table of contents - jamaica broilers group

1

Table of Contents

2. Financial Highlights

4. Directors’ Report

5. Notice of AGM

6. Chairman’s & President’s Annual Review 2003-04

24. 10 Largest Ordinary Shareholders

25. Stockholders’ Profile

26. Mission Statement

27. Auditors’ Report

28. Group Profit & Loss Account

29. Group Balance Sheet

30. Group Statement of Changes in Stockholders’ Equity

31. Group Statement of Cash Flows

33. Company Balance Sheet

34. Company Statement of Changes in Stockholders’ Equity

35. Notes to the Financial Statements

75. Directors & Officers

76. Corporate Divisions & Subsidiaries

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2

FinancialHighlights

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Directors’ Report

THE DIRECTORS present their annual report with the financial statements for the year ended 1st May, 2004.

RESULT OF OPERATIONS

TURNOVERThe Group’s turnover for the year amounted to $8,173,181,000 as compared with $6,870,743,000 for the previous year.

PROFIT, DIVIDENDS AND APPROPRIATIONS Group Profit after taxation 461,310,000Profits brought forward from previousyears were (as restated for IFRS) 948,957,000

To give an amount of 1,410,267,000Bonus issue of shares (85,662,000)Transfer to Reserve ( 8,749,000) Interim Dividends (125,924,000)

Thereby leaving profits to be carried forward as Retained Earnings of 1,189,932,000

The Directors do not recommend the payment of a final Dividend.

DIRECTORSThe Directors retiring in accordance with Regulation 90 of the Articles of Associa-tion are Mrs. I. V. Brown, Mr. Malcolm D. L. McDonald, Mr. Barrington A. Pryce and Mr. Douglas Senior all of whom are eligible for re-election.

AUDITORSPricewaterhouseCoopers will continue in office as Auditors in accordance with the provisions of Section 153(2) of the Companies Act.

DATED THIS 15th DAY OF SEPTEMBER, 2004

BY ORDER OF THE BOARD

..............................................

P E T E R D E P A S SS E C R E T A R YR E G I S T E R E D O F F I C EC O N T E N T , M C C O O K ’ S P E NS T . C A T H E R I N E

NOTE:

1. A member entitled to attend and vote at the meeting may appoint a proxy, who

need also be a member, to attend and on a poll, vote on his/her behalf. A suitable

form of proxy is enclosed. Forms of proxy must be lodged at the registered office

of the Company at Content, McCook’s Pen, Saint Catherine not less than 48 hours

before the time of the meeting.

2. A corporate shareholder may (instead of appointing a proxy) appoint a repre-

sentative in accordance with Regulation 75 of the Company’s Articles of Associa-

tion. A copy of Regulation 75 is set out on the enclosed detachable proxy form.

5

Notice of AGM

NOTICE IS HEREBY GIVEN that the Annual General Meeting of the Jamaica Broilers Group Limited will be held at the Jamaica Conference Centre, Ocean Boulevard, Kingston Mall, Kingston on Saturday, October 30, 2004 at 10:00 a.m. for the following purposes:-

1. To receive the Report of the Directors and Audited Accounts for the year ended May 1, 2004 and the Report of the Auditors thereon.

2. To elect Directors.

3. To approve the remuneration of the Directors.

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

DATED THIS 15th DAY OF SEPTEMBER, 2004

BY ORDER OF THE BOARD

..............................................

P E T E R D E P A S SS E C R E T A R YR E G I S T E R E D O F F I C EC O N T E N T , M C C O O K ’ S P E NS T . C A T H E R I N E

NOTE:

1. A member entitled to attend and vote at the meeting may appoint a proxy, who need also

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

enclosed. Forms of proxy must be lodged at the registered office of the Company at Content,

McCook’s Pen, Saint Catherine 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 Association. A copy of Regulation

75 is set out on the enclosed detachable proxy form.

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6

Chairman’sAnnual

& President’sReview 2003-04

We have great pleasure in reporting on the Group’s operations for the year ended 1st May 2004. During the year under review, Jamaica

Broilers Group maintained its focus

on becoming the most efficient agro-

processor in our market, whilst con-

tinuing to offer our customers prod-

ucts of a consistently high quality.

Another area of emphasis was that of

debt reduction, and we are pleased

to report that significant strides were

achieved in all areas of focus.

Improved Efficiency and Profitability

This year we were fortunate to experience good operating conditions through-

out most of our Field facilities. There were no major floods or excessive heat, and

our industry was spared the ravages of the various diseases that plagued the live-

stock industry internationally. These factors, coupled with exceptional manage-

ment practices pushed many of our key performance measures to new records,

equal to several of the best operations in the USA. This meant, that the Group was

able to achieve a much more profitable year in 2003/04 than was recorded the

previous year.

HON RABY DANVERS WILLIAMS, OJ, CD, JP, CLUChairman

7

& President’sReview 2003-04

Consolidated group results, for the

year ended 1st May 2004, showed:

_Turnover of $8.173 billion,

which was 19% above last year.

_ Gross margin of $2.165 billion.

_ Profit before tax of $606.3 mil-

lion, which was 81% above last

year.

_ Profit attributable to stock-

holders of $461.3 million, which

was 31% above last year. This

latter achievement is worthy of

special mention as it points to

the fact that the Group’s share-

holders have been able to realize

real returns on their investment.

It also explains why investment

analysts often times lists Jamaica

Broilers shares among the “best

buys” on the stock market.

Capital Investments

The Group invested over $300 mil-

lion in plant and equipment during

the year 2003/04.

The investments for divisions and

subsidiaries (J$M) are as shown in

the Capital Expenditure pie chart

(left).BDC: $203.93M

Aquaculture: $41.52M

Content Division:$14.54M

Levy: $12.91M

BDF: $10.65M

JPB: $10.49M

Content Ltd.: $3.47MWincorp: $1.76M

Ja Eggs: $1.58M

ROBERT E. LEVY, CDPresident & CEO

��

��(NOTE: IPB - nil)

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Product Development

We also made major investments in the development and market-

ing of a variety of new products including the very successful pre-

seasoned rotisserie Reggae Jammin’ chicken product that is now

available in most of the supermarkets in the corporate area. This

pre-seasoned line (of rotisserie chicken) has be-

come a high demand favourite for weekend fam-

ily meals. We believe these products will continue

to experience significant growth.

Strategic Management Decisions

Two strategic agreements, negotiated during 2003/04, with our shippers and a grain

supplier impacted our operations.

The cost alleviation realized from these agreements helped the Group to reduce he

effects of massive increases in both shipping and grain prices on the world market,

thereby softening increases to our consumers. In a year in which the country as a

whole saw food and drink prices escalate by approximately 15.8%, our Group has

been able to keep price increases in our poultry products to an average of 13% for

the year.

Comprehensive Debt Coverage

This year, we achieved one of our organization’s major objectives – that of covering

all our debt with short-term investments and other financial instruments. At the end

of the year, investments, cash and short-term investments totalled $1.180 billion. This

has put the Group in a much stronger financial position and will allow us to make fu-

ture capital expenditures out of cash flows, rather than from borrowing. It also made

it possible for us to get our Bankers to release all charges they held over our assets.

*major investments in

…new products

9

New and Approved Systems and Procedures

This financial year, the Group embraced two major management challenges.

These were:

_ Implementation Of The New International Financial Reporting Standards

(IFRS): The most significant changes that the adoption of these new stan-

dards have brought to our balance sheet relate to the inclusion of deferred

tax liabilities and a net surplus in the pension fund.

_ Implementation of a New Management System: The implementation of

the new system – known as AXAPTA, a Microsoft owned product which is

represented in Jamaica by Exordia, an affiliate of PricewaterhouseCoopers,

is intended to propel us forward in three main areas.

• Significant improvement in our ability to serve and communicate

with our customers.

• Increased access to timely information that will further enhance

our management’s ability to make quick, informed and effective

decisions.

• Significant efficiencies in our operations.

By the end of the new fiscal year, all our accounting operations will be fully up

and running on this new package.

Co-generation Operations

The Group faced major challenges in the Co-generation facility, which adjoins

our poultry processing plant. The major shareholders and operators aban-

doned the facility during the year under review. This resulted in our process-

ing facility experiencing extreme pressure with respect to its electricity and

thermal energy supplies, resulting in the Plant resorting to the Public Power

Company for the energy supplies required at higher costs. The Group re-

tained Attorneys in the USA to represent us in our claims against our former

partners.

Corporate Citizenship

Jamaica Broilers Group continued to provide strong support for key areas of

national concern such as communication, science and technology and the

environment. We also continued our commitment to offer direct assistance to

empower members of the communities in which we have our operations.

10

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McCook’s Pen Postal Agency – The Group undertook

as a joint venture with the McCooks’s Pen Community,

the building and furnishing of a new postal agency for

the McCook’s Pen, Content, St. Catherine community.

The Group provided the land, building materials

and furnishings while the community supplied the

labour. We are proud of the role that the citizens

played in making the project a reality and believe

that it is a testimony to what can be achieved with

community and private sector collaboration.

Community Sports - In recognition of the important role that sport plays

in developing our Nation’s human resources, our Group provided support

and resources in launching and maintaining several sporting initiatives in

several communities. These include the establishment of a primary school

basketball league for the Old Harbour area, the strengthening of the com-

munity sports programme for the McCooks Pen, Spring Village, Freetown/

Bodles areas and support of the feeding programme of the national foot-

ball team, the Reggae Boyz.

The Spring Village Community – home of the Best Dressed Chicken Pro-

cessing Plant – continued to be a major beneficiary of the Group’s on-go-

ing support, this year. The main road through the community was restored

at a cost of $14M. The community sewerage system was also upgraded

and a new drainage system installed to ensure the long term integrity of

the road.

Welfare programmes – The subsidiaries and divisions were also was gen-

erous in their support for various social programmes and organisations

across Jamaica which included sustained support for the feeding of needy

children and the indigent.

The Group also made significant contributions towards the area of sci-

ence and technology and towards the continued development of the

University Hospital of the West Indies where we donated $3m towards

the new operating theatres and intensive care unit.

*corporate citizenship

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*QSR expansion

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HIGHLIGHTS OF OPERATIONS

Best Dressed Chicken – Poultry Division

The Processing Plant

The Processing Plant continues to perform at international standards main-

taining its top 5% ranking in AGRISTATS in such critical ar-

eas as line efficiencies and yield. During the year under

review the Plant’s throughput of birds increased over pre-

vious years.

Cost reduction has been the Plant’s most

challenging area in the past year, with the in-

creasing cost of electricity and fuel, the Plant

strived to find ways to constrain costs. This

resulted in the review of machinery, contracts, packaging methods, materi-

als used and processes throughout the operation, all in pursuit of ensuring a

globally competitive cost profile.

Notwithstanding, in terms of product development and customer satisfaction,

this was a very exciting year and with the physical expansion of our Further

Processing Department our marinated products experienced phenomenal

growth. Our research and development team continue to roll out exciting

new flavors of marinated products.

With increasing customer demands the dynamics of the Processing Plant

has changed. The expansion in the Quick Service Restaurants (QSR) and

the variety of chicken products offered to customers is now requiring more

specific products. Consequently, we are challenged to always anticipate our

customers needs while ensuring and maintaining our reputation for high and

consistent quality products.

In 2003, the Processing Plant implemented the Hazard Analysis Critical Control

Point (HACCP) program solidifying our position as world-class processors of

broiler meat.

*…this was a very exciting year

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14 *Hatchery

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The Field Department

The drive for international competitiveness in all areas of the Field Operations re-

mained the driving force throughout 2003/2004.

Rationalization and reclassification exercises continued. These exercises resulted

in a number of challenges for some stakeholders and presented opportunities for

others. However, mutually acceptable approaches were usually found to imple-

ment the changes.

At present Best Dressed Chicken is producing 70% of its output of chickens from

upgraded houses and tunnel facilities. The results continue to be favourable when

compared with other companies and AGRISTATS. All stakeholders associated with

the department are committed to continuing to making the necessary changes

and to employ new methods to assist in taking the company’s performance to its

fullest potential.

