BAKERIES (JAMAICA) LIMITED 2018 · promotions. Our marketing dollars were spent on building awareness for grab and go items, particularly in mid-sized supermarkets in central and

CONSOLIDATEDBAKERIES

(JAMAICA) LIMITED

2018ANNUALREPORT

From Our Family to Yours

About Us . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Our Mission . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Our Vision . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Notice of Annual General Meeting . . . . . . . . . . . . . . . . . 6

Directors Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Management Discussion & Analysis . . . . . . . . . . . . . . 10

Corporate Social Responsibility . . . . . . . . . . . . . . . . . . 14

Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

Shareholdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Corporate Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

Financials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22

Form of Proxy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61

Contents

Consolidated Bakeries (Jamaica) Limited

emerged when three family bakeries, Valentine

Bakery, Powell’s Bakery and Huntington Bakery,

came together in 1957 to form one entity. A

family company, built on family values, the

company’s focus has always been on providing

Jamaicans with nutritious baked goods made

from only the freshest ingredients, producing

foods that they would be happy feeding to

their families.

For more than 60 years, Consolidated Bakeries (Jamaica)

Limited has been offering their time honoured baked goods.

Family recipes that have proven irreplaceable include their

line of Easter Buns - Purity Boxed Bun, Miss Birdie Boxed Bun,

Purity Hearty Goodness Whole Wheat Bun and Purity Hearty

Goodness ‘No Sugar Added’ Bun. The popular Miss Birdie

branded line of crackers is another family favourite along

with a variety of buns and pastry offerings.

Operating under the brands of Purity and Miss Birdie, the

company has been supportive of Jamaicans, not just as

consumers, but also our valued employees and those within

the neighbouring community. Ensuring that our staff has the

opportunities to develop their abilities is a priority for the

company.

With 60 years of experience, Consolidated Bakeries (Jamaica)

Ltd. has continued the tradition of innovation and growth and

is listed on the Jamaica Junior Stock Exchange for over six

years. Innovation, improvement and expansion are among the

primary areas of focus going forward. We realize the value of

having the best available advice and as such regularly bring

in experts to help the company achieve its optimal efficiency.

This includes looking at plans for expansion, improving the

local distribution network and export.

About Us

The recent introduction of

the Miss Birdie Rock Cake

and Miss Birdie Ginger

Square Bulla continues to

highlight the innovative path

that the company continues

to take.

In exploring ways to help

the surrounding community,

Consolidated Bakeries

(Jamaica) Limited continues

to be deeply involved with

the local communities and

also provides funding for

education and children’s

security.

2

CONSOLIDATED BAKERIES (JAMAICA) LIMITEDANNUAL REPORT 2018

3

2018 ANNUAL REPORTCONSOLIDATED BAKERIES (JAMAICA) LIMITED

Our MissionWe aim to consistently

deliver pure wholesome

goodness for our family

and yours, by maintaining

extraordinary product quality

and service standards.


4

Our VisionConsolidated Bakeries (Jamaica) Ltd. is a publicly traded company, majority owned and operated

by the Chang Family. It is our intention to continue the same level of product excellence and

customer service that Consolidated Bakeries (Jamaica) Ltd. has so proudly built over the past

sixty years.

We are dedicated to producing the best quality products, made with the finest available ingredients,

at an affordable price. We want shoppers to be confident in the products they buy. To ensure this,

our bakers use only the finest quality ingredients, some of which are ground fresh at our bakery.

High quality control standards are a top priority at Consolidated Bakeries (Jamaica) Ltd., so that

when you pull our product off the shelf, you can be satisfied in knowing that you are making a

wholesome choice.

Consolidated Bakeries (Jamaica) Ltd. cares about its employees’ happiness and well being.

Through educational programs, we are improving the minds and abilities of our valued employees.

We are involved in other programs that will assist in making their lives better and benefiting the

community as a whole. Consolidated Bakeries (Jamaica) Ltd. wants to be known, not only for its

great products, but also for the greatness it brings to the community.

