Unilever Financial Statement

Financial Statements of
UNILEVER CARIBBEAN LIMITED
December 31, 2022

(Expressed in Trinidad and Tobago Dollars)
Contents Page
Statement of Management Responsibilities 1
Independent Auditors’ Report 2-7
Statement of Financial Position 8
Statement of Profit or Loss 9
Statement of Comprehensive Income 10
Statement of Changes in Equity 11
Statement of Cash Flows 12
Notes to the Financial Statements 13 - 75

Statement of Management Responsibilities
Unilever Caribbean Limited
Management is responsible for the following:
• Preparing and fairly presenting the accompanying financial statements of Unilever Caribbean
Limited (the Company), which comprise the statement of financial position as at December
31, 2022, the statement of profit or loss, statement of comprehensive income, changes in
equity and cash flows for the year then ended, and notes, comprising significant accounting
policies and other explanatory information;
• Ensuring that the Company keeps proper accounting records;
• Selecting appropriate accounting policies and applying them in a consistent manner;

• Implementing, monitoring and evaluating the system of internal control that assures security
of the Company’s assets, detection/prevention of fraud and the achievement of the Company’s
operational efficiencies;
• Ensuring that the system of internal control operated effectively during the reporting period;
• Producing reliable financial reporting that complies with laws and regulations, including the
Companies Act; and
• Using reasonable and prudent judgement in the determination of estimates.
In preparing these financial statements, management utilised the International Financial Reporting
Standards, as issued by the International Accounting Standards Board and adopted by the Institute
of Chartered Accountants of Trinidad and Tobago. Where International Financial Reporting
Standards presented alternative accounting treatments, management chose those considered most
appropriate in the circumstances.
Nothing has come to the attention of management to indicate that the Company will not remain a
going concern for the next twelve months from the reporting date, or up to the date the
accompanying financial statements have been authorised for issue, if later.
Management affirms that it has carried out its responsibilities as outlined above.
Jean-Marc Mouttet, Managing Director Amit Rampersad, Financial Accounting Manager
Date: 29 March, 2023 Date: 29 March, 2023
1
Independent Auditors’ Report
To the Shareholders of Unilever Caribbean Limited
Report on the Audit of the Financial Statements
Opinion
We have audited the accompanying financial statements of Unilever Caribbean

Limited (“the Company”), which comprise the statement of financial position as at
December 31, 2022, the statement of profit or loss, statement of comprehensive
income, statement of changes in equity, and statement of cash flows for the year
then ended, and notes to the financial statements, including a summary of
significant accounting policies and other explanatory information.
In our opinion, the accompanying financial statements present fairly, in all material
respects, the financial position of the Company as at December 31, 2022, and its
financial performance and its cash flows for the year then ended in accordance
with International Financial Reporting Standards (IFRS).
Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing
(ISAs). Our responsibilities under those standards are further described in the
Auditors’ Responsibilities for the Audit of the Financial Statements section of our
report. We are independent of the Company in accordance with the International
Ethics Standards Board for Accountants International Code of Ethics for
Professional Accountants (including International Independence Standards)
(IESBA Code) together with the ethical requirements that are relevant to our audit
of the financial statements in the Republic of Trinidad and Tobago and we have
fulfilled our other ethical responsibilities in accordance with these requirements
and the IESBA Code.
We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our opinion.
Key Audit Matter
A key audit matter is a matter that, in our professional judgement, was of most
significance in our audit of the financial statements of the current period. These
matters were addressed in the context of our audit of the financial statements as
a whole, and in forming our opinion thereon, and we do not provide a separate
opinion on these matters.
2
Independent Auditors’ Report (continued)
Key Audit Matter (continued)
Measurement of the retirement benefit obligation

Assumptions and estimation uncertainty disclosure Note 3(A)(i), accounting
policy disclosure Note 4(m) and accompanying Note 9 in the financial
statements. The aggregated obligation of the pension plan schemes totals to
$229,707 thousand (2021: $237,539 thousand)
The Company operates four (4) pension plan schemes as outlined below:
• Monthly-Rated Employees’ Pension Fund

• Hourly-Rated Employees’ Pension Plan
• Termination Lump Sum Plan (TLS)
• Supplementary Pension Scheme
The estimation of the retirement benefit obligation is based on significant

assumptions and judgements that are disclosed in Note 3(A)(i) and Note 9 to
the financial statements, small changes in these assumptions can have a
material impact on the measurement of the retirement benefit obligation.
Of the assumptions disclosed in Note 9, the key assumption is in relation to the

judgement applied by the third-party actuary around the discount rate used
which has the most significant impact on the measurement of the retirement
benefit obligation.
The use of significant assumptions and judgments increases the risk that the
estimate of the retirement benefit obligation can be materially misstated and
therefore required special audit consideration.
The quality of disclosure is also deemed an area of increased levels of audit

focus. The notes to the financial statements regarding the Company’s
application of the accounting standard, and disclosures around sensitivity of
assumptions, are key to explaining the key judgements made by management.
How our audit addressed the key audit matter
Our audit procedures comprised but was not limited to the following:
• The testing of the design and implementation of the Company’s controls

applicable to the basis of arriving at the estimate of the retirement benefit
obligation.
• Assessing the reasonableness of the data used in the estimate by selecting
a sample of the underlying data and agreeing the items back to the
underlying source records.
3
Independent Auditors’ Report (continued)
Key Audit Matter (continued)
Measurement of retirement benefit obligation (continued)
How our audit addressed the key audit matter (continued)
• Engaging our own actuarial specialists to independently evaluate the

methods, assumptions and data used to develop the estimate of the
pensions and post-employment benefit obligation which included but were
not limited to the following:
- Applying industry knowledge and experience to compare the
methodology used against industry standard actuarial practice;
- Assessing the appropriateness of the methodology adopted by
reference to the requirements of the relevant accounting standards;
- Challenging the mortality and discount rate assumptions utilised by
management and comparing these to the actual mortality experience
of the plan and relevant industry data; and
- Evaluating the analysis of the movements in the retirement benefit
obligation during the year, including consideration of whether the
movements were in line with our expectations based on our knowledge
of the Company and the industry in which it operates
• Determining whether the Company’s accounting policies and disclosures
are in compliance with the requirements of the relevant accounting
standards.
4
Other Information
Management is responsible for the other information. The other information comprises
the information included in the Company’s annual report, but does not include the
financial statements and our auditors’ report thereon. The 2022 Annual Report is
expected to be made available to us after the date of this auditors’ report.
Our opinion on the financial statements does not cover the other information and we
do not express any form of assurance or conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read
the other information identified above when it becomes available and, in doing so,
consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit, or otherwise appears to be
materially misstated.
When we read the 2022 Annual Report, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those charged
with governance.
Responsibilities of Management and Those Charged with Governance for the

Financial Statements
Management is responsible for the preparation and fair presentation of the Company’s
financial statements in accordance with IFRS and for such internal control as
management determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the

Company’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has
no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s
financial reporting process.
5
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditors’ report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgement and

maintain professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design

audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Company's internal
control.
• Evaluate the appropriateness of accounting policies used and the

reasonableness of accounting estimates and related disclosures made by
management.
• Conclude on the appropriateness of management's use of the going concern

basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast
significant doubt on the Company's ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in
our auditor's report to the related disclosures in the financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of our auditor's report.
However, future events or conditions may cause the Company to cease to
continue as a going concern.
6
Auditors’ Responsibilities for the Audit of the Financial Statements (continued)
• Evaluate the overall presentation, structure and content of the financial

statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair
presentation.
We communicate with those charged with governance regarding, among other

matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, actions taken to eliminate
treats or safeguards applied.
From the matters communicated with those charged with governance, we determine
those matters that were of most significance in the audit of the financial statements of
the current period and are therefore the key audit matters. We describe these matters
in our auditors’ report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should
not be communicated in our report because the adverse consequences of doing so
would reasonably be expected to outweigh the public interest benefits of such
communication.
The engagement partner in charge of the audit resulting in this independent auditors’
report is Dushyant Sookram.
Chartered Accountants
Port of Spain
Trinidad and Tobago
March 29, 2023
7
Statement of Financial Position
December 31, 2022
Notes 2022 2021
$'000 $'000
ASSETS
Non-current assets
Property, plant and equipment 8 4,285 8,943
Retirement benefit asset 9(i) 99,142 137,039
Deferred tax asset 10 14,250 6,459
117,677 152,441
Current assets
Inventories 11 29,250 26,808
Taxation recoverable 7,575 7,575
Trade and other receivables 12 63,988 102,948
Due from related companies 13 74,491 176,388
Cash at bank and in hand 171,778 118,132
Assets held for sale 31 - 58,146
347,082 489,997
Total assets 464,759 642,438
EQUITY AND LIABILITIES

EQUITY
Stated capital 14 26,244 26,244
Property revaluation surplus - 36,568
Retained earnings 311,319 414,131
Total equity 337,563 476,943
LIABILITIES
Non-current liabilities
Retirement and termination benefit obligation 9(ii) 3,085 6,989
Lease liabilities 27 1,979 605
Deferred tax liabilities 10 29,105 40,104
34,169 47,698
Current liabilities
Trade and other payables 15 72,280 63,400
Lease liabilities 27 711 4,170
Due to related companies 13 14,878 31,528
Provisions for other liabilities 16 5,158 15,750
Liabilities directly associated with the assets held for sale 31 - 2,949
93,027 117,797
Total liabilities 127,196 165,495
Total equity and liabilities 464,759 642,438
The notes are an integral part of these financial statements.

On March 29, 2023 the Board of Directors of Unilever Caribbean Limited authorised these financial statements for issue.
Director Director
8
Statement of Profit or Loss
Year ended December 31, 2022

Notes 2022 2021
$'000 $'000
Continued operations
Revenue 17 256,146 233,186
Cost of sales (150,897) (127,208)
Gross profit 105,249 105,978
Expenses
Selling and distribution costs (60,554) (62,936)
Administrative expenses (16,252) (17,615)
Impairment reversal on trade receivables 358 18
(76,448) (80,533)
Operating profit before restructuring costs 28,801 25,445
Restructuring cost comprising: 30

Net gain (impairment) of property, plant and equipment 4,493 (2,145)
Manpower cost (31,528) -
Gain on curtailment and settlement 10,752 -
Other expenses (14,272) (3,423)
(30,555) (5,568)
Operating (loss) profit after restructuring costs (1,754) 19,877

Finance income (expense) – net 20 101 (635)
Other income 19 7,028 5,391
Profit before tax 5,375 24,633
Taxation credit (expense) 21 4,394 (7,702)
Profit from continued operations 9,769 16,931
Profit from discontinued operations, net of tax - 171,881
Profit for the year 9,769 188,812
9
Statement of Comprehensive Income

Notes 2022 2021
$'000 $'000
Other comprehensive (loss) income
Items that will not be reclassified to profit or loss

Re-measurements of retirement and termination benefit
obligation 9(iv) (51,857) 25,055
Tax on re-measurement of retirement and termination

benefit obligations 10 15,557 (7,516)
Other comprehensive (loss) income for the year, net of (36,300) 17,539
tax
Total comprehensive (loss) income for the year (26,531) 206,351
Earnings per share for profit attributable to the

equity holders of the Company during the year
Basic and diluted earnings per share
- Continued operations $0.37 $0.65
- Discontinued operations $0.00 $6.54
- Basic and diluted earnings per ordinary share 22 $0.37 $7.19
10
Statement of Changes in Equity
December 31, 2022

Property
Stated Revaluation Retained Total
Capital Surplus Earnings Equity
$'000 $'000 $'000 $'000
Balance as at January 1, 2021 26,244 36,568 414,131 476,943
Profit for the year - - 9,769 9,769

Other comprehensive loss for the year - - (36,300) (36,300)
Total comprehensive loss for the year - - (26,531) (26,531)
Transfer - (36,568) 36,568 -
Transactions with the owners of the Company

Dividends (Note 23) - - (112,849) (112,849)
Balance as at December 31, 2022 26,244 - 311,319 337,563
Balance as at January 1, 2021 26,244 36,568 228,775 291,587
Profit for the year - - 188,812 188,812

Other comprehensive income for the year - - 17,539 17,539
Total comprehensive income for the year - - 206,351 206,351
Transactions with the owners of the Company

