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Total Petroleum Ghana Limited ANNUAL REPORT 2014

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Total Petroleum Ghana Limited ANNUAL REPORT 2014 Total Petroleum Ghana Limited ANNUAL REPORT 2014 Contents Chapters P a g e 1 Corporate Information 02 2 Board Of Directors 03 3 Management Team 04 4 Financial Highlights 05 5 Chairman’s Statement 06 6 Notice Of Meeting 08 7 Report Of The Directors 09 8 Independent Auditor’s Report 11 9 Financial Statements 13 Statements Of Financial Position 13 Statements Of Profit And Loss And Other Comprehensive Income 14 Statements Of Changes In Equity 15 Statements Of Cash Flows 17 10 Notes To The Financial Statements 19 11 Resolutions 54 12 Extract Of Code Of Conduct 55 13 Business Development 58 Network and Commercial Development 58 14 Corporate Programmes 60 15 Recognition 63 16 Proxy Form 66 Annual Report & Financial Statement 1 for the year ended 31st December, 2014 Corporate Information BOARD OF DIRECTORS • Thibault de Langlais - Chairman • Olivier Van-Parys - Managing Director (Appointed: 1st September, 2014) • Rexford Adomako-Bonsu • Edward Patrick Larbi Gyampoh • Kofi Ampim • Momar Nguer • Gerard Pruneau • Emmanuel de Fournas • Martin Amenyedzi - (Appointed: 16th July, 2014) • Guillaume Larroque - (Resigned: 1st September, 2014) • Samuel Manu Asiama - (Resigned: 16th July, 2014) SECRETARY REGISTERED OFFICE Mrs. Mercy Samson ‘Total House’ ‘Total House’ 25 Liberia Road 25 Liberia Road P. O. Box 553 P. O. Box 553 Accra Accra SOLICITORS REGISTRARS Peasah Boadu & Co. Universal Merchant Bank 3rd Floor, Gulf House 123 Kwame Nkrumah Avenue, P. O. Box CT3523 Sethi Plaza, Cantonments - Accra Adabraka - Accra AUDITORS BANKERS KPMG Agricultural Development Bank Chartered Accountants Barclays Bank of Ghana Limited 13 Yiyiwa Drive, Abelenkpe Ecobank Ghana Limited P. O. Box GP 242 Ghana Commercial Bank Limited Accra National Investment Bank Limited Societe Generale Ghana Stanbic Bank Ghana Limited Standard Chartered Bank Limited Universal Merchant Bank 02 • Total Petroleum Ghana Limited Annual Report & Financial Statement for the year ended 31st December, 2014 2 Board Of Directors Thibault de Langlais Olivier Van-Parys Chairman Managing Director (Appointed: 1st September, 2014) Gerard Pruneau Emmanuel de Fournas Momar Nguer Member Member Member Rexford Adomako-Bonsu Edward Patrick Kofi Ampim Martin Amenyedzi Member Larbi Gyampoh Member Member Member (Appointed: 16th July, 2014) Total Petroleum Ghana Limited • 03 Annual Report & Financial Statement 3 for the year ended 31st December, 2014 Management Team 6 8 5 7 4 1 2 3 1. MERCY SAMSON 5. SUNIL GANDHI Corporate Services Manager Operations Manager 2. ROSE NKADA 6. EMMANUEL MENYAH HUGHES Accounting & Finance Manager External Affairs Manager 3. ADESUA ADEWOLE 4. OLIVIER VAN-PARYS Sales & Marketing Manager Managing Director 4. BRIGHT DOKOSI 8. BIJOU DOE Health, Safety, Environment & Quality Manager Human Resource Manager 04 • Total Petroleum Ghana Limited Annual Report & Financial Statement for the year ended 31st December, 2014 4 Financial Highlights Five year Financial Highlights 2014 2014 2013 2013 2012 2011 2010 Group Company Group Company Company Company Company Turnover(GH¢’000) 1,657,841 1,657,841 1,338,155 1,338,155 1,329,363 971,683 738,910 Profit before interest and 47,343 48,755 52,878 53,001 36,983 29,763 27,783 exchange Difference (GH¢’000) Net Finance cost (GH¢’000) 5,849 5,849 1,557 1,557 1,514 564 607 (Gain)/loss on Exchange (1,837) 1,105 6,859 7,821 2,356 601 - (GH¢’000) Profit before Taxation and NRL 44,436 41,801 47,576 46,737 40,853 30,928 28,390 (GH¢’000) Taxation and NRL (GH¢’000) (11,577) (10,841) (11,031) (11,031) (10,327) (8,364) (7,344) Profit After Taxation and NRL 32,859 30,960 36,545 35,706 30,526 22,564 21,046 (GH¢’000) Earning per share (GH¢) 0.2861 0.2767 0.3233 0.3192 2.1829 1.6135 1.5050 Dividend per share (GH¢) 0.1755 0.1755 0.1755 0.1755 1.25 1.14 1.0535 Shareholders Equity (GH¢,000) 122,689 114,817 109,475 103,502 86,071 72,606 66,206 Number of issued shares 111,874,072 111,874,072 111,874,072 111,874,072 13,984,259 13,984,259 13,984,259 Fixed assets net book value 136,778 110,418 91,742 91,260 73,718 64,455 57,287 (GH¢’000) Net assets per share (GH¢) 1.0967 1.0263 0.9786 0.9252 6.1548 5.1919 4.7343 Total Petroleum Ghana Limited • 05 Annual Report & Financial Statement 5 for the year ended 31st December, 2014 Chairman’s Statement Introduction Ladies and Gentlemen, I am very pleased to welcome all our shareholders to the thirty-eighth Annual General Meeting of Total Petroleum Ghana Limited. We hereby present to you the Annual Report and the Financial Statements of your Company for the financial year ended 31st December 2013. Economic Environment Macro-economic indicators slowed down in 2013 compared to 2012. In 2013, the average inflation rate