Consolidated Bakeries (Jamaica) Ltd. aims to keep putting smiles on the faces of everyone who

savours our breads and buns. Filling tummies around the world with healthy, tasty products is

what we are passionate about and is the basis for our proud heritage – a heritage that provides

pure wholesome goodness and love in each bite.

CONSOLIDATED BAKERIES (JAMAICA) LIMITED 2018 ANNUAL REPORT

5

NOTICE IS HEREBY GIVEN that the 2019 Annual General Meeting of

Consolidated Bakeries (Jamaica) Limited will be held at 2f Valentine Drive,

Kingston 19 on December 18th, 2019 at 10:00am - 1:00pm for the purpose

of transacting the following business:

1. To receive the Audited Accounts for the year ended December 31, 2019 together

with the reports of the Directors and Auditors thereon,

The Company is asked to consider, and if thought fit, pass the following resolution:

Resolution No. 1

“That the Audited Accounts for the year ended December 31, 2019, together with

the reports of the Directors and Auditors thereon, be and are hereby adopted.”

2. To elect Directors

(i) The Directors retiring by rotation in accordance with Regulation 105 of the

Company’s Articles of Incorporation is Noel daCosta, who being eligible for

re-election, offer himself for re-election.

The Company is being asked to consider, and if thought fit, pass the following

resolutions:

Resolution No. 2

“That retiring director Noel daCosta be and is hereby re-elected a director of

the Company.”

(ii) In accordance with Regulation 110 of the Company’s Articles of Incorporation,

the Directors appointed since the last Annual General Meeting are Lamar

Harris and Marshall Ogle and being eligible offer themselves for re-election.

The Company is being asked to consider, and if thought fit, pass the following

resolutions:

Resolution No. 3

“THAT Lamar Harris be and is hereby re-elected as a Director of the Company.”

Resolution No. 4

“THAT Marshall Ogle be and is hereby re-elected as a Director of the Company.”

Notice of Annual General Meeting


6

3. To approve the Remuneration of the Directors.

The Company is asked to consider, and if thought fit, to pass the following

resolution:

Resolution No. 5

“That the amount shown in the Audited Accounts of the Company for the year

ended December 31, 2018 as fees of the Directors for their services as Directors,

be and are hereby approved.”

4. To appoint Auditors and to authorize the Directors to fix the remuneration of

the Auditors.

The Company is asked to consider, and if thought fit, pass the following resolution:

Resolution No. 6

“That the remuneration of the Auditors, Bogle and Company, who have signified

their willingness to continue in office, be such as may be agreed between the

Directors of the Company and the Auditors.”

Dated the 14th day of November 2019

By Order of the Board

Victor Salazar

Company Secretary

Registered Office

2F Valentine Drive

Kingston 19

NOTE:

1. A member entitled to attend and vote at the meeting may appoint a proxy, who need not also be a

member, to attend and so on a poll, vote on his/her behalf. A suitable form of proxy is enclosed. Forms

of proxy must be lodged with the Registrar of the Company, Jamaica Central Securities Depository,

40 Harbour Street, Kingston not less than 48 hours before the time of the meeting.

2. A Corporate shareholder may (instead of appointing a proxy) appoint a representative in accordance

with Regulation 75 of the Company’s Articles of Incorporation. A copy of Regulation 75 is set out on

the enclosed detachable proxy form.


7

Directors’ ReportThe developments during the year under review have put Consolidated

Bakeries (JA) Ltd. in a solid position for further growth. Despite the competitive

environment in which the company operates, we made a number of gains that

now redound to the benefit of our shareholders.

The Directors hereby present to shareholders the Statement of Financial

Position and the Statement of Profit or Loss and Comprehensive Income for

2018.

The company made modest profits in the year at $12.9 million arising from

innovation and efficiencies within the operation; and sales for 2018 totalled

$960 million, which was 11% higher than 2017.

