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Annual Report 2012

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Annual Report 2012 Annual Report 2012 18001800 111111 www.oula1.comwww.oula1.com Oula Local Fuel Marketing Company K.S.C His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah The Amir of the State of Kuwait His Highness Sheikh His Highness Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah Jaber Al-Mubarak Al-Hamad Al-Sabah Crown Prince of the State of Kuwait Prime Minister of the State of Kuwait CONTENTS 2 Item Page Board of Directors 4 Chairman’s Statement 6 Consolidated Financial Statements 10 3 BoarD OF DIrectors 4 Sheikh / Talal Khaled Al-Ahmad Al-Sabah Abdulhussain S. Al-Sultan Deputy Chairman Chairman Saleh Al Temimi Mohammad E. Al-Khateeb Mahdi M. Haidar Adnan D. Alaradi Board Member Board Member Board Member Board Member Fadel Al Saraf Mohammad Hayat Dr. Ali H. Abdullah Board Member Board Member Board Member 5 REPort OF THE BoarD OF DIrectors Respectful shareholders tions. In addition, Oula introduced the May Allah’s peace, mercy and bless- “Oula payment cards” at the stations ing be upon you which will assist the clients in improv- ing controls on expenses. On behalf of myself and my col- leagues the board members, we wel- The executive management has also come you in your 7th general assem- restructured some departments and bly to discuss Oula, your company, created new ones in order to comply financial reports for the period ending with the size and the requirements on December 31, 2012. of the jobs. In addition, the compa- ny seeks to employee national tal- During 2011, Oula built and reno- ent whereby all station managers are vated four stations. In 2012,the com- nationals, and the minimum national pany along with authorities were able jobs required by the authorities is ex- to start the operations in 3 of them, ceeded. namely Kabd, Mubarak Abdallah and Bayan. It is expected that the fourth During 2012, Oula’s operational indi- will start operations soon. The station cators improved. Total fuel sale rev- are equipped according to the latest enues increased by about 3.9%, and technology with high standards of the operating income reached about safety. Moreover, Oula as granted the KD 4.7 million representing an in- margin on fuel sales in all its stations. crease of 11% as compared to what was achieved in 2011. In addition, Your company has been typically net non operating income about KD committed to its mission and vision 345 thousand in 2012 as compared in its operations. We have exerted all to about KD 55 thousand in 2011. On needed efforts to enhance the level the other hand, Oula reserved provi- of service in all the stations while by sion againt the investment in an asso- increasing the operating hours to 24 ciate and a debtor for a total of about in the majority of them, linking the in- KD 963 thousand. The company re- ventory control to the central store verted to the legal channels to secure and boosting safety measures in sta- your rights. 6 Net income before contribution to tered as on the date of the general Kuwait Foundation for the Advance- assembly. The final decision is left to ment of Sciences (KFAS), National your discretion. Labour Support Tax (NLST), Zakat and Directors’ remuneration reached At the end, allow me to thank you for about KD 4.07 million. Net income for your ongoing and consistent support the period reached about KD 3.85 to the company which complements million; about 11.29 fils per share (ku- its growth and success. Also, I would waiti fils 11.82 per share for 2011). In like to extend my appreciation to the addition, total assets reached about executive management and our col- KD 58.6 million as compared to KD leagues working in the head office 55.4 million in 2011. The company is and the stations as well as our con- still free of bank liability while KNPC tractors and customers for their sup- is the major creditor representing port and confidence. the cost of the fuel purchased. The shareholder equity reached KD 46.2 million (about KD 0.133 per share). As a result, return on average equity and average assets reached Your company is developing its strat- egy for the next period in order to find new sources of revenues and improve efficiency while creating job opportunities. Accordingly, Oula will develop its assets and build new structure which may require the need to use financing from banks and oth- er financial institutions. Therefore we Abdulhussain S. Al-Sultan recommend the distribution of 5% share dividends (5 shares for each Chairman 100 shares) to shareholders regis- 7 2012 IN NUMBERS During 2012, Oula worked on achiev- Stations Services ing its mission and visions, accordingly, its departments worked toward that end; 209 pumps were provided with re- some of the results are summarized be- tractable hoses; this facility was installed low. in