Future Energy Source Company Limited (FESCO) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. I am Trevor Heaven. I have the privilege of serving as Chairman of the Board of our company, Future Energy Source Company Limited, acronym FESCO. I have the pleasure of moderating the proceedings of this, our fourth general meeting since listing on the Jamaica Stock Exchange. At this time, I'd like to introduce our Company Secretary Ms. Kayola Muirhead and ask that she confirm that the required quorum of 2 members present in-person, which, of course, includes those members joining us online or by proxy, if that has been met.

Confirmed, Chairman.

And so the quorum being confirmed, I'm going to now call our meeting to order. And my time is 10:31 am, and I'm going to invite Director, Junior Williams, one of our founding members, to open [ it ]. Junior?

Good morning, everyone, those present and those online. Shall we pray? In the name of the Father, the Son and the Holy Spirit, gracious God, we thank you for this beautiful day. Lord, we thank you for this time together. Guide our discussion with your wisdom and help us to listen with open hearts and mind. Bless us with unity, grace and spirit of collaboration as we work to fulfill your purpose in your name. We would also like to thank -- would also like to pray for our stakeholders, our customers, our service providers, our well wishers, our management and staff, Chairman, and our Board of Directors. These are the mercies we ask of the -- in thy name. Amen.

I want to thank you so much, Director Williams. And so on behalf of the Board of Directors, it is indeed a pleasure to welcome you all here this morning at our 2025 Annual General Meeting of shareholders. After 4 years of being listed, the company -- you will agree, the company's growth is clear. We have expanded our scope of company-operated locations. We have increased staff at various levels. We've diversified our product offerings, introducing blended 87 plus and fusion 90 plus. We have entered a new market segment through LPG, liquid petroleum gas, and other dealer locations to our network across segments. These are being achieved through careful navigation of challenges. We have clearly demonstrated resilience, have demonstrated our ability to find solutions and openness to continue learning and continued improvement. Our achievements, this past -- our achievements at this point and the efforts to ensure their sustainability are because of the remarkable dedication and commitment of the entire team. We are humbled by the trust and confidence demonstrated by our customers, by our shareholders and encouraged by what we have accomplished thus far. To those in-person here at the Spanish Court Hotel and online, where the JCSDs EAGM platform, it is truly a pleasure to be with you this morning. To those in-person at this -- here with us and online, it is truly a pleasure to be here again with you this morning. Ladies and gentlemen -- thank you. Ladies and gentlemen, the audited financial report and the annual report inclusive of the financial statements and the reports of the directors and auditors for the year ended March 31, 2025 were earlier circulated to all members. I now take pleasure to introduce our auditor from the firm, Baker Tilly, Mr. Wayne Strachan, the company's auditors, and invite him to read the independent auditor's report, which begins, if you may, on Page 65 of our annual report. May I invite Wayne to come to the podium?

