JPS - AnnualReport2011 - Lowres TRULY FINAL JUNE 29 756

Our Vision
To become a world-class energy

service organisation, providing
superior customer service.
« Corporate profile
Jamaica Public Service Company Limited ( JPS) is an

integrated electric utility company and the sole distributor
of electricity in Jamaica. The Company is engaged in the
JPS • ANNUAL REPORT 2011
generation, transmission and distribution of electricity,

and also purchases power from five Independent
Power Producers.
In April 2011, Marubeni Corporation entered into a

Purchase and Sale Agreement with Korea East-West Power
(EWP), for joint ownership of majority shares (80%) in the
Jamaica Public Service Company Ltd (JPS). The Government
of Jamaica and a small group of minority shareholders
own the remaining shares.
JPS currently has approximately 575,762 customers

who are served by a workforce of approximately
1,266 employees.
The Company owns and operates: 4 power stations, 8

hydroelectric plants, 43 substations and approximately
14,000 kilometres of distribution and transmission lines.
Along with the provision of electricity, JPS is a key partner

in national development. The company has a vibrant
corporate social responsibility portfolio and makes
significant contributions in the areas of education,
health and sports. The company also has a strong
environmental focus and carries out its operations in an
environmentally friendly manner.
T h e Office o f Utilities R e g u l a t i o n ( O U R ) , is the

independent regulatory agency with responsibility for
the electricity sector.
4
« Contents

6
Statement to Shareholders
47
Auditors’ Report
10
Board of Directors
49
Statement of Financial Position
13
Office of the CEO
51
Statement of Comprehensive Income
14
Management Discussion & Analysis
52
Statement of Changes in Shareholders’ Equity
18
Performance Highlights
53
Statement of Cash Flows
34
M e e t t h e Te a m s
55
Notes to the Financial Statements
38
Directors’ Report
102
Notice of Annual General Meeting
40
Corporate Data
105
Form of Proxy
41
Operational Statistics
107
Yo u r J P S Te a m
42
Key Performance Indicators
« Statement to shareholders
Overview
2011 will undoubtedly be remembered as a JPS and Jamaica. Finally, in December we

year of changes for our shareholders. First had a change of government administration
there was the strengthening of the shareholder and with that, shortly thereafter, we would
partnership in July with the arrival of Korea see the appointment of a new Minister of
EWP as joint majority shareholder. EWP will Energy and 3 new GOJ appointed Board
certainly help to strengthen the technical members. Change in general is inevitable,
capabilities of JPS and help to improve the in our case however, I believe it will help to
strategic development of the Company. In strengthen us as a company, and we have
November, we had the departure of former a lot of work to do collectively to improve
President & CEO – Damian Obiglio, who the energy sector of Jamaica, of which we
provided 5 years of remarkable service to form a part.
6
HISATSUGU HIRAI, CHAIRMAN
360 MW Generation expansion project

I believe the first significant step to improving the energy sector
was achieved in December 2011, when the OUR awarded the right
to JPS and its shareholders to build a new 360 MW combined
cycle power plant which will be fueled by natural gas. We believe
that fuel diversification and retooling of our old generation plants
- based on the introduction of the most advanced technology
used in generating systems - are the most important initiatives
to achieving a significantly improved energy sector for Jamaica.
Indeed, this project may be the most important project in the
recent history of Jamaica and the majority shareholders of JPS are
committed to working closely with the Government of Jamaica
to have this project completed by 2015. We remain committed
to changing lives with our energy, and we are confident that this
project will help to materialize a 30% to 40% reduction in the
cost of energy in Jamaica, thereby acting as a catalyst for further
growth and development of the economy! We are also confident
that this will result in Jamaica’s energy cost being competitive in
the Caribbean region.
Increased use of Renewable Energy

New6.3 MW hydroelectric
We understand that one of JPS’ important missions is to power plant at Maggotty in
progress, expecting to reduce
proactively apply the use of renewable energy. In the meantime,
generational cost below U.S.
we are moving full speed ahead with the development of our
13¢ per kWh.
6.3 MW hydroelectric power plant at Maggotty, which has no
carbon dioxide from generation and will be providing power to
the grid at a generation cost below U.S. 13¢ per kWh. We now
have access to more than 40 MW of wind capacity in Jamaica 7
and 22 MW of hydroelectric capacity, which is impressive by
international standards considering this represents more than
7% of the total generation capacity available in Jamaica. Many
first world countries struggle to even achieve 3% capacity available
Statement to shareholders cont’d
in the form of renewable energy. We are confident that when

the OUR launches the next RFP to attract industrial scale renewable
projects, that Jamaica will be able to achieve 10% capacity
being available from relatively low cost renewable energy power
plants. We will certainly be bidding on such new renewable
energy projects as we look to complete our analysis on two such
projects, which we believe can be materialized at a relatively low
cost of generation.
Loss reduction activities

Our effort in the fight against the theft of electricity continues
and this marks the second year in a row where we have

invested more than US$25 million in this campaign. We continue
with commercial customer audits and the introduction of smart
meters for all large commercial and industrial customers. To
date, approximately 4,000 smart meters have been deployed
covering our largest customers that represent approximately
30% to 40% of our energy sales. By the end of 2012, we will have
deployed smart meters covering the consumption of our large
commercial customers who collectively account for 50% of our
energy sales. Additionally, we have invested in replacing aged
electro-mechanical meters and hope to replace approximately
50,000 (or 8% of the population) by the end of 2012. Thirdly,
we have intensified our residential customer audits and raids
in communities with high losses, where possible, but we were
greatly hindered in this effort during 2011 due to the significant
customer resentment and in part due to security concerns during
the pre election period in the last two months of 2012. Despite
these challenges, we conducted more than 100,000 audits and
investigations during 2011. However, our greatest hope rests
with the introduction of smart meters and a new anti-theft
network that we are rolling out in communities in which it is
historically difficult to do business. We implemented about
10,000 such solutions by the end of 2011, which included
providing financial assistance to rewire the homes of such
customers. We hope to start rolling out 10,000 solutions per year,
but this process is quite tedious and difficult community work,
as it requires significant human resources and presents serious
security and logistical challenges. As such, we hope to improve
8
our collaboration with the relevant government authorities to
reduce the challenges in this area.
Statement to shareholders cont’d
Operational performance
The hard work in the area of loss reduction activities resulted in
a reduction in total system losses from 23.0% in 2010 to 22.3% in
2011. While slightly below our original target, and substantially
below the revised regulatory target, this is commendable given
the significant socio-economic challenges experienced during
2011, which included a 20% increase in the cost of electricity
(from U.S. 30¢ to 36¢ per kWh) as a result of the significant
increase in world oil prices during 2011. Sadly, the new regulatory
target of 17.5%, as of July 2011, will stretch our capabilities and
we have much more work to do if we are to even come close.

At the same time, we managed to improve the heat rate performance
for the year by approximately 1% achieving a heat rate of 10,121
kj/kWh compared to 10,183 in the previous year. This represents
the lowest heat rate in the history of the country and demonstrates
our collective effort (along with the IPPs) at improving our use of
fuel to produce each kWh of electricity. This is a most important
efficiency measure when one considers that fuel now represents
more than 67% of the total cost of electricity.
Despite the operational improvements noted above, I believe

significant efforts must now be focused on reducing the cost
of electricity for the people of Jamaica. There is no doubt in my
mind that this is a first order priority for JPS, as our company
will only grow in an economy that is growing. I wish to assure
our customers, our shareholders and all other key stakeholders,
that, this will be the most important objective of 2012 and we
believe the advancement of the new 360 MW project will be one
of the key initiatives to realizing this objective.
In closing, while this year was not the most successful in terms
of financial results, I believe we have finally put together a team
that is capable of transforming the energy landscape in Jamaica
for the benefit of all. Accordingly, I look forward to the future
with great confidence and optimism, with the certain knowledge
that our strategic plans will lead to a stronger company and a
better Jamaica!
Hisatsugu Hirai
Chairman
« Board of Directors
with President and ceo
seated in front standing left to right

• SANG KIE CHO • MR. FITZROY VIDAL
(APPOINTED JULY 15, 2011) (APPOINTED FEBRUARY 7, 2012)
• KELLY TOMBLIN • PROFESSOR EVAN WINDSOR DUGGAN

PRESIDENT AND CEO (APPOINTED FEBRUARY 7, 2012)
• HISATSUGU HIRAI • CATHRINE KENNEDY

CHAIRMAN (MARCH 15, 2011) (APPOINTED FEBRUARY 7, 2012)
• PROFESSOR GORDON SHIRLEY • YUNG JOON PYO

(APPOINTED FEBRUARY 7, 2012) (APPOINTED JULY 15, 2011)
• HON. CHARLES JOHNSTON C.D.
• SEIJI KAWAMURA
10
• MASAO IMAZATO
ALTERNATE DIRECTOR (APPOINTED MARCH 30, 2012)
JOHN RACHFORD TOMOFUMI FUKUDA HON. BEVERLEY LOPEZ RUSSELL HADEED
(APPOINTED MARCH 15, 2011) (RETIRED AS CHAIMAN OF THE (RESIGNED JANUARY 20, 2012) (RESIGNED FEBRUARY 7, 2012)
(RESIGNED JULY 15, 2011) BOARD AND DIRECTOR MARCH 31, 2011)
DENNIS MORGAN
(RESIGNED FEBRUARY 7, 2012)
11
GLENFORD WATSON MASAYUKI OMOTO

(RESIGNED FEBRUARY 7, 2012) (RESIGNED JULY 7, 2011)
12
JPS HEAD OFFICE
« office of the ceo

LEFT TO RIGHT: LEISA BATISTE-WHYTE, HERVE PERRIN, SANGEET DUTTA, VALENTINE FAGAN,
KELLY TOMBLIN, ALDINGTON-DEAN SMITH, DAN THEOC, KATHERINE FRANCIS, RICARDO RENNALLS.
LEISA BATISTE-WHYTE
««« HEAD, INTERNAL AUDIT
HERVE PERRIN
««« VICE PRESIDENT, GENERATION
SANGEET DUTTA
««« VICE PRESIDENT, LOSS CONTROL AND REVENUE MANAGEMENT
VALENTINE FAGAN
««« VICE PRESIDENT, NEW GENERATION
KELLY TOMBLIN
««« PRESIDENT AND CEO
ALDINGTON-DEAN SMITH
««« DIRECTOR, FINANCIAL PLANNING AND REPORTING
DAN THEOC
««« CHIEF FINANCIAL OFFICER
13
KATHERINE FRANCIS
««« GENERAL COUNSEL AND CORPORATE SECRETARY
RICARDO RENNALLS
««« VICE PRESIDENT, TRANSMISSION AND DISTRIBUTION
« Management Discussion and Analysis
YEAR ENDED 31 DECEMBER 2011
Results of Operation
Operating revenues ($1,153 million) Based on the foregoing, the company
increased by 22% over 2010 primarily as a recorded a net profit after tax of $34.3
result of the increase in global oil prices and million for 2011, representing a $5.5 million
its impact on the cost of fuel; and partly due or 14% decline compared to 2010. This
to the 1% increase in energy sales volume. reflects a ROE of 8.5%, as compared to an
ROE of 10% for 2010.
The cost of sales ($846 million) increased

by 30% over 2010 for the same reasons Liquidity and Capital Resources
described above.
The company had a strong liquidity position
As a result, there was a $15 million increase at December 31, 2011, with current and acid
in the gross profit, although the gross profit test ratios of 1.71 and 1.41 respectively. This
margin fell from 31% to 27% due to the represents a strengthening of the liquidity
increased proportion of fuel costs, on which position relative to 2010, where the ratios
the company does not make any margin. were 1.60 and 1.33 respectively. Of note,
cash flows from operating activities ($91
Operating expenses ($169 million) increased
million) were more than sufficient to
by 11% over 2010, primarily as a result of
fund investing activities during the year
increased bad debt expense over 2010; and
($75 million).
partly due to increases in utilities, office &
other expenses and third party expenses. Despite increasing its gearing ratio from
44% in 2010 to 49% at the end of 2011, JPS
The EBITDA fell marginally from $139 million
lowered its average cost of borrowing by
in 2010 to $138 million in 2011, a decline
1% and improved its interest cover from
of 1%.
3.6 to 3.9 times. JPS has adequate lines
Net finance costs ($39 million) increased by $8 available and funding in place to meet its
million or 25% relative to 2010. The increase funding requirements for the next year.
was primarily due to the devaluation of the
JPS continues to invest heavily in renewing
J$ during 2011 and the resulting increase
its generation, transmission & distribution
in foreign exchange losses ($10.5 million).
assets. As in prior years, capital expenditure
This was offset by the $2.7 million reduction
continues to outpace the net income
in net interest expenses.
earned for the year, reflecting the necessity
Other expenses decreased by $6 million to reinvest in the business to drive continuous
14 compared to 2010, primarily as a result of improvement in operational efficiency. The
non-recurring redundancy costs in 2010 Capital expenditure in 2011 amounted to
(refer to note 23(b) for further details). $70 million up from $59 million in 2010.
management discussion and analysis cont’d
Risk management
Overview
JPS has a comprehensive risk management principally from the company’s trade
framework to monitor, evaluate and manage receivables, which is stated net of an
the principal risks assumed in conducting allowance for doubtful balances.
its activities, which include credit, liquidity,
As part of its management of credit risk, the
market and operational risks. Risk is managed
company requires account deposits from
through a framework of principles, organi-
certain customers. Additionally, manage-
zational structures, and risk measurement
ment has processes in place for the prompt
and monitoring activities that are aligned
disconnection of services and recovery of

to the company’s activities.
amounts owed by, defaulting customers.
The Board of Directors, in managing the business
The company establishes an allowance
of the company, oversees the company’s
for impairment losses that represents its
risk management framework. Key manage-
estimate of incurred losses in respect of
ment has responsibility for monitoring the
trade and other receivables. The main
company risk management policies in their
component of this allowance is a specific
specified areas and report quarterly to the
loss component that relates to individually
Board of Directors on their activities.
significant exposures. The loss allowance
The company’s risk management policies is determined based on historical payment
are established to identify and analyze the statistics for similar financial assets and
risks faced by the company and to help an assessment of the debtor’s ability to
guide the strategic planning and initiatives settle debt.
of the company. This process also helps to
set appropriate risk limits and controls and Liquidity Risk
facilitates regulator monitoring of same.
Liquidity risk, also referred to as funding risk,
Risk management policies and systems are
is the risk that the company will encounter
reviewed regularly to reflect changes in
difficulty in raising funds to meet commit-
market conditions. The company, through
ments associated with financial instruments.
training, management standards and
Liquidity risk may result from an inability to
procedures, aims to develop a disciplined
sell a financial asset quickly at, or close to,
and constructive control environment, in
its fair value. Prudent liquidity risk man-
which all employees understand their roles
agement implies maintaining sufficient
and obligations.
cash and marketable securities, and the
availability of funding through an adequate
Credit Risk
amount of committed credit facilities.
Credit risk is the risk of financial loss to
The company’s approach to managing
the company if a customer or counterparty 15
liquidity is to ensure, as far as possible,
to a financial instrument fails to meet
that it will always have sufficient liquidity
its contractual obligations, and arises
to meet its liabilities when due, under The maturity profiles and interest rates
both normal and stressed conditions, of the company’s long-term loans are
without incurring unacceptable losses disclosed in note 18, the details of bank
or risking damage to its reputation. The overdraft and short-term loans in notes 8
company aims to maintain adequate fund- and 9, and the details of customer deposits
ing lines available, as well as maintaining in note 17. Bank overdraft is subject to
prudent cash resources in the appropriate interest rates fixed in advance, which
currencies to meet its obligations. may be varied by appropriate notice by
the lenders.
Market risk
Interest bearing financial assets relate
Market risk is the risk that changes in to cash and cash equivalents and
market prices, such as interest rates, foreign repurchase agreements.

exchange rates and equity prices that
affect the value of the company’s assets, Foreign currency risk:
the amount of its liabilities and/or the
Foreign currency risk is the risk that the value
company’s income. Market risk arises in the
of a financial instrument will fluctuate due
company due to fluctuations in the value of
to changes in foreign exchange rates.
assets and liabilities.
The company incurs foreign currency risk

The objective of market risk management
primarily assets that are denominated in a
is to manage and control market risk expo-
currency other than the United States dollar.
sures within acceptable parameters, while
The currency giving rise to significant foreign
optimizing the return on risk. The nature of
currency risk is primarily the Jamaica dollar
the company’s exposures to market risks
(J$), as it relates to the settlement risk on
and its objectives, policies and processes
accounts receivables.
for managing these risks have not changed
significantly over the prior period. For each The company manages foreign exchange
of the major components of market risk the exposure by maintaining adequate liquidity
company has policies and procedures in resources in the appropriate currencies.
place which detail how each risk is managed
and monitored. The management of each of Operational risk:
these major components of market risk is
addressed below. Operational risk is the risk of direct or indirect
loss arising from a wide variety of causes
Interest rate risk: associated with the company’s processes
including regulatory risk, personnel, technol-
Interest rate risk is the risk that the value ogy and infrastructure, and from external
of a financial instrument will fluctuate due factors other than credit, market and liquidity
to changes in market interest rates. risks such as those arising from legal and
16 regulatory requirements, generally accepted
The company contracts financial liabilities
standards of corporate behaviour and force
at fixed or floating interest rates. These
majeure events.
primarily relate to loans, customer deposits,
certain trade payables and bank overdrafts.
The company’s risk management frame-

work guides its operational risk-taking
activities so as to balance the avoidance
of financial losses, personnel injuries and
damage to its reputation with overall cost
effectiveness and to avoid control procedures
that restrict initiative and creativity.
These risk management activities include
the following:
• the management and control of significant

operational risks by each department;

• active involvement of the independent
internal audit department in assessing
significant risks identified; and
• the use of insurance to ensure that assets

and personnel are adequately covered.
A critical tool used in the management of

operational risk is Insurance. The company
ensures that the assets and personnel are
adequately covered through a wide range
of insurance policies, covering property all
risk and liability exposures. The regulatory
tariff mechanism also contributes to the
adequacy of our asset coverage by means of
provisions for damage to our transmission
and distribution assets and certain force
majeure occurrences.
The primary responsibility for the devel-

opment and implementation of controls
to address operational risk is assigned to
senior management within the company.
17
« Performance Highlights
Setting the Stage
In 2011, the stage was set for the transformation of Jamaica’s
energy sector, with the Office of Utilities Regulation (OUR)
approving a proposal from JPS and its shareholders to construct
a new 360 megawatt power plant, which is expected to reduce
electricity rates by at least 30 percent when completed in 2015.
JPS also achieved significant efficiency and service reliability
gains, as a result of capital investments of over US$69M in
its operations.
On the other hand, in an environment already characterized by

sluggish energy sales as a result of high fuel costs, the Company
experienced significant push-back from customers to an initiative
to replace old electro-mechanical meters with digital meters. An
OUR audit confirmed that the new meters were functioning as
expected. However, the negative reaction to the digital meters,
along with rising oil prices, fuelled a spiraling of complaints
about high bills and less than ideal service quality. In response,
JPS used the opportunity to implement a range of initiatives to
improve customer service delivery and build stronger
relations with its various stakeholder groups.
18
Performance highlights cont’d
New Partnerships
In April 2011, JPS welcomed a new Chairman, Mr. Hisatsugu Hirai,
who took over from Mr. Tomofumi Fukuda.
In the same month, majority owners of JPS, Japan-based Marubeni

Corporation, entered into a Purchase and Sale Agreement with
Korea East-West Power (EWP), for joint ownership of majority
shares in JPS. The transaction, which was finalized in July 2011,
represented the transfer of a 40% interest in JPS to EWP. The
Government of Jamaica retains approximately 20% of the shares
in the Company.

President & CEO, EWP, GIL GU LEE (left)
shakes hands with General Manager,
Overseas Power Project, MARUBENI,
YOSHIHIRO MEGATA, while former
Minister of Mining and Energy, HON.
CLIVE MULLINGS looks on. The occasion
was the signing of the new partnership
agreement between MARUBENI
Corporation and Korea East-West Power.
Poised for Expansion

With rising oil prices being among the primary contributors
to relatively high electricity rates, it has been recognized that
Jamaica urgently needs to install new base-load capacity and
diversify its fuel sources. It was only natural, therefore, that JPS
and its shareholders responded without hesitation to a Request
for Proposals from the Office of Utilities Regulation (OUR) for
the construction of new generating capacity.
OUR approves proposal for 360MW plant 19
In April, through collaboration with Marubeni and EWP, JPS

submitted a proposal for the construction of a new plant using
Liquefied Natural Gas (LNG), which the Jamaican Government
had indicated was the preferred fuel alternative to reduce

the country’s dependence on oil for electricity generation.
This was the only response to the OUR’s Request for Proposals.
After months of analysis, in December 2011, the OUR
announced its approval of the JPS shareholders’ proposal to
spend over US$620 Million to build 360 megawatts of new
generating capacity.
JPS Chairman, Mr. Hisatsugu Hirai, welcomed the OUR

announcement. “We have given a commitment to reduce
electricity rates for the customers of JPS, and the investment
in the new power plant will make that commitment a reality.
With the construction of this plant, Jamaicans will see a

reduction of over 30% in their electricity charges because
of the cheaper cost of natural gas, compared to oil, and
the greater efficiency of the new generating unit,” he said
in his response.
JPS Board Director for EWP, Mr. Sang Kie Cho, indicated that
the new project will represent a significant step forward for
Jamaica. “This will be the largest single investment in Jamaica
by any company. It is an indication of our commitment to
Jamaica’s long-term development. The power plant project
will stimulate the economy both directly and indirectly.”
The new natural gas-fired plant is expected to be commissioned

into service in early 2015.
New hydroelectric plant
JPS took another step toward the addition of more renewable

energy to the grid, with the development of a new 6.3
megawatt hydroelectric power plant in Maggotty, St.
Elizabeth. In December 2011, the Company signed a
contract worth over US$26M with Kier Construction Limited,
for the design, engineering and construction of the new
hydro plant, which will be the largest hydroelectric project
undertaken in Jamaica since independence.
Kier Director, TIM CORRIGAN (seated left) and JPS Chief

20
Financial Officer, DAN THEOC, sign the US$26M contract
for the construction of the 2nd Maggotty Hydroelectric
Power Plant. Looking on are (standing left – right) Kier Area
Manager, Caribbean & South America, STEVE MILNER and
JPS Chairman, HISATSUGU HIRAI.
Serving Customers Better

Our service delivery was the focus of much attention in 2011,
with several organizational initiatives implemented to improve
the way we serve customers. Responding to feedback, the
Company established a Customer Advocacy Committee to assist
in resolving difficult customer service issues. Additionally, an
interim Customer Service Improvement Project Committee was
formed, as part of efforts to urgently address and eliminate some
of our challenges and improve the overall customer experience.
During 2011, the Company also pursued an initiative to expand

its database of customer cell phone numbers and email
addresses in order to increase the number of customers
benefitting from bill payment reminders via text message, and
the delivery of bills via email. The Company took steps to reduce
the time customers needed to spend in the offices, and also
introduced the ‘mobile office’, which saw customer service teams
taking our service to customers in their communities.
Regional Customer Care Manager,

PATRICIA YOUNG (centre), assists a
customer in Christiana, Manchester,
at the mobile customer care office.
RUTHLYN JOHNSON, Corporate

Communications Officer, helps a
customer to understand the amount
of electricity each appliance uses,
during a customer outreach road
show in Ocho Rios.
21
Improving Efficiency and Service Reliability
In 2011, JPS achieved its best Heat Rate ever, which is an indication
that the Company is improving the efficiency with which it
converts fuel to electricity. The Heat Rate of 10,121kJ/kWh
was the result of continuous investment in maintenance and
overhauling of the generating units to ensure that they perform
at their best. Major maintenance works were carried out on units
at JPS’ Old Harbour Bay and Hunts Bay Power Stations, where
most of the Company’s base load capacity is located. Additionally,
significant work was done on one of the diesel engines at the
Rockfort Power Station and at the Rio Bueno B and Lower White
River Hydro Stations to ensure improved performance.
JPS invested over US$69M in capital expenditure to ensure

continuous improvement in service to customers in 2011. More
than one-third of this amount went directly into improving the
reliability of the transmission and distribution network. The focus
was primarily on structural integrity and system security. To this
end, several aged 69kV oil circuit breakers were replaced with
new SF6 circuit breakers; the underfrequency protection scheme
was upgraded; and the Supervisory Control and Data Acquisition
(SCADA) visibility was expanded to all substations.
Following an analysis of the root cause of failures on the five

worse performing distribution feeders, several measures were
put in place to address the challenges identified. These included
the replacement of over 10,000 porcelain insulators, with polymer
insulators, to limit outages due to lightning and equipment failure.
22 The Company also increased the use of technology, as part of

efforts to improve the effectiveness of its problem identification
and resolution processes. In order to reduce forced outages and
the cycling of feeders, the Inspector 110 Ultra Sonic Leakage
Current Detector was introduced to help identify and correct
LINEMAN AT WORK AT DUSK
failing insulators. Additionally, fault indicators were installed

to assist emergency crews to quickly identify problems on the

overhead lines during patrol.
JPS Linemen Restore Power

To Bahamians In Record Time
While we sought to improve our own operations, we still found
time to reach out to our Caribbean neighbours in their time of
need. Following the passage of Hurricane Irene in August in the
Bahamas, two teams of seven linemen responded to the call for
assistance with restoration efforts. Between September 4 and
25, the linemen carried out restoration efforts on Cat Island
which is on the coastline and has a population of approximately
2,000 persons.
Cat Island’s power network was completely devastated leaving

the residents without power for days when the JPS team arrived
on the island. Our team’s restoration efforts included general
line work and repairs, along with the replacement of broken
poles and damaged conductors.
After three days of work the first crew managed to restore 10

miles of power on the ravaged island. By the time the team
completed its two weeks of restoration efforts, 30 miles of power
was restored and all the major towns that had been without
power since the hurricane were up and running again. The second
team went in and completed the rest of the work resulting in
100% of the island being restored by the time the men returned
to Jamaica. 23
The first team of two JPS Linemen teams returning The second JPS Lineman team returns from assisting residents of Cat
from Cat Island, Bahamas where they helped restore Island, Bahamas, with their post Hurricane Irene restoration effort. They
electricity after the ravages of Hurricane Irene. The are (L-R) CRAIG DUNCAN, CHRISTIPHOR WEST, JERMAINE WILLIAMS,
team members are: (L-R) NIGEL GRIFFITHS (Team MONELETO JONES, TEX KNIGHT (Team Leader), VALENTINE BROWN
Leader), DANVIL HENRY, COURTNEY JARRETT, and MARLON BURTON.
RALSTON DICKENSON, BRIAN JONES, ANDRAIN
WILLIAMS and DONOVAN EBANKS.
Linemen shine at International

Lineman Rodeo in Kansas, USA
In October 2011 over 700 of the best linemen from across the
United States, Canada, Jamaica, United Kingdom and other parts
of the world competed for the honor of being called World Champion
at the Annual International Lineman’s Rodeo. It was the 28th
staging of the event and 172 Journeymen Teams (teams of 3)
and 210 Apprentices went head to head for the coveted title.
For Team JPS it was a return to the rodeo field after a five year
hiatus from the competition. At the end of the day, where
participants competed in 5 event categories, O’Neil Archer of St.
Catherine ranked 3rd Overall in the competition, while Orville
Black from St. James, placed 1st for pole climb, and Denton
Williams from Portland had the third fastest time in the pole
climb event.
24
Proud Winners at the International Lineman’s Rodeo in Kansas, USA: (L-R) DENTON WILLIAMS
(3rd in pole climb); ORVILLE BLACK (1st in pole climb) and O’NEIL ARCHER (3rd Overall Lineman).
Fighting System Losses

System Losses continued to be a stubborn challenge for JPS in
2011. The Company spent approximately US $30M in capital
and operating expenditure during the year, on a combination of
strategies to address the problem. These included: the installation
of the Residential Advanced Metering Infrastructure (RAMI)
in several communities, large account audits, intelligence and
analysis, strengthening system integrity and controls, public
engagement, and criminal investigations and prosecutions. These
strategies were successful in marginally reducing the level of
losses being experienced by the Company, which ending the year
with losses at 22.3 percent, down from 23.0 percent.
25
Investing in Jamaica’s Youth

In 2011, JPS demonstrated its ongoing commitment to support
the development of Jamaica’s youth through education and
sports. In February, the second JPS Homework Centre was
officially opened by the former Prime Minister, Honourable Bruce
Golding. Located in Denham Town, Kingston, the centre is outfitted
with 23 computers and provides a quiet place for students to do
homework, study and learn to use the computer. JPS has another
homework centre in the Old Harbour Bay community, close to
its largest power plant.
Former Prime Minister, HON. BRUCE GOLDING,

cuts the ribbon at the official opening ceremony
of the JPS Homework Centre, while former JPS
Chairman, TOMOFUMI FUKUDA (2nd left) and
Vice Principal of Denham Town Primary School,
AGUSTUS MCLEAN look on.
Former President and CEO, DAMIAN OBIGLIO

(right), looks on with delight at the work being
done in the JPS Homework Centre by these
young boys. Also sharing in the moment are:
(L-R) Former Member of the JPS Board of Directors,
BEVERLEY LOPEZ; Past Student and collaborator
in establishing the Centre, JEFFREY REID; and
Retired Teacher from Denham Town Primary,
DORETH MCFARLANE.
26
As part of our efforts to help Jamaica reach its Vision 2030 goals
for education, particularly in the area of science and technology,
JPS continued to host the Science and Technology Expo and to
partner with local universities to provide grants for students. The
Company’s support for education also included the provision of
meals for over 20,000 young children between 3 and 6 years,
through our Early Childhood Nutritional Support Programme.

The proud sixth form science team from Spaldings
High School takes home the prize for Best Overall
Display, Top Tertiary Project and Most Innovative
Display for their project entitled, “Fish Scale
Secrets”, which showed how fish scales can be
used to make plastic, paper glue and jewellery. The
science team members are (L-R): ORAINE CAMPBELL,
DORAN BROWN, JEVON GIVANS, RAJAE FAGAN
and DEMARI BROWN (partially hidden). Sharing
in the moment are (L-R): Executive Director of
the Scientific Research Council, DR. CHADWICK
ANDERSON, JPS Chairman, HISATSUGU HIRAI,
teachers - PAULETTE PEART, Vice President of
Spaldings High, DAWN CHAMBERS (partially
hidden) and DIANE MCKENZIE.
ERIC SALKEY, a beneficiary of the Company’s tertiary

grant, who commenced his studies in medicine at UWI
in September 2011, shares a light moment with JPS
Chairman, MR. HISATSUGU HIRAI, Chairman.
27
CHANELL PUSEY of Rollington Town

Primary, explains her inspiration for
the design of her prize-winning poster
to JPS Key Account Manager, FABIAN
LYEW. CHANELL won first prize in the
JPS sponsored Poster Competition
coordinated by the Jamaica Hotel &
Tourist Association.
JPS Community Relations Officer,

OMAR THOMAS (left) congratulates
the newest additions to the JPS
Honor Roll at the DONAD QUARRIE
High School: (left to right) SHELDON
WHITTAKER (8th grade), CRYSTAL
SCALE (9th grade) and TAMIA REID
(9th grade). Sharing in the moment is
Principal of DONALD QUARRIE High
School, REFORD HINES (right), and
guidance counselor at the school,
ROSE REID (back).
28
Summer Employment Programme

As part of its ongoing community outreach, the Company
facilitated the employment of 130 students during the summer
holidays, to assist them to earn back-to-schools funds, as well
as to give them the benefit of work experience. Some of the
summer employees worked at JPS locations, while others were
sent to organizations that we collaborate with, including, but
not limited to the Sir John Golding Rehabilitation Centre, the
Kingston Public Hosptial, Dispute Resolution Foundation, and
the Bustamante Children’s Hospital.

Sports Involvements
Recognizing the unifying power of sports, especially at the
community level, JPS remained an ongoing sponsor of community
football, track and field and netball. The Company also provided
support for these sporting events at the national level.
Former JPS President and CEO, DAMIAN OBIGLIO examines a team shirt. Sharing in the moment are: (L-R) ANDREI
ROPER (Supreme Ventures); LEON MITCHELL (Jamaica National); CAPTAIN HORACE BURRELL, (Jamaica Football
Federation) and MOST. HON. EDWARD SEAGA (Chairman, Premier League Club Association).
29
OMAR THOMAS, Community Relations

Officer (2nd left front), shares in the
excitement with the 2011 JPS Old Harbour
Bay League Champions, Flaky Ice.
Sharing in the moment are: President of
the St. Catherine Football Association,
PETER REID (far left) and Member, Old
Harbour Bay Community Development

Association, ANDREW GORDON.
Teams get ready to play in

the JPS Western Netball
Developmental Leagues
30
Powering Jamaica’s Businesses

JPS supported the “Meet Jamaica 2012” initiative, aimed at ensuring
that small and medium sized Jamaican businesses had a presence
at the International Food Event, one of Europe’s largest food
festivals. The initiative was part of the thrust from the Private
Sector Organization of Jamaica (PSOJ) and Jamaica Promotions
(JAMPRO), to ensure that Jamaica benefits from opportunities
available before, during, and after the London 2012 Olympics.
JPS sponsored 12 organisations to the tune of £$20,000

(J$2,771,560), which enabled them to showcase Jamaican food,

drink and culture at this popular event.
The participating companies were selected by JAMPRO because

of the high quality of their products, and the expected benefits
to accrue from their participation in the International Food
Event. They were: Honey Bun Bakery, Associated Manufacturers
Limited, Kountry Delite, FIWI Foods, Tourejon Food Processors,
Mavis Bank Coffee, Central Food Packers, Honey Kist, Worthy Park
Estate, Pedro Plains, Canco Limited, and Local Spice.
31
Former JPS President & CEO, DAMIAN OBIGLIO, and MSME Alliance President,
DR. ROSALEA HAMILTON in discussions about the way forward for small and
medium sized enterprises.
Making Connections Work

In September 2011, the Government’s development and promotions
agency, JAMPRO, introduced a targeted business component
to the usual tourism trade fair offering, at Jamaica Product
Exchange (JAPEX), with JPS’ help as a sponsor. Over a two-day
period, the business matchmaking event connected local
hoteliers with over 50 local producers of a range of goods and
services including honey, processed foods, agricultural produce,
furniture, craft and apparel.
Recognizing the critical role of small businesses in Jamaica’s

economic development, and the challenges faced by many, in

2011 JPS gave a commitment to the Micro, Small & Medium
Sized Enterprises Alliance (MSME) to provide Energy Management
Training to enable this vibrant sector to improve its overall
efficiency. This commitment formed part of the Company’s
ongoing support for various business groups, including the
Small Business Association of Jamaica, the Jamaica Hotel and
Tourist Association, and the Jamaica Manufacturers’ Association,
among others.
Looking Ahead
Despite its challenges, 2011 presented JPS with several opportunities
for new beginnings. With the approval of the plans for the new
natural gas-fired 360-megawatt power plant, the Company has
a chance to participate in the far-reaching changes anticipated
in the local energy landscape. The new technology and fuel
diversification that the new plant will bring are expected to
address the single most critical issue on customers’ minds – the
cost of electricity. JPS has committed to Jamaica, and stands
ready to play its part in bringing down energy costs and helping
the country to realize the exciting possibilities of the future!
32
R I C H A R D P E A RT, Power System Con trol l er, monit ors t he grid from t he Compa ny ’s Sy s t e m Cont rol Ce nt re .
« Meet the teams
SEATED AT FRONT L-R:

«
CANDICE BRYAN
Project Manager
CAPHANNE MARCH
Manager, Expansion Administration
STANDING L-R:
CORINE MCCALLA
Administrative Assistant
VALENTINE FAGAN
Vice President, New Generation
CLAVA MANTOCK SNR.

General Manager, Business
Support and Administration
ALSTON WATSON
Manager, Expansion Projects
RICHARD GORDON
Project Planning and Development Analyst
New Generation

«
SHERRICE LYONS
Director, Commercial Services
SANGEET DUTTA
Vice President, Loss Control
and Revenue Management
STANDING L-R:
JAY MCCOSKEY
Director, Customer Operations
WILF TALBOT
Director, Customer Care
DESMOND JONES
Director, Projects, Audit and Metering
RAMSAY MCDONALD
Director, Revenue Management
GARTH MCKENZIE
LOSS CONTROL AND PHOTO OPS
Director, Commercial Process Control
Meet the teams cont’d
« L-R:
HORACE MESSADO
Financial Controller
DAN THEOC
Chief Financial Officer
SHARLENE CHUNNU
Manager - Finance and Insurance
CARLTON FRANCIS
Manager, Treasury
FINANCE
« SEATED AT FRONT L-R:

CLAUDIA DAVIS
Head, Supply Management and Facilities
WINSOME CALLUM,
Head, Corporate Communication
STANDING L-R:
GEORGE KATES
Head, Health, Safety, Security and Environment
SYLVIA BROWN
Director, Information Systems
FRANK “TONY” RAY

Special Advisor
ALICIA LYLE
Director, Human Resource Services
SAM DAVIS
Head, Government and Regulatory Affairs
Admin

ODETTE LEWIS
Performance Analyst
STANDING L-R:
ALDINGTON-DEAN SMITH
Director, Financial Planning and Reporting
GINA TOMLINSON
Manager Analysis and Business Processes
ANGELEAN YOUNG
Senior Financial Analyst
OMAR GREY
Manager, Group and Financial Planning
CORPORATE INNOVATION
L-R:
«
DAWN GRAHAM
Manager, Claims and Insurance
KATHERINE FRANCIS
General Counsel and Corporate Secretary
DAVID FLEMMING
Legal Officer
JANNEL JAMES-BROWN
Easement Administrator
KIM ROBINSON
Legal Counsel
legal

«
SHERYLL BROWN
ARLENE BROMFIELD
INSET: KIRSTEN PEDERSON
STANDING L-R:
HORTENSE HALL
MARCIA BROWN ELLIOTT
MARLENE MADDEN
DESRENE MAXWELL
WENDY MCNEIL
ABSENT: Yvonne Smith
EXECUTIVE SUPPORT
L-R:
«
PATRICIA YOUNG
St. Catherine, Clarendon and Manchester
SONIA JONES
St. Thomas, St. Mary, Portland
STACIE-ANN EARLE
St. Ann, Trelawny, St. James
VINETTE ALLEN
Hanover, Westmoreland, St. Elizabeth
VERONICA MCCURDY
Kingston and St. Andrew
REGIONAL CUSTOMER CARE MANAGERS

« L-R:
STEVE DIXON
Director Distribution,
Engineering and Maintenance
BLAINE JARRETT
Director, Transmission
DWIGHT DACOSTA
Director, System Planning and Control
Transmission and Distribution
RICARDO RENNALLS
Vice President, Transmission and Distribution

LEISA BATISTE-WHYTE
Head, Internal Audit
ALTHEA WHITE
Assistant, Internal Auditor
STANDING L-R:
DERVIN HANLAN
Technical Auditor
COURTLAND FACEY
Internal Auditor
ROMAIN WINT
Internal Auditor
SOPHIA HAMM
Internal Auditor
OSCAR JOHNSON
Technical Audit Inspector
HUGH HAMILTON
INTERNAL AUDIT Senior Internal Auditor
LEROY WILSON
Internal Auditor
« L-R:
GLENROY LESLIE
Station Manager, Rockfort Power Station
DAVID COOK
Head, Logistics
RAY SINCLAIR
Station Manager, Old Harbour Bay Power Station
DESMOND FAGAN
Head, Renewables
ANDRE MODEST
Manager, Central Planning and Maintenance
RUBEN THOMAS
Bogue Complex
ALEJO LEE
Manager, Business Support and Administration
Generation JOSEPH WILLIAMS

Station Manager, Hunts Bay Power Station
HERVE PERRIN
Vice President, Generation
« Directors’ report
The Directors of the Jamaica Public Service Company Limited

submit herewith their Annual Report with the Audited Financial
Statements for the year ended December 31, 2011:
RESTATED
YEAR ENDED
PERIOD ENDED
December 31, 2011
December 31, 2010

(Twelve months)
(Twelve months)
US$’000
US$’000
OPERATING REVENUES
Profit/(Loss) before Taxation 53,211 58,247
Taxation credit/(Expense) (18,860) (18,364)
Net Profit/(Loss) attributable 34,351 39,883

to shareholders
Dividends on Preference Shares 2 3
Dividends on Ordinary Shares 44,000 44,000
Dividends:
The dividends for the year on all preference shares have been
paid in full. Interim dividend payments of (US0.00057265¢),
(US0.00057265¢) and (US0.00087043¢) on the ordinary stocks
and shares were declared by the Board on the 31st day of August
2011, 31st day of October 2011 and 30th day of December 2011,
respectively. The Board will not recommend any further payment.
Auditors:
38
In accordance with Section 154 of the Companies Act, a resolution
proposing the appointment of the Auditors and for the Directors
to fix the Auditors’ remuneration will be put to the Annual
General Meeting.
Directors’ report cont’d
Directors:
In accordance with Articles 86 and 123 of the Company’s Articles
of Association,
i. Professors Gordon Shirley, and Evan Windsor Duggan, Mr.

