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Annual Report 2015 Growth Through ENERGY 2 the HUB POWER COMPANY LIMITED Hub Power Station

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Annual Report 2015 Growth Through ENERGY 2 the HUB POWER COMPANY LIMITED Hub Power Station GROWTH THROUGH ENERGY Annual Report 2015 GROWTH THROUGH ENERGY 2 THE HUB POWER COMPANY LIMITED Hub Power Station Energy plays an indispensable role in our economy, and will remain critical to Pakistan’s continued economic growth and development. Taking cognizance of our increasing energy needs, we have ensconced our business basis on the philosophy of creating a better and brighter tomorrow for our future generations. As Pakistan’s partners in progress, Hubco stands at a distinctive position where the Company’s growth initiatives contribute to the development of the country. We see this as an opportunity for us to drive growth through energy by exploring the unexplored, utilizing human ingenuity, strategic investments, innovation and technology to unlock the potential of becoming a self-sufficient country. CONTENTS Vision & Mission 04 Statement of Compliance with the CCG 40 Business Strategy & SWOT Analysis 06 Report of the Board Audit Committee 44 Company Information 07 Business Continuity Planning (BCP) 46 Geographical Presence 08 CEO’s Performance Review 47 Operational Highlights 09 Role of Chairman 47 Role of Chief Executive 47 GROWTH THROUGH CHANGE Logo architecture 10 GROWTH THROUGH EMPOWERMENT Corporate Social Responsibility (CSR) 50 GROWTH THROUGH LEADERSHIP Board of Directors 14 GROWTH THROUGH SUSTAINABILITY Profile of Board of Directors 16 Health, Safety And Environment (HSE) 56 Board & Functional Committees 22 Management Committee 24 GROWTH THROUGH PEOPLE Organizational Structure 25 Human Resources 60 Speak Up Policy 62 GROWTH THROUGH GOVERNANCE IT Policy 63 Chairman’s Review 28 HR Policy and Succession Planning 63 CEO’s Message 29 Report of the Directors 30 GROWTH THROUGH PERFORMANCE Code of Business Ethics 38 Hubco Financial Ratios 67 Anti-Corruption Measures 38 Horizontal and Vertical Analysis of Review Report to the Members on Profit and Loss Account 68 Statement of Compliance with the CCG 39 Balance Sheet Horizontal Analysis 70 2 THE HUB POWER COMPANY LIMITED Balance Sheet Vertical Analysis 72 Consolidated Statement of Six Years Profit & Loss Account at a glance 74 Comprehensive Income 127 Six Years Balance Sheet at a glance 75 Consolidated Balance Sheet 128 Summary of Six Years Cash Flow at a glance 76 Consolidated Cash Flow Statement 129 Statement of Value Addition 77 Consolidated Statement of Changes in Equity 130 Graphical Presentation 78 Notes to the Consolidated Financial Statements 131 UNCONSOLIDATED FINANCIAL STATEMENTS Auditors’ Report to the Members 82 GROWTH THROUGH INCREASED Unconsolidated Profit and Loss Account 84 SHAREHOLDERS VALUE Unconsolidated Statement of Awards and Achievements 178 Comprehensive Income 85 Calendar of Corporate Events 179 Unconsolidated Balance Sheet 86 Calendar of Major Events 179 Unconsolidated Cash Flow Statement 87 Pattern of Shareholding 180 Unconsolidated Statement of Changes in Equity 88 Categories of Shareholdings 184 Notes to the Unconsolidated Key Shareholdings 185 Financial Statements 89 Shareholders’ Information 188 Glossary 189 CONSOLIDATED FINANCIAL STATEMENTS Notice of the 24th Annual General