Dividends (Note 23) - - (20,995) (20,995)
Balance as at December 31, 2021 26,244 36,568 414,131 476,943
11
Statement of Cash Flows
Notes 2022 2021
$'000 $'000
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments for:
Depreciation 8 4,947 5,375
Interest expense 20 450 642
(Gain) loss on disposal of and impairment losses on PPE (4,493) 2,145
Gain on sale of discontinued operations - (164,423)
Net pension benefit 9 (15,269) (1,469)
Contributions paid 9 (2,595) (3,383)
Interest income 20 (551) (7)
Taxation (credit) expense 21 (4,394) 10,940
(12,136) 38,632
Changes in:
Inventories (2,442) (1,051)
Trade and other receivables 38,960 (11,111)
Due from related companies 101,897 (135,280)
Trade and other payables 7,154 9,880
Provisions for other liabilities (10,592) 3,439
Due to related companies (16,650) (7,867)
Cash from operating activities 106,191 (103,358)
Interest paid 20 (450) (642)
Taxation Refund - 1,710
Taxation paid (1,787) (1,713)
Net cash generated from (used in) operating activities 103,954 (104,003)
CASH FLOWS FROM INVESTING ACTIVITIES

Interest received 551 7
Purchase of plant and equipment 8 (1,434) (96)
Proceeds from sale of property, plant and equipment 67,345 2,466
Proceeds from sale of discontinued operation - 169,846
Net cash generated from investing activities 66,462 172,223
CASH FLOWS FINANCING ACTIVITIES

Dividends paid 23 (112,849) (20,995)
Payment of lease liabilities 27 (3,921) (4,477)
Net cash used in financing activities (116,770) (25,472)
Increase in cash and cash equivalents 53,646 42,748

Cash and cash equivalents at beginning of year 118,132 75,384
Cash and cash equivalents at end of year 171,778 118,132
Represented By: Cash at bank and in hand 171,778 118,132
The notes are an integral part of these financial statements

12
Notes to the Financial Statements
December 31, 2022
1. General Information
Unilever Caribbean Limited (‘the Company’) was incorporated in the Republic of Trinidad and
Tobago in 1929, and its registered office is located at Albion Plaza, Third Floor, 22-24 Victoria
Avenue, Port of Spain. During 2022, the Company changed its office to this new location. The
Company is a public limited liability company and is listed on the Trinidad and Tobago Stock
Exchange. The principal business activity is the sale of home care, personal care and food
products. The Company is a subsidiary of Unilever Overseas Holdings AG (50.01% of shares
held), which is a wholly owned subsidiary of Unilever PLC, a company incorporated in the
United Kingdom.
2. Basis of Accounting
These financial statements have been prepared in accordance with International Financial
Reporting Standards (IFRS) and interpretations issued by the IFRS Interpretations Committee
(IFRIC) applicable to companies reporting under IFRS. The financial statements have been
prepared under the historical cost convention, modified as follows:
- The revaluation of freehold properties

- Net defined benefit asset (obligation) recognised net of the fair value of plan assets,
adjusted by re-measurements through other comprehensive income (OCI), less the
present value of the defined benefit obligation adjusted by experience gains (losses)
on revaluation, limited as explained in Note 4(m) and Note 9
- Assets held for sale are recognised at fair value less costs to sell
These financial statements have been prepared on a going concern basis which assumes that the
Company will be able to meet the mandatory repayment terms of its current liabilities.
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December 31, 2022
3. Use of Accounting Estimates and Judgements
In preparing these financial statements, management has made judgments, estimates and
assumptions that affect the application of the Company’s accounting policies and the reported
amount of assets, liabilities, income and expenses and contingent assets and liabilities. Actual
results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates
are recognised prospectively.
A. Assumptions and estimation uncertainties
Information about assumptions and estimation uncertainties that have a significant risk of
resulting in a material adjustment in the next financial year to amounts reported as at and
for the year ended December 31, 2022, is included below:
(i) Measurement of defined benefit obligations

The present value of the pension obligations depends on a number of factors that
are determined on an actuarial basis using a number of assumptions. Any changes
in these assumptions will impact the carrying amount of pension obligations. The
significant assumptions used in determining the estimate include the discount rate,
as well as the rate for future pension increases.
The Company determines the appropriate discount rate at the end of each year. This
is the interest rate that should be used to determine the present value of estimated
future cash outflows expected to be required to settle the pension obligations. In
determining the appropriate discount rate, the Company considers the interest rates
of medium-term government bonds that are denominated in the currency in which
the benefits will be paid, and that have terms to maturity approximating the terms
of the related pension obligation.
Other key assumptions for pension obligations are based in part on current market
conditions. Additional information is disclosed in Note 9.
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December 31, 2022
4. Significant Accounting Policies
The principal accounting policies applied in the preparation of these financial statements are set
out below. These policies have been consistently applied to all the years presented, except if
mentioned otherwise (Note 5).
(a) Foreign currency translation
(i) Functional and presentation currency
Items included in the financial statements of the Company are presented in Trinidad
and Tobago dollars, which is the Company’s functional currency. All amounts have
been rounded to the nearest thousand, unless otherwise indicated.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the
exchange rates prevailing at the dates of the transactions. Foreign exchange gains and
losses resulting from the settlement of such transactions and from the translation at
year-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in profit or loss. Foreign exchange gains and losses that
relate to cash and cash equivalents are presented in profit or loss within
administration expenses.
(b) Segment reporting
Operating segments are reported in a manner consistent with the internal reporting
provided to the chief operating decision-maker. The chief operating decision-maker, who
is responsible for allocating resources and assessing performance of the operating
segments, has been identified as the management committee that makes strategic decisions.
(c) Property, plant and equipment
Cost or revaluation
Freehold land and buildings are shown at fair value, based on valuations performed by
external independent valuers periodically and with sufficient frequency, less subsequent
depreciation for buildings. Additions to freehold land and buildings subsequent to the date
of revaluation are shown at cost. Any accumulated depreciation at the date of revaluation
is eliminated against the gross carrying amount of the asset, and the net amount is adjusted
to the revalued amount of the asset. All other property, plant and equipment are stated at
historical cost less depreciation. Historical cost includes expenditure that is directly
attributable to the acquisition of items.
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December 31, 2022
4. Significant Accounting Policies (continued)

(c) Property, plant and equipment (continued)
Cost or revaluation (continued)
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset,
as appropriate, only when it is probable that future economic benefits associated with the
item will flow to the Company and the cost of the item can be measured reliably. All other
repairs and maintenance are charged to profit or loss during the financial period in which
they are incurred.
Increases in the carrying amount arising on revaluation of freehold land and buildings are
credited to other comprehensive income (OCI) and shown as ‘property revaluation surplus’
in shareholders’ equity. This reserve is non-distributable. Decreases that offset previous
increases in the same asset are charged in other comprehensive income and debited against
‘property revaluation surplus’ directly in equity; all other decreases are charged to profit
or loss. Depreciation methods, useful lives and residual values are measured at each
reporting date and adjusted if appropriate. Where the carrying amount of an asset is greater
than its estimated recoverable amount, it is written down to its recoverable amount (Note
4(d)).
Assets held for sale

Non-current assets are classified as held-for sale if it is highly probable that the assets will
be recovered primarily through sale rather than through continuing use. The assets are
measured at the lower of their carrying amount or fair value minus cost to sell. Impairment
losses on initial classification as held-for-sale and subsequent gains and losses on
remeasurement are recognised in profit or loss. Once classified as held-for-sale, intangible
assets and property, plant and equipment are no longer amortised or depreciated
Depreciation
Depreciation is calculated to write off the cost/valuation of items of property, plant and
equipment less their estimated residual values using the straight-line method over the
shorter of their estimated useful lives and lease term and is recognized in profit or loss.
Land and capital work in progress are not depreciated. The estimated useful lives of
property, plant and equipment for current and comparative periods are as follows:
Freehold buildings - 40 years
Plant and equipment - 3 - 15 years
Motor vehicles/Warehouse/Forklifts - Lease term
Gains and losses on disposal of property, plant and equipment are determined by reference
to the proceeds and their carrying amounts and are taken into account in determining
operating profit. On disposal of revalued assets, amounts in the revaluation reserve relating
to that asset are transferred to retained earnings.
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December 31, 2022
(d) Impairment of non-financial assets
At each reporting date, the Company reviews the carrying amounts of its non-financial
assets (other than inventories and deferred tax assets) to determine whether there is any
indication of impairment. If any such indication exists, then the asset`s recoverable amount
is estimated.
For impairment testing, assets are grouped together into the smallest identifiable group of
assets that generates cash inflows from continuing use that are largely independent of the
cash inflows of other assets or Cash-Generating Units (CGUs). Goodwill arising from a
business combination is allocated to CGUs or groups of CGUs that are expected to benefit
from the synergies of the combination.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair
value less costs to sell. Value in use is based on the estimated future cash flows, discounted
to their present value using a pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset or CGU.
An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its
recoverable amount.
Impairment losses are recognised in profit or loss.
(e) Financial instruments
(i) Recognition and initial measurement
Trade receivables are initially recognised when they are originated. All other
financial assets and financial liabilities are initially recognised when the Company
becomes a party to the contractual provisions of the instrument. A financial asset
(unless it is a trade receivable without a significant financing component) or financial
liability is initially measured at fair value. A trade receivable without a significant
financing component is initially measured at the transaction price.
(ii) Classification
Financial assets
On initial recognition, a financial asset is classified as measured at amortised cost.
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December 31, 2022

(e) Financial instruments (continued)
(ii) Classification (continued)
Financial assets are not reclassified subsequent to their initial recognition unless the
Company changes its business model for managing financial assets, in which case all
affected financial assets are reclassified on the first day of the first reporting period
following the change in the business model.
A financial asset is measured at amortised cost if it meets both of the following
conditions and is not designated as at FVTPL:
- it is held within a business model whose objective is to hold assets to collect
contractual cash flows; and
- its contractual terms give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
Financial assets at amortised cost

These assets are subsequently measured at amortised cost using the effective interest
method. The ‘effective interest rate’ is the rate that exactly discounts the estimated
future cash payments or receipts through the expected life of the financial assets or
liability (or, where appropriate, a shorter period) to the gross carrying amount of the
financial asset or the amortised cost of the financial liability. The amortised cost is
reduced by impairment losses. Interest income, foreign exchange gains and losses
and impairment are recognised in profit or loss. Any gain or loss on derecognition is
recognised in profit or loss.
Financial liabilities – Classification, subsequent measurement and gains and losses

