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11ANNUAL REPORT 2014 ECONOMIC ENVIRONMENT:The global economy exhibited differential growth in 2014, with some economies, both developing and developed, performing well and others performing below their optimum growth rates. Towards the end of the year, the US economy expanded at an annualized rate of 5%. China continued its economic miracle, growing by over 7%. However, growth in some key developing economies, such as Brazil, slowed.Oil prices declined from a peak of US$104 per barrel in June 2014 to below US$50 at the end of the year. This decline supported growth in oil %u2013importing countries but posed a significant problem for oil exporters. In the T&T economy, production in the energy sector revived, even as the global prices of the country%u2019s oil, LNG and petrochemicals declined in the second half of the year. T&T%u2019s GDP grew by 1.9% in the second half of 2014, as the curtailment issues that had impacted natural gas production subsided, following flat growth in the first half. Higher production of natural gas and petrochemicals drove a 2.8% expansion in the energy sector during the second half of the year. Inflation ended the year @8.4%, whilst unemployment continued to trend down, reaching an historic low of 3.1%OUTLOOK:Despite indications of a sharp reduction in revenues as a result of the decline in the prices of T&T%u2019s energy exports, Government took the decision to maintain its spending in the economy during the 2015 fiscal year, to soften the potential impact of global uncertainties. This decision is likely to cause the country to run a higher fiscal deficit than during the 2014 fiscal year.The prospect of significant backpay settlements to civil servants, teachers, and others in the public service, along with payouts to CLICO policyholders, is expected to drive inflation higher towards the middle of the year.The Central Bank has raised its repo rate by 100 basis points to 3.75% in order to increase the cost of borrowing to reduce inflation. With consumer credit growing at over 8%, and with the Central Bank holding the exchange rate stable, growing aggregate demand in the economy could lead to drawdowns in the country%u2019s foreign exchange reserves. FINANCIAL PERFORMANCE:GML earned revenue of $209.2 million in 2014 which compares favourably with the $209.8 million earned in the prior year. Whilst revenue generation was sustained, higher operating costs resulted in a profit before tax of $44.5 million (2013: $58.8 M). Our balance sheet position remains solid, with net assets growing to $316.2 million from $311.8 million, an increase of $4.4 million. Our net asset value per share increased from $7.80 to $ 7.91.During the year we invested over $18.3 million in facilities, plant and equipment, and approximately $5.8 million in the acquisition of a concession to upgrade Radio Trinidad 7.30AM to the FM band. We generated cash flows of $ 34.9 million during the year.APPRECIATION:On behalf of the Board of Directors, I would like to record our appreciation of the continued efforts of the Management Team and Staff in pursuing the goals and objectives of the Company in a challenging year, and for their unwavering dedication and loyalty. I would also like to record our gratitude to our loyal readers, listeners, viewers, and to our valued advertising agencies and clients for their support and loyalty; and to our shareholders for reposing their faith in our stewardship. Finally I would like to express my personal gratitude to my fellow Directors for their support, guidance, sacrifices and valuable contributions throughout the year.Grenfell KissoonChairman