Although his appointment as group CEO is relatively recent, one should not discredit Michael Bernard’s impact on the group over the years. As General Manager for the Cigarette Company of Jamaica, he was responsible for the Group’s “cash cow”. He has led this entity through a number of restructuring exercises over the years in an attempt to protect margins and facilitate cash flow growth in a stagnant tobacco market.

Carreras Limited stands on four pillars: a Winning Organization, Growth, Responsibility and Productivity. These four interdependent principles will bring about the growth, profitability and shareholder value.

Carreras no longer manufactures cigarettes in Jamaica, as these operations were shifted to the subsidiary in Trinidad. Carreras is now more focused on the marketing and distribution of cigarettes including Craven A, Pall Mall, Dunhill and Matterhorn cigarettes.

For the year ended 31 March 2008, Carreras Limited grew Gross Operating Revenues by 29% or $9.37 billion. A combination of Other Income, Investment Income and Exchange Gains raked in over $1.07 billion for the company.

Profit attributable to stockholders increased by 44.5%, just falling short of the $4 billion mark. Likewise Shareholders Equity stood at $7.8 billion. The company paid out $5.40 per share in dividends to shareholders for the year. EPS for the 2007/08 financial year was $8.24 compared with $5.10 the year before. A 48% increase in stock price combined with the dividend yield (dividend per share divided by the stock price) provided a 65% return to stockholders. BM