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Page 84

Public Bodies Ministry of Transport and Mining (Selected) Clarendon Alumina Production Limited _____________________________________________________________________________________________

Public Bodies, FY 2020/21 Page Ministry of Finance and the Public Service 80

Income Statement US $m

Unaudited Estimated Projected

2018/19 2019/20 2020/21 Sales 167.33 151.55 153.48 Cost of Sales including Depreciation 184.93 175.93 168.01 Gross (Loss)/Profit (17.60) (24.38) (14.53)

Other Operating Income/(Expense) 0.50 - -

Expenses Administration and Other 11.77 12.38 9.42

11.77 12.38 9.42

Operating Profit/(Loss) (28.87) (36.76) (23.95)

Financial Costs Interest Expense 16.04 13.76 11.11

16.04 13.76 11.11

(Loss)/Profit before Tax (44.91) (50.52) (35.06) Deferred Credit Write-off - - - Taxation 2.32 - - Net (Loss)/Profit (42.59) (50.52) (35.06)

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June 12, 2021


Page 85

Public Bodies Ministry of Transport and Mining (Selected) Clarendon Alumina Production Limited _____________________________________________________________________________________________

Public Bodies, FY 2020/21 Page Ministry of Finance and the Public Service 81

US $m Unaudited Original Estimated Projected

Statement A Flow of Funds 2018/19 2019/20 2019/20 2020/21 1 Current Revenue 167.83 178.91 151.55 153.48 2 Current Expenses (212.74) (192.04) (202.07) (188.54) 3 Current Balance (44.91) (13.13) (50.52) (35.06) 4 Adjustments 77.14 51.67 66.27 65.41

Change in Accounts Receivable/Payable 53.05 45.05 45.06 44.55 Items not requiring outlay of cash: Depreciation 17.03 20.86 20.86 20.86 Other Non-Cash Items 7.06 (14.24) 0.35 - Prior Year Adjustment - - - -

5 Operating Balance 32.23 38.54 15.75 30.35 6 Capital Account (11.64) (11.59) 8.16 (15.03)

Revenue - - - - Expenditure (7.17) (11.25) - (11.25) Investment - - - - Change in Inventory (4.47) (0.34) 8.16 (3.78)

7 Transfers from Government - - - - Loans - - - - Equity - - - - On-Lending - - - - Other - - - -

8 Transfers to Government - - - - Dividend - - - - Loan Repayments - - - - Corporate Taxes - - - - Other - - - -

9 OVERALL BALANCE (5+6+7+8) 20.59 26.95 23.91 15.32 10 FINANCING (11+15) (20.59) (26.95) (23.91) (15.32)

10a Total - - - - Capital Revenue - - - - Loans - - - - Equity - - - - On-Lending - - - - Loan Repayments - - - -

11 Total Foreign (12+13+14) (7.00) (32.56) (6.45) - 12 Government Guaranteed Loans - - - -

Disbursement - - - - Amortization - - - -

13 Direct Loans (7.00) (32.56) (6.45) - Long Term: (7.00) (32.56) (6.45) -

Disbursement - - - - Amortisation (7.00) (32.56) (6.45) -

Short Term: Change in Trade Credits - - - -

14 Change in Deposits Abroad - - - - 15 Total Domestic (16+17+18) (13.59) 5.61 (17.46) (15.32) 16 Banking System (13.84) 5.61 4.58 4.34

Loans (Change) - - - - Overdraft (Change) - - - - Deposits (Change) (13.84) 5.61 4.58 4.34

17 Non-Banks (Change) - - - - 18 Other (Change) 0.25 - (22.04) (19.66)

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June 12, 2021


Page 86

Public Bodies Ministry of Transport and Mining (Selected) Clarendon Alumina Production Limited _____________________________________________________________________________________________

Public Bodies, FY 2020/21 Page Ministry of Finance and the Public Service 82

US $m Unaudited Original Estimated Projected

CURRENT REVENUE 2018/19 2019/20 2019/20 2020/21 Sale of Alumina 167.33 178.91 151.55 153.48 Other 0.50 - - - TOTAL 167.83 178.91 151.55 153.48

CURRENT EXPENSES Compensation 0.24 0.30 0.29 0.29 A. Directors, Executive & Senior Managers 0.09 0.11 0.11 0.11

- Salaries 0.06 0.07 0.07 0.07 - Pension Fund Contributions 0.01 0.02 0.02 0.02 - Housing Allowance 0.02 0.02 0.02 0.02 - Utility Allowance - - - - - All Others - - - -

