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Mauritius Annual Report 2014.Pdf Who we are 3 Our Vision 4 Our Values 5 Chairman’s Message 6 Managing Director’s Report 7 Review of Operations 9 Aviation 9 Marine 9 Liquefied Petroleum Gas (LPG) 10 Retail 10 Contents Commercial 11 Lubricants 12 Customer Service Centre 12 Product Supplies and Distribution 13 Human Resources 15 Corporate Social Responsibility 15 Health, Safety, Security and Environment 16 History of Vivo Energy in Mauritius 18 Directors’ Report 24 Secretary’s Report 27 Corporate Governance Report 28 Statement of Compliance 53 Independent Auditor’s Report 54 Income Statement 55 Statement of Comprehensive Income 55 Statement of Financial Position 56 Statement of Changes In Equity 57 Statement of Cash Flows 58 Notes to the Financial Statements 59 Vivo Energy Mauritius Limited Annual Report 2014 1 A strong and growing presence in 16 countries across Africa Who we are - Vivo Energy is the company behind the Shell brand in Africa and is jointly owned by Vitol, Helios Investment Partners and Shell. The company has a strong and growing presence in 16 countries across Africa. It sources, distributes, markets and supplies Shell’s high-quality fuels and lubricants to retail and commercial customers across the continent. Vivo Energy was established on 01 December 2011 to distribute and market Shell-branded fuels and lubricants. Vitol and Helios each own 40% of Vivo Energy, with Shell holding the remaining 20%. Shell and Vivo Lubricants is 50% owned by Shell and 50% owned by Vitol and Helios Investment Partners. Vivo Energy operates in Retail, Commercial Fuels, Marine, Aviation (in partnership with Vitol Aviation), Liquefied Petroleum Gas and Lubricants in Mauritius. The Shell brand has been present in Mauritius since 1905. Vivo Energy Mauritius Limited (VEML) employs 124 people, operates 44 retail stations under the Shell brand and has access to 48,253 cubic metres of fuel and 2,675 metric tonnes of LPG storage capacity. 2 Vivo Energy Mauritius Limited Annual Report 2014 Vivo Energy Mauritius Limited Annual Report 2014 3 Creating Africa’s most respected energy business. Our Vision - Our vision is to create Africa’s most respected energy business. Our Values - We are judged by how we act: our reputation is upheld by how we put into practice our core values of honesty, integrity and respect for people. These To create Africa’s most respected energy business is not an end in itself. It is the logical values underpin all the work we do and are the foundation of our business. We always consequence of doings things the right way, realising the full potential of our people and uphold them, in whatever situation we find ourselves in. Indeed, they are crucial to our our business partners, and creating a new benchmark for quality, excellence, safety and success and growth as a company, and to achieving our vision. responsibility in Africa’s downstream energy marketplace. These core values are encapsulated in our General Business Principles and Code We know that respect is earned and that actions speak louder than words. We strive of Conduct, which outline clear, concrete and detailed principles and ethical actions constantly to behave ethically, responsibly and honourably in everything we do. We take by which we should conduct ourselves, and drive the behaviour expected of every care of our people, our customers and the local communities and the environment in employee, in every Vivo Energy operation, at all times. which we operate. We employ a diverse group of people and value the benefits this brings. We respect the human rights of our employees and strive to provide them with safe working We meet the highest international Health, Safety, Security and Environmental (HSSE) conditions, promote the development of their talents and give them channels to report standards. We continue to invest in our operations, building stronger partnerships and concerns. implementing world-class safety practices. We set an example for others to follow. We also firmly believe in the fundamental importance of trust, openness, teamwork, Above all, we will grow our business by hiring, training and motivating the best local professionalism and pride in what we do. people, sharing the rewards of success and investing in the communities in which we operate. 