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Annual Report of the Ceylon Petroleum Storage Terminals

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Annual Report of the Ceylon Petroleum Storage Terminals CONTENTS CORPORATE OVERVIEW 01 Vision & Mission 02 About Us 05 Performance Highlights - 2018 06 Year at a glance 08 Awards & Accolades OUR LEADERSHIP 09 Chairman’s Message 11 Managing Director’s Message 13 Board of Directors 16 Management Team MANAGEMENT DISCUSSION & ANALYSIS 19 Financial Capital 23 Manufactured Capital 28 Human Capital 07 Social & Relationship Capital 35 Natural Capital GOVERNANCE & COMPLIANCE 38 Corporate Governance 46 Risk Management 53 Annual Report of the Board of Directors 55 Report of the Audit & Management Committee FINANCIAL INFORMATION 58 Auditor General’s Reports 64 Statement Of Financial Position 65 Statement Of Comprehensive Income 66 Statement Of Changes In Equity 67 Statement Of Cash Flows 68 Notes To The Financial Statements 92 Detailed Income Statement 93 Five Year Financial Summary Corporate Information VISION TO BE MOST EFFICIENT PETROLEUM TERMINAL OPERATOR IN SOUTH ASIA MISSION TO REMAIN AS THE MOST EFFICIENT TERMINAL OPERATOR IN THE ISLAND, MEETING STAKEHOLDERS EXPECTATIONS AND COMMITTED TO MAKE PERCEIVABLE AND CONTINUAL IMPROVEMENT IN THE LEVEL OF CUSTOMER SATISFACTION, WHILE PRESERVING THE QUALITY AND ENSURING THE EXACT QUANTITY OF THE PETROLEUM PRODUCTS BEING DELIVERED TO THE TERMINAL FACILITY USERS/CUSTOMERS, HONOURING THE HEALTH, ENVIRONMENTAL AND SAFETY STANDARDS IN FORCE THROUGH DEDICATED PARTICIPATION OF A LOYAL, CONTENDED AND WELL TRAINED WORKFORCE, GUIDED BY THE FEEDBACK OF THE CUSTOMERS AND THE GENERAL PUBLIC. CEYLON PETROLEUM STORAGE TERMINALS LIMITED ANNUAL REPORT - 2018 1 ABOUT US Ceylon Petroleum Storage Terminals Limited is a Company duly incorporate under the Companies Act No. 17 of 1982 in terms of Section 2 (1) of the conversion of Public Corporation or Government owned business undertaking into Public Companies Act as Common User Facility (CUF) consisting of Oil terminals, Storage Facilities, Pipeline and the Bowser Fleet, more fully described in the Government Gazette extraordinary bearing No. 1310/8 dated 13th October 2003. We are company engaged in bulk Petroleum Storage and Distribution activities with state-of-the-art infrastructure facilities for management of downstream petroleum product handling in Sri Lanka and continued to consistently enhance our stakeholder value propositions, demonstrating our commitment to support Sri Lanka’s development journey through building a healthy and competitive fuel storage & distribution. The Company is a subsidiary of Ceylon Petroleum Corporation (CPC) owning 2/3 of share capital and the balance owning by – Lanka Indian Oil Corporation (LIOC). Ceylon Petroleum Storage Terminals Limited benefits from the parent entity’s almost six-decades of experience and expertise to proposition Sri Lanka’s economic development, driving innovation and ensuring environmental sustainability in the energy sector. We serve around one thousand retail outlets island wide owned by Ceylon Petroleum Corporation and Lanka Indian Oil Company to meet the energy demand of the retail consumers in the country and the large number of bulk consumers in various industrial sectors involved in economic development process. Two main terminals supported by 11 bulk depots which are involved in the storage and distribution Network with around 3000 