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PSO Annual Report 2018.Pdf Pakistan State Oil Company Limited PSO House, Khayaban-e-Iqbal, Clifton Karachi-75600, Pakistan. UAN: (92-21) 111-111-PSO (776) Ta’aluq Care Line: 0800-03000 Email: [email protected] Fax: (92) 9920-3721 THE GRAND Website: www.psopk.com JOURNEY CONTINUES ANNUAL REPORT 18’ THE GRAND JOURNEY CONTINUES As a dynamic company, PSO is always on the move. Whether we talk about trade, industry, agriculture, or any other sector, the purpose of our journey is to keep Pakistan's journey going. And when one is connected to as many lives as we are, the journeys of our customers never stop. And neither do we. TABLE OF CONTENTS CORPORATE OVERVIEW REPORT TO SHAREHOLDERS ABOUT THE REPORT 04 VALUE CHAIN 10 WORLD OIL MARKET REVIEW 68 HUMAN CAPITAL 85 04 MD & CEO'S MESSAGE 06 HR STRENGTH 11 68 PAKISTAN OIL INDUSTRY - OVERVIEW 70 SOCIAL & RELATIONSHIP CAPITAL 86 Our Vision 07 STRATEGIC INVESTMENTS 11 SALES PERFORMANCE & BUSINESS LINES PERFORMANCE 72 BUSINESS ETHICS AND ANTI-CORRUPTION MEASURES 88 Our Mission 07 GEOGRAPHICAL PRESENCE 12 INFRASTRUCTURE CAPITAL 78 OTHER MATTERS 89 Our Values 07 REGULATORY FRAMEWORK 13 FINANCIAL CAPITAL 80 COMPANY'S PERFORMANCE AGAINST FORWARD LOOKING CODE OF CONDUCT 08 MAJOR EVENTS 14 INTELLECTUAL CAPITAL 82 DISCLOSURES MADE LAST YEAR 90 COMPANY PROFILE 09 MARKETING INITIATIVES 16 NATURAL CAPITAL 84 FORWARD LOOKING STATEMENT 91 BUSINESS LINES 10 FINANCIALS MANAGEMENT REVIEW AND REPRESENTATIONS DUPONT ANALYSIS 94 STATEMENT OF VALUE ADDITION 107 INTEGRATED BUSINESS MODEL 20 INFORMATION TECHNOLOGY GOVERNANCE 24 94 MARKET SHARE INFORMATION 95 HORIZONTAL AND VERTICAL ANALYSIS 108 STRATEGIC OBJECTIVES AND STRATEGIES 22 BUSINESS CONTINUITY AND DISASTER RECOVERY 25 SHARE PRICE SENSITIVITY ANALYSIS 95 INDICATORS AND PERFORMANCE MEASURES 114 20 ANALYSIS OF FINANCIAL POSITION AND PERFORMANCE 96 MAJOR CAPITAL EXPENDITURES 115 MANAGEMENT RESOURCE ALLOCATION PLANS 22 SIGNIFICANT CHANGES FROM LAST YEAR 25 SIGNIFICANT CHANGES IN OBJECTIVES AND EXTERNAL ENVIRONMENT AND COMPANY’S RESPONSE 25 SEGMENTAL REVIEW OF BUSINESS PERFORMANCE 98 INDEPENDENT AUDITORS’ REPORT 116 STRATEGIES FROM THE PREVIOUS YEAR 22 RISK & OPPORTUNITY REPORT 26 ANALYSIS OF VARIATIONS IN INTERIM RESULTS 99 FINANCIAL STATEMENTS 124 CRITICAL PERFORMANCE INDICATORS 23 MATERIALITY APPROACH ADOPTED BY THE MANAGEMENT 30 CASH FLOWS 100 NOTES TO THE FINANCIAL STATEMENTS 129 SIGNIFICANT PLANS AND DECISIONS 23 FINANCIAL RATIOS 102 NOTICE OF MEETING STAKEHOLDERS’ INFORMATION STAKEHOLDERS’ ENGAGEMENT 192 SHAREHOLDERS AND INVESTORS INFORMATION 199 31 192 ANALYSTS’ BRIEFINGS 193 GLOSSARY 200 RESOLUTION OF CONCERNS RAISED AT LAST AGM 193 FEEDBACK 200 REDRESSAL OF INVESTORS’ GRIEVANCES 193 E - DIVIDEND MANDATE FORM CORPORATE GOVERNANCE INVESTORS’ RELATIONS SECTION ON PSO'S WEBSITE 193 PROXY FORM (ENGLISH / URDU) COMPANY INFORMATION 35 MANAGEMENT COMMITTEES 50 PATTERN OF SHAREHOLDING 194 35 BOARD OF MANAGEMENT PROFILES 38 ORGANOGRAM 52 ENGAGEMENT OF BOARD MEMBERS IN BUSINESS ENTITIES 45 REPORT OF THE BOARD AUDIT & COMPLIANCE COMMITTEE 54 BOARD COMMITTEES 46 STATEMENT OF COMPLIANCE 58 ROLE OF CHAIRMAN AND CEO 49 REVIEW REPORT TO THE MEMBERS 63 REPORT TO SHAREHOLDERS (URDU) CEO’S PERFORMANCE REVIEW BY THE BOARD 49 ATTENDANCE AT THE BOARD AND COMMITTEE MEETINGS 64 EVALUATION OF BOARD’S PERFORMANCE 49 RELATED PARTIES 65 FORMAL ORIENTATION AND TRAINING OF THE BOARD MEMBERS 49 MANAGEMENT RESPONSIBILITY 221 COMPANY’S POLICY FOR SAFEGUARDING OF RECORDS 49 TOWARDS FINANCIAL STATEMENTS 65 CONFLICT OF INTEREST AMONGST BOARD MEMBERS 49 ABOUT THE REPORT The Integrated Annual Report 2018 provides a comprehensive overview of financial performance and sustainability of the Company, while highlighting links between the external & internal environment, company strategy, business model, integrated risk management and corporate governance system at Pakistan State Oil Company Limited (PSO). The report explains in detail how PSO is creating value, as we believe that the stakeholders should be well informed about the Company and its developments. The financial statements comply with the International Financial Reporting Standards (IFRS) as notified under the Companies Act, 2017 and provisions of and directives issued under this Act. To present a more detailed picture about the Company, PSO initiated integrated reporting in 2016, which is continued this year as well. The integrated reporting model is continued since it builds a thorough understanding about the Company, its business, the value created, strategies, opportunities and risks, business model, governance and performance against the strategic objectives in a clear, concise and integrated manner that also gives the stakeholders a holistic view of the Company and its prospects. This report applies principles and concepts