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Annual Report 2020 A evolve | adapt grow annual report 2020 a Head Office nnual report | 12th Floor, Ocean Tower, G-3, Block 9, Clifton, Khayaban-e-Iqbal, Karachi - 75600 PABX : +92-21-35166863-64 UAN : 111 411 411 www.engropolymer.com 2020 evolve | adapt | grow Plant EZ/1/P-ii-1, Eastern Zone, Bin Qasim, Karachi. annual report 2020 Engro Polymer & Chemicals is proud to present its annual report for the year 2020. This report focuses on stakeholder information, corporate governance, the directors’ report and financial statements for the year ended December 31, 2020. For any feedback, suggestions or queries kindly contact the following: Syed Abbas Raza Chief Financial Officer [email protected] Syed Sajid Hafeez Business Analyst [email protected] Anoosha Naushad Assistant Manager Accounting and Reporting [email protected] Alina Zuberi Assistant Manager Corporate Communications [email protected] This report is also available on our website: www.engropolymer.com about the theme 3. Governance • Best practices on corporate reporting promoted by joint our theme adopted framework committee of Institute of Chartered Accountants of Covers EPCL’s governance structure with Pakistan (ICAP) and Institute of Cost and Management EPCL believes in being in a constant state of evolution that the profiles of our board, management This Report has been prepared in compliance with the requires quick adaptation skills in order to achieve long-term following frameworks: Accountants of Pakistan (ICMAP) and South Asian committee, the director’s report along with the reviews Federation of Accountants (SAFA). growth for the organization and consequently for our people of the Chairman and CEO. • International Financial Reporting Standards (IFRSs) and our nation! issued by the International Accounting Standards Board Where provisions of and directives issued under the Act differ from the IFRSs, the provisions of and directives This past year, we managed to resiliently remain on course, 4. External Environment & EPCL (IASB) as notified under the Companies Act, 2017 (the showed agility and adaptation that paved way for Act); issued under the Act have been followed. successes, despite the challenges that the pandemic Assess EPCL in terms of the domestic • Provision of and directives issued under the Companies posed. We also made considerable strides in the past year market, thereby analyzing its current Act, 2017. and accomplished the completion of PVC III in March 2021, positioning along with the assessment of risks and approval of the board marking new growth opportunities for the many years to opportunities. come. • Reporting requirements of the listed companies Code of The Board of Directors of Engro Polymer & Chemicals Corporate Governance, 2019 and listing regulations of Limited acknowledges its responsibility to ensure the Hence, this Annual Report is in celebration of that journey, 5. Sustainability & Corporate Pakistan Stock Exchange. integrity of this Annual Report. The Directors’ Report and and in celebration of our aim of taking our people and our financial statements included in the report have been nation along with us. Social Responsibility approved by the Board for circulation in its meeting held on We will cover various initiatives undertaken February 10, 2021. aim and scope by EPCL under the ambit of corporate social responsibility and its alignment with the UN’s Our Annual Report for 2020 aims to present itself as a external review sustainable development goals. consolidated document that gives a bird’s eye view of the company’s portfolio in coherence with a detailed Review Report on Compliance with Code of Corporate Governance A. F. Ferguson & Co. Chartered Accountants run-through of our strategies, financial performance, and 6. Moving Forward Independent Auditor’s Report on the Audit of Financial Statements A. F. Ferguson & Co. Chartered Accountants external parallels. Sheds light on the outlook of the company Throughout this report we will be uncovering how the and the status of the projects in progress. Independent Assurance Report on Statement of Compliance with A. F. Ferguson & Co. Chartered Accountants company has and continues to create and sustain value the Sukuk (Privately Placed) Regulations, 2017 over time through short-term, medium, and long-term approaches, thereby aligning said approach with the 7. Financial Performance & Position Entity Credit Rating PACRA methods and practices of an integrated reporting structure. We will present a detailed financial analysis We also hope to equip our stakeholders with information of the company’s performance, rationalizing that is necessary and comprehensive, thus facilitating their major variations from prior periods. evaluation of what our organization currently entails and our ability to do more in the coming years. 