On initial recognition, a financial liability is classified as measured at amortised cost.
Financial liabilities are subsequently measured at amortised cost using the effective
interest method. Interest expense and foreign exchange gains and losses are
recognised in profit or loss. Any gain or loss on derecognition is also recognised in
profit or loss.
(iii) Derecognition
Financial assets
The Company derecognises a financial asset when the contractual rights to the cash
flows from the financial asset expire, or it transfers the rights to receive the
contractual cash flows in a transaction in which substantially all of the risks and
rewards of ownership of the financial asset are transferred or in which the Company
neither transfers nor retains substantially all of the risks and rewards of ownership
and it does not retain control of the financial asset.
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December 31, 2022
(e) Financial instruments (continued)
(iii) Derecognition (continued)
Financial assets (continued)
The Company enters into transactions whereby it transfers assets recognised in its
statement of financial position but retains either all or substantially all of the risks
and rewards of the transferred assets. In these cases, the transferred assets are not
derecognised.
All recognized financial assets are subsequently measured in their entirety at either
amortized cost or fair value depending on the classification of the financial asset. The
category ‘trade and other receivables’ would have been disclosed net of its expected
credit loss as at that date with the Company’s calculation of the credit loss allowance
provided in Note 6(i)(b).
Financial liabilities
The Company derecognises a financial liability when its contractual obligations are
discharged or cancelled or expire. The Company also derecognises a financial
liability when its terms are modified and the cash flows of the modified liability are
substantially different, in which case a new financial liability based on the modified
terms is recognised at fair value. On derecognition of a financial liability, the
difference between the carrying amount extinguished and the consideration paid
(including any non-cash assets transferred or liabilities assumed) is recognised in
profit or loss.
(iv) Offsetting
Financial assets and financial liabilities are offset, and the net amount presented in
the statement of financial position when, and only when, the Company has a current
legally enforceable right to offset the amounts and it intends either to settle them on
a net basis or to realise the asset and settle the liability simultaneously.
(v) Financial liabilities
Financial instruments are classified as a financial liability if they include a contractual

obligation upon the Company to deliver cash or other financial assets or to exchange
financial assets or financial liabilities with another party under conditions that are
potentially unfavourable to the Company.
19
December 31, 2022
(f) Impairment of Non-Derivative financial assets
(i) Financial assets
Financial instruments
The Company recognises loss allowances for Expected Credit Losses (ECLs) on:
- financial assets measured at amortised cost;
When determining whether the credit risk of a financial asset has increased
significantly since initial recognition and when estimating ECLs, the Company
considers reasonable and supportable information that is relevant and available
without undue cost or effort. This includes both quantitative and qualitative
information and analysis, based on the Company’s historical experience and
informed credit assessment, that includes forward-looking information.
The Company considers a financial asset to be in default when:
- the debtor is unlikely to pay its credit obligations to the Company in full,
without recourse by the Company to actions such as realising security (if any is
held); or
- the financial asset is more than 90 days past due.
ECLs are a probability-weighted estimate of credit losses. Credit losses are measured
as the value of all cash shortfalls (i.e. the difference between the cash flows due to
the entity in accordance with the contract and the cash flows that the Company
expects to receive).
ECLs are discounted at the effective interest rate of the financial asset.
Credit-impaired financial assets
At each reporting date, the Company assesses whether financial assets that are carried
at amortised cost are credit-impaired.
A financial asset is ‘credit-impaired’ when one or more events that have a detrimental
impact on the estimated future cash flows of the financial asset have occurred.
20
December 31, 2022
(f) Impairment of Non-derivative financial assets (continued)
(i) Financial assets (continued)
Credit-impaired financial assets (continued)
Evidence that a financial asset is credit-impaired includes the following observable

data:
- significant financial difficulty of the debtor;
- a breach of contract such as a default;
- it is probable that the debtor will enter bankruptcy or other financial
reorganisation; or
Presentation of allowance for ECL in the statement of financial position
Loss allowances for financial assets measured at amortised cost are deducted from
the gross carrying amount of the assets.
(ii) Write-off
The gross carrying amount of a financial asset is written off when the Company has
no reasonable expectations of recovering a financial asset in its entirety or a portion
thereof. The Company has a policy of writing off the gross carrying amount when the
financial asset is 365 days past due, and an individual assessment has been performed
with respect to the timing and amount of write-off. If based on the outcome of this
assessment the Company expects no significant recovery from the outstanding
amount, it will be written off. Financial assets that are written off could still be subject
to enforcement activities in order to comply with the Company’s procedures for
recovery of amounts due.
21
December 31, 2022
(g) Cash and cash equivalents
Cash and cash equivalents include cash in hand and other short-term highly liquid
investments with original maturities of three months or less and are carried at amortised
cost.
(h) Inventories
Cost is determined on the following bases, which have been consistently applied:
• Inventories are stated at the lower of weighted average cost or net realisable value.
The inventories relating to the spreads and teas businesses were derecognized and
classed as other receivables, and intercompany receivables respectively.
• The cost of finished goods is determined on a weighted average cost basis.
• Engineering and general stores are valued at weighted average cost.
• Goods in transit are valued at suppliers’ invoice cost.
• Net realisable value is the estimated selling price in the ordinary course of business,
less the costs of completion and less applicable variable selling expenses.
The goods procured by the Company in the capacity of an agent on behalf of other
companies, are not controlled by the Company before they are transferred to the customer.
Instead, the inventory purchased on behalf of other companies is recognised as a
receivable.
(i) Trade and other receivables

Trade receivables are amounts due from customers for merchandise sold in the ordinary
course of business. If collection is expected in one year or less, they are classified as current
assets. If not, they are presented as non-current assets. Other receivables consist mainly of
Value Added Tax (VAT) recoverable, prepayments and amounts receivable as part of the
Reverse Master Supply Agreement related to spreads production and sale.
Trade and other receivables are carried at amortised cost, less impairment losses.
(j) Share capital

Ordinary shares are classified as equity.
22
December 31, 2022
(k) Trade and other payables

Trade payables are obligations to pay for goods or services that have been acquired in the
ordinary course of business from suppliers. Accounts payable are classified as current
liabilities if payment is due within one year or less. If not, they are presented as non-current
liabilities. Other payables comprise outstanding statutory liabilities as well as accruals for
advertising and promotion. Trade and other payables are carried at amortised cost.
(l) Taxation
(i) Current tax

Current tax comprises the expected tax payable or receivable on the taxable income
or loss for the year and any adjustment to the tax payable or receivable in respect of
previous years. The amount of current tax payable or receivable is the best estimate
of the tax amount expected to be paid or received that reflects uncertainty related to
income taxes, if any. It is measured using tax rates enacted or substantively enacted
at the reporting date. Current tax also includes any tax arising from dividends.
Current tax assets and liabilities are offset only if certain criteria are met.
(ii) Deferred tax

Deferred tax is recognised in respect of temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and the amounts
used for taxation purposes.
Deferred tax assets are recognised for unused tax losses, unused tax credits and
deductible temporary differences to the extent that it is probable that future taxable
profits will be available against which they can be used. Future taxable profits are
determined based on the reversal of relevant taxable temporary differences. If the
amount of taxable temporary differences is insufficient to recognise a deferred tax
asset in full, then future taxable profits, adjusted for reversals of existing temporary
differences, are considered, based on the business plans for individual subsidiaries in
the Company. Deferred tax assets are reviewed at each reporting date and are reduced
to the extent that it is no longer probable that the related tax benefit will be realised;
such reductions are reversed when the probability of future taxable profits improves.
Unrecognised deferred tax assets are reassessed at each reporting date and recognised
to the extent that it has become probable that future taxable profits will be available
against which they can be used.
Deferred tax is measured at the tax rates that are expected to be applied to temporary
differences when they reverse, using tax rates enacted or substantively enacted at the
reporting date, and reflects uncertainty related to income taxes, if any.
23
December 31, 2022
(l) Taxation (continued)
(ii) Deferred tax (continued)
The measurement of deferred tax reflects the tax consequences that would follow
from the manner in which the Company expects, at the reporting date, to recover or
settle the carrying amount of its assets and liabilities. Deferred tax assets and
liabilities are offset only if certain criteria are met.
(m) Employee benefits
(i) Short-term
Short-term employee benefits are expensed as the related service is provided. A
liability is recognised for the amount expected to be paid if the Company has a present
legal or constructive obligation to pay this amount as a result of past service provided
by the employee and the obligation can be estimated reliably. Post-employment
benefits are accounted for as described below.
Employee entitlements to annual leave are recognised when they accrue to

employees. A provision is made for the estimated liability for annual leave as a result
of services rendered by employees up to the reporting date.
(ii) Defined benefit plans (Post-employment)
The Company’s net obligation in respect of defined benefit plans is calculated

separately for each plan by estimating the amount of future benefit that employees
have earned in the current and prior periods, discounting that amount and deducting
the fair value of any plan assets.
The calculation of defined benefit obligations is performed annually by a qualified

actuary using the projected unit credit method. When the calculation results in a
potential asset for the Company, the recognised asset is limited to the present value
of economic benefits available in the form of any future refunds from the plan or
reductions in future contributions to the plan. To calculate the present value of
economic benefits, consideration is given to any applicable minimum funding
requirements.
Remeasurements of the net defined benefit liability, which comprise actuarial gains
and losses, the return on plan assets (excluding interest) and the effect of the asset
ceiling (if any, excluding interest), are recognised immediately in OCI.
24
December 31, 2022

(m) Employee benefits (continued)
(ii) Defined benefit plans (Post-employment) (continued)
The Company determines the net interest expense (income) on the net defined benefit
liability (asset) for the period by applying the discount rate used to measure the
defined benefit obligation at the beginning of the annual period to the then-net
defined benefit liability (asset), taking into account any changes in the net defined
benefit liability (asset) during the period as a result of contributions and benefit
payments. Net interest expense and other expenses related to defined benefit plans
are recognised in profit or loss.
When the benefits of a plan are changed or when a plan is curtailed, the resulting
change in benefit that relates to past service or the gain or loss on curtailment is
recognised immediately in profit or loss. The Company recognises gains and losses
on the settlement of a defined benefit plan when the settlement occurs.
The present value of the defined benefit obligation is determined by discounting the
estimated future cash outflows using interest rates of high-quality corporate bonds
that are denominated in the currency in which the benefits will be paid, and that have
terms to maturity approximating to the terms of the related pension obligation. In
countries where there is no deep market in such bonds, the market rates on
Government bonds are used.
The Company also operates a supplementary pension scheme. This is a closed

scheme providing ex-gratia pensions for which no additional employees are expected
to qualify. The expected costs of these benefits are accrued over the period of
employment, using an accounting methodology similar to that for defined benefit
pension plans. Valuations of these obligations are carried out annually by
independent qualified actuaries.
The funds of the Plan are administered by the trustee and are separate from the
Company’s assets.
The industrial agreement covering the hourly rated employees provides for a
termination benefit which functions as a retirement benefit for those employees who
are not in the pension plan.
(iii) Termination benefits

Termination benefits are payable when employment is terminated by the Company
before the normal retirement date, or whenever an employee accepts voluntary
redundancy in exchange for these benefits. These benefits are payable in accordance
with the Industrial Agreement between the Company and the Trade Union.
25
December 31, 2022
(m) Employee benefits (continued)

(iii) Termination benefits (continued)
The Company recognises termination benefits at the earlier of the following dates:
(a) when the Company can no longer withdraw the offer of those benefits; and (b)
when the Company recognises costs for a restructuring that is within the scope of IAS
37 and involves the payment of termination benefits. In the case of an offer made to
encourage voluntary redundancy, the termination benefits are measured based on the
number of employees expected to accept the offer. Benefits falling due more than 12
months after the end of the reporting period are discounted to their present value.
(iv) Profit-sharing and bonus plans

The Company recognises a liability and an expense for bonuses and profit-sharing,
based on a formula that takes into consideration the profit attributable to the
Company’s shareholders after certain adjustments. The Company recognises a
provision where contractually obliged or where there is a past practice that has
created a constructive obligation.
(n) Provisions
Provisions are recognised when: The Company has a present legal or constructive
obligation as a result of past events; it is probable that an outflow of resources will be
required to settle the obligation; and the amount has been reliably estimated. Provisions
are not recognised for future operating losses.
The Company recognizes a provision for restructuring when the Company meets its
constructive obligation requirements. The Company creates a valid expectation of those
affected that it will carry out the plan by either starting to implement the plan or announcing
its main features to those affected by it. In accordance with IAS 37 a constructive obligation
is met when a formal plan is developed which specifies:
- The business or part of the business concerned;

- The principal locations affected;
- The location, function and approximate number of employees whose services will be
terminated;
- The expenditures that will be undertaken; and
- When the plan will be implemented and completed.
26
December 31, 2022
(o) Restructuring Expense
Restructuring provisions and expenses primarily include the cost of compensation where
manufacturing, distribution, service or selling agreements are to be terminated or
significantly altered, people costs, and reversals or adjustments to impairments and
provisions. (Notes 16 and 30)
(p) Revenue recognition
The Company’s policies under IFRS 15 are as follows:
Revenue is recognized at a point in time in the amount of the price, before tax on sales,
expected to be received for goods and services supplied, as a result of their ordinary
activities, as contractual performance obligations are fulfilled, and control of goods and
services passes to the customer. Revenues are decreased by any trade discounts or volume
rebates granted to customers.
Variable consideration is recognized when it is highly probable that a significant reversal
in the amount of cumulative revenue recognized for the contract will not occur and is
measured using the expected value or the most likely amount method, whichever is
expected to better predict the amount based on the terms and conditions of the contract.
Revenue is shown net of value-added tax, rebates and discounts. Specific revenue streams
are recognised as follows:
Sales of goods
Discounts given by the Company include rebates, price reductions, incentives given to
customers, promotional couponing and trade communication costs and are based on the
contractual arrangements with each customer. Discounts can either be immediately
deducted from the sales value on the invoice or off-invoice and settled later through credit
notes when the precise amounts are known. These items are initially accrued for, and
adjusted accordingly on a monthly basis.
Customer contracts generally contain a single performance obligation and sales of goods
are recognised when control of the products being sold has transferred to the customer as
there are no longer any unfulfilled obligations. This is generally on delivery to the
customer, but depending on the terms, this can be at the time of dispatch, delivery or upon
formal customer acceptance. This is considered the appropriate point where the
performance obligations in the contracts are satisfied as the Company no longer has control
over the inventory.
27
December 31, 2022
(p) Revenue recognition (continued)
Interest income
Interest income is recognised when it is determined that such income will accrue to the
Company. Interest income is recognised using the effective interest method.
Other income
Other income is recognised when the right to receive payment is established. Additional
information is disclosed in Note 19.
Agent transactions
For procurement and sales of goods and services by the Company on behalf of other
companies, revenue is recognized as commission fees for transactions where the Company
does not have control of the goods and services before their transfer to the customer. For
these transactions the Company has arranged the procurement as an agent.
To determine whether or not the Company has control over goods and services before their
transfer to the customer, the following aspects are considered: a) whether the Company is
primarily responsible for fulfilling the promise to provide the specified good or service; b)
whether the Company has inventory risk before the specified good or service is transferred
to a customer, or after transfer of control to the customer; and c) whether the Company has
discretion in establishing the price for the good or service.
(q) Leases
At inception of a contract, the Company assesses whether the contract is, or contains, a
lease. This is the case if the contract conveys the right to control the use of an identified
asset for a period of time, in exchange for consideration. To assess whether a contract
conveys the right to control the use of an identified asset, the Company uses the definition
of a lease as set out in IFRS 16.
The cost of a leased asset is measured as the lease liability and other direct costs at
inception, less any incentives granted by the lessor. When a lease liability is re-measured,
the related lease asset is adjusted by the same amount. Depreciation is provided on a
straight-line basis on the asset from the commencement date of the lease, to the end of the
lease term.
Refer to Notes 8 and 27 for additional details.
28
December 31, 2022

(r) Discontinued Operations
A component of the business can be classified as a discontinued operation if the operation
has been disposed of or meets the criteria to be classified as held-for-sale, whichever occurs
first. The operation must:
- Represent a separate major line of business or geographic area of operations;

- Be part of a single coordinated plan to dispose of the line of business or area of
operations.
When an operation is classified as a discontinued operation, the statement of profit or loss

and OCI is presented on the face of the financials as if the operation had been discontinued
from the start of the reporting period.
(s) New and revised IFRS Standards in issue but not yet effective
The following new standards, amendments and interpretations are required to be applied
for annual periods beginning after January 1, 2022, and that are available for early
adoption in annual periods beginning on January 1, 2022. These standards are not
expected to have a significant impact on the Company’s financial statements.
- Deferred Tax related to Assets and Liabilities arising from a Single Transaction
(Amendments to IAS 12) – January 1 2023
- Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) –
January 1 2024
- IFRS 17 Insurance Contracts and Amendments to IFRS17 Insurance contracts – 1
January 2023
- Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement
2) – 1 January 2023
- Definition of Accounting Estimates (Amendments to IAS 8) – 1 January 2023
29
December 31, 2022
5. Changes in Significant Accounting Policies
Changes in significant accounting policies

The Company has not had any changes in significant accounting policies for the twelve months
ended December 31, 2022. A number of new standards are effective from January 1, 2022, but
do not have a material effect on the Company’s financial statements.
The following standards were new standards, amendments and interpretations requiring adoption
by the Company for the first time for the financial year beginning on January 1, 2022.
(i) Amendment to IFRS 16 COVID-19-Related Rent Concessions
(ii) Onerous Contracts – cost of fulfilling a contract – Amendments to IAS 37
(iii) Annual Improvements to IFRS Standards 2018-2020 – IFRS 1, IFRS 9, IFRS 16, IAS
41
(iv) Property, Plant and Equipment: Proceeds before Intended Use – Amendments to IAS
16
(v) Reference to the Conceptual Framework – Amendments to IFRS 3
None of the above listed amendments have had a significant effect on the financial statements.
All other standards or amendments to standards that have been issued by the IASB, and are
effective from January 1, 2022, onwards, are not applicable or material to the Company.
30
December 31, 2022
6. Financial Risk Management
(i) Financial risk factors

The Company’s activities expose it to a variety of financial risks: market risk (including
currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit
risk and liquidity risk.
The Company’s management system includes activities which assist in the identification
and analysis of the risks the Company faces, setting appropriate risk limits and controls,
and monitoring the risks and adherence to limits by means of reliable and up-to-date
information systems.
Risk management is carried out in line with policies approved by the Board of Directors.
(a) Market risk

(i) Foreign exchange risk
The Company operates internationally and is exposed to foreign exchange risk
arising from various currency exposures, primarily with respect to the United
States dollar. Foreign exchange risk arises from commercial transactions when
recognised assets or liabilities are denominated in a currency that is not the
Company’s functional currency.
The Company monitors its exposure to fluctuations in foreign currencies and

the appropriate steps are taken to minimise the risk such as purchases and sales
in the same currency so as to avoid mismatch.
A 1% weakening of the TT dollar against US dollar with all other variables held
constant, would have led to approximately $990 thousand (2021: $1,661
thousand) after tax gain in profit or loss. A 1% strengthening of the TT dollar
would have led to an equal but opposite effect.
This is as a result of translation of US dollar bank accounts, trade accounts

receivable and amounts due from related parties.
31
December 31, 2022
6. Financial Risk Management

(i) Financial risk factors
(a) Market risk

(i) Foreign exchange risk
The table below shows the Company’s exposure to foreign exchange risk:
2022
USD GBP Euro Total

$ $ $ $
Trade receivables (Note 12) 27,527 - - 27,527

Due from related parties (Note 13) 74,491 - - 74,491
Trade payables (2,422) - (11) (2,433)
Due to related parties (Note 13) (14,878) - - (14,878)
Net statement of financial position

exposure 84,718 - (11) 84,707
2021
USD GBP Euro Total

$ $ $ $
Trade receivables (Note 12) 28,685 - - 28,685

Due from related parties (Note 13) 176,388 - - 176,388
Trade payables (4,157) - (67) (4,224)
Due to related parties (Note 13) (31,260) (24) (244) (31,528)
Net statement of financial position

exposure 169,656 (24) (311) 169,321
32
December 31, 2022
6. Financial Risk Management (continued)

(i) Financial risk factors (continued)
(a) Market risk (continued)
(ii) Cash flow and fair value interest rate risk
As the Company has no significant interest-bearing assets and liabilities other
than deposits held at banks and lease liabilities, the Company’s income and
operating cash flows are substantially independent of changes in market interest
rates.
(iii) Price risk
The Company is not exposed to equity securities price risk since there are no
investments held at fair value through profit or loss or at fair value through other
comprehensive income.
(b) Credit risk
Credit risk arises from cash and cash equivalents as well as credit exposures to
customers. The Company has policies in place to ensure that sales of products are
made to customers with an appropriate credit history. Credit risk arises primarily
from credit exposures from sales to distributors and retail customers, including
outstanding receivables (Notes 12 and 24(b)).
The credit quality of customers, their financial position, past experience and other
factors are taken into consideration in assessing credit risk and are regularly
monitored through the use of credit terms. In light of the current global
circumstances, the Company has maintained its enhanced credit control framework
in order to reduce any potential increase in credit risk. Management does not expect
any losses from non-performance by counterparties in excess of the provision made.
The maximum exposure to credit risk at the reporting date is the fair value of cash
and cash equivalents as well as each class of receivables mentioned in Note 12 and
Note 24(b) and due from related parties.
Cash at bank and in hand of $171,778 thousand (2021: $118,132 thousand) is held
with reputable financial institutions. The income in foreign currency is deposited in
an intercompany interest-bearing current account managed by the Company Treasury
and reported under due from related companies. The Company considers that its cash
and cash equivalents have low credit risk based on the external credit ratings of the
counterparties.
(c) Liquidity risk.
Prudent liquidity risk management implies maintaining sufficient cash and short-term
funds and the availability of funding through an adequate amount of committed credit
facilities. Due to the dynamic nature of the underlying business, the Company aims
at maintaining flexibility in funding by keeping committed credit lines available.
33
December 31, 2022
6. Financial Risk Management (continued)

(i) Financial risk factors (continued)
(c) Liquidity risk (continued)
The table below analyses the Company’s non-derivative financial liabilities based on
the remaining period at the reporting date to the contractual maturity date. The
amounts disclosed are the contractual undiscounted cash flows. Balances due within
one year equal their carrying balances.
2022 2021
$’000 $’000
Less than one year

Due to related companies 14,878 31,528
Lease liabilities 711 4,170
Provisions for other liabilities 5,158 15,750
93,027 114,848
More than one year

Lease liabilities 1,979 605
(ii) Fair value estimation

The carrying amount of short-term financial assets and liabilities, which comprises cash at
bank and in hand, due from related companies, trade and other receivables, trade and other
payables, lease liabilities and due to related companies are a reasonable estimate of its fair
values because of the short-term maturity of these instruments.
7. Capital Risk Management
The Company’s objectives when managing capital are to safeguard its ability to continue as a
going concern, in order to provide returns for shareholders and benefits for other stakeholders
and to maintain an optimal capital structure to reduce the cost of capital.
The Company monitors capital on the basis of the gearing ratio. This ratio is calculated as net
debt divided by total capital. Total capital is calculated as ‘equity’ as shown in the statement of
financial position plus net debt. The Company currently has no borrowings to constitute net
debt. The Company’s capital structure consists of equity and lease liabilities. There are no capital
requirements imposed on the Company.
34
December 31, 2022
8. Property, Plant and Equipment
Freehold Plant and Motor Work in

Land Buildings Equipment Vehicles Progress Total
$’000 $’000 $’000 $’000 $’000 $’000
Year ended December 31,
2022
Opening net book value - 3,499 3,788 1,143 513 8,943
Additions - 3,028 438 - - 3,466
Transfers - - 513 - (513) -
Disposals - - (513) - - (513)
Impairment - - (2,664) - - (2,664)
Depreciation charge - (3,668) (707) (572) - (4,947)
Closing net book value - 2,859 855 571 - 4,285
At December 31, 2022
Cost or valuation - 10,025 5,457 4,594 - 20,076
Accumulated depreciation - (7,166) (1,938) (4,023) - (13,127)
Impairment - - (2,664) - - (2,664)
Net book value - 2,859 855 571 - 4,285
Freehold Plant and Motor Work in

Land Buildings Equipment Vehicles Progress Total
$’000 $’000 $’000 $’000 $’000 $’000
Year ended December 31,
2021
Opening net book value 36,700 17,249 10,707 126 1,020 65,802
Additions - 6,997 - 1,714 96 8,807
Transfers - - 603 - (603) -
Disposals - - - - - -
Held for sale (Note 31) (36,700) (16,982) (4,464) - - (58,146)
Impairment - - (2,145) - - (2,145)
Depreciation charge - (3,765) (913) (697) - (5,375)
Closing net book value - 3,499 3,788 1,143 513 8,943
At December 31, 2021
Cost or valuation 36,700 47,103 138,698 4,593 513 227,607
Accumulated depreciation - (26,096) (71,143) (3,450) - (100,689)
Impairment - (526) (59,303) - - (59,829)
Held for sale (Note 31) (36,700) (16,982) (4,464) - - (58,146)
Net book value - 3,499 3,788 1,143 513 8,943
35
December 31, 2022
8. Property, Plant and Equipment (continued)
(i) Depreciation expense
Depreciation expense of $507 thousand (2021: $561 thousand) has been charged in cost
of sales, $4,117 thousand (2021: $4,218 thousand) in distribution costs and $323
thousand (2021: $96 thousand) in administrative expenses.
(ii) Valuation
An independent valuation of land and buildings was performed by independent

professional valuators on January 19, 2021, with effective date December 31, 2020. This
valuation, which conforms to International Valuation Standards, was determined by
reference to the most recent market transactions on an arm’s length basis at the time, and
formed the basis for the values reported in 2021. No further external valuation exercises
were performed during 2022 related to land and buildings, as the assets were classified
as Held for Sale at the end of 2021, and subsequently sold at the end of 2022. Refer to
Notes 29 and 31 for further details. If freehold land and buildings were stated on the
historical cost basis, the amounts would be as follows:
2022 2021
$’000 $’000
Cost 20,131 20,131

