2007 - Ceylon Petroleum Corporation

More documents

Recommendations

Info

Report of the Auditor General 64 Auditor General’s Comments 3.2.12 Budgetary Control Significant variances were observed between the budget and the actual income and expenditure for the year under review thus indicating that the budget had not been made use of an effective instrument of management control. Chairman’s Observations Budget has been mainly based on the forecast of international oil prices which has drastically changed due to the geopolitical situations in the world, unexpected demand pattern and above normal climatic changes. Therefore, CPC has revised it in June 2007. Furthermore, there were no payments made without an appropriate budget. 4. Systems and Controls Deficiencies observed during the course of audit were brought to the notice of the Corporation from time to time. Special attention is needed in respect of the following areas of control: (a) Property, Plant & Equipment (b) Debtors and Other Receivables (c) Trade Creditors and Other Payables (d) Accounting (e) (f) Investments Inventories (g) Loans and Advances (h) Manufacturing (i) (j) (k) (l) Utilisation of Motor Vehicles Human Resource Management Capital Budgeting Contract Administration S. Swarnajothi Auditor General ANNUAL REPORT 2007 | CEYLON PETROLEUM CORPORATION
Income Statements Year ended 31st December 2007 2006 (Restated) Notes Rs. Mn Rs. Mn 65 Revenue 1 238,364.361 196,766.560 Cost of Sales (221,723.535) (187,230.902) GROSS PROFIT 16,640.826 9,535.658 Other Operating Income 2 1,789.244 1,289.835 Selling & Distribution Expenses (10,052.825) (8,290.821) Administrative Expenses (1,288.705) (2,068.991) Finance Charges 3 (3,104.359) (2,380.710) Profit/(Loss) Before Tax 4 3,984.181 (1,915.029) Income Tax Expense 5 (1,121.844) 968.809 PROFIT/(LOSS) FOR THE YEAR 2,862.337 (946.220) E.P.S. - (Please refer Note 24 to the Financial Statements.) Accounting Policies on pages 69 to 73 and Notes on pages 74 to 87 are an integral part of these Financial Statements. ANNUAL REPORT 2007 | CEYLON PETROLEUM CORPORATION
Page 1 and 2:
Perhaps the most prized drop of liq
Page 3 and 4:
About Us The Ceylon Petroleum Corpo
Page 5 and 6:
3 Chairman & Managing Director’s
Page 7 and 8:
5 commence in 2008. Our intent is t
Page 9 and 10:
7 A.L.F. de Mel Mr. Ashantha de Mel
Page 11 and 12:
Ceylon Petroleum Corporation
Page 13:
11 Senior Management Team 1 2 3 4 5
Page 16 and 17: 14 Business Review Crude Distillery
Page 18 and 19: Roadrunners... 499 bowsers take 1,4
Page 20 and 21: 18 Katunayake Aviation Section Orug
Page 22 and 23: They also Serve who Stand and Wait.
Page 24 and 25: 22 Financial Review Results of Oper
Page 26 and 27: 24 Pricing Policy The Government wi
Page 28 and 29: Getting them “Up Where They Belon
Page 30 and 31: 28 Sustainability Report Corporate
Page 32 and 33: 30 Pyrolysis Project An Important S
Page 34 and 35: 32 Benefits to Sri Lanka The benefi
Page 36 and 37: Pump to Pump... With a network of 9
Page 38 and 39: 36 Corporate Governance As the majo
Page 40 and 41: 38 technology, finance, audit and s
Page 42 and 43: 40 The net profit for the year was
Page 45 and 46: Financial Reports Report of the Aud
Page 47 and 48: Report of the Auditor General 2. Fi
Page 49 and 50: Report of the Auditor General 47 Au
Page 65: Report of the Auditor General 63 Au
Page 69 and 70: Statements of Changes in Equity Yea
Page 71 and 72: Accounting Policies 1. CORPORATE IN
Page 73 and 74: Accounting Policies The cost incurr
Page 75 and 76: Accounting Policies 2.3.11 Capital
Page 77 and 78: Notes to the Financial Statements S
Page 79 and 80: Notes to the Financial Statements 5
Page 87 and 88: Notes to the Financial Statements R
Page 91 and 92: Ten Year Summary 89 DOMESTIC SALES
Page 93 and 94: Ten Year Summary 91 Rupees Mn 1998
Page 95 and 96: CORPORATE INFORMATION Name of the E
show all

2007 - Ceylon Petroleum Corporation

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?