We continue to roll-out our capital investment programmes in order to maintain

a nimble bakery at world class standards while baking quality products.

DIRECTORSHIP

The members of the Board of Directors are Nicola Chang Murphy, Keith Collister,

Thomas Chin, Noel daCosta, Philmore Ogle, Vincent Chang and Anthony Chang.

AUDITORS

Messrs. Bogle and company, the present Auditors, have indicated their

willingness to continue in office and offer themselves for re-election.

DIVIDENDS

The Directors will consider the payment of a dividend in 2020.

The Directors wish to thank management and all team members for their

stellar performance during the year under review.

We thank our shareholders who have invested with us over the years thereby

showing your confidence in the Management and the Board. We resolve to

continue striving to run your company prudently so as to increase shareholder

value, while maintaining the highest level of professionalism within the

company.

We also express our sincere appreciation to our customers and consumers

for their continued support and partnership.

VINCENT CHANG

Chairman

On behalf of the Board, November 2019


8


9

Management Discussion & AnalysisConsolidated Bakeries Limited returned to profitability during

the financial year ending December 2018. This was a result of

our increased distribution both in rural and urban areas, as

well as increased efficiencies in our operations. We reduced

the number of SKU items for sale in order to focus more

attention on our core bread and proven products.

During the financial year, revenue grew to a record $960

million or 11 per cent higher than 2017. This came from a

9.0 per cent growth in sales of key products, along with an

average 2.0 per cent price increase. This translated to $12.9

million in net profit which compared with a net loss of $40.1

million in the previous year. Earning per share increased to

$0.06 compared to negative $0.18 in the prior year.

The stock price remained relatively stable during the year,

being $1.87 in January and closing at $1.74 in December.

As we strive to maximize shareholder value, management

recognizes that profitability is necessary to improve our

return on assets and return on equity. We believe that the

strategies executed in the year have placed the company on

a path to improvement.

During the year, our

depreciation, administrative

and selling costs totalling

$340.2 million, were only 3.5

per cent higher than last year,

as we kept costs flat in order

to focus on our core products

rather than spending on many

promotions. Our marketing

dollars were spent on building

awareness for grab and go

items, particularly in mid-

sized supermarkets in central

and southern parishes. Given

this success, the company now

plans to increase its marketing

budget targeting this segment.

Finance costs during the year

grew to $23 million from $18.9

million a year earlier. Our

interest costs were higher

than the year prior, as we held

back on paying off the loan in

full, in order to have cash in

hand to invest in growing our

revenues. We decided to focus

on growth and improving the

bottom line which required

resources from the balance

sheet.

Revenues MILLIONS ($)

1,000

950

900

850

800

750

20182016 2017

Capital Expenditure MILLIONS ($)

50

70

90

30

10

2016 201720152014 2018


10

CAPITAL EXPENDITURE

Management has invested

more than $63.7 million

during the financial year on

additions, with more than

half of that on expanding

plant, machinery and

equipment at $37 million, and

the remainder on upgrading

our motor vehicle fleet at $20

million and also $4.0 million

on furniture and fixtures.

We continue to invest in

increasing the flexibility of

our factory, which would

allow us more easily to

introduce new products and

become more agile to react

to market shifts.

We believe that the

expenditure in manpower

and plant modernization will

augur well for our existing

and planned products, set

for release within the coming

financial years.

Since listing on the Jamaica

Stock Exchange, we have

spent roughly $259 million

of capital in modernizing

our plant and improving our

logistics. We strategically

increased our capital

expenditure to replace and

improve machineries and

vehicles.

Expenses MILLIONS ($)

20

40

60

80

100

120

140

160

180

2016 20182017

Admin S&D

The investments we made over the period has resulted in improving the competitive strength

of Consolidated Bakeries. Although we intend to invest more in our plant in the coming periods,

our plant is now more flexible, robust, agile and is better able to meet the changing needs in the

marketplace.

