2007 - Ceylon Petroleum Corporation

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Notes to the Financial Statements 82 2007 2006 Rs. Mn Rs. Mn 19. EMPLOYEES 19.1 Staff Cost Salaries & Wages 1,429.796 1,221.585 Bonus 149.007 129.689 Provident & Trust Fund Contribution 185.882 159.459 Gratuity Provision 48.499 131.499 1,813.184 1,642.232 19.2 No. of Employees Managerial & Administration 857 600 Selling & Distribution 929 1,168 Manufacturing 900 850 2,686 2,618 19.3 Contract & Casual Employees 245 312 20. COMMITMENTS FOR CAPITAL EXPENDITURE Amount Amount Spent Approved up to 31.12.2007 Rs. Mn Rs. Mn Fuel Quality Improvement & Storage Facilities at Refinery 113.949 26.7590 Refinery Main Plant (Minor Modifications) 226.860 6.5290 Other Capital Expenditure 4.000 2.1950 Construction of Head Office New Building 1,600.000 1.830 Construction of Filling Yard 30.000 2.2800 1,974.809 39.593 ANNUAL REPORT 2007 | CEYLON PETROLEUM CORPORATION
Notes to the Financial Statements 21. TRANSACTIONS WITH RELATED PARTIES 83 CPSTL an associated company having 1/3 share ownership by CPC, Mr. Ashantha L.F. De Mel, Chairman/Managing Director and Mr. Methsiri Wijegoonawardene, Director/CPC, performed duties as Chairman/CEO and Director of CPSTL. 21.1 Transactions made with Related Parties Company Relationship Nature of Transaction Amount Paid/(Received) 2007 2006 Rs. Mn Rs. Mn Ceylon Petroleum Associate Storage Terminals Company Limited (CPSTL) - Storage, Terminal and distribution charges 7,373 7,155 - Recovery of repayments of the following bank loans: NDB - Recovered repayments 154.938 172.074 The interest rate is 16% p.a. and CPSTL repays 12% p.a. of this rate and the excess interest is borne by Ceylon Petroleum Corporation The excess interest charge absorbed by Ceylon Petroleum Corporation 4.046 9.758 Exim Bank - Recovered repayments 1,205.674 1,383.067 Interest rate is 12% p.a. and the full repayments are recovered from CPSTL ETFB Debentures – 223.97 Interest rate is 16% p.a. and 12% p.a. is recovered from CPSTL ANNUAL REPORT 2007 | CEYLON PETROLEUM CORPORATION
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Perhaps the most prized drop of liq
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About Us The Ceylon Petroleum Corpo
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3 Chairman & