bakeries (jamaica) limited 2018 · promotions. our marketing dollars were spent on building...
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CONSOLIDATEDBAKERIES
(JAMAICA) LIMITED
2018ANNUALREPORT
From Our Family to Yours
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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
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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.
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CONSOLIDATED BAKERIES (JAMAICA) LIMITEDANNUAL REPORT 2018
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2018 ANNUAL REPORTCONSOLIDATED BAKERIES (JAMAICA) LIMITED
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Our MissionWe aim to consistently
deliver pure wholesome
goodness for our family
and yours, by maintaining
extraordinary product quality
and service standards.
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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
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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
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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.
CONSOLIDATED BAKERIES (JAMAICA) LIMITED 2018 ANNUAL REPORT
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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
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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
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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.
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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
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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 -
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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.
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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.
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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.
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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
president of the Jamaica
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
president of the Jamaica
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.
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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.
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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
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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
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2018 ANNUAL REPORTCONSOLIDATED BAKERIES (JAMAICA) LIMITED
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Financials
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CONSOLIDATED BAKERIES (JAMAICA) LIMITED
as at December 31st, 2017
Statement for Financial Position
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CONSOLIDATED BAKERIES (JAMAICA) LIMITED
year ended December 31st, 2017
Statement of Profit or Loss and Comprehensive Income
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CONSOLIDATED BAKERIES (JAMAICA) LIMITED
year ended December 31st, 2017
Statement of Changes in Equity
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CONSOLIDATED BAKERIES (JAMAICA) LIMITED
year ended December 31st, 2017
Statement of Cash Flows
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CONSOLIDATED BAKERIES (JAMAICA) LIMITED
year ended December 31st, 2017
Notes to Financial Statements
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CONSOLIDATED BAKERIES (JAMAICA) LIMITED
year ended December 31st, 2017
Notes to Financial Statements
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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
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Consolidated Bakeries (Jamaica) Limited
2F Valentine Drive
Kingston 19
+1 (876) 924-1151-3
+1 (876) 925-2649
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