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ANNUAL REPORT 2019 Total-Ghana.Com ABOUT US TOTAL PETROLEUM GHANA LIMITED ANNUAL REPORT 2019 total-ghana.com ABOUT US Total Petroleum Ghana Limited is part of the global Total group, a major energy player in the world with presence in over 130 countries. Total’s operations in Ghana started in 1951 under the name Total Oil Products Limited. Since then Total has undergone various transformations, taking over from BP Ghana Limited, then Elf Oil to TotalfinaElf following a global merger between Total and Elf and finally resulting in the incorporation of Total Petroleum Ghana Limited when Total Outre-Mer acquired Mobil in Ghana. This progression, coupled with great respect for quality, standards, achievements and safety has propelled the Company to the forefront of the Petroleum Industry in Ghana. Total is one of the leaders in the Oil and Gas industry and it has a strong brand image on the Ghanaian market. The Company is well represented in all the regions of the country with strategic locations in major cities and towns. OUR VISION Our vision includes: • To be the number one in customer service • To develop talent through diversity • To have a sustainable shareholder value • To be a good corporate citizen OUR MISSION The purpose of Total Petroleum Ghana Limited is to market quality petroleum products and services to its customers responsibly and safely in an innovative way to ensure that consumers continue to turn to Total as the preferred brand. Table of Contents CHAPTERS PAGES 1 CORPORATE INFORMATION 02 2 BOARD OF DIRECTORS 03 3 MANAGEMENT TEAM 04 4 CHAIRMAN’S STATEMENT 05 5 PROFILE OF NEW DIRECTOR TO BE ELECTED 08 6 NOTICE OF MEETING 09 7 REPORT OF THE DIRECTORS 11 8 INDEPENDENT AUDITOR’S REPORT 16 9 FINANCIAL STATEMENTS Statements of Financial Position 20 Statements of Profit or Loss and Other Comprehensive Income 21 Statements of Changes in Equity 22 Statements of Cash Flows 23 10 NOTES TO THE FINANCIAL STATEMENTS 24 11 APPENDICES 78 12 EXTRACT OF CODE OF CONDUCT 80 13 BUSINESS DEVELOPMENT 82 14 CORPORATE SOCIAL RESPONSIBILITY 89 15 ACHIEVEMENTS & AWARDS 93 16 PROXY FORM 95 Total Petroleum Ghana Limited 01 Corporate Information 1 Board of Directors Samba Salfal Seye - Chairman Eric Fanchini - Managing Director Rexford Adomako-Bonsu - Member Kofi Ampim - Member Stanislas Mittelman - Member John M. Ababio - Member Laurette Otchere - Member Alain Vedier - Member Wilfried Kondé - Member (Appointed: 1st November, 2019) Gerard Pruneau - Member (Resigned: 1st November, 2019) Secretary Mercy Samson Registered Office Total House Total House 25 Liberia Road 25 Liberia Road P. O. Box 553 P. O. Box 553 Accra Accra Solicitor Peasah Boadu & Co. Registrar Universal Merchant Bank Limited 3rd Floor, Gulf House 123 Kwame Nkrumah Avenue P. O. Box CT 3523 Sethi Plaza Cantonments - Accra Adabraka - Accra Auditor KPMG Bankers Absa Bank Ghana Limited Chartered Accountants Agricultural Development Bank Limited 13 Yiyiwa Drive, Abelenkpe Ecobank Ghana Limited P. O. Box GP 242 GCB Bank Limited Accra National Investment Bank Limited Societe Generale Ghana Limited Stanbic Bank Ghana Limited Standard Chartered Bank Limited United Bank for Africa Universal Merchant Bank Zenith Bank Ghana Limited 02 Annual Report 2019 Board of Directors 2 Samba Salfal Seye Eric Fanchini Chairman Managing Director Kofi Ampim Rexford Stanislas Mittelman Laurette Otchere Member Adomako-Bonsu Member Member Member John M. Ababio Alain Vedier Wilfried Kondé Mercy Samson Member Member Member Secretary Total Petroleum Ghana Limited 03 Management Team 3 Eric Fanchini Henry Kamara Frank Boamah Managing Director Finance & Accounts Health, Safety, Environment Manager & Quality Manager Bright Dokosi Ellen Sarfo Kantanka Laurent Gouy Human Resource Manager Legal & External Affairs Sales & Marketing Manager Manager Thibault Putz Henry Adzewodah Operations Manager Lubricants Manager 04 Annual Report 2019 Chairman’s Statement 4 Introduction Distinguished Shareholders, Ladies and Gentlemen, it is my pleasure to welcome you all to this 44th Annual General Meeting (AGM) of Total Petroleum Ghana Limited. It is also my privilege to address and present to you the Annual Report and the Audited Financial Statements for the year ended 31 December 2019. First of all, I hope that you and your families have been well during these trying times that have been caused by the COVID-19 pandemic. We really hope that the situation will keep improving and enable us to get back to our normal way of life soon. At this meeting, we will review our performance for the year 2019 and at the same time present to you our plans for the future. As Directors, and on behalf of Management and Staff, we appreciate the confidence you have in us to steer the affairs of your Company. We Samba Salfal Seye remain committed to ensuring continuous growth of the Company Chairman and the delivery of returns on your investment. Review of Economic Environment The Company received the following recognition for its In 