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2009 Annual Report.Cdr 2009 Annual Report and Vision, Mission Statement and Values Financial Statements COSTAIN VALUES We are Customer focused Open and honest Safe and environmentally aware Team players Accountable Improving continuously and so the Natural choice Vision To be the leader in the delivery of sustainable engineering and construction solutions that meet our customers' needs. Mission Seen as an automatic choice for projects requiring innovation, initiative, teamwork and managerial skills. Objectives To develop a sustainable business through growth, which delivers profitability to our shareholders, value to our customers and a rewarding career for our staff. Strategy To have skilled teams committed to a common management system using tools and guides to provide a consistent approach to best practice and best value. 01 2009 Annual Report and Contents Financial Statements PAGE Company Profile.................................................................................................................................03 Directors, Officers and Professional Advisers......................................................................................05 The Board of Directors...................................................................................................................... .06 Results at a Glance.............................................................................................................................08 Notice of Annual General Meeting........................................................................................................09 Chairman's Statement.........................................................................................................................12 Managing Director/Chief Executive's Review........................................................................................15 Report of the Directors........................................................................................................................17 Statement of Directors' Responsibilities...............................................................................................24 Report of the Audit Committee............................................................................................................25 Report of the Independent Auditors.....................................................................................................26 Statement of Significant Accounting Policies.......................................................................................27 Profit and Loss Account......................................................................................................................30 Balance Sheet.....................................................................................................................................31 Statement of Cash Flows.....................................................................................................................32 Notes to the Financial Statements........................................................................................................33 Statement of Value Added...................................................................................................................43 Five-year Financial Summary..............................................................................................................44 Shareholder's Additional Information...................................................................................................45 E-Dividend/Money Return Form..........................................................................................................46 CSCS Account Notification.................................................................................................................47 E-Share Notifier Subscription Form.....................................................................................................48 Shareholder Online Access Registration Form.....................................................................................49 Proxy and Admission Form.................................................................................................................50 02 Company Profile 2009 Annual Report and Financial Statements Costain (West Africa) Plc was incorporated as a private company on 16th July, 1948 to take over various works then being undertaken in Nigeria by the building department of John Holt and Company (Liverpool) Limited. The Company has for over 60 years competently executed a wide range of substantial building and civil engineering projects throughout Nigeria for the Federal and State Government, public and private organizations. The Company also manufactures furniture for general sale and joinery to support its contracts. The Company's activities since the 1970's are noted below to illustrate how much the Company has been involved in developing business and infra-structural aspects in Nigeria. However, the contracts mentioned do not represent a complete list as the list does not include what we refer to as “Small Works” that have been carried out during this time. Between 1970 and 1980, Costain (West Africa) Plc undertook numerous major contracts such as Gusau Water Supply Scheme, Guinness Brewery, Benin, a road from Calabar to the Cameroon Border, Bata Shoe Factory, Lagos, Australian High Commission, Lagos, British High Commission, Lagos, WAPCO Offices, Sagamu, Extensions to Sokoto Water Supply, Mainchi- Daki Takwas Road, Bida Water Supply Extension, Match Factory, Port-Harcourt, Ashaka Cement Works, NECOM House, Lagos, Iwopin Paper Mill and many other projects. Other major contracts carried out during the early 80's were the Secretariat Building, Port- Harcourt, Maiduguri Hospital, Maiduguri Flour Mills, Effluent Line, Iwopin Township, and Offices and Industrial Buildings for PZ Industries. However, by the mid-1980 the decline in contracts became very evident and it was only the Oyo Water Supply contract that kept the Company reasonably busy. Contracts completed in the late 1980's were Kwara State House, Lagos, Government House, Uyo and the CMB Building, Port-Harcourt. During the 90's there was a marked decline in construction work available in the country. However, a number of notable contracts were carried out. These included the Chevron Housing Estate, Lagos, Shell Trustees Housing Estate, Abuja, First Bank Training Centre, Lagos, Shell Offices, Warri, Edo State House, Lagos, Government Lodge, Uyo, Extensions to the Mobil Depot, Eket, Renovation of NECOM House, Lagos, Warri Stadium, several office buildings in Abuja, Government buildings in Asaba, and various other works. In recent time, the Company has been awarded and completed projects such as the APM Concession Phase 1, Apapa, Lagos, Tanburawa Water Treatment Plant, Kano, Shell Housing Estates, Abuja & Port-Harcourt, and the Township Stadium Phase 2, Warri. The on-going projects include the Nigeria branch expansion of the Watch Tower Society of Jehovah Witnesses, Igieduma, Edo State, Media Trust Head Office building, Abuja and the Rehabilitation of Railway Track Network Western line. Market share As a publicly quoted company, Costain (West Africa)Plc has developed and deployed the most innovative business solutions and cutting edge technologies to sustain its Market Share of about 5%. The construction industry is presently facing a new challenge that makes it requisite for companies operating in the Industry to be more dynamic in their strategies and more adaptable in planning. Construction must be in line with architecture, customer demands, environmental changes and modern designs. 03 Company Profile 2009 Annual Report and Financial Statements To compete in the Nigerian market, a company needs to be agile and proffer highly flexible solutions. Costain (West Africa)Plc has been in the industry long enough to have in depth knowledge and is therefore regarded by many as a leader in civil engineering, construction, building of roads, bridges as well as in furniture and joinery. Relative position in the Construction Industry Costain (West Africa) Plc is the oldest construction company in Nigeria. In early 2007, Shoreline Energy International (SEI), a major power solution company, made a successful bid to acquire the majority shareholding of Costain Group (UK) in its subsidiary, Costain (West Africa) Plc- (CWA). The acquisition is central to the Company's strategy of becoming the leading infrastructure solutions provider in Africa. Since the acquisition, SEI has brought vigour, new ideas and much needed investment into Costain (West Africa) Plc which has now enabled the Company to restrategise. Costain (West Africa) Plc has now become one of the preferred contractor for most major contracts in Nigeria. Future development plans The Company is very active and its order book is increasing. The Company's future is promising with considerable growth potential to produce good returns to investors. The 'Costain' name is well respected within and outside Nigeria and thus, in line with its Mission Statement, “to be seen as an automatic choice for projects” and with its rebranded logo, “on the right track”, the Company is determined to be the leader in the delivery of qualitative building and construction projects in Nigeria. The Company will continue to consistently improve and expand itself as it forges ahead in its quest to deliver the very best in the Nigerian building and construction sector and beyond to literally “help build a better future”. 04
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