With increased capital expenditure, our total assets grew to $983 million from $922.1 million

a year earlier, but we financed the increased assets with new loans which also increased our

total liabilities. Nonetheless, our capital base remains strong with total equity of $720.7 million

as at December 31, 2018 which represented a slight increase over $716.4 million a year earlier.

Additionally, our working capital improved to $98.1 million up by roughly 6.0 per cent year on year.


11

The company’s net cash and

equivalents position stood

at $46.1 million at the end

of 2018, or $3.3 million less

cash than a year earlier. The

reduction in cash at the end of

the period, however does not

tell the full story as our cash

generated from operations

grew to $46.6 million, caused

by increased sales from new

distributors and vendors

along with increased

efficiency measures. Our

cash position was reduced

by our investments in fixed

assets that was financed

with a mix of cash and debt.

Our gross profit margin

improved to 38.7 per cent in

2018 up from 36.4 per cent

in 2017. While our operating

expenses as a portion of

sales, trended lower to 35.4

per cent in 2018 from 38.1 per

cent in 2017. This reflected

improved efficiencies that

we expect to continue into

the upcoming financial year.

OUTLOOK

During the coming year, we will continue to ‘strengthen

our strengths’. This means maintaining our brand appeal

through marketing, supplying sufficient core bread through

the distribution trade, while increasingly providing healthier

ingredients at affordable prices. Going forward, we expect

increased competition in the trade from new and existing

brands, however to counter such pressures we will continue

expanding our distribution network.

The battle for market share should turn increasingly to

branding, as most competitors have achieved some amount

of parity in distribution and products. We are all in the major

supermarkets and key shops, but what will separate us will

be our brand and differentiated products. This past year

Consolidated Bakeries has been testing a number of products

for launch in the coming years. We expect to use cash in the

upcoming years to finance product launches. These products

will utilize our production lines at the factory which primarily

cater to bread and bun products.

Over the medium term, the company expects to grow exports

to between 5 to 10 percent. Presently, exports are growing but

still within single digit levels. We require capital investments

in new equipment that will extend the shelf life of our products

in order to grow into other export markets. It is an investment

we are considering, but do not expect to make in the upcoming

financial year.

Total Equity MILLIONS ($)

450

500

550

600

650

700

750

20182016 2017


12

We remain cautiously optimistic about the business climate for

the 2019 financial year. Inflation, interest rates and Government

debt are at low levels which provide an opportunity to invest

in new infrastructure to spur increased activities. GDP growth

however remains low and currency movements are erratic

which provides some measure of uncertainty. Consequently,

we want to use debt astutely. We recognize that refinancing will

become an option as interest rates move into the single digit

realm, and we will pursue this in the future.

The Members of the Committee and their attendance at the respective meetings for the 2018

financial year is reflected in the Table below:

Annual

General

Meeting

Board of

Directors’

Meeting

Audit

Committee

Meeting

Compensation

Committee

Meeting

Number of meetings for the year 1 3 3 0

Vincent Chang - 1 1 -

Anthony Chang 1 2 2 -

Nicola Chang Murphy 1 2 - -

Thomas Chin 1 3 3 -

Keith Collister - 2 1 -

Noel daCosta 1 2 1 -

Philmore Ogle 1 3 3 -


13

Corporate Social Responsibility

Miss Birdie/ Purity Scholarship

Ms. Tameka Walters was selected as the successful Miss

Birdie/Purity Scholarship Recipient 2017/ 2018 as once again,

Consolidated Bakeries offered a scholarship to a final year

Jamaican student.

The Miss Birdie/Purity Scholarship for Business & Management

is offered to a student who has a Grade Point Average of 3.0

or higher, with a verifiable financial need, the opportunity to

have their tuition paid in full. This student has to be enrolled

at the tertiary level pursuing an undergraduate degree (B.Sc)

in the Department of Management Studies at the University of

the West Indies. This scholarship is valued at JMD$300,000.