Fitzroy Vida, Mr. Masao Imazato and Ms. Cathrine Kennedy
having been appointed to the Board since the last Annual

General Meeting shall cease to hold office and, being eligible
offer themselves for election;
ii. Messrs. Glenford Watson, Russell Hadeed, Dennis Morgan,

John Rachford and Mrs. Beverley Lopez resigned during the
year under review. The Board wishes to express its sincere
appreciation to Messrs. Watson, Hadeed, Morgan, Rachford
and Mrs. Lopez for their contribution to the Company.
The Directors wish to thank the Management and staff of the

Company for their performance during the year under review.
Katherine P.C. Francis
Secretary
39
« Corporate Data
REGISTRAR
Cumulative Preference Shares and Ordinary Stock

NCB Nominee Jamaica Limited
32 Trafalgar Road
Kingston 10
Jamaica WI
REGISTERED OFFICE AUDITORS

6 Knutsford Boulevard Ernst & Young

Kingston 8 Olivier Road
Jamaica WI Kingston 8
Jamaica WI
ATTORNEYS-AT-LAW
Livingston Alexander & Levy Nunes Scholefield Deleon & Co. Clinton Hart & Co.
72 Harbour Street 6a Holborn Road Attorneys-at-Law
Kingston Kingston 5 58 Duke Street
Kingston
BANKERS
National Commercial Bank Limited First Caribbean International Bank Limited

Cnr Duke & Barry Streets 23 Knutsford Boulevard
Kingston Kingston 5
Jamaica WI
Bank of Nova Scotia Jamaica Limited Citibank, NA.

ScotiaBank Centre 63 Knutsford Boulevard
Duke Street Kingston 5
Kingston
Jamaica WI
RBC Jamaica. Ltd. First Global Financial Services

17 Dominica Drive 2 St. Lucia Avenue
40
Kingston 5 Kingston 5
Jamaica WI
« Operational statistics
Dec-31-11 Dec-31-10 Dec-31-09 Dec-31-08 Dec-31-07
(12 months) (12 months) (12 months) (12 months) (12 months)
OPERATING REVENUES (US$000’s)
Residential 412,259 351,994 298,226 349,467 293,006

Commercial & Industrial (Sml.) 521,845 417,370 358,233 454,436 358,576
Commercial & Industrial (Lge.) 189,589 148,280 117,327 159,142 114,698
Other 29,703 24,923 19,772 25,159 19,108
TOTAL 1,153,396 942,567 793,558 988,204 785,388
AVERAGE NO. OF CUSTOMERS
Residential 513,970 509,660 521,837 526,492 520,085

Commercial & Industrial (Sml.) 61,401 60,782 62,029 62,347 61,419
Commercial & Industrial (Lge.) 145 138 130 124 116
Other 246 221 222 199 208
TOTAL 575,762 570,801 584,218 589,162 581,828
NET GENERATION AND PURCHASES (MWH)
Steam & Slow Speed Diesel 1,583,387 1,673,385 1,725,786 1,693,372 1,671,222
Hydro 152,087 151,716 140,073 158,180 159,820
Gas Turbines 179,914 182,651 252,579 244,485 267,503
Combined Cycle Plant 810,212 786,101 748,643 769,596 701,384
Purchases 1,411,279 1,343,497 1,346,899 1,257,655 1,278,842
TOTAL 4,136,879 4,137,350 4,213,980 4,123,288 4,078,771
Losses & Unaccounted
920,889 949,862 1,010,102 944,210 947,277
for (MWh)
Systems losses as a percentage
22.3% 23.0% 24.0% 22.9% 23.2%
of Net Generation
Heat Rate (Kj/kWh) 10,112 10,183 10,167 10,215 10,627
ENERGY SALES (MWH)
Residential 1,064,535 1,090,619 1,082,599 1,048,399 1,064,068
Commercial & Industrial (Sml.) 1,437,283 1,402,748 1,435,284 1,432,323 1,416,149
Commercial & Industrial (Lge.) 615,041 593,360 589,560 599,850 561,602
Other 99,131 100,761 96,435 98,506 89,675
TOTAL 3,215,990 3,187,488 3,203,878 3,179,078 3,131,494
AVERAGE USE & REVENUE PER RESIDENTIAL CUSTOMER
Annualized kWh
2,071 2,140 2,075 1,991 2,046
consumption/Customer
41
Annualized Revenues/Customer 802 691 571 664 563
Average billing
86.03 87.65 88.06 72.54 68.88
exchange rate for period
U.S. Cents per kWh 38.7 32.3 27.5 33.3 27.5
« key performance indicators
Electricity demand
Sales 2011
revenue (US¢/kWh)
other
Residential
Small Commercial
Large Commercial
42
key performance indicators cont’d
Fuel Cost and system losses

operating expenses
43
key performance indicators cont’d
HEat rate and capacity factor

Availability & forced outage factor
44
J a m a i c a P u b li c S Er v i c e Li m i t ed
Financial statements
Y ea r en d ed 3 1 d ec em b er 2 0 1 1
Expressed in United States Dollars
« Independent Auditors’ report
8 Olivier Road
Kingston 8
Chartered Accountants Jamaica
Tel: 876 925 2501

Fax: 876 755 0413
www.ey.com
INDEPENDENT AUDITORS’ REPORT

To the Shareholders of Jamaica Public Service Company Limited
We have audited the accompanying financial statements of the Jamaica Public Service
Company Limited (“the company”), which comprise the statement of financial position as at 31
December 2011 and the statement of comprehensive income, statement of changes in equity
and statement of cash flows for the year then ended, and a summary of significant accounting
policies and other explanatory notes.
Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial
statements in accordance with International Financial Reporting Standards and the requirements
of the Jamaican Companies Act, 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.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with International Standards on Auditing. Those standards
require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor’s
judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and fair presentation of the
financial statements 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
entity’s internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
47
A member firm of Ernst & Young Global Limited

Partners: Allison Peart, Linval Freeman
« Independent Auditors’ report
INDEPENDENT AUDITORS’ REPORT, CONTINUED

To the Shareholders of Jamaica Public Service Company Limited, Continued
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of the
company as at 31 December 2011 and of its financial performance and its cash flows for the
year then ended in accordance with International Financial Reporting Standards and the
requirements of the Jamaican Companies Act.
Report on Additional Requirements of the Jamaican Companies Act

We have obtained all the information and explanations which, to the best of our knowledge and
belief, were necessary for the purposes of our audit. In our opinion, proper accounting records
have been maintained and the financial statements are in agreement with the accounting
records, and give the information required by the Jamaican Companies Act in the manner so
required.
Chartered Accountants
Kingston, Jamaica
26 March 2012
48
« Statement of financial position A S AT 3 1 D E C E M B E R 2 0 1 1
JAMAICA PUBLIC SERVICE COMPANY LIMITED
Statement of Financial Position

As at 31 December 2011
(Expressed in United States Dollars)
Restated Restated
Notes 2011 2010 2009
$’000 $’000 $’000
(Note 30) (Note 30)
ASSETS
Non-Current Assets

Property, plant & equipment 11 655,534 652,107 637,038
Intangible assets 12 5,570 5,139 4,897
Employee benefits asset 13(a) 27,180 22,307 22,062
Other asset 14 4,738 - -
693,022 679,553 663,997
Current Assets
Cash and cash equivalents 8,830 9,143 9,950

Restricted cash 5 18,346 14,072 6,112
Accounts receivable 6 273,047 229,905 221,153
Tax recoverable 320 1,191 2,547
Inventories 7 60,132 51,593 50,291
360,675 305,904 290,053
TOTAL ASSETS 1,053,697 985,457 954,050
49
3
« Statement of financial position A S AT 3 1 D E C E M B E R 2 0 1 1
49 101,
50
« Statement of Comprehensive Income YEAR ENDED 31 DECEMBER 2011

Statement of Comprehensive Income
Year ended 31 December 2011
Restated
Notes 2011 2010
$’000 $’000
(Note 30)
Operating Revenue 20 1,153,396 942,567
-------------------- --------------------
Cost of Sales:
Fuel ( 765,947) (578,379)
Purchased power (excluding fuel) 4 ( 80,180) ( 71,843)

-------------------- --------------------
( 846,127) (650,222)
-------------------- --------------------
Gross Profit 307,269 292,345
-------------------- --------------------
Operating Expenses:
Operating & maintenance, selling, general
& administrative expenses ( 169,181) (153,047)
Depreciation and amortisation ( 48,373) ( 46,141)
-------------------- --------------------
( 217,554) (199,188)
-------------------- --------------------
Operating Profit Before Net Finance Costs,
Other Income, Other Expenses and Taxation 21 89,715 93,157
-------------------- --------------------
Net Finance Costs:
Foreign exchange (losses) gains ( 3,276) 7,207
Other finance costs ( 39,084) ( 41,079)
Finance income 3,147 2,484
-------------------- --------------------
22 ( 39,213) ( 31,388)
Other income 23(a) 5,130 4,942
Other expenses 23(b) ( 2,421) ( 8,464)
-------------------- --------------------
Profit Before Taxation 53,211 58,247
Taxation expense 24 ( 18,860) ( 18,364)
-------------------- --------------------
Profit for the Year 34,351 39,883
Other Comprehensive Income:
Revaluation deficit 11 ( 21,314) -
-------------------- --------------------
Total Comprehensive Income
Attributable to Shareholders 13,037 39,883
========== ==========
Earnings Per Share/Stock Unit 25 0.15¢ 0.18¢
========== ==========
51
The accompanying notes form an integral part of these financial statements
5
« Statement of changes Y E A R E N D E D 3 1 D E C E M B E R 2 0 1 1
in Shareholders’ equity
Statement of Changes in Shareholders’ Equity

Share Capital Retained

capital reserve earnings Total
$’000 $’000 $’000 $’000
(Note 15) (Note 16)
Balances at 31 December 2009, as

previously reported 261,918 41,357 96,490 399,765
Prior year adjustment (Note 30) - - 6,439 6,439

------------------ ---------------- ---------------- ----------------
Balances at 31 December 2009, as
restated 261,918 41,357 102,929 406,204
Comprehensive income for the year,

as restated (Note 30) - - 39,883 39,883
Dividends (Note 26) - - ( 44,003) ( 44,003)
------------------ ---------------- ---------------- ----------------

Balance at 31 December 2010, as
restated 261,918 41,357 98,809 402,084
Comprehensive income for the year - (21,314) 34,351 13,037
Dividends (Note 26) - - ( 44,002) ( 44,002)
------------------ ---------------- ---------------- ----------------

Balance at 31 December 2011 261,918 20,043 89,158 371,119
========= ======== ======== ========
The accompanying notes form an integral part of these financial statements.
52
6
« Statement of Cash FLows YEAR ENDED 31 DECEMBER 2011

Restated
2011 2010
$’000 $’000
(Note 30)
Cash Flows From Operating Activities
Profit for the year 34,351 39,883
Adjustments for:
Depreciation and amortisation 48,373 46,141

Amortisation of debt issuance costs 2,346 1,035
Unrealised foreign exchange gains ( 1,240) ( 1,322)
Interest expense 35,755 38,400
Other interest income ( 1,472) ( 1,124)
Interest capitalised ( 1,675) ( 1,360)
Income tax expense 16,546 18,717
Deferred tax expense/ (credit) 2,314 (353)
Employee benefits, net ( 10,412) ( 7,256)
---------------- ----------------
Cash generated before changes in working capital and deposits 124,886 132,761
Accounts receivable ( 43,663) ( 7,818)
Inventories ( 8,539) ( 1,302)
Accounts payable 33,783 1,368
Due to related companies 871 ( 113)
Customer deposits and advances 10,141 8,571
Restricted cash ( 4,274) ( 7,960)
----------------- -----------------
Cash generated from operations 113,205 125,507
Taxes paid ( 22,502) ( 15,782)
----------------- -----------------
Net cash provided by operating activities 90,703 109,725
----------------- -----------------
Cash Flows From Investing Activities
Purchase of property, plant & equipment ( 70,356) ( 59,392)
Purchase of intangible assets ( 1,515) ( 700)
Other asset ( 4,738) -
Interest received 1,400 1,083
----------------- -----------------
Net cash used by investing activities ( 75,209) ( 59,009)
----------------- -----------------
Cash Flows From Financing Activities
Short-term loans received - 27,159
Repayment of short-term loan ( 26,641) ( 48,376)
Long-term loans received 158,102 84,570
Repayment of long-term loans ( 71,311) ( 43,939)
Interest paid ( 36,724) ( 38,377)
Dividends paid ( 56,645) ( 32,560)
---------------- -------------------
Net cash used by financing activities ( 33,219) ( 51,523)
---------------- ------------------
Net decrease in cash and cash equivalents ( 17,725) ( 807)
Net cash and cash equivalents at beginning of year 9,143 9,950 53
---------------- ------------------
Net Cash And Cash Equivalents At End Of Year ( 8,582) 9,143
======== =========
7
« Statement of Cash FLows YEAR ENDED 31 DECEMBER 2011

Restated
2011 2010
$’000 $’000
(Note 30)
Represented by:
Cash and cash equivalents 8,830 9,143
Bank overdraft ( 17,412) -
---------------- ------------------
( 8,582) 9,143
======== =========
The accompanying notes form an integral part of these financial statements
54
8
« Notes to the financial Statements YEAR ENDED 31 DECEMBER 2011

1. Corporate structure and nature of business
The company is incorporated in Jamaica. MaruEnergy JPSCO 1 SRL and EWP (Barbados)
1 SRL each has 40% interest in the company’s shares. MaruEnergy JPSCO I SRL, is
incorporated in Barbados and is ultimately owned by Marubeni Corporation. EWP
(Barbados) 1 SRL is incorporated in Barbados and is ultimately owned by the Korea
Electric Power Corporation.
A further 19.9% of the issued ordinary shares are held by the Accountant General and the

Development Bank of Jamaica on behalf of the Government of Jamaica (GOJ) collectively,
and the remaining 0.1% is held by individuals. In accordance with a Shareholder’s
Agreement the majority shareholders have the right to appoint six members of the Board of
Directors while the GOJ has the right to appoint three. Additionally, certain significant
decisions of the Board of Directors require a unanimous vote of the appointed directors.
The principal activities of the company are generating, transmitting, distributing and
supplying electricity in accordance with the terms of the All-Island Electric Licence, 2001
(the Licence), granted on March 30, 2001, by the Minister of Mining and Energy.
The registered office of the company is situated at 6 Knutsford Boulevard, Kingston 5,

Jamaica, W. I., and its preference shares are listed on the Jamaica Stock Exchange.
2. Regulatory arrangements and tariff structure
The Licence authorises the company to supply electricity for public and private purposes
within the Island of Jamaica, subject to regulation by the Office of Utilities Regulation
(OUR) established pursuant to the Office of Utility Regulation Act, 1995, and as
subsequently amended, with power and authority to require observance and performance
by the company of its obligations under the Licence, and to regulate the rates charged by
the company.
Under the provisions of the Licence, the company is granted the exclusive right to
transmit, distribute and supply electricity throughout the Island of Jamaica for a period of
twenty years and to develop new generation capacity within the first three years from the
effective date of the Licence. Since the expiration of this initial three year period, the
company has the right, together with other persons, to compete for the right to develop new
generation capacity. The Licence was extended in August 2007 for an additional period of
six years through to 2027 upon the sale of the company by Mirant Corporation to
Marubeni Corporation.
Schedule 3 of the Licence defines the rates for electricity and the mechanism for rate
adjustments.
55
9

2. Regulatory arrangements and tariff structure (continued)
Under the Licence, the rates for electricity consist of a Non-Fuel Base Rate, which is
adjusted annually using the Performance Based Rate-making Mechanism; and a Fuel Rate,
which is adjusted monthly to reflect fluctuations in actual fuel costs, net of adjustments for
prescribed efficiency targets. Both rates (fuel and non-fuel) are adjusted monthly to
account for movements in the monetary exchange rate between the United States (US)
dollar and the Jamaica dollar.
These rates are determined in accordance with the tariff regime, which provides that the
OUR annually reviews the company’s efficiency levels (system losses and heat rate) and,
where appropriate, adjusts these in the tariff, primarily relating to fuel revenues. Under the
rate schedule the company should recover its actual fuel costs, net of the prescribed
efficiency adjustments, through its Fuel Rate.
As of 31 May 2004, and thereafter, on each succeeding fifth anniversary, the company
must submit a filing to the OUR for further rate adjustments to its Non-Fuel Base Rate.
The rate filing, which requires OUR approval, is based on a test year and includes defined
“efficient” non-fuel operating costs, depreciation expenses, taxes, and a fair return on
investment.
Embedded in the OUR approved tariff is an amount to be set aside monthly in case of a
major catastrophe affecting the company’s operations (transfer to self-insurance sinking
fund).
3. Statement of compliance, basis of preparation and significant accounting policies
(a) Statement of compliance:
The financial statements are prepared in accordance with International Financial

Reporting Standards (IFRS) and their interpretations adopted by the International
Financial Reporting Interpretation Committee (IFRIC), and comply with the
provisions of the Jamaican Companies Act.
(b) Changes in accounting standards and interpretations:
i) Current year changes:
The accounting policies adopted are consistent with those of the previous
financial year, except for the following amended IFRSs and IFRIC interpretations
which became effective as of 1 January 2011 and are of relevance to the
company’s operations:
 IAS 24 Related Party Disclosures (amendment) effective 1 January 2011
 IAS 32 Financial Instruments: Presentation (amendment) effective 1
February 2010
 IFRIC 14 Prepayments of a Minimum Funding Requirement (amendment)
56 effective 1 January 2011
 IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
 Improvements to IFRSs (May 2010)
10


(continued)
(b) Changes in accounting standards and interpretations (continued):

i) Current year changes (continued):
The adoption of the amendments to these standards and interpretations is

described below:
IAS 24 Related Party Transactions (Amendment)

The International Accounting Standards Board (IASB) issued an amendment to
IAS 24 that clarifies the definitions of a related party. The new definitions
emphasise a symmetrical view of related party relationships and clarifies the
circumstances in which persons and key management personnel affect related
party relationships of an entity. In addition, the amendment introduces an
exemption from the general related party disclosure requirements for transactions
with government and entities that are controlled, jointly controlled or significantly
influenced by the same government as the reporting entity. The adoption of the
amendment did not have any impact on the financial position or performance of
the company.
IAS 32 Financial Instruments: Presentation (Amendment)

The IASB issued an amendment that alters the definition of a financial liability in
IAS 32 to enable entities to classify rights issues and certain options or warrants
as equity instruments. The amendment is applicable if the rights are given pro rata
to all of the existing owners of the same class of an entity’s non-derivative equity
instruments, to acquire a fixed number of the entity’s own equity instruments for a
fixed amount in any currency. The amendment has had no effect on the financial
position or performance of the company.
IFRIC 14 Prepayments of a Minimum Funding Requirement (Amendment)

The amendment removes an unintended consequence when an entity is subject to
minimum funding requirements and makes an early payment of contributions to
cover such requirements. The amendment permits a prepayment of future service
cost by the entity to be recognised as a pension asset. The amendment of the
interpretation had no effect on the financial position nor performance of the
company.
57
11


(continued)

i) Current year changes (continued):
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments

The interpretation clarifies that equity instruments issued to a creditor to

extinguish a financial liability qualify as consideration paid. The equity
instruments issued are measured at their fair value. In case that this cannot be
reliably measured, the instruments are measured at the fair value of the liability
extinguished. Any gain or loss is recognized immediately in profit or loss. The
adoption of this interpretation had no effect on the financial statements of the
company.
Improvements to IFRSs
In May 2010, the IASB issued its third omnibus of amendments to its standards,
primarily with a view to removing inconsistencies and clarifying wording. There
are separate transitional provisions for each standard. The adoption of these
amendments had no impact on the financial position or performance of the
company. The following standards were amended:
 IFRS 3 Business Combinations
 IFRS 7 Financial Instruments — Disclosures
 IAS 1 Presentation of Financial Statements
 IAS 27 Consolidated and Separate Financial Statements
 IAS 34 Interim Financial Statements
58
12


(continued)

ii) Future changes:
The company has not adopted early the following new and revised IFRS’s and

IFRIC interpretations that have been issued but are not yet effective:
IAS 1 Financial Statement Presentation – Presentation of Items of Other

Comprehensive Income
The amendments to IAS 1 change the grouping of items presented in OCI.
Items that could be reclassified (or ‘recycled’) to profit or loss at a future point
in time (for example, upon derecognition or settlement) would be presented
separately from items that will never be reclassified. The amendment affects
presentation only and will have no impact on the company’s financial position
or performance. The amendment becomes effective for annual periods
beginning on or after 1 July 2012.
IAS 12 Income Taxes – Recovery of Underlying Assets

The amendment clarifies the determination of deferred tax on investment
property measured at fair value. The amendment introduces a rebuttable
presumption that deferred tax on investment property measured using the fair
value model in IAS 40 should be determined on the basis that its carrying
amount will be recovered through sale. Furthermore, it introduces the
requirement that deferred tax on non-depreciable assets that are measured using
the revaluation model in IAS 16 always be measured on a sale basis of the
asset. The amendment becomes effective for annual periods beginning on or
after 1 January 2012 and is not likely to have any impact on the company’s
financial statements.
IAS 19 Employee Benefits (Amendment)

The IASB has issued numerous amendments to IAS 19. These range from
fundamental changes such as removing the corridor mechanism and the
concept of expected returns on plan assets to simple clarifications and re-
wording. The amendment becomes effective for annual periods beginning on or
after 1 January 2013. The management of the company is still assessing the
impact of the amendment on the company’s financial performance.
IAS 27 Separate Financial Statements (as revised in 2011)

As a consequence of the new IFRS 10 and IFRS 12, what remains of IAS 27 is
limited to accounting for subsidiaries, jointly controlled entities, and associates 59
in separate financial statements. The amendment becomes effective for annual
periods beginning on or after 1 January 2013. This amendment is not likely to
have any impact on the company’s financial statements.
13


(continued)
ii) Future changes (continued):
IFRS 7 Financial Instruments: Disclosures — Enhanced Derecognition

Disclosure Requirements
The amendment requires additional disclosure about financial assets that have
been transferred but not derecognised to enable the users of financial
statements to understand the relationship with those assets that have not been
derecognised and their associated liabilities. In addition, the amendment
requires disclosures about continuing involvement in derecognised assets to
enable the user to evaluate the nature of, and risks associated with, the entity’s
continuing involvement in those derecognised assets. The amendment becomes
effective for annual periods beginning on or after 1 July 2011. The amendment
affects disclosure only and is not likely to have any significant impact on the
company’s financial position or performance.
IFRS 9 Financial Instruments: Classification and Measurement

IFRS 9 as issued reflects the first phase of the IASBs work on the replacement
of IAS 39 and applies to classification and measurement of financial assets and
financial liabilities as defined in IAS 39. The standard is effective for annual
periods beginning on or after 1 January 2015. In subsequent phases, the IASB
will address hedge accounting and impairment of financial assets. The
completion of this project is expected over the course of 2011 or the first half
of 2012. The company will quantify the effect in conjunction with the other
phases, when issued, to present a comprehensive picture.
IFRS 10 Consolidated Financial Statements

IFRS 10 replaces the portion of IAS 27 Consolidated and Separate Financial
Statements that addresses the accounting for consolidated financial statements.
It also includes the issues raised in SIC-12 Consolidation — Special Purpose
Entities. IFRS 10 establishes a single control model that applies to all entities
including special purpose entities. The changes introduced by IFRS 10 will
require management to exercise significant judgement to determine which
entities are controlled, and therefore, are required to be consolidated by a
parent, compared with the requirements that were in IAS 27. This standard
becomes effective for annual periods beginning on or after 1 January 2013.
This standard is not likely to have any impact on the company’s financial
60 statements.
14


(continued)
ii) Future changes (continued):
IFRS 11 Joint Arrangements

IFRS 11 replaces IAS 31 Interests in Joint Ventures and SIC-13 Jointly-
controlled Entities — Non-monetary Contributions by Venturers. IFRS 11
removes the option to account for jointly controlled entities (JCEs) using
proportionate consolidation. Instead, JCEs that meet the definition of a joint
venture must be accounted for using the equity method. This standard becomes
effective for annual periods beginning on or after 1 January 2013. This
standard is not likely to have any impact on the company’s financial
statements.
IFRS 12 Disclosure of Involvement with Other Entities

IFRS 12 includes all of the disclosures that were previously in IAS 27 related
to consolidated financial statements, as well as all of the disclosures that were
previously included in IAS 31 and IAS 28. These disclosures relate to an
entity’s interests in subsidiaries, joint arrangements, associates and structured
entities. A number of new disclosures are also required. This standard becomes
effective for annual periods beginning on or after 1 January 2013. This
standard is not likely to have any impact on the company’s financial
statements.
IFRS 13 Fair Value Measurement

IFRS 13 establishes a single source of guidance under IFRS for all fair value
measurements. IFRS 13 does not change when an entity is required to use fair
value, but rather provides guidance on how to measure fair value under IFRS
when fair value is required or permitted. This standard becomes effective for
annual periods beginning on or after 1 January 2013. The management of the
company is still assessing the impact of this standard on the company’s
financial statements.
61
15


(continued)
(c) Basis of measurement:
These financial statements are presented in United States dollar, which is the
functional and presentation currency of the company. The United States dollar is the
functional currency because it is the primary economic environment in which the
company operates.
The financial statements are prepared under the historical cost basis, modified for the
inclusion of land at valuation and the measurement at deemed cost for specialised
plant and equipment. Deemed cost represents the fair value at the date of transition
to IFRS.
(d) Use of estimates and judgements:
The estimates and underlying assumptions are reviewed on an ongoing basis.

Revisions to accounting estimates are recognised in the period in which the estimate
is revised if the revision affects only that period, or in the period of the revision and
future periods, if applicable.
Judgements made by management in the application of IFRS that have significant

effect on the financial statements and estimates with a significant risk of material
adjustment in the next financial year are discussed below:
(i) Pension
The amounts recognised in the statement of financial position and statement of

comprehensive income for pension is determined actuarially using several
assumptions. The primary assumptions used in determining the amounts
recognised include expected long-term return on plan assets, expected rates of
salary and pension increases, and the discount rate used to determine the
present value of estimated future cash flows required to settle the pension
obligation.
62
16


(continued)
(d) Use of estimates and judgements (continued):
(i) Pension (continued)
The expected return on plan assets considers the long-term historical returns,

asset allocation and future estimates of long-term investment returns. The
discount rate is determined based on the estimate of yield on long-term
government securities that have maturity dates approximating the terms of the
company’s obligation; in the absence of such instruments in Jamaica, it has
been necessary to estimate the rate by extrapolating from the longest-tenure
security on the market. Any changes in these assumptions will affect the
amounts recorded in the financial statements for these obligations.
(ii) Allowance for impairment losses on receivables
In determining amounts recorded for impairment losses in the financial

statements, management makes judgements regarding indicators of
impairment, that is, whether there are indicators that suggest there may be a
measurable decrease in the estimated future cash flows from receivables, for
example, default and adverse economic conditions. Management also makes
estimates of the likely estimated future cash flows from impaired receivables
as well as the timing of such cash flows. Historical loss experience is applied
where indicators of impairment are not observable on individually significant
receivables with similar characteristics, such as credit risks.
(iii) Lease arrangements
Management evaluates all purchase arrangements to assess whether they

contain leases [Notes 3(t) & 4].
(iv) Unbilled revenue
Unbilled revenue at each month-end is estimated consistently using certain

objective indicators such as heat rate, system losses rate, fuel rate and
Independent Power Provider (IPP) charges, other non fuel rates and unbilled
quantity.
(v) Deferred tax
Deferred tax assets are recognized for all unused tax losses to the extent that it 63
is probable that taxable profit will be available against which losses can be
utilized. The amount of deferred tax assets that is recognized is based upon the
likely timing and estimated levels of future taxable profits.
17


(continued)
(d) Use of estimates and judgements (continued):

(vi) Property, plant and equipment
Management exercises judgement in determining whether the costs incurred

can accrue significant future economic benefits to the company to enable the
value to be treated as a capital expense.
Further judgement is applied in the annual review of the useful lives of all
categories of property, plant and equipment and the resulting depreciation
thereon.
(vii) Provision for inventory obsolescence

The company assesses on an annual basis its inventory to determine the
provision that should be carried for items that are in good condition, but will
not be used in the foreseeable future. Provision is also made for items that
have deteriorated or become damaged while in stock.
(e) Cash and cash equivalents:
Cash and cash equivalents comprise cash and bank balances including short-term
deposits with maturities ranging between one and three months from the statement
of financial position date.
(f) Accounts receivable:
Trade and other accounts receivable are stated at amortised cost less impairment
losses.
(g) Inventories:
Inventories materially comprise fuel stocks, and generation, transmission and

distribution spare parts. Inventories are valued at the lower of cost, determined on a
weighted average cost basis, and net realisable value.
(h) Accounts payable:
Trade and other payables are stated at amortised cost.
(i) Provisions:
A provision is recognised in the statement of financial position when the company

64 has an obligation as a result of a past event and it is probable that an outflow of
economic benefits will be required to settle the obligation. If the effect is material,
provisions are determined by discounting the expected future cash flows at a rate
that reflects current market assessments of the time value, and, where appropriate,
the risks specific to the obligation.
18


(continued)
(j) Property, plant & equipment and intangible assets:
In accordance with IAS 16, additions to property, plant and equipment and
intangible assets, replacement of retirement units of plant in service, or additions to
construction work-in-progress include direct labour, materials, professional fees and
an appropriate charge for overheads.

Specialized, plant and equipment are stated at deemed cost at the IFRS transition
date of 1 January 2003, less accumulated depreciation and impairment losses, while
all other property, plant and equipment are stated at cost except for land, which is
stated at revalued cost. Land was revalued as at 31 December 2011 using the Market
Comparable Basis which is based on the use of sale values obtained for similar
properties within the relevant period.
Property, plant and equipment in the course of construction are carried at cost less
recognised impairment losses.
Intangible assets, comprising computer software, are stated at cost, less amortisation
and impairment losses.
(k) Depreciation and amortisation:
Land and land rights are not depreciated.
Other property, plant and equipment and intangible assets are depreciated or
amortised on the straight-line basis at annual rates estimated to write off the assets
over their expected useful lives.
The depreciation rates, which are specified by the Licence, are as follows:
Steam production plant 4%
Hydraulic production plant 2%, 2½%, 2.86%
Other production plant 2½%, 4% & 5%
Transmission plant 4%
Distribution plant 3.33% & 4%
General plant & equipment:
Buildings and structures 2%
Transport equipment 14.3%
Other equipment 4%, 5% & 6.65%
Computer software is amortised at 6.65% per annum.
These depreciation rates are reviewed annually by management to make sure they
are in compliance with IFRS.
65
19


(continued)
(l) Employee benefits:

Assets and liabilities in respect of the defined benefit pension plan have been
actuarially determined by a qualified independent actuary appointed by management.
The appointed actuary’s report outlines the scope of the valuation and the actuary’s
opinion. The actuarial valuations were conducted in accordance with IAS 19, and the
financial statements reflect the company’s post-employment benefits asset and

obligations as computed by the actuary.
(i) Pension assets:
The company participates in two trusteed pension plans (a defined-benefit and a

defined contribution pension plan), the assets of which are held separately from
those of the company, and remain under the control of the appointed trustees.
Obligations for contributions to the defined contribution pension plan are

recognised as an expense in the statement of comprehensive income as
incurred.
The defined benefit pension plan requires the company to contribute a

percentage of employees’ pensionable earnings and employees to contribute a
similar amount. Such contributions, which are actuarially determined, provide
for current costs and amounts to amortise any past service deficits disclosed
over the average future working lifetime of the active membership.
The company’s net obligation in respect of the defined benefit pension plan is
calculated at each statement of financial position date by estimating the amount
of future benefits that employees have earned in return for their service in the
current and prior periods, discounting it to determine its present value, and
deducting the fair value of the plan assets. To the extent that the obligation is
less than the fair value of the plan assets, the asset recognised is restricted to the
discounted value of future benefits available to the company in the form of
future refunds or reductions in contributions. The discount rate applied is the
yield at statement of financial position date on long-term government
instruments that have maturity dates approximating the term of the company’s
obligation. In the absence of such instruments in Jamaica, it has been necessary
to estimate the rate by extrapolating from the longest-tenure security on the
market.The calculation is performed by a qualified independent actuary using
the Projected Unit Credit Method.
66
In calculating the company’s obligation in respect of the plan at the statement
of financial position date, actuarial gains or losses are recognised in the
statement of comprehensive income in the accounting period in which they
occur.
20


(continued)
(l) Employee benefits (continued):
(ii) Other post-employment benefits:
A provision is made for unutilised vacation and sick leave in respect of

services rendered by employees up to the statement of financial position date.
Under collective bargaining agreements, employees are entitled to a
termination benefit in relation to their unutilised vacation and sick leave
entitlements that accumulate in certain instances over the life of their service.
The provision includes estimated employer’s contributions arising out of
leave-vesting.
(m) Customer deposits:
Given the long-term nature of the customer relationship, customer deposits and
construction advances are shown in the statement of financial position as non-current
liabilities (i.e., amounts not likely to be repaid within twelve months of the statement
of financial position date). Interest is credited annually on customer deposits at rates
prescribed by the Licence.
(n) Revenue recognition:
Operating revenue represents income for the provision of electricity and related
services. Income is recognised for billings made for these services and an estimate
of electricity supplied prior to the end of the reporting period which is to be billed
subsequently (referred to as “unbilled” revenues and included in accounts
receivable).
(o) Borrowings:
(i) Capitalisation of borrowing costs:
Borrowing costs directly attributable to the construction of qualifying assets

are added to the cost of those assets, until such time as the assets are
substantially ready for their intended use. All other borrowing costs are
recognised in the statement of comprehensive income in the period in which
they are incurred.
(ii) Debt issuance costs: 67

These represent legal, accounting and financing fees associated with securing
certain long-term loans, which are being amortised on an effective rate basis
over the lives of the loans.
21


(continued)
(o) Borrowings (continued):
(iii) Interest-bearing borrowings:
Interest-bearing borrowings are recognised initially at fair value plus transaction

costs directly attributable to the issue of the financial liabilities. Subsequent to

initial recognition, interest-bearing borrowings are stated at amortised cost using
effective interest method.
(p) General Consumption Tax (GCT):
The Government through an amendment to the GCT Act gazetted in 2009, imposed
GCT at the rate of 10% on electricity with effect from 1 February 2010. The
amendment to the Act also prevented the company from recovering input GCT
incurred in the acquisition of goods or services and, consequently, such goods or
services are recorded at cost plus GCT where incurred.
(q) Income taxes:
Taxation on the profit or loss for the year comprises current and deferred tax.
Taxation is recognised in the statement of comprehensive income, except to the
extent that it relates to items recognised directly in equity, in which case it is
recognised in equity.
Current tax is the expected tax payable on the income for the year, using tax rates
enacted at the balance sheet date, and any adjustment to tax payable in respect of
previous years.
Deferred tax is computed using the statement of financial position liability method,
providing for temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation
purposes. The amount of deferred tax provided is based on the expected manner of
realisation or settlement of the carrying amount of assets and liabilities, using tax
rates enacted at the statement of financial position date.
A deferred tax liability is recognised for all taxable temporary differences, except to
the extent that the company is able to control the timing of the reversal of the
temporary difference and it is probable that the temporary difference will not reverse
in the foreseeable future.
68
22


(continued)
(q) Income taxes (continued):
A deferred tax asset is recognised only to the extent that it is probable that future
taxable profits will be available against which the asset can be utilised. Deferred tax
assets are reduced to the extent that it is no longer probable that the related tax

benefit will be realised.
(r) Foreign currencies:
Transactions in foreign currencies are converted at the rates of exchange ruling on

the dates of those transactions. Monetary assets and liabilities denominated in
foreign currencies at the statement of financial position date are translated to United
States dollars at the rates of exchange ruling at that date. Gains and losses arising
from fluctuations in exchange rates are included in the statement of comprehensive
income.
For the purposes of statement of cash flows, realised foreign currency gains and
losses are treated as cash items and included in cash flows from operating or
financing activities along with movement in the relevant balances.
(s) Impairment:
The carrying amounts of the company’s assets are reviewed at each statement of
financial position date to determine whether there is any indication of impairment. If
any such indication exists, an asset’s recoverable amount is estimated at each
statement of financial position date. An impairment loss is recognised whenever the
carrying amount of an asset or its cash-generating unit exceeds its recoverable
amount. Impairment losses are recognised in the statement of comprehensive
income.
Calculation of recoverable amounts:
The recoverable amount of the company’s receivables is calculated as the present

value of expected future cash flows, discounted at the original effective interest rate
inherent in the asset. Receivables with a short duration are not discounted.
The recoverable amount of other assets is the greater of their fair value less cost to
sell and value in use. In assessing value in use, the estimated entity-specific future
cash flows are discounted to their present value using a discount rate that reflects 69
current market assessments of the time value of money and the risks specific to the
asset. For an asset that does not generate independent cash inflows, the recoverable
amount is determined for the cash-generating unit to which the asset belongs.
23


(continued)
(s) Impairment (continued):
Calculation of recoverable amounts (continued):
An impairment loss in respect of receivables is reversed if the subsequent increase in

recoverable amount can be related objectively to an event occurring after the

impairment loss was recognised. An impairment loss is reversed if there has been a
change in the estimate used to determine the recoverable amount.
(t) Leases:
Payments made under operating leases are recognised in the statement of

comprehensive income on a straight-line basis over the term of the lease.
(u) Segment reporting:
An operating segment is a component of an entity:
(i) that engages in business activities from which it may earn revenues and incur
expenses (including revenues and expenses relating to transactions with other
components of the same entity),
(ii) whose operating results are regularly reviewed by the entity's chief operating
decision maker to make decisions about resources to be allocated to the
segment and assess its performance, and
(iii) for which discrete financial information is available.
The company maintains an integrated operating structure and its operations are
reviewed by management and directors as a whole and not in segments.
Consequently, no segment disclosures are included in the financial statements.
(v) Related parties:
A party is related to the company if:

(i) directly or indirectly, the party:
 controls, is controlled by, or is under common control with the company;
 has an interest in the company that gives it significant influence over the
70 company; or
 has joint control over the company.
24


(continued)
(v) Related parties (continued):
(ii) the party is a member of the key management personnel of the company. Such
personnel are persons having authority and responsibilities for planning,
directing and controlling the activities of the company whether directly or
indirectly and whether through an executive or non-executive role.

(iii) the party is a close member of the family of any individual referred to in (i) or
(ii) above.
(iv) the party is a post-employment benefit plan for the benefit of employees of the
company, or any entity that is a related party of the company.
The company’s key related party relationships are with its parent company, ultimate
parent company, fellow subsidiaries, the Jamaican Government, directors, key
management personnel and its two pension plans.
(w) Financial instruments and fair values:
A financial instrument is any contract that gives rise to both a financial asset of one
enterprise and a financial liability or equity instrument of another enterprise. For the
purpose of these financial statements, financial assets have been determined to
include cash and cash equivalents, and accounts receivable. Similarly, financial
liabilities include bank overdraft, accounts payable and provisions, due to related
companies, customer deposits and loans. Purchases and sales of financial
instruments are accounted for at settlement dates.
Fair value amounts represent estimates of the arm’s length consideration that would
be currently agreed between knowledgeable, willing parties who are under no
compulsion to act and are best evidenced by a quoted market price, if one exists
Note 29 (c).
(x) IFRIC 12- Service Concession Arrangements (“Interpretation”)
The company reviewed the Licence to determine whether the arrangement with the
OUR qualified as a service concession arrangement under the Interpretation. The
Licence permits the Government of Jamaica to acquire the company’s electricity
undertaking at the expiration of the term of the licence provided that the Minister
gives at least two years’ prior notice. If the Government of Jamaica exercises its
option, the acquisition price is equal to the fair market value of an ongoing business
concern including the Licence and all lands, building, works, materials, plant and
property of all kinds whatsoever suitable to or intended for the purposes of the
undertaking. Because the acquisition price is for the entire business as opposed to the 71
underlying infrastructure, the arrangement is not within the scope of the
Interpretation.
25


(continued)
(y) Comparative balances
Where necessary, comparative figures have been reclassified or restated to conform

with changes in presentation to the current year. In particular, they relate to amounts
restated for property, plant and equipment, depreciation charges and retained
earnings as more fully explained in Note 30. In addition, restricted cash has been
reclassified from cash and cash equivalents and stated as a separate balance in the
statement of financial position.
4. Power purchase contracts
The company has entered into agreements with independent power providers (IPPs) for the
purchase of energy capacity and net energy output.
The IPP arrangements are:

Contract termination date
Jamaica Energy Partners (JEP) February 2026
The Jamaica Private Power Company Limited (JPPC) January 2018
Jamaica Aluminium Company Limited (JAMALCO) December 2019
Wigton Wind Farm Limited (Wigton) May 2024
Munro College (Munroe) December 2012
All agreements are subject to termination prior to the contract dates upon the occurrence of
certain events of default as specified in the agreements, and are renewable for an additional
period, provided the party seeking the extension gives written notice, ranging from two to
six years, before the end of the initial term.
72
26

4. Power purchase contracts (continued)
Certain agreements require payment for available energy capacity and for certain operating
costs and overheads. Additionally, certain agreements require the company to provide a
banker’s guarantee in relation to contractual payments. The company has a financing
arrangement with a financial institution, which guarantees access to funds by IPPs for
contractually agreed payments. The facility was not accessed during the year.

The contracts with JEP, JPPC and Wigton have been assessed as operating leases. The
contracts with JAMALCO and Munroe were not considered arrangements that contain a
lease. The operating leases with JEP and JPPC gave rise to unexpired commitments for
energy capacity and certain operating charges payable at 31 December 2011 as follows:
$’000
Within 1 year 44,437

From 1-2 years 45,257
From 3-5 years 141,145
Over 5 years 383,942
614,781
5. Restricted cash
This cash is restricted in its use in the manner specified as follows:
2011 2010
$’000 $’000
Self-insurance sinking fund 17,872 13,606

Deposit guarantees on staff loans, IPP contracts
etc. 474 466
18,346 14,072
The self-insurance sinking fund represents cash maintained as part of the self-insurance
sinking fund administered under the direction of the OUR (Note 2).
73
27

6. Accounts receivable
2011 2010
$’000 $’000
Trade receivables, net (i) & (ii) 152,347 127,320

Unbilled revenue 105,316 88,389
Prepayments 5,273 5,033
Other receivables 10,111 9,163

273,047 229,905
(i) Trade receivables are shown net of an allowance for impairment losses as follows:
2011 2010
$’000 $’000
Balance at beginning of year 30,654 16,923

Impairment loss recognized 25,910 16,327
Amounts written off during
the period (18,693) ( 2,596)
Balance at end of year 37,871 30,654
(ii) The aging of trade receivables at the reporting date was:

2011 2010
Gross Gross Gross Gross

Receivable Impairment Receivable Impairment
$’000 $’000 $’000 $’000
Due 0-30 days 106,512 - 85,717 -
Past due 31-60 days 14,549 - 8,198 -
Past due 61-90 days 7,671 - 5,552 -
More than 90 days 61,486 37,871 58,507 30,654
Trade accounts receivable 190,218 37,871 157,974 30,654
7. Inventories
2011 2010
$’000 $’000
Fuel 13,442 10,111

Generation spare parts 21,109 20,530
Transmission, distribution and other spares 26,989 21,232
61,540 51,873
Less: Provision for obsolescence ( 1,408) ( 280)
74
60,132 51,593
28

8. Bank overdraft
The bank overdraft is temporary, unsecured and repayable on demand. It represents a book
amount which resulted from timing differences between receipts and disbursements at the
year end.
9. Short-term loans
The company had no short term loans on record at December 31, 2011. The 2010 balance,
which was fully repaid in 2011, comprised three short term loans denominated in United

States dollars and bearing variable rates ranging from six month LIBOR plus 2% to
LIBOR plus 6.75%.
10. Accounts payable and provisions
2011 2010
$’000 $’000
Trade payables 115,053 91,744

Interest accrued on customer deposits and loans 15,580 16,550
Dividend payable 3,796 16,441
Other payables and provisions (i) 14,443 3,961
148,872 128,696
(i) Other payables and provisions include provisions as follows:

2011 2010
$’000 $’000
Balance at beginning of year 843 2,004

Provisions made during the year 2,341 13,192
Provisions utilised during the year (1,594) (14,353)
Balance at end of year 1,590 843
Comprising provisions for:

2011 2010
$’000 $’000
Bonus salaries 295 133
Legal and other claims in process
(Note 28) 1,295 710
1,590 843
75
29

11. Property, plant & equipment
Transmission
Land, Production and Computer
buildings (generation) distribution General equipment, Construction
& land plant & plant & plant & office fixtures work-in-
rights equipment equipment machinery & fittings progress Total
$’000 $’000 $’000 $’000 $’000 $’000 $’000
At cost or valuation:
31 December 2009, restated 115,746 609,580 869,466 117,219 70,321 43,298 1,825,630
Additions 77 482 11,131 261 51 49,909 61,911
Transfers 1,033 21,225 30,276 1,083 1,544 (55,161) -
Disposals/retirements
& adjustments ( 62) ( 88) ( 762) ( 246) ( 1) - ( 1,159)
------------- ------------- ------------ ------------ ------------ ------------ -------------
31 December 2010, restated 116,794 631,199 910,111 118,317 71,915 38,046 1,886,382
Additions - 862 14,629 492 66 56,464 72,513
Transfers 648 15,457 18,020 623 475 (35,223) -
Disposals/retirements
& adjustments - ( 496) ( 211) ( 24) ( 1) - ( 732)
Revaluation ( 21,314) - - - - - ( 21,314)
------------- ------------- ------------ ------------ ------------ ------------ -------------
31 December 2011 96,128 647,022 942,549 119,408 72,455 59,287 1,936,849
------------- ------------- ------------ ------------ ------------ ------------ -------------
Depreciation:
31 December 2009, restated 12,889 419,390 606,219 99,134 50,960 - 1,188,592
Charge for the year, restated 827 21,126 18,703 2,468 2,592 - 45,716
Disposals/retirements ( 1) ( 1) ( 11) ( 19) ( 1) - ( 33)
------------- ------------- ------------ ------------ ------------ ------------ -------------
31 December 2010, restated 13,715 440,515 624,911 101,583 53,551 - 1,234,275
Charge for the year, restated 844 22,328 19,514 2,358 2,689 - 47,733
Disposals/retirements - ( 470) ( 211) ( 11) ( 1) - ( 693)
------------- ------------- ------------ ------------ ------------ ------------ -------------
31 December 2011 14,559 462,373 644,214 103,930 56,239 - 1,281,315
------------- ------------- ------------ ------------ ------------ ------------ -------------
Net book values:
31 December 2011 81,569 184,649 298,335 15,478 16,216 59,287 655,534
======= ======= ======= ====== ====== ====== =======
31 December 2010, restated 103,079 190,684 285,200 16,734 18,364 38,046 652,107
======= ======= ======= ====== ====== ====== =======
31 December 2009, restated 102,857 190,190 263,247 18,085 19,361 43,298 637,038
======= ======= ======= ====== ====== ====== =======
76
30

11. Property, plant & equipment (continued)
(a) Land, buildings and land rights include land, at valuation, aggregating approximately
$52.6 million (2010: $73.9 million). Land, which is considered a separate class of
assets, was revalued by independent professional valuators during 2011 resulting in a
revaluation deficit of $21.3 million. Land at cost amounted to $27 million.
(b) Interest capitalised during construction for the year amounted to approximately $1.7

million (2010: $1.4 million). The capitalisation rate used for the year was 0.4253 %
(2010: 0.4435%).
(c) The composite rate of depreciation for the year was approximately 4.2% (2010:
4.2%).
12. Intangible assets

This represents acquired software costs capitalised as follows:
2011 2010
$’000 $’000
Cost:
At beginning of year 7,454 6,754
Additions 1,071 700
Adjustment - -
At end of year 8,525 7,454
Amortisation:
Charge for the year 640 458
Adjustment - -
Net book value 5,570 5,139
77
31

13. Employee benefits
(a) Defined benefit pension plan
The company administers a defined-benefit pension plan for its permanent

employees. The assets of the plan are under the control of trustees and are managed
by certain approved investment fund managers. Administrative services are
provided by three Fund Managers; Sagicor Life of Jamaica Limited, Prime Asset
Management Limited and NCB Insurance Company Limited.
(i) Employee benefits:

2011 2010
$'000 $'000
Present value of funded obligations ( 50,995) (47,521)

Fair value of plan assets 105,355 92,135
Unrecognised amount due
to limitation ( 27,180) (22,307)
Asset recognised in statement of financial position 27,180 22,307
(ii) Movements in funded obligations:
2011 2010
$'000 $'000
Balance at beginning of year (47,521) (29,660)
Benefits paid 1,612 4,429
Current service and interest costs ( 7,035) (6,748)
Annuities purchased - 349
Gain (loss) on curtailment/settlement - 413
Actuarial (loss) gain 2,634 (16,118)
Exchange (loss) gain ( 685) ( 186)
Balance at end of year (50,995) (47,521)
78
32

13. Employee benefits (continued)

(a) Defined benefit pension plan (continued):
(iii) Movements in plan assets:
2011 2010
$'000 $'000
Fair value of plan assets at
beginning of year 92,135 73,784

Contributions paid 4,277 3,826
Expected return on plan assets 9,268 11,400
Benefits paid ( 1,612) ( 4,429)
Annuities purchased - (349)
Refund to company - (349)
Actuarial gain 2,074 5,040
Exchange (loss) gain ( 787) 3,212
Fair value of plan assets at end of year 105,355 92,135
2011 2010
$'000 $'000
Plan assets consist of the following:
Equities 27,074 27,123
Fixed income securities 78,281 65,012
105,355 92,135
(iv) Expense (credit) recognised in the statement of comprehensive income:

2011 2010
$'000 $'000
Current service costs 1,264 1,474

Interest on obligations 5,375 4,784
Expected return on plan assets ( 9,268) (11,400)
Net actuarial loss (gain) recognised
during the year ( 4,708) 11,077
Annuities purchased - ( 349)
(Gain) loss on curtailment /settlement - ( 413)
Total expense (credit) ( 7,337) 5,173
Net (credit) expense recognised

due to limitation ( 3,669) 2,587
79
Actual return on plan assets 11,342 16,440
33


(a) Defined benefit pension plan (continued):
The (credit) expense is recognised in operating & maintenance, selling, general &
administrative expenses in the statement of comprehensive income.
(v) Principal actuarial assumptions at the statement of financial position date

(expressed as weighted averages):
2011 2010
Discount rate 10% 11%

Expected return on plan assets 9.5% 10%
Future salary increases 5% 7%
Future pension increases 2% 2%
======== ========
Assumptions regarding future mortality are based on PA(90)M and PA(90)F tables
with ages reduced by six years. The expected long-term rate of return is based on the
assumed long-term rate of inflation.
The company’s estimated contribution for the 12 months subsequent to the year end
is $1.95 million.
(b) Other employee benefit obligations:

Other employee benefit obligations comprise:
2011 2010
$’000 $’000
Accumulated sick and vacation pay 9,050 8,253
80
34


(c) Historical information
(i) Defined benefit pension plan:
2011 2010 2009 2008 2007
$’000 $’000 $’000 $’000 $’000
Present value of the defined
benefit obligations ( 50,995) (47,521) (29,660) (55,241) ( 49,149)

Fair value of plan assets 105,355 92,135 73,784 97,832 122,174
-------------- -------------- -------------- -------------- ---------------
Surplus 54,360 44,614 44,124 42,591 73,025
======= ======= ======= ======= =======
Experience adjustments
arising on plan liabilities 3,044 ( 1,122) ( 1,629) ( 2,201) ( 1,813)
======= ======= ======= ======= =======
arising on plan assets 2,074 5,040 6,724 (20,838) 2,235
======= ======= ======= ======= =======
(ii) Post-employment medical and life insurance obligation benefit:

2011 2010 2009 2008 2007
$’000 $’000 $’000 $’000 $’000
Present value of the
post-employment benefit
obligations - - - 8,218 8,746
======= ======= ======= ======= =======
arising on plan liabilities - - - 792 1,055
======= ======= ======= ======= =======
(d) Defined contribution pension plan:
The company’s contribution to the defined contribution pension plan for the year
aggregated $352,000 (2010: $334,000). These are recognised in operating &
maintenance, selling, general and administrative expenses in the statement of
comprehensive income.
81
35

14. Other asset
This represents the long term portion of interest free loans provided by the company to
certain of its customers for wiring of houses, that are recoverable over a period of sixty
months. The short term portion amounting to $484,000 is included in other receivables
(Note 6)
15. Share capital

Authorised:
Ordinary share capital:
315,733,190 Ordinary stock units at no par value
30,000,000,000 Ordinary shares at no par value
--------------------------
30,315,733,190
=============
Cumulative preference shares of no par value
567,000 7% “B” shares
66,500 5% “C” shares
1,049,000 5% “D” shares
514,000 6% “E” shares
-----------------------
2,196,500
============
2011 2010
$’000 $’000
Stated capital:
Issued and fully paid:
Ordinary share capital:
315,733,190 Ordinary stock units 5,684 5,684
21,512,462,056 Ordinary shares 256,102 256,102
21,828,195,246 261,786 261,786
Cumulative preference
shares:
420,000 7% “B” shares 38 38
66,500 5% “C” shares 6 6
680,000 5% “D” shares 61 61
300,000 6% “E” shares 27 27
1,466,500 132 132
261,918 261,918
82
36

15. Share capital (continued)
The cumulative preference shares are non-voting and are preferred only in respect of return
of capital and any dividends in arrears on a winding up.
16. Capital reserve

2011 2010

$’000 $’000
Revaluation surplus 20,043 41,357

======== ========
This represents the net surplus arising on the revaluation of land.
17. Customer deposits
2011 2010
$’000 $’000
Customer deposits for electricity service (i) 19,131 18,745
Customer advances for construction (ii) 11,927 10,088
-------------- -------------
31,058 28,833
======= =======
(i) In general, the company requires a deposit from customers before providing service.
The deposit is refundable upon termination of service subject to certain conditions.
Interest is paid annually to customers and applied to their electricity accounts
according to rates prescribed by the OUR (Note 2), which are broadly equivalent to
rates applicable to savings deposits.
(ii) Customer advances for construction relate to non-interest-bearing deposits obtained

by the company in relation to construction projects being undertaken by potential
customers. These amounts are refundable subject to certain conditions.
83
37

18. Long-term loans

2011 2010
$’000 $’000
(a) Kreditanstalt fur Weideraudfbau of Frankfurt/
Government of Jamaica (KFW/GOJ), 7% fixed
rate, repayable 2030 [€3.9 million] 5,010 5,150
(b) International Finance Corporation (IFC)
variable rate, repayable 2015 [$45 million] 20,000 25,000
(c) International Finance Corporation (IFC)

(d) National Commercial Bank
13.25% fixed rate, repayable 2012 [J$3.6B] - 22,095
(e) Deutsche Bank as trustees of the holders of the 11%
Senior notes due 2021 [$180 million] 174,708 175,176
(f) FirstCaribbean International Bank (FCIB)
(g) Espirito Santo Bank
6.5% fixed rate, repayable 2016[$7.68 million] 6,339 2,326
(h) NCB Syndicated Loan
variable rate, repayable 2012 [$5.9 million] 4,214 4,976
(i) First Global Financial Services
10.4% fixed rate, repayable 2011 [$11.5 million] - 11,452
(j) Peninsula Corporation
7.9% fixed rate, repayable 2012 [$14.95 million] - 14,950
(k) Citibank NA
7.15% fixed rate, repayable 2012 [$5 million] - 5,000
(l) Export Development Canada
variable rate, repayable 2015 [$5.474 million] 4,659 2,155
(m) Citibank Japan/NEXI
variable rate, repayable 2020 [$65 million] 54,593 -
(n) Proparco
variable rate, repayable 2020 [$60.5 million] 58,947 -
(o) OPEC Fund for International Development
variable rate, repayable 2020 [$25 million] 24,508 -
----------------- -------------
405,788 316,596
Less: Current portion ( 49,493) ( 24,317)
----------------- -------------
356,295 292,279
84 ========= ==========
[These amounts represent the original principal value of loans received.]
38

18. Long-term loans (continued)
(a) This loan was received from the Government of Jamaica (GOJ), based on a formal
on-lending agreement dated January 17, 1996. Under the terms of the original
agreement with KFW, the loan is unsecured and repayable commencing in 2010
through 2030. Interest is payable semi-annually in arrears.
(b) This loan is repayable in eighteen semi-annual instalments of $2,500,000, which

commenced February 2007. The variable interest rate is based on LIBOR plus 7.5%

per annum until February 2007 and a spread of 6% thereafter. As at December 31,
2011, the rate so determined was 6.48% (2010: 6.51%). The loan is secured by a
fixed and floating charge over certain assets of the company.
(c) This loan is unsecured and repayable in eighteen semi-annual instalments of
$1,666,666.66, commencing March 2012. The variable interest rate is based on
LIBOR plus 5%, and the rate so determined as at 31 December 2011 was 5.4610%.
Interest is paid semi-annually commencing March 2011. During the year the
company drew down a further $10M on this facility. The amount due is stated net of
debt issuance costs of $840,000 associated with the issue.
(d) This was an unsecured loan which was repayable in full at maturity on March 31,
2012. The 13.25% fixed interest was repayable in quarterly instalments. The amount
due was stated net of debt issuance costs of $34,000 associated with the issue. The
outstanding principal was repaid in full on March 31, 2011.
(e) This represents unsecured 11% Senior Notes issued on the US bond market and is
tradable in Portal, a subsidiary of Nasdaq Stock Market, Inc. The Notes are payable
in full on maturity; $179,189,000.00 to mature on July 6, 2021 and $811,000.00 to
mature on July 6, 2016. Interest payments are to be made on 6 January and 6 July
annually with record dates of 23 December and 22 June, respectively, and interest
rates of 11% for 180/360 of principal amounts outstanding as at record dates. No
collateral is required
The amount due in respect of Senior Notes is stated net of debt issuance costs
associated with the issue, as follows:
2011 2010
$’000 $’000
Cost:
Additions/ adjustment 944 -
-------------- -------------
-------------- -------------
Amortisation:
Amortisation charge for the year, net 476 598
-------------- --------------
At end of year 2,523 2,047 85
-------------- --------------
5,292 4,824
======= =======
39

(f) This loan is unsecured and repayable in four (4) semi-annual instalments of $2.8M
and the balance at maturity. As at 31 December 2011, the interest rate determined
was 7.09775%. On January 1, 2011 JPS negotiated a reduction in interest rate from 6
month LIBOR + 8.5% to 6 month LIBOR + 6.7%. The amount due is stated net of
debt issuance costs of $150,000 associated with the issue.
(g) This is an unsecured loan facility for which the utilization of the funds was restricted
to capital expenditure on goods originating in the United States. The amounts were
drawn down on various dates and principal and interest are repayable semi-annually
for each draw-down. The balance is scheduled to be repaid in full in August 2016.
The amount due is stated net of debt issuance costs of $743,000 associated with the
issue.
(h) This loan is unsecured and repayable in semi-annual instalments of $421K and the
balance at maturity. As at 31 December 2011, the rate determined was 7.15928%. On
1 January 2011 JPS negotiated a reduction in interest rate from 6 month LIBOR plus
8.5% to 6 month LIBOR plus 6.7%. The amount due is stated net of debt issuance
costs of $81,000 associated with the issue.
(i) This loan was unsecured and repayable in full at maturity. The 10.4% fixed interest
was payable in eight (8) quarterly instalments until December 2011. The amount due
was stated net of debt issuance costs of $98,000 associated with the issue.
(j) This loan was unsecured and repayable by bullet payment at maturity. The 7.9%
fixed interest was payable in quarterly instalments until March 2012. The loan was
repaid in full in December 2011.
(k) This loan was unsecured with principal and interest repayable in full at maturity on
12 January 2012. The loan was repaid in full in December 2011.
(l) This loan is unsecured and attracts interest at the rate of 6 month LIBOR plus 1.60%.
The utilization of the funds was restricted to capital expenditure on goods originating
in Canada. The principal amounts were drawn on various dates with interest and
principal repayable semi-annually for each draw-down. (The amount of $3,319,000
was drawn-down during the year). The interest rate as at December 31, 2011 was
2.0588%. The amount due is stated net of debt issuance costs of $186,000 associated
with the issue.
86
40

(m) This loan is unsecured and is repayable in sixteen semi-annual instalments of

$4,062,500, which will commence in June 2013. Interest is also paid semi-annually.
The variable interest rate is based on LIBOR plus 1.70% per annum. As at 31
December 2011, the rate so determined was 2.2870%. The amount due is stated net
of debt issuance costs of $10,407,000 associated with the issue and calculated on the
overall approved loan amount of $100,000,000.

(n) This loan is unsecured and is repayable in eighteen semi-annual instalments of
$3,361,111.11, which will commence in May 2012. The variable interest rate is
based on LIBOR plus 5.0% per annum. As at 31 December 2011, the rate so
determined was 5.72263%. The amount due is stated net of debt issuance costs of
$1,553,000 associated with the issue.
(o) This loan is unsecured and is repayable in eighteen semi-annual instalments of

$1,388,888.89, which will commence in May 2012. The variable interest rate is
based on LIBOR plus 5.0% per annum. As at 31 December 2011, the rate so
determined was 5.4026%. The amount due is stated net of debt issuance costs of
$493,000 associated with the issue.
19. Deferred taxation

Deferred tax (liabilities) assets relate to:
Restated
Restated recognised in Restated Recognised in
balance at 1 statement of balance at 31 statement of Balance at
January comprehensive December comprehensive 31 December
2010 income 2010 income 2011
$’000 $’000 $’000 $’000 $’000
Employee benefits, net ( 4,533) (152) ( 4,685) (1,358) ( 6,043)

Accounts receivable 506 (236) 270 394 664
Accounts payable and
provisions 5,781 ( 22) 5,759 ( 134) 5,625
Unrealised foreign
exchange gains ( 571) 130 ( 441) 28 ( 413)
Property, plant &
equipment (62,488) 753 (61,735) 3,120 (58,615)
Unamortised debt
issuance costs ( 2,071) (120) ( 2,191) (4,364) ( 6,555)
(63,376) 353 (63,023) (2,314) (65,337)
87
41

20. Operating revenue

The company's revenue arises from the supply of electricity services in accordance with
the Licence (Notes 1 and 2).
21. Disclosure of expenses (income) and related party transactions
(a) Operating profit before net finance costs, other income, other expenses and taxation
is stated after charging:
2011 2010
$’000 $’000
Directors’ remuneration:
Fees 62 41
Emoluments 278 260
Pensions to former managing directors 8 7
Compensation for key management:
Short term benefits 2,721 2,406
Staff costs 70,763 71,638
Audit fees (including GCT):
Current year 173 166
Prior year - 46
Depreciation and amortisation 48,373 46,141
Pension (credit)/expense ( 3,669) 2,587
======== ========
(b) The company has various ongoing transactions with related companies. These
include the provision of technical support and related professional services and the
acquisition of specialised equipment and spare parts. These transactions amounted to
approximately $3.0 million (2010: $1.5 million). In addition, the Company provides
electricity for its related parties including the Government of Jamaica. All the above
transactions were executed in the ordinary course of business.
88
42

22. Net finance costs

2011 2010
$’000 $’000
Foreign exchange (losses) gains, net ( 3,276) 7,207
---------------- ----------------
Other finance costs:
Short-term loans ( 1,208) ( 2,835)
Long-term loans (32,568) (31,925)

Customer deposits ( 894) ( 2,806)
Bank overdraft and other ( 1,085) ( 834)
Debt issuance costs and expenses ( 3,329) ( 2,679)
---------------- ----------------
(39,084) (41,079)
---------------- ----------------
Finance income:
Interest income 1,472 1,124
Interest capitalised during construction (Note 11) 1,675 1,360
---------------- ----------------
3,147 2,484
---------------- ----------------
(39,213) (31,388)
======== ========
Interest income arises materially from treasury transactions entered into in the ordinary
course of business.
89
43

23. Other income and expenses

(a) Other income comprises:
2011 2010
$’000 $’000
Rental income 351 444

Insurance proceeds 224 2,120
Refund of surplus in IPP Debt Service Reserve Account 2,969 -
Miscellaneous proceeds from scrap sales

and other settlements 1,586 2,378
---------------- ----------------
5,130 4,942
======== ========
(b) Other expenses comprise:

2011 2010
$’000 $’000
Restructuring cost ( 969) (7,000)

Hurricane restoration costs ( 92) (1,089)
Miscellaneous expenses ( 232) ( 95)
Inventory write off (1,128) ( 280)
---------------- ----------------
(2,421) (8,464)
======== ========
90
44

24. Taxation
(a) Taxation is computed at 33⅓% of the company’s results for the year, adjusted for tax
purposes and comprises:
Restated
2011 2010
$’000 $’000
Current income tax expense (16,546) (16,894)
Prior year under-accrual - ( 1,823)

Origination and reversal of temporary differences ( 2,314) 353
---------------- ----------------
Taxation expense (18,860) (18,364)
======== ========
(b) Reconciliation of tax expense:
2011 2010
$’000 $’000
Profit before taxation 53,211 58,247
---------------- ----------------
Computed “expected” tax @ 33⅓% (17,737) (19,415)
Tax effect of differences between profit for
financial statements and tax reporting purposes
in respect of:
Investment allowances 5,025 3,821
Prior year under-accrual - ( 1,823)
Tax on unamortized loan discount ( 5,145) -
Other disallowed items ( 1,003) ( 947)
---------------- ----------------
Taxation expense (18,860) (18,364)
======== ========
91
45

25. Earnings per share/stock unit

Restated
2011 2010
$’000 $’000
Profit for the year 34,351 39,883
Less: Preference dividends (Note 26) ( 2) ( 3)
----------------- -----------------
34,349 39,880
========= =========
Number of shares/stock units

[shown in thousands (Note 15)] 21,828,195 21,828,195
========= =========
Earnings per share/stock unit 0.15¢ 0.18¢
========= =========
26. Dividends
2011 2010
$’000 $’000
Ordinary dividends:
Interim dividend declared 44,000 44,000
Preference dividends:
5-7% Cumulative preference shares (Notes 15 and 25) 2 3
----------------- -----------------
44,002 44,003
========= =========
Ordinary dividend per share /stock unit 0.20 ¢ 0.20 ¢
========= =========
The preference dividends were paid on a quarterly basis in both years.
27. Commitments
Commitments for capital expenditure, for which no provision has been made in these
financial statements, amounted to approximately $1.5 million (2010: $4 million).
In addition to its commitments under IPP contracts (Note 4), the company had unexpired
operating lease commitments at 31 December 2011 payable as follows:
2011 2010
$’000 $’000
Within 1 year 8,279 8,693
From 1-2 years 7,949 9,498
From 2-3 years 834 9,872
From 3-4 years 150 152
From 4-5 years 150 152
Over 5 years 3,769 3,944
92 ----------------- ------------------
21,131 32,311
========= =========
46

27. Commitments (continued)
Lease payments under operating leases including IPP contracts (Note 4) recognised in the
statement of comprehensive income for the year aggregated approximately $80.2 million
(2010: $71.8 million).
28. Contingent liabilities

As at 31 December 2011, the company is subject to various lawsuits in the normal course
of business. The outcome of these lawsuits cannot be determined with certainty. However,
in the opinion of management and its legal counsel, it is probable that an outflow will be
made by the company and as such a provision of $1.3 million (2010: $0.7 million) was
made in the financial statements.
29. Financial instruments
(a) Financial risk management:
The company has exposure to the following risks from its use of financial
instruments:
 Credit risk
 Liquidity risk
 Market risks
 Operational risks
This note presents information about the company’s exposure to each of the above
risks arising in the ordinary course of the company’s business, the company’s
objectives, policies and processes for measuring and managing risk, and the
company’s management of capital.
The Board of Directors, in managing the business of the company, oversees the
company’s risk management framework. Key management has responsibility for
monitoring the company risk management policies in their specified areas and report
quarterly to the Board of Directors on their activities.
The company’s risk management policies are established to identify and analyse the
risks faced by the company, to set appropriate risk limits and controls, and to
monitor risk and adherence to limits. Risk management policies and systems are
reviewed regularly to reflect changes in market conditions. The company, through
training and management standards and procedures, aims to develop a disciplined
and constructive control environment, in which all employees understand their roles
and obligations.
93
47

29. Financial instruments (continued)

(a) Financial risk management (continued)
The company’s parent company has monitoring oversight of the risk management
policies and is assisted in these functions by the company’s internal audit
department. The internal audit department undertakes both regular and ad-hoc
reviews of risk management controls and procedures, the result of which are
reported to the Board of Directors.
(i) Credit risk:
Credit risk is the risk of financial loss to the company if a customer or

counterparty to a financial instrument fails to meet its contractual obligations,
and arises principally from the company’s trade receivables, which is stated
net of an allowance for doubtful balances.
As part of its management of credit risk, the company requires account

deposits from certain customers. Additionally, management has processes in
place for the prompt disconnection of services to, and recovery of amounts
owed by, defaulting customers.
The company establishes an allowance for impairment losses that represents its
estimate of incurred losses in respect of trade and other receivables. The main
component of this allowance is a specific loss component that relates to
individually significant exposures. The loss allowance is determined based on
historical payment statistics for similar financial assets and an assessment of
the debtor’s ability to settle debt.
At 31 December 2011, the company had significant concentrations of credit

risk in respect of amounts receivable from the Government of Jamaica and its
affiliates, in respect of electricity charges, aggregating $40.45 million (2010:
$24.98 million).
(ii) Liquidity risk:
Liquidity risk, also referred to as funding risk, is the risk that the company will
encounter difficulty in raising funds to meet commitments associated with
financial instruments. Liquidity risk may result from an inability to sell a
financial asset quickly at, or close to, its fair value. Prudent liquidity risk
management implies maintaining sufficient cash and marketable securities,
and the availability of funding through an adequate amount of committed
credit facilities.
The company’s approach to managing liquidity is to ensure, as far as possible,
that it will always have sufficient liquidity to meet its liabilities when due,
under both normal and stressed conditions, without incurring unacceptable
94 losses or risking damage to its reputation.
48


(ii) Liquidity risk (continued)
Key management of the company, in conjunction with its ultimate holding

company, aims at maintaining flexibility in funding by keeping lines of funding
available as well as by acquiring and maintaining prudent cash resources in

appropriate currencies. For example, the company’s treasury department
receives and monitors information from other departments regarding the
liquidity profile of their financial assets and liabilities and maintains a portfolio
of short-term liquid assets and loans to ensure that sufficient liquidity is
maintained within the company as a whole. As at 31 December 2011, the
company had unutilised lines of credit aggregating $86.7million (2010: $36
million).
An analysis of the contractual maturities of the company’s financial liabilities is

presented below. The analysis provided is by estimating timing of the amounts
recognised in the statement of financial position.
Contractual undiscounted cash flows
Total Less More
Carrying cash than 1-2 3-5 6-10 than
Amount outflow 1 year years years years 10 years
$’000 $’000 $’000 $’000 $’000 $’000 $’000
31 December 2011:
Accounts payable 147,282 147,282 147,282 - - - -

Loans 405,788 405,788 49,493 29,007 84,960 160,336 81,992
Due to related companies 912 912 912 - - - -
Customer deposits 31,058 31,058 - - - 6,443 24,615
------------------ ------------------ ------------------ ---------------- -------------- ----------------- ------------------
Total financial liabilities 585,040 585,040 197,687 29,007 84,960 166,779 106,607
========= ========= ========= ======== ======= ======== ========
31 December 2010:
Accounts payable 127,853 127,853 127,853 - - - -
Loans 343,237 343,237 50,958 73,717 30,060 185,728 2,774
Due to related companies 41 41 41 - - - -
Customer deposits 28,833 28,833 - - - 6,761 22,072
------------------ ------------------ ------------------ ---------------- -------------- ----------------- ------------------
Total financial liabilities 499,964 499,964 178,852 73,717 30,060 192,489 24,846
========= ========= ========= ======== ======= ======== ========
Contracted off-balance cash payments in respect of independent power

purchase agreements are disclosed in Note 27.
95
49


(iii) Market risk
Market risk is the risk that changes in market prices, such as interest rates,
foreign exchange rates and equity prices will affect the value of the company’s
assets, the amount of its liabilities and/or the company’s income. Market risk
arises in the company due to fluctuations in the value of assets and liabilities.
The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimising the return on risk.
The nature of the company’s exposures to market risks and its objectives,
policies and processes for managing these risks have not changed significantly
over the prior period. For each of the major components of market risk the
company has policies and procedures in place which detail how each risk is
managed and monitored. The management of each of these major components
of market risk and the exposure of the company at the reporting date to each
major risk are addressed below.
Derivative financial instruments are not presently used to reduce exposure to

fluctuations in interest and foreign exchange rates.
At 31 December 2011, the company had no exposure to market risk relating to

changes in equity prices.
 Interest rate risk:

Interest rate risk is the risk that the value of a financial instrument will
fluctuate due to changes in market interest rates.
The company contracts financial liabilities at fixed or floating interest rates.
These primarily relate to loans, customer deposits, certain trade payables
and bank overdrafts.
The maturity profiles and interest rates of the company’s long-term loans
are disclosed in Note 18, the details of short-term loans in Note 9 and of
customer deposits in Note 17.
Interest bearing financial assets relate to cash and cash equivalents.
96
50


(iii) Market risk (continued)
 Interest rate risk (continued):

At 31 December 2011, the interest profile of the company’s interest-bearing

financial instruments was:
Carrying amount
2011 2010
$'000 $'000
Fixed rate instruments:
Financial assets 21,132 18,933
Financial liabilities (186,057) (236,149)
------------------ ------------------
Variable rate instruments:
Financial liabilities (238,861) (125,833)
------------------ ------------------
Fair value sensitivity analysis for fixed rate instruments:
The company does not account for any fixed rate financial assets and
liabilities at fair value through profit or loss. Therefore a change in interest
rates at the reporting date would not affect the statement of comprehensive
income.
Cash flow sensitivity analysis for variable rate instruments:
A change of 100 basis points in interest rates at the reporting date would
have increased/(decreased) equity and profit or loss by the amounts shown
below. This analysis assumes that all other variables, in particular foreign
currency rates, remain constant. The analysis is performed on the same basis
for 2010.
2011 2010
Effect on Effect on
profit or loss profit or loss
100bp 100bp 100bp 100bp
increase decrease increase decrease
Cash flow sensitivity (net) (2,389) 2,389 (1,258) 1,258

====== ====== ======= =======
97
51


(iii) Market risk (continued)
 Foreign currency risk:

Foreign currency risk is the risk that the value of a financial instrument will
fluctuate due to changes in foreign exchange rates.
The company incurs foreign currency risk primarily on purchases and

borrowings that are denominated in a currency other than the United States
dollar. The currencies giving rise to significant foreign currency risk are the
Jamaica dollar (J$) and Euro (€).
The company manages foreign exchange exposure by maintaining adequate

liquid resources in appropriate currencies and by managing the timing of
payments on foreign currency liabilities.
The table below shows the company’s foreign currency exposure, at the
statement of financial position date:
2011 2010
J$ € US$ J$ € US$
$'000 $'000 $'000 $'000 $'000 '000
Cash and cash

equivalents 388,618 - 4,487 542,734 - 6,321
Trade and other
receivables 23,200,960 - 267,907 19,215,673 - 223,799
Other assests 410,315 - 4,738 - - -
Accounts payable
and provisions ( 5,228,049) - (63,764) ( 4,078,527) (2,325) (50,623)
Long-term loans - (3,879) ( 5,010) ( 1,900,000) (3,879) (27,279)
Customer
deposits ( 2,689,621) - (31,058) ( 2,475,555) - (28,833)
--------------------- -------------- ---------------- -------------------- -------------- ----------------
16,082,223 (3,879) 177,300 11,304,325 (6,204) 123,385
=========== ======= ======== ========== ======= ========
98
52


(iii) Market risk (continued):
 Foreign currency risk (continued):
Sensitivity analysis:
A 5% strengthening of the United States dollar (the company’s principal

foreign currency) against the Jamaica dollar and the Euro would have
increased (decreased) equity and profit or loss by the amounts shown
below. This analysis assumes that all other variables, in particular interest
rates, remain constant. The analysis is performed on the same basis for
2010.
2011 2010
Equity Profit/(loss) Equity Profit/(loss)
$’000 $’000 $’000 $’000
J$ (9,115) (9,115) (6,583) (6,583)

Euro (€) 250 250 414 414
---------------- ---------------- ---------------- ----------------
Total (8,865) (8,865) (6,169) (6,169)
======== ======== ======== ========
A 5% weakening of the United States dollar against the Euro and the
Jamaican dollar, respectively, at year end would have had the equal but
opposite effect on the above currencies to the amounts shown above, on the
basis that all other variables remain constant.
(iv) Operational risk:
Operational risk is the risk of direct or indirect loss arising from a wide variety
of causes associated with the company’s processes including regulatory risk,
personnel, technology and infrastructure, and from external factors other than
credit, market and liquidity risks such as those arising from legal and regulatory
requirements and generally accepted standards of corporate behaviour.
The company’s objective is to manage operational risk so as to balance the

avoidance of financial losses and damage to its reputation with overall cost
effectiveness and to avoid control procedures that restrict initiative and
creativity.
The primary responsibility for the development and implementation of controls

to address operational risk is assigned to senior management within the 99
company.
53


(b) Capital risk management:
Capital risk is the risk that the company fails to comply with mandated regulatory
requirements, resulting in a breach of its operating Licence and the possible adverse
effects on its tariff structure in accordance with its Licence (Note 2). The company’s
objectives when managing capital, which is a broader concept than the ‘equity’ on
the face of the statement of financial position, are:
 To comply with the operational requirements set by the regulators;

 To safeguard the company’s ability to continue as a going concern so that it
can continue to provide returns for shareholders and benefits for other
stakeholders;
 To maintain creditor and market confidence; and
 To maintain a strong capital base to support the development of its business.
There were no changes in the company’s approach to capital management during the
year.
(c) Fair value disclosure:
(i) The amounts reflected in the financial statements for cash and cash
equivalents, accounts receivable, related party balances, bank overdraft,
accounts payable and provisions, and short-term loan are assumed to
approximate to their fair values because of their short term nature. The
carrying value of loans with variable interest rates approximates fair value as
interest rates approximate market rates. The fair value of loans with fixed
interest rates is approximately $79,252,000 (carrying value $186,057,000),
which is estimated by discounting future cash flows using rates currently
available for debt on similar terms, credit risk and remaining maturities.
Additionally, the cost of all monetary assets and liabilities has been
appropriately adjusted to reflect estimated losses on realisation or discounts on
settlement.
(ii) The fair value of customer deposits and refundable customer advances cannot
practically be determined, as payment dates and amounts are not determinable.
100
54

30. Prior year adjustments
During 2004 and 2007 the company's transmission and distribution networks sustained
significant damage as a result of hurricanes Ivan and Dean, respectively. The restoration
costs were recognized as expenses during the years in which they were incurred. The prior
year adjustments are being made to derecognize the distribution network destroyed by
those hurricanes and to recognize the enhancements to the network as required under IAS
16. The financial statements for 2009, the earliest period presented, and 2010 have been

restated to correct this error. The effects of the restatement on those financial statements
are summarized below:
Effect on Effect on
Property, Plant Retained
and Equipment Earnings
$'000 $'000
Balance as at 31 December 2009,

previously reported 630,599 96,490
Effects of prior year adjustments 6,439 6,439
Balance as restated at 31 December 2009 637,038 102,929
Balance as at 31 December 2010,

previously reported 645,794 92,496
Effects of prior year adjustments 6,313 6,313
As restated at 31 December 2010 652,107 98,809
Effect on
Statement of
Comprehensive
Income
$'000
2010 net profit for the year , previously

reported 40,009
Effects of prior year depreciation
adjustments ( 126)
2010 net profit for the year, as restated 39,883
101
55
« notice of meeting
NOTICE IS HEREBY GIVEN that the Annual General Meeting of Jamaica Public Service
Company Limited will be held on 31 st day of July, 2012 at the Company’s registered
offices, 6 Knutsford Boulevard, Kingston 5 commencing at 10:00 a.m. for the
following purposes:
1. TO RECEIVE THE ACCOUNTS

