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Belize Electricity Limited STATEMENT OF FINANCIAL POSITION December 31, 2021 (in thousands of Belize dollars) Liabilities and Equity Current iabilities: Trade and other payables Current portion of long-term debt Current portion of lease liability Taxes payable Total current liabilities Non-current liabilities: Capital contributions Deferred grant contribution Long-term debt Lease Liability Debentures Consumer deposits Total non-current liabilities Total liabilities Equity: Share capital Additional paid in capital Insurance reserve Revaluation reserve Retained earnings Total equity Total Liabilities and Equity (1) Use the financial statement for BEL 2021 AND 2020 and calculate Current Assets, Quick, Average Collection, Accounts Receivable Turnover, Inventory Turnover, Days Sales, Debt, Times Interest Earned, Total Asset Turnover, and Fixed Asset Turnover Ratios. (2) Comment on the performance of the company for 2021 in comparison to 2020. (3) Use two decimal places in your calculations (4) Show ALL calculations AND formulae used for calculations for ratios. Belize Electricity Limited STATEMENT OF CHANGES IN EQUTTY FOR THE YEAR ENDED DECEMBER 31, 2021 (in thousands of Belize dollars) Belize Electricity Limited STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2021 (in thousands of Belize dollars) The notes on pages 839 form an integral part of these financial statements. Page|5 Dalima Dlantwinita, I initad \$273 thousand is restricted for use on the Power VI Project and \$4.886 million is restricted for use on the ERCAP Belize Project (see note 8). Belize Electricity Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31,2021 (in thousands of Belize dollars) 5. PROPERTY, PLANT, AND EQUIPMENT (Continued) Year ended December 31, 2020 A depreciation charge of $1.325 million (2020 - \$1.198 million) was allocated to the cost of power. The fixed asset audit conducted in 2013 and 2014 by independent consultants resulted in a revaluation gain of $5.112 million. In 2019, the Company entered a capital lease with BTL that confers on BEL exclusive rights to Dark Fiber owned by BTL and spanning specific locations throughout the country of Belize for twenty years. 6. INTANGIBLE ASSETS Belize Electricity Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31,2021 (in thousands of Belize dollars) 5. PROPERTY, PLANT, AND EQUIPMENT Year Ended December 31, 2021 Page 21 Belize Electricity Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 (in thousands of Belize dollars) 6. INTANGIBLE ASSETS (Continued) Year ended December 31, 2020 Transfer total of $314 thousand (2020 -\$1.657 million) represents the cost in asset under construction that was transferred to intangible assets (see Note 5). 7. TRADE AND OTHER PAYABLES Belize Electricity Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 (in thousands of Belize dollars) 28. FINANCIAL RISK MANAGEMENT (continued) (a) Foreign exchange risk (continued) The Company's foreign exchange risks are only eliminated when transactions are denominated in local currency. When transacting in foreign currency, the use of the US dollar minimizes foreign exchange 2020 , the Company had no material liability denominated in a foreign currency other than the US dollar (See Note 10). (b) Credit risk The Company has a large and diversified customer base, which minimizes the concentration of its credit risk. The Company's credit risk is concentrated as follows: On that basis, the allowance as of 31 December 2021 and 31 December 2020 was determined as Belize Electricity Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 (in thousands of Belize dollars) 28. FINANCLAL RISK MANAGEMENT (continued) (d) Liquidity Risk (continued) (e) Capital management The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern, to provide optimal returns for shareholders and benefits for other stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. To maintain or adjust the capital structure, the Company may adjust the quantum of dividends paid to shareholders annually in accordance with its Dividend Policy, issue new shares or debt, or redeem debt. Consistent with others in the industry, the Company monitors capital based on the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (longterm debts and debentures including 'current and non-current portions as shown in the statement of financial position) less cash and cash equivalents. Total capital is calculated as 'equity' as shown in the statement of financial position plus net debt. 29. COVID-19 On March 11, 2020, the WHO declared the novel coronavirus outbreak to be a pandemic. On March 23, 2020, Belize declared its first confirmed case of Covid-19 in Belize. The impact of the pandemic continued through the year 2021 across the country. The Company started to experience a rebound in sales, especially in the Residential and Commercial sales categories, However, the global effects of the pandemic in relation to shipping adversely affected the Company's ability to obtain critical supplies from international suppliers in a timely manner. This led to extended delays in connecting new services in some cases as priority was given to using materials and supplies for maintenance, upgrades and repairs to existing services. At the end of 2021, the country's economy denominated payables that had accumulated over the previous 21 months. The Company has no intention to liquidate or cease operations; it expects to continue to generate sufficient revenues to be able to continue to operate for the foreseeable future. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31,2021 (in thousands of Belize dollars) 27. CATEGORIES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES In accordance with IFRS 9, financial assets such as loans and receivables, and financial liabilities, are classified as subsequently measured at amortized cost. Under IFRS 7, an entity shall disclose information that enables users of its financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed at the reporting date. - See Note 10 for details on the measurement of lease liability 28. FINANCIAL RISK MANAGEMENT The Company's activities expose it to a variety of financial risks. Risk management is carried out by Management under the supervision of the Board of Directors. The Company's overall risk management objective is to minimize potential adverse effects on the Company's financial performance. (a) Foreign exehange risk Foreign exchange risk arises when future recognized assets and liabilities are denominated in a currency that is not the Company's functional currency. Belize Electricity Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 (in thousands of Belize dollars) 28. FINANCIAL RISK MANAGMENT (continued) (b) Credit risk (continued) Impairment losses on trade receivables are presented as net impairment losses within operating profit and subsequent recoveries of amounts previously written off are credited against the same line item. Management mitigates this type of risk by regularly enforcing a customer deposit policy based on the level of risk exposure and is generally guaranteed by being the sole electricity distributor nationwide. (c) Interest Rate Risk The Company is exposed to interest rate risk associated with short-term borrowings and floating-rate debt. The Company mitigates this risk by minimizing holdings of variable interest rate debt and maintaining a diversified debt portfolio. (d) Liquidity Risk The Company's operations and financial position could be adversely affected if it fails to arrange sufficient financing to fund its capital expenditures and repayment of maturing debt. To mitigate liquidity risk, cash flow forecasting is performed which monitors rolling forecasts of the Company's liquidity requirements to ensure it has sufficient cash to always meet operational needs. Such forecasting takes into consideration the Company's debt financing plans and the Company's financial position. The table below analyzes liabilities of the Company into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. Contractual maturities of Liabilities on 31 December 2021 Belize Electricity Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2021 (in thousands of Belize dollars) 23. FARNINCS PED SH ART The following reflects the income and share capital data used in the basic and diluted earnings per share computations. There have been no other transactions involving ordinary shares or potential ordinary shares between the reporting date and the date of completion of these financial statements. 26. COMMITMENTS AND CONTINGENCIES Commitments - Capital expenditure contracted for at the end of the period but not recognized as liabilities are as follows: Belize Electricity Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31,2021 (in thousands of Belize dollars) 25. RELATED PARTY TRANSACTIONS The Compuny is controlled by the Covernment of Belize who ouns 3258% of the shares. A statutcoy bound of the Government of Belize, the Social Security Bourd owns 31.27%, Fortis Casman ine own 33.30% and atous 1,500 othe sharcholdees oun 285%. Belize Electricity Limited NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31,2021 (in thousands of Belize dollars) 27. CATEGORIES OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES In accordance with IFRS 9 , financial assets such as loans and receivables, and financial liabilities, are classified as subsequently measured at amortized cost. Under IFRS 7, an entity shall disclose information that enables users of its financial statements to evaluate the nature and extent of risks arising from financial instruments to which the entity is exposed at the reporting date. * See Note 10 for details on the measurement of lease liability 28. FINANCIAL RISK MANAGEMENT The Company's activities expose it to a variety of financial risks. Risk management is carried out by Management under the supervision of the Board of Directors. The Company's overall risk management objective is to minimize potential adverse effects on the Company's financial performance. (a) Foreign exchange risk Foreign exchange risk arises when future recognized assets and liabilities are denominated in a currency (1) Use the financial statement for BEL 2021 AND 2020 and calculate Current Assets, Quick, Average Collection, Accounts Receivable Turnover, Inventory Turnover, Days Sales, Debt, Times Interest Earned, Total Asset Turnover, and Fixed Asset Turnover Ratios. (2) Comment on the performance of the company for 2021 in comparison to 2020. (3) Use two decimal places in your calculations (4) Show ALL calculations AND formulae used for calculations for ratios. Belize Electricity Limited STATEMENT OF FINANCIAL POSITION December 31, 2021 (in thousands of Belize dollars) Liabilities and Equity Current iabilities: Trade and other payables Current portion of long-term debt Current portion of lease liability Taxes payable Total current liabilities Non-current liabilities: Capital contributions Deferred grant contribution Long-term debt Lease Liability Debentures Consumer deposits Total non-current liabilities Total liabilities Equity: Share capital Additional paid in capital Insurance reserve Revaluation reserve Retained earnings Total equity Total Liabilities and Equity