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78REPORT OF THE DIRECTORS The Directors have pleasure in presenting their Report to the Members together with the Audited Financial Statements for the year ended 31 December 2012. (Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated). $ $Net Income after Taxation 35,908 Deduct: Dividend Paid:PREFERENCE - Final 2011 - 4% 58 Interim 2012 - 4% 59 ORDINARY - Final 2011 - 34 cents per share 13,566 Interim 2012 - 16 cents per share 6,384 20,067 Revenue Reserves for the year 15,791 Revenue Reserves brought forward 242,659 Revenue Reserves at 31 December 2012 258,450 DIVIDENDSAn Interim Dividend of 4% was paid to participating Preference Shareholders and 16 cents was paid to Ordinary Shareholders in November 2012, and the Directors have declared Final Dividends of 4% and 39 cents to be paid to Preference and Ordinary Shareholders respectively who are on the Register of Members on 31 May 2013. Dividends will be paid on 14 June 2013.DIRECTORSUnder By-Law No 1, paragraph 4.3, Directors D. Chatoor, C. Sabga and C. Sankat, retire by rotation this year, and being eligible, offer themselves for re-election.AUDITORSThe Auditors, Ernst & Young, retire and have indicated their willingness to be re-appointed.By order of the BoardM. Gonsalves-SuiteCompany SecretaryGuardian_Media_Annual_Report2012.indd 78 4/17/13 7:31 PM