To receive the Audited Accounts for the year ended December 31, 2011 and the
Reports of the Directors and Auditors thereon and to consider and (if thought fit) pass the
following resolution:
“That the Accounts for the year ended December 31, 2011 together with the Reports of
the Directors and Auditors thereon be approved and adopted”
2. TO APPROVE AND RATIFY INTERIM DIVIDENDS:

i. RESOLVED that this Board HEREBY APPROVES an interim dividend of the Jamaican
equivalent of Twelve Million Five Hundred Thousand United States Dollars
(US$12,500,000.00) or 0.00057265 United States cents per share/stock on the Ordinary
Stock/Shares of the Company at the rate of exchange of the Bank of Jamaica’s daily
weighted average selling rate on 15th day of August 2011 payable on the 31st day
of August 2011 to share/stockholders registered at close of business on 16th day of
August 2011. This amount will be distributed out of retained earnings.
ii. RESOLVED that this Board HEREBY APPROVES an interim dividend of the Jamaican
equivalent of Twelve Million Five Hundred Thousand United States Dollars
(US$12,500,000.00) or 0.00057265 United States cents per share/stock on the Ordinary
Stock/Shares of the Company at the rate of exchange of the Bank of Jamaica’s daily
weighted average selling rate on 14th day of October 2011 payable on the 31st day
of October 2011 to share/stockholders registered at close of business on 14th day of
October 2011. This amount will be distributed out of retained earnings.
iii. RESOLVED that this Board HEREBY APPROVES an interim dividend of the Jamaican
equivalent of Nineteen Million United States Dollars (US$19,000,000.00) or 0.00087043
United States cents per share/stock on the Ordinary Stock/Shares of the Company
at the rate of exchange of the Bank of Jamaica’s daily weighted average selling rate
102
on 15th day of December 2011 payable on the 30th day of December 2011 to share/
stockholders registered at close of business on 14th day of December 2011. This
amount will be distributed out of retained earnings.
3. TO ELECT DIRECTORS
In accordance with Article 123 of the Company’s Articles of Association,
i. Professors Gordon Shirley and Evan Windsor Duggan, Mr. Fitzroy Vidal, Ms. Cathrine
Kennedy, and Mr. Masao Imazato having been appointed to the Board since the last
Annual General Meeting shall cease to hold office and, being eligible offer themselves

for election;
The Company is asked to consider, and if thought fit pass the following resolutions:
i. “That Director Gordon Shirley is hereby elected a Director of the Company”.
ii. “That Director Evan Windsor Duggan is hereby elected a Director of the Company”.
iii. “That Director Fitzroy Vidal is hereby elected a Director of the Company”.
iv. “That Director Cathrine Kennedy is hereby elected a Director of the Company”.
v. “That Director Masao Imazato is hereby elected an Alternate Director of the Company”.
4. TO APPOINT AUDITORS AND FIX THEIR REMUNERATION
5. Any other business for which due notice has been given .
13th
DATED THIS .................................... June
DAY OF ........................................... 2012
BY ORDER OF THE BOARD
Katherine P.C. Francis
Secretary
103
104
«
notes
« Form of Proxy JAMAICA PUBLIC SERVICE COMPANY LIMITED
I/WE ………………………………………………………………of………………………………………………being a
member/members of the above Company hereby appoint the Chairman of the meeting or failing
him ………………………………………………………..of……………………………as my/our Proxy to vote for me/
us on my/our behalf at the Annual General Meeting of the Company to be held on the 31st day
of July at 10:00 a.m. and at any adjournment thereof.
RESOLUTION FOR AGAINST

Resolution 1
Resolution 2 (i)

Resolution 2(ii)
Resolution (iii)
Resolution 3(i)
Resolution 3(ii)
Resolution 3(iii)
Resolution 3(iv)
Resolution 4
DATED THE ............................................. DAY OF ............................................... 2012
…………………………………………….. …………………………………
(signature) (signature)
1. If you wish to appoint a proxy other than the Chairman of the Meeting, please insert the
person’s name and address and delete the words “the Chairman of the Meeting or failing
him”. Initial the deletion.
2. Any alteration to this form of proxy should be initialled
3. If the appointer is a corporation this form of proxy must be UNDER ITS COMMON SEAL or
under the hand of some officer or attorney of the corporation DULY AUTHORIZED IN WRITING
4. In case of joint holders the vote of the person whose name stands first on the Register will
be accepted in preference to the vote of the other holders.
105
5. To be effective this form of proxy and the power of attorney or other (if any) under which it is
signed or a notarially certified copy, of that power or authority must be deposited at Jamaica
Public Service Company Limited, 6 Knutsford Boulevard, Kingston 5 for the attention of the
Secretary not less than forty-eight (48) hours before the time for holding the meeting.
« Your JPS team
Abdon Campbell Algon Meikle Alvin Parchment Andrea Levy
Adrian Harty Alicia Ford Alvin Wilson Andrea Thomas
Adrian Stewart Alicia Harris Alwayne Lewis Andrea Wallace
Ailia Vaz-Washington Alicia Lyle Alwyn Lynch Andree Foster
Ainsley Bennett Alicia Prendergast Andrae Richards Andrei Dunkley
Ainsley Daniels Alison Fletcher Andrain Williams Andrelene Dunkley

Ainsworth Lawson Allan Green Andray Francis Andrew Chambers
Ainsworth McDonald Allan Vickers Andre Brown Andrew Hall
Akeem Bennett Allarick Ricketts Andre Brown Andrew Hall
Akintola Henry Allentia Brown Andre Brown Andrew Harrison
Al Pilliner Allison Grant Andre Cunningham Andrew Hinds
Alberga Richards Allison Haynes-Laraque Andre Foreman Andrew King
Albert Graham Allson Thompson Andre Francis Andrew Ledford
Albert Green Alphanso Lewis Andre’ Gooden Andrew Lee
Albert Hamilton Alpheus Wright Andre Hyatt Andrew McFarlane
Albert Henry Alric Williams Andre Latchman Andrew McIntosh
Albert Noble Alrick Anderson Andre Lewis Andrew Minto
Aldane Stennett Alshane Bent Andre Luke Andrew Robinson
Aldington-Dean Smith Alston Watson Andre Modest Andrew Stennett
Alecia Forbes Althea Simpson Andre Rose Andrew Taylor
Alecia Francis Althea Thorpe Andre’ Smith Andrewnett Henzil
Aleith Wynter Althea White Andre Watson Anecia Humphrey
Alejo Lee Alton Derby Andrea Bernard-Chambers Angela Jordon 107

Alesa Jolly Alverine Osbourne Andrea Collins-Robinson Angela Phillips
Alexander Gibson Alvern Evans Andrea Fletcher Angela Shaw
Alexander Pryce Alvern Mott Andrea Howell Angelean Daley

Angella Walker Athol Johnson Bentley Haughton Candice Bryan
Ann Bennett Audley Alcott Beresford Whitter Canute Ashmead
Ann Scott Audley Gayle Bernard Boothe Caphanne March
Annette Bailey Audley Richards Beverley Campbell Carl Bicarie
Annie-Kay Davey Audrey Sewell Bevin Gibbs Carl Goodwin
Annif Jones Audrey Williams Bilrol Gardner Carl Kirkwood
Ann-Maria Bennett Audria Bernard-Robinson Blaine Jarrett Carla Cowan
Annmarie Myrie-Chambers Austin Briscoe Blondette Wright Carlene Rowe
Ann-Marie Woodham Austin Campbell Blonnie Johnson Carlinton Brown
Annorea Williams Austin Wallace Bradley Smith Carlton Anderson
Anthony Benjamin Ava English Brandon Lobban Carlton Brown

Anthony Creary Avadean McKenzie Bret Bennett Carlton Campbell
Anthony Curtis Ava-Gail Russell Brian Carter Carlton Francis
Anthony Lowe Ayon Allen Brian Dixon Carlton Francis
Anthony Majurie Azalee Lawson Brian Hayden Carlton Gordon
Anthony Rochester Barbara Harrison Brian Jones Carlton McKenzie
Anthony Scott Barbara Johnson Brian Walters Carlton Pryce
Anthony Williams Barndolph Bailey Bruce Barrett Carlton Rattigan
Antoinette Lopez-Hall Baron Anderson Bruce Dennis Carlton Serju
Antonette Green-Matthews Baron Higgins Bryan Johnson Carlyle Appleton
Antonette McKoy Barrington Brown Bryan Sterling Carmelita Forrest
Antoney Riley Barrington Flowers Bryn Ricketts Carmichael Dixon
Arayne Daley Barrington Hall Burt Henry Carol Blair
Arethea Fraser Barrington Preston Byfield Pryce Carol Stanford
Arlene Bromfield Barrington Thompson Byron Colquhoun Caroline Elliott
Arlene Laidlaw Barrington Williams Calder Dawkins Carolyn Clifford
Arthur Barrows Bartwrick Thompson Calvin Poorman Carolyn Parchment
108 Ashford Williams Basil Daley Cameal Daley Carolyn Young
Aston Murray Basil Fairclough Cameron Lamoth Carone Johnson
Aston Shaw Basil Smalling Camille Foreman Cartez Miller
Aston Smith Beniah Lester Camille Martin Carvalo Duffus

Casbert Henry Christopher Jacobs Clover Green-Gordon Dagria Brown
Cecil Brown Christopher Johnson Clyde Clarke Dale Cole
Cecil Henry Christopher King Clyde Clarke Dalmar Campbell
Cecil Mills Christopher Levy Colbert Tucker Dalton Adams
Cecil Murray Christopher Simpson Colin Binnie Dalton Campbell
Cecile Campbell Christopher Thompson Colin Michelin Dalton Maragh
Cedric Morris Christopher Tomlinson Colin Walters Dalton Tomlinson
Chaisson Beckford Christopher Vaughn Collette Forbes Damian Chin
Chamille Bradbury Christopher West Collin King Damian Kidd
Chane Donaldson Clanson Henry Conrad Richardson Damien Sawyers
Charles Bogle Clarence Burrell Conroy Capper Damion Anderson

Charles Hendricks Claudeth Campbell Constantine Brown Damion Morrison
Charley Parchment Claudette Brissett Constantine Walker Damion Smith
Charlton Ricketts Claudette Dixon Corey Senior Damion Whyte
Charmaine Campbell Claudia Davis Corine McCalla Damion Williams
Charmaine Shaw Clava Mantock Cornel Thompson Dan Theoc
Chavon Barron Clava Mantock Courtland Facey Dana Harris
Chazwray Clayton Clayson Hutchinson Courtney Blair Danaya Tracey
Cherie Lue-Wright Cleint Johnson Courtney Brown Dane Campbell
Cheryl Davis Clelon Dixon Courtney Jarrett Dane Clarke
Chizel Brown Clement Smith Courtney McLean Daneon Dillion
Christina Kavanagh Cleveland Mills Courtney Turnbull Daneyan Hosef
Christine Dwyer Cleveland Windross Courtney Whyte Daniel Lobar
Christine Morgan-Gallimore Clifford Powell Craig Bryan Daniel Newby
Christopher Brown Clifton Williams Craig Duncan Daniel Tomlinson
Christopher Bryan Cliton Henry Craig Francis Danielle Lindsay
Christopher Carter Clive Gardner Craig Sales Danville Henry
Christopher Coke Clive Hopkins Crechelle-Ann Walker Daphne Stephens 109

Christopher Collins Clive Samuels Curtis Fraser Daphne Wilkie-Hamilton
Christopher DaCosta Clive Wright Cynthia Dunbar Darian Richards
Christopher Hayden Clova Oliver Daffodil Bruce-Miller Daron Burgher

Dave Cole Delando Powell Derrick Grubb Diane Stephens
Dave Garwood Deleon Boyden Derrick Honeyghan Dionne Nugent
Dave Green Delmar Eccles Derrick McFarlane Dominic Williams
Dave McKoy Delmonte Dewar Dervin Hanlan Donald Bahadur
Dave Tyndale Delores Cunningham Desmond Austin Donald Baker
Dave Williams Delroy Bailey Desmond Baugh Donald Hennie
Dave Wright Delroy Dunwell Desmond Fagan Donald Lecky
Daveion Crichton Delroy Griffiths Desmond Harris Donald Robertson
David Archer Delroy Marshall Desmond Jones Donald Robinson
David Clarke Delroy Reid Desmond Williamson Donald Scott
David Cook Delroy Spaulding Desreen Ragoo Donald Williams

David Ffrench Delroy Waugh Desrene Maxwell Donavan Wint
David Fleming Demar Tracey Detommie Sergeant Donna Barrett
David Hall Denique Ferguson Deverton Miller Donna Brooks-Stewart
David Haynes Denise Hanson Devon Brown Donna Hutchinson
David Kerr Denise Harrison-Sterling Devon Dawson Donna Johnson
David Lewis Denise Kong Devon Grant Donna Thompson
David Martin Denise Warren Devon Grant Donnette Lee
David McKenzie Dennis Davis Devon Hendricks Donnovan Williamson
David Salmon Dennis Edwards Devon Hylton Donovan Brown
David Stennett Dennis Murray Devon Nelson Donovan Carson
David Wilson Dennis Rainford Devon Wilkie Donovan Cunningham
David Wong Denniston Williams Devon Willis Donovan Ebanks
Dawn Graham Deno Hemmings Devon Wright Donovan Kelly
De Manning Denton Alman De-Wayne Nelson Donovan Lewis
Dean Campbell Denton Broderick Dexter Bassier Donovan Moore
Dean Small Denton Williams Dezlyn Mattis Donovan Parkes
110 Dean Smith Denton Williams Dian Daniels Donovan Ramsay
Debbie-Ann Graham Deon Aarons Diana Byfield Donovan Robinson
Debronette Dixon Deon Daley Diana Hall Donville Charlton
Deidre Wedderburn Derrick Davis Dianah Harris Doreen Samuels

Dori-Ann Marston Egerton Bennett Everton McKenzie Garfield McPherson
Dorothy Lee Eggeton Powell Everton Young Garfield Muir
Dossie Smallhorne Eglan Richards Ewen Flemming Garfield Murray
Duane Channer Elaine Grindley Fabian Gentles Garfield Simpson
Duane Smith Eli Baker Fabian Lyew Garfield Spalding
Durvan Morris Elisabeth Nedrick Faith Gordon Garfield Thompson
Dwayne Bailey Elton Watson Fernando Bernard Garnet Foster
Dwayne Cohen Elvis Nesbeth Ferris Stewart Garnet Reid
Dwayne Dyer Enos Reid Fiona Johnson Garnett Jones
Dwayne Edwards Epson Patterson Fiona Phillips Garrett Needham
Dwayne Fowler Eric Coore Fitz Cameron Garth McKenzie

Dwayne Hamilton Eric Grey Fitz Valentine Garth Tabana
Dwayne Henry Eric Powell Fitzroy McDonald Gary Hutchinson
Dwayne Muschette Eric Roberts Fitzroy Turner Gary Lewis
Dwayne Peart Eric Williams Floyd Grant Gene Edwards
Dwayne Smith Errington Case Floyd James George Brown
Dwhyte Hinds Errol Cameron Floyd Minott George Francis
Dwight Brown Errol Dias Floyd Russell George Headley
Dwight DaCosta Errol Francis Floyd Smith George Kates
Dwight Laing Errol McDonald Frank Ray George Morris
Dwight Richards Errol McKenzie Franklin Coach George Pounall
Dwight Sutherland Errol Stewart Franklyn Dunkley George Smith
Ean Walcott Eulin Wright Frederika Charles Georgette Bryce
Earl Kelly Evan Gordon Fredrick Malcolm Georgia Thompson
Earl Vassell Evans Taylor Gail Witter-Anderson Geraint Parchment
Earle Barnett Ever Reid Gareth Bernard Gerald McKoy
Easton Baugh Everod Doman Gareth Brown Gernos Gibbs
Eda Gonzales Everol Smith Gareth Williams Gibran McBean 111

Edgerton Gayle Everton Davis Garfield Barrett Gilbert Hewitt
Edward Miller Everton Dilworth Garfield Dockery Gina Tomlinson
Edward Wallace Everton Gaynor Garfield Edwards Gladstone Hinds

Glenford Boothe Haroon Robinson Hubert Thomas James Duff
Glenford Gilpin Harvel Lewis Huey Paulwell James Hudson
Glenford Harrison Havor Murray Hugh Bodley Jamiel McLean
Glenmore Nelson Hayilu Manassi Hugh Garvey Janelle Case
Glenroy Douglas Headley Lawson Hugh Hamilton Janet Austin
Glenroy Leslie Heather Lawrence Hugh Henry Janet Cole
Glenroy Llewellyn Heather Morrison Hugh Williams Janice Carr
Glenton Barrett Heather Rowe Hugo Thomas Janice Dunn
Gloreen Brown Herbert Edwards Humphrey Desouza Janice Griffiths
Godffery Wright Herbert Young Humphrey Walker Jannel James-Brown
Herline Thompson Hyacinth Knight

Godfrey Case Jannelle Berry
Godfrey Higgins Heron McKenzie Hyacinth Mullings Jasmin Wright
Goffe Brown Herve Perrin Ian Barnett Jason Dawson
Goyfield Harrison Hixbert Reid Ian Hibbert Jason Greaves
Grace Buchanan Hopeton Anglin Ian Hunter Jason Henry
Grace Davis Hopeton Daley Ian Melbourne Jason McDonald
Grace-Ann Watson-Dennis Hopeton Miller Ian Reid Jason Solomon
Greg Grant Horace Messado Ian Williams Jathniel Randall
Gregory Grant Horace Tulloch Inan Foster Jay McCoskey
Gregory Grey Hortense Hall Ishmael Davis Jean Waugh-Evans
Gregory Harris Hortnel Johnson Ishmael Hammond Jeffrey Reid
Gregory James Howard Boland Isiah Thomas Jellandre Smith
Grifton Hanson Howard Dinald Ivor Chin Jenese Louden
Gulshad Chan Howard Forbes Iyishla Campbell Jenifer Williams
Guy Jones Howard Kerr Jacinth Shaw Jennifer Clarke
Haley Clarke-Scotland Howard Meikle Jacklyn Spalding Jennifer Cunningham
Hamlet Myrie Howard Murray Jacqueline Ferguson Jennifer Foster
112 Hamlet Palmer Howard Stone Jacqueline Hew Jermain Pusey
Hannah Thomas Howard Whitely Jacqueline Marriott Jermaine Clarke
Harold McFarlane HuAndre Barrett Jacqueline Melbourne Jermaine Douglas
Harold Richards Hubert Smikle Jacqueline Simmonds Jermaine Parker

Jermaine Williams Julie-Ann Grant Katherine Francis Kenroy Watkis
Jerome Henry Jullite Reeves Kathleen Cooke Kenston Tomlinson
Jessie Morales Jumaane Reid Kaufman Miller Kenyatta Campbell
Jevaughn Buchanan Junior Cespedes Kaven Johnson Kerese Foster
Jevone Hunter Junior Mitchell Kaydia Salmon Kerrian Francis
Jheanell Guy Junior Sharpe Kayton Myers Kerri-Ann Fenton-Davis
Joadey Ashlie Jurmain Morgan Kaywanna Gray-Dixon Kerrica McGregor
Joan Mars Jvunalle Scully Keaton Luckoo Kerron Baker
Jobian Parkes Kadean Myers Keisha Campbell Kerry-Ann Gauntlett
Jodi Simmonds Kadechah Henry Keisha Hutchinson Kerry-Ann Myrie
Kadian Boyden Keith Simpson Kesen Drydgen

