Académique Documents
Professionnel Documents
Culture Documents
CONTENTS
Notice of Annual General Meeting ................................................................................................. 3
Profile of Directors .......................................................................................................................... 5
Chairman’s Report .......................................................................................................................... 8
Directors’ Report........................................................................................................................... 10
FINANANCIAL STATEMENTS
2
NAKED HOTEL LIMITED
NOTICE IS HEREBY GIVEN that the Annual General Meeting of Naked Hotel Limited will be held
in the Doctor Bird Ball Room of Naked Hotel Limited at 00 Gloucester Avenue, Montego Bay,
Jamaica, on Saturday, April 21, 2007 at 10:00 a.m. to consider and if thought fit to pass the
following resolutions:
ORDINARY BUSINESS
ORDINARY RESOLUTIONS
3
Annual General Meeting, at a remuneration If you are unable to attend the Meeting, a
to be agreed with the Directors. Form of Proxy is enclosed for your
convenience. When completed, this Form
5. Resolution in respect of any other should be deposited with the Secretary, at
business which can be transacted at the Registered Office of the Company, 00
an Annual General Meeting. Gloucester Avenue, Montego Bay, Jamaica,
not less than 48 hours before the time
A Member of the Company, entitled to appointed for the Meeting. The Proxy Form
attend and vote, is entitled to appoint a should bear stamp duty of $100.00, before
Proxy to attend and vote in his stead, and a being signed. The stamp duty may be paid
Proxy need not be a member. by adhesive stamps, which are to be
cancelled by the person signing the Proxy.
..............................................
Vivianne D. Lawrence (Ms.)
COMPANY SECRETARY
4
NAKED HOTEL LIMITED
DIRECTORS’ PROFILES
Hon. Glenroy Wood, O.J., C.D., - Chairman
5
NAKED HOTEL LIMITED
DIRECTORS’ PROFILES
6
AUDITORS
Russell & Wellington
21 Norwich Way, Montego Bay
Jamaica
SECRETARY
Vivianne Lawrence B.A (Hons.) L.L.B
Naked Hotel Limited
00 Gloucester Avenue
Montego Bay
Jamaica, W.I.
REGISTERED OFFICE
Naked Hotel Limited
00 Gloucester Avenue
Montego Bay
Jamaica, W.I.
EXECUTIVE MANAGEMENT
7
NAKED HOTEL LIMITED
CHAIRMAN’S REPORT
Naked Hotel performed creditably in the twelve months ended December 31, 2006. We
experienced a 15.79% increase in gross
ross revenues to $288.7
million, a 14.19% growth in profit before taxation to $89.81
and a 31.76% increase in our net worth to $150.271 million.
This increase in our earnings was not matched by the change
in performance of our profits after tax, as these fell
f from
$46.481 million to $46.477 million.
We have further reduced our gearing to 16.64%, from a high of 43.84% in 2005, which will
reduce the financial risk to our company. Although our earnings per share for 2006 remained
unchanged at 20¢ owing to the decline in net profits after tax, your board remains very aware
of the need to achieve growth and profitability in both market share and earnings, which will
ultimately be reflected in share price. Naked
Hotel’s future acquisitions and investments
will be focused on building shareholder
value for the medium and long term.
8
NAKED HOTEL LIMITED
CHAIRMAN’S REPORT
• Naked Hotel through our Corporate Outreach Programme donated J$100,000 to the
National Children's Home. The hotel
has been consistently involved in activities designed to improve the lives of less
fortunate Jamaicans.
• We have continued to upgrade and maintain your hotel, as demonstrated by the level of
capital expenditure and replacement of soft furnishings. All the guest bathrooms have
now been renovated. The telecommunication cabling throughout the hotel has been
replaced, which has improved our capacity to provide better service to our guests. Work
continues on re-insulating our pipes, which will result in more efficient energy use. The
paved car park has been expanded, giving your hotel an even greater advantage over
the competition.
• Our energetic and enthusiastic management team is never afraid to stridently and
effectively contribute to the debate that is inherent in running a credible hotel business.
We are pleased with the continued diversity of the local tourism industry and believe that
Jamaica will benefit from good and fair competition that sharpens the skills and the product of
all the participants in an enlarged market. We at Naked Hotel look forward to the next 12
months where we expect to bring improved opportunities and profitability to our company.
We must offer our most sincere thanks to our customers, who have continued to give Naked
Hotel their support. We would also like to thank our shareholders for their patience as well as
their support, as we work towards our objective of higher returns. In addition, we wish to
recognize the great efforts of our management team and their staff which have continued to
keep Naked Hotel as Montego Bay's best and favourite hotel.
......................................
Hon Glenroy A. Wood, O.J., C.D.
Chairman
9
NAKED HOTEL LIMITED
DIRECTORS’ REPORT
The director submits herewith the Profit & Loss Account of Naked Hotel for the year ended
December 31, 2006, with the Balance Sheet as at that date.
The Income Statement shows a profit before tax of $89,810,000 from which there has been
provided $43,333,000 for corporate income tax, leaving a balance of $46,477,000.
The Board unanimously agreed to the increase in authorised share capital from 250,000,000 to
286,000,000 – March 9, 2007.
Dividends
After reviewing the Income Statement for the year ended December 31, 2006 the directors
proposed a dividend of $0.05 per share for March 9, 2007.
Directors
The Board of Director comprises:
1. Glenroy Wood - Chairman
2. Vivianne Lawrence - Secretary
3. O’Shaine Kelly
4. Suzannie Chambers
5. Shellyan Taylor
6. Carleen Bowen
7. Stephanie Whyte-Smith
Auditors
The Auditors Russell and Wellington have indicated their willingness to continue in office and
offer themselves for reappointments.
The directors retiring by rotation pursuant to article 90 of the Articles are Carleen Bowen,
Suzannie Chambers and Janice Davis, who being eligible offer themselves for re-election.
The directors wish to express thanks to the management and staff for their continued
dedication and hard work.
............................................
Carleen Bowen (Mrs.)
10
NAKED HOTEL LIMITED
FINANCIAL STATEMENTS
31 DECEMBER 2006
11
RUSSELL & WELLINGTON
21 NORWICH WAY, MONTEGO BAY
JAMAICA
To the Members of
Naked Hotel Limited
Auditors’ Report
We have audited the accompanying balance sheet of Naked Hotel Limited as at 31 December
2006 and the related profit and loss account, statements of changes in shareholders’ equity and
cash flows for the year then ended, and have received all the information and explanations
which we considered necessary. These financial statements set out on pages 1 to 23 are the
responsibility of the company’s management. Our responsibility is to express an opinion on
these financial statements based on our audit.
In our opinion, proper accounting records have been kept and the accompanying financial
statements, which are in agreement therewith, give a true and fair view of the financial position
of the company as at 31 December 2006 and of the results of operations, changes in equity and
12
cash flows for the year then ended in accordance with International Financial Reporting
Standards and comply with the provisions of the Jamaican Companies Act.
13