Page 26 - GROUP 3 NAKED HOTEL LIMITED ANNUAL REPORT

DIRECTORS’ REPORT

The directors take pleasure in submitting this report and the audited financial statements for the
year ended December 31, 2016.

Profit and Dividends
The Income Statement shows a profit before taxation of $89,758,000 from which there has been
provided $43,333,000 for corporate income tax, leaving a balance of $46,425,000.

The directors recommend that $5,000,000 be transferred to general reserve. The balance in the
General Reserve Account as at December 31, 2016 is $25,000,000 accounting for the transfer
during the year end. Also, the Retained Earnings Account amounted to $61,819,000 for the year
end.

The company paid a dividend of $0.05 per share totaling $11,880,000 and the Directors declared
a dividend of $14,256,000 for the year ended December 31, 2016. Earnings per share for the year,
2016 amounted to $0.19 cents per share.

Share Capital
The authorized share capital for the year under review consists of $250,000,000 no par ordinary
shares. At the Board of Directors meeting on February 3, 2017 the Board had unanimously agreed
to increase this amount to 286,000,000 ordinary shares.

The balance in the Ordinary Share Capital account amounted to $59,400,000 for the year ended
December 31, 2016.

Auditors
The auditors Williams and Braithwaite have signified their willingness to continue in office.

Directors
The Directors Miss Nalecia Watson, Miss Tashonie Evans and Miss Janice Davis will be retiring
from office in accordance with article 90 of the company’s Articles of Association. Being eligible,
they have offered themselves for re-election.

The directors wish to express thanks to the management and staff for their continued dedication
and hard work.

On behalf of the Board

______________________
TAJHAE CUNNINGHAM
CHAIRPERSON

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