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Annual Report Annual Report Annual Financial Statements ANNUAL REPORT ANNUAL REPORT SERVICE Our Values 04 | Financial Highlights 06 | About Engen 07 | 01 Our Presence 08 | Our Values 06 | Financial Highlights 08 Our Values About Engen 09 | Our Presence 10 Board of Directors 14 | Chairman’s Board of Directors 14 | Chairman’s Report 20 | Statement 16 | Managing Director’s Financial Report 26 | INNOVATION Board of Directors 12 | Chairman’s Statement 14 | Managing Director’s Report 18 | Financial Report 24 | Sustainability Report 30 | Retail 34 Commercial 36 | Property 38 02 Board Overview & Corporate Governance 42 | Review 45 | Management 46 Five Year CARE Sustainability Report 28 | Retail 32 | Commercial 34 | ANNUAL FINANCIAL ANNUAL STATEMENTS 03 Property 36 | COMMUNICATION Board Overview & Corporate Governance 40 | Five Year Review 43 | Management 44 | 04 CONTENTS ANNUAL FINANCIAL STATEMENTS 48 | 05 4 ENGEN BOTSWANA LIMITED | ANNUAL REPORT 2014 01 SERVICE SERVICEGIVING OUR CUSTOMERS e understand that any consumer’s Wexperience of a brand is predicated upon the quality of the service that they receive. We’re committed to ensuring that every member of the wider Engen Botswana family, no matter where they come into contact with our brand, leaves with a smile. We strive to ensure they never experience anything but stellar service from each and every one of our people. In fact, we’d accept nothing less. 01 SERVICE OUR VALUES PERFORMANCE We actively pursue, define, measure and 01 recognise excellence in all business activities. OWNERSHIP We are responsible and accountable for our 02 actions and performance. We are committed to continuously finding new and better ways to deliver value to the business. EMPOWERMENT Our Employees have the capability, authority and 03 resources to act and perform in their roles. They are trained to be competent in their current jobs and their potential is developed to meet the current and future needs of the Company. TEAMWORK We work together as one team to realise Engen’s 04 Vision - to the benefit of the whole organisation. INTEGRITY We demonstrate ethical, fair and transparent behaviour. 05 Our actions earn trust and respect from others. ENGEN BOTSWANA LIMITED | ANNUAL REPORT 2014 7 We believe that a strong set of values to guide the very actions and ethos of a business are crucial. At Engen Botswana, we live true to our Vision and Values in every thing that we do. 8 ENGEN BOTSWANA LIMITED | ANNUAL REPORT 2014 01 SERVICE FINANCIAL HIGHLIGHTS 31 March 2011 195.58 THEBE NET ASSET VALUE 31 December 2011 200.92 THEBE 31 December 2012 234.57 THEBE PER SHARE 31 December 2013 275.24 THEBE 31 December 2014 279.06 THEBE 0 50 100 150 200 250 300 31 March 2011 92,337 MIL ATTRIBUTABLE 31 December 2011 83,413 MIL 31 December 2012 120,263 MIL PROFIT 31 December 2013 128,202 MIL 31 December 2014 63,962 MIL 0 20 000 40 000 60 000 80 000 100 000 120 000 140 000 31 March 2011 312,381 MIL ORDINARY 31 December 2011 320,912 MIL 31 December 2012 374,660 MIL SHAREHOLDERS INTEREST 31 December 2013 439,612 MIL 31 December 2014 445,720 MIL 0 50 100 150 200 250 300 350 400 450 500 31 March 2011 57.81 THEBE EARNINGS PER 31 December 2011 52.22 THEBE 31 December 2012 75.30 THEBE SHARE 31 December 2013 80.27 THEBE 31 December 2014 40.80 THEBE 0 10 20 30 40 50 60 70 80 90 ENGEN BOTSWANA LIMITED | ANNUAL REPORT 2014 9 ABOUT ENGEN Engen Botswana Limited is a downstream petroleum marketer that markets petroleum 100% ENGEN LIMITED COMPANY products and provides convenience services ENGEN LIMITED STRUCTURE through an extensive retail network. Incorporated in South Africa Engen Limited’s majority shareholder is Petronas, the Malaysian national oil and gas company, which holds 80% of shares. Through 70% 30% this association, Engen has global support PETROLEUM INVESTMENT LOCAL HOLDINGS Ltd. SHAREHOLDERS in all areas of our business. South African- Mauritius based Pembani Group, formerly Worldwide African Investment Holdings (WAIH), holds 20% of the company. Today, Engen enjoys a significant presence in 16 sub-Saharan 100% African countries and the Indian Ocean islands. Engen’s expansion plan is focused ENGEN BOTSWANA Ltd. exclusively in these regions in terms of its EPIC 2016 Vision and Strategy for growth. Engen combines a proud record of 100% operational excellence and dynamism ENGEN MARKETING with a strong commitment to the BOTSWANA (Pty) Ltd. economies, communities and environments of the countries it operates in. Extensive storage and distribution infrastructure, including: 1500 depots, 40 terminals, SERVICE AND lubricant FILLING STATIONS TONS warehouses, a bitumen 600 ENGEN FILLING OF PRODUCT PER 16SUB SAHARAN plant and HOUR INCLUDING STATIONS HAVE LUBRICATING OILS aviation CONVENIENCE STORES COUNTRIES facilities. BLENDING PLANT (IN DURBAN, SA) TOTALLING TO Engen supplies the bulk fuel volume requirements of our South African market, 320,000 our affiliates in Lesotho, 135,000 Botswana and Swaziland, LITRES PER DAY/ and half of our Namibian ON A SINGLE BARRELS PER DAY operation’s needs. SHIFT 10 ENGEN BOTSWANA LIMITED | ANNUAL