for the year amounted to 11.5% the Ghanaian Cedi closed on 31st December 2013 lower against the US dollar than a year before. The Company remains however confident in the overall prospects of the Ghanaian economy and sees a strong prospect in the mid-term. Financial and Operational Performance The Gross Profit for 2013 reached GHS 101.153 million, increasing by +27.5% compared to 2012, underpinned by higher margins and a higher proportion of lubricants in the sales of the Company. The consolidated profit after tax for 2013 increased by +20%, reaching GHS 36.545 million as against GHS 30.526 million in 2012. This increase originated in particular from the sale of a higher proportion of higher valued specialities products, in particular, lubricants and new products and services offered to our customers. In 2013, the Company also opened 7 new Service stations further widening the spread of its offer of products and services all over the country. The Company further improved its Health, Safety, Environment and Quality standards in 2013 with tight quality controls performed at its outlets and the renewal of its ISO 9001 certification. Two of the Company’s main depots, one in Tarkwa and the other in Takoradi, were certified within the IsssRs system which is an international safety management system for sites. The level of investments in 2013 reached GHS 32.5 million, an increase from GHS 28.4 million in 2012. The focus of the investment was on improving the quality of the network of service stations and the creation of new outlets. The Company introduced its new service station design in 2013 and has since gradually upgraded its network. The earnings per share progressed from GHS 0.2729 per share in 2012 to GHS 0.3267 per share in 2013. Dividend In November 2013, the Board approved the payment of an interim dividend of GHS 0.07710 per share. The Board is recommending a final dividend of GHS 0.09844 per share before tax in respect of the year ended 31st December 2013, culminating in a total dividend of GHS 0.17554 per share to be paid to shareholders in respect of the same year. 06 • Total Petroleum Ghana Limited Annual Report & Financial Statement for the year ended 31st December, 2014 5 Chairman’s Statement (Continued) Board Matters During the year under review, one of the Directors Mr. J.S. Addo resigned from the board having served as a Director since 1992. On behalf of the Board and the shareholders, we express our profound gratitude to Mr. J.S. Addo for his dedication and contributions to the growth of the Company’s business over the years. The Board also recommends to you for re-election the following Directors: • Mr. Gerard Pruneau • Mr. Emmanuel de Fournas • Mr. Kofi Ampim • Mr. Samuel Manu Asiama Outlook The Company has now embarked on a significant investment program aimed at upgrading existing service stations and opening numerous new sites. New concepts for shops and restaurants have also been introduced in Ghana and the Company is working at widening its offer for products and services geographically. Your Company will maintain its focus on the development of its lubricants sales and investment in maintaining its technological edge in that segment of activity. Appreciation Your Company’s strategy aims at providing the highest level of customer satisfaction and operating according to the high standards of ethics and business conduct. As a responsible leader of the downstream oil industry, your Company is aiming at operational excellence in order to play a positive role in this important sector of the Ghanaian economy. Your Company has been engaged for many years in the promotion and development of local talents through some key programs: • The young dealer program offering the possibility to staff employed at service stations to become as dealers fully- fledged entrepreneurs. • Our “made in Ghana” strategies: most of the lubricants sold by the Company are manufactured in Tema. • Our suppliers’ capacity building programs: the Company’s transport partners benefited from financing schemes facilitated by your Company to renew their fleet. On behalf of the Board of Directors, we thank our Management and Staff of Total Petroleum Ghana Limited for their contribution towards the results of 2013 and for their dedicated service. We also thank you our shareholders and loyal customers for your strong support to the Company. Finally, I thank you all for you presence here today. Thibault De Langlais Chairman Total Petroleum Ghana Limited • 07 Annual Report & Financial Statement 6 for the year ended 31st December, 2014 Notice Of Meeting NOTICE is hereby given that the 39th Annual General Meeting of the Shareholders of Total Petroleum Ghana Limited will be held at the National Theatre, Liberia Road, Accra on Wednesday 3rd June, 2015 at 11 O’clock in the forenoon.
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