employees actively participation in various activities of the Company. Main Terminals • Kolonnawa Installation & Muthurajawela Terminal Bulk Depots • Anuradhapura • Badulla • Kotagala • Kurunegala • Batticaloa • Galle • Matara • Peradeniya • Haputale • Kankasanthurai • Sarasavi Uyana CEYLON PETROLEUM STORAGE TERMINALS LIMITED 2 ANNUAL REPORT - 2018 Kolonnawa Installation handling 12 petroleum products where as Muthurajawela Terminal handles 5 petroleum products. Distribution function of CPSTL undertake deliveries of petroleum products on behalf of two Marketing Companies CPC and LIOC operating two main terminals at Kolonnawa and Muthurajawela while strengthening the distribution of petroleum products island wide, CPSTL is operating 11 outstation bulk depots and one inland railside depot. Replenishment of Products to these locations and Inland Railside Depot are through rail bogies loaded at Kolonnawa Installation and by road using CPSTL and hired road tankers from main terminals. Aviation fuels is stored at Kolonnawa Installation only and transferred to Banadaranayake International Airport (BIA) at Katunayake on daily basis by railway. Rathmalana and other air fields operated by Sri Lanka Air Force get their requirement by road. Low Sulphur Furnace Oil is stored only at Muthurajawela Terminal and is transferred to only customer which is Kerawalapitiya power plant through a dedicated pipeline. Kolonnawa Installation receives products from Refinery and through imported tankers discharged at Dolphin Pier at Colombo Harbor. Muthurajawela Terminal receives only imported cargo discharged through SPBM located approximately 6 km off Kerawalalpitiya Coast. Business vertical Positioning We are storing variety of petroleum products import & Storage of Automotive Fuels refine around 450,000 MT at Kolonnawa, Muthurajawela and island wide depots. Currently we are distributing 85% of country’s Distribution of Automotive Fuels automotive petroleum products island wide. The leading distribution channel is road tankers which Road Tankers contribute nearly 66% of the transportation of petroleum products island wide. The second leading distribution channel is railway Railway Wagon wagon transport which contribute nearly 17% of the transportation of petroleum products island. The next distribution channel is pipeline transfers which Pipeline is mainly to Kelanitissa & Kerawalapitiya power plants and Refinery at Sapugaskanda. CEYLON PETROLEUM STORAGE TERMINALS LIMITED ANNUAL REPORT - 2018 3 KKS Bulk Depot Anuradhapura Bulk Depot Batticaloa Bulk Depot Kurunegala Bulk Depot Muthurajawela Peradeniya Bulk Depot Terminal Sarasavi Uyana Bulk Depot Kolonnawa Installation Kotagala Bulk Depot Badulla Bulk Depot Haputhale Bulk Depot Galle Bulk Depot Matara Bulk Depot CEYLON PETROLEUM STORAGE TERMINALS LIMITED 4 ANNUAL REPORT - 2018 PERFORMANCE HIGHLIGHTS 2018 2017 2016 STRATEGIC PRIORITY: FINANCIAL GROWTH Revenue LKR Mn 13,130 14,176 12,663 Operating profit LKR Mn 1,405 3,208 2,406 Profit / (Loss) before tax LKR Mn 1,522 3,273 2,330 Profit / (Loss) after tax LKR Mn 254 2,717 1,949 Return on equity % 1% 11% 9% Financial Stability Total assets LKR Mn 30,322 29,991 28,059 Total liabilities LKR Mn 5,556 4,828 5,208 Shareholders' funds LKR Mn 24,766 25,163 22,851 FINANCIAL CAPITAL Cash and cash equivalent LKR Mn 3,149 1,474 2,455 Shareholder information Earnings per share LKR 0.26 3.73 2.32 Dividends per share (paid) LKR 0.868 0.54 0.65 Net asset value per share