Good morning, everyone. I'm here to present the auditor's report, independent auditor's opinion of the financial statements of Future Energy Source Company Limited. I will be reading the entire report. As you know, this is a publicly listed entity, FESCO, and by all standards by the [ ICAG ], we must read the entire auditor's opinion. To the members of Future Energy Source Company Limited, report on the audit of the financial statements, our opinion. In our opinion, the financial statements give a true and fair view of the financial position of Future Energy Source Company Limited as at 31st March 2025 and of the financial performance and cash flows for the year then ended in accordance with International Financial Reporting Standards, IFRS, and comply with the requirements of the Jamaican Companies Act. What we have audited? Future Energy Source Company Limited financial statements comprise, and I have the bullets here, statements of financial position as at the 31st of March 2025, statement of comprehensive income for the year then ended, statements of changes in equity for the year then ended, statement of cash flows for the year then ended and the notes of the financial statement, which includes a summary of material accounting policies. The basis for opinion. We conducted our audit in accordance with international standards and auditing ISAs. Our responsibilities under those standards are further described in auditor's responsibilities for the Audit of the Financial Statements section of our report. We believe that all the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence. We are independent of the company in accordance with International Ethic Standards Board for Accountants, Code of Ethics for Professional Accountant, [ IESBA ] code. We have fulfilled our other ethical responsibilities in accordance with the IESBA code. Audit scope. As part of designing our audit we determined materially and assessed the risk of material misstatements in the financial statements. In particular, we considered where management made subjective judgments, for example, in respect of significant accounting estimates that involve making assumptions and considering future events that are inherently uncertain. As in all our other matters, consideration of whether there are -- there was evidence of bias that represented a risk of material misstatement due to fraud. All we tailored our company audit scope. We tailored the scope of the audit in order to perform sufficient work to enable us to provide an opinion on the financial statements as a whole, taken into account the structure of the company and accounting processes and controls and the industry in which the company operates. Our 2025 audit was planned and executed in regards to the fact that the operation of the company remained largely unchanged from the prior year. The company's businesses are organized into two primary segments: being wholesale and retail petroleum products and liquefied petroleum gas. These segments maintained their own accounting records and the report to the company through the completion of reporting packages. In establishing the overall company audit strategy and plan, we determined the type of work that was needed to be performed and components by the engagement team. Key audit matters. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for the current period. These matters were addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon. And we do not provide a separate opinion on these matters. So I'm going to go through the key audit matters, and we have two key audit matters. IFRS 9 financial instruments is complex and requires a company to recognize expected credit losses, ECL, on financial assets. The determination of ECL is highly subjective and requires management to make significant judgment and estimates, particularly regarding significant increase in credit risk and forward-looking information. The combination of significant management estimates and judgment increases the risks that management estimates, and that could be materially misstated. And if you see Note 4A, 51 and 11 of the financial statements, I would highlight where the key we focus in terms of the key audit matters. Okay. So how we audit -- address these key audit matters? We perform the following procedures. We obtain an understanding of the model used by management for the calculation of expected credit losses on receivables. We test the completeness and accuracy of data used in the models to the underlying accounting records on a sample basis. We involve our financial risk modeling specialists to evaluate the appropriateness of the company's impairment methodologies, including criteria used for determining significant increase in credit risk and independently assess the assumptions and compliance with the new requirement of IFRS 9 financial instruments. We also involve our financial risk modeling specialists to evaluate the appropriateness of the economic parameters, including the use of forward-looking information. We tested the company's recording and aging of trade receivables, and we assessed the adequacy of the disclosure of key assumptions and judgment as well as compliance with IFRS 9. Based on audit procedures performed, no adjustments to the financial statements were deemed necessary. And so the next key audit matter is revenue recognition, revenue recognition, and that is IFRS 15. The main activity of the company comprised retail and wholesale of trading activities in petroleum and automotive products. This includes the sale of fuel, lubricants, leasing fuel equipment. It also utilizes the FESCO trademark and allow dealers to use these trademarks in exchange for direct compensation. Revenue is posted to the general ledger by means of monthly manual journal entries, and a significant volume of numerous small-value items are invoiced. Therefore, we assess there to be a higher risk of material misstatements associated with the timing and the amount of revenue that is recognized. So how we address these in our audit? Our audit procedures in response to this matter includes, we assessed the revenue recognition policy applied by the company and for compliance with IFRS 15, which is revenue from contracts or customers. We tested the design and implementation of operating effectiveness, the relevant control such as review of the monthly sale journals and a daily sales reconciliation. We evaluated weather sales transaction on either side of the financial position date as well as credit notes issued after the financial position did that they are recognized in the correct period. We compared a sample of the items to be supporting documents to verify that the sales transactions are recorded appropriately. We performed cash-to-revenue recognition by using cash receipts from monthly banks bank statement and opening and closing receivables for the year, pro forma cash revenue reconciliation by using cash receipts from the monthly bank statement and opening, closing receivables for the year and we evaluated the completeness of sales listing by agreeing to the general ledger. Other information. Management is responsible for the other information. The information comprised in the annual report does not include the financial statements and our auditor's report thereon, which is expected to be made available to us after the date of this auditor's report. In our opinion, the financial statement does not cover any other information, and we will not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and in doing so, consider whether other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appear to be materially misstated. When we read the annual report, if we conclude that there is a material misstatement therein, we're required to communicate the other matter to those charged with governance. Responsibilities of management and those charged with governance of financial statements. Management is responsible for the preparation of the financial statements that give a true and fair view in accordance with IFRS and the requirements of the Jamaican Companies Act. And for such internal controls, as management determines, is necessary to enable the preparation of the financial statements that are free from material [ misstatement ] whether due to fraud or errors. In preparing the financial statements, management is responsible for assessing the company's ability to continue as a going concern, disclosing as applicable matters relating to going concern and in using the going concern basis of accounting unless management either intend to liquidate the company or to cease operation or to have -- or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the company's financial reporting process. Auditor's responsibility. Our objective is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatements, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but it's not a guarantee that an audit conducted in accordance with ISAs will always detect material misstatements when it exists. Misstatements can arise from fraud or error and are considered material if individually or in aggregate, they are considered to be expected to influence the economic decision of the users taken on the basis of these financial statements. As part of an audit, in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also identify and assess the risk of material misstatements of the financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from a fraud is higher than one resulting from an error as fraud may involve collusion, forgery, intentional omission, misrepresentation or override of internal controls. We also obtained an understanding of internal controls relevant to the audit 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 company's internal controls. We evaluate the appropriateness of the accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. We also conclude on the appropriateness of management use of the going concern basis of accounting and based on audit evidence obtained where the material uncertainty exists related to events or conditions that may cause significant doubt on the company's ability to continue as a going concern. We conclude that a material uncertainty exists. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosure of the financial statements or if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern. We evaluate the overall presentation structure content of the financial statements, including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We also obtained sufficient appropriate audit evidence regarding the financial statements of the entities or business activity within the company to express an opinion of the financial statements. We are responsible for the direction, the supervision and the performance of the audit, and we remain solely responsible for the audit opinion. We communicate with those [ charged with ] governance regarding, among other matters, the planned scope and the timing of the audit and significant audit findings, including significant deficiencies in internal control that we identified during the audit. We also provide those charged with governance with statements that we have compiled with relevant ethical requirements regarding independence and communicate with them all relationships and other matters that may reasonably be thought to bear on our independence and where appropriate, related safeguards. From the matters communicated with those charge governance, we determine those matters that were of most significance in the audit of the financial statements of current period and are therefore, the key audit matters. We describe those matters in the auditor's report unless law or regulation precludes public disclosure about the matter or when in extremely rare circumstances, we determine that a matter should not be communicated in our report because adverse consequences of doing so would reasonably be expected to outweigh the public interest benefit of such communication. Report on other legal and regulatory requirements. As required by the Jamaican Companies Act, we have obtained all information and explanation, 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 kept so far as it appears from our examination of those records, and the accompanying financial statements are in agreement there with and give the information required by the Jamaican Companies Act in the matter -- manner so required. The engagement partner on the audit resulted in this independent auditor's report is Wayne Strachan. Signed Baker Tilly Chartered Accountants, Kingston, Jamaica 14th July 2025.