4 Vivo Energy Mauritius Limited Annual Report 2014 Vivo Energy Mauritius Limited Annual Report 2014 5 Dear Shareholder, As we move forward, it is of utmost I am pleased to report on our 2014 even closer attention to these external importance that we strengthen our ties company performance, our third full year factors and their effect on our business. Although 2014 was a challenging year, with all stakeholders, particularly with you, as Vivo Energy Mauritius Limited. The situation has not only tested our we remained focused on our strategic our shareholders, who have placed your professionalism in dealing with such priority of growing your business. As a trust in us. While continuing to deliver on A lot has been said in 2014 about challenges but has also been a measure of result, our initiatives in the marketplace our strategic commitment, we will drive Mauritius becoming a petroleum hub the resilience of our business. Given that delivered encouraging results and allowed operational performance in order to in the region. VEML has been actively we performed well in the other business us to maintain our leadership position, create value for you. supporting this national aspiration. areas, we are still on track to meet our despite the highly competitive market. plan to grow the business in line with our Report I would like to take this opportunity to With the partial liberalisation of marine medium and long term strategy. Message This outcome reaffirmed my confidence express my appreciation to our Managing fuels from the beginning of 2014, we have that we will continue to capture smart Director, Mr. Pawan Juwaheer, who been at the forefront of importing our Conducting our business with the Managing growth opportunities as they emerge. manages our company with commitment own cargoes. We also introduced a new highest control standards is important Director’s Chairman’s Chairman’s and ability, and to the employees of VEML grade, Marine Fuel Oil 380 cst, while also for us, our stakeholders and for you, our Our profit after tax was Rs 154 million for the unfailing dedication, hard work and enhancing our bunkering capacity with stakeholders. A Control Framework while our turnover was Rs 12.8 billion for passion that they display on a daily basis the new barge, Gulf Star 1. Meanwhile, Review was carried out by our Internal the year. Although these figures are lower to deliver their goals. I am convinced competition has increased as new Audit Team. This resulted in a “GOOD” than our 2013 results, the company had a that we have the right people to do what companies entered the storage landscape rating, which is a strong testimony solid year and we are satisfied with these needs to be done to continue to grow and commissioned their own storage reflecting the high level of integrity of our results, particularly given the economic our business in Mauritius in a smart way. facilities. More projects of this nature operations. climate. have been announced, both onshore and And lastly, I would like to convey offshore. Investment Our results were lower than expected my appreciation to my fellow board We have given ourselves the means to in the final quarter due to the drop in members for their support and for the The vehicle fleet has continued to grow compete effectively, with investment being the price of oil and rapidly fluctuating trust placed in me, as Chairman, during at a steady pace. However, the economic as intense as in previous years, allowing us currencies on the international market. the past three years. climate prevailing throughout 2014 has to grow the business. If they had been better, then we would brought a number of challenges too. have had an excellent year. Nonetheless, Some sectors that constitute our main We have upgraded the Causeway depot good work was achieved and the markets have been facing difficulties, to handle the expanded marine product company performed well overall. Christian Chammas including the construction industry. portfolio. We have built one new retail Chairman Generally, low growth has led to fiercer site in Laventure and upgraded a number The HSSE performance of VEML was competition, resulting in increased of others. Last, but not least, we have very good and goal zero was achieved. pressure on our margins in several replaced the purpose-built Tristar Glory Our reputation also continued to grow commercial operations. with a barge twice its capacity, Gulf Star and we are on our way to creating 1, which has been in operation since mid- the most respected energy business in The volatility in oil prices that we have November 2014. Mauritius and in Africa. We will always been experiencing since July 2014 has keep this vision front of mind. also inevitably impacted our inventories Customers Looking forward we expect 2015 to be and results. Our customers remain at the heart a period of turbulence and challenge. of everything we do and in 2014, we However, with this comes opportunity Business Performance innovated further to continue to improve and we will work hard to deliver what is Amidst these conditions, and despite our products and services. a challenging plan for your business. As falling oil prices impacting negatively in the previous years, strong emphasis our Marine and Aviation businesses, We expanded our marine product will be placed on profitable growth and our 2014 performance remained good. portfolio with the introduction of Fuel development. Whilst cheap oil is generally good for the Oil 380 cst making us the first company consumer, we were hit by holding stocks in the country to offer this product to as values declined by almost US$ 300 per customers.
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