Accumulated depreciation (6,477) (6,477)
Disposal (13,654) -
Net book amount - 13,654
(iii) Impairment & Assets held for sale
At the end of 2021, the Company enlisted an international sales specialist for machinery
& equipment in order to map, list, promote and assist in the sale of the selected factory
and warehousing equipment. As such, these assets were presented separately on the
statement of financial position as assets held for sale. The reported value of the machinery
held for sale was based on a valuation by the specialist’s certified appraiser. During 2022,
the Company continued working with the international sales specialist to sell the assets.
A portion of these assets was sold to external parties, and any assets that were not sold
by the end of the year were written off. Refer to Notes 29 and 31 for further details.
36
December 31, 2022
8. Property, Plant and Equipment (continued)
(iv) Impairment & Assets held for sale (continued)
During the financial year 2021, the Company also engaged a real estate broker to pursue a
potential sale and temporary lease-back of the land & buildings. This includes the full
premises from which the Company was operating. These assets were presented separately on
the statement of financial position under assets held for sale at the end of 2021. During 2022,
the Company continued its efforts to secure a sale, and sold the land & buildings to an
external party. The sale took place without a lease-back arrangement. Transfer of title took
place in December 2022. The assets were disposed, and a gain on sale was recorded
accordingly. Refer to Notes 29 and 31 for further details.
(v) Right-of-use
Right-of-use assets related to leased properties that do not meet the definition of investment
property are presented as property, plant and equipment. The book value of right-of-use
assets are stated below:
Plant and Motor

Buildings Equipment Vehicles Total
2022 $’000 $’000 $’000 $’000
Balance at January 1 3,499 - 1,143 4,642

Additions 2,032 - - 2,032
Depreciation charge for the year (3,668) - (572) (4,240)
Balance at December 31 1,863 - 571 2,434
Plant and Motor

Buildings Equipment Vehicles Total
2021 $’000 $’000 $’000 $’000
Balance at January 1 - - 126 126

Additions 6,997 - 1,714 8,711
Depreciation charge for the year (3,498) - (697) (4,195)
Balance at December 31 3,499 - 1,143 4,642
During 2022 the Company extended the warehousing lease agreement by another year,
and signed into a new lease agreement for its new office location. In accordance with
IFRS 16, the right of use assets, as well as the lease liability have been adjusted and
recognized on the books accordingly.
37
December 31, 2022
9. Post-Employment and Termination Benefits

The Company contributes to defined benefit pension plans (the Pension Plans), for its monthly
paid and permanent hourly paid employees, which entitles a retired employee to receive an
annual pension payment. Employees may retire at age 60-65 and are entitled to receive annual
payments based on a percentage of their final salary. Employees may retire earlier under certain
conditions.
The Company’s Pension Plans are funded by the Company and employees, the assets of the
Pension Plans being managed separately by the Trustee. The funding requirements are based on
the pension fund’s actuarial measurement performed by an independent qualified actuary.
The Company also has two other post-retirement employee benefits arrangements.
(1) An unfunded pension plan for persons who retired prior to the establishment of the two
pension plans mentioned above.
(2) A termination lump sum plan for hourly-paid employees as part of its 2007 – 2010
Collective Labour Agreement.
All four of the Company’s post-retirement employee benefits arrangements are collectively
referred to as “the Plans”.
2022 2021
$’000 $’000
Defined benefit asset (liability)
(i) Retirement benefit asset:

Monthly paid staff (a) 99,142 137,039
(ii) Retirement benefit and termination liabilities:
Hourly paid staff (b) (1,802) -

Supplementary pension scheme (c) (581) (575)
Termination benefits – lump sum plan (d) (702) (6,414)
(3,085) (6,989)
38
December 31, 2022
9. Post-Employment and Termination Benefits (continued)

Defined benefit asset (liability) (continued)
2022 2021
$’000 $’000
(iii) Movement in net defined benefit asset:
Retirement benefit asset 99,142 137,039
Retirement and termination benefit obligations (3,085) (6,989)
96,057 130,050
Balance at January 1 130,050 100,143
Net pension benefit 15,269 1,469

Re-measurements recognised in OCI (51,857) 25,055
Contributions paid 2,595 3,383
Balance at December 31 96,057 130,050
(iv) Total amounts recognised in OCI:

Monthly paid staff 49,905 (23,438)
Hourly paid staff 2,026 (1,747)
Supplementary pension scheme 43 21
Termination benefits – lump sum plan (117) 109
51,857 (25,055)
(v) Total amounts recognised in profit or loss:
Current service cost 3,422 4,130
Net interest on net defined benefit asset (8,184) (5,898)
Gains on curtailment and settlement (10,752) -
Administration expenses 245 299
Net pension benefit (Note 18 (b)) (15,269) (1,469)
Net pension benefit includes:

Monthly paid staff (10,751) (2,819)
Hourly paid staff 413 895
Supplementary pension scheme 32 33
Termination benefits – lump sum plan (4,963) 422
(15,269) (1,469)
39
December 31, 2022

Pension benefit of $3,653 thousand (2021: $(1,193) thousand) has been charged in cost of sales,
$409 thousand (2021: $(215) thousand) in distribution costs and $455 thousand (2021: $(61)
thousand) in administrative expenses.
(vi) The principal assumptions are as follows:

Per annum Per annum
2022 2021
% %
Discount rate (all Plans) 6.00 6.00

Salary increases:
- Monthly paid employees 4.50 4.50
- Weekly paid employees 0.00 4.00
- Supplementary pension 2.75 2.75
Termination/lump sum 4.00 4.00
NIS ceiling/pension increases

- Future pension increases 2.75 2.75
Assumptions regarding future mortality are based on published mortality tables. The life
expectancies underlying the value of the defined benefit obligation as at December 31, are
as follows:
2022 2021
Years Years
Life expectancy at age 60 for current pensioner
- Male 21.9 21.8
- Female 26.1 26.1
Life expectancy at age 60 for current members age 40

- Male 22.7 22.7
- Female 27.1 27.0
40
December 31, 2022

(vi) The principal assumptions are as follows: (continued)
The weighted average duration of the defined benefit obligation at year end is:
2022 2021
Years Years
Monthly 13.3 14.0
Hourly 8.9 10.9
Termination lump sum 6.8 10.0
Supplementary pension scheme 6.2 6.5
(vii) Sensitivity analysis
The following table summarises how the defined benefit obligation as at December 31,
2022, would have changed as a result of a change in the other assumptions used:
2022 2022 2021 2021

increase decrease increase decrease
$’000 $’000 $’000 $’000
Monthly-Rated Pension Plan

Discount rate (1% movement) (23,481) 29,456 (24,277) 30,753
Future pension increase (1% movement) 4,193 (3,622) 5,577 (4,806)
Future salary increase (1% movement) 26,707 (22,059) 24,751 (20,418)
An increase of one (1) year in the assumed life expectancies shown in (Note 9(vi)) would
increase the defined benefit obligation as at December 31, 2022, by $5,031 thousand
(2021: $4,774 thousand.)
41
December 31, 2022
(vii) Sensitivity analysis (continued)
2022 2022 2021 2021

$’000 $’000 $’000 $’000
Hourly-Rated Pension Plan

Discount rate (1% movement) (1,490) 1,841 (2,171) 2,968
An increase of one (1) year in the assumed life expectancies shown in (Note 9(vi)) would
increase the defined benefit obligation at December 31, 2022, by $413 thousand ( 2021:
$467 thousand).
2022 2022 2021 2021

$’000 $’000 $’000 $’000
Termination Lump Sum Plan
Discount rate (1% movement) (41) 49 (531) 641
Future salary increase (1% movement) (49) (42) 648 (546)
Supplementary Pension Plan

Discount rate (1% movement) (32) 36 (33) 38
Future salary increase (1% movement) 40 (36) 41 (37)
These sensitivities were calculated by recalculating the defined benefit obligations using the
revised assumptions.
42
December 31, 2022
(viii) Change in Plan assets and liabilities (continued)

(a) Retirement benefit asset (Monthly paid staff)
2022 2021
$’000 $’000
(i) Amounts recognised in the statement of
financial position are as follows:
Fair value of plan assets 307,767 342,614
Present value of defined benefits obligation (208,625) (205,575)
Retirement benefit asset 99,142 137,039
(ii) Movement in the asset recognised in the

statement of financial position:
Asset as at January 1 137,039 109,505
Net pension benefit 10,751 2,819
Re-measurements recognised in OCI (49,905) 23,438
Contributions paid 1,257 1,277
Asset as at December 31 99,142 137,039
(iii) Amounts recognised in profit or loss:

Current service cost 2,961 3,359
Net interest (8,426) (6,364)
Gains on curtailment and settlement (5,463)
Net pension benefit (10,751) (2,819)
(iv) Change in plan assets

Plan assets at start of year 342,614 316,924
Return on plan assets 20,146 17,787
Interest (income) expense (41,087) 17,939
Company contributions 1,257 1,277
Members’ contributions 1,258 1,277
Benefits paid (16,244) (12,404)
Expenses paid (177) (186)
Plan assets at end of year 307,767 342,614
43
December 31, 2022

(a) Retirement benefit asset (Monthly paid staff) (continued)
(iv) Change in plan assets (continued)
Plan assets are comprised as follows:
2022 2021
$’000 % $’000 %
Locally listed equities 96,979 31 101,742 30
Overseas equities 68,108 22 87,168 25
TT$ denominated bonds 77,140 25 85,256 25
US$ denominated bonds 54,058 18 54,774 16
Property (mutual funds) 92 - 128 -
Cash and cash equivalents 11,245 4 13,395 4
Other (annuity policies) 145 - 151 -
Fair value of Plan assets 307,767 100 342,614 100
Overseas equities have quoted prices in active markets. Local equities also have
quoted prices but the market is relatively illiquid. The Investment Manager
calculates the fair value of the Government bonds and Corporate bonds by
discounting expected future proceeds using a constructed yield curve. The
majority of the Plan’s TT$ bonds were either issued or guaranteed by the
Government of Trinidad and Tobago.
The Plan’s assets are invested in a strategy agreed with the Plan’s Trustee and
Management Committee. This strategy is largely dictated by statutory constraints
(at least 80% of the assets must be invested in Trinidad and Tobago and no more
than 50% in equities) and the availability of suitable investments. There are no
asset-liability matching strategies used by the Plan. Refer to Note 9 ((viii) (b) (iv))
for hourly pension plan assets).
2022 2021
$’000 $’000
(v) Change in defined benefit obligation
Defined benefit obligation at start of year 205,575 207,419
Service cost 2,961 3,359
Interest cost 11,720 11,575
Members’ contribution 1,258 1,277
Experience adjustment 8,818 1,358
Actuarial gain from change in financial assumptions - (7,009)
Benefits paid (16,244) (12,404)
Defined benefit obligation at end of year 208,625 205,575

44
December 31, 2022

(a) Retirement benefit asset (Monthly paid staff) (continued)
(vi) Funding
The Company meets the balance of the cost of funding the defined benefit
Pension Plan and the Company must pay contributions at least equal to those
paid by members, which are fixed. The funding requirements are based on
regular (at least every 3 years) actuarial valuations of the Plan and the
assumptions used to determine the funding required may differ from those set
out above. The Company expects to pay $900 thousands to the Pension Plan
during 2023.
(b) Retirement benefit obligation (Hourly paid staff)

2022 2021
$’000 $’000
(i) Amounts recognised in the statement of financial

position are as follows:
Fair value of plan assets 17,997 25,029
Present value of defined benefit obligation (19,799) (25,029)
Retirement benefit obligation (1,802) -
(ii) Movement in the obligation recognised in the

statement of financial position:
Defined benefit obligation as at January 1 - (1,952)
Net pension cost (413) (895)
Remeasurements recognised in OCI (2,026) 1,747
Contributions paid 637 1,100
Defined benefit obligation as at December 31 (1,802) -
45
December 31, 2022

(b) Retirement benefit obligation (Hourly paid staff) (continued)
2022 2021
$’000 $’000
Current service cost 427 714
Net interest (28) 68
Gains on curtailment and settlement (54) -
Net pension cost 413 895
(iv) Change in plan assets

