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Annual Report 2020

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Annual Report 2020 BRINGING LIGHT FOR A NEW LIFE Throughout time, HUBCO has mustered an extraordinary array of resources – from groundbreaking research to diligent Human Resource. Like the rising sun, HUBCO shines bright and continues to enlighten lives. Our destiny – to bring change, new life and zest to our great Nation through our continued efforts. CONTENTS 05 05 06 07 08 09 Vision & Mission Core Values Company Profile Group Structure Business Strategy SWOT Analysis 10 12 14 20 22 23 Company Geographical Board & Leadership Board & Functional Management Team Organizational Information Presence Committees Structure 24 26 28 30 45 46 A Brief History of Chairman’s Review CEO’s Message Report of the Report of the Review Report to the HUBCO Directors Directors (Urdu) Members 47 49 50 51 54 66 Statement of Awards & Calendar of Calendar of Corporate Social Corporate Compliance Achievements Corporate Events Major Events Responsibility Governance Financial Performance 72 73 74 76 78 80 Financial Ratio Dupont Analysis Horizontal and Horizontal Analysis Vertical Analysis of Six Years Statement Vertical Analysis of of Statement Statement of of Profit or Loss at a Statement of Profit of Financial Position Financial Position Glance or Loss 81 82 83 84 85 86 Six Years Statement Summary of Six Statement of Value Quarterly Financial Statement of Cash Graphical of Financial Position Years Cash Flow Addition Analysis Flow - Direct Method Presentation at a Glance at a Glance BRINGING LIGHT 20 2 FOR A NEW LIFE ANNUAL REPORT 20 Unconsolidated Financial Statements 91 96 97 98 99 100 Independent Unconsolidated Unconsolidated Unconsolidated Unconsolidated Unconsolidated Auditors’ Report Profit and Loss Statement of Other Statement of Statement of Statement of Account Comprehensive Financial Position Cash Flows Changes in Equity Income 101 Notes to the Unconsolidated Financial Statements Consolidated Financial Statements 153 158 159 160 161 162 Independent Consolidated Profit Consolidated Consolidated Consolidated Consolidated Auditors’ Report and Loss Account Statement of Other Statement of Statement of Statement of Comprehensive Financial Position Cash Flows Changes in Equity Income 163 236 241 246 247 249 Notes to the Pattern of Categories of Shareholders’ Glossary Notice of the 29th Consolidated Shareholding Shareholding Information Annual General Financial Statements Meeting 251 253 Proxy Form Proxy Form (Urdu) 3 Since 1997, HUBCO has been the leading and largest Independent Power Producer (IPP) of Pakistan, supplying reliable power to millions of households and setting the highest international standards of safety and environment. With our vision and mission statement, we strive to be at the forefront of economic and social transformation in Pakistan by providing reliable and affordable energy to our people. Energy is the foundation of economic prosperity and therefore, we believe that energy fuels life. VISION Fueling lives through energy MISSION To be a growth-oriented company recognized for international standards in safety and environment in providing reliable and affordable energy; serving the country, its stakeholders and local community as a responsible corporate citizen CORE VALUES Passion Ownership Winning Enjoyment Renewal 5 COMPANY PROFILE Corporate Footprint With a strong corporate footprint established over the years, HUBCO is the first and largest IPP in Pakistan. PKR Revenue Net Profit No. of Employees The Company runs regular CSR 795 programs in the 48,321 25,044 people across its various PKR in Million PKR in Million functions fields of: Operations & Capacity Education HUBCO has a combined power generation capacity of over 2920MW. The power generation capacity of the company will enhance to over 3580MW after Health completion of its future growth projects. Livelihood Infrastructure Development Hub Plant Narowal Laraib Plant Total Philanthropy 1292 MW 225 MW 84 MW PKR 78 Million CPEC � Growth Projects The Company is the only power producer in Pakistan with four projects listed in the China Pakistan Economic Corridor (CPEC) including: Imported coal-based Local-coal based Local-coal based Local Coal Mining CPHGC Plant TEL TNPTL SECMC 1320 MW 330 MW 330 MW 3.8 MTPA Vision 2025 With its Vision 2025, HUBCO aspires to capitalize on growth opportunities and is currently in the process of developing Water Renewable various public private partnership projects in the fields of: Recycling Energy BRINGING LIGHT 20 6 FOR A NEW LIFE ANNUAL REPORT 20 GROUP STRUCTURE THE HUB POWER COMPANY LIMITED • Laraib Energy Limited (LEL) • Hub Power Holdings Limited (HPHL) • Hub Power Services Limited (HPSL) • Narowal Energy Limited (NEL) Subsidiaries • Thar Energy Limited (TEL) • ThalNova Power Thar (Private) Limited • China Power Hub Generation Company Associates (Private) Limited • Sindh Engro Coal Mining Company Others Limited 7 BUSINESS STRATEGY With an aggressive growth plan and a focus on increasing the shareholder value, we have remained committed to promote the long-term development of Pakistan by pursuing and capitalizing opportunities in the domain of Water & Power. The strategy is not just to aim for maximization of profit but also to ensure that the local communities, our partners and other stakeholders also benefit from our prosperity by investing 1% of PAT on projects of socio-economic development. In the years to come, our business strategy will be focused on: • Increasing reliability and sustainability of our base business • Water desalination & purification projects • On-grid and off-grid solar PV solutions • Greenfield projects and acquisitions in Wind Energy Projects • Medium scale Hydro project development and acquisition • Strategic onshore and offshore acquisitions of Thermal Power plants • Capitalizing on in-house technical expertise to provide cost effective O&M services to onshore & offshore plants in JV structure with General Electric (GE), USA • Aligning our HSE systems with the best of the international practices • Strengthening our team by attracting, hiring and retaining competent and experienced professionals BRINGING LIGHT 20 8 FOR A NEW LIFE ANNUAL REPORT 20 SWOT ANALYSIS Strengths Weaknesses • Growing demand • Cashflow • Strategic coastal constraints location • Expensive fuel • Proven track record • Low demand for • Pioneer & one of the RFO plants largest IPP • Competent Human Capital Opportunities Threats • To be the “Hub of • Circular debt Power” • Political risks • Government focus on • Delays in projects water and power crisis • Delay in development • Offshore & onshore of distribution network O&M prospects • Growing demand of affordable electricity 9 COMPANY INFORMATION Board of Directors Registered & Mr. M. Habibullah Khan Chairman Head Office Mr. Khalid Mansoor Chief Executive 11th Floor, Ocean Tower Ms. Aleeya Khan Block-9, Main Clifton Road, Karachi Mr. Aly Khan P.O. Box No. 13841, Karachi-75600 Mr. Javed Akbar Email: [email protected] Mr. Manzoor Ahmed Website: http://www.hubpower.com Mr. Muhammad Ali Mr. Ejaz Sanjrani GOB Nominee Dr. Nadeem Inayat Subsidiaries Mr. Owais Shahid Mr. Saad Iqbal Narowal Energy Limited Laraib Energy Limited Hub Power Holdings Limited Audit Committee Hub Power Services Limited Thar Energy Limited Mr. Manzoor Ahmed Mr. Saad Iqbal Mr. Aly Khan Principal Bankers Dr. Nadeem Inayat Mr. Owais Shahid Allied Bank Limited Askari Bank Limited Bank Alfalah Limited Company Secretary Bank Al-Habib Limited Bank Islami Pakistan Limited Mr. Shaharyar Nashat Bank of Punjab Albaraka Bank Limited Management Citibank N.A. Pakistan Dubai Islamic Bank Pakistan Limited Committee Faysal Bank Limited Habib Bank Limited Mr. Khalid Mansoor Habib Metropolitan Bank Limited Mr. Ruhail Muhammad Industrial & Commercial Bank of China Mr. Tahir Jawaid JS Bank Limited Mr. Saleemullah Memon Mr. Kamran Kamal Mr. Abdul Nasir Mr. Nazoor Baig Mr. M. Inam Ur Rehman Siddiqui Mr. Farrukh Rasheed Mr. Shaharyar Nashat BRINGING LIGHT 20 10 FOR A NEW LIFE ANNUAL REPORT 20 MCB Bank Limited Meezan Bank Limited Hub Plant National Bank of Pakistan Mouza Kund, Pak Brunei Investment Company Limited Post Office Gaddani, Pak China Investment Company Limited District Lasbela, Balochistan. Samba Bank Limited Standard Chartered Bank (Pakistan) Ltd. United Bank Limited Narowal Plant Mouza Poong, 5 Km from Luban Pulli Point on Inter-Creditor Agents Mureedkay-Narowal Road, District Narowal, Punjab Habib Bank Limited Allied Bank Limited CPHGC Plant MCB Bank Limited Mouza Kund, Post Office Gaddani, Legal Advisor District Lasbela, Balochistan. Syed Jamil Shah Laraib Energy Ltd Auditors (SUBSIDIARY) Head Office: A.F. Ferguson & Co., Chartered Accountants Gerry’s Center, 1B 3rd Floor, Service Road West 7th Registrar Avenue, Sector G-6/1, Islamabad FAMCO Associates (Pvt) Ltd. Plant: New Bong Escape Hydro-Electric Power Complex, Village Lehri, Tehsil & District Mirpur, Azad Jammu & Kashmir 11 GEOGRAPHICAL PRESENCE Hub Power Plant Total capacity Hub Plant consists of four generating units each rated at 323 MW gross output, with oil-fired single re-heat boiler and tandem compound, two cylinder condensing steam turbines MW directly coupled to a hydrogen cooled generator. 1292 Narowal Energy Limited Total capacity Narowal Plant comprises of 11 generating sets based on MAN 18V48/60 engines, 11 Alborg Heat Recovery Steam Generators and one air cooled condensing Steam Turbine MW from Dresser Rand. 225 Laraib Energy Limited Total capacity Laraib Energy Limited has set up a run-of-the-river hydro power plant, comprising 4 Kaplan Bulb turbines of 21 MW each. 85 MW CPHGC
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