The successful candidate had to have displayed leadership

qualities, volunteerism and social involvement as well as

active participation in co-curricular activities, maintaining an

active and healthy lifestyle as well as to demonstrate kindness

towards persons in their community.

Ms. Walters is pursuing a

Bachelor of Sceinces degree

in Accounting. She hails from

the parish of Manchester

and is a former student of

DeCarteret College. She

resides on Aston Preston

Hall in her final year as a full

time student. Ms Walters is

supported financially by her

single mother, Miss Ellis, a

self employed hairdresser.

Past receipents of the

scholarship are Keyondra

Lambert, Shameika Gunzell

and Jenae Hamilton.


14

Miss Birdie Easter Bun

recognizes The Jamaica

Postal Service

Each Easter Miss Birdie

donates buns to a group who

are often overlooked. In 2018

we selected the Jamaica

Postal Service.

Seventy unsuspecting, yet

highly deserving members

of staff of the Jamaica

Postal Service received

complimentary Miss Birdie

Gold Standard Easter Buns.

This show of appreciation

for the staff at the

Meadowbridge and Western

District Office Post Offices

was born from the Miss

Birdie brand’s “Share the

Love” Initiative, which saw

Miss Birdie donating buns to

The UWI Minor Operations

Team, The Jamaica Crossing

Warders and The Jamaica

Fire Brigade in years prior.

“It’s a recognition of unsung heroes,” Samantha Cooper,

Marketing Assistant at Miss Birdie, explained. “We are very

honoured to identify a group of hardworking individuals and

say “Thank You” in our own way.”

Mrs. Kathy-Ann Yetman, Public Relations Officer at the Jamaica

Post, expressed great appreciation at being a beneficiary of

Miss Birdie’s Easter kindness.

“We are very humbled to know that an organization, with

the reputation and size of Miss Birdie, would have, without

prompting, identified the postal services for this type of

recognition,” she lauded the company. “We really appreciate it

and feel it will go a long way in motivating our staff.”

Purity Supports Youth Production

Purity and Miss Birdie partnered with Barracks Entertainment

for the fifth year to assist in the successful staging of the youth

production “BLACK SHEEP”

The production explores the issues of homeless young males

who face serious psycho-social and socio-economic challenges

that include lack of educational opportunities, illiteracy, lack

of basic needs, mental health disorders, suicide ideation, poor

sexual and general health seeking behaviour, lack of familial

support and abuse.

As a brand that is synonymous with community development

and youth empowerment Purity provided an array of our

products to be given to the youths in attendance.


15

Board of Directors

VINCENT CHANG

Chairman of the Board

& Executive Committee

Vincent Chang has several

years of experience in

commercial enterprises and

engineering. He navigated

the company through the

difficult period of the public

share offer. He holds a

Bachelor of Science Degree

in Business Administration

from Concordia University

in Montreal, Quebec, as

well as degrees in Business

Administration from Loyola

University in Montreal,

Canada. He also has

professional certification

from the American Institute

of Baking.

ANTHONY V. CHANG CD.

Managing Director

Anthony V. Chang brings

to the table his extensive

professional experience

particularly in the consumer

a n d p a c k a g e d f o o d

businesses, involving both

domestic and international

brands. He is a former

president of the Jamaica

Chamber of Commerce,

has served on boards of

both public and private

sector firms and was

recently awarded an Order

of Distinction (CD) for his

years of service to the

business community. He

holds a degree in Business

Administration from the

University of Western Ontario

in Canada and has completed

several professional courses

at reputable North American

universities.

NICOLA CHANG MURPHY

Director of Sales

& Marketing

Nicola Chang Murphy

became a non-executive

board member as of May

10, 2013. Previously, she

managed supervisors,

sales representatives and

merchandisers, as well as

brand creativity and cost

efficiencies for the company.

She launched the “Healthy

Eating equals Healthy Living”

campaign which heightened

awareness of the Purity

and Miss Birdie brands. Her

degrees include a Masters

in Business Administration

from Nova South Eastern

University. Her services are

now contracted on a project

basis.


