Massy : 11 Aug 2023 – Massy Holdings Ltd. – Unaudited Consolidated Financial Statements for the period ended June 30th, 2023

Massy Holdings Ltd.

Unaudited Consolidated Financial Statements

30 June, 2023

Expressed in Thousands of Trinidad & Tobago Dollars

Massy Holdings Ltd.

Contents	Page(s)
Chairman's Statement	2
Consolidated Statement of Financial Position	4
Consolidated Income Statement	5
Consolidated Statement of Other Comprehensive Income	6
Consolidated Statement of Changes in Shareholders' Equity	7
Consolidated Statement of Cash Flows	8
Segment Information	9

CHAIRMAN'S STATEMENT

CHAIRMAN'S STATEMENT FOR THIRD QUARTER OF FY2023

The Group's commendable financial performance for the first three quarters of the Financial Year (FY) was overshadowed by the fatality which occurred in the Massy Energy Engineering Solutions (MEES) subsidiary. The Board of Directors of Massy Holdings Ltd., along with the management and staff of the Group, are deeply saddened by the passing of our employee Mr. Allanlane Ramkissoon and extend our condolences to his family and loved ones. Mr. Ramkissoon, who was involved in an incident at NiQuan Energy Trinidad Ltd. on Thursday 15th June 2023, died at a specialist facility in Colombia where he was being treated. We continue to provide support to his family. Investigations into the cause of the incident at the NiQuan plant are ongoing. Our Group is committed to ensuring that lessons are learned to ensure safe working conditions for all our employees and stakeholders.

The financial performance of the Group for the first nine months of FY 2023 was commendable. The Group's Third-Party Revenue from Continuing Operations grew by 12% to $10.3 billion (US$1.53 billion). This was propelled by 19% Revenue growth from the Integrated Retail Portfolio (IRP), which is benefiting from its acquisition of Rowe's IGA supermarkets in December 2022. Group Profit Before Tax (PBT) from Continuing Operations grew by 18% to $756 million (US$112 million) and Group Profit After Tax (PAT) from Continuing Operations increased by 20% to $514 million (US$76.3 million).

Strong PBT growth from subsidiaries in the IRP of 19%, Motors and Machines Portfolio (MMP) of 14% and the Gas Products Portfolio (GPP) of 11%, were offset by reduced contributions from Associates. PBT from CIG and Massy Wood associate companies were $8.6 million (US$1.3 million) below prior year; and MMP took a full write-down on the value of its investment in the online used car platform, Curbo, of $14.8 million (US$2.2 million). After accounting for their Associates, PBT from MMP and GPP grew by 5% and 6% respectively.

The rebalancing of the Divestment Funds Portfolio (DFP) and higher interest rates in the US facilitated significant improvements to the DFP and the TIRCL reinsurance business performance. For the first nine months of FY 2023, the DFP produced a gain of US$3.5 million versus a loss of US$5.3 million in the same period in FY 2022, a US$8.8 million swing. Similarly, TIRCL PBT through Q3 2023 was US$2.2 million versus a US$720K loss in the prior year, a US$2.9 million swing.

The Group is progressing its strategy in pursuit of its vision: A Global Force for Good - An Investment Holding Company with a Caribbean Heart. The Group's divestment programme is nearing the end, with significantly reduced contributions from Discontinued Operations. Proceeds from divestments are being leveraged for acquisitions in the Group's core portfolios. As the Group expands globally, recent acquisitions contributed $60 million (US$8.9 million) to PBT through Q3 2023. The Group's conservative investment management strategy for the proceeds from its divestment programme is providing adequate returns while protecting the Group's cash. The Group is refreshing its Expectations of Massy Leaders, its programmes to assess and guide leaders, as well as its leadership training and development, and employee engagement tools to enhance the structures that ensure the culture and experience of our Caribbean Heart can be replicated and sustained.

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CHAIRMAN'S STATEMENT (Continued)

The outlook for the Group continues to be promising as it acquires and grows the companies in its core portfolios whilst leading our organisations with a Caribbean Heart.

Robert Riley

August 9, 2023

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