the high traffic stations like; Jabriya, Station Development Salmiya, Qurain, Hawalli and other sta- tions located on highways. Added pumps to its Jabriya station to meet the operating stations making oula the 43 growing demand. largest fuel retail provider in Kuwait. stations equipped with fast cars wash stations were revamped in 2011, two 8 3 service (Goewash) were implemented at of which started operations in 2012, the stations of Qurain, Keefan, Ali Sabah namely Kabd and West Meshref built ac- Al-Salem suburb, Sabah Al-Salem sub- cording to the new prototype, while the urb, Ishbella, Abdullah Al-Mubarak sub- third is expected to start operation in urb, Kabad and Mubarak Al-Kabeer. This 2013. service uses water spray and special ma- terials which minimize water waste thus 3 million operation hours were provided it is considered as environment friendly to servicing clients in 38 stations operat- concept. ing 24 hrs. Oula is working on increasing the operating hours in the remaining sta- cash machines (ATM) are added tions according to expected demand. 15 to stations bridging the total number of stations provided cash dispensing ma- 36 new pumps with international chines to 30. standards were installed in 6 stations. The pumps cater for vapor recovery oil change centers contracted to which provides better safety measures 30 a specialized party. The centers cater to for clients and attendants. all kinds of vehicles and provide the full range of products. 43 automatic tank gauging systems were commissioned in stations/ The new air towers were installed in the systems ensure continuous provision of 30 stations featuring the new concept or lo- products for clients. cated in high traffic stations. 8 Human Resources Safety & Environment The silver award: Oula was awareded Kuwaitis were employed in 200 the silver award by the American Society supervisory positions at the stations, of Safety Engineering 2012. the Kuwaitization in these positions reached100%. 1000 hours were assigned to en- 5 ladies assigned as station managers; sure security and safety by specialized the latter action represent part of the teams in each station. That is according Oula vision to provide equal opportunity to the company endeavors to lever its chance among the genders services as well as its safety measure- ments. 100 employees were trained on se- curity, safety, development, sales and 15 employees were trained on internal service aspects. It is also an aspect of auditing according to Code of Practice the commitment of Oula to increase the (COP). level of professionalism of its employees resulting in better services to clients. 200 stations managers have been trained on the safety procedures includ- Social Responsibility ing fire and environment related aspects. 230 blood donors participated in the Oula sponsored blood donation cam- paigns. The campaigns represent one of the annual activities that Oula provides and is well received amongst customers. 100 thousands Kuwait flag were dis- tributed in all stations in the occasion of the National and Liberation day. 79 sports’ tournaments were spon- sored during Rodan Soccer Tournament in Ramadan. This initiative was driven by the company’s commitment to encour- age the youth and support their activities. 9 Oula Local Fuel Marketing Company K.S.C And its subsidiary State of Kuwait CONSOLIDateD FINANCIAL statements AND INDEPENDENT AUDItors’ REPort For the year ended December 31, 2012 10 Item Page Independent Auditors’ Report 12 Consolidated Statement of Financial Position 14 Consolidated Statement of Income 15 Consolidated Statement of Comprehensive Income 16 Consolidated Statement of Changes in Equity 17 Consolidated Statement of Cash Flows 18 Notes to the Consolidated Financial Statements 19 Oula Stations List 49 Contact Guide 50 11 INDEPENDENT AUDItors’ REPort TO THE SHAREHOLDERS OF OULA FUEL MARKETING Company K.S.C - State OF KUwait ERNST &YOUNG Ernst & Young Al Johara Tower, 6th Floor Al Aiban, Al Osaimi & partners Khaled Ben Al Waleed Street, Sharq P.O. Box 74 Safat 13001 Kuwait P. O. Box 25578, Safat 13116 Kuwait Baitak Tower, 1821-st Floor Tel : +965 2242 6999 Safat Square, Ahmed Al Jaber Street Fax: +965 2240 1666 Tel +965 22452 880 / 22955 000 www.bdo.com.kw Fax: +965 22456 419 - www.ey.com/me Report on the consolidated financial statements We have audited the accompanying consolidated financial statements of Oula Fuel Marketing Company K.S.C. (the “Parent Company”) and its subsidiary (together the “Group”), which comprise the consolidated statement of financial position as at 31 December 2012, and the consolidated statement of income, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management’s responsibility for the consolidated financial statements Management of the Parent Company is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
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