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Annual Report ANNUAL REPORT Annual Report 2018 With us you are Number One ENGEN BOTSWANA 2018 THEME As Engen continues to grow its retail footprint and its nationwide distribution network, it is demonstrating its commitment to ensuring that the country is adequately fuelled for HOPE Worldwide, future development. Not only do we challenge Botswana’s Early ourselves to support Botswana’s progress by Childhood proactively expanding our service stations Development project and distribution capabilities to facilitate at Molepolole, was economic growth in all parts of the country, identified as one but through our Corporate Social Responsibility of Engen’s 2019 CSR (CSR) initiatives we seek to ensure that we also 1 projects and almost promote and sustain community development – particularly for our youth and the less fortunate members of society. P300has already 000 been donated to this Engen has a proud record of assisting selected rural schools by donating books cause. through its library facilitation CSR project, and is now venturing into other areas of CSR, particularly safety, environment and community development. HOPE Worldwide, Botswana’s Early Childhood Development project at Molepolole, was identified as one of Engen’s 2019 CSR projects and almost P300 000 has already been donated to this cause. We believe it is vital that CSR is embedded into Engen’s identity. It is who we are; and starts with a desire to serve the community in which we operate; delivering support and growth opportunities for our youth, particularly in disadvantaged communities. We believe this will help them to reach their full potential as productive citizens who are able to substantively contribute to the development of Botswana. CONTENTS Financial4 About5 Engen Our Presence6 Board8 of Chairman’s12 highlights Botswana Directors Report Limited 2 Our Vision Our Core Business Engen is an African-based energy TO BE THE group focused on the refining OIL COMPANY and marketing of petroleum and petroleum-based products, and OF CHOICE IN the provision of retail convenience services, through an extensive SUB-SAHARAN network of service stations across 18 countries in sub-Saharan Africa AFRICA and the Indian Ocean Islands. Engen also exports its products to more than 30 other territories. Fueling the future. Investing In Communities ---------------------- Annual Report 2018 With us you are Number One Managing16 Management26 5 year30 review Annual 33Consolidated Director’s Financial Statements Report 3 At Engen Botswana Limited PERFORMANCE EMPOWEREMENT • We actively pursue, define, • Employees have the capability, our corporate values are measure and recognise excellence authority and resources to act and the standards of excellence in all business activities. perform in their jobs. • Employees are developed to be we strive to achieve as a OWNERSHIP competent in their current jobs successful business and • We are responsible and and their potential is developed to accountable for our actions and meet the current and future needs responsible corporate performance. of the company. citizen. The values driving • We are committed to continuously finding new and better ways to INTEGRITY our actions are: deliver value to the business. • We demonstrate ethical, fair and transparent behaviour. TEAMWORK • Our actions earn trust and respect • We work together as one team from others. to realise Engen’s vision – to the benefit of the whole organisation. Financial Highlights NET ASSET VALUE PER SHARE ATTRIBUTABLE PROFIT Net Asset Value Per Share = 384.4 thebe Attributable Profit = 127.352 Mil Engen Botswana Limited 279.1 326.5 317.1 333.4 384.4 63.962 109.667 132.744 147.508 127.352 continued to deliver THEBE THEBE THEBE THEBE THEBE MIL MIL MIL MIL MIL 450 160,000 400 robust financial results 140,000 350 4 in 2018, in the face of 120,000 300 100,000 a challenging business 250 80,000 environment. 200 60,000 150 This was driven by a clear and 100 40,000 focused strategy underpinned 50 20,000 by astute fiscal management, an 0 0 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC industry-leading management 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 team, balanced and accountable corporate governance structures, carefully selected dealers, best in EARNINGS PER SHARE ORDINARY SHAREHOLERS INTEREST sector logistics and distribution Earnings Per Share = 79.7 thebe Ordinary Shareholders Interest = 613.982 thebe capability. Our commercial and 40.8 68.7 83.1 92.4 79.7 445.720 521.416 506.515 532.430 613.982 retail channels continued to THEBE THEBE THEBE THEBE THEBE MIL MIL MIL MIL MIL operate optimally providing value 100 700,000 90 adding solutions and excellent 600,000 80 customer service 70 500,000 60 400,000 50 300,000 40 30 