LKR 33 33 30 Economic value added LKR Mn 673 1,394 799 STRATEGIC PRIORITY: OPERATIONAL EXCELLENCE Property, plant and equipment Terminals & Depots Nos 13 14 14 Capital expenditure LKR 375 833 913 STRATEGIC PRIORITY: INVESTING IN PEOPLE FINANCIAL CAPITAL Total employees Nos 2932 3,045 3,118 Female representation Nos 334 343 351 Payments to employees LKR Mn 6853 5,570 5,782 Employee attrition rate % 6% 1% 1% Investments in training LKR Mn 22 32 30 Total training hours Hours 12609 21,832 26,088 HUMAN CAPITAL Average training hours/employee Hours 7 9 11 Revenue per employee LKR Mn 4.48 4.67 4.06 Net profit (Loss) per employee LKR Mn 0.09 0.9 0.63 Indirect employees (approx.) Nos 63 105 114 Customer touch points Nos 40 40 40 CAPITAL Investment in CSR LKR Mn 2.1 6.1 5.7 No. of beneficiaries (approx.) Nos 8700 8,500 7,000 SOCIAL AND RELATIONSHIP SOCIAL AND RELATIONSHIP Contribution to Government LKR Mn 2579 2,175 1,895 STRATEGIC PRIORITY: SUSTAINABILITY Energy consumption Kwh 3,286,631 2,904,300 2,914,112 Water consumption KL 333 276 270 CAPITAL NATURAL CEYLON PETROLEUM STORAGE TERMINALS LIMITED ANNUAL REPORT - 2018 5 YEAR AT A GLANCE REVENUE SALES VOLUME 13 5,277,925 Bn KL PROFIT AFTER TAX 197 Revenue (LKR Mn) Profit After Tax (LKR Mn) Mn 20,000 3,000 2,500 15,000 2,000 10,000 1,500 1,000 5,000 ASSET BASE 500 - - 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 30.3 Bn Sales Volume (kl) Total Assets (LKR Bn) 6,000,000 34 5,000,000 32 4,000,000 30 3,000,000 28 2,000,000 1,000,000 26 - 24 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 CEYLON PETROLEUM STORAGE TERMINALS LIMITED 6 ANNUAL REPORT - 2018 Asset Turnover (%) Current Ratio (Times) 80% 8.00 60% 6.00 40% 4.00 20% 2.00 0% - 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Shareholder's Funds(LKR Mn) ROE (%) 12% 30,000 10% 25,000 8% 20,000 6% 15,000 4% 10,000 5,000 2% - 0% 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Gearing Ratio (Times) NAV Per Share (LKR) 0.60 40.00 0.50 0.40 30.00 0.30 20.00 0.20 10.00 0.10 - 0.00 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 CEYLON PETROLEUM STORAGE TERMINALS LIMITED ANNUAL REPORT - 2018 7 AWARDS & GLANCE Reaffirming our commitment, we have been recognized - Gold Award of Social Dialogue & workplace Cooperation with several prestigious accolades throughout the year. Awards 2018. CPSTL was awarded with Gold award of Social Dialogue & Workplace Cooperation Awards - National Silver award at CNCI Industrial Excellence under large scale service sector 2018 organised by Awards Ceremony. The Company was awarded the Social Dialogue & workplace Corporation Unit, Human Silver Award in the National Level Government Sector Resource Development Division, Department of Labour. at the “ CNCI Achiever Awards 2018” for the Industrial Excellence organised by the Ceylon National Chamber of Industries. CEYLON PETROLEUM STORAGE TERMINALS LIMITED 8 ANNUAL REPORT - 2018 CHAIRMAN’S MESSAGE “ Total revenue for the year at LKR 13 billion was down by 7% from 2017. Gross profit stood at LKR 5,227 million, a 23% decrease from the previous year. Net profit at LKR 254 million was down 91% from 2017. Even though we were experienced a temporary setback in the year 2018, Our Company declared the highest ever dividend paid so far amounting to LKR 0.80 per share dividend for 2017 and paid in 2018 ” On behalf of the Board of Directors, I am pleased to present resulting from political strife.
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