Thank you. Thank you so much, Wayne, for succinct and detailed report. For me, of all that has been said, the last statement he made was most significant to me. In our opinion, proper accounting records have been kept so far as appears from our examination of these reports, and the accompanying financial statements are in agreement therewith and give the information required by the Jamaica Companies Act in the manner so required. I want to use the opportunity to congratulate our accounting team and our management of our affairs. So far as our accounts are concerned, I want to use the opportunity as well to thank Baker Tilly) for their awesome work in managing our courts. Thank you so much. Now the -- continuing the notice convening the meeting, to be found on Page 8 of our annual report, has been circulated to members, and I now move that the notice be taken as read. May I have a seconder, seconded by Errol? I wish to inform you that proxies to be exercised at the meeting must have been lodged with the company at least 48 hours prior. We have received no proxies. Also take the opportunity to remind you that our articles of incorporation are available for viewing on our website, www.fescoja.com. I'd like to take the opportunity now, moving on, to introduce the directors, 4 of which will be mentioned here are retiring on rotation. First up, Mr. Harry Campbell. Mr. Harry Campbell serves as Chair of FESCO's Executive Committee. Harry is a Co-Founder of [ Yasso ] Jamaica Limited, an innovative technology company with a mission to deliver digital platforms to developing countries, where those platforms are transformative as -- at a national infrastructure level. He is -- he has 20-plus years in the technology sector with expertise in cybersecurity, digital transformation, payments and strategy. Harry is a former Chief Technical Officer of Cornerstone Trust and Merchant Bank and Director of Information Management at the Accountant General Department. Harry is -- also sits on the Board of Giftme, the local market leader in digital gift cards and rewards and was most recently appointed to be the Chairman of EduFocal Limited, the Board of Directors. Secondly, Ms. Gloria DeClou, she serves as Chair of FESCO's Corporate Governance Committee. Gloria is an attorney at law admitted to the bar in Trinidad, [ Dominica ], Guyana and Jamaica. She is the Managing Director of Blenman Declou & Co. and has a wealth of experience in civil law, wealth of experience in criminal law, commercial law, banking law, public law, entertainment law and conveyancing. She is also the legal adviser to the All-Island Jamaica Cane Farmers' Association on all legal matters with special focus on employment and labor law. Gloria has a Bachelors of Law and LLB and a Bachelor of Science in Business and Management degrees from the University of Guyana, a legal education certificate from the Hugh Wooding Law School and a Master of Law degree, LLM, from the University of Salford in the United Kingdom. Thank you so much, Gloria. Mr. Vernon James. Vernon serves as the Chair of FESCO's Information and Communications Technology Committee and previously serving as the Chair of FESCO's Human Resources and Remuneration Committee and the Executive Committee for 3 years. Vernon has over 2 decades of expertise in banking and finance, bringing a wealth of innovative leadership honed over years of banking and insurance. He oversees a substantial portfolio of real estate investments through his own company. Formally, at the helm as CEO in TFOB 2021 Limited, he spearheaded the pioneering digital venture, LYNK. Under his leadership, he expanded access to financial services for the unbanked population and the range of offering provided by the financial institution. Prior to his 8-year venture -- tenure, sorry, as CEO of NCB Insurance Company, Vernon led the sales team at NCB Capital Markets for 4 years. Other joining -- after joining NCB's Group in 2008. He served as a director on the NCB Foundation Board, demonstrating his commitment to corporate social responsibility and community development. Vernon also managed investments and securities trading at Scotia Investments Jamaica Limited. Vernon holds a Masters of Science degree in Financial Mathematics from Warwick University in England and a bachelor's degree in Mathematics from University of the West Indies. Last among the directors retiring and after and offering themselves for reelection is Ms. Belinda Williams. She serves as Chair of FESCO's Human Resources and Remuneration Committee. Belinda is results-driven and transformational marketing leader with over 35 years. He can't believe she's 35, right, of experience, propelling business growth through innovative strategies and exceptional execution, a seasoned executive with a distinguished track record of excellence, having served as in senior roles in two prominent institutions, proven group spearheading marketing efforts across the Caribbean and National Commercial Bank, Jamaica Limited, driving marketing successes for brand building and strategic business outcomes. Belinda has served on government and private sector boards with our expertise spanning strategic planning, team building, omnibus integrated marketing and campaign development with a considered -- consistent focus on delivering impacting marketing solutions. Thank you so much, Belinda. The rest of the 10 members of our 10-member Board of Directors include Mr. Eaton Parkins, who serves as the Lead Independent Director of our Board, Chair of the Audit and Special Projects LPG Committee; Mr. Hugh Coore, a founding member and Vice Chairman of our Board; Mr. Errol McGaw, also a founding member; so Junior Williams, which spoke to saw earlier, a founding member. And of course, our Managing Director, our very hard-working Managing Director is Jeremy Barnes. Good to see you, Jeremy. A key adviser to our Board is none other than our mentor, Ms. [ Melissa ]. Is [ Melissa ]? here. [ Melissa ] is here. Round of applause. Thank you, [ Melissa ]. Thank you so much for coming. Shareholders and members here, I would like to acknowledge our staff members of the leadership team, which includes, and I'm going to ask you to stand as I call a name to be so acknowledged, Mr. [ Lito Chambers ], our General Manager; Ms. Rovino Nelson, Accounting. Rovino is here, no? And Stefan Lyn Shue, Engineering and Operations and Safety; Stephanie Banks, Head of Business Development, Sales, Marketing and Communications, a big title; Mr. Kareem Gordon, Marketing and Logistics; Howard Coxe, our Business Development Manager, I saw earlier yes; Annette Lewis, our Human Resources Manager; and of course, our own Rose Allen, our Administrative Manager, very hard-working administrative manager. Thank you so much, Rose, for being here. We now welcome our Managing Director, Jeremy Barnes, for the presentation of the directors' report and management discussion and analysis. Please help me to welcome Jeremy to the podium.

