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Annual Report 2016 3 OUR BUSINESSES MAKING FOOD & ENERGY AVAILABLE, AFFORDABLE, SUSTAINABLE Dawood Hercules is a partner in Pakistan’s growth and prosperity, and this ethos serves as the foundation of our business operations. Energy, agriculture and food sectors are the strongest drivers of Pakistan’s economic growth, and are therefore the core areas of investment for our group. We are a holding company founded on family values. This allows us to deploy capital and invest in people and partnerships over a long period of time to solve two of the most pressing issues the world is facing today: making food and energy available, affordable and sustainable. CONTENTS 03 Vision 03 Purpose 08 Business ethics and core values 12 Performance highlights 16 Company information 20 Board of Directors 27 Committees 30 Operating Highlights 30 Six years at a glance 32 Horizontal analysis (Balance sheet) 34 Vertical analysis (Balance sheet) 36 Horizontal analysis (Profit & loss) 36 Vertical analysis (Profit & loss) 38 Statement of value addition 42 Notice of annual general meeting 60 Directors training programme 56 Directors’ Report 60 Related party transactions 56 Economic scenario 60 Future outlook 57 Business overview 61 Acknowledgment 58 Financial performance 66 Review report on statement of compliance 58 Earnings per share 67 Statement of compliance 58 Auditors 72 Financial Statements 58 Shares traded 73 Auditor’s report to the members 59 Pattern of shareholding 74 Financial statements 59 Market capitalization & book value 79 Notes to the financial statements 59 Appropriation 109 Consolidated financial statements 59 Entity rating 111 Auditor’s report 59 Contribution to the national exchequer 112 Consolidated financial statements and economy 119 Notes to the consolidated financial 59 Provident & gratuity funds statements 59 Board of Directors 217 Pattern of shareholding 59 Board meetings 221 Form of proxy 60 Statement of directors’ responsibility 233 Directors' Report (Urdu) MAKING FOOD & ENERGY AVAILABLE, AFFORDABLE, SUSTAINABLE 2 Dawood Hercules Corporation Limited VISION To make food and energy available, affordable and sustainable for the developing world via pairing capital with capability and with ideas that will have the biggest impact. PURPOSE Food and Energy security is inextricably linked to economic empowerment Population and GDP growth is putting more pressure on the existing supply of food and energy. Thus we believe that achieving our vision will require supply side innovation to improve productivity We have a long track record of improving efficiencies and productivity in both these sectors We believe in deep collaboration between group companies that will allow us to innovate in ways others can’t, and we will only participate in markets where we can make a significant contribution. We are not going to settle for anything less than excellence in every aspect of our work Annual Report 2016 3 OUR BUSINESSES Engro Elengy Terminal Engro Powergen Engro Fertilizers Laraib Energy (Hubco) Sindh Engro Coal Mining Company 4 Dawood Hercules Corporation Limited Hubco Narowal Plant Engro Polymer & Chemicals Hub Power Plant, Hub Engro Vopak Terminal Reon Energy Limited (200.07 kW solar project at Unilever Foods) Engro Foods Tenaga Generasi Limited Annual Report 2016 5 MAKING FOOD & ENERGY AVAILABLE, AFFORDABLE, SUSTAINABLE 6 Dawood Hercules Corporation Limited PROBLEM WORTH SOLVING There is over 7,000 MW power deficit at current level of demand OUR CURRENT INPUT We supply over 1,800 MW of electricity today, and have a combined investment plan to augment 2,700MW in new power Annual Report 2016 7 BUSINESS ETHICS & CORE VALUES This statement of Business Ethics and Core Values constitutes the basis on which Dawood Hercules Corporation Limited conducts its business. The Board of Directors and the employees of Dawood Hercules Corporation Limited are the custodians of the excellent reputation for conducting our business according to the highest principles of business ethics. Our reputation not only affects whether or not someone will do business with us, it also determines whether we are proud to be associated with this Company. We are committed to conducting our business activities in honest and sincere alignment with our Core Values and in full compliance with all the applicable laws and regulations. We also believe in treating our employees with the same principles in order to build mutual respect, confidence and trust based upon integrity, honesty, openness and competence. In order to maintain and enhance our reputation for integrity in our business, it is important for all of us individually and collectively to adhere to the highest moral, ethical and legal standards. 