that are focused on bringing greater cohesion and efficiency to the reporting process. This form of reporting improves the quality of information by covering different forms of capitals (Financial Capital, Infrastructure Capital, Human Capital, Natural Capital and Social and Relationship Capital). The online version of this report is available on PSO’s corporate website and may be accessed at the following link: http://www.psopk.com/en/investors/results-reporting/ financial-reports We wish you a pleasant read. 04| PAKISTAN STATE OIL ANNUAL REPORT 2018 | 05 MD & CEO'S MESSAGE VISION, MISSION AND VALUES We are glad to bid adieu to yet another successful retail outlets, depots and other installations to OUR VALUES fiscal year, of growth, innovation and mitigate risk. The staff is trained in emergency transformation at Pakistan State Oil (PSO). During handling, first aid and firefighting to ensure safety the year in review, the Company successfully of employees and customers around PSO OUR VISION • Excellence maintained its leadership position in the oil sector premises. To excel in delivering value to customers We believe that excellence in our core activities emerges from a passion for as a National oil marketing Company, and on the as an innovative and dynamic energy top of it set scores of higher benchmarks and satisfying our customers' needs in terms of The Company’s Retail, Lubricant and Commercial company that gets to the future first. precedents for the industry. The Company, while total quality management. Our foremost goal Fuels businesses also posted healthy growth with is to retain our corporate leadership. keeping in view the ever changing business handsome increase in the numbers of customers environment, continued to embrace an end to end and penetration into new segments. The Company • Cohesiveness transformation at various departmental levels. The maintained its position as the largest importer of OUR MISSION We endeavor to achieve higher collective and objective of this continued transformation is to LNG in Pakistan, importing six cargoes on monthly We are committed to leadership in individual goals through teamwork. This is drive long term sustainable growth and basis which cumulate to 600 MMCFD. development of the Company. energy market through competitive inculcated in the organization through advantage in providing the highest effective communication. Strengthening its high quality fuels portfolio, PSO PSO’s strategic ambition to foster internal strength replaced its RON 95 fuel with RON 97 fuel to exceed quality petroleum products and and efficacy is aimed at enhancing its capability to • Respect customers’ expectations in convenient, comfortable services to our customers, based on: We are an Equal Opportunity Employer serve its customers at par with the best standards and ‘knock-free’ driving experience. as well as to make up for their evolving needs attracting and recruiting the finest people vis-à-vis the fast paced transformation in the • Professionally trained, high from around the country. We value contributions of individuals and teams. industry. PSO moved swiftly to strengthen its PSO enhanced its role in Aviation Fuels manifold by quality, motivated workforce, Individual contributions are recognized non-fuel retail operations by revamping and launching a state of the art refueling station at the working as a team in an through our reward and recognition program. diversifying its flagship convenience stores, New Islamabad International Airport (NIIAP) in besides increasing the number of ATMs and collaboration with another OMC. The new station environment which recognizes branchless banking outlets at PSO retail stations through its various industry-first-facilities and and rewards performance, • Integrity nationwide. These services create immense value ground breaking technology extends fueling innovation and creativity, and We uphold our values and Business Ethics facilities to all carriers at par with global principles in every action and decision. for our valued customers and the society and are provides for personal growth and set to drive a considerable portion of the country’s standards. Professional and personal honesty, dedication economy in the near future. development. and commitment are the landmarks of our Going forward, the Company aims to take its quest success. Open and transparent business practices are based on ethical values and for transformation into the new fiscal year in order At the core business front, PSO continued its • Lowest cost operations and respect for employees, communities and the to remain abreast with the evolving expectations supremacy with 50 percent share in National fuel assured access to long-term and environment. and needs of the industry. We will continue to
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