UNAUDITED FINANCIAL RESULTS FOR Ti{E

THREE MONTHS ENDED SEPTEMBER 30, 2AL6

RELEASts] T$ SHAXTEI.TOI-DERS

The Board of Directors of swEET RIVER ABATTOIR & SUPPLIES LTD is please to present the

unaudited financial statements for the three months ended Septernber 30, 2016'

MANAGING DIRECTOR,S REPORT FOR THE 6 MONTHS PERIOD ENDING SEPTEMBER 2016

with the supply of pigs back to normal levels and our network of farmers back to full production we

are positioned to meet the demand of our customers in during the usual peak season' Our

perforrnance for the quarter was much better than the comparable quarter in 2015 when the

company generated sales revenue of$107m in 201-6 compared to $47m in 2015'

We are in the process of securing contracts from our major customers thus ensuring that both

entities can operate at full capacity. ln return we will re-new and expand our contract to pig farmers

to maintain a steady supply of pigs all year round to the plant. our contract to pig farmers wi[[

guarantee not just only a market for their pigs but will also provide all the training that they need to

produce animals of the highest quality. Such training will be provided directly and or indirectly f rom

input providers.

we are happy to report that this marks the first full quarter since we began operating from our own

plant which was opened in June 2016. With the opening of the new plant we now have the capacity

to slaughter up to 800 animals weekly. This extra capacity will allow us to offer slaughtering service

to farmers, companies and or institutions. The plant will in the very near future be certified for

export.

snas co. LTD.I SECONn quanrsn uNAUDITED FINANCIAL R.ESULTSISEPTEMBER 2016 Page 1

we are excited about the opportunities that are available to us and are looking forward in fulfilling

our mandate of being Jamaica's 9th Agro Park that is to include the slaughtering of small ruminants

and the provision of slaughtering service to farmers in the county of cornwall'

iL\$:{..:{r.}tt$":\ {,i\\*s"$\,R:-$"[\$\: $r$$o*stxn$\',$til$,'tl\L $-$$'{,:}}$"{$"$*}'$*$-t..$;

Highlights of the three months ended sepi 30 2016

Sept 2016 Sept 2Q15 lncllDec\%

& Sales revenue

'# Net profit/ (Loss)

t Earnings per stock unit

+ Total assets

t Total stockholders'equitY

120,000,000

100,000,0o0

80,000,000

60,000,000

40,000,000

20,000,000

$107.m

$:.zm

0.03 cents

$qztm

$162m

;il;ili io*PAR*roN

$+z.om 131%

$.744m 324%

0.01cents 116%

534sm 22%

$16em {4\%

1st QT 1st QT 2nd QT 2nd QT

Jun 2015 Jun 201-6 SePt SePt

20r-s lo1t

sRAS C0. LTD,I SECONU quARfEn UNAUDITED FTNANCTAL RESULTSISEPTEMBER 2015 Page2

NET PROFIT COMPARISION i

4,000,000.00

3,000,000.00

2,000,000.00

1,ooo,0o0.0o

t1,000,000.00)

{2,000,000.00)

(3,000,000.00)

ffiffi{ili:

e.' lrm ZndQT ZndQT

2015 Junffi SePt SePt

ffi2g15.-..--.201.6--.--"^'--*-...*--:-"-...-

;i;;:-; ;:-;"-.-;.r':;,;;--"';':;'" """' j

ThreeMonthsEndedSept30th,2016comparedtoSept30th,2015

' Sales Revenue

The company generated sales revenues in the Second quarter of 2016 in the amount of $107m

when compared to $qZm of the previous year; an increase of $61m or 131 %' This increase is

due to the slaughtering of three thousand three hundred and ninety (3,391) pigs'

r Gross profit

Gross profit of $15.0 m when compared to the previous period of $7'3m; an increase of $7'5m

or L04Yo this was due mainly to an increase in pig supplies and a reduction in price been paid

for pigs .

' Expenses

Total operational expenses of $S.Sm when compared to previous period of $6'1 m; an increase

of $2.4m or 4a yo.This increase was due to utilities, haulage and interest payment on loan which

have now become due since our restructuring of our loan'

' Net Profit

A net profit of 3.2rn was realized when compared to a net profit of $'744m of the previous

period; an increase af $2.4m or 324Yo'

ffi[urueuoIrEDFINANCIALRESULTS|SEPTEMBER2016Page 3

six Months Ended september 30, 2015 compared to september 30, 2015

, Sales revenue of 5L78.0 m when compared to the previous period of 570'0 m' an increase

of$108.0 morL54Y*

r GrOSS profit of S19.8M when compared to SfS'Zm of the previous period' an increase of

$4.6.m or 3AY,.

r Total operational expenses of $14.8m when compared to previous period of $1-1'6m an

increase of $3.2m or 3}Yodue mainly to we operating out of our new facility this we hope to

reduce as we continue to look at areas to reduce cost and nnake the operation more

efficient.