Good morning, everybody. First, I want to welcome everybody. It's really wonderful to see so many shareholders and stakeholders in attendance. I brought here in the auditor S Hotel and online. Lively up yourself, please. We had a good year. We have a lot to smile about. It was actually our best year operationally, where we achieved record numbers in gross profit, operating profit and EBITDA. So there are something to smile about. So please enjoy the day. Technical, the presentation, can you load it for me, please? Okay. Thank you. All right. Future Energy Source Company, we have basically have two trademarks, which we operate under, which is namely FESCO and FESGAS. On screen you see the products and the main products that we distribute on both the wholesale and on a retail basis. You are familiar with our 22 service stations island wide. And in the last 2 years, we entered the LPG market. And we do that in two forms. We do that both in domestic cylinders, and we do that in propane sales to restaurants and hotels and vehicles, et cetera. Performance in a snapshot. Again, I reiterate that we had an excellent year operationally. For the first time, well, our gross profits exceeded 1.5 billion, was up to 1.66 billion for the year, which was up almost 278 million for the year. EBITDA, which is a very important number for us. To just tell you what EBITDA is, it's earnings before interest, taxes, depreciation, amortization; which really means in our finance term how much cash profits they make, the cash that is available to, one, invest in the business further through capital expenditure, pay a debt servicing, which is at a principal on interest and/or distributed to dividends or you retain it in the business to expand the business equity. So it's a very strong number, a very important number for us, given our capital structure. For the year, it was a record number, almost 920 million in cash profits, which is almost 140 million year-over-year. EBIT, another important number for us, which is really talking about operating profits, how does the business make profits absent of your capital structure? What does that mean? If you had all equity in your business and didn't have any debt, you wouldn't have any interest cost, right? But that is an important tool for companies to grow without sacrificing or diluting shareholders. So instead of coming to shareholders asking for additional equity, you can borrow money and you can pay back those moneys without don't dilute the equity of individuals, shareholders. So operating, the best year we ever had, almost 660 million in operating profits. The translation from operating profit to net income, then, is minus interest costs and taxes. For the year, net income was 461 million, almost 462 million, which is up 12% year-over-year, approximately about 51 million. Total comprehensive income is not just operating profit or operating net profit, but also includes revaluation of real estate, et cetera. For this year, we didn't revalue any of our real estate. So there was no income on that side by just revaluing properties. So there was a dip in total comprehensive income. But again, operating the business-wise, we performed better than the previous year, up 12%. The book value of equity at a company now stands at approximately 2.7 billion. Subsequent to that, we've had a quarter ending June and ending a new quarter in a few days. So our actual book value of equity has growing substantially from there and probably is about approaching 3 billion. So we're really, really proud of that. As you look -- if you go back and look to the 10-year snapshot when we listed the company, we're just about 300 million in book value equity. So the company has got a tenfold in 4 years. For the year, and we usually quote the numbers at December -- sorry, liters of fuel sold, and this is including LPG; we did over 12 million liters in fuel sold -- sorry, right. 12 million, right? 12 million liter, so sorry, for the year. That's not right. But let's move on. All right. FESCO and our community -- I'll correct that as we go along. FESCO and our community. FESCO has always believed that we need to impact the communities in which we operate, right? So it's part of our mission, part of our DNA to actually improve where we operate and just seek to make Jamaica a better place. We are from Jamaica, of Jamaica and for Jamaica. So during the year, we made commitments and we executed upon them, where we donated to the Heart Foundation of Jamaica, ECG equipment. We sponsored a lot of youth tournaments in football, community tournaments in football, table tennis, chess. We had a health fair, a very successful health fair in partnership with Kiwanis Club at our fair location. Again, it's going to be done again this year, and it's going to be done at our FESCO Oval location on Spanish Stone Road at the end of November. So very -- we're very keen to participate in our social level in America and build in our communities. In addition, we sponsored a lot of entertainment and sporting events on a national scale. We want to bring back entertainment to Jamaica post-COVID. We support the entertainment industry in Jamaica and sporting industry because we do believe that those are two other areas in Jamaica where we do excel. And we try to lend our support in which ways we can. All right. Again, I'm pleased to report that for the year, we had our best year operationally. And in addition to that, we're able to achieve some strategic goals for the year. One was to increase the number of service stations, which we did. We now have 22 service stations -- FESCO-branded service stations operating. In addition to that, we wanted to increase the number of filling plants that we had, and we have been able to establish additional filling plants across the island. We wanted to commence and advance construction of FESCO Oval. Now FESCO Oval is a very big project to the management and the rest of the company. We opened FESCO Oval, which is on Spanish Stone Road late June. We are tremendously optimistic. And our gratitude to all the patrons that have patronized the station. It's performing tremendously well. We really thank the contractors, the engineers, all the professionals that participated in the commissioning and construction of that station. Again, as I said, it's doing tremendously well for us. Currently, it's just opened for gasoline. But by the end of the year, you will see that we'll open our convenience store. You will see that we'll also open -- or there will be 2 QSR restaurants there, they are Burger King and Popeyes. We'll have a pharmacy there, and it will be the new offices of our administration. So to be honest with you in 4 years, we have all grown what we thought we'd be able to do. So we built a head office at Beechwood Avenue and within those 3, 4 years, realized that we need more space. As you have seen and witnessed our staff complement has grown from 7 members of staff when we listed the company in 2021. Now we have over 200 members of staff. FESCO has been growing rapidly. We're not growing linearly, we're growing like exponentially. And the best way I can describe it is not this way, but if you take a marble and just growing in every direction, I know you're a basketball, it's just growing, growing, growing. And this is really a testament to all our stakeholders, the public out here that really has -- any time we open a business like gas station, cooking gas, the support has been overwhelming. And again, a break from the script, I just want to thank all the people that continue to support our business, continue to champion FESCO, and we just really appreciate all the effort that has been made. In addition to that, for the year, it was very important to also secure financing for FESCO Oval. We're able to achieve that at our own December 30, 2024. We are building out of equity up until that point in time, but partners came along and we're able to secure financing at favorable rates. In addition to that, we were able to refinance our bond too, which was 700 million. That was a tremendous achievement also, both were -- both the construction margin and the refi was done by Scotiabank, and we're appreciative for their efforts. And we're really appreciative of the rate of the loan, and it allows us to refinance most of our debt at more favorable interest rates and also enable us to extend some of the debt, which give us some room to also invest in the business. In addition to that, we increased -- we are able to increase the brand awareness of our brands, which include FESCO, FESGAS, Water -- FYC Water, [ Future ] and Future Oil. And again, as I said, we always try to carve out areas where we support community initiatives and sponsorship of various motor sports and entertainment events. This is an illustration of all the strategic achievements for the year, again, network expansion, financing optimization, LPG growth, which was vertical integration; brand building and community investment. All right. And here is the correction. So when we listed the company in 2021, we had a market share of about 4.65%. This year -- and this is calendar year. Our finance year is March -- sorry, April 1 to March 31. But the data out of the Ministry is for calendar year, so much calendar year with calendar year. So this won't tell you the exact fuels that we sold for the year, our financial year when we tell you the calendar year 2024. So for the calendar year 2024, we sold 129 million liters, which is up 7.4% year-over-year. And if you look at the market, the market grew less than 1%, but we at FESCO grew 7.4%. Again, this is the work of the people who operate the service stations, the staff that pump the gas and the public that continues to support our business, and we're really appreciative of that. Locations. We're not in every parrish yet, but we're coming and we're getting closer to our customers. I know our customers make a lot of effort to get to our stations, and we're really happy about that. But we're coming closer to you. By December next year, that's December 2026, we anticipate that at a minimum, we'll be having about 4 additional FESCO service stations, might be more, but 4 by December next year. Again, we thank all our dealers that are continuing to expand their -- the FESCO's name, and we continue to make or provide an environment that facilitates entrepreneurship and also brings value to our customers on a daily basis. LPG, the [ tug line ] to the room. But we envision big things for LPG. LPG has grown at FESCO at a faster pace than anticipated, and we will be investing in this business going forward. We'll continue to invest in this business. The market share figure as at December, we don't want to give out too much information. So let's give for 1 month in the year. But the previous 2023, we did 804,000 liters. But for December 2024, we did 943,000 liters, which is a 17.3% increase year-over-year. Now you might look at the market numbers and say the market share for LPG has grown 37 -- sorry, 35.7%. No, this is not my numbers, right? These are preliminary numbers out of the Ministry. They might be revised because we can't really identify how the market has grown by more than 1/3, but I have to report it as I see it. But at this point in time, the preliminary numbers suggest that the market has grown 35.7%, and FESCO currently has a market share of about 4.8%. Difficult to see, but a lot of information in your booklet, and it's available online, which really maps out what's a 10-year growth of FESCO. And as I said, if you look at it, it's something that you really -- sorry, it's something that we're really proud of. In 2016, our revenue was about 3.7 billion. For last year, it was 30 billion. If you look at equity, in 2016, our equity -- our book value of equity was 17 million. Now it's 2.7 billion. Again, FESCO is just at our own 11 years old. It was started with JMD 900. And to see the tremendous growth that FESCO has done is a testament to the hard work of our founding directors, the new directors that have come onboard for the last 4 years, the management, the staff and again, all the dealers and their staff of promoting the brand and providing value to our customers across the country. So you can take your time, it's available in the book, but you can see the growth of FESCO throughout the years. And again, you will be pleased to look and see that your company is doing well. Revenue, again, if you look back to 2021, when we listed, revenue was 5.8 billion. We're now at 30 billion for the year. Turnover by segment. We recently introduced LPG as a segment. You can see that LPG for the previous year did about 590 million in revenue. For the last year ended March 2025, it was almost double at 1.1 billion. So I really want to thank the staff and everybody involved in our FESCO brand. It's a brand that we truly believe in. It's a brand that is -- has been chosen by a lot of customers. And it's a brand that we're really proud of and we're going to invest -- continue to invest in, in the coming years. Gross profit margin. So the company traditionally has a very low gross profit margin, which is in keeping with us trying to deliver the best price of products to our customers. And I'm pretty sure you are appreciative of the value proposition of all our products. You go to a gas station, you're able to get premium service in a safe, well-lit, secure environment at a great price. Part of giving you a great price is keeping our margins low. However, over the years, we have seek to increase our margins to kind of generate better gross profit so that you, our investors, benefit from the value proposition of FESCO selling its products. How do we achieve that? We achieve that by going closer to the where we can also get not just wholesale profits, we can get retail profits. So back in 2021 and 2016 when we started the business, we basically did a lot of wholesale or distribution. During the time or the recent time, we have gotten closer to the customer by operating service stations and also by expanding our offerings. So now we offer LPG, which at a different profit -- gross profit margin, so as you see the trend over the years, by our own 3%, now it's almost approaching 6%. It's one initiatives of the Board of Directors to continue to increase our gross profit margin. And it's also important in our business to understand that from an energy standpoint, we are not producers of energy, right? We import our energy, so we make margins on distribution. So we don't necessarily control the price of fuel, it's a market-driven price. And what we do is try to manage and enhance our gross profits that will ultimately lead to greater net profits. All right. EBIT, EBITDA and net profit. I mentioned this earlier, but you can see the trend. I think you can be -- let's say, 2021, if you look at the table, it was still strong numbers of total comprehensive income of 108 million. But again, when you look to last year or year ended March 2025, we're up to 461 million for the year. If you look at EBITDA, we're at 142 million in 2021, 268 in 2022, just shy of 600 in 2023; March 2024, 778 million and for last year ended March 2025, almost 920 million. Again, this is -- again, that number represents cash profits. That's the cash that you can use for reinvesting in the business, paying your debt, both principal and interest. And we don't -- we pay principal on our debt. We don't carry debt and just pay the interest. We try to reduce our debt levels. So all our debts, we pay them down the monthly or quarterly schedule of principal payments. Then you have dividend consideration and you have reinvestment in the business. Segment performance. So this is where you break out wholesale and retail and separate it from LPG. For 2025 or March -- year ending March 2025, the wholesale and retail, which is the FESCO side of the business, did revenues of about 28.9 billion and made operating profit of [ 700 ]. LPG did 1.1 billion in revenues and had a negative operating profit or operating loss of 102 million. Again, our FESGAS division is new, it's a toddler, but it's developing very well. And as I said, at this point in time, with the structure for the LPG market, and let just give you what LPG is in a nutshell. For us to sell 100 more customers at any gas station in any given day, a customer can drive up, all we have to do is be prepared that [ motor ] staff. If the sales were to double, what we need to do is have gas in the tank. So it does make more frequent deliveries of gas, right? Not heavy CapEx, very feasible. We have 20-odd haulage contractors. We can facilitate growth in the gas station side of the business quite easily. On the cooking gas side of the business, every customer is required to have a cylinder. On the gasoline side, every car comes with its own gas tank. So for every additional customer that you want to do on the LPG side, you have to have a cylinder in place for them and you have to be able to distribute it to them. So for adding each customer, there is a capital requirement to purchase and acquire a cylinder. That business is capital intensive. But truth of that business also is that there are high barriers to entry. So it's a sustainable business. And if you look at it on a long term, think of it in long term -- on a long-term basis, for a long time, we've had electric stoves. People prefer to cook with gas. I do believe that the cooking gas side of the business is a 50-, 75-, 100-year business is a business that we will continue to invest in and as a company that we do believe we will see operating profits by our financial year ending 2027. But it's not all bad. It's very good. Right now, we are experiencing EBITDA profitability on our LPG side of our business, which again, with cash [Technical Difficulty] depreciation costs, which is mainly attributable to cylinders. And again, that's a noncash item. We're cash [Technical Difficulty] LPG. So we're not investing in something that is draining our cash, we're investing in something that has a long-term future, and it's also bringing in cash returns you have to acquire [Technical Difficulty]. And for every industrial customer, you have to acquire big storage tanks, right? And those storage tanks cost money. And as I said, we have, in the past 12 months, have increased our capacity to deliver to residential customers in our investment in additional cylinders. We have a tremendous fleet, and I want to thank our GM and thank our operations team. We have a number of trailers now, quite a few [ bob ] deals to be able to expand our reach at commercial propane, which they have. And the numbers of customers are growing weekly, and we're really proud and really grateful for the offtake from the customers. All right. Balance sheet. As mentioned earlier, equity is about 2.7 billion. Our noncurrent assets are about 4.3 billion now. Noncurrent assets in the main is plant, property, cylinders, so the gas station themselves, the assets that we have at industrial customers, which includes storage tank and our dispensers; and as I said, real estate. Our current ratio improved, and current ratio [Technical Difficulty] assets sold by current liabilities. So we have excess current assets or more current assets than our current liabilities. 20% more [Technical Difficulty]. So we're -- our leverage is coming down. Our debt to equity is now less than 0.7, which is strong. It does give us -- it does mean that we have some debt capacity, so we actually can borrow more money to finance growth. What's the number that we track quarterly, and it's going in the right direction. As for the year ending -- or the year end, we do believe that our debt to equity will remain relatively the same. Why? There are still some more drawdowns to be made, which really means that we're going to increase our debt level to complete Spanish Stone Road, which at the same time, we're paying off principal on the current debt. Our basic -- they're going to basically set off each other, same amount to borrow and same amount of paying back in the period. So our debt levels for the year that's going to -- as at the end of 2025 versus the end of March 2026 going to remain relatively the same. Outlook, which is what everybody wants to know about. What do we look like for this year and going forward? What's the plan? As mentioned earlier, it was a big item. We do intend to increase our footprint by about 4 service stations, not for the financial year to end March 2026, but for the calendar year to end December 2026, right? Do we anticipate any new stations for this financial year to end March 2026? Yes, there might be if they are completed ahead of schedule, right? If not, no. But definitely, by December 2026, you will see 4 additional stations. So for this year, we expect to spend over 700 million -- anywhere region of 700 million to about 1 billion in CapEx. That is also to complete FESCO Oval. It's also to do some of the service stations, as mentioned, and also to expand -- continue to expand in LPG. So we expect to spend about 700 million to 1 billion in CapEx, and that will be partially financed by the undrawn amount between March to now via the construction loan from Scotiabank in addition to the retained earnings that we generate during this period. So we intend to acquire and deploy LPG assets. Can bring back up, please? Switch back. So we intend to acquire and deploy LPG assets as both cylinders and bulk storage. We want to develop service stations, and we want to expand our LPG distribution network. On a profitability guidance, I strongly believe -- we don't have any storms. I know we're not out of the hurricane season yet. We should generate more profit next year, this year currently than we did for previous year. And I do believe that by December, we will be [ tracking ] last year, and you might be surprised at the numbers that we do. Starting with the quarter to end in just a few days, you should be pleased with how we are tracking. And again, this is nothing adverse happens. I remember writing some of this last week, Wednesday and then on Friday, a freak storm does kill. So anything can happen at any point in time. And we intend to pay some dividends this year. I saw that in the Q&A online that people are asking about dividends. So we do intend to pay dividends this year. And going forward, it is our intention to always seek to pay dividends. That's the best [ we can do ]. Right, so we have to watch out for the weather. And there's a lot of stuff both nationally and internationally on political scene that we continue to monitor, and there are some opportunities that might present themselves. In any situation, you always look at the risk and opportunities. And we just had an election. There are some promises that were made, specifically with regard to minimum wage. The truth is we don't pay our staff minimum wage, we don't seek to pay our staff minimum wage. We seek to pay them better. So we'll find ways to enhance our staff, given the constraints of our budget and our numbers. But as a company, we never really seek to pay wage, we seek to pay people more than [ that ]. Industry specific, there's a lot of consolidation taking place in the industry over the last few years, and we're seeing some more potential. There are some articles in the newspaper in the last week regarding such. So we continue to monitor contractor -- consolidator forces within the industry. Credit. I can't really go into much strategically with that one. But what I can say is that we continue to assess and evaluate credits, the way how we give credit to ensure that we try to minimize our expected credit losses, Eaton. So we manage that in the context of customers do require credit in some instances and to grow our business. So we continue to monitor and seek opportunities and reduce risk. All right. I think that's the last one, and I want to thank you again for coming. This is a very big support. I think it's the largest AGM we've had so far in-person. And again, I want to thank everybody for taking the time to come here and I hope we have a live Q&A session. Thank you.