16

THOMAS “TOM” CHIN

Non-Executive

Board Member

Thomas Chin is a Certified

Public Accountant/Certified

Management Accountant with

over 30 years of experience

in the communications

industry. He has expertise

i n c o n s o l i d a t i o n s ,

reporting, budgeting and

forecasting, acquisitions and

divestment, management

of shared services, and

systems development

and implementation. He

is a former director of

Financial Operations at

Rogers Communications

Inc. in Toronto, Canada and

a former VP of Finance for

Flow Jamaica (Columbus

Communications Jamaica

Limited.)

PHILMORE OGLE

CD., OD., FCA.

Non-Executive

Board Member

Philmore Ogle is a past


Chamber of Commerce, and

the Institute of Chartered

Accountants of Jamaica.

He is the recipient of the

Order of Distinction (Officer

Class) in 1999, for service to

the accounting profession

and the Order of Distinction

(Commander Class) in 2009,

for his contribution to Tax

Reform. His distinguished

record of public service

includes service on several

boards, including the Jamaica

Development Bank and

National Development Bank.

He is a former chairman

of Deloitte and Touche in

Jamaica.

NOEL DACOSTA CD.

Non-Executive

Board Member

Noel daCosta is a highly

respected professional.

He has worked at Desnoes

& Geddes/Heineken, in

technical and administrative

management for many years.

He is a chartered engineer,

and a past President and

Fellow of the Jamaica

Institute of Engineers. He

has post-graduate degrees

in Engineering, Business

A d m i n i s t r a t i o n a n d

Insurance. He is a former


Chamber of Commerce and

has served on many boards

in the public and private

sectors. In 2012 he was

made a Commander of the

Order of Distinction for his

contribution to Engineering

and Manufacturing.


17

Board of Directors

KEITH COLLISTER

Non-Executive

Board Member

Keith Collister, renowned

investment analyst and

financial journalist, has

ser ved wi th leading

corporate entities locally and

overseas. He is chairman of

the Appliance Traders Ltd.

Pension Fund and works in

the Finance and Planning

division of the Sandals

Group. He is vice president

of the Jamaica Chamber of

Commerce and Chairman

of its Economic Affairs and

Taxation Committee and

a member of the Private

Sector of Jamaica Economic

Policy Committee. He holds

an MA in Economics from

Cambridge University and an

MBA in International Banking

from Birmingham Business

School.

VICTOR M. SALAZAR

company Secretary &

Business Development

Manager

Victor M. Salazar is

experienced in international

business, having headed

the Caribbean and Latin

American Unit of Jamaica’s

Investment and Trade

Promotion Agency (JAMPRO)

and procured the largest

investment influx in the

country’s history. He has

also managed an industrial

packaging and commodities

unit, at Grace Kennedy &

Co. Ltd. and led the export

foray into Latin America for

Grace branded products. He

has a Bachelor of Science in

International Relations and

a Masters in Government

from the University of the

West Indies.


18

ShareholdersTOP 10 SHAREHOLDERS

NAME VOLUME %

Chang Brothers Limited 136,496,956 61.2893

Anthony V. Chang CD. 19,200,468 8.6213

General Accident Insurance

company Jamaica Limited11,863,631 5.3270

Everton J. Smith 5,553,576 2.4936

David Chang 3,216,000 1.4440

P.A.M. Ltd - Pooled Equity Pension Fund 2,481,241 1.1141

Colin Steele 2,400,649 1.0779

National Supply Co. Limited 2,029,805 0.9114

Michael J.G. Subratie 2,000,000 0.8980

JMMB Retirement Scheme 1,394,328 0.6261

DIRECTORS SHAREHOLDINGS

NAME VOLUME %

Anthony V. Chang CD.* 19,200,468 8.62

Philmore Ogle 800,000 0.35

Noel Dacosta 800,000 0.35

Keith Collister 800,000 0.35

Thomas Chin 256,636 0.11

Victor Salazar-Chang 194,392 0.08

Nicola Chang Murphy* 89,000 0.03

Vincent Chang* 0

*also a major shareholder in the parent company Chang Brothers Limited


19

Corporate Data

BOARD OF DIRECTORS

Vincent J. Chang

Anthony V. Chang

Philmore Ogle C.D.