The Hatchery

Upgrading of our Hatchery continued through 2003-2004 with

the installation of computerised controllers on four setters. This

resulted in marked improvements in hatchability and chick

quality as well as in the reduction of electricity

usage. The installation of a new chick counting

system and a processing carousel has significantly

improved the Hatchery’s ability to sort and grade

chicks. Plans to expand the Hatchery to over 1 mil-

lion chicks per week are well on the way and will be completed by the end of July

2004. Hatchability continues to be very good and far exceeds industry standards.

Jamaica Poultry Breeders

Ongoing improvement in the housing environment and egg storage facilities at

our breeder flock operations has resulted in significant improvement in bird pro-

ductivity and hatchability.

Production improved by 2.7% over the previous year resulting in 13.16m dozen

hatching eggs, being produced while hatchability increased to 83.2% from 82.5%

the previous year.

*Hatchability…far exceeds industry

standards

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16 *Hi Pro

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These results coupled with overall reduction in costs in real terms have re-

sulted in the best year yet, at this operation. Plans for the new fiscal year in-

cludes the conversion of all growing out farms to “black out” housing and

the upgrading of laying farms to tunnel ventilation, to further improve our

efficiencies at this facility.

Hi Pro Feed/Hi Pro Farm & Garden Centre

During the year under review, we have seen a significant recovery of the finan-

cial performance of the Hi Pro Division, despite the slippage of the Jamaican

dollar versus the US dollar earlier in the year. Actual revenues were $2.4bln

which were ahead of the previous year. There was a reduction in receivables

and inventories were held at planned levels.

Feed sales volumes picked up as the year progressed. The restriction on im-

ports of meats due to various disease outbreaks abroad also

caused increased demand for local meats and the need for

more feed. However, high increases in US grain costs cur-

tailed growth in the livestock industry.

Chick sales remain strong and

plans were completed for the

takeover of Kingston Hatcher-

ies in June 2004. This will result

in significant increases in external sales to small farmers.

The co-op arrangement between our Farm and Garden Centre and ACE, a

hardware cooperative of the USA has resulted in the dramatic re-designing of

the layout of this facility. The store now carries an additional 9,000 new items,

as a result of which sales and profitability grew significantly this year and this

growth is expected to continue through the new year.

Content Agricultural Products

The year 2003/04 proved to be profitable for Content despite the significant

fallout in the cattle industry which became evident during the last quarter of

the financial year. The industry saw a rebound in prices driven by the upsurge

for the demand for beef on the local market.

*…significant recovery of the…Hi Pro division.

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*Aquaculture

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However, the cattle industry continues to suffer from, a significant short-

age in the supply of animals, particularly those fed on grass. The projec-

tion indicates that this shortage will continue for some time as farmers are

very cautious about making further investments in their herds. Efforts are

being made to increase the number of animals on our feed lot to maxi-

mize the use of our facility. This will enable us to supply the market in a

more consistent manner while continuing to maintain the Content high

quality product to which the market has become accustomed.

Aquaculture

The 2003/04 year was once again another challenging one for the fish

operations. In an effort to minimize high inventories generated in the pre-

vious year, fish production was reduced by approximately 45% to 1,568

metric tons this year. This significantly increased unit costs throughout

both pond and processing operations.

However, the year has also brought renewed optimism in the market out-

look with major breakthroughs been experienced in both local and ex-

port markets. Consequently, fingerlings placed have increased 47% over

last year’s figure, and increased production is forecasted for the 2004/05

plan year. Additionally, significant improvements have been made to the

contract farmer program and a firm foundation now exists to rapidly capi-

talize on emerging expansion opportunities.

The investment in the hatchery operations which start-

ed in 2002/03 continued this year, with a total of over

$34m spent to establish a new hatchery facility employ-

ing cutting-edge technology for fry and fingerling pro-

duction. In addition, this investment

will fast track the company’s stock

development program and is ex-

pected to generate significant per-

formance improvements in the medium and long term.

This year therefore, though filled with challenges, has also produced sig-

nificant opportunities that provides continued optimism that the indus-

try will eventually realize its tremendous potential.

*This year brought renewed optimism

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20*Best Dressed Foods

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Best Dressed Foods

Best Dressed Foods exceeded expectations both in sales volumes and average

price during the year under review. This resulted in the Division making a signifi-

cant contribution to the Group’s total gross margin.

The Division’s focus this year was placed on enhancing customer relationships

and the sales team was re-organised to facilitate this objective. Emphasis was

also placed on improved inventory management and this ensured the right

product mix to meet our customers’ needs. In addition, two new loading bays

were added to the delivery cold room area which greatly increased efficiencies

in the time it takes to load our trucks.

During 2003/04, the Division launched the advertising sequel to the Best Dressed

Chicken – “promise” advertising campaign. This further reinforced our brand in

the mind of the consumer and consolidated our brand preference in the Poultry

market. In keeping with this campaign our delivery trucks and containers were

given a fresh new look which further enhanced the image of the brand.

The Division continued its research and development thrust which resulted in

the launch of several new products.

Jamaica Egg Services

The table egg industry experienced a severe reduction in egg prices, even as

feed costs increased significantly, due to high corn and soya prices. During this

time, egg farmers reduced their pullet inventories in an attempt to rationalise

egg supplies with customer demands. This had a negative effect on the prof-

itability of Jamaica Eggs. Despite this, however, the Division was still able to

record a modest profit.

Efforts to improve product quality which started in 2002 resulted in increased

customer confidence in our products and contributed significantly to the mainte-

nance of our position as the supplier of choice among 895 table egg producers.

Jamaica Egg Services continue to provide leadership in restructuring the indus-

try. During the year under review, progress was made in developing a CARICOM

Grade and Labelling Standard for eggs. This mandatory standard will be imple-

mented in Jamaica in 2004.

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West Indies Nutritional Corporation Limited–Freezone – (WINCORP)

This operation performed well in 2003/2004, with net profit showing an increase

over the previous year.

Our customers benefited from the introduction of new tech-

nology and nutritional concepts, (which were introduced dur-

ing the year) and this positively impacted

the operation’s external sales.

The Division’s primary objective is to en-

sure the competitiveness of our custom-

ers in their markets. This is being achieved through an even greater level of techni-

cal service and cost competitive products.

WINCORP continues to receive technical support from its major suppliers which is

helping to ensure our competitiveness in the market place.

WINCORP International Inc – Florida, USA

As a result of its focus on developing its external customer base, this Division con-

tinued to experience growth during the year under review. This year, almost 50%

of total sales were achieved from external customers. Reduction in overhead ex-

penses also contributed significantly to improved net profits.

International Poultry Breeders

International Poultry Breeders had another profitable year but was not without

major challenges in the areas of feed supply, feed and vaccine quality affecting the

rate of lay and hatchability – especially during the months June to September. The

operational programmes have since been modified and counter measures imple-

mented to secure our position in providing consistently acceptable hatchability.

The Way Forward

As we look to the future, we are convinced of the important role that a company

like Jamaica Broilers Group plays in our nation. Our commitment is reflected in our

continued investment in new areas of growth and in the exploration of opportuni-

ties to increase our productivity and efficiency.

*WINCORP perfomed well in 2003/2004

23

_Recently, the Group entered into an agreement to purchase 20 acres of

land at Port Esquivel, St. Catherine along with an agreement with WINDAL-

CO that will allow us to put onto their dock, conveying systems that permit

the efficient off-loading of grain, for transportation into new storage silos.

This major investment is now being planned and will take the company yet

another major step towards reducing the cost of corn and soya.

_When we compare the growing consumer demand worldwide for fish

products with the absence of any real export potential for poultry prod-

ucts, the prospects for export of our Tilapia are very obvious. This potential

is further enhanced when we add to the equation the tremendous success-

es that we have seen in the acceptance of our fish products in local quick

service restaurants such as Burger King, Wendy’s, Kentucky Fried Chicken

and Tastee and with a recent shipment of breaded and battered Tilapia to a

major international customer.

We are therefore convinced that it is only a matter of time before other over-

seas-based franchises add our fish products to their menu. The potential, when

this happens, far exceeds what could be achieved in the poultry industry. Our

continued investment in our Aquaculture operations will also have a direct posi-

tive impact on the poultry industry as our purchasing and shipping of grain will

increase significantly thereby reducing costs to our operations.

As we look at what has been achieved this year in our Group, and to the op-

portunities before us, we realize that we have been blessed with a team who

are skilled, hardworking and committed. Our entire workforce is motivated to

produce and to deliver to all our stakeholders the products, service and financial

returns expected from a world-class company.

We thank the Lord for his blessings on our Group and for the opportunity to

serve you.

HON RABY DANVERS WILLIAMS, OJ, CD, JP, CLUChairman

ROBERT E. LEVY, CDPresident & CEO

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10 Largest Ordinary Shareholders

The holdings of those persons owning the ten (10) largest blocks of stock units as at 1st May, 2004 are set out hereunder:-

SHAREHOLDER AMT. OF STOCK

1. Portland Corporation Ltd. 209,862,410

2. Ja. Broilers Employees Trust 159,175,876

3. Halcyon Limited 67,636,971

4. The Arrol Trust 43,561,830

5. National Insurance Fund 42,707,902

6. West Indies Trust Co. WT89 18,636,796

7. LOJ-Pooled Equity Fund No. 1 18,581,379

8. Scotiabank Jamaica Trust &

Merchant Bank Ltd. a/c #542 16,670,935

9. Carzlyn Ltd. 13,589,068

10. Robert Levy 11,078,117

PETER A. DEPASSSecretary1st May, 2004

25

Stockholding ofDirectors & Senior Management

For purposes of compliance with Rule 407A(vii) of the Jamaica Stock Exchange Rules, details of stockholdings of Directors and Senior Management and their connected persons as at 1st May, 2004, are set out hereunder:

DIRECTORS S/HOLDING CONNECTED PERSONS S/HOLDING

R. Danvers Williams 500,000 Shirley Williams Chairman (Joint Holder) Ravers Limited 8,373,332

Robert E. Levy 11,078,117 Portland Corp. Ltd. 209,862,410President & ChiefExecutive Officer

Philip E. Levy 5,748,128 Portland Corp. Ltd. 209,862,410

Christopher Levy 3,228,456 - -Vice President,Poultry Operations

Malcolm D.L. McDonald 3,834,153 - -

I. V. (Polly) Brown NIL - -

Trevor Dewdney 53,333 - -

Barrington A. Pryce 74,548 - -

Douglas Senior 565,534 - -

Hirlie Williams 85,829 - -

Claudette Cooke 1,010,639 - -Vice President, Human Resource Development & Public Relations

Andrew Mahfood 2,080,000 - -

PETER A. DEPASSSecretary1st May, 2004

N.B. The Senior Management of the Company includes Messrs. Robert E. Levy and Christopher

Levy and Mrs. Claudette Cooke, as above, Mr. Ian Parsard, Vice President, Finance & Accounting/

Aquaculture Operations who, at the above date held 120,230 stock units, Mr. Leon Headley, Vice

President, Procurement & Trading who, at the above date held 2,188,081 and Mr. Conley Salmon,

Vice President, Marketing - Feeds & Agricultural Supplies who at the above date held 561,455.

With God’sguidance

we shall efficiently manageour Company to

fulfill its obligationsto our customers, shareholders,

employees, contractorsand the community at large

with an attitude ofservice and commitment to

truth, fairness and the building of goodwill.

MissionStatement

29 July 2004

To the Members ofJamaica Broilers Group LimitedKingston

Auditors’ Report

We have audited the financial statements set out on pages 28 to 74 and have received all the information and explanations which we considered necessary. These financial state-ments are the responsibility of the company’s management. Our responsibility is to express an opinion on these financial statements based on our audit. We did not audit the financial statements of certain subsidiaries resident outside of Jamaica, which reflect revenues out-side the group of $364,815,000 and $282,778,000 for the years ended 1 May 2004 and 3 May 2003, respectively. Those statements were audited by other auditors whose reports have been furnished to us, and our opinion, insofar as it relates to the amounts included for those subsidiaries is based solely on the reports of the other auditors.

We conducted our audit in accordance with International Standards on Auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes ex-amining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement pre-sentation. We believe that our audit and the reports of other auditors provide a reasonable basis for our opinion.