Well done, Jeremy. Just some housekeeping matters. I just want to acknowledge the presence of [ Jody ]. Good to see [ Jody ]. [ Jody ] is our IT and Technical Project Manager, and I also want to recognize her husband, Scott, Good to see you, Scott. Takeaway from Jeremy's presentation. We talked about it a long time. Good to see you. Equity increased 2.72 billion and noncurrent assets grew by 4.31 billion. It's no easy feat, so I want to really acknowledge and thank the team headed by Jeremy for doing such a great job for us, our shareholders. Thank you again, Jeremy. And to add 70 million in dividend, hopefully, by December 2025. But I want money -- honest. I'm looking forward to that. I mean a lot of us here have invested in this company, and we acknowledge and congratulate the team for such a great job as having invested this time for some payback. So we look forward to a dividend in time for Christmas. So then we're at a point, ladies and gentlemen, where we want to invite questions of the MDs presentation and financial statements, as you've seen. Of course, we have online 57 persons actually with us, and I want to say thank you for those who has joined us online and to being here and for sharing with us this morning. We will take questions on the Q&A now. [Operator Instructions] So then I pause now to take questions and we go alternatively. We can start from the floor and then, of course, from the online viewers. Any questions for Jeremy? The microphones are on. We'll use this microphone for the questions. And of course, we can respond. The microphones are on.

