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COMPANY
COMPANY FUNCTIONS
IPP
2 PERFORMANCE OVERVIEW
3 FURTURE OUTLOOK
DIRECTORS' REPORT
Pakistan’s first independent power producer, The Hub The Company is also investing US$ 20 million in Sindh Engro Coal M
Government of Sindh, to develop a coal mine at Thar which has the seventh largest reserves of coal in the World.
During the year under review, Dawood Group have sold its entire shareholding of The Hub Power Company Limited (HUBC
capacity of over 1600MW. The Company’s RFO-fired thermal Plant, situated at Mouza Kund, Hub in Baluchistan, supplies 1
engine based, combined cycle power station with a net capacity of 213MW, located at Mouza Poong, Narowal in Punjab. A
an 84MW run-of-theriver hydel power Plant near the New Bong Escape, 8 km downstream of Mangla Dam in Azad Jammu
The Company has formed wholly-owned subsidiaries to launch new initiatives. The Company has incorporated Hub Power
jetty and other future growth initiatives. To undertake the imported coal-based power project through HPHL, Company ha
Power International Holdings (CPIH).
Hub Power Services Limited (HPSL), a wholly owned subsidiary manages O&M of its existing power assets, its future projec
Narowal & Laraib Plants. The Company’s wholly owned subsidiary, Narowal Energy Limited (NEL) owns a 225MW Narowal
fired power Plant at Thar Coal Block II Sindh. The Company has signed a Shareholders’ agreement with Fauji Fertilizer Com
and 10% respectively in the Project.
Operational highlights of the three Plants during the year under review are as follows:
HUB PLANT
Hub Plant supplied reliable and uninterrupted electricity to the National Grid. During the year the Plant generated 5,201 G
load factor has been lower electricity demand from Power Purchaser. The Hub Complex successfully demonstrated the ‘Co
six hours. The net complex capacity, an average of continuous running of six hours, of 1207.67MW Net has been demonstr
(previous highest being 1207.3 MW in 2007).
NAROWAL PLANT
The Narowal Plant supplied 1,200 GWh of electricity (2016-17:1,334 GWh) to the National Grid. The Plant operated at a lo
excellence to optimize thermal efficiency and availability. Availability factor for the year was 93%. Major reason for low loa
alternators have been carried out during the year and major overhauls of two engines and two alternators are planned for
LARAIB PLANT
The average availability of Laraib Plant was 98.96% (2016-17: 97.87%), reflecting operational reliability of the Complex. Ne
18 is mainly due to lower average hydrology received from Mangla Power Plant. The Annual Maintenance for FY 2017-18 w
outage excellence. The Complex completed its 5th Agreement Year (AY) on March 22, 2018 generating 398 GWh of green
year also marked the successful takeover of operations and maintenance (O&M) of LaraibPower Plant by HPSL from TNB R
PREDICTIVE ENHANCEMENT AND PERFORMANCE IMPROVEMENT (PEPI) SOLUTIONS
The PEPI solutions project is now being operationalized into its practical phase. Going forward on the steam turbine retrofi
turbine for Unit 3 is being manufactured and will complete its installation in Q4 FY 2018-19. The new turbines are expecte
1,320MW COAL PROJECT CHINA POWER HUB GENERATION COMPANY PRIVATE LIMITED (CPHGC)
The Project achieved Financial Close on January 26, 2018 and loan drawdown has commenced. The Project is progressing a
process for increasing its shareholding to 47.5% (beneficial interest 46%) in the Project post the exercise of its Call Option a
2019 subject to Chinese and
Pakistani regulatory / corporate approvals.
330MW COAL PROJECT - THAR ENERGY LIMITED (TEL)
TEL is setting up 330MW mine mouth coal-based Power Plant at Block II, Thar. TEL has executed Onshore Supply and Servi
(CSA), Water Use Agreement (WUA), Implementation Agreement (IA) and Supplemental IA (SIA) for the Project. Private Po
achievementof Financial Close. PPIB has also approved an extension in the required Commercial Operations Date (COD) of
termination post RCOD from 400 to 490 days. TEL has also made payment for First Mobilization Advance to China Machine
and has issued Preliminary Notice To Commence (PNTC) to CMEC and China East Resources Import and Export Corporation
COD.
The Company has signed a Shareholders’ Agreement with Fauji Fertilizer Company Limited (FFCL) and CMEC Tel Power Inv
already injected equity in the Company on April 17, 2018. At present, the Company and FFC own 70 percent and 30 percen
foreign financing from China and Habib Bank Limited as the lead arranger for the local financing. On August 7, 2018 TEL ha
September 8, 2018 to March 8, 2019.
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
Intangible assets
Long-term investments
Long-term deposits
CURRENT ASSETS
Stores and spares
Stock-in-trade
Trade debts
Loans and advances
Trade deposits and short-term prepayments
Other receivables
Short-term investments
Taxation – net
Cash and bank balances
Non Current Assets held for sale
Total Assets
NON-CURRENT LIABILITIES
Long-term loans
CURRENT LIABILITIES
Trade and other payables
Unclaimed devidends
Unpaid dividends
Interest / markup accrued
Short-term borrowings
Current portion of long-term loans
CONTINGENCIES AND COMMITMENTS
Turnover
Operating Costs
Gross Profit
Distribution Cost
Administrative Expense
Other Expense
Other Income
Operating Profit
Finance Costs
Profit Before Taxation
Taxation
Net Profit for the Year from Continuing operations
Profit after tax from discontinued operations
Profit for the year
15,401 17,262
55 45
20,679 11,174
21 133
36,156 28,614
1,955 1,960
5,688 2,786
82,683 73,663
90 143
0 0
9,618 6,591
-
0 0
427 1,223
0 4
100,461 86,370
136,617 114,984
11,572 11,572
8,256 7,914
19,828 19,486
12,662 5,432
12,662 5,432
79,821 66,222
140 129
247 1,022
158 257
21,776 20,091
1,985 2,345
104,127 90,066
136,617 114,984
(66,873) (69,273)
9,803 9,317
- -
(900) (615)
(110) (77)
2,229 1,557
11,022 10,182
(2,248) (1,784)
8,774 8,398
(209) (142)
8,565 8,256
- 1,344
8,565 9,600
7.40 8.29
RATIO ANALYSIS
Formulas 2018 2017
Gross Profit/Sales 12.78% 11.86%
EBIT/Sales 14.37% 12.96%
EBT/Sales 11.44% 10.69%
Tax/EBIT 2.38% 1.69%
Income/Sales 11.17% 10.51%
36,587
44
5,876
21
42,528
2,460
2,563
77,747
247
0
5,181
-
0
3,280
91,478
134,006
11,572
16,007
27,579
17,301
17,301
65,997
123
2171
515
16,540
3,780
89,126
134,006
2016
(Rupees Million)
86,415
(71,627)
14,788
-
(925)
(473)
1,444
14,834
(3,109)
11,725
(149)
11,576
-
11,576
10.00
2016 Commentary
17.11%
17.17%
13.57%
1.27%
13.40%
0.008
22.983
11.269