REPORT 2014 01 SERVICE OUR PRESENCE “Engen Botswana Limited is the only listed oil company in Botswana. Our citizen empowerment drive is Our majority shareholder, Petroleum Investment Holdings Limited Mauritius, holds 70% of equity, demonstrated by our broad- and it in turn is 100% owned by Engen Limited, based shareholding, with based in South Africa. As a result, we have greater access to relevant infrastructure in South over 1,100 Batswana holding Africa and Botswana. This ensures improved 30% of our equity. “ product availability in the landlocked country. ENGEN BOTSWANA LIMITED | ANNUAL REPORT 2014 11 KAZUNGULA MAUN NATA TUTUME RAMOKGWEBANA SEBINA MOPIPI ORAPA FRANCISTOWN LETLHAKANE GHANZI SELEBI-PHIKWE CHARLES HILL SEROWE PALAPYE RAMOKGONAMI MAHALAPYE KANG MOLEPOLOLE MOCHUDI GABORONE LOBATSE ENGEN FILLING STATIONS 12 ENGEN BOTSWANA LIMITED | ANNUAL REPORT 2014 02 INNOVATION GIVING OUR CUSTOMERS INNOVATION 02 y its very definition, innovation means the Bintroduction of new and more effective processes or solutions. For us, it means making every effort to ensure that what we offer our customers is more than simply a place to fuel their vehicle. It is an unwavering dedication to ensure that we provide nuanced fuel and convenience solutions to make their journey a more enjoyable one and their experience a more pleasurable one. BOARD OF Shabani is an experienced leader, administrator and academic 02 with over 30 years of work experience. In 2011, he was appointed Deputy Vice Chancellor of the Botswana International University of Science and Technology (BIUST), where he is in charge of finance and administration. He has executed a similar role at the University of Botswana and previously headed the Business Faculty at that institution. Shabani is a member of INNOVATION several Boards, including BIUST, the Botswana Accountancy College, the Institute of Development Management, and TA DR. SHABANI NDZINGE, 57 (CHAIRMAN) Shebube (Proprietary) Limited. He is a former Board Member Independent Non-Executive Director of the Botswana Development Corporation and the University BA, Dar Es Salaam; MS, Delaware; PhD, Kent of Botswana. Chimweta studied Accounting and Finance at the University of Zambia and worked briefly as a computer programmer before joining first Citibank and then Caltex. He was rapidly promoted to Managing Director of Caltex Zambia before joining Chevron as a Regional Manager for Commercial Business in Chevron’s associated companies based in South Africa. Chimweta was appointed Managing Director of Engen Botswana in 2012, and has over 25 years’ experience in the oil industry in Southern Africa. CHIMWETA MONGA, 55 (MANAGING DIRECTOR) Executive Director MBA University of Lincolnshire and Humberside (UK), Bachelor of Accounting and Finance (Zambia) Vhulahani joined Engen Petroleum as a Senior Tax Analyst in 2001. He has since been promoted to Trading Manager for Southern Africa. He is responsible for managing Engen’s trading portfolio for all its African affiliates and the marine fuels business in South Africa. He has extensive experience in trading, supply and tax. VHULAHANI BVUMBI, 39 Non-Executive Director BCom, University of the North; Higher Diploma in Tax Law, UCT John joined the Engen Botswana Board at the end of 2012. He joined Mobil Oil in 1980, Engen’s forerunner, as a Technical Engineer in its Cape Town office. He has extensive technical knowledge and experience of the lubricants industry and has also worked extensively in the sales department. John sits on the Boards of three other subsidiaries of the Group, Engen Swaziland and Engen Lesotho, as well as South Africa-based Reatile Gaz. JOHN KENNEDY, 60 Non-Executive Director Diploma in Mechanical Engineering; Cape Technikon ENGEN BOTSWANA LIMITED | ANNUAL REPORT 2014 15 DIRECTORS Anthony has extensive experience in developing and formulating business strategy, economics and finance. He has worked in private equity, venture capital, investment banking, corporate finance and managing consulting, and has developed a thorough understanding of the Southern African region. He is the founder and Managing Director of private equity fund manager VPB (Proprietary) Limited and founded corporate finance company AMS Capital. He sits on various Boards in Botswana and in the region, including the South African Venture Capital Association and the African Venture Capital Association. ANTHONY SIWAWA, 48 He is a sought-after speaker throughout Africa and the United Independent Non-Executive Director States. BSc Hons, Aston; MBA, Chicago Frederik is a Director of three Petronas subsidiaries in Malaysia, namely Petronas Ethylene Malaysia, Petronas Polyethylene Malaysia, and Petronas Polypropylene Malaysia. He joined Engen Petroleum in 1993 as a retail pricing executive and has served in various capacities throughout the group. He is currently the General Manager of the International Business Division. FREDERIK KOTZE, 48 Non-Executive Director Business Science Hons, Stellenbosch: MBA Stellenbosch Andrew worked briefly as a research chemist before becoming a Chartered Accountant.
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