. Net Profit of $.gsz m for the period, a when compared to the previous of 52'6m decrease of

$f.:m or (64) Yo, due mainly to our higher cost of expenses incurred in the new plant

coupled with our loan repayment interest'

Despite a challenging economic environment, the company has experienced growth in its

revenue. SRA is committed to maintaining high standards in our efficient product movement

and market penetration, while we continues to strengthen our relationships with our

customers, suppliers, employees and other stakeholders'

ManagingDirector

SRAS Co. 1-Tr.l sEcor'.rn Qua[:rER UNAUDITED FINANCIAL RESULTSISEPTEMBER 2016 Page 4

SWEET RIVER ABATTOIR & SUPPLIES COMPANY LIMITED

Unaudited Statement of

Comprehensive lncome

For the Six Months Period Endin 30th, 2016

2L5,152,21,070,1,18,720L78,229,95546,5!9,3111a7,231,,712

{194,693,506){54,954,681t(158,45Q9,25A,21,4\92,4L5,455

{24,177,5L8\(11,559,738)t14,751,,209)6,058,926(9,460,367Administrative and

General Expenses

Finance lncome

3,603,662)(4,A72,A6L)3,20L,294\Finance Cost

Profit/ (Loss)before

Taxation

7M,3033,L54,5E5

Profitl (Loss)after

taxation, being

total

comprehensive

profit/ ilossifor the

Earnings per share

inas co. LTD.I sECoND euARTER UNAUDITED FINANCIAL RESULTSISEPTEMBER 2016 Page 5

SWEET RIVER ABATTOIR & SUPPLIES COMPANY LIMITED

Unaudited statement of financiai position

Seot 30.2016

SePt 30, 2016 SePt 30, 2015 Mar 31,2416

$$$

Non-Current Assets

Propefiy, piant and equipment

Deferred Tax Asset

Deferred lnteresiGoodwill

Totai non-current assets

Current AssetsDii"ectors' Current Accou nt

Cash and Cash Equivalents

Trade and other receivabies

lnventoriesTotal current assets

TOTAL ASSETS

LIABILITIES & EQUITY

Current Liabilities

Bank overdraft

Trade and Other Payables

lncome Tax Payable

Directors' current account

Current portion of long term Payables

Curreni pcrtion of long term loan

Total current liabilities

Long Term Liabilities

Long-term liabilities

l-ong-term Payables

Shareholders Loan

Deferred tax liability

Total Liabiiities

Equity

Share capital

Accr-rmulaled surplus

Totai Equity

Total Liabilities & Fquity

386,414,700

3,189,472

6,411,267

6,580,000

31'1,512,496 364,6S5,514

1,432,522 3,189,472

6,4,11,267

6,580,000 6,580,000

4A2,595,439 319.525,018 380,876,253

1,331,833

8,153,367

3,011,043

10,828,416

1,533,983

15,437,871

14.517.652 14,932,198 3.22A.$4:,il - -' -L: :a

24"A02,852 28.771.657 2AJ92,288-'r:::1-=- ---

426.598.291 348.296,675 401,068,541

9,851,189

27,879,2540

1,300,568

13,882,816

36.8'13.33'1

10,150,944

17,698,855

5,47A,446

4,07 1 ,1A4

15,060,958

15,048,044

3,721,984

421,344

13,882,816

20,813,33121,481,:826*:1-tl-"1

89,727,154 58,873,175

129,228,671

27,790,42017,976,310

120,346,050

68,948,473

129,228,67i27,79A,42A

11,177,343

264.722s55 179,219,225 240J44,907

143,695.71 3

1 8, 1 B0 ,023

143,695,713 143,695,713

25,381,737 17 ,227 ,521

161 ,875,736 169,077,450 160,923,634

for issue by the Board of Directors on

Henry Graham

SRAS CO. LTD.I SECOND QUARTER UNAUDITED FiNANCIAL R.ESUL'TSISEPTEMBER 2016 Page 6

SWEET RIVER ABATTOIR & SUPPLIES COMPANY

LIMITED

Unauditedstatementofchangesinshareholders'equityfor the three months ended 30th September 2016

Share CaPital

$

ShareAdvance

$

Retained

Earnings

$

Total

$

Balances as at March 31 , 2015

Converted share advance

Monies received for shares purchased

Net Profit attributable to Shareholders

Balance as at SePtember 30, 2015

Net Profit attributable to Shareholders

Balance as at SePtember 30, 2015

Balances as at March 31, 2016

Net profit attributable to shareholders

Balances as at SePt 30,2016

4,500

32,957.629

110,733,584

32,957,629

(32,957,629)

22,758,767 55,720,896

110,733,584

143,695,7',l3 22,758,767 166,454,480

2,622,970 2,622,974

143.695,713 17,227,921

9s21a2

160,923,634

952,142

143695713 18,180,023 161,875,736

169,077,450

SRASC0.LTD.ISECoNDaUARTERutvnuotTToFINANCIALRESULTSISEPTEMBER20I6PageT

SWEET RIVER ABATTOIR & SUPPLIES COMPANY LIMITED

Unaudited Statement of Cash Flow Position for

Period Ended September 30th, 2016

Sept 30, 2016

s

Sept 30, 20{5

$

,(Audited)