8. Financial Statements Our report will be broken into nine sections and will be Present EPCL’s standalone & consolidated organized in a composition as follows: financial statements. 1. Organizational Overview 9. Shareholder’s Information and Strategy Provides secretarial information like AGM In this section we will be looking at notice, proxy form and accounts circulation EPCL’s overall business, the values it upholds, major request form for the facilitation of our shareholders. achievements and a brief overview of company’s strategy in place. 2. Stakeholder Engagement and Relationship Looks at EPCL’s policies and approach towards building healthy relationship with our stakeholders. evolve | adapt | grow annual report 2020 sustainability & corporate social responsibility Sustainability Sustainability UN Sustainable Sustainable Strategy & Highlights Development 127 128 129 Use of PVC 131 Focus 2020 Goals PVC Financial Human Natural table of Downstream 132 Capital 135 Capital 136 Capital 138 Applications Social Integrated contents Capital 140 Reporting 142 moving forward organizational Forward Analysis of Status of Organization’s Looking Previous Year Projects Capability in overview & strategy Statement 145 Forward Looking 145 145 Responding to 146 Statement Challenges EPCL at a Core Vision Mission 03 05 Glance 07 Values 23 financial performance & position Strategy & Resource Allocation 25 Six-Year Summary Six-Year Summary Key Consolidated of Financial Position of Financial Figures Cash Flows - with Horizontal and 149 Performance with 151 152 Direct Method 153 Vertical Analysis Horizontal and stakeholder engagement Vertical Analysis & relationship Six-Year Summary Consolidated Consolidated Quarterly of Consolidated Free Cash Statement Analysis Stakeholders’ Wealth Statement of Cash 154 Flows 154 of Economic 154 155 Frequency of Engagement Distribution to Flows - Indirect Value Added 35 Engagement 37 Process & Policy Stakeholders 38 Method Analysis of Variation Segment Key Financial in Interim Accounts Analysis Financial Statement Analysis with Final Accounts 156 159 Ratios 163 with Graphical 165 governance Representation Share DuPont Compliance Methods and Price 172 Analysis 173 with International 174 Assumptions Used 174 Board of Board & Management Chairman’s Sensitivity Financial Reporting in Compiling the Standards Indicators Directors 41 Functional 47 Committee 49 Review 55 Committees Business Rationale for Capital Expenditures 174 Directors’ Statement of Our Code CEO’s Review 57 Report 59 Best Practices 93 of Conduct 93 financial statements Governance Governance Board Approved Exceeding Legal Shariah Advisor 93 Framework 94 Policies 98 104 Statement of Review Report Statement of Auditor’s Report Requirements Compliance with on Statement of Compliance with on Sukuk (Privately COCG 177 Compliance 179 Sukuk (Privately 180 Placed) Regulations 181 Pandemic with COCG Placed) Regulations 2017 Enterprise Risk Business Recovery 2017 Internal Audit 104 Management 107 Continuity Plan 108 Plan & Policy 109 Auditor’s Report Standalone Auditor’s Report Consolidated Statement on Standalone Financial on Consolidated Financial Financial Statements 183 Statements 187 Financial Statements 241 Statements 245 external environment & EPCL shareholder’s information Significant Business Value Chain SWOT Analysis Factors Affecting Notice of Standard Compliance Model 113 115 117 the External 118 Proxy Annual General Request with ICAP’s Environment 299 302 Form 304 307 Competitive Meeting Form BCR Composition of Landscape & Risks and Local Versus Market Opportunities Directors’ 120 121 Imported Material 124 Positioning Report (Urdu) 344 01 evolve | adapt | grow annual report 2020 02 Lead Pakistan in polymers & allied chemicals with international footprint. 03 evolve | adapt | grow annual report 2020 04 To achieve innovative growth which creates value for country, stakeholders, customers and employees. Our commitment is to maintain the highest standards of ethics, safety and environmental responsibility. 05 evolve | adapt | grow annual report 2020 06 EPCL at a glance Engro Polymer & Chemicals Limited (EPCL) is the only integrated chlor-vinyl chemical complex in Pakistan. EPCL is the sole manufacturer of PVC resin in Pakistan. Besides this the company also produces Chlor Alkali products like Caustic Soda, Sodium Hypochlorite and Hydrochloric Acid. It is a subsidiary of Engro Corporation, involved in the manufacturing, marketing and distribution of PVC under the brand name ‘SABZ’ and other quality Chlor-Vinyl allied products. EPCL’s triple bottom line philosophy – People, Planet and Profit are critical and indispensable elements for its growth and success. 07 evolve | adapt | grow annual report 2020 08 history of major
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