uncertainty and fear have now taken their place on the agenda of legitimate concerns which are affecting economic results across the globe and locally. Banks DIH Limited was not exempt from that reality and the effects of the global recession resulting in the financial tsunami which in turn resulted in the virtual collapse of the global financial markets. 2014 will stand out as an exceptionally challenging period. During the period, we witnessed a dramatic increase in security concerns across the globe which had their origins in the continuing destructive wars across the Middle East which negatively impacted oil prices during the first half of the year. Global fears over the spread of the Ebola pandemic from Liberia and surrounding countries, started to spread to other parts of the globe which were ill prepared to deal with this epidemic, and tried to calm the fears of citizens. The Ebola situation only served to reinforce the understanding that as a result of increased air travel and more open forms of international movement of humans, fragile economies such as ours, can be impacted in frighteningly negative ways. Closer to home, of the issues which negatively impacted the economic performance of Companies such as ours, the crime situation was probably at the top of the list. As citizens and consumers learned once again to deal with the realities of fear and uncertainty, spending contracted which impacted the Income Statements of most businesses.

o COUNTRY REPORTS Guyana

Even though the economic data suggests that the global financial situation may be recovering in some areas, uncertainty and fear have now taken their

place on the agenda of legitimate concerns


30

Guyana THE GUYANA TOP 1O

o COUNTRY REPORTS

Growth continues at a slow pace.

By Dr. Gobind N. GangaGovernor- Bank of Guyana

The world economy continued to experience uneven recovery with growth of 3.3 percent. Developed Countries growth remained slow in the face of favourable financial conditions with only the US and UK posted growth in

excess of 2.0 percent. Emerging Economies experienced slower growth due to a fall in exports and sluggish investments. Growth in Developing Countries slowed but remained robust at 4.4 percent despite a decline in commodity prices. Inflation was under control in most economies due to lower oil and food prices in 2014. The job market continues to be flat. The Guyanese economy continued to register broad-based real economic growth of 3.8 percent, albeit at a slower rate, following the 5.2 percent in 2013. Growth reflected higher sugar, rice, forestry and manufacturing output; as well as expanding activities in the services sector. The urban inflation rate was 1.2 percent at end-December 2014, reflecting moderate increases in food prices. The market was particularly impacted by increases in foreign currency accounts balances and hard currency transactions segments. Relatively higher net sales caused the Guyana dollar to depreciate against the United States dollar by 0.12 percent to G$206.50.

o COUNTRY REPORTS Guyana

2015 Businessuite Top 10 Guyana Public Companies - Ranked by 2014 US $ RevenueRank2015

Company RevenueG$' $000

Revenue2014 US $000

RevenueG$' $000

Revenue2013 US $000

%Change

01

02

03

04

05

06

07

08

09

10

Banks DIH Ltd.


Republic Bank Guyana Ltd.





Demerara Bank Ltd.



26,430,316

17,529,199

6,293,077

8,021,520

5,045,239

7,180,733

3,808,199

2,738,040

3,526,346

2,633,786

128,470

86,876

40,893

39,158

31,364

34,825

19,108

13,278

17,260

14,593

128,710

89,229

43,327

40,997

32,484

31,669

19,891

18,085

16,632

15,600

26,546,367

18,403,580

8,936,281

8,455,575

6,699,810

6,531,802

4,102,515

3,730,008

3,430,375

3,217,429

0.19%

2.71%

5.95%

4.70%

3.57%

-9.06%

4.10%

36.20%

-3.64%

6.90%


31

Guyana THE GUYANA TOP 1O

o COUNTRY REPORTS

2015 Businessuite Top 10 Guyana Public Companies - Ranked by 2014 US $ Profit after TaxRank2015

Company 2014 ProfitAfter Tax GUY$

2014 ProfitAfter Tax US$

2013 ProfitAfter Tax GUY$

2013 Profi After Tax US$

01

02

03

04

05

06

07

08

09

10

Banks DIH Ltd.




Demerara Bank Ltd.






3,421,540

2,354,287

2,178,917

1,569,421

1,294,563

1,850,640

1,003,935

219,527

180,604

20,088

16,589

11,415

10,564

7,609

6,277

8,973

4,868

1,064

876

97

$15,287

$11,343

$10,284

$9,434

$8,104

$7,877

$4,796

$1,117

$1,010

$147

3,152,985

2,339,428

2,121,133

1,945,855

1,671,461

1,624,692

989,155

230,459

208,224

30,275

Guyana Top 10 by Market Capitalization

Rank2015

Company IssuedShares

01

02

03

04

05

06

07

08

09

10




Banks DIH Ltd.



Demerara Bank Ltd.




300,000,000

23,400,000

2,121,133,000

1,000,000,000

989,155,000

770,000,000

1,671,461,000

208,224,000

230,459,000

30,275,000

Market Capitalization

lc $

37,500,000,000

25,737,660,000

24,000,000,000

20,000,000,000

19,334,575,000

14,322,000,000

13,500,000,000

1,985,230,000

1,605,720,000

1,509,170,000

PriceLC $

125

1099.9

600

20

325

18.60

30

130

20

10

Market CapitalizationUS $

181,818,182

124,788,655

116,363,636

96,969,697

93,743,394

69,440,000

65,454,545

9,625,358

7,785,309

7,317,188


32

o Top 100 The Businessuite Magazine CaribbeanTop 40 by Market Capitalisation

Businessuite 2015 Top Caribbean 40 Companies - US $ Market CapitalisationRank2015


IssuedShares

Price lc $ MarketCapitalisation

US $ MarketCapitalisation

11

12

13

14

15

16

17

18

19

20

21

22

23

24

25

26

27

28

29

30

31

32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

47

48

49

50

Guardian Holdings Limited

National Commercial Bank Jamaica Ltd.

Angostura Holdings Limited

Sagicor Group Jamaica Limited*


Unilever Caribbean Limited

One Caribbean Media Limited

Light & Power Holdin

Businessuite magazine top 100 caribbean public companies 2015 digital edition

Documents

Transcript of Businessuite magazine top 100 caribbean public companies 2015 digital edition