Mar 31, 20'16

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation

Adjustments to reconcile profit for year to net cash provided

by operating activities:

Bad debt

Depreciation

Deferred tax lncome

Deferred tax lnterest

lnterest income

Taxation Provision

Operating surplus before changes in working capital

Trade and other receivables

lnventories

Directors' current account

Shareholders loan

Accounts PaYable & Provisions

Directors' current account

i.let cadr generated bY oPerations

Taxation

lnterest receiwd

Net cash inflows from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of property, plant and equipment

Net cash outflowsfrom investing activities

GASH FLOWS FROM FINANCING ACTIVITIES

Proceeds of long term PaYables

proceeds of long term loan Net

Shareholders loans

Bank Overdraft

Nat cash inflowsfrom financing activities

(Decrease)llncrease in cash resources

Cash rcsources at the start of the year

Gash resources comPrise :

Cash and bank balances

527,697 (14,62A,759)l

106,398 (1,702,068)

- 41,673,236

(121,373) 8.Oe2Js2

- 14,177,343

(5.z}s.769) 10.150-944 8.199.314

1.533.983 15.484.467 22.346 111

952,102

125,756 140,208

(1 1 ,1 03)

2,622,974 (5.s30,846)

44,4,526

(1,756,950)

{6,411,26n11t.,541)

60,ooo

7,2A4,504

{11,297,2_18)

12,831,206

879,224

7,034,370

4,814,782

2,000

(18,146,634)

4.O71.144

(13,206,07'8)

2,424,87516,526,545:-

:

:

eo,797,44s)423,344

10,775,574

(3,721,980)

16,000,000

3,798,967

1,331,833 3,011,043 1,533;983

Q1,844,542) ,148,152) (76,635,,48

e3,148,152)

SErtS CO. LTD,I SECOND QUARTER UNAUDITED FINANCIAL RESULTSISEPTEMBER 2016 Page 8

SWEETRIVERABATToIR&SUPPLIESooMPANYLIMITED

Notes to the Unaudited Financial Statements

Three Months Period Ended September 30th, 2016

ldentification

Sweet River Limited ("the company") is incorporated in Jamaica under the Jamaican Companies Act'

The company is domiciled in Jamaica with its registered office located at sweet River' sav-la-mar'

westmoreland and was listed on the Jamaica Junior stock Exchange on september 19' 20\4'

The company's main activities are the purveying of pork products and provision of abattoir services'

Basis Of PreParation

The financial statements have been prepared in accorclance with lnternational Financial Reporting

standards {IFRS) and comply with the relevant requirements of the Jamaican Companies Act' The

financial statements have been prepared under the historical cost basis and are expressed in

Jamaican Dollars. The lnterim financial statement has been prepared using the same Accounting

policies and method of computation as used in the most recent Audited Financial statement'

Segment RePorting

An operating segment is a component of the company that engages in business activities from

which it may earn revenues and incur expenses. An operating segment's operating results are

received regularly by the Board of Directors to make decisions about resources to be allocated to

the segment and assess its performances'

Based on the nature of the company's business activities, management has determined that

disclosure of segment information is not applicable as the company is operating in one segment'

4. Taxation

The company's shares were listed on the Junior Market of the Jamaica stock Exchange on

september 19, 2014. Consequently the company is entitled to a remission of the taxes for 5 years'

Taxation has been calculated at 25Yo of taxable profit for the period April - Juty 20L4 as the

remission of taxes does not apply to that period. The company is however entitled to 5oTo remission

of income tax for a period of five years from the date of listing'

1.

,

3.

inas co. LTD.I SEC6Nn Quenrgn UNAUDITED FINAI{CIAL RESULTSISEpTEMBER 2016 Page9

SWEET RIVER ABATTOIR & SUPPLIES COMPANY LIMITED

Notes to the Unaudited Financial Statements

Three Months Period Ended September 30th, 2016

5. Shareholders' lnformation

Directord Holdings

As at September 30, 2016:

HENRY GRAHAM

HECTOR LYONS

AUDLEY DEIDRICK

VALDENCE GIFFORD

NEVILLE GRANT

NIGEL MORGAN

Top Ten Shareholders

As at September 30th, 2016:

HENRY GRAHAM

HECTOR LYONS

AUDLEY DEIDRICK

VALDENCE GIFFORD

KIRK FONG

v.M.B.S (pENSION SCHEME)

NATIONAL INSURANCE FUNDS

V.M.B.SOCIETY

NEVIL GRANT

J.C.S.C. D TRL'STEE SERVICE

Holding of Senior Managers as September 30th, 2016

Valdence Gifford

Sean Forbes

No. Of Units

l-5,035,009

7,358,848

5,205,603

4,995,058

4,654,473

9L9,763

15,035,009

7,358,848

5,205,603

4,995,058

4,699,947

4,664,04O

4,663,300

4,663,213

4,654,073

3,886,005

4,995,058

4,000

snai Co. LTD.I sECoND QUARTER UNAUDTTED FINANCIAL RESULTSISEPTEMBER 2016 Page 10