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Annual Report 2019

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Annual Report 2019 2019 ANNUAL REPORT ANNUAL With us you are Number One With us ANNUAL REPORT | 2019 With us you are Number One Contents Financial Highlights 4 About Engen Botswana 5 Limited Our Preseace 6 Board of Directors 8 Chairman’s Report 12 Managing Director’s Report 16 3 Governance 28 King III Compliance Review 30 Management 52 5 Year Review 56 Annual Consolidated 58 Financial Statements Engen Botswana - Driving together Shareholders Information 120 towards a brighter future Engen Botswana, one of the country’s leading energy brands, is an essential component of Botswana’s progress, serving all sectors of the economy and driving the country’s development strategy. Engen Botswana supplies businesses, industry, farmers and all Batswana with all their energy needs. As the country advances, Engen Botswana will continue to play a pivotal role in all spheres of Botswana’s development. ENGEN remains committed to delivering its vision through its statement of purpose A Progressive Energy Progressive A dynamic Southern Africa brand that is passionate about and Solutions Partner Enriching Lives progress and places customers at the heart of all the things for a Sustainable Future that we do. “WITH US YOU ARE NUMBER ONE” Energy We provide a range of energy solutions for our customers’ COMMERCIAL EXCELLENCE OPERATIONAL EXCELLENCE energy requirements with the ambition to add renewables to our customer offering. 2 3 Solutions From a provider of products and services to delivering partner innovative solutions and becoming a trusted partner to deliver value. EO & SOURCING RETAIL: FUELS ORG INTEGRATION COMMERCIAL & IBD RETAIL: NON-FUELS SUPPLY CHAIN OER2 Enriching lives Committed to improving the quality of life for all our LUBRICANTS NEW ENERGY PROCUREMENT REFINERY OPTIMISATION stakeholders and ultimately, we help society to reach its full potential for a prosperous future. KEY ENABLERS PEOPLE & BUSINESS PROCESS CULTURAL BELIEFS BBBEE ACCREDITATION DIGITAL HSEQ Sustainable Creating and protecting value across the eco system BRILLIANT AT BASICS PASSIONATE ABOUT PROGRESS Future consisting of Manufacturing, Human, Intellectual, Natural, Social and Financial capitals. Annual Report 2019 With us you are Number One FINANCIAL ABOUT HIGHLIGHTS ENGEN LIMITED Engen Botswana Limited NET ASSET VALUE PER SHARE ATTRIBUTABLE PROFIT Net Asset Value Per Share = 406.3 thebe Attributable Profit = 129.165 Mil Engen Limited’s majority continued to deliver BARRELS 326.5 317.1 333.4 384.4 406.3 109.667 132.744 147.508 127.352 129.165 shareholder is Petronas, 135,000 PER DAY THEBE THEBE THEBE THEBE THEBE MIL MIL MIL MIL MIL robust financial results 450 160 Engen supplies the bulk fuel volume 400 the Malaysian national oil requirements of our South African market, our in 2019, in the face of 140 affiliates in Lesotho, Botswana and Eswatini, 350 and gas company, which 120 and half of our Namibian operation’s needs. a challenging business 300 100 holds 74% of shares and 250 environment. 80 200 is one of the leading sixty 60 This was driven by a clear and 150 corporations in the world. 1500 40TONS 40 focused strategy underpinned 100 SERVICE AND of product per hour 4 by astute fiscal management, an 50 20 7 FILLING STATIONS including Lubricating 5 Oils Blending Plant (in industry-leading management 0 0 600 ENGEN filling 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC Through this association, Engen stations have Durban, SA) 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 team, balanced and accountable has access to global resources and convenience stores corporate governance structures, technology that enable it to become carefully selected dealers and a leading player in the downstream a best in sector logistics and EARNINGS PER SHARE ORDINARY SHAREHOLDERS INTEREST Earnings Per Share = 80.9 Ordinary Shareholders Interest = 648.9 Million petroleum industry in sub Saharan ENGEN LIMITED distribution capability. Our Africa and the Indian Ocean Islands. Incorporated in commercial and retail channels 68.7 83.1 92.4 79.7 80.9 521.416 506.515 648.9 613.982 648.9 THEBE THEBE THEBE THEBE THEBE MIL MIL MIL MIL MIL Extensive storage 100% South Africa 100.0 700 continued to operate optimally Today, Engen enjoys a significant 90.0 and distribution providing value, adding solutions 600 presence in 7 Sub-Saharan African 80.0 infrastructure, including: and offering excellent customer 70.0 500 countries and the Indian Ocean Island depots, terminals, service. 60.0 States. 400 70% 30% 50.0 lubricant warehouses, PETROLEUM INVESTMENT LOCAL SHAREHOLDERS 300 HOLDING Ltd. [Mauritius] 40.0 a bitumen plant and 30.0 200 aviation facilities. 