[indiscernible] Shareholder. Can you turn with me to Page 45? Can you just give me an explanation of the 10x on the foreign exchange gains? What could have accounted for that? Page 45, Note 23, finance costs, foreign exchange gain net from [ 2023 ]. Can you just explain that for me, please? Page 45 is the top, just Page 45. I did say that, sir. Note 23. Just the part -- Note 23, sir. Baker, the auditor, could he just shed some light? Thank you.

So we do have a few assets in U.S. So our company-operated service stations and some customers have to pay in U.S. dollars. We do bank those amounts in U.S. dollars. And then as the exchange rate changes, there are gains or losses. And just for the year, if you look at the aggregate of assets that we do have denominated in U.S. dollars, the devaluation of the Jamaican dollars, the gain on it was just 2.8 million for the year.

Okay. All right. Thank you for that. On the opposite page, it's Page 44. Note 21 expenses by nature. I noticed that your advertising and promotion costs from 2024 to 2023 has reduced from -- by half from 46 million to 23 million. Could you just give an account of that, please? And just explain to me why the efficiency...

The previous year, we had the launch of FESGAS. So we had to create that brand awareness. We had to increase our spend for the year in -- for the year ended March 2024. For this year, we didn't see -- didn't need necessary to increase or to sustain that high level of marketing spend, which is in part due to the effectiveness of the previous year spend. So we're able to achieve the market penetration that we wanted and the need -- our marketing spend for the year is broken up into several categories, which includes digital and web, advertising and...

But that's not broken out, sir.

No, I'm telling you. We don't give -- that's kind of too much information this year on a basis, but I'm just giving you what we spend on. So we do digital and web, we do advertise in media buyers, which include billboards, so we have several billboards out there plus we have some time signals. In addition, we do print and branding. So if you look around, you will see many of our trucks, LPG trucks and gasoline trucks that were branded on it. In addition to all other events partnerships which also includes promotional giveaways, complementary gas, et cetera, as well as the agencies and professionals that we do -- that does the execution. So for the year, we spent about 20-something million that's about half of what we spent in the previous year. Again, we're able to deliver or to achieve what we wanted to achieve from the previous year, so we didn't have to spend as much this year, which give us some savings that -- I'm glad that you brought up, but I'm pretty sure you're happy that we were able to get some savings there.

I saw that. The line below amortization of rights of use assets. I'm not so okay with that term. Could you just explain to me what that is? I'm not so sure about that. Right-of-use assets, amortization of rights of use assets. What is the right of use asset?

Okay. Right of use assets is -- ready, can hear? Okay. So right of use asset is -- IFRS 16 is a new standard, relatively new. And it requires companies that lease assets to bring it on their books as an asset. And as a result, you will see in the note as an asset on the balance sheet. And so what you're seeing in the P&L is really the amortization of that lease. And so it's additional leases that came out during the year of new sites that would see the increase in the expense in the amortization of that asset.

Okay, okay. Going further on the motor vehicle expenses, I noticed the prior year, you had a jump in motor vehicle expenses. Is that -- from 30 million to 57 million, is that for the LPG. I know you had explained it last year, but I'm just wondering if this trend is going to be continuing.

So in the main, it's for LPG. We have a fleet of, I believe, 27 vehicles now. I know for the last year there was a lot of rehabilitation of older units. So we did have some units that we had to do repairs on -- on substantial repairs. I think if you ask what to expect going forward, it has stabilized. We haven't really been adding to our fleet. Yes.

Okay. And final question is Page 43, go just 1 back, Page 43. Note 17, trade and other payables, I noticed a reduction in trade payables. Just -- could you just -- just for -- for me, just explain to me what that is, and let me see if I'm reading it correctly, from 950 million to 680 million, that's quite a significant drop.

All right. Trade payables in the main are payments to our suppliers for fuel, which is what we do. And that reduction reflects that we are paying our bills earlier as -- if you look on the aggregate numbers, our revenues are 30 billion, which is just over previous year. So it just means that we are paying our bills earlier. We've always paid our bills on time, and we just pay them earlier.

Okay. Just two lines below interest payable. It went from 2 million to 14 million. Yet, you told me that -- you told the meeting that you refinanced from 11.75% to 9%. I'm not understanding the jump in the interest payable.

All right. So that's balance sheet. That's just what's due to be paid. But interest for the year, you'd have to go to the interest expense if you want to see what actual expense item is for interest for the year. Again, that refi took place at around January of this year. We got the contractual loan in December. And again, if you borrowed more, interest cost goes up. So in quantity, we had more debt. So there's an interest cost going up. And it matched that with interest rate being lower, right? And then it's just the balancing of both. So what you see for the year was interest expense, I believe it was 175 million thereabout for the year -- 177 million, not 175 million, 177 million for the year, which is -- right, which is up about from 167 million. Again, that really reflects the level of debt that was increased. And number two, also to refinance debt, you have to pay -- in this instance, we had to pay an additional interest charge to close out the debt, right? There was our early payment, pardon...