Jodian Jolly
John Blake Kadian McNeil-Ellis Keith Vassell Ketsea Hepburn
John Coley Kamar Ambursely-Crawford Keith Whyte Kevin Brown
John Isaacs Kareem Haynes Keldon Cain Kevin Bryan
John Neilson Kareen Jackson Kemar Lewis Kevin Edwards
John Smallhorn Kareisha Preston Kemar Myrie Kevin Hooper
Johnathan Schloss Karen Brown Kemar Thomas Kevin Larmond
Joiles Burey Karen Francis Kemark Slue Kevin Lawrence
Joseph Beckford Karen Harris Kemoy Fagan Kevin Mair
Joseph Burrell Karen Johnson Kemoy Rowe Kevin Ramsay
Joseph Ferguson Karen Jones Kemron Green Kevin Scully
Joseph Lee Karl Cowan Kenardo Saunders Kevin Smith
Joseph Rodney Karl Grant Kendis Nangle Kevon Edwards
Joseph Thompson Karl Rattray Kenisha Raymond Khadian Rose
Joseph Williams Karlease Brown Kennedy Reid Khadian Scott
Josiah Hamilton Karlene Haye-Williams Kenneth Batchelor Kharlid Moulton
Joyce Bailey Karlene Llewellyn Kenneth Douglas Kieron Noble
Joylett Walker-Clocken Karlene Sutherland-Butler Kenneth Hayles Kim Robinson 113

Judy Crossley Karlyle Brown Kenny Wilkinson Kimberley Spencer
Julian Francis Karole Davis Kenrick Fuller Kim-Dave Willie
Julian Marshall Kassandra Harty Kenroy Gordon Kimi Dawkins

Kingsley Bell Leigh Dwyer Lionel Wallace Marcia Ennis
Kingsley Ho-Shing Leighton Barnes Lisa Forest Marilyn McDonald-Watson
Kirk Downie Leighton Salmon Lisa-Ann Riley Mario Archer
Kirk Gilpin Leighton Walker Liveen Harris Mario Ashman
Kirk Gordon Leisa Batiste-Whyte Livingston Marshall Mario Haye
Kirk Roberts Lemar Gray Lloyd Blackwood Marion Garwood
Kirk Stewart Lenbern Hopkins Lloyd Brown Marjorie Plunkitt
Kirk Walton Lenford Walker Lloyd Campbell Mark Brown
Kirkon Welsh Lennon Hutchinson Lloyd Francis Mark Campbell
Kirsten Pedersen Lennox Lindsay Lloyd Haye Mark Chambers
Kirth Lewis Lenworth Byfield Lloyd Lugg Mark Chin

Kishmoan Grant Lenworth Julal Lloyd McDonald Mark Haslam
Kosgin Richards Leon Anderson Lloyd Phillips Mark Hylton
Kurt Ross Leon Foster Lloyd Ricketts Mark Knight
Lakeisha Broomfield Leon Martin Locksley Buckley Mark Legister
Lakrisa Callam Leon McLean Lois Neufville Mark Ramsay
Lance Meghoo Leonard Anderson Lorianne Hinds Mark Wedderburn
Lance Morgan Leonard Griffiths Lorraine Phillips Mark Wellington
Lancelot Graham Leopold Higgins Lorrise Higgins Markland Brown
Lannette Spence Lerone McDonald Lovel King Marko Lee
Larie Hamilton Leroy Fisher Ludlow Thompson Marlene Grant
Lascelles Ruddock Leroy Malcolm Luke Brown Marlene Madden
Latoya Samuels Leroy Wilson Lynden Forbes Marlene Prince
Latoya Wynter Lesgar McGrath Lynval Robb Marlon Allen
Latoya Young Lesley Facey Machel Pryce Marlon Burton
Laurence Brown Leslie Ennis Maralie Hall Marlon James
Lauri-Ann Gayle Lester McKenzie Marceline Hodges Marlon McIntosh
114 Lawrence O’Meally Le-Var Allen Marcello Clarke Marlon McKenzie
Leantonnette Gordon Lincoln Bailey Marcia Braham Marlon Wilkinson
Lebert Frankson Lincoy Small Marcia Brown-Elliott Marlon Williamson
Lebert Heywood Linval Griffiths Marcia Currie Marsha Brown-White

Marshal Simpson Michael Dyer Moneleto Jones Nerine Brown
Martin Lawson Michael Edwards Moni Smith Nerrisa Rhoden-Roberts
Marvin Campbell Michael Evans Monifa Raglan Neville Brown
Marvin Crooks Michael Finch Monique Dennis Neville Davis
Marvin Fearon Michael Ford Morris Johnson Neville Nelson
Marvin Watson Michael Forsythe Moses Williams Neville Richards
Maston Todd Michael Fraser Muniair Cole Newman Malcolm
Mateos Clarke Michael Henlin Myrna Simmonds Newton Young
Maureen Mason-Francis Michael Henry Nackio Fuller Nicholas Coley
Maurice Bennett Michael Johnston Nadia Bernard Nicholas Miller
Maurice Campbell Michael Lindsay Nadia Clarke Nicholas Morgan

Maurice Esty Michael McPherson Nadia Hibbert Nicholas Nembhard
Maurice Palmer Michael Patterson Nadine Wilson Nicholas Stewart
Maurice Thompson Michael Pitter Nadrae Waugh Nickel Lee
Maxine Lewis Michael Samuels Nahesha Patterson Nickesha James
Maxine Phillips Michael Smith Nahjair Deslandes Nicola Robinson
Melanie Morgan Michael Thompson Narda Stampp Nicola Sterling-Palmer
Melinda Lloyd Michael Whittick Nasson Bernard Nicole Brown
Melisha Valentine Michelle Dunn Nastasia Morgan Nicole Goodin
Mellissa Grant Michelle Morris Natalie Purrier Nicole Nathan
Melodene Henlon Michelle Richards Natallie McKenzie Nicole Strachan
Melville Mullings Mickey Whyte Natania Williams Nigel Griffiths
Merdilyn Allen Miguel Curtis Natasha Silvera Nigel McConnell
Mervin Hylton Miguel Goulbourne Natesha McKay Nigel McGrath
Mesa Carricarte Millicent Ellis Nathan Rose Nigel Scott
Michael Aaron Millicent Graham Nathan Whyte Noel Bailey
Michael Bramwell Millicent McNeil Natoya Mighty-Smith Noel Madden
Michael Bryan Milton Abrahams Neckell Ormsby Noel Thomas 115

Michael Chambers Milton Oliver Neil Downer Noel Tyndale
Michael DaCosta Mirett Briscoe-Williams Nembhard Neil Noel Watson
Michael Davis Mitzie Cummings Nerie Campbell-Ward Noel White

Norbert Stewart Omar Grey Orrett Batchelor Patrick Brissett
Nordel Stewart Omar Harris Orvil Holness Patrick Cole
Noris Haye Omar Harrison Orville Black Patrick Davidson
Norman Edwards Omar Palmer Orville Clarke Patrick Dunn
Norman Hird Omar Sang Orville Clough Patrick Gilman
Norman Mason Omar Scott Orville Dixon Patrick Gordon
Norman Reid Omar Simpson Orville Morrison Patrick Griffiths
Norman Simpson Omar Stewart Orville Peterkin Patrick Henry
Norman Titus Omar Thomas Osawaki Wickham Patrick Mais
Norman Whyte Oneil Archer Oscar Johnson Patrick Melvin
Norris Redwood O’Neil Brown O’Shea Gordon Patrick Morgan

Norval Bullock O’Neil Gordon Oswald Dixon Patrick Muirhead
Nova Mais O’Neil Harris Oswald Smiley Patrick Prince
Novelette Thelwell Oneil Lewis Otis Henry Patrick Thomas
Nyron Foster O’Neil Nunes Otis Wallen Patrick Thompson
O’Brian Ellis O’Neil Prendergast Otony Williams Patrick Williams
Odale James O’Neil Robinson Owen Bonfield Patrick Wright
O’Dave Tucker Onica Yong Owen Robinson Paul Brissett
Odeany Brown O’Niel Davis Owen Tugman Paul Madden
Odel Wright Ophelia Moncrieffe Pamelia Phillips Paul McPherson
O’Dell Davis Oral Barnett Pamella Wright Paul Miller
Odette Ingram Oral Brown Pansy Whyte-Walker Paul Morrison
Odette Lewis Orane Sudeene Patrice Banks Paul Nunes
Olivenie Fritz-Bunting Orden Powell Patrice Hamilton Paul Palmer
Oliver Jackson Ordett Hudson-Connell Patricia Beckford-Linton Paul Roper
Oliver Johnson Orel Browning Patricia Garnett Paula Vernon
Oliver Youngsam Orett Stanley Patricia Gayle Paula Williams
116 Olivia Miller Orlando Blake Patricia Newland Paul-Anthony Castro
Olysia Cato Orlando Garrick Patricia Walker Paulette Brown
Omar Brown Orlando McKoy Patricia Young Paulette Collins
Omar Eubanks Orlene Robinson Patrick Beckford Paulette Evans

Paulette Radway Quinn Shortridge Renee Anthony Richard Spence
Pauline Ferguson Racquel Wilson Renee Watson Richard Watson
Paulstan Francis Radcliffe Brown Renwick Brown Rimona Rowe
Peaches Wray Ralston Dickenson Reval Scott Robert Cameron
Percival Brown Ralston McPherson Rhoneil Williams Robert Manning
Percival Wright Ralston Stewart Rhyon Marson Robert Miller
Pernilla Green Ramon Williams Rhys Stewart Robert Nicely
Pete Drummond Ramsay McDonald Ricardo Bedward Robert Ramsoran
Peter Angus Randolph Scott Ricardo Blidgen Robert Rodney
Peter Baker Randy Brown Ricardo Brown Robert Taylor
Peter Brown Ransford Gordon Ricardo Brown Robert Thomas

Peter Creary Raoul Alder Ricardo Campbell Roberta Johnson
Peter Daley Raquel Jones Ricardo Case Roberto Edwards
Peter Guthrie Rasheed Easy Ricardo Heron Rochester Robinson
Peter Marshall Rashema Jackson Ricardo Hunter Roderick Keating
Peter Smith Rashida Leiba Ricardo Kirkland Rodney Dobson
Petra Bassaragh Ravae Small Ricardo Pennycooke Roger Brown
Philbert Duhaney Ray Sinclair Ricardo Rennalls Roger Kennedy
Philemon Williams Raymond Garwood Ricardo Williams Rohan Lewis
Phillip Hamilton Raymond Logan Richard Ellis Rohan Lindsay
Phillip Harris Raymond McDonald Richard Ferguson Rohan Malcolm
Phillip Housen Raymond McFarlane Richard Fletcher Rohan Mayne
Phillip Whittingham Raymond Pennant Richard Gordon Rohan Rampasard
Phillipa Whyte Raymond Ramsay Richard Grant Rohan Simms
Philson Pryce Rayon Jarrett Richard Henry Rohan Simpson
Plunket Brown Rayon Shelley Richard Johnson Rohan Williams
Polly Vernon Rayon Small Richard Lawson Roland McKnight
Pricella Dawson Recordo Green Richard Lyttle Romain Wint 117

Primrose Wright Reldean Harris Richard Peart Romar Taylor
Prince Rodgers Renaldo Chambers Richard Reid Ronald Sunanon
Prudence Higgin-Thompson Renardo Lobban Richard Smith Ronald Turner

Roneil Bunsie Ryan Lattery Shane Brown Shelly-Ann Barker-Lawrence
Ronnett Malcolm Ryan McPherson Shane Montaque Shelton Thomas
Rose Farquharson Ryan Powell Shane Smith Sheniel Campbell
Rosemerrie Morgan Sabrena Shaw Shane Watson Sheree Bryan
Roumell Roper Sabrina Morant Shaneika Lee Shereen Hitchins
Rowan Gibbore Samantha Darby Shaneka Coley Sherica Miller
Rowan Onfroy Samuel Davis Shanette Martin Sherika Frater
Rowan Small Samuel Willie Shanique Donaldson Sheril Hall
Roxana Masters Sandino Crooks Shanique Spencer Shernane Spence
Roxanne Fletcher Sandra Hayles Shannika Jackson Sherrice Lyons
Shannon Benjamin Sherry-Ann Henry

Roxanne Johnson Sandra Nembhard
Roy Brown Sandra Vidal Shannon Holgate Sheryl Henry
Roy Brown Sangeet Dutta Shannon-Kay Wray Sheryl Howell-Hylton
Roy Cunningham Sania Lewis Sharee James Sheryl Wright
Roy Milford Sarah Hoffstead Sharisse Robinson Sheryll Brown
Roy Taylor Sarah Nankoo Sharlene Chunnu Shevon Whilby
Royan Maxwell Sarah Randall Sharon Harvey Shirley Kerr
Royed Pryce Sasha Campbell Sharon Ledford Shirley Rochester-Francis
Ruben Thomas Sasha-Gaye Fraser Sharon Pryce Shoneika Dalling
Rudolph Clarke Saskia Lemard Shasan Robinson Shorn Bonfield
Rudolph Forsythe Sean Crooks Shaun Witter Shoshanna Hanniford
Rudolph Reynolds Sean Stanford Shauna Elliott Shoucair Sawyers
Rudolph Stevens Sean Tucker Shauna-Lee Rennocks Shrudon Johnson
Rudolph Wright Selvin Spencer Shavalo Porter Sideney Bonner
Rudyard O’Connor Selvin White Shavon Thompson Sidoney Vassell
Ruel Barnett Seon Jackson Sheffoy Francis Silburn Chambers
Ruel Scott Seon Sadler Sheldon Bahadosingh Silina Patterson
118 Rupert Williams Seymour Richards Sheldon Grandison Simbarashe Nkrumah
Rupert Wilson Shackoya McIntosh Sheldon Thompson Simon Jackson
Ruthlyn Johnson Shallon Falcknor Sheldon Williams Simone Austin
Ryan Ellison Shamari Laws Shelley-Marie Robinson Simone Bicarie

Simone Smythe-Myles Steve Windross Tesfaye O’Sullivan Tyrone Gordon
Simoneese Williams Steve Wright Tex Knight Tyrone Morris
Simonie Barrett Steven Davis Theo Cargill Una Bailey
Sokoni Forsythe Stevon Lewis Thessa Smith Uriah Stephenson
Soleta Thomas Stuart Haughton Thomas Gordon Uton Tobin
Solomon Johnson Sudaney Blair Timol Houchen Vaden Williams
Sonia Francis Suzanne Campbell-Rose Timothy Taylor Vahance McGregor
Sonia Johnson Suzette Scott Tina McKain-Burford Valen Wilson
Sonia Jones Suzette Williams Tisona Johnson Valentine Brown
Sonia Lewis Sydney McFarlane Toni-Ann Brooks Valentine Fagan
Sophia Anderson-Wilkie Toni-Ann Neita

Sydney Williams Valentine Scott
Sophia Davidson Sylvia Brown Toyloy Nugent Valerie Bennett
Sophia Griffiths-Dunn Sytron Baker Traci-Ann Lewis Valerie Dawson
Sophia Hamm Tajeane Roseway Tracy-Ann Robinson Valerie Mahoney
Sophia Lambert Tameka Wyzard Traverse Foster Valerie Smith
Sophia Nash Taneece Treasure Travis Hall Vaughan-Reese Jones
Stacey Passley Taniesha Kelly Tremaine Morgan Vaughn McDonald
Stacey Samuels Tanneca Robinson Treneace Goulbourne Venice Henry-Blackburn
Stacey Whyte Tanya Brown Trevon Lawrence Venice Larmond-Reid
Stacey-Ann Hepburn Tanya McDonald Trevor McDonald Venton Bucknor
Stacie-Ann Earle Tanya Williams Trevor Parker Vercel Benjamin
Stacy Codner Tarik Osbourne Tricia Dorman Verene Mason-Wilks
Stanley Nettleford Tashanna Reid Tricia Hay Veronica McCurdy
Stanley Reid Tasheima McNabb Tricia Robinson Veronica Williams
Stelbert Wizzard Tashie Lee Trisha Lee Veront Howell
Stella Eubanks-Richards Tatrecia Mitchell Trishana Dunbar Vilma Palmer
Stephen Forrest Taunderia Williams Trisram Williams Vincent Bryan
Stevan Sterling Teisha McCatty Troy Allen Vincent Cunningham 119

Steve Dixon Tennyson Arnold Troy Hamilton Vincent Davis
Steve Grant Terrence Miller Troy Thompson Vincent Goodlett
Steve Roberts Terry Taylor Troy Tucker Vincent Kameka

Vincent Nelson Wayne Jackson William Reid Winston Spencer
Vinette Allen Wayne Jones William Smart Winston Townsend
Vinnetta Groucher Wayne McKenzie William Stewart Winston Whyte
Vinton Thorpe Wayne Miller William Vickers Wray Lawrence
Vivia Lysaith-Cunningham Wayne Taylor Wilton McTyson Xavier Bryan
Vivienne Green Welton Burthwright Winsett Thomas Xavier Wilks
Volton Campbell Welton Codner Winsome Callum Yacob Cookhorn
Vonnessa Boothe Wendion Wright Winsome Lord-Sadhi Yanique Green
Walter Blackwood Wendy McNeil Winsome Maxwell Yenoh Wheatle
Walwain Binns Wendyl Lewis Winston Allen Yvonne Riley
Warren Atkinson Wesley Simpson Winston Anderson Yvonne Smith

Warren Beans Wilbert Cain Winston Bansie Zonya Smith
Warren Bennett Wilcon Major Winston Brown
Warren Wray Wilfred McKenley Winston Ferguson
Wayne Blackburn Wilfred Talbot Winston Francis
Wayne Chambers Will Gabbidon Winston Reynolds
As at December 31st 2011
120

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Our Vision

To become a world-class energy

Jamaica Public Service Company Limited ( JPS) is an

generation, transmission and distribution of electricity,

In April 2011, Marubeni Corporation entered into a

JPS currently has approximately 575,762 customers

The Company owns and operates: 4 power stations, 8

Along with the provision of electricity, JPS is a key partner

T h e Office o f Utilities R e g u l a t i o n ( O U R ) , is the

JPS • ANNUAL REPORT 2011

2011 will undoubtedly be remembered as a JPS and Jamaica. Finally, in December we

360 MW Generation expansion project

JPS • ANNUAL REPORT 2011

Increased use of Renewable Energy

in the form of renewable energy. We are confident that when

Loss reduction activities

and this marks the second year in a row where we have

JPS • ANNUAL REPORT 2011

Despite the operational improvements noted above, I believe

seated in front standing left to right

• KELLY TOMBLIN • PROFESSOR EVAN WINDSOR DUGGAN

• HISATSUGU HIRAI • CATHRINE KENNEDY

• PROFESSOR GORDON SHIRLEY • YUNG JOON PYO

• HON. CHARLES JOHNSTON C.D.

GLENFORD WATSON MASAYUKI OMOTO

JPS • ANNUAL REPORT 2011

The cost of sales ($846 million) increased

JPS • ANNUAL REPORT 2011

market prices, such as interest rates, foreign repurchase agreements.

The company incurs foreign currency risk

The company’s risk management frame-

• the management and control of significant

JPS • ANNUAL REPORT 2011

• the use of insurance to ensure that assets

A critical tool used in the management of

The primary responsibility for the devel-

On the other hand, in an environment already characterized by

In the same month, majority owners of JPS, Japan-based Marubeni

JPS • ANNUAL REPORT 2011

Poised for Expansion

OUR approves proposal for 360MW plant 19

In April, through collaboration with Marubeni and EWP, JPS

had indicated was the preferred fuel alternative to reduce

JPS Chairman, Mr. Hisatsugu Hirai, welcomed the OUR

With the construction of this plant, Jamaicans will see a

The new natural gas-fired plant is expected to be commissioned

New hydroelectric plant

JPS took another step toward the addition of more renewable

Kier Director, TIM CORRIGAN (seated left) and JPS Chief

Serving Customers Better

During 2011, the Company also pursued an initiative to expand

JPS • ANNUAL REPORT 2011

Regional Customer Care Manager,

RUTHLYN JOHNSON, Corporate

JPS invested over US$69M in capital expenditure to ensure

Following an analysis of the root cause of failures on the five

22 The Company also increased the use of technology, as part of

LINEMAN AT WORK AT DUSK

failing insulators. Additionally, fault indicators were installed

JPS • ANNUAL REPORT 2011

JPS Linemen Restore Power

Cat Island’s power network was completely devastated leaving