2019, the macroeconomic indicators of the Ghanaian outstanding performance and contribution to the economy economy continued to provide a positive outlook with an in 2019. annual growth rate of 6.6% and an annual average inflation • Petroleum Company of the year - Chartered Institute rate of 9.4% (source: IMF). Interest rates on borrowing of Marketing Ghana showed a declining trend after the Bank of Ghana reduced • 7th Best Company of the year - Ghana Club 100 the Ghana Reference Rate. Awards However, the evolution of the Ghanaian Cedi remained a • Lubricant Product of the year and Brand of the year watch-point. The Cedi depreciated by 15% against the US - Ghana Oil & Gas Awards dollar, which partly contributed to the rise in petroleum and • Off-Grid Energy Solution of the year - Ghana Energy other commodity prices during the year. Awards 2019 Dividend Financial and Operational Performance In October 2019, the Board approved the payment of The Group recorded a 59% growth in net profit for the year an interim dividend of GH¢7.76 million, representing 2019, a performance attributed to the efforts and action GH¢0.0694 per share, which was paid to Shareholders in plans set by Management and the Board of Directors. December 2019. The consolidated profit after tax for 2019 amounted to GH¢68.78 million compared to GH¢43.27 million in 2018, At this meeting, the Board will be recommending a final while Company’s profit after tax amounted to GH¢69.34 dividend of GH¢9.45 million representing GH¢0.0845 per million compared to GH¢50.36 million in 2018. share in respect of the year ended 31st December, 2019, to be paid to Shareholders, which will culminate in a total The Group’s basic earnings per share increased from dividend of GH¢17.22 million representing GH¢0.1539 GH¢0.42 in 2018 to GH¢0.62 in 2019. per share for the year 2019. This represents 25% of the The Company remained steadfast through its continued Company’s net profit after tax. The Dividend will be payable investments, in line with the strategy to develop our core to Shareholders by the end of August subject to withholding activities and to take advantage of business opportunities tax where applicable. for sustained future growth. Key investments in the year Board Changes included the construction of new stations and revamping of existing ones nationwide. There have been some changes in the membership of the Board since our last meeting. Mr. Gerard Pruneau resigned from the Board to take up a new assignment within the Total Petroleum Ghana Limited 05 Chairman’s Statement cont’d 4 Total Group. The Board appointed Mr. Wilfried Konde as his As a Company involved in the distribution of petroleum replacement on 1st November 2019. On behalf of the Board products, Health, Safety and Quality are core values for us. of Directors and the Shareholders, I would like to thank We are focused on ensuring a safe and healthy workplace Mr. Gerard Pruneau for his contribution to the growth and for our employees and service providers and are committed development of the Company’s business during his tenure to managing our activities to protect our host communities. of almost eight years on the Board. We wish him well in his new assignment. One of the Company’s fundamental approach to safety is within the framework of ‘ONE MAESTRO’, which means At this Annual General Meeting, the Board will be seeking ‘Management and Expectation Standards Towards Robust from the Shareholders, the ratification of the appointment Operations’. This identifies the behavioural requirements of Mr. Wilfried Konde to the Board. On behalf of the Directors at all levels of the Company to build and sustain an and Shareholders, I welcome Mr. Konde to the Board and effective safety culture. The Company and its contractors we look forward to working with him to contribute to are committed to ensuring that the requirements of the the growth of the business. Mr. Konde’s profile has been framework are fully met. provided to you on page 8 of the Annual Report. In May 2019, the Company was awarded the maximum At this meeting, the Board is also recommending three score of 5/5 in the Transport Management System (SMT) (3) of our Directors namely, Mr. John Mawuli Ababio, Mr. evaluation by the Group. I would like to thank the transport Rexford Adomako-Bonsu and myself, Mr. Samba Salfal Seye team of the Company, and indeed our transporters, for this for re-election. Each of us is due to retire by rotation at this important achievement. meeting and we have each expressed our willingness to Corporate Social Responsibility continue in office. Corporate Social Responsibility (CSR) initiatives are an Corporate Governance integral part of the Company’s core business. The Company In accordance with good corporate governance principles, seeks to ensure that its operations have a positive impact we continued to maintain a strong internal control on all aspects of society, including economic, social environment within the Company.
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