Yes. So I understand that, and I understand that bank helped you out, so why didn't you go bond...

A bond?

Yes, a bond raise?

Well...

And then you wouldn't have that interest expense?

Well, we're trying -- no. So -- that's not 100% accurate. So yes, in the main, there was a bond that was at 11.375% -- 11.75% and we wanted to achieve a few things, right? That bond was partially secured by the land that we own at FESCO Oval, but we also want a construction loan for FESCO Oval, though the most efficient way to do construction is a construction loan because you don't borrow all money upfront, you buy it when they are drawn out. So doing a construction loan, we believe was the best and most efficient way to finance FESCO Oval. In addition to that, in paying off the bond early, we're moving that bond from 11.75% to now a 9% plus with the new principal amortization table, we're able to push the -- I believe the maturity of the loan 2 years, which reduced our principal payments, our current principal payments. So it achieved two things: lowering of interest costs in aggregate and also enable us to defer some of our principal payments, which was another important thing for us.

Right because you didn't need the money -- you draw it down when you need it. I get it, thanks. I won't monopolize [indiscernible] give somebody else a chance and come back.

All right. One online. Okay.

Online from [ Terrence Osbourne. ] The question is you indicated the LPG segment will be profitable in 2027. Do you expect the segment to break even in 2026?

That's an aggressive expectation insofar as what we really need to grow LPG is additional cylinders. Now we have ordered additional cylinders, which have come earlier this year. But in the main, the cylinders that we have ordered for this financial year, have not yet arrived. It's something that we are somewhat disappointed in with our suppliers and shipping, but have not yet arrived. And that delays -- we can sell it if it's not here. So I don't believe for this year, we will make an EBIT profit on the LPG segment. But I do believe we continue -- will continue to be EBITDA positive on LPG. And again, EBITDA positive means that we're making cash profits. We're not overcoming the depreciation cost, what you're talking about true cash expenses, we're making a profit on LPG, and that will continue for this financial year. But if you're talking about overcoming depreciation and making an operating profit on LPG that we will achieve that -- by March 2027.

Another question online is from [ Yolanda Coli Thomas. ] In regard to the dividend payment, is it [Technical Difficulty] because it is before the meeting today for approval by you, the shareholders, it is uncertain. If you would like to move to the resolution [Technical Difficulty] then we can get to the answer for certain. Ready to vote.

[indiscernible] the resolution. The other [indiscernible] any questions on withdrawal?

[ Damien Austin ], shareholder. I'm on Page 38 where it talks about notes to the financial statements, 31st of March 2025 cash and cash equivalents. I am at the bottom where it talks about less restricted cash. What is this?

What is the restricted cash. That's the question?

Yes.

Okay. Mic is on, sorry. So you want to ask -- your question is what is restricted cash. All right. So they are debt service reserve account. So when you borrow money from the bank, they ask you or they ask us to set aside our principal and our interest payment in the event, right? So it's just funds that you set aside that are in cash that are earning interest that you just don't use in operating activities. So it's in account earning is what you are restricted from using it to pay bills and pay stuff.

All right. Fair enough. Page 43. On the other income, there's [Audio Gap], I see you have rental income, commission and other income. What is other income there?

Various items. From time to time, we sell like equipment, which could be in the form of tanks or dispensing stuff. It's not our main business activity, but it's other income. Air dispense sometimes sell those type of equipment. Yes.

Okay. This should be my last question. Page 44. If I may go to Page 45 first. Staff costs. Casual labor, I see you have -- compared to 2024, you have 538,450. Could you explain what happened here for it to be sold compared to the previous year?

You mean why it's reduced?

Yes.

I think a lot of the staff became staff members. They just moved up from casual labor to salaries and wages.

Okay. All right. In your report, you said you have over 200 staff -- but this is saying full time 157, it is a disconnect.

Excellent. That just meant 200 as of today. This was as of March 3.

Okay. All right. And I go to Page 44. This is my last question. Other expenses, what are the other expenses include?

All right. So they are various. It could be as simple as office general expenses, stationary.

No, but the office expenses is listed different here on the page here.

It's really any other expense that doesn't fall under any one of these categories. I don't have a schedule with me right now, but it's there's property tax. There's all sort of different things that expenses that doesn't necessarily require its own category for what you call it? It's trade licenses, et cetera. It's -- the figure is not substantial enough to warrant its own category. So all of those costs are aggregated under other expenses.

I'm back again. Okay. Just the final thing, Page 24, note for finance risk, credit risk. I'm looking at the impairment losses. There's a significant increase. This is not an actual but an adjustment of the impairment in case of. Is that what I'm understanding -- is my understanding correct?

So our impairment provision, I think as I pointed out, is where management feels that the likelihood of collecting our debt is less. So what we do is we put our receivables in various buckets, what's current, what's 0 to 30 days, what 30 to 60, what's over 60 days, et cetera, right? Now in the main, we make a provision or percentage provision for each bucket, right? The increase year-over-year from $4.9 million to $10 million. Again, it is within our credit policy. It is -- if you look at the revenues of the company, which is 30 billion, this is substantially less than 1%, which is really just a provision for bad debt. It doesn't mean that you don't try to collect the debt. It's just that of all your receivables, what might become bad and you just make a provision for it. Right. Also, we bring in -- there was a third-party contractor to evaluate what that was for us. So in connection -- sorry, we're working with and facilitated by management that person that professional gave and they gave their recommendation. And again, if you look at both our credit policy and the amount of the provision, again, it's substantially less than 1% that I can't remember the figure is, but it's quite I think it's noted in the notes or in one of the reports, it's within line of our credit policy, and it's -- you can do the math, $10 million versus $30 billion is really less than...

Okay. My final question. I had asked this last year. I know that you are into fossil fuels and I had asked you about renewables, if you had taken on that as generation to reduce your power bill. And I see no mention of it here. So I'm assuming -- well, I shouldn't assume, I should just ask. If there's anything done or if you're considering renewables as your source of fuel to run your station.

Okay. So you're talking from a cost standpoint.

Yes, from a cost reduction point of view.

So that give -- we are currently doing our team can -- our team has reviewed proposals from providers, and it's something that is for contemplation. That's the best way to put it. It's just in the annual report from our internal team. So we are considering from a cost standpoint, utilizing in particular, solar.

Yes, because your business is a particularly sensitive cash business and that needs to be managed. So any curb or contraction of the use of those funds, those limited and precious funds would be -- bode well for the company.