200,000 20 100,000 10 0 0 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Fueling the future. Investing In Communities Annual Report 2018 With us you are Number One About ENGEN Limited BARRELS Engen Limited’s majority 135,000 PER DAY shareholder is Petronas, Engen supplies the bulk fuel volume requirements of our South African market, our the Malaysian national oil affiliates in Lesotho, Botswana and Swaziland, and half of our Namibian operation’s needs. and gas company, which 5 holds 70% of shares and is one of the leading sixty 1500 40TONS corporations in the world. SERVICE AND of product per hour FILLING STATIONS including Lubricating 600 ENGEN filling Oils Blending Plant (in Through this association, Engen 16 stations have Durban, SA) has access to global resources and convenience stores technology that enable it to become a leading player in the downstream petroleum industry in sub Saharan ENGEN LIMITED Africa and the Indian Ocean Islands. Incorporated in South African-based Pembani 100% South Africa Group, formerly Worldwide African Extensive storage Investment Holdings (WAIH), holds and distribution 20% of the Company. infrastructure, including: 70% 30% depots, terminals, PETROLEUM INVESTMENT LOCAL SHAREHOLDERS Today, Engen enjoys a significant HOLDING Ltd. [Mauritius] presence in 16 Sub-Saharan African lubricant warehouses, countries and the Indian Ocean Island a bitumen plant and ENGEN BOTSWANA States. aviation facilities. LIMITED Incorporated 100% in Botswana ENGEN MARKETING BOTSWANA (PTY) LTD 100% Incorporated in Botswana Our Presence Engen Botswana Limited is the only oil company listed on the Botswana Stock Exchange. Our citizen empowerment drive is demonstrated by our broad- based shareholding, with over 800 Batswana holding 6 30% of our equity. Our majority shareholder, Petroleum Investment Holding Limited, Mauritius, holds 70% of equity, and it in turn is 100% owned by Engen Limited, based in South Africa. As a result, we have access to relevant infrastructure in South Africa and around the region. This ensures improved product availability. Fueling the future. Investing In Communities Annual Report 2018 With us you are Number One 7 KANYE THAMAGA RAMOTSWA ENGEN FILLING STATIONS The Engen Group has also invested in storage and supply infrastructure in Beira, Mozambique, to ensure continuity of supply and to support marketing assets situated in Southern Africa. Board of Directors Directors of Engen Botswana Limited continued to focus on ensuring the 8 business mandate was delivered upon, providing strategic direction at every turn. Fueling the future. Investing In Communities Annual Report 2018 With us you are Number One Shabani Ndzinge | Chairman Chimweta Monga | Managing Director Vhulahani Bvumbi | Member 9 Anthony Siwawa | Member Chwayita Mareka | Member Leonard Makwinja | Member Frederik Kotze | Member Robert Matthews | Member Board of Directors Profiles Shabani Ndzinge Chimweta Monga obtained through various managerial Chairman Managing Director roles within Engen after having been responsible for managing Engen’s Independent Non-Executive Director Executive Director supply and trading portfolio for South BA, Dar Es Salaam, MS, Delaware, PhD MBA University of Lincolnshire and Kent. Humberside (UK) Bachelor of Accounting Africa and all African affiliates as well ------------------------------------------------------- and Finance (Zambia) as the international marine bunker fuels business. He currently manages ------------------------------------------------------- Shabani is an experienced leader, the Engen Enterprise Optimisation Chimweta studied Accounting and administrator and academic, with department. over 30 years of work experience. In Finance at the University of Zambia 2011, he was appointed Deputy Vice and worked briefly as a computer Chancellor of Botswana International programmer before joining first Anthony Siwawa University of Science and Technology Citibank and then Caltex. He was Member (BIUST), where he oversaw finance and rapidly promoted to Managing Director of Caltex Zambia before joining Independent Non-Executive Director administration. He executed a similar BSc(Hons) Comp. Sc. (Aston,UK) ACCA(UK), 10 Chevron as a Regional Manager for role at the University of Botswana and MBA Chicago Booth previously headed the Business Faculty Commercial Business in Chevron’s ------------------------------------------------------- at the same institution. Shabani is a associated companies based in South Anthony has extensive experience member of several Boards, including Africa. Chimweta was appointed in developing and formulating Botswana Accountancy College, the Managing Director of Engen Botswana business strategy, economics and Institute of Development
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