In our opinion, based on our audit and the reports of the auditors of those subsidiaries not audited by us, proper accounting records have been kept and the financial statements, which are in agreement therewith, give a true and fair view of the state of affairs of the Group and the company as at 1 May 2004 and of the results of operations, changes in stock-holders’ equity of the Group and the company and cash flows of the Group for the year then ended, and have been prepared in accordance with International Financial Reporting Stan-dards and comply with the provisions of the Jamaican Companies Act.

Chartered AccountantsKingston, Jamaica

MissionStatement

27

28

Page 1

Jamaica Broilers Group LimitedGroup Profit and Loss AccountYear ended 1 May 2004

1 MayRestated3 May

Note 2004 2003$’000 $’000

Revenue 3 8,173,181 6,870,743Cost of sales (6,008,011) (5,281,168)

Gross Profit 2,165,170 1,589,575Other operating income 4 38,452 116,870Distribution costs (225,506) (282,982)Administrative and other expenses (1,332,577) (1,103,229)

Operating Profit 5 645,539 320,234Finance costs 7 (39,258) (87,042)Share of results of associated companies - 101,885

Profit before Taxation 606,281 335,077Taxation 8 (144,971) 23,249

Profit after Taxation 461,310 358,326Minority interest in results of subsidiaries - (5,145)

Net Profit Attributable to Stockholders of Holding Company 461,310 353,181

Dealt with in the financial statements of:

Holding company 277,354 133,364Subsidiaries 14 183,956 145,423Associated companies - 74,394

Cents Cents

Earnings Per Stock Unit 9 38.47 29.45

29

Page 2

Jamaica Broilers Group LimitedGroup Balance Sheet1 May 2004

Restated1 May 3 May

Note 2004 2003$’000 $’000

Non-Current AssetsProperty, plant and equipment 10 1,725,011 1,641,253Investment properties 11 46,087 46,999Goodwill 12 - 10,254Investments 13 679,811 124,784Deferred income taxes 15 25,799 31,553Retirement benefit asset 16 153,300 144,300

Current AssetsInventories 17 813,326 803,177Biological assets 18 414,859 271,465Accounts receivable 19 648,130 1,032,208Affiliates 20(a) 19,244 -Taxation recoverable 822 778Cash and short term investments 21 500,580 285,096

2,396,961 2,392,724Current Liabilities

Accounts payable 22 898,970 706,568Affiliates 20(a) - 691Taxation payable 92,471 48,317Dividends payable 24 53,967 30,839Borrowings 25 765,643 501,322

1,811,051 1,287,737Net Current Assets 585,910 1,104,987

3,215,918 3,104,130

Stockholders’ EquityShare capital 26 599,638 513,976Capital reserve 27 858,631 838,971Retained earnings 1,189,932 948,957

2,648,201 2,301,904Non-Current Liabilities

Borrowings 25 212,834 501,563Deferred income taxes 15 342,938 288,918Post-retirement obligation 16 6,800 6,600Minority interest 5,145 5,145

3,215,918 3,104,130

Approved for issue by the Board on 29 July 2004 and signed on its behalf by:

...........................................………………... ...................................................……....………R. Danvers Williams Director Christopher Levy Director

30

Page 3

Jamaica Broilers Group LimitedGroup Statement of Changes in Stockholders’ EquityYear ended 1 May2004

NoteNumber

of SharesShareCapital

CapitalReserve

RetainedEarnings Total

‘000 $’000 $’000 $’000 $’000

Balance at 28 April 2002, as restated 32 (a) 856,626 428,313 787,785 746,395 1,962,493

Unrealised losses on available-for-sale

securities, net of taxes - - (222) - (222)

Translation gain 27 - - 51,408 - 51,408

Net gains not recognised in profit and loss

account - - 51,186 - 51,186

Bonus issue of shares 171,326 85,663 - (85,663) -

Net profit, restated 32 (e) - - - 353,181 353,181

Dividends relating to 2003 - - - (64,956) (64,956)

Balance at 3 May 2003, as restated 32 (c) 1,027,952 513,976 838,971 948,957 2,301,904

Unrealised gains on available-for-sale securities,

net of taxes - - 3,849 - 3,849

Write back of deferred tax on sale of property - - 873 - 873



account - - 10,911 - 10,911

Bonus issue of shares 26 171,325 85,662 - (85,662) -

Transfer to reserves - - 8,749 (8,749) -

Net profit - - - 461,310 461,310


Balance at 1 May 2004 1,199,277 599,638 858,631 1,189,932 2,648,201

31

Page 4

Jamaica Broilers Group LimitedGroup Statement of Cash FlowsYear ended 1 May 2004

Restated

1 May 3 May

2004 2003

$’000 $’000

CASH RESOURCES WERE PROVIDED BY/(USED IN):

Operating Activities

Net profit 461,310 353,181

Adjustments for:

Impairment write-off/amortisation of goodwill 10,254 1,139

Depreciation 181,910 187,292

Loss/(gain) on disposal of property, plant and equipment 18,329 (11,648)

Gain on disposal of investment properties (5,993) -

Profit on disposal of investment - (82,503)

Minority interest - 5,145

Share of losses of limited partnership - 5,875

Unremitted profit in associated companies - (74,394)

Change in retirement benefit asset and post-retirementobligations (8,800) 92,800

Taxation expense 144,971 (23,249)

Interest income (85,942) (20,361)

Unrealised foreign exchange losses 9,066 53,148

Interest expense 114,813 92,755

839,918 579,180

Changes in operating assets and liabilities:

Inventories (10,149) (166,897)

Biological assets (143,394) 47,297

Accounts receivable 417,231 (378,703)

Affiliates (19,935) 13,890

Accounts payable 192,011 59,120

Purchase of Aqualapia Limited - 10,536

Translation gain on working capital of foreign subsidiaries 8,090 29,023

1,283,772 193,446

Taxation paid (40,214) (58,298)

Cash provided by operating activities 1,243,558 135,148

32

��

Jamaica Broilers Group Limited�� Year ended 1 May2004

Restated

1 May 3 May

2004 2003

$’000 $’000

Cash Provided by Operating Activities (Page 31) ��

Financing Activities

��

��

��

��

Investing Activities

��

��

��

��

��

��

��

��

��

��

��

��

NET CASH AND CASH EQUIVALENTS AT END OF YEAR ��

33

Page 6

Jamaica Broilers Group LimitedCompany Balance Sheet1 May 2004

Restated1 May 3 May

Note 2004 2003$’000 $’000

Non-Current AssetsProperty, plant and equipment 10 1,177,352 1,101,295Investment properties 11 42,229 42,797Investments 13 609,769 123,982Interest in subsidiaries 14 1,305,370 1,113,368Retirement benefit asset 16 129,600 121,400

Current AssetsInventories 17 684,629 659,635Biological assets 18 221,489 153,813Accounts receivable 19 481,734 871,632Affiliates 20(a) 19,244 -Cash and short term investments 21 460,697 198,358

1,867,793 1,883,438Current Liabilities

Accounts payable 22 751,537 573,688Affiliates 20(a) - 691Taxation payable 91,201 45,915Subsidiaries 384,880 313,034Dividends payable 24 53,967 30,839Borrowings 25 754,398 445,685

2,035,983 1,409,852Net Current (Liabilities)/Assets (168,190) 473,586

3,096,130 2,976,428

Stockholders’ EquityShare capital 26 599,638 513,976Capital reserve 27 858,631 838,971Retained earnings 1,189,932 948,957

2,648,201 2,301,904Non-Current Liabilities

Borrowings 25 162,275 443,306Deferred income taxes 15 280,054 225,718Post-retirement obligation 16 5,600 5,500

3,096,130 2,976,428

Approved for issue by the Board of Directors on 29 July 2004 and signed on its behalf by:

...........................................………………... ...................................................……....………R. Danvers Williams Director Christopher Levy Director

34

Page 8

Jamaica Broilers Group LimitedCompany Statement of Changes in Stockholders’ EquityYear ended 1 May2004

NoteNumber

of SharesShareCapital

CapitalReserve

RetainedEarnings Total

‘000 $’000 $’000 $’000 $’000

Balance at 28 April 2002, as restated 32 (b) 856,626 428,313 787,785 746,395 1,962,493

Unrealised losses on available-for-sale

securities, net of taxes - - (222) - (222)



account - - 51,186 - 51,186

Bonus issue of shares 171,326 85,663 - (85,663) -

Net profit, restated 32 (e) - - - 353,181 353,181


Balance at 3 May 2003, as restated 32 (d) 1,027,952 513,976 838,971 948,957 2,301,904

Unrealised gains on available-for-sale securities,

net of taxes - - 3,849 - 3,849

Write back of deferred tax on sale of property - - 873 - 873



account - - 10,911 - 10,911

Bonus issue of shares 26 171,325 85,662 - (85,662) -

Transfer to reserves - - 8,749 (8,749) -

Net profit - - - 461,310 461,310


Balance at 1 May 2004 1,199,277 599,638 858,631 1,189,932 2,648,201

35

Page 8

Jamaica Broilers Group LimitedNotes to the Financial Statements1 May 2004

1. Identification

Jamaica Broilers Group Limited (the company) is a company limited by shares, incorporated and domiciled inJamaica. Its registered office is located at Content, McCooks Pen, St. Catherine.

The principal activities of the company, its subsidiaries and its associated company (the Group) include theproduction and distribution of chicken, beef, fish, animal feeds and agricultural items (Note 2(b)).

The company is listed on the Jamaica Stock Exchange.

All amounts in these financial statements are stated in Jamaican dollars except where otherwise noted.

2. Significant Accounting Policies

(a) Basis of preparationJamaica adopted International Financial Reporting Standards (IFRS) as its national accounting standards foraccounting periods beginning on or after 1 July 2002. The financial statements for the year ended 1 May 2004have therefore been prepared in accordance with IFRS and comparative information has been restated toconform with the provisions of IFRS. The Group has opted for early adoption of IFRS 1, First-time Adoption ofIFRS and has applied the provisions of that standard in the preparation of these financial statements. Theeffects of adopting IFRS on the stockholders’ equity and net profit as previously reported are detailed in Note32.

These financial statements have been prepared in accordance with and comply with International FinancialReporting Standards, and have been prepared under the historical cost convention as modified by therevaluation of available-for-sale investment securities, investment properties and certain property, plant andequipment.

The preparation of financial statements in conformity with IFRS requires management to make estimates andassumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets andliabilities at the date of the financial statements and the reported amounts of revenue and expenses during thereporting period. Actual results could differ from those estimates.

(b) Consolidation(i) Subsidiaries

Subsidiaries, which are those entities in which the Group has an interest of more than one half of thevoting rights or otherwise has power to govern the financial and operating policies, are consolidated ona line-by-line basis.

Subsidiaries are consolidated from the date on which control is transferred to the Group and are nolonger consolidated from the date that control ceases. The purchase method of accounting is used toaccount for the acquisition of subsidiaries. The cost of an acquisition is measured as the fair value ofthe assets given up, shares issued or liabilities undertaken at the date of acquisition plus costs directlyattributable to the acquisition. The excess of the cost of acquisition over the fair value of the net assetsof the subsidiary acquired is recorded as goodwill.

Inter-company transactions, balances and unrealised gains and losses on transactions betweenGroup companies are eliminated. Unrealised losses are also eliminated unless the transactionprovides evidence of an impairment of the asset transferred.