Correct. And I mean, just to give you the reality of our business that we do have space to grow, which is a great thing, right? And we have been growing tremendously in the past 4 years. So what does that mean in reality is that there's competition for resources. Our gas station side of the business is growing and it needs capital to grow. Our cooking gas side of the business needs to grow and it needs capital. And yes, there are cost containment measures like solar that are also competing for resources, but resources are finite. So a lot of what my job is to allocate capital to the best opportunities. And we have to measure that and review that in how we spend our money. So if you don't see us take on initiative immediately, it's because the opportunity to deploy the cash to make better returns, doing something else is that we prudently believe that it's best to do that first. Like in anything, it's best to grow what is doing -- making a lot of money so that you can use those profits and reinvest in the business rather than doing stuff that don't generate the returns and slows your growth in aggregate. So it's a delicate balance, and we do take reducing our footprint seriously. And we -- as I said, we have done our homework and gotten RFIs from our proposals from, I believe, about 5 or 6 companies. So it's where we're considering it.

[indiscernible].

You mean on our capital allocation, again, we are very grateful that there is room to grow in our industry, and we are growing rapidly, right? So again, we try to balance growth with risk and we're also distributing dividends to our shareholders.

[indiscernible].

That I would be able to implement like solar. Again, we just finished the review period. And again, as I said, we have over 700 -- I just want to answer you as accurate as possible, which is, as I said, we have about $700 billion in CapEx for this year to do. It is not part of that CapEx before the end of this financial year. That is the most definitive answer I can give you. And the reason why it's not is because we do have opportunities on the service station side, opportunities on the LPG side that will generate greater returns to enable us to afford some of those activities. So it's really efficient allocation of our limited resources.

[indiscernible] is a significant investment...

[indiscernible].

Correct. It's not that we are forgetting it, I mean obviously it is something...

Okay. And on a final note, I'd just like to commend the company, your growth from 2021 and your ability to garner leadership and management that supports your cause and your expansion, your rapid expansion is quite phenomenal. The one final criticism that I will make on Page 14, could you just -- because I can't really see it is really tiny. You could just spread it over the 2 pages in future, I would really appreciate that. Okay. But significant achievement and congratulations.

We have a final question from online, Terrence Osbourne. Any plans to raise additional capital? If so, what form debt or equity?

All right. So we always consider all opportunities to grow the company. And the 2 options you have there are debt and equity. Equity is twofold. You can go to the market and do a rights issue or something to raise equity that way or you can retain profits, right? You can make profits, which increases the equity position of the company. We try our best to earn our way in life, right? I said FESCO started $900 of initial equity and it grew what you see here, right, by just -- and continues to grow. But remember, when I came to market, it raised $400 million, right? Of that, only about $160 million was selling Girola. So the company really only raised $240 million. So the history of the company that is less than $250 million of that $2.7 billion in equity is cash coming into the company. Where the rest of the $2.2 billion, which almost approaching $3 billion come from? It comes from retaining -- making profits and retaining it, right? So it's really -- FESCO is really about taking little and making a lot out of it. So the first thing we try to do is to make profits so that we can invest in the business. You ask a specific question, do we intend to go to the debt market and raise funds or go to the equity market. All I can say at this point in time we'll advise in due course.

We're going to close our Q&A at this point. And if I might move to resolutions. I'm going to ask our Secretary, if you could take us through the resolutions.

The first resolution reads that the audited accounts for the year ended March 31, 2025, and the reports of the directors and the auditors circulated with the notice convening this 2025 Annual General Meeting be and are hereby adopted. Can I have a mover?

[indiscernible] second it.

I'm sorry. Lady at the back, may I have your -- Barry Wilson and you're a shareholder. Thank you, Ms. Wilson.

Not to ignore those online. You could do the same by proposing and second the resolution by clicking on the Vote as usual I had said before. Same procedure, except that you click Vote and selecting the for or against button and then confirm. Secretary, next resolution.

Ordinary resolution #2. Chairman, did you vote -- those in favor?

First resolution. Those in favor? [Voting]

Those against? [Voting]

Another topic.

Ordinary resolution #2. In accordance with Article 102 of the company's Articles of Incorporation, 1/3 of the directors, not including the Managing Director, are retiring by rotation and being eligible, offer themselves for reelection, they are: Mr. Harry Campbell, Ms. Gloria DeClou, Mr. Vernon James and Ms. Belinda Williams. The resolution is that the directors retiring by rotation and offering themselves for reelection be reelected en bloc. We have a mover. We have a seconder online, Courtney Beckford. You can take the Vote, please, Chairman.

Those in favor? [Voting]

Those against? [Voting]

Resolution adopted. Resolution 3, Secretary?

Resolution 3 that Mr. Harry Campbell, Ms. Gloria DeClou, Mr. Vernon James and Ms., Belinda Williams retired by rotation be and they are hereby reelected directors. We have a seconder online for [indiscernible].

Those in favor of the motion? [Voting]

Those against? [Voting]

Again, I remember to follow the online instructions. There being no objections, I declare the motion carried unanimously. Resolution 3?

That the auditors, Baker Tilly Strachan Lafayette trading as Bakertilly having indicated their willingness to continue in office be and are hereby reappointed until the conclusion of the next Annual General Meeting at the remuneration to be fixed by the Directors.

Moved. Second it. Those in favor of the motion, please raise your right hand. [Voting]

All those against the motion. [Voting]

Okay. So I declare the motion carried unanimously. Resolution 4?

Resolution number 4. That the directors be and are hereby imposed to fix the remuneration of the Executive Director.

Who moves?

Mr. Mark Barton -- Mark Anthony.

Seconded. All those in favor of the motion? [Voting]

Those against? [Voting]

There being none, numbers online of course. Declare the motion carried unanimously. Madam Secretary, motion 4b.

That the total director fees for nonexecutive directors in the sum of $880,000 in the accounts for the year ended March 31, 2025, be and is hereby approved.

The mover? Seconder?

Evon -- Evan -- Henry.

Those in favor? [Voting]

Against? [Voting]

Motion is carried unanimously. Madam Secretary, resolution 5?

The resolution we've all been waiting for. That has recommended by the directors a dividend for the year ended March 31, 2025, $0.028 per ordinary share of record date November 26, 2025, ex-dividend date November 25, 2025, and payable December 18, 2025, be and is hereby declared.

Mover? Seconder? All right. Those in favor? [Voting]

Any against? [Voting]

I declare the motion carried unanimously. There's one objection.

Resolutions are closed, Chairman.

Resolutions are closed. Ladies and gentlemen, we are at that point where we conclude the business of this Annual General Meeting 2025. I want to give the opportunity to congratulate the Board of Directors, the management of the -- and the entire team who have shown their commitment to the company and working for the success of future Energy Source company, FESCO during the financial year April 2024 to March 2025. And so at 12:23, I declare this meeting closed, and thank you for attending and participating in this Annual General Meeting. The Board of Directors wishes you every success and hope that you will continue to keep safe and healthy. Thank you so very much for coming. Enjoy the rest of the day and afternoon.