Meeting 191 Auditors’ Report on Consolidated Statement Under Section 160 of the Financial Statements to the Members 125 Companies Ordinance 1984 195 Consolidated Profit and Loss Account 126 Proxy Form 203 ANNUAL REPORT 2015 3 VISIONTo be an energy leader - committed to deliver growth through energy. To be a growth oriented energy companyMISSION that achieves the highest international standards in its operations and delivers a fair return to its shareholders, while serving the community as a caring corporate citizen. BUSINESS STRATEGY With an aggressive growth plan and a focus on increasing the shareholder value, the Company is committed to promote long-term development of the Country. The strategy is not just to aim for growth of the profits but also to ensure that the local communities, our partners and other stakeholders also share our growth and prosperity. In the years to come, our business strategy will be focused on: • Increasing reliability and sustainability of our base business • Increasing power generation and improving the energy mix by utilizing alternative and indigenous sources • Aligning our HSE systems with the best of the international practices • Strengthening our team by attracting, hiring and retaining competent and experienced professionals • Investing 1% of PAT on projects of socio-economic development, with complete involvement and engagement of the local communities to create ownership of the development • Continuing with our resolve to end the long prevalent energy crisis SWOT ANALYSIS Strengths Opportunities S WWeaknesses O TThreats 1. Growing demand 1. Cashflow constraints 1. Growth synergies 1. Circular debt 2. Strategic coastal 2. Expensive fuel 2. Plant efficiency 2. Political risks location improvements 3. Delays in projects 3. Proven track record 3. To be the “Hub of Power” 4. Pioneer & largest IPP 4. Government focus on solving power crisis 6 THE HUB POWER COMPANY LIMITED COMPANY INFORMATION BoArd of dIrECTorS faysal Bank limited Mr. Hussain dawood (Chairman) Habib Bank limited Mr. Khalid Mansoor (Chief Executive) Habib Metropolitan Bank limited Syed Muhammad Ali Industrial & Commercial Bank of China Mr. Iqbal Alimohamed MCB Bank limited Syed Ahmed Iqbal Ashraf (NBP Nominee) Meezan Bank limited Mr. Abdul fatah Bhangar (GoB Nominee) National Bank of Pakistan Mr. Abdul Samad dawood NIB Bank limited Mr. Shabbir H. Hashmi Pak Brunei Investment Company limited Mr. Qaiser Javed Pak China Investment Company limited Mr. Ajaz Ali Khan Pak Kuwait Investment Company (Pvt) ltd. Mr. ruhail Mohammed Samba Bank limited Mr. Ali Munir Standard Chartered Bank (Pakistan) ltd. Mr. Shahid Hamid Pracha Sumitomo Mitsui Banking Corp. Europe ltd, london Mr. Inam Ur rahman United Bank limited Mr. Khalid Siraj Subhani INTEr-CrEdITor AGENTS AUdIT CoMMITTEE National Bank of Pakistan Mr. Iqbal Alimohamed (Chairman) Habib Bank limited Mr. Shabbir H. Hashmi Allied Bank limited Mr. Qaiser Javed NIB Bank limited Mr. ruhail Mohammad Mr. Ali Munir lEGAl AdvISor rIAA Barker Gillette Company SECretary Mr. Shamsul Islam AUdITorS Ernst & young ford rhodes Sidat Hyder MANAGEMENT CoMMITTEE Mr. Khalid Mansoor rEGISTrAr Mr. Tahir Jawaid famco Associates (Pvt) limited Mr. Abdul Nasir Mr. Nazoor Baig WHOLLY-oWNEd SUBSIdIArIES Syed Hasnain Haider Hub Power Holdings limited Mr. Saleemullah Memon Hub Power Services limited Mr. Shamsul Islam Mr. Mohammad Kaleem