B. Supervisory, Clerical & Production 0.15 0.19 0.18 0.18 - Wages 0.15 0.18 0.18 0.18 - Pension Fund Contributions - - - - - Housing Allowance - - - - - Utility Allowance - - - - - All Others - 0.01 - -

Utilities(Electricity, Water & Telephones) - - - - - - - - - - - - - - - -

17.03 20.86 20.86 20.86 16.04 12.73 13.76 11.11 11.53 9.12 12.09 9.13

167.90 149.03 155.07 147.15 212.74 192.04 202.07 188.54

CAPITAL EXPENDITURE

7.17 11.25 - 11.25 7.17 11.25 - 11.25

Sustaining Capital TOTAL

TOTAL

Depreciation Interest Expense Other Cost of Sales

Repairs & Maintenance Motor Vehicle Expenses Legal & Professional Fees

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June 12, 2021


Page 87

Public Bodies Ministry of Transport and Mining (Selected) Clarendon Alumina Production Limited _____________________________________________________________________________________________

Public Bodies, FY 2020/21 Page Ministry of Finance and the Public Service 83

Balance Sheet US $m

Unaudited Estimated Projected

2018/19 2019/20 2020/21 NET ASSETS EMPLOYED

Non-Current Assets 188.96 182.06 183.52

Current Assets Inventories 31.73 23.57 27.35 Accounts Receivable 16.41 2.05 28.05 Cash and Deposits 15.65 11.08 6.74

63.79 36.70 62.14

Current Liabilities Accounts Payable 144.59 176.80 247.37 Provisions 2.10 2.12 2.12 Short Term Loans 92.29 76.50 68.15

238.98 255.42 317.64 Net Current Liabilities (175.19) (218.72) (255.50)

13.77 (36.66) (71.98)

FINANCED BY Shareholders Equity Share Capital 75.39 75.39 75.39 Accumulated Surplus/(Deficit) (146.75) (197.27) (232.33)

(71.36) (121.88) (156.94)

Provisions 33.33 32.15 32.15 Long-Term Loans 51.80 53.07 52.81

Total Reserves & Liabilities 13.77 (36.66) (71.98)

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June 12, 2021


Page 110

Ministry of Finance and the Public Service Fiscal Policy Paper 2021 Part 1 | Page 110

work-from-home culture made popular by the pandemic, and the implementation of nightly curfews has resulted in a decline in ridership with revenues falling by as much as 40.0% as at October 2020. The Company has also been impacted by the restriction on large gatherings, which has resulted in significantly reduced revenues from charter services. Despite the fallout, the JUTC has maintained its full staff complement, but has sought other methods of saving on operational costs such as a move to biodiesel as a means of lowering the company’s fuel bill, closing some offices and allowing some staff to work from home. The Auditor General’s report on the governance, procurement and operations of the JUTC was tabled in the House of Representatives in July 2020. Some of the findings of the report were:

The Company had an unapproved staff capacity costing $1.15 billion;  Management exceeded their overtime budget by $728.6 million;  The Company’s maintenance programme was ineffective, resulting in poor service delivery;

and  Outsourcing of maintenance and repairs amounting to $419.0 million, despite having excess

mechanics on staff and funds allocated for training.

These highlighted inefficiencies in the JUTC’s operations compromise the entity’s financial performance, and increase the likelihood of necessary government support. As such, the Company is working towards addressing these inefficiencies under the guidance of the Ministry of Transport and Mining. Public Bodies with Arrears The GOJ is cognisant that public bodies with significant arrears remain a major source of fiscal risk. In recognition of these risks, the Government will continue to monitor/manage the domestic arrears of seven (7) large public bodies, within an established ceiling of $6,400.0mn, on the accumulation of new debts by these entities. These public bodies are Clarendon Alumina Production Limited, National Water Commission (NWC), Housing Agency of Jamaica (HAJ), JUTC, National Health Fund (NHF), National Road Operating and Constructing Company Limited (NROCC) and the UDC. Other Public Body Activities The Government continues to monitor the operations of CAP with a view to contain the risks that its participation in the JAMALCo joint venture operation presents to the fiscal operations. In this regard, plans to incorporate the Plant are ongoing. Meanwhile, the GOJ has already extended loans totalling US$202.17 million to CAP to facilitate settlements of its obligations to the Plant and to Noble.

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June 12, 2021


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