Plan assets at start of year 25,029 22,680
Return on plan assets (2,948) 1,092
Interest income 1,341 1,303
Company contributions 637 1,100
Members’ contributions 337 566
Benefits paid (6,331) (1,599)
Expense allowance (68) (113)
Plan assets at end of year 17,997 25,029
Plan assets are comprised as follows:

2022 2021
$’000 % $’000 %
Locally listed equities 5,370 30 6,009 24

Overseas equities 4,688 26 5,926 24
TT$ denominated bonds 5,940 33 10,162 41
US$ denominated bonds 1,449 8 1,583 6
Cash and cash equivalents 550 3 1,349 5
Fair value of Plan assets 17,997 100 25,029 100
46
December 31, 2022

(b) Retirement benefit obligation (Hourly paid staff) (continued)
2022 2021
$’000 $’000
(v) Change in defined benefit obligation
Defined benefit obligation at start of year 25,029 24,632
Service cost 427 714
Interest cost 1,313 1,371
Members’ contribution 337 566
Gains on curtailment and settlement (54) -
Experience adjustments (1,422) (2)
Actuarial losses from changes
Actuarial gain from changes in financial assumptions 500 (653)
Benefits paid (6,331) (1,599)
Defined benefit obligation at end of year 19,799 25,029
(vi) Funding
The Company meets the balance of the cost of funding the defined benefit
Pension Plan and the Company must pay contributions at least equal to those
paid by members, which are fixed. The funding requirements are based on
regular (at least every 3 years) actuarial valuations of the Plan and the
assumptions used to determine the funding required may differ from those set
out above. The Company expects to pay no matching contribution to the
Pension Plan during 2023.
(c) Supplementary pension scheme

(i) Amounts recognised in the statement of financial position are as follows:
2022 2021
$’000 $’000
Present value of defined benefit obligation (581) (575)
47
December 31, 2022

(c) Supplementary pension scheme (continued)
(ii) Re-measurements recognised in OCI
2022 2021
$’000 $’000
Experience losses 43 21

Interest on defined benefit obligation 32 33
(iv) Change in defined benefit obligation

Defined benefit obligation at start (575) (617)
Interest cost (32) (33)
Actuarial losses (43) (21)
Benefits paid 69 96
Defined benefit obligation at end of year (581) (575)
(v) Funding
The Company pays the pension benefits as they become due. The Company
expects to pay $27 thousand to the Pension Plan during 2023.
(d) Termination benefits lump sum plan
(i) Amounts recognised in the statement of financial position are as follows:

2022 2021
$’000 $’000
Present value of defined benefit obligation (702) (6,414)
(ii) Re-measurements recognised in OCI

Experience (gains)/losses (117) 109
48
December 31, 2022
(c) Termination benefits lump sum plan (continued)
2022 2021
$’000 $’000

Interest on defined benefit obligation 238 365
Net pension (benefit)cost (4,963) 422
(vi) Change in defined benefit obligation:

Defined obligation at start 6,414 6,793
Interest cost 238 365
Experience adjustment (117) 258
Actuarial gain from changes in financial assumptions - (149)
Benefits paid (632) (910)
Defined benefit obligation at end of year 702 6,414
(v) Funding
The Company pays the termination lump sums as they fall due. The Company
expects to pay $200 thousand to the Pension Plan during 2023.
49
December 31, 2022
10. Deferred Taxation
Deferred tax assets and liabilities in the statement of financial position and the deferred tax
(credit) charge in profit or loss and other comprehensive income (OCI) are attributable to the
following items:
2021 Note 21 Charge to Note 31 2022

Charge OCI Movement
(Credit) to to Held for
Profit or Sale
Loss
$’000 $’000 $’000 $’000 $’000
Deferred tax liabilities
Accelerated tax depreciation 1,007 (369) - - 638
Retirement benefit asset (41,111) (4,189) 15,557 - (29,743)
(40,104) (4,558) 15,557 (29,105)

Deferred tax asset
Accumulated tax losses 3,202 9,235 - - 12,437
Retirement benefit obligation 2,096 (1,171) - - 925
IFRS 9 656 (310) - - 346
Net lease liability 40 37 - - 77
Legal provision 465 - - - 465
6,459 7,791 14,250
Net deferred tax liability (33,645) 3,233 15,557 (14,855)
2020 Note 21 Charge to Note 31 2021

Charge OCI Movement
(Credit) to to Held for
Profit or Sale
Loss
$’000 $’000 $’000 $’000 $’000
Deferred tax liabilities
Accelerated tax depreciation 517 490 - - 1,007
Retirement benefit asset (32,852) (743) (7,516) - (41,111)
Property revaluation surplus (2,949) - - 2,949 -
(35,284) (253) (7,516) 2,949 (40,104)
Deferred tax asset
Accumulated tax losses 11,704 (8,502) - - 3,202
Retirement benefit obligation 2,808 (712) - - 2,096
IFRS 9 641 15 - - 656
Net lease liability 3 37 - - 40
Legal provision - 465 - - 465
15,156 (8,697) - - 6,459
Net deferred tax liability (20,128) (8,950) (7,516) 2,949 (33,645)
50
December 31, 2022
11. Inventories
2022 2021
$’000 $’000
Finished goods 31,992 22,075

Goods in transit (finished goods) 2,230 5,425
34,222 27,500
Impairment allowance (4,972) (692)
29,250 26,808
Analysis of movements of impairment

allowance is as follows:
At January 1 692 491

Impairment charge for the year 6,632 1,948
Write-offs (2,352) (1,747)
At December 31 4,972 692
The cost of inventories recognised as an expense and included in cost of sales of continued
operations amounted to $159,476 thousand (2021: $120,244 thousand).
12. Trade and Other Receivables

2022 2021
$’000 $’000
Trade receivables 43,630 43,000

Allowance for expected credit losses (1,154) (2,188)
Trade receivables - net 42,476 40,812
Value added tax recoverable 3,502 7,543
Other receivables and prepayments 18,010 54,593
63,988 102,948
The Company does not consider the fair values of trade and other current receivables to be
significantly different from their carrying values. Concentrations of credit risk with respect to
trade receivables are limited, due to the Company’s customer base being large and diverse. The
historical experience of collecting receivables, supported by the level of default, is that credit
risk is low across regions and so trade receivables are considered to be a single class of financial
assets. Impairment for trade receivables are calculated for specific receivables with known or
anticipated issues affecting the likelihood of recovery and for balances past due with a
probability of default based on historical data as well as relevant forward-looking information.
51
December 31, 2022
12. Trade and Other Receivables (continued)
Other Receivables consist of $15,234 thousand (2021: $50,085 thousand), which is resulting
from the Reverse Master Supply Agreement between the Company and the Spreads business,
effective October 1, 2019. This agreement has come to an end per July 1, 2022, but there are still
some amounts outstanding in relation to the agreement.
On October 1, 2021, the Company transferred its tea business, and signed a Strategic
Management Agreement in relation to the tea business. The company holds inventories of the
tea business as a result of this agreement, which is derecognised from inventory, and recognised
instead as a receivable.
The $63,988 thousand of gross trade and other receivables consist of $59,620 thousand that is
impacted by the ECL model and a remaining balance of $4,368 thousand that is not subject to
ECL. Trade receivables (excluding VAT receivable) analysed by loss allowance is stated below:
Weighted Gross Expected Credit

average Carrying Loss Impaired
Loss rate Amount Allowance
December 31, 2022
$’000
Current (not past due) 0.5% 51,501 (202) No

Overdue by less than 3 months 2.4% 7,044 (172) No
Overdue by less than 3 to 6 months 11.1% 282 (31) No
Overdue by greater than 12 months 75.0% 747 (735) Yes
59,620 (1,154)
Weighted Gross Expected Credit

average Carrying Loss Impaired
Loss rate Amount Allowance
December 31, 2021
$’000
Current (not past due) 0.5% 65,818 (329) No

Overdue by less than 3 months 3.6% 6,047 (220) No
Overdue by greater than 12 months 96.7% 1,566 (1,519) Yes
73,960 (2,188)
52
December 31, 2022
12. Trade and Other Receivables (continued)
Analysis of movements in allowance for expected credit losses is as follows:
2022 2021
$’000 $’000
Balance at January 1 2,188 2,137

Impairment
Net remeasurement of loss allowance (358) 51
Amounts written off (676) -
Balance at December 31 1,154 2,188
The carrying amounts of trade and other receivables are denominated in the following currencies:
2022 2021
$’000 $’000
Trinidad and Tobago dollars 36,461 74,263

United States dollars 27,527 28,685
63,988 102,948
53
December 31, 2022
13. Related Party Transactions and Balances
A related party is a person or entity that is related to the Company. These include both people
and entities that have, or are subject to, the influence or control of the Company. The following
transactions were carried out with related parties:
2022 2021
$’000 $’000
(i) Purchases from related companies 184,137 149,113
(ii) Royalties and service fees (Note 18) 14,046 15,040
(iii) Related party shared services (Note 18) 5,284 5,443
(iv) Key management compensation:

- Short-term employee benefits 5,646 4,852
- Post-employment benefits 267 251
(i): The Company purchases Finished Products from companies within the Unilever Group
across the Globe.
(ii): The Intellectual property rights of the brands are owned by the Unilever Group. The
Company pays a Royalty fee to the related party IP holder for the license to use the IP rights.
(iii): The Company pays a shared service charge for Enterprise & Technology services,
which are provided to the Company by other entities within the Unilever Group.
(iv): Compensation of the Company’s key management personnel includes salaries, non-cash
benefits and contributions to a post-employment defined benefit plan (Note 9).
2022 2021
$’000 $’000
Income:
(v) Intercompany Transfer of Tea Business - 169,846
(vi) Strategic Management Agreement Tea

Business 2,655 1,374
(v) and (vi): On October 1, 2021, the Company transferred its tea business via an
intercompany sale to a newly incorporated global Unilever tea holding company, and signed
into the Strategic Management Agreement. This was originally a related party, but as per
July 1st 2022, Unilever globally completed the sale of the tea business, and as such it is now
no longer a related party. The strategic management agreement is still in place, but treated as
a third party agreement.
54
December 31, 2022
13. Related Party Transactions and Balances (continued)
2022 2021
$’000 $’000
Balances:
(vii) Year end balances arising from sales/purchases
of goods/services, royalties and service fees
Due from related companies 74,491 176,388
Due to related companies 14,878 31,528
The amounts due from related companies included $74,338 thousand which is held in the
Unilever Group Treasury account. No expense has been recognised in the current year or
prior year for expected credit losses in respect of amounts due from related parties. The
amounts due to related companies have no fixed repayment terms and represent normal
trading activities.
14. Stated Capital
2022 2021
$’000 $’000
Authorised
An unlimited number of ordinary shares of no-par
value
Issued and fully paid

26,243,832 ordinary shares of no-par value 26,244 26,244
15. Trade and Other Payables
2022 2021
$’000 $’000
Trade payables 17,793 25,191

Other payables and accruals 54,487 38,209
72,280 63,400
55
December 31, 2022
16. Provisions for Other Liabilities
Legal Restructuring Other Total

$’000 $’000 $’000 $’000
Balance at December 31, 2021 1,850 2,944 10,956 15,750
Additional provisions 179 38,146 2,584 40,909

Unused amounts reversed (150) - (542) (692)
Used during the year - (41,090) (9,719) (50,809)
Balance at December 31, 2022 1,879 - 3,279 5,158
These items relate to legal, and other employee related provisions such as variable employee
compensation and outstanding paid leave. The Company expects these provisions to be
substantially utilised within the next twelve months. The provisions hold a certain level of
estimation uncertainty, as assumption are used to estimate them, such as legal risk, and expected
performance outcomes.
17. Revenue
Continued Discontinued Total Revenue