Khan HUB PlANT Mr. M. Inam Ur rehman Siddiqui Mouza Kund, Post office Gaddani, rEGISTErEd & HEAd offICE district lasbela, Balochistan 11th floor, ocean Tower, G-3, Block 9, Main Clifton road, NArowal PlANT P.o. Box No. 13841, Karachi-75600. Hubco Narowal Project, Mouza Poong, Email: [email protected] 5 Km from luban Pulli Point on Mureedkay-Narowal Website: http://www.hubpower.com road, district Narowal, Punjab Principal BANKErS lArAIB ENErGy Ltd (75% CoNTrollING Allied Bank of Pakistan INTErEST) Askari Bank limited Head Office: Bank Alfalah limited 12-B/1, Multi Mansion Plaza, G-8, Markaz, Bank Al-Habib limited Islamabad Bank Islami Pakistan limited Bank of Punjab Plant: Burj Bank limited New Bong Escape Hydro-Electric Power Complex, Citibank N.A. Pakistan village lehri, Tehsil & district Mirpur, Azad Jammu & dubai Islamic Bank Pakistan limited Kashmir ANNUAL REPORT 2015 7 GEOGRAPHICAL PRESENCE Laraib Energy Ltd. Laraib Energy Limited has set up a run of the river hydro power plant, comprising 4 Kaplan Bulb turbines of 21 MW each. Total capacity: 84 MW GILGIT BALTISTAN KHYBER PAKHTUNKHWA JAMMU & KASHMIR Islamabad LARAIB NAROWAL Lahore PUNJAB Narowal Power Plant Narowal Plant comprises of 11 generating sets based on MAN 18V48/60 engine, 11 Alborg Heat Recovery Steam Generators and one air cooled condensing Steam Turbine from Dresser Rand. Total capacity: 225 MW BALOCHISTAN HUB Karachi SINDH ARABIAN SEA Hub Power Plant Hub Plant consists of four generating units each rated at 323 MW gross output, with oil-fired single re-heat boiler and tandem compound, two cylinder condensing steam turbines directly coupled to a hydrogen cooled generator. Total capacity: 1292 MW 8 THE HUB POWER COMPANY LIMITED OPERATIONAL HIGHLIGHTS Hub Plant Load Factor Hub Plant Generation 2013-14 2014-15 2013-14 2014-15 100 8000 7000 80 6000 60 5000 4000 40 3000 2000 20 1000 0 0 Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 67.0% 81.1%83.3% 66.1%23.0% 68.9% 64.5%64.6% 62.1%59.5% 63.7%72.7% 5981,322 2,0422,632 2,8313,446 4,0224,543 5,0985,612 6,1806,808 61.8%62.0% 67.7%64.2% 51.8%67.1% 88.9%61.3% 66.6%86.7% 62.3%68.1% 5521,106 1,6912,265 2,7123,311 4,1054,599 5,1945,943 6,4997,087 Narowal Plant Load Factor Narowal Plant Generation 2013-14 2014-15 2013-14 2014-15 L.F (%) GW Hrs 100% 1,800 1,600 80% 1,400 1,200 60% 1,000 800 40% 600 20% 400 200 0% - Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 94%85% 84%88% 50%72% 82%65% 80%73% 67.51% 67.12% 149.64 284.08 413.42 552.67 630.20 744.79 875.14 968.02 1,094.971,207.441,314.841,418.16 68%89% 86%83% 82%94% 76%81% 87%90% 84.67% 79.77% 108.62 249.54 381.97 513.64 639.93 789.46 910.53 1,027.551,166.011,304.891,439.581,562.39 Laraib Power Complex Load Factor Laraib Power Complex Generation Actual PPA Actual PPA 100.00 600,000 80.00 500,000 400,000 60.00 300,000 40.00 200,000 20.00 100,000 0.00 - Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun 40.1337.37 72.1972.53 89.3976.61 30.0091.62 82.5032.14 90.5884.47 25,079 48,431 92,089 137,417191,480 239,361 258,108309,823 361,382380,821 437,432488,521 69.5162.85 58.9559.44 59.1448.31 40.4560.41 65.7369.86 89.1182.87 43,440 82,720 118,370155,520 191,290221,480 246,760280,860 321,940364,190 419,880470,000 ANNUAL REPORT 2015 9 LOGO ARCHITECTURE GROWTH THROUGH CThe year 2014-15H marksA the changeNGE in our corporate identity.
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