20.0 100 ENGEN BOTSWANA 10.0 LIMITED Incorporated 100% in Botswana 0 0 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 31 DEC 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 ENGEN MARKETING BOTSWANA (PTY) LTD 100% Incorporated in Botswana Our Presence Engen Botswana Limited is the only oil company listed on the Botswana Stock Exchange. Our citizen empowerment drive is demonstrated by our broad- based shareholding, with over 800 Batswana holding 6 30% of our equity. Our majority shareholder, Petroleum Investment Holding Limited, 7 Mauritius, holds 70% of equity, and it in turn is 100% owned by Engen Limited, based in South Africa. As a result, we have access to relevant infrastructure in South Africa and around the region. This ensures improved product availability. KANYE THAMAGA RAMOTSWA ENGEN FILLING STATIONS Annual Report 2019 With us you are Number One BOARD OF DIRECTORS Directors of Engen Botswana Limited Shabani Ndzinge | Chairman Chimweta Monga | Managing Director Stephen Williams | Member continued to focus on ensuring the business mandate was delivered upon, providing strategic direction at 8 every turn. 9 Anthony Siwawa | Member Heather Morrison | Member Leonard Makwinja | Member Frederik Kotze | Member Robert Matthews | Member Annual Report 2019 With us you are Number One BOARD OF DIRECTORS PROFILES Shabani Ndzinge Chimweta Monga served as the Chairman of the board Capital Association. He is the Chairman Committee, He has had an illustrious retail pricing executive and has served Chairman Managing Director of South African Oil Refinery (Pty) Ltd, of the Remuneration Committee career in the mining field spanning in various capacities throughout the a base oil refinery in Durban owned and a member of the Board Audit over 30-years, with the past 15-years group. He is currently the Head of the Independent Non-Executive Director Executive Director jointly by Engen, Total and Chevron. Committee. spent in management positions. He International Business Division and BA, (Dar Es Salaam), MS, (Delaware), MBA (University of Lincolnshire and PhD (Kent) Humberside - UK), Bachelor of Accounting He has worked in the downstream oil has been the General Manager of is a member of the Remuneration and Finance (Zambia) industry for over 35 years, initially with Orapa and Letlhakane Mines, and Committee of the board of Engen ------------------------------------------------------- the then Mobil Oil in 1984, and more Heather Morrison was the Deputy Managing Director at Botswana Limited. ------------------------------------------------------- recently as GM of Engen Africa Middle Member Debswana Diamond Company (Pty) Shabani is an experienced leader, Chimweta studied Accounting and East for PLI. Ltd. from 2005 to 2007. administrator and academic, with Finance at the University of Zambia Non-Executive Director Robert Matthews over 30 years of work experience. In and worked briefly as a computer BCom (Hons) (University of Natal), BCom He has served several directorships Member 2011, he was appointed Deputy Vice programmer before joining first (UCT). Registered Chartered Accountant Chancellor of Botswana International Anthony Siwawa (SAICA) in listed and non-listed entities, Citibank and then Caltex. He was Independent Non-Executive Director Member including Chairman of Morupule University of Science and Technology rapidly promoted to Managing ------------------------------------------------------- Fellow: Botswana Institute of Chartered Colliery, Chairman of Botswana (BIUST), where he oversaw finance and Director of Caltex Zambia before Independent Non-Executive Director Heather has served on the boards Accountants (BICA) BSc(Hons) Comp. Sc. (Aston, UK) ACCA Telecommunications Corporation administration. He executed a similar joining Chevron as a Regional Manager of Engen Petroleum Zambia Fellow: Institute of Chartered Accountants (UK), MBA Chicago Booth Limited (2006 to 2014), Director in England and Wales (ICAEW). 10 role at the University of Botswana for Commercial Business in Chevron’s Limited, Engen Rwanda Limited (as 11 of Botswana Telecommunications and previously headed the Business associated companies based in South ------------------------------------------------------- Chairperson); Engen Namibia (Pty) ------------------------------------------------------- Corporation Limited, and Non- Faculty at the same institution. Africa. Chimweta has over 30 years Anthony has extensive experience Ltd, where she chaired the Audit Robert has served as the chairman of Executive Director in African Banking Shabani is a member of several boards, of experience in the oil industry in in developing and formulating Committee; Engen International several audit committees of private Corporation. He served as Executive including the Botswana Accountancy Southern Africa and was appointed business strategy, economics and Holdings Limited; and is a member
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