8 Dawood Hercules Corporation Limited CORE VALUES At Dawood Hercules Corporation Limited, all our actions are based on and guided by the following values: Diversity Teamwork We respect the dignity, rights and views We are committed to work as a team of others and will provide unrestricted to achieve common goals whilst opportunity for personal advancement fairly recognising and rewarding to employees irrespective of gender, individual contributions on merit. ethnicity, beliefs, cultures and religions. Accountability We will be accountable as individuals and as employees for our ethical conduct and for compliance with applicable laws and policies and directives of the management. Commitment to Integrity We will conduct ourselves with Excellence uncompromising ethics and We will drive and achieve results honesty at all times, in all situations, while pursuing the highest standards both professionally and personally. and maximizing the use of resources. Annual Report 2016 9 MAKING FOOD & ENERGY AVAILABLE, AFFORDABLE, SUSTAINABLE 10 Dawood Hercules Corporation Limited PROBLEM WORTH SOLVING Pakistan is facing a shortfall of 2,000 million cubic feet of natural gas per day (mmcfd) OUR CURRENT INPUT Our state-of-the-art LNG terminal has injected 600 mmcfd in the system, bridging the country’s gas shortfall by 30%, reviving 500+ industrial units, reviving 600 CNG stations, paving the way for 1,200 mmcfd more Annual Report 2016 11 PERFORMANCE HIGHLIGHTS CONSOLIDATED Key Figures 2016 PKR Revenue 157,208 -13.6% Million 2015 PKR 181,980 Million 2016 PKR Profit 73,438 After Tax Million +243% 2016 2015 PKR Share Price 21.14% PKR 144.33 21,365 Million 2015 PKR 119.14 12 Dawood Hercules Corporation Limited 2016 PKR Shareholders 172,962 Equity Million 86.25% 2015 PKR 92,867 Million 2016 PACRA Rating AA- (Long Term) 2016 PKR 15.5 Distribution 2015 Per Share AA- 2015 PKR 16 Per Share Annual Report 2016 13 08.09.2016 – Wang Binghua, Chairman, State Power Investment Company and JV partners from China Power Hub Power Generation Company 17.02.2016 - Dominic Barton, Global Managing Director, McKinsey & Co. as Eminent Speaker at Karachi School of Business & Leadership 14 Dawood Hercules Corporation Limited 23.09.2016 - Chief Minister of Sindh, Murad Ali Shah inaugurates Magnifi-Science Exhibition at Dawood Public School, Karachi. 02.02.2017 - Roelof Joosten, CEO, RoyalFriesland Campina, celebrates investment in 01.06.2016 – Jeff Immelt, Chairman, Engro’s dairy business GE signs a strategic alliance with Engro at GE’s Crotonville Global Leadership Institute Annual Report 2016 15 COMPANY INFORMATION Board of Directors Chief Financial Officer & Mr. Hussain Dawood - Chairman Company Secretary Mr. Inam ur Rahman - Chief Executive Officer Mr. Shafiq Ahmed Mr. M. Abdul Aleem - Director Mr. Shahzada Dawood - Director Mr. Samad Dawood - Director Registered Office Dawood Centre, M.T. Khan Road Karachi-75530 Ms. Sabrina Dawood - Director Tel: +92 (21) 35686001 Mr. Parvez Ghias - Director Fax: +92 (21) 35633972 Mr. Shabbir Hussain Hashmi - Director Email: [email protected] Mr. Frank Murray Jones - Director Website: www.dawoodhercules.com Mr. Hasan Reza Ur Rahim - Director Mr. Saad Raja - Director Bankers Bank Al-Habib Limited Board Audit Committee Habib Bank Limited Mr. M. Abdul Aleem - Chairman Allied Bank Limited Mr. Parvez Ghias - Member United Bank Limited Mr. Hasan Reza Ur Rahim - Member Habib Metropolitan Bank Limited MCB Islamic Bank Limited Board Compensation Committee Mr. Hussain Dawood - Chairman Mr. M. Abdul Aleem - Member Mr. Parvez Ghias - Member 16 Dawood Hercules Corporation Limited Auditors Tax Consultants A.F. Ferguson & Co. A.F. Ferguson & Co. Chartered Accountants Chartered Accountants State Life Building No 1-C I.I. Chundrigar Road State Life Building No 1-C I.I. Chundrigar Road P.O. Box 4716, Karachi- 74000 P.O. Box 4716, Karachi- 74000 Tel: +92 (21) 32426682-6 Tel: +92 (21) 32426682-6 Fax: +92 (21) 32415007, 32427938 Fax: +92 (21) 32415007, 32427938 Shares Registrar Legal Advisors FAMCO Associates (Private) Limited HaidermotaBNR & Co. 8-F, Next to Hotel Faran, Nursery, Block 6 (Barristers at law) P.E.C.H.S, Shahrah-e-Faisal, Karachi D-79, Block – 5, Clifton Tel: +92 (21) 34380101-2, KDA Scheme No.5 Fax: +92 (21) 34380106 Karachi- 75600 Tel: +92 (21) 111520000, 35879097 Fax: +92 (21) 35862329, 35871054 Annual Report 2016 17 MAKING FOOD & ENERGY AVAILABLE, AFFORDABLE, SUSTAINABLE 18 Dawood Hercules Corporation Limited PROBLEM WORTH SOLVING 220 million citizens are waiting for electricity to be affordably generated from locally available source of fuel to light up their homes, roads, and the industries OUR CURRENT INPUT We have achieved financial close of our mining operations in interior Sindh, creating over 1,000 jobs, with improved quality of life for the community towards a better, brighter Thar Annual Report
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