Operations Operations
2022 2021 2022 2021 2022 2021
$’000 $’000 $’000 $’000 $’000 $’000
Third Party Sales 256,146 233,186 - 30,150 256,146 263,336
The Company only sells products to third parties.
56
December 31, 2022
18. Expenses
2022 2021
(a) Expenses by nature $’000 $’000
Continued Operations
Cost of imported goods sold 133,710 98,061
Employee benefit expense (Note 18 (b)) 30,613 41,223
Royalties and service fees (Note 13) 14,046 13,180
Shared services (Note 13) 5,284 5,443
Advertising and promotional costs 8,547 11,063
Distribution costs 10,891 13,272
Human resources costs 1,096 2,415
Depreciation (Note 8) 4,947 5,375
Information technology costs 644 501
Marketing and sales 7,784 9,039
Merchandising expenses 5,233 4,501
Other expenses 4,550 3,668
Restructuring costs (Note 30) 30,555 5,568
Total cost of sales, selling and distribution costs
administrative expenses and one-off restructuring 257,900 213,309
Discontinued Operations
Cost of imported goods sold - 13,578
Royalties and service fees (Note 13) - 1,860
Advertising and promotional costs - 742
Distribution costs - 2,215
Marketing and sales - 69
Merchandising expenses - 899
Other expenses - 91
Total cost of sales, selling and distribution costs
administrative expenses and one-off restructuring - 19,454
57
December 31, 2022
18. Expenses (continued)
2022 2021
(b) Employee benefit expense $’000 $’000
Wages and salaries 33,632 40,569

National insurance 1,498 2,123
Pension benefit (4,517) (1,469)
30,613 41,223
Pension expense before curtailment (4,517) -

Gain on curtailment and settlement (10,752) -
Net Pension benefit (Note 9(v)) (15,269) -
19. Other Income
2022 2021
$’000 $’000
Other Income 7,028 5,391
On April 26, 2018, the Company agreed to the sale of its Spreads Business. Unilever is providing
certain services to the Spreads Business for a transitional period as part of the Reverse Master
Supply Agreement. The income generated through this agreement is recorded under other
income. As per July 1st 2022, this agreement has expired.
Subsequent to the disposal of the tea business in 2021 the Company signed a Strategic
Management Agreement in order to facilitate the transition of the tea business. Under the
agreement, the Company provides certain activities related to the tea business. The income
generated through this agreement is recorded under other income.
58
December 31, 2022
20. Net Finance Expense
2022 2021
$’000 $’000
Interest Income 551 7

Interest Expense (450) (642)
Net finance income (expense) 101 (635)
The interest expense is mainly in relation to leases recognized under IFRS 16 whereas the interest
income, is income generated from an interest-bearing account managed by the Unilever Group
Treasury.
21. Taxation Expense

(a) Taxation (credit) expense comprises:
2022 2021
$’000 $’000
Current tax 1,787 1,713

Change in estimates related to prior years - 277
1,787 1,990
Origination and reversal of temporary differences
(3,233) 8,950
(Note 10)
Reversal of deferred tax (2,948) -
(4,394) 10,940
Continued Operations (4,394) 7,702

Discontinued Operations - 3,238
Taxation (credit) expense (4,394) 10,940
59
December 31, 2022
21. Taxation Expense (continued)

(b) Reconciliation of effective tax rate:
The Company’s effective tax rate varies from the statutory rate of 30% as a result of the
differences shown below:
2022 2021
$’000 % $’000 %
Profit before tax 5,375 100.00 199,752 100.00

Tax using the Company’s tax rate 1,612 30.00 59,925 30.00
Tax effects of:
Income exempt of tax (5,234) (97.38) (50,964) (25.51)
Reversal of deferred tax (2,948) (54.85) - -
Expenses not deductible for tax purposes (40) (0.74) (11) (0.01)
Business levy 1,787 33.25 1,713 0.86
Changes in estimates related to prior years 429 7.98 277 0.14
Taxation (credit) expense (4,394) (81.74) 10,940 5.48
(c) Amounts recognised in OCI:
Before Tax
Tax Expense After Tax
2022 $’000 $’000 $’000
Remeasurements of defined benefit asset/

(51,857) 15,557 (36,300)
liability (Note 9 (iv))
Before Tax
Tax Expense After Tax
2021 $’000 $’000 $’000
Remeasurements of defined benefit asset/

25,055 (7,516) 17,539
liability (Note 9 (iv))
60
December 31, 2022
22. Earnings Per Share – Basic and Diluted
Basic earnings per ordinary share is calculated by dividing the profit or loss for the year
attributable to equity holders of the Company by the weighted average number of ordinary shares
outstanding during the year.
2022 2021
$’000 $’000
Profit attributable to equity holders ($’000) 9,769 188,812
Weighted average # of ordinary shares in issue (‘000)

26,244 26,244
(Note 14)
Basic and diluted earnings per share ($) 0.37 7.19
23. Dividends
On March 29, 2023, the Board of Directors declared a final dividend of $2.80, bringing the total
dividend in respect of 2022 to $2.80 per share (2021: $4.50 per share). These financial statements
do not reflect the final dividend which will be accounted for as an appropriation of retained
earnings in the year ending December 31, 2023.
Dividends accounted for as an appropriation of retained earnings are as follows:
2022 2021
$’000 $’000
Final dividend for 2021 – $4.30 per share (2020 - $0.60

112,849 15,746
per share)
Interim dividend for 2022 – $0.00 per share (2021 -
- 5,249
$0.20 per share)
112,849 20,995
61
December 31, 2022
24. Financial Instruments

Financial instruments carried on the statement of financial position include cash at bank, lease
liabilities, trade and other payables, trade and other receivables and due to and from related
companies.
Classification and measurement of financial instruments
This classification of financial assets comprises the following captions:
- Cash and cash equivalents.
- Trade receivables and other current accounts receivable (excluding statutory receivables).
Due to their short-term nature, the Company initially recognizes these assets at the original
invoiced or transaction amount less expected credit losses.
The Company’s financial liabilities include accounts payable and accruals and finance lease
liabilities which are recognised initially at fair value and present value of future lease payments
respectively.
Impairment losses of financial assets, including trade accounts receivable, are recognized using
the expected credit loss model for the entire lifetime of such financial assets on initial
recognition, and at each subsequent reporting period, even in the absence of a credit event or if
a loss has not yet been incurred, considering for their measurement past events and current
conditions, as well as reasonable and supportable forecasts affecting collectability.
(a) Financial instruments by category
The accounting policies for financial instruments have been applied to the line items below:
2022 2021
$’000 $’000
Receivables at amortised cost:
Assets as per statement of financial position
Trade and other receivables 63,988 102,948
Cash at bank and in hand 171,778 118,132
Due from related parties 74,491 176,388
310,257 397,468
Financial liabilities at amortised cost:
Liabilities as per statement of financial position
Lease liabilities 2,690 4,775
Due to related parties 14,878 31,528
89,848 99,703
62
December 31, 2022
24. Financial Instruments (continued)
(b) Credit quality of financial assets

The credit quality of financial assets that are neither past due nor impaired can be assessed
by reference to external credit ratings (if available) or to historical information about
counterparty default rates:
2022 2021
$’000 $’000
Trade receivables
Counterparties without external credit rating
Company 1 - new customers 921 1,105
Company 2 - existing customers with no default in the
41,555 39,707
past year.
Company 3 - existing customers with some defaults in
- -
the past year.
Total unimpaired trade receivables (Note 12) 42,476 40,812
2022 2021
$’000 $’000
Cash and cash equivalents
Reputable financial institutions:
Cash at bank 171,778 118,132
63
December 31, 2022
25. Unsecured Bank Facilities
The Company has facilities with the following financial institutions:

• RBC Royal Bank (Trinidad and Tobago) Limited – overdraft facilities to a maximum of
TT$20 million (2021: TT$20 million) on its TTD denominated accounts, with interest at the
commercial prime rate of 7.5% (2021: 7.5%).
• Citibank (Trinidad and Tobago) Limited

- Trade financing facility to a maximum of $5 million (2021: US$5 million).
- Working capital financing facility to a maximum of US$1.25 million (2021: US$1.25
million).
- Overdraft temporary cash US$1.25 million (2021: US$1.25 million)
26. Contingent Liabilities
2022 2021
$’000 $’000
Custom bonds and other guarantees 106 3,766
These consist of bonds required to be kept by the Company in order to meet legal requirements
with the Government of Trinidad and Tobago. The probability of this bond being utilised is
remote.
The Company is a defendant in various Industrial Relations matters at the reporting date.
Management expects a favourable outcome from the matters.
64
December 31, 2022
27. Lease Commitments
The Company recognises short term and low value lease payments as an expense to the
statement of profit or loss on a straight-line basis over the lease term.
2022 lease payments recognised directly in profit or loss for short term and low value leases
under IFRS 16 amount to $1,183 thousand. Interest on leases amount to $221 thousand, and
depreciation expenses amount to $4,239 thousand (Note 8). Total lease payments amount to
$3,921 thousand.
2021 lease payments recognised directly in profit or loss for short term and low value leases
under IFRS 16 amount to $1,150 thousand. Interest on leases amount to $404 thousand, and
depreciation expenses amount to $4,194 thousand (Note 8). Total lease payments amount to
$4,477 thousand.
2022 2021
$’000 $’000
Less than one year 711 4,170

More than one year, but no more than five years 1,979 605
2,690 4,775
The future aggregate minimum lease payments under the terms of non-cancellable operating
leases are as follows:
2022 2021
$’000 $’000
Less than one year 551 1,183

More than one year, but no more than five years 179 341
730 1,524
During 2022, the Company extended the warehousing lease agreement by another year, and
signed into a new lease agreement for its new office location. In accordance with IFRS 16, the
right of use assets, as well as the lease liability have been adjusted and recognized on the books
accordingly
65
December 31, 2022
28. Operating Segments
(a) Basis for segmentation

Management has determined the operating segments based on the reports reviewed by the
Chief Operating Decision Maker, which is the management committee, that are used to
make strategic decisions.
The Company is organised into three main business segments:

• Home care - sale of a range of laundry detergents and other household products. This
is related primarily to the sales of fabrics cleaning and conditioners as well as dish wash
and a wide range of general household cleaning products.
• Beauty and Personal care - sale of a range of skin cleansing (soap, shower), hair care
(shampoo, conditioner), skin care (face, hand & body moisturisers) and deodorants
products.
• Foods and Refreshments – primarily ice-cream and dressings.
Discontinued operations reflect the sales related to the tea category up until September 30,
2021. The tea category was originally reflected under the Foods & Refreshments business
segment. There are no sales or other transactions between the business segments.
(b) Information about reportable segments

Information related to each reportable segment is set out below. Segment profit before tax
is used to measure performance because management believes that this information is the
most relevant in evaluating the results of the respective segments relative to other entities
that operate in the same industries.
(i) Business
Total
Beauty & Foods & Discontinued Continued
Home Care Personal Care Refreshments Operations Operations
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000
Segment
revenue 128,208 107,046 101,937 103,485 26,001 22,655 - 30,150 256,146 233,186
Operating
Profit before
restructuring
cost 12,270 7,713 15,215 14,717 1,316 3,015 - 10,696 28,801 25,445
66
December 31, 2022
28. Operating Segments (continued)
(b) Information about reportable segments

(ii) Geographical - Continued Operations
2022 2021
$’000 $’000
Revenue
Trinidad and Tobago 166,786 138,955

Other 89,360 94,231
256,146 233,186
Operating profit before restructuring cost

Other 8,519 9,669
28,801 25,445
Total Assets

Other 27,522 28,685
464,759 642,438
The “other” segment includes revenue and receivables from sales to other Caribbean
countries including CARICOM and the Dutch Caribbean.
29. Determination of Fair Values
(a) Valuation models

The Company measures fair values using the following fair value hierarchy that reflects
the significance of the inputs used in making the measurements.
Level 1: Inputs that are quoted market prices (unadjusted) in active markets for identical
instruments.
Level 2: Inputs other than quoted prices included within Level 1 that are observable either
directly (i.e., as prices) or indirectly (i.e., derived from prices). This category includes
instruments valued using: quoted market prices in active markets for similar instruments;
quoted prices for identical or similar instruments in markets that are considered less than
active; or other valuation techniques in which all significant inputs are directly or indirectly
observable from market data.
67
December 31, 2022
29. Determination of Fair Values (continued)
(a) Valuation models (continued)