Noel daCosta C.D.

Thomas (“Tom”) Chin

Nicola Chang Murphy

Keith Collister

CORPORATE SECRETARY

Victor M. Salazar

REGISTRAR & TRANSFER AGENTS

Jamaica Central Securities Depository Ltd.

P.O Box 1084

40 Harbour Street

Kingston

AUDITOR

BOGLE AND COMPANY

Chartered Accountants

6 South Avenue

Unit 6, Dragon Center

Kingston 10

BANKERS

National Commercial Bank Ltd

First Global Bank Ltd

Bank of Nova Scotia

ATTORNEYS-AT-LAW

Dianne Edwards

7 Belmont Road

Kingston 5

Samuda & Johnson

15 Trinidad Terrace

Kingston 5

REGISTERED OFFICES

2F Valentine Drive

Kingston 19

20


21

2018 ANNUAL REPORTCONSOLIDATED BAKERIES (JAMAICA) LIMITED

Financials

CONSOLIDATED BAKERIES (JAMAICA) LIMITED2018 FINANCIALS

24

CONSOLIDATED BAKERIES (JAMAICA) LIMITED FINANCIALS 2018

25


26


27


28

CONSOLIDATED BAKERIES (JAMAICA) LIMITED

as at December 31st, 2017

Statement for Financial Position


29


year ended December 31st, 2017

Statement of Profit or Loss and Comprehensive Income


30



Statement of Changes in Equity


31



Statement of Cash Flows


32



Notes to Financial Statements


33



Notes to Financial Statements


34


35


36


37


38


39


40


41


42


43


44


45


46


47


48


49


50


51


52


53


54


55


56


57


58


59


60

Form of Proxy

I/We ..........................................................of ................................................................ in the Parish

of ................................ being Member/members of the above named company hereby

appoint .....................................................of ...................................................................... or failing

him/her ...................................................of .......................................... as my/our proxy to vote

for me/us and on my/our behalf at the Annual General Meeting of the Company to be

held at 2f Valentine Drive, Kingston 19 on December 18th, 2019 at 10:00am - 1:00pm

and at any adjournment thereof.

Signed this ............. day of ........................................... 2019

Signature

Notes:

1. An instrument appointing a proxy, shall, unless the contrary is stated thereon be valid as well for

any adjournment of the meeting as for the meeting to which it relates and need not be witnessed.

2. If the appointer is a corporation, this form must be under its common seal or under the hand of an

officer or attorney duly authorized in writing.

3. In the case of joint holders, the vote of the senior will be accepted to the exclusion of the votes of

others, seniority being determined by the order in which the names appear on the register.

4. To be valid, this form must be received by the Registrar of the Company at the address given below

not less than 48 hours before the time fixed for holding the meeting or adjourned meeting.

5. The proxy form should bear stamp duty of One Hundred dollars ($100.00) which may be in the form

of adhesive stamp duly cancelled by the person signing the proxy form.

CONSOLIDATED BAKERIES

(JAMAICA) LIMITED

2F Valentine Drive

Kingston 19, Jamaica (West Indies)

REGISTRAR AND TRANSFER AGENTS

Jamaica Central Securities Depository Limited

40 Harbour Street, Kingston

Consolidated Bakeries (Jamaica) Limited

2F Valentine Drive

Kingston 19

+1 (876) 924-1151-3

+1 (876) 925-2649

[email protected]

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Documents

BAKERIES (JAMAICA) LIMITED 2018 · promotions. Our marketing dollars were spent on building awareness for grab and go items, particularly in mid-sized supermarkets in central and