36

Page 9

�� Notes to the Financial Statements� ��

��

��

(i) Subsidiaries (Continued)

The group financial statements include the financial statements of the company’s operating

divisions, subsidiaries and associated company as follows:

��

� ��

��

��

��

BestDressed Chicken Poultry production and feedmilling 100

BestDressed Foods Distributors ofchicken,beef and fish 100

Content Agricultural Products Beefproduction 100

Hi-Pro Farm Supplies Feedsales / retailers offarming equipment and

supplies 100

Jamaica Eggs Services Pullet production 100

��

Aquaculture Jamaica Limited and itswholly

ownedsubsidiaries: Fishfarming 100

Aqualapia Limited Fishfarming 100

Jamaica Freshwater Snapper Limited Fishfarming 100

T.Hart Farms Limited Fishfarming 100

Content Agricultural Products Limited Property rental 100

Energy Associates Limited Holding and investment company 100

Jabexco Limited Non-trading 100

Jamaica Eggs Limited Property rental 100

Jamaica PoultryBreedersLimited Hatching egg production 100

Levy IndustriesLimited and its subsidiaries: Property rental 100

Caribbean Asbestos Products Limited Non-trading 91

Caribbean Industrial Equipment Limited Non-trading 91

Master Blend Feeds Limited Property rental 100

WestIndies Nutritional Corporation Limited Manufacturers and distributors of feed ingredients 100

BestDressed Chicken Limited Non-trading 100

J. B.Trading Limited Non-trading 100

Trafalgar Agriculture Development Limited Non-trading 100

��

� ��

��

��

Atlantic UnitedInsuranceCompany Limted, Cayman Insurance 100

International Poultry Breeders LLC,U.S.A. Hatching egg production 90

Jabexco CaymanLimited, Cayman Non-trading 40

JBG (UK) Limited and itsassociatedcompany: Holding company 100

JPH InvestmentsLimited, U.K. Investment company 50

Wincorp International, Inc., U.S.A.and its

subsidiary:

Procurers and distributors of agricultural and

industrial supplies 100

Consolidated Freightand Shipping, Inc.,U.S.A. Oceanfreight consolidator 100

Jabexco Cayman Limited is consolidated in these financial statements on the basis of significant

control exercised by Jamaica Broilers Group Limited over the financial and operating policies of the

company by virtue of an agreement with other investors.

37

Page 10

�� Notes to the Financial Statements� ��

��

��

(ii) Associates

Investments in associates are accounted for by the equity method of accounting. Under this

method, the company’s share of the post-acquisition profits or losses of associates is recognised

in the profit and loss account and its share of post-acquisition movements in reserves is

recognised in reserves. The cumulative post-acquisition movements are adjusted against the cost

of the investment. Associates are entities over which the Group generally has between 20% and

50% of the voting rights, or over which the Group has significant influence, but which it does not

control.

Unrealised gains on transactions between the Group and its associates are eliminated to the

extent of the company’s interest in the associates. Unrealised losses are also eliminated unless

the transaction provides evidence of an impairment of the asset transferred.

��

The financial statements of the holding company have been prepared on the equity basis whereby its

share of the post acquisition changes in the net assets of subsidiaries and associated companies is

recognised as an increase or decrease in investment and retained earnings and reserves.

��

Business segments provide products or services that are subject to risks and returns that are different

from those of other business segments. Geographical segments provide products and services within a

particular economic environment that are subject to risks and returns that are different from those of

segments operating in other economic environments.

��

Foreign currency transactions are accounted for at the exchange rates prevailing at the dates of the

transactions. At the balance sheet date, monetary assets and liabilities denominated in foreign

currencies are translated using the closing exchange rate. Exchange differences resulting from the

settlement of transactions at rates different from those at the dates of the transactions, and unrealised

foreign exchange differences on unsettled foreign currency monetary assets and liabilities are

recognised in the profit and loss account.

Assets and liabilities of foreign subsidiaries are translated at exchange rates at the balance sheet

date, while profit and loss account and cash flow items are translated at average rates over the year.

Differences resulting from the use of these different exchange rates are reflected in capital reserves.

38

Page 11


2. Significant Accounting Policies (Continued)

(f) Property, plant and equipmentBuildings, plant and equipment are recorded at cost or deemed cost, less accumulated depreciation. UnderIFRS 1, a first time adopter may elect to use a previous GAAP revaluation of an item of property, plant andequipment at or before the date of transition to IFRS as its deemed cost. The Group has elected to applythis provision. All other property, plant and equipment, except land, are carried at historical cost lessaccumulated depreciation. Land is carried at deemed cost and is not depreciated.

Depreciation is calculated on the straight line basis at such rates as will write off the carrying value of theassets over the period of their expected useful lives. The expected useful lives are as follows:

Freehold buildings 11 - 100 yearsLeasehold property Life of leaseMachinery and equipment 4 – 33 yearsFurniture and fixtures 10 yearsMotor vehicles 3 – 5 years

Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written downimmediately to its recoverable amount.

Gains and losses on disposals of property, plant and equipment are determined by reference to theircarrying amount and are taken into account in determining profit.

Repairs and maintenance expenditure is charged to the profit and loss account during the financial period inwhich it is incurred.

(g) Investment propertiesInvestment properties are held for long-term rental yields and are not occupied by the Group. Investmentproperties are treated as long-term investments and are carried at deemed cost less accumulateddepreciation. Freehold buildings are depreciated on the straight line basis over their expected useful lives of11-100 years.

(h) GoodwillGoodwill arising on consolidation is amortised over its economic useful life, estimated to be 10 years. Goodwillis subject to annual impairment tests and is written off if impaired.

(i) Impairment of non-current assetsProperty, plant and equipment and other non-current assets are reviewed for impairment whenever eventsor changes in circumstances indicate that the carrying amount may not be recoverable. An impairment lossis recognised for the amount by which the carrying amount of the assets exceeds its recoverable amount,which is the greater of an asset’s net selling price and value in use. For the purpose of assessingimpairment, assets are grouped at the lowest level for which separate cash flows can be identified.

39

Page 12



(j) InvestmentsInvestments are classified into the following categories: available-for-sale securities and held-to-maturityinvestments. Management determines the appropriate classification of investments at the time of purchase.

Available-for-sale securities are those intended to be held for an indefinite period of time and which may besold in response to needs for liquidity or changes in interest rates, foreign exchange rates or market prices.They are initially recognised at cost, which includes transaction costs, and subsequently re-measured at fairvalue based on quoted bid prices or amounts derived from cash flow models. Unrealised gains and lossesarising from changes in fair value of available-for-sale securities are recognised in stockholders’ equity.When the securities are disposed of or impaired, the related accumulated unrealised gains or lossesincluded in stockholders’ equity are transferred to the profit and loss account.

Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments andfixed maturities that the Group’s management has the positive intention and ability to hold to maturity.

Purchases and sales of investments are recognised at trade date, which is the date that the Group commitsto purchase or sell the asset. The cost of purchase includes transaction costs. Unquoted securities arerecorded initially at cost , and are subsequently measured at fair value. Equity securities for which fairvalues cannot be measured reliably are recognised at cost, less a provision for impairment.

Investments in subsidiaries are stated in the company’s financial statements at fair value, which isdetermined on the basis of the company’s share of post-acquisition changes in the net assets of thesubsidiaries.

(k) InventoriesInventories are stated at the lower of cost and net realisable value. Cost is determined as follows:

(i) Processed broilers, beef and fish at accumulated cost of growing and processing, or landed cost.

(ii) Finished feeds and fertilisers at cost of production.

(iii) All other items of inventory at landed cost or purchase price.

Net realisable value is the estimated selling price in the ordinary course of business, less the cost of sellingexpenses.

(l) Biological assetsBiological assets which include fish, cattle, flocks in field together with breeder and layer flocks and pullets arestated at cost as no reliable measure for determining fair value has been identified. Cost is determined as theaccumulated cost of livestock, feed medication, and in respect of breeder flocks, accumulated productioncosts.

40

Page 13



(m) Trade receivablesTrade receivables are carried at anticipated realisable value. A provision for impairment of trade receivablesis established when there is objective evidence that the Group will not be able to collect all amounts dueaccording to the original terms of receivables. The amount of the provision is the difference between theasset’s carrying value and the present value of estimated future cash flows, discounted at the market rateof interest for similar borrowings. The amount of the provision is recognised in the profit and loss account.

(n) Cash and cash equivalentsFor the purpose of the cash flow statement, cash and cash equivalents comprise cash at bank and in hand,short term deposits and investments with original maturity dates of ninety days or less, net of short term loansand bank overdrafts. Cash and cash equivalents are carried at cost in the balance sheet.

(o) BorrowingsBorrowings are recognised initially at proceeds received. Borrowings are subsequently stated at amortisedcost using the effective yield method. Any difference between proceeds and the redemption value isrecognised in the profit and loss account over the period of the borrowings.

(p) TaxationTaxation on the profit or loss for the year comprises current and deferred tax. Current and deferred taxes arerecognised as income tax expense or benefit in the profit and loss account except, where they relate toitems recorded in stockholders’ equity, they are also charged or credited to stockholders’ equity.

(i) Current taxationCurrent tax is the expected taxation payable on the taxable income for the year, using tax rates enactedat the balance sheet date, and any adjustment to tax payable and tax losses in respect of previous years.

(ii) Deferred income taxesDeferred tax liabilities are recognised for temporary differences between the carrying amounts of assetsand liabilities and their amounts as measured for tax purposes, which will result in taxable amounts infuture periods. Deferred tax is provided on temporary differences arising from investments insubsidiaries, except where the timing of reversal of the temporary difference can be controlled and it isprobable that the difference will not reverse in the foreseeable future. Deferred tax assets are recognisedfor temporary differences which will result in deductible amounts in future periods, but only to the extent itis probable that sufficient taxable profits will be available against which these differences can be utilised.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period inwhich the asset will be realised or the liability will be settled based on enacted rates.

Current and deferred tax assets and liabilities are offset when they arise from the same taxable entity,relate to the same Tax Authority and when the legal right of offset exists.

41

Page 14



(q) Employee benefits(i) Pension obligations

a) The company and its local subsidiaries operate a defined benefit plan, the assets of which aregenerally held in separate trustee-administered funds. The pension plan is funded by payments fromemployees and by the relevant companies, taking into account the recommendations of qualifiedactuaries.

The asset or liability in respect of a defined benefit plan is the difference between the present valueof the defined benefit obligation at the balance sheet date and the fair value of plan assets, adjustedfor unrecognised actuarial gains/losses and past service cost. Where a pension asset arises, theamount recognised is limited to the net total of any cumulative unrecognised net actuarial losses andpast service cost and the present value of any economic benefits available in the form of refundsfrom the plan or reduction in future contributions to the plan. The pension costs are assessed usingthe Projected Unit Credit Method. Under this method, the cost of providing pensions is charged tothe profit and loss account so as to spread the regular cost over the service lives of the employeesin accordance with the advice of the actuaries. The pension obligation is measured at the presentvalue of the estimated future cash outflows using estimated discount rates based on market yieldson Government securities which have terms to maturity approximating the terms of the relatedliability.

A portion of actuarial gains and losses is recognised in the profit and loss account if the netcumulative unrecognised actuarial gains or losses at the end of the previous reporting periodexceeded 10 percent of the greater of the present value of the gross defined benefit obligation andthe fair value of plan assets at that date. Any excess actuarial gains or losses are recognised in theprofit and loss account over the average remaining service lives of the participating employees.

b) An overseas subsidiary operates a defined contribution plan. The subsidiary’s contributions arebased primarily on employee participation. Once the contributions have been paid, the subsidiaryhas no further legal or constructive obligations.

(ii) Termination benefitsTermination benefits are payable whenever an employee’s employment is terminated before thenormal retirement date or whenever an employee accepts voluntary redundancy in exchange for thesebenefits. The Group recognises termination benefits when it is demonstrably committed to eitherterminate the employment of current employees according to a detailed formal plan without thepossibility of withdrawal or to provide termination benefits as a result of an offer made to encouragevoluntary redundancy. Benefits falling due more than twelve months after the balance sheet date arediscounted to present value.

42

Page 15



(q) Employee benefits (Continued)

(iii) Other post-retirement benefitsThe Group also provides supplementary medical and life insurance benefits to qualifying employeesupon retirement. The entitlement to these benefits is usually based on the employee remaining in serviceup to retirement age and the completion of a minimum service period. The expected costs of thesebenefits are accrued over the period of employment, using an accounting methodology similar to that fordefined benefit pension plans. These obligations are valued annually by qualified actuaries.

(iv) Profit-sharing and bonus plansThe Group recognises a liability and an expense for bonuses and profit-sharing based on a formula thattakes into consideration the profit attributable to the company’s stockholders after certain adjustments.The Group recognises a provision where contractually obliged or where there is a past practice that hascreated a constructive obligation.

(r) ProvisionsProvisions are recognised when the Group has a present legal or constructive obligation as a result of pastevents, if it is probable that an outflow of resources will be required to settle the obligation, and a reliableestimate of the amount can be made. Where the Group expects a provision to be reimbursed, for exampleunder an insurance contract, the reimbursement is recognised as a separate asset but only when thereimbursement is virtually certain.

Employee entitlements to annual leave are recognised when they accrue to employees. A provision ismade for the estimated liability for annual leave as a result of services rendered by employees up to thebalance sheet date. Where amounts determined are insignificant, they are included in accounts payable.

(s) LeasesAs lessee -Leases of property, plant and equipment where the Group has substantially all the risks and rewards ofownership are classified as finance leases. Finance leases are recognised at the inception of the lease at thelower of the fair value of the leased asset or the present value of minimum lease payments. Each leasepayment is allocated between the liability and interest charges so as to produce a constant rate of charge onthe lease obligation. The interest element of the lease payments is charged to the profit and loss account overthe lease period.

Leases where a significant portion of the risks and rewards of ownership are retained by the lessor areclassified as operating leases. Payments under operating leases are charged to the profit and loss account ona straight-line basis over the period of the lease.

43

Page 16



(t) Revenue recognition(i) Sales

Sales are recognised upon delivery of products and customer acceptance or performance of services, netof General Consumption Tax, and after deducting discounts and allowances.

(ii) Interest income/expenseInterest income and expense are recognised in the profit and loss account for all interest bearinginstruments on an accrual basis using the effective yield method based on the actual purchase price.Interest income includes coupons earned on fixed income investments and accrued discount or premiumon other discounted instruments.

(iii) Dividend incomeDividend income is recognised when the right to receive payment is established.

(u) Financial instrumentsFinancial instruments carried on the balance sheet include cash, investments, trade receivables, balances withaffiliates, accounts payable, and borrowings. The particular recognition methods adopted are disclosed in theindividual policy statements associated with each item.

The determination of the fair values of the Group’s financial instruments are discussed in Note 29.

(v) Dividend distributionDividend distribution is recognised as a liability in the Group’s financial statements in the period in which thedividends are approved.

(w) Comparative informationWhere necessary, comparative figures have been reclassified to conform with changes in presentation in thecurrent year. In particular, the comparatives have been adjusted or extended to reflect the requirements ofIFRS (Note 32).

3. Segmental Financial Information

The Group is organised into three primary business segments:

(a) Poultry Operations - The rearing of poultry for fertile egg production and for sale, as wellas processed broilers.

(b) Feed and Farm Supplies - The manufacture and sale of animal feeds, and the retailing ofagricultural items.

(c) Fish Operations - The grow out, processing and sale of fish.

Other operations of the Group include the sale of feed ingredients and cattle rearing.

44

Page 17


3. Segmental Financial Information (Continued)

2004

PoultryOperations

Feed andFarm

SuppliesFish

Operations Other Eliminations Group$’000 $’000 $’000 $’000 $’000 $’000

External revenues 4,597,825 2,458,585 293,745 823,026 - 8,173,181Revenue from othersegments 20,969 134,358 - 682,498 (837,825) -

Total revenue 4,618,794 2,592,943 293,745 1,505,524 (837,825) 8,173,181

Segment result 741,054 318,292 (68,606) 191,192 (386) 1,181,546

Unallocated corporateexpenses (536,007)

Operating profit 645,539

Finance costs, net (39,258)

Profit before tax 606,281Income tax expense (144,971)

Net profit 461,310

Segment assets 3,231,235 712,868 340,819 1,698,390 (2,437,873) 3,545,439

Unallocated corporateassets 1,481,530

Total assets 5,026,969

Segment liabilities (2,082,839) (435,641) (252,903) (347,507) 2,466,205 (652,685)

Unallocated corporateliabilities (1,726,083)

Total liabilities (2,378,768)

Other segment items-Capital expenditure 196,272 30,375 41,525 33,975 - 302,147

Depreciation 129,802 16,659 18,599 16,282 - 181,342Unallocateddepreciation 568

Total depreciation 181,910

45

Page 18


3. Segmental Financial Information (Continued)

2003

PoultryOperations

Feed andFarm

SuppliesFish

Operations Other Eliminations Group$’000 $’000 $’000 $’000 $’000 $’000

External revenues 3,840,472 1,956,566 380,392 693,313 - 6,870,743Revenue from othersegments 16,388 1,450,350 - 595,483 (2,062,221) -

Total revenue 3,856,860 3,406,916 380,392 1,288,796 (2,062,221) 6,870,743

Segment result 522,073 132,739 (100,074) 94,449 3,885 653,072

Unallocated corporateexpenses (332,838)

Operating profit 320,234

Finance costs, net (87,042)

Share of results ofassociated companies 101,885

Profit before tax 335,077Income tax credit 23,249

Net profit 358,326

Minority interest (5,145)Net profit attributable tostockholders 353,181

Segment assets 3,068,598 786,903 281,279 1,178,904 (2,000,800) 3,314,884

Unallocated corporateassets 1,076,983

Total assets 4,391,867

Segment liabilities (1,728,014) (176,366) (225,637) (351,525) 1,999,817 (481,725)

Unallocated corporateliabilities (1,608,238)

Total liabilities (2,089,963)

Other segment items-Capital expenditure 172,475 6,162 10,804 5,142 - 194,583

Depreciation 136,489 5,384 18,364 26,487 - 186,724Unallocateddepreciation 568

Total depreciation 187,292

46

Page 19


4. Other Operating Income

1 May 3 May

2004 2003

$’000 $’000

Restructuring costs - (9,789)

Profit on disposal of investment in associated company - 82,503

Profit on disposal of assets of subsidiary - 10,292

Other 38,452 33,864

38,452 116,870

Restructuring costs arise as a consequence of the implementation of a restructuring and reorganisationprogramme throughout the Group which resulted in certain positions being made redundant in the prior year.

5. Operating Profit

The following have been charged/(credited) in arriving at operating profit:

1 May 3 May2004 2003$’000 $’000

Auditors’ remunerationCurrent year 8,442 9,924Prior year - 1,205

Depreciation 181,910 187,292Directors’ emoluments -

Fees 2,880 3,720Management remuneration (included in staff costs) 36,176 37,598

Loss/(gain) on disposal of property, plant and equipment 18,329 (11,648)Gain on disposal of investment properties (5,993) -Operating lease expense 19,022 17,780Staff costs (Note 6) 1,028,455 960,991

47

Page 20


6. Staff Costs

1 May 3 May2004 2003$’000 $’000

Wages, salaries and contractors’ costs 873,187 792,858Statutory contributions 46,032 44,580Pension costs – defined contribution plan 1,431 1,433Pension costs – defined benefit plan (Note 16) 13,000 12,700Other post-retirement benefits (Note 16) 900 700Termination costs 6,703 9,789Other 87,202 98,931

1,028,455 960,991

The number of persons employed by the Group at the year end were as follows:

1 May 3 May2004 2003No. No.

Full-time 254 300Part-time 52 17Contractors and their employees 1,212 1,143

1,518 1,460

7. Finance Costs1 May 3 May2004 2003$’000 $’000

Interest and other investment income 85,942 20,361Foreign exchange losses (10,387) (14,648)Interest expense

Bank borrowings (113,227) (89,690)Finance leases (1,586) (3,065)

(39,258) (87,042)

48

Page 21


8. Taxation

(a) The egg production operation of Jamaica Poultry Breeders Limited was relieved from income tax until 1989 byvirtue of the provisions of the Industrial Incentives Act. With effect from 1990, the egg production and cropgrowing operations were relieved from income tax for ten years under the provisions of the Income Tax(Approved Farmers) Act. A further five-year period of relief was granted in 2000 by the Ministry of Agriculture.

Subject to agreement with the Taxpayer Audit and Assessment Department, profits in the holding andsubsidiary companies that are available for distribution to stockholders resident in Jamaica, without deductionof income tax, amount to approximately $179,594,000.

(b) Taxation is based on the profit for the year adjusted for tax purposes and comprises:

1 May2004

3 May2003

$’000 $’000Income tax at 33 1/3% 107,993 79,016

Tax credit on bonus issue - (21,500)

Adjustment to prior year provision (23,669) (6,065)

Associated companies - 27,491

Deferred taxation (Note 15) 60,647 (102,191)144,971 (23,249)

The tax on the Group’s profit differs from the theoretical amount that would arise using the applicable tax rate of33%, as follows:

1 May2004$’000

3 May2003$’000

Profit before taxation 606,281 335,077

Tax calculated at a tax rate of 33% 202,094 111,692

Adjusted for the effects of:

Tax credit on bonus issue of shares - (21,500)

Income not subject to tax (76,087) (54,637)

Adjustment to prior year provision (23,669) (6,065)

Reversal of undistributed earnings of associate on its disposal - (63,383)

Expenses not deductible for tax purposes and other allowances 42,633 10,644

144,971 (23,249)

Subject to agreement with the Taxpayer Audit and Assessment Department, losses available for offset againstfuture profits of certain local subsidiaries amount to approximately $11,513,000 (2003 - $15,054,000).

An overseas subsidiary has net operating losses of US$1,041,000 (2003 – US$1,358,000) available for carryforward and offset against future taxable profits.

49

Page 22


9. Earnings Per Stock Unit

The calculation of earnings per 50 cents ordinary stock unit is based on the Group net profit and 1,199,277,000ordinary stocks units in issue. The previous year’s earnings per stock unit has been revised to take intoconsideration the bonus share issue during the year.

10. Property, Plant and EquipmentTHE GROUP

FreeholdLand

FreeholdBuildings

LeaseholdProperty

Machinery&

Equipment

Furniture&

FixturesMotor

Vehicles

CapitalWork inProgress Total

$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

At Cost or Deemed Cost -

At 4 May 2003 42,706 1,088,629 33,125 1,250,640 229,522 266,251 35,507 2,946,380

Additions at cost 10,037 14,155 - 61,868 15,084 43,369 156,332 300,845

Translation 439 7,334 446 2,493 783 (706) 23 10,812

Disposals (9,900) (59,980) - (45,165) (11,067) (16,208) - (142,320)

Transfers 32,444 (43,959) - 90,502 12,500 (1,020) (90,467) -

At 1 May 2004 75,726 1,006,179 33,571 1,360,338 246,822 291,686 101,395 3,115,717

Depreciation -

At 4 May 2003 - 395,586 13,834 565,160 120,522 210,025 - 1,305,127

Charge for the year - 50,781 1,054 68,759 35,659 25,010 - 181,263

Translation - (44,900) 267 51,130 689 724 - 7,910

Relieved on disposals - (38,539) - (41,000) (11,087) (12,968) - (103,594)

At 1 May 2004 - 362,928 15,155 644,049 145,783 222,791 - 1,390,706

Net Book Value -

At 1 May 2004 75,726 643,251 18,416 716,289 101,039 68,895 101,395 1,725,011

At 3 May 2003 42,706 693,043 19,291 685,480 109,000 56,226 35,507 1,641,253

50

Page 23


10. Property, Plant and Equipment (Continued)

THE COMPANY

FreeholdLand

FreeholdBuildings

LeaseholdProperty

Machinery&

Equipment

Furniture&

FixturesMotor

Vehicles

CapitalWork inProgress Total

$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

At Cost or Deemed Cost -

At 3 May 2003 13,721 489,749 9,718 989,466 202,994 226,142 27,759 1,959,549

Additions at cost 10,037 643 - 54,484 12,891 35,069 117,651 230,775

Disposals (8,100) (41,629) - (19,143) (546) (15,145) - (84,563)

Transfers 32,444 - - 38,368 12,500 2,936 (86,248) -

At 1 May 2004 48,102 448,763 9,718 1,063,175 227,839 249,002 59,162 2,105,761

Depreciation -

At 3 May 2003 - 157,503 - 419,232 100,256 181,263 - 858,254

Charge for the year - 11,240 - 67,568 34,110 19,738 - 132,656

Relieved on disposals - (32,593) - (18,869) (546) (10,493) - (62,501)

At 1 May 2004 - 136,150 - 467,931 133,820 190,508 - 928,409

Net Book Value -

At 1 May 2004 48,102 312,613 9,718 595,244 94,019 58,494 59,162 1,177,352

At 3 May 2003 13,721 332,246 9,718 570,234 102,738 44,879 27,759 1,101,295

Included in the tables above are amounts totalling $620,854,000 for the Group and $299,648,000 for the companyrepresenting the previous Jamaican GAAP revalued amounts of freehold land, freehold buildings, and machineryand equipment which have been used as the deemed cost of these assets under the provisions of IFRS 1 (Note2(f)).

Included in property, plant and equipment for the Group are motor vehicles and equipment with net book value of$9,947,000 (2003 - $18,558,000), which are being acquired under finance leases.

51

��

Jamaica Broilers Group Limited�� 1 May2004

11. Investment Properties

The Group The Company

LandFreeholdBuildings Total Land

FreeholdBuildings Total

$’000 $’000 $’000 $’000 $’000 $’000

��

��

��

��

��

��

��

��

��

��

��

� ��

� ��

��

��

12. Goodwill

1 May2004

3 May2003

$’000 $’000

��

��

��

��

��

52

Page 25


13. InvestmentsThe Group The Company

1 May 3 May 1 May 3 May2004 2003 2004 2003$’000 $’000 $’000 $’000

Available-for-sale-Government of Jamaica securities 99,240 120,371 30,000 120,371Quoted equities 6,837 2,988 6,837 2,988Unquoted equities 1,425 1,425 623 623

107,502 124,784 37,460 123,982

Held-to-maturity -Government of Jamaica securities 572,309 - 572,309 -

679,811 124,784 609,769 123,982

Included in unquoted equities is $802,000, which represents the company’s investment in ERI Jam, LLC, a limitedpartnership, through the company’s wholly-owned subsidiary, Energy Associates Limited.

The weighted average effective interest rate on Government of Jamaica securities was 11.85% (2003 – 12.75%)

14. Interest in SubsidiariesThe Company

1 May 3 May

2004 2003

$’000 $’000

Shares at cost 81,964 80,980

Accumulated post acquisition change in net assets at start of year -

As previously stated 1,046,241 829,228

Effects of IFRS adjustments (13,853) 10,181

1,032,388 839,409

Share of profits for the year 183,956 145,423

Share of reserves for the year 7,062 47,556

Accumulated post acquisition change in net assets at end of year (Note 15) 1,223,406 1,032,388

1,305,370 1,113,368

53

��


15. Deferred Income Taxes

��

��


1 May2004$’000

3 May2003$’000

1 May2004$’000

3 May2003$’000

��

��

��

��


1 May2004$’000

3 May2003$’000

1 May2004$’000

3 May2003$’000

��

��

��

��

��

54

��


15. Deferred Income Taxes (Continued)


1 May2004$’000

3 May2003$’000

1 May2004$’000

3 May2003$’000

Deferred income tax assets

��

��

��

��

Deferred income tax liabilities

��

��

��

��


1 May2004$’000

3 May2003$’000

1 May2004$’000

3 May2003$’000

��

��

��

��

��

��

��

��

55

Page 28


16. Retirement Benefit Asset/Obligation

Amounts recognised in the balance sheet are as follows:

The Group The Company1 May2004

3 May2003

1 May2004

3 May2003

$’000 $’000 $’000 $’000

Pension scheme (153,300) (144,300) (129,600) (121,400)

Other post-retirement benefits 6,800 6,600 5,600 5,500

Pension scheme

The Group participates in a defined benefit scheme, which is open to all permanent employees and administered byan external agency. The plan provides benefits to members based on average earnings for the final two yearsservice or the two years in which the highest salaries of the employee have been earned. The defined benefitscheme is valued by independent actuaries annually using the Projected Unit Credit Method. The latest actuarialvaluation was carried out as at 30 April 2004.

The defined benefit asset recognised in the balance sheet was determined as follows:


3 May2003

1 May2004

3 May2003

$’000 $’000 $’000 $’000Present value of obligations 415,300 469,200 374,100 427,900Fair value of plan assets (920,600) (619,500) (829,500) (565,000)

(505,300) (150,300) (455,400) (137,100)Unrecognised actuarial gains 352,000 6,000 325,800 15,700

(153,300) (144,300) (129,600) (121,400)

Pension plan assets include investment in ordinary stock units of the company with a fair value of $14,641,000(2003 - $4,600,000).

The movement in the defined benefit asset during the year is as follows:


3 May2003

1 May2004

3 May2003

$’000 $’000 $’000 $’000

At beginning of year (144,300) (236,900) (121,400) (217,000)

Amounts recognised in the profit and lossaccount 13,000 12,700 10,300 11,800

Contributions paid (22,000) (20,100) (18,500) (16,200)

Refund to the company - 100,000 - 100,000

At end of year (153,300) (144,300) (129,600) (121,400)

56

��


16. Retirement Benefits Asset/Obligation (Continued)

Pension scheme (Continued)

��


1 May2004

3 May2003

1 May2004

3 May2003

$’000 $’000 $’000 $’000

��

��

��

��

��

��

��

1 May2004

3 May2003

��

��

��

��

Other post-retirement benefits

��

57

Page 30


16. Retirement Benefits Asset/Obligation (Continued)

Other post-retirement benefits (Continued)

The liability recognised in the balance sheet was determined as follows:


3 May2003

1 May2004

3 May2003

$’000 $’000 $’000 $’000Present value of obligations 8,600 6,700 7,300 5,600Unrecognised actuarial losses (1,800) (100) (1,700) (100)

6,800 6,600 5,600 5,500

The movement in the liability during the year is as follows:


3 May2003

1 May2004

3 May2003

$’000 $’000 $’000 $’000At beginning of year 6,600 6,400 5,500 5,300Amounts recognised in the profit and loss account 900 700 700 600Contributions paid (700) (500) (600) (400)

At end of year 6,800 6,600 5,600 5,500

The amount recognised in the profit and loss account is as follows:The Group The Company1 May2004

3 May2003

1 May2004

3 May2003

$’000 $’000 $’000 $’000Interest cost included in staff costs (Note 6) 900 700 700 600

58

Page 31


17. Inventories


3 May2003

1 May2004

3 May2003

$’000 $’000 $’000 $’000

Processed broilers, beef and fish 82,920 121,511 81,575 121,511

Grain and feed ingredients 402,441 186,852 301,779 130,177

Inventories for resale and spares 282,611 281,725 258,766 215,770

Goods in transit and others 45,354 213,089 42,509 192,177

813,326 803,177 684,629 659,635

18. Biological Assets


3 May2003

1 May2004

3 May2003

$’000 $’000 $’000 $’000

Poultry 331,250 215,496 194,166 136,460

Fish 56,286 38,616 - -

Cattle 27,323 17,353 27,323 17,353

414,859 271,465 221,489 153,813

The movement on biological assets was determined as follows:


3 May2003

1 May2004

3 May2003

$’000 $’000 $’000 $’000

At start of year 271,465 318,762 153,813 136,471

Increases due to purchases 2,851,756 1,967,192 2,007,773 1,522,320

Decreases due to sales (2,708,362) (2,014,489) (1,940,097) (1,504,978)

At end of year 414,859 271,465 221,489 153,813

59

Page 32


19. Accounts Receivable


3 May2003

1 May2004

3 May2003

$’000 $’000 $’000 $’000

Trade receivables 539,319 645,608 379,646 516,796

Receivables from directors 5,593 2,744 4,849 2,550

Prepayments 23,943 21,125 15,634 9,956

Other receivables 153,780 481,142 133,330 445,382

722,635 1,150,619 533,459 974,684

Less: Provision for impairment and doubtful debts (74,505) (118,411) (51,725) (103,052)

648,130 1,032,208 481,734 871,632

Included in other receivables at 2003 year end, is $368,000,000 in relation to the sale of the company’s investmentin its associated company, Capital and Credit Holdings Limited.

20. Related Party Transactions and Balances

(a) Amount due from affiliated companies:The Group and The

Company1 May2004

3 May2003

$’000 $’000Portland Corporation Limited 10 -

Jamaica Broilers Employees Trust 19,234 (691)

19,244 (691)

(b) Transactions and balances with Directors and their connected parties during the year are as follows:

1 May2004

3 May2003

$’000 $’000Amounts due from related parties 5,593 3,268

Amounts due to related parties - (7,000)

Interest and other expenses paid to related parties 19,340 30,577

60

Page 33


20. Related Party Transactions and Balances (Continued)

(c) Transactions and balances with Officers during the year are as follows:1 May2004

3 May2003

$’000 $’000Loan balances, net 310 4,923

Legal and professional fees 260 240

21. Cash and Short Term Investments


3 May2003

1 May2004

3 May2003

$’000 $’000 $’000 $’000

Cash at bank and in hand 245,151 174,797 217,308 88,538

Short term investments 255,429 110,299 243,389 109,820

Included in cash and cash equivalents (Note 23) 500,580 285,096 460,697 198,358

The weighted average effective interest rate on short term investments for the year was 7.57% (2003 – 9.61%).These investments have an average maturity of 30 days.

22. Accounts Payable


3 May2003

1 May2004

3 May2003

$’000 $’000 $’000 $’000

Trade payables 578,439 428,930 476,759 333,782

Accrued charges 241,142 193,948 212,729 166,770

Statutory contributions payable 11,360 11,725 11,360 10,660

Other payables 68,029 71,965 50,689 62,476

898,970 706,568 751,537 573,688

23. Cash and Cash Equivalents1 May2004

3 May2003

$’000 $’000

Cash and short term investments (Note 21) 500,580 285,096

Short term borrowings and bank overdraft (Note 25) (330,421) (326,008)

170,159 (40,912)

61

Page 34


24. Dividends Payable

The Group and TheCompany

1 May 3 May

2004 2003

$’000 $’000Interim dividend declared -

4.5 cents (2003 - 3 cents) per share 53,967 30,839

25. Borrowings


1 May 3 May 1 May 3 May

2004 2003 2004 2003

$’000 $’000 $’000 $’000

Non-Current

Borrowings 206,372 491,912 155,813 434,240

Finance lease obligations 6,462 9,651 6,462 9,066

212,834 501,563 162,275 443,306

Current

Short term borrowings and bank overdraft (Note 23) 330,421 326,008 330,067 299,926

Current portion of non-current borrowings 435,222 175,314 424,331 145,759

765,643 501,322 754,398 445,685

Total borrowings 978,477 1,002,885 916,673 888,991

Negative pledges have been issued in respect of overdraft facilities and certain short term loans extended byCitibank N.A., National Commercial Bank Jamaica Limited and Bank of Nova Scotia Jamaica Limited.

62

Page 35


25. Borrowings (Continued)

The Group has long term financing agreements with several financial institutions as follows:


3 May2003

1 May2004

3 May2003

$’000 $’000 $’000 $’000

(a) Citi-Merchant Bank Ltd – 3 year Bond - 20% 200,000 200,000 200,000 200,000(b) American Banking Company

US$2.37M - 1996/2006 - 9% 10,512 9,534 - -

(c) Citibank N.A. -1999/2004 – 13% 2,684 8,053 2,684 8,053(d) Citibank N.A. – US$4.5M – 2006 - 4.0% 232,913 328,747 232,913 328,747(e) Jamaica Exporters Association Limited - US$500,000 -

2005 - 3% 10,432 19,625 10,432 19,625(f) Bank of Nova Scotia/Development Bank of Jamaica -13% 42,350 10,055 42,350 -

(g) Development Bank of Jamaica 2003/2008 – 8.5% 22,857 44,571 - -(h) Bank of Nova Scotia/Export-Import Bank – 12% 78,871 - 78,871 -(i) Sundry mortgages and loans 37,490 37,734 9,926 15,367

638,109 658,319 577,176 571,792Finance lease obligations

2001/2002–2004/2005 – various rates 9,947 18,558 9,430 17,273

648,056 676,877 586,606 589,065

Less: Current portion of long term liabilities (435,222) (175,314) (424,331) (145,759)

212,834 501,563 162,275 443,306

Negative pledges have been issued in respect of loans, guarantees and other banking facilities extended by theBank of Nova Scotia Jamaica Limited, Citibank N.A., and National Commercial Bank Jamaica Limited to theGroup. Guarantees by the holding company on behalf of all subsidiary companies have been provided (Note 31).

The Citi-Merchant Bank Ltd 3 year Bond is guaranteed by promissory notes.

The Development Bank of Jamaica Limited loan is repayable by 21 consecutive quarterly installmentscommencing March 2003. It is guaranteed by a promissory note to the value of the loan.

The Jamaica Exporters Association Limited loan is guaranteed by National Commercial Bank of Jamaica Limited.

Under the terms of certain agreements with the Bank of Nova Scotia Jamaica Limited and Citibank N.A, thecompany and the Group are required to maintain certain financial ratios. At 1 May 2004, the company was incompliance with these requirements.

63

Page 36


26. Share Capital1 May

2004

3 May

2003

$’000 $’000

Authorised -

1,209,324,000 (2003- 1,038,000,000) Ordinary shares of 50 cents each 604,662 519,000

Issued and fully paid -

1,199,277,000 (2003 – 1,027,952,000) Ordinary stock units of 50 centseach 599,638 513,976

It was resolved during the year that the authorised share capital of the company be increased to $605,000,000 bythe creation of 172,000,000 ordinary shares of 50 cents each, such shares to rank pari passu with the existingordinary shares of the company. From the authorised shares, 171,325,000 ordinary shares were then issued asbonus shares by the capitalisation of $85,662,000 from retained earnings on the basis of one share for every sixstock units held as at 30 May 2003. These shares were then converted to stock units.

64

Page 37


27. Capital Reserve


1 May 3 May 1 May 3 May

2004 2003 2004 2003

$’000 $’000 $’000 $’000

At beginning of year -

Share premium 165,499 165,499 165,499 165,499

Realised capital gains 23,869 23,869 23,869 23,869

Unrealised surplus on revaluations 411,084 411,084 411,084 411,084

Reserve on consolidation 25,507 25,507 25,507 25,507

Fair value loss on available-for-sale securities (222) - (222) -

Gains on translation of financialstatements of foreign subsidiaries 213,234 161,826 213,234 161,826

838,971 787,785 838,971 787,785

Movements during the year -

Fair value gain on available for sale securities 3,849 (222) 3,849 (222)

Write back of deferred tax realised on sale ofproperty 873 - 873 -

Realised capital gain 8,749 - 8,749 -

Translation gain 6,189 51,408 6,189 51,408

At end of year 858,631 838,971 858,631 838,971

Consisting of -

Share premium 165,499 165,499 165,499 165,499

Realised capital gains 32,618 23,869 32,618 23,869

Unrealised surplus on revaluations 411,957 411,084 411,957 411,084

Reserve on consolidation 25,507 25,507 25,507 25,507

Fair value gains/(losses) on available-for-salesecurities 3,627 (222) 3,627 (222)

Gains on translation of financialstatements of foreign subsidiaries 219,423 213,234 219,423 213,234

858,631 838,971 858,631 838,971

65

Page 38


28. National Housing Trust

Contributions to the National Housing Trust not included in these financial statements are recoverable in the years2002 to 2005 as follows:

The Group $243,000The company $190,000

29. Fair Value of Financial Instruments

In assessing the fair value of financial instruments, the Group uses a variety of methods and makes assumptionsthat are based on market conditions existing at the balance sheet date. The estimated fair values have beendetermined using available market information and appropriate valuation methodologies. However, considerablejudgement is necessarily required in interpreting market data to develop estimates of fair value. Accordingly, theestimates presented below are not necessarily indicative of the amounts that the Group would realise in a currentmarket exchange.

The face values, less any estimated credit adjustments, for financial assets and liabilities with a maturity of lessthan one year are estimated to approximate their fair values. These financial assets and liabilities included in thefinancial statements are cash and short term investments, receivables, payables, due from affiliates, short-termloans and bank overdraft.

The estimated fair values of the Group’s other financial instruments are as follows:

Available-for-sale investmentsAvailable-for-sale investments comprise marketable equity securities, and Government securities, and are fairvalued annually at the balance sheet date. The fair value of available-for-sale investments is determined byreference to quoted market prices when available. If quoted market prices are not available then fair values areestimated on the basis of recognised valuation techniques.

Investment in associated companiesThere is no active market for the shares held in associated companies. The fair values of these investmentshave been estimated as the company’s investment plus its share of post acquisition reserves.

Long term loansLong term loans are carried at amortised cost reflecting their contractual obligations, and approximate fair valuesas the interest rates are reflective of current market rates for similar transactions.

66

Page 39


30. Financial Risk Management

The Group’s activities expose it to a variety of financial risks, including the effects of changes in debt marketprices, foreign currency exchange rates and interest rates. Management seeks to minimise potential adverseeffects on the financial performance of the Group by applying procedures to identify, evaluate and managethese risks, based on guidelines set by the Board of Directors.

(a) Currency riskCurrency risk is the risk that the value of a financial instrument will fluctuate because of changes in foreignexchange rates. The Group is primarily exposed to such risks arising from its US Dollar transactions forpurchases, and its US Dollar denominated investments. The Group balance sheet at1 May 2004 includes aggregate net foreign liabilities of approximately US$6,900,000 (2003 – US$6,224,000) inrespect of transactions arising in the ordinary course of business.

(b) Credit riskCredit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause theother party to incur a financial loss. The Group has no significant concentrations of credit risk attached to tradereceivables as the Group has a large and diverse customer base, with no significant balances arising fromany single economic or business sector, or any single entity or group of entities. The Group has policies inplace to ensure that sales of products and services are made to customers with an appropriate credit history.Cash transactions are limited to high credit quality financial institutions. A significant level of investments isheld in various forms of Government securities.

(c) Interest rate riskInterest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in marketinterest rates. At 1 May 2004, the Group’s operating cash flows are substantially independent of changes inmarket interest rates. However, the Group has significant interest-bearing assets as disclosed in Notes 13and 21, and interest-bearing liabilities as disclosed in Note 25.

(c) Liquidity riskLiquidity risk is the risk that an enterprise will encounter difficulty in raising funds to meet commitmentsassociated with financial instruments. Prudent liquidity risk management includes maintaining sufficient cashand marketable securities, and the availability of funding through an adequate amount of committed creditfacilities.

(d) Cash flow riskCash flow risk is the risk that future cash flows associated with a monetary financial instrument will fluctuate inamount. The Group manages this risk by ensuring, as far as possible, that financial assets and liabilities arematched to mitigate any significant adverse cash flows.

(e) Market riskMarket risk is the risk that the value of a financial instrument will fluctuate as a result of changes in marketprices whether those changes are caused by factors specific to the individual security or its issuer or factorsaffecting all securities traded in the market. At 1 May 2004, the Group had exposure to market risk, namelythrough its significant portfolio of interest rate sensitive investments and long- term loans.

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31. Commitments and Contingencies

(a) The company has issued a letter of comfort indicating its intention to provide financial support to its subsidiaryInternational Poultry Breeders LLC.

(b) The company had capital commitments at year end of $48,630,000 in respect of projects undertaken(2003 - $nil).

(c) The Group has obligations under long term operating leases for premises. Future minimum leasepayments for such commitments are as follows:

1 May2004

3 May2003

$’000 $’000

Year ending May 2004 - 11,614

2005 4,614 10,267

2006 10,576 10,092

2007 6,266 5,756

Post 2007 5,661 6,899

27,117 44,628

32. Financial Effects of Transition to International Financial Reporting Standards

The Group adopted International Financial Reporting Standards (IFRS) effective 4 May 2003. Prior to that date, thefinancial statements of the Group were prepared in accordance with Jamaican Generally Accepted AccountingPrinciples (JGAAP). The financial statements for the year ended 3 May 2003 (the immediately precedingcomparative period) have been restated to reflect the financial position and results under IFRS. The financial effectsof conversion from JGAAP to IFRS are as follows:

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32. Financial Effects of Transition to International Financial Reporting Standards (Continued)

(a) Effect on stockholders’ equity as at 28 April 2002 (Date of transition to IFRS):The Group

Note

PreviousJamaican

GAAP

Effects ofadopting

IFRS IFRS$’000 $’000 $’000

Non-Current AssetsProperty, plant and equipment (i) 1,686,219 (47,647) 1,638,572Investment properties (i) - 47,647 47,647Investments (ii) 7,432 3,088 10,520Investment in associates 197,282 - 197,282Deferred income taxes (iv) - 57,118 57,118Deferred expenditure (v) 17,852 (17,852) -Retirement benefit asset (vii) - 236,900 236,900

Current AssetsInventories (vi) 955,042 (318,762) 636,280Biological assets (vi) - 318,762 318,762Trade and other receivables (x) 667,021 (16,207) 650,814Affiliates 13,199 - 13,199Taxation recoverable 1,612 - 1,612Cash and short term investments 271,325 - 271,325

1,908,199 (16,207) 1,891,992Current Liabilities

Trade and other payables (viii) 634,670 12,335 647,005Taxation payable 56,002 - 56,002Dividends payable (ix) 59,964 (25,699) 34,265Borrowings 401,585 - 401,585

1,152,221 (13,364) 1,138,857Net Current Assets 755,978 (2,843) 753,135

2,664,763 276,411 2,941,174

Stockholders’ EquityShare capital 428,313 - 428,313Capital reserve (ii), (iii) 910,166 (122,381) 787,785

Retained earnings(ii),(iii),(iv), (v),

(vii), 770,677 (24,282) 746,3952,109,156 (146,663) 1,962,493

Non-Current LiabilitiesBorrowings 555,607 - 555,607Deferred income taxes (iv) - 416,674 416,674Post-retirement obligation (vii) - 6,400 6,400

2,664,763 276,411 2,941,174

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Jamaica Broilers Group LimitedNotes to the Financial Statements1 May2004


(b) Effect on stockholders’ equity as at 28 April 2002 (Date of transition to IFRS):

The Company

Note

PreviousJamaican

GAAP

Effects ofadopting

IFRS IFRS

$’000 $’000 $’000

Non-Current Assets

Property, plant and equipment (i) 1,121,198 (43,365) 1,077,833

Investment properties (i) - 43,365 43,365

Investments (ii) 755 3,088 3,843

Investment in associates 197,282 - 197,282

Investment in subsidiaries (iii) 910,208 10,181 920,389

Deferred expenditure (v) 16,671 (16,671) -

Retirement benefit asset (vi) - 217,000 217,000

Current Assets

Inventories (vi) 683,471 (136,471) 547,000

Biological assets (vi) - 136,471 136,471

Trade and other receivables (xi) 495,451 (17,388) 478,063

Affiliates 13,199 - 13,199

Cash and short term investments 175,574 - 175,574

1,367,695 (17,388) 1,350,307

Current Liabilities

Trade and other payables (viii) 520,015 9,882 529,897

Taxation payable 51,808 - 51,808

Subsidiaries 55,805 - 55,805

Dividends payable (ix) 59,964 (25,699) 34,265

Borrowings 341,602 - 341,602

1,029,194 (15,817) 1,013,377

Net Current Assets 338,501 (1,571) 336,930

2,584,615 212,027 2,796,642

Stockholders’ Equity

Share capital 428,313 - 428,313

Capital reserve (iii), (iv) 910,166 (122,381) 787,785

Retained earnings

(ii), (iii), (iv), (v),

(vi), (viii), (ix) 770,677 (24,282) 746,395

2,109,156 (146,663) 1,962,493

Non-Current Liabilities

Borrowings 475,459 - 475,459

Deferred income taxes (iv) - 353,390 353,390

Post-retirement obligation (vii) - 5,300 5,300

2,584,615 212,027 2,796,642

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(c) Effect on stockholders’ equity as at 3 May 2003:The Group

Note

PreviousJamaican

GAAP

Effects ofadopting

IFRS IFRS$’000 $’000 $’000

Non-Current AssetsProperty, plant and equipment (i) 1,688,252 (46,999) 1,641,253Investment properties (i) - 46,999 46,999Goodwill 10,254 - 10,254Investments (ii) 121,927 2,857 124,784Deferred income taxes (iv) - 31,553 31,553Deferred expenditure (v) 17,609 (17,609) -Retirement benefit asset (vii) - 144,300 144,300

Current AssetsInventories (vi) 1,074,642 (271,465) 803,177Biological assets (vi) - 271,465 271,465Trade and other receivables (x) 1,043,822 (11,614) 1,032,208Taxation recoverable 778 - 778Cash and short term investments 285,096 - 285,096


Trade and other payables (viii) 690,549 16,019 706,568Affiliates 691 - 691Taxation payable 48,317 - 48,317Dividends payable (ix) 66,817 (35,978) 30,839Borrowings 501,322 - 501,322

1,307,696 (19,959) 1,287,737Net Current Assets 1,096,642 (8,345) 1,104,987

2,934,684 169,446 3,104,130

Stockholders’ EquityShare capital 513,976 - 513,976Capital reserve (iv) 961,574 (122,603) 838,971

Retained earnings(ii),(iv),(v),(vi),(viii),(ix) 952,426 (3,469) 948,957

2,427,976 (126,072) 2,301,904Non-Current Liabilities

Borrowings 501,563 - 501,563Deferred income taxes (iv) - 288,918 288,918Post-retirement obligation (vii) - 6,600 6,600Minority interest 5,145 - 5,145

2,934,684 169,446 3,104,130

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(d) Effect on stockholders’ equity as at 3 May 2003:The Company

Note

PreviousJamaican

GAAP

Effects ofadopting

IFRS IFRS$’000 $’000 $’000

Non-Current AssetsProperty, plant and equipment (i) 1,144,092 (42,797) 1,101,295Investment properties (i) - 42,797 42,797Investments (ii) 121,124 2,858 123,982Investment in subsidiaries (iii) 1,127,221 (13,853) 1,113,368Deferred expenditure (v) 16,064 (16,064) -Retirement benefit asset (vi) - 121,400 121,400

Current AssetsInventories (vi) 813,448 (153,813) 659,635Biological assets (vi) - 153,813 153,813Trade and other receivables (x) 884,790 (13,158) 871,632Cash and short term investments 198,358 - 198,358


Trade and other payables (viii) 561,673 12,015 573,688Affiliates 691 - 691Taxation payable 45,915 - 45,915Subsidiaries 313,034 - 313,034Dividends payable (ix) 66,817 (35,978) 30,839Borrowings 445,685 - 445,685

1,433,815 (23,963) 1,409,852

Net Current Assets 462,781 10,805 473,5862,871,282 105,146 2,976,428

Stockholders’ EquityShare capital 513,976 - 513,976Capital reserve (iii),(iv) 961,574 (122,603) 838,971

Retained earnings(iii), (iv), (v),(vi), (viii), (ix) 952,426 (3,469) 948,957

2,427,976 (126,072) 2,301,904Non-Current Liabilities

Borrowings 443,306 - 443,306Deferred income taxes (v) - 225,718 225,718Post-retirement obligation (vii) - 5,500 5,500

2,871,282 105,146 2,976,428

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(e) Effect on net profit for the year ended 3 May 2003:

The Group

Note

PreviousJamaican

GAAP

Effects ofadopting

IFRS IFRS$’000 $’000 $’000

Revenue 6,870,743 - 6,870,743Cost of sales (5,281,168) - (5,281,168)

Gross Profit 1,589,575 - 1,589,575Other operating income (xi) 33,864 83,006 116,870Distribution costs (282,982) - (282,982)

Administrative and other expenses(ii),(v), (vi),(vii) ,(viii), (xi) (1,111,574) 8,345 (1,103,229)

Operating Profit 228,883 91,351 320,234Finance costs (87,042) - (87,042)Share of results of associated companies 101,885 - 101,885Exceptional items (xi) 183,006 (183,006) -

Profit before Taxation 426,732 (91,655) 335,077Taxation (iv) (78,940) 102,189 23,249

Profit after Taxation 347,792 10,534 358,326Minority interest in results of subsidiaries (5,145) - (5,145)

Net Profit Attributable to Stockholders ofHolding Company 342,647 10,534 353,181

Dealt with in the financial statements of:

Holding company 103,632 29,732 133,364Subsidiaries 164,621 (19,198) 145,423Associated companies 74,394 - 74,394

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Brief description of items of difference:

(i) Properties held by the Group for rental or capital appreciation, and which were previously included in property,plant and equipment have been reclassified to investment properties as required under IAS 40.

(ii) Financial assets are classified as available-for-sale securities under IFRS. Premiums and discounts onacquisition of investment securities were amortised on a straight-line basis over the lives of the securitiesunder previous Jamaican GAAP. Under IFRS, premiums/discounts are amortised using the effective yieldmethod. Under previous Jamaican GAAP, the company and the Group measured all investment securitiesat the lower of cost and market value. Under IFRS, available for sale securities are measured at fair valueand the unrealised gains/losses as a result of the re-measurement of available-for-sale securities to fairvalue are recognised in capital reserves.

(iii) This reflects the adjustments to the company’s share of equity of its subsidiaries due to IFRS adjustmentsmade in those subsidiaries.

(iv) Provision for deferred tax, which was not recognised under previous Jamaican GAAP, is now made in fullusing the liability method. Deferred tax was recognised as a result of the re-measurement of available-for-sale securities, pension and post retirement benefits, accelerated depreciation, tax losses, unrealisedforeign exchange gains/losses and interest receivable and payable.

(v) Items previously categorised as deferred expenditure did not meet the requirements of IFRS, and were writtenoff at the end of 2002.

(vi) As required under IAS 41, biological assets previously included in inventories have been reclassified.

(vii) Retirement benefit assets and obligations, which were not required to be recognised under previousJamaican GAAP, are now recognised in full. Retirement benefit assets and obligations are determined byindependent actuaries using the Projected Unit Credit Method.

(viii) This represents outstanding vacation leave due to employees, which is being accrued as required underIAS 19.

(ix) IAS 10 determines when an enterprise should adjust its financial statements for events after the balancesheet date. Where dividends to holders of equity shares are proposed or declared after the balance sheetdate, an enterprise should not recognise those dividends as a liability at the balance date. Accordingly,dividends payable for the years ended 27 April 2002 and 3 May 2003 have been reclassified.

(x) This reflects an adjustment in the provision for impairment of trade receivables. The methodology fordetermination of impairment provision under IFRS differs from previous Jamaican GAAP. IFRS requiresthe use of a discounted cash flow methodology taking into account the time value of money.

(xi) Under IFRS, income or expenses are no longer categorised as exceptional items and consequently suchincome has been transferred to other profit and loss accounts.

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33. Subsequent Events

a) Subsequent to the year-end, the company entered into an agreement to sell its investment property at HopeRoad for $168,000,000.

b) Subsequent to the year-end, the company acquired the fixed assets of Kingston Hatchery Limited.

75

Directors& Officers

DIRECTORS OFFICERS

Hon Raby Danvers Williams Robert E. Levy, C.D.O.J. C.D. J.P. C.L.U. PresidentChairman Chief Executive Officer

Robert E. Levy Claudette D. CookeC.D. Vice PresidentPresident & Chief Executive Officer Human Resource Development & Public Relations

I. V. Polly Brown Leon O. N. HeadleyB.Sc., M.Sc., J.P. Vice PresidentNon-Executive Director Procurement & Trading

Claudette D. Cooke Christopher E. LevyCMT, Ed.D Vice President Vice President Poultry OperationsHuman Resource Development & Public Relations Donald A. Patterson Acting Vice PresidentTrevor D. Dewdney Finance & Accounting Ph.D Non-Executive Director Ian S. ParsardRepresenting Contract Farmers Vice President Finance & Accounting/AquacultureChristopher E. Levy OperationsB.Sc., MBA Vice President Conley N. SalmonPoultry Operations Vice President Marketing – Feeds & Agricultural Supplies Andrew J. Mahfood CA Peter A. DePassNon-executive Director Company Secretary

Malcolm D. L. McDonald Attorney-at-Law Non-executive Director

Barrington A. Pryce Representing Salaried Employees Douglas B. Senior Non-executive Director Representing Contract Truckers

Hirlie E. WilliamsNon-executive DirectorRepresenting Unionised Employees

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76

CorporateDivisions & Subsidiaries

JAMAICA BROILERS GROUP LIMITED

Group Head OfficeContent, McCook’s PenSt. CatherineJamaica, West IndiesTel: 943-4270Fax: 943-4322

Hon. R. Danvers WilliamsChairman

Robert LevyPresident and CEO

Claudette CookeVice President

Leon HeadleyVice President

Christopher LevyVice President

Ian ParsardVice President

Donald PattersonActing Vice President

Conley SalmonVice President

BEST DRESSED CHICKENContent, McCook’s Pen, St. CatherineTel: 943-4370/943-4376; Fax: 943-4322

JAMAICA POULTRY BREEDERS LIMITEDCaentabert, P.O., Box 27Claremont, St. AnnTel: 1-972-0251; Fax 1-972-9681

MASTER BLEND FEEDSP.O. Box 24Old Harbour, St. CatherineTel: 983-2305; Fax 983-9241

BEST DRESSED FOODSSpring VillageSt. CatherineTel: 960-4099Fax: 708-5125Toll Free: 1 888 BUY BDF1

CONTENT AGRICULTURAL PRODUCTSBog Walk, St. CatherineMailing Address:Content, McCook’s Pen, St. CatherineTel: 708-2610; Fax: 708-2609

JAMAICA EGG SERVICESMailing Address:White Marl. St. CatherineTel: 984-2851-3; Fax: 749-5003

HI-PRO FARM SUPPLIESP.O., Box 886White Marl, St. CatherineTel: 984-7918: Fax: 984-5914

AQUACULTURE JAMAICA LIMITEDMaggoty, P.O., Box 17St. ElizabethTel: 1-774-4222; Fax: 966-6937

WEST INDIES NUTRITIONAL CORP. LIMITED38-40 Caracas AvenueKingston Export FreezoneP.O., Box 112, Kingston 15Tel: 923-6880; Fax 923-6856

WINCORP INTERNATIONAL INC.10025 NW 116 Way, Suite 14Medley, FL 331278Tel: (305) 887-4000; Fax: (305) 887-4400

INTERNATIONAL POULTRY BREEDERS, L.L.C.P.O. Box 584, Norman ParkTifton, GATel: (229) 769-3410; Fax (229) 769-3425

ATLANTIC UNITED INSURANCE CO. LTD.One Regis Place94th StreetP.O. Box 472Georgetown, Grand Cayman

AdvisersAuditors Bankers

PricewaterhouseCoopers Bank of Nova Scotia Jamaica LimitedScotiabank CentreCorner Duke & Port Royal Streets Citibank N. A.P.O., Box 372Kingston National Commercial Bank Jamaica Limited

Attorneys-at-Law Merchant Bankers

Malcolm D. L. McDonald Capital & Credit Merchant Bank McDonald Millingen LimitedAttorneys-at-Law 82 Knutsford Boulevard58 Hope Road Kingston 5Kingston 6 Peter A. DePass Pan Caribbean Merchant Bank Ltd.Attorney-at-Law 60 Knutsford Boulevard96 3/4 Hope Road Kingston 5Kingston 6

Registrar & Secretarial Agents

Duke CorporationScotiabank CentreCorner Duke & Port Royal StreetsKingston

Consultants

KPMG Peat MarwickThe Victoria Mutual Building6 Duke StreetKingston

Capital Options Limited64 Knutsford BoulevardKingston 5

Proxy Form

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

Parish of ............................................................ being a member/members of the above named

company hereby appoint .................................................................................. of ...........................................

.........................................orfailing 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 the Jamaica

Conference Centre, Ocean Boulevard, Kingston Mall, Kingston on Saturday, October

30, 2004 at 10:00 a.m. and at any adjournment thereof.

Signed this ......... day of ........................................ 2004.

Signature: ........................................................................

Corporations Acting by Representatives at MeetingRegulation 75 of the Articles of Association

Any corporation which is a member of the Company may from time to time by instrument

in writing under its seal or under the hand of an officer or attorney so authorised or by

resolution of its directors or other governing body authorise such person as it thinks fit to

act as its representative at any meeting of the Company or of any class of members of the

Company, and the person so authorised shall be entitled to exercise the same powers on

behalf of the corporation which he represents as that corporation could exercise if it were

an individual member of the Company.

Jamaica Broilers Group Limited

Group Head OfficeContent, McCook’s Pen

St. CatherineJamaica, West Indies

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