Level 3: Inputs that are unobservable. This category includes all instruments for which
the valuation technique includes inputs not based on observable data and the
unobservable inputs have a significant effect on the instrument’s valuation. This category
includes instruments that are valued based on quoted prices for similar instruments but
for which significant unobservable adjustments or assumptions are required to reflect
differences between the instruments.
Valuation techniques include net present value and discounted cash flow models,
comparison with similar instruments for which observable market prices exist and other
valuation models.
The objective of valuation techniques is to arrive at a fair value measurement that reflects
the price that would be received to sell the asset or paid to transfer the liability in an
orderly transaction between market participants at the measurement date.
(b) Non-financial instruments measured at fair value

(i) Methodology
Freehold Land and Buildings
For freehold land and buildings that are not leased by the Company, a recurring fair
value approach was used, where the value is based on valuations performed by
external independent valuators periodically and with sufficient frequency, less any
subsequent depreciation for the buildings. Additions to freehold land and buildings
that occur after the date of revaluation are shown at cost. Additions related to leases
of land & buildings are treated separately. The Company’s freehold land and
buildings were last valued on January 19, 2021, by an independent professional
valuator. The valuation surveyors used the Investment Method to determine the value
of land and buildings, i.e., the capitalisation of the estimated net income realizable
for the property. The highest and best use of the property is determined as light
industrial/warehousing, which is the basis of the valuation. When these assets were
classified as held for sale during quarter 4 2021, the company made an assessment of
the prior valuation performed in January 2021 and deemed it to still provide a fair
reflection of the value of the assets, minus additional depreciation, past the valuation
date. The fair value for land and buildings was classified as Level 3 in the fair value
hierarchy. The inputs were based on the prices paid for comparable properties in the
open market at the time. The full value (excluding leases) of this asset class is
classified under assets held for sale. For 2022, no valuation methodology was
required, as the land & buildings were sold to an external party in December. The
movement in land and buildings – Level 3 hierarchy is disclosed in Note 8. Further
details on assets held for sale is disclosed in Note 31.
68
December 31, 2022

(b) Non-financial instruments measured at fair value (continued)
(i) Methodology (continued)
Machinery Held for Sale
Property plant and equipment is originally reported under the historical cost convention,
however for the specific machinery related to the restructuring that were classified as
held for sale in 2021, a non-recurring fair value measurement was performed, and these
assets were recorded at their fair value less costs to sell. The independent valuation of
the specified machinery was performed by an international professional valuator. This
non-recurring fair value measurement was triggered by the events mentioned in Note 8
(iv) and Note 31. The fair value has been classified as Level 3 in the fair value hierarchy.
The valuators used a fair market value-removed methodology. The inputs are based on
an analysis of the Global and Regional market prices for comparable machinery. The
movement of the assets is disclosed in Note 8.
For 2022, this methodology was not repeated, as the held for sale assets were either sold
during the year, or disposed of if a sale was not achieved by end of year when the
Company vacated the premises. See Note 31 for further details.
The Company’s policy is to recognise transfers into and out of fair value hierarchy levels
as of the date of the event or change in circumstances that caused the transfer. There were
no transfers between levels during the year.
(ii) Significant unobservable inputs used in measuring fair value

The table below sets out information about significant unobservable inputs used in
measuring items categorised as Level 3 in the fair value hierarchy. There were no
items categorised as Level 1 or 2.
Quoted prices Significant Significant

in active other unobservable
Description December markets for observable inputs (Level 3)
31, 2022 identical inputs (Level
assets (Level 2)
1)
Recurring Fair Value
Measurements
Land - - -
Buildings - - -
Total - - -
Held for sale Equipment - - -

Total - - -
69
December 31, 2022

(ii) Significant unobservable inputs used in measuring fair value (continued)
Quoted prices in Significant other Significant
active markets observable unobservable
Description December for identical inputs (Level 2) inputs (Level 3)
31, 2021 assets (Level 1)
Recurring Fair Value
Measurements
Land $36.7m - - $36.7m

Buildings $17.0m - - $17.0m
Total $53.7m - - $53.7m
Non-Recurring Fair
Value Measurements
Held for sale Equipment $4.5m - - $4.5m

Total $4.5m - - $4.5m
Reconciliation of the Recurring Fair Value Measurement, categorised within

Level 3
Carrying Additions/ (Depreciation)/ Revaluation Carrying

Description Amount (Transfers)/ (Impairment)/ Gain/(Loss) Amount
January 1 (Disposals) (Retirement) December 31
2022
Land $36.7m $(36.7)m - - $0m
Buildings $17.0m $(17.0)m - - $0m
Total $53.7m - - - $0m
2021
Land $36.7m - - - $36.7m
Buildings $17.2m - $(0.2)m - $17.0m
Total $53.9m - $(0.2)m - $53.7m
70
December 31, 2022

Valuation Techniques and Significant Unobservable Inputs
Level 3 Fair Value Valuation Technique Significant

Description Unobservable
Inputs
December 31, 2022

Land $- Not applicable Not applicable
Buildings $- Not applicable Not applicable
Held for Sale $- Not applicable Not applicable

Equipment
December 31, 2021

Land $36.7 million Investment Method - Gross monthly rental
value ($5.5m)
- Perpetuity rate (10%)
Buildings $17.0 million Investment Method - Outgoings

- Perpetuity rate
Held for Sale $4.5 million Market Value Removed - Condition

Equipment - Market data
Comparability
- Cost to sell
- Depreciation rate
71
December 31, 2022

Sensitivities to changes in unobservable inputs for recurring fair value measurement
1% pa increase 1% pa decrease
$’000 $’000
2022
Land & Building
Gross monthly rental value - -
Outgoings - -
Perpetuity Rate - -
2021
Land & Building
Gross monthly rental value 720 (720)
Outgoings 17 (17)
Perpetuity Rate 550 (550)
(c) Financial instruments not measured at fair value

The financial instruments not measured at FVTPL include cash and cash equivalents,
accounts receivable, due from related companies, trade and other payables and due to
related companies and finance lease liabilities. These are short-term financial assets and
financial liabilities whose carrying amounts approximate fair value because of their short-
term nature and the high credit quality of counterparties.
72
December 31, 2022
30. Restructuring
During 2022, the Board of Directors approved the restructuring of the Spreads manufacturing
plant operations at its site, as a result of the expiration of the Spreads supply agreement, and the
consequent cessation of local manufacturing, production, and warehousing activities. As well,
the Board of Directors approved the sale of the land & buildings, and the relocation to the new
office. For 2022, expenses were recorded in relation to Manpower, dismantling work, fixed asset
disposals and sales, as well as consultancy fees.
In 2021, expenses were recorded under restructuring for the dismantling work of the plant assets
and the impairment from the revaluation exercise on the saleable machinery (refer to Notes 29
and 31).
2022 2021
Restructuring costs $’000 $’000
Gain on sale of fixed assets (7,155) -

Impairment of property, plant and equipment (Note 8) 2,664 2,145
Dismantling cost, cleaning, repairs 11,081 3,178
Manpower cost 31,528 -
Consultancy cost 891 -
Other expenses 2,298 245
Restructuring cost 41,307 5,568
Pension gains on curtailment/settlement (10,752) -
Net restructuring cost 30,555 -
73
December 31, 2022
31. Assets Held For Sale

In quarter 4 of 2021, the Company committed to a plan to sell the impaired factory and
warehousing equipment and enlisted a sales specialist for machinery & equipment in order to
map, list, promote and assist in the sale of the selected equipment. The cumulative value of the
equipment reported on the financial statements as held for sale was equal to $4.5 million. The
Company determined that the aforementioned equipment met the required criteria for
classification as held for sale. A multitude of items were identified to have a potential resale
value and during 2022, the Company managed to sell approximately half of the items.
Unfortunately, the Company was not able to sell the rest of the equipment. All remaining items
were disposed of at the end of the year.
In quarter 4 of 2021, the Company also committed to a plan to sell the land and buildings from
which it performed its operations. The location was surplus to the future needs of the
organisation, so the Company engaged a real estate broker to pursue a sale and intends to move
to a location better suited for the organisation. The cumulative value of these land and building
reported on the financial statements was equal to $53.7 million. Significant interest in the
property was received from interested parties. The land and buildings were classified as held
for sale at year end on the basis that the Board of Directors expected to be able to sell these
assets with a three- month lease available to complete its production agreements. The Company
pursued the interest received in the property, and in December 2022, the Company successfully
completed the sale, for $65.0 million. After subtracting the commission and other costs to sell,
the recorded proceeds were equal to $63.1 million.
a) Impairment losses related to the assets held for sale
The equipment, land and buildings were reflected at the lower of their carrying amount
and its fair value minus cost to sell, based on a certified valuation of the equipment
performed by the sales specialist. An impairment loss of $2,100 thousand was recorded
in 2021. Land and buildings were already represented on the balance sheet at fair value
through the revaluation method, and were sold in 2022. The detailed disclosures can be
found in Note 29. The Equipment held for sale that was not sold at the end of December
2022 was disposed of, with an impairment of $2.7 million.
b) Assets and liabilities held for sale
As at December 31, 2021, the assets held for sale represented equipment related to the
shut-down home care factory and the exited warehouse, as well the land & buildings
of the premises. At December 31, 2021, the disposal group was stated at fair value less
costs to sell, and comprised the following assets and liabilities. At December 31, 2022,
the values for both assets and liabilities are zero, as the land and buildings assets were
sold and the liabilities were settled.
74
December 31, 2022
31. Assets Held For Sale (continued)
b) Assets and liabilities held for sale (continued)
2022 2021
$’000 $’000
Equipment - 4,464
Land and Buildings - 53,682
Assets Held for Sale - 58,146
Deferred tax liabilities - 2,949
Liabilities Held for Sale - 2,949
c) Cumulative income or expenses included in OCI
There were no cumulative income or expenses included in OCI relating to the disposal
groups.
d) Fair value hierarchy
The fair value measurement for the assets has been categorised as a Level 3 fair value
based on the inputs of the valuation techniques used (refer to Note 29).
75

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Financial Statements of

UNILEVER CARIBBEAN LIMITED

December 31, 2022

Statement of Management Responsibilities 1

Independent Auditors’ Report 2-7

Statement of Financial Position 8

Statement of Profit or Loss 9

Statement of Comprehensive Income 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Financial Statements 13 - 75

Management is responsible for the following:

• Ensuring that the Company keeps proper accounting records;

• Selecting appropriate accounting policies and applying them in a consistent manner;

• Using reasonable and prudent judgement in the determination of estimates.

Jean-Marc Mouttet, Managing Director Amit Rampersad, Financial Accounting Manager

Date: 29 March, 2023 Date: 29 March, 2023

Report on the Audit of the Financial Statements

We have audited the accompanying financial statements of Unilever Caribbean

Basis for Opinion

Key Audit Matter

Key Audit Matter (continued)

Measurement of the retirement benefit obligation

• Monthly-Rated Employees’ Pension Fund

The estimation of the retirement benefit obligation is based on significant

Of the assumptions disclosed in Note 9, the key assumption is in relation to the

The quality of disclosure is also deemed an area of increased levels of audit

How our audit addressed the key audit matter

• The testing of the design and implementation of the Company’s controls

Key Audit Matter (continued)

Measurement of retirement benefit obligation (continued)

How our audit addressed the key audit matter (continued)

• Engaging our own actuarial specialists to independently evaluate the

Responsibilities of Management and Those Charged with Governance for the

In preparing the financial statements, management is responsible for assessing the

As part of an audit in accordance with ISAs, we exercise professional judgement and

• Obtain an understanding of internal control relevant to the audit in order to design

• Evaluate the appropriateness of accounting policies used and the

• Conclude on the appropriateness of management's use of the going concern

• Evaluate the overall presentation, structure and content of the financial

We communicate with those charged with governance regarding, among other

EQUITY AND LIABILITIES

The notes are an integral part of these financial statements.

Statement of Profit or Loss

Year ended December 31, 2022

Cost of sales (150,897) (127,208)

Gross profit 105,249 105,978

Operating profit before restructuring costs 28,801 25,445

Restructuring cost comprising: 30

Operating (loss) profit after restructuring costs (1,754) 19,877

The notes are an integral part of these financial statements.

Statement of Comprehensive Income

Year ended December 31, 2022

Profit for the year 9,769 188,812

Other comprehensive (loss) income

Items that will not be reclassified to profit or loss

Tax on re-measurement of retirement and termination

Total comprehensive (loss) income for the year (26,531) 206,351

Earnings per share for profit attributable to the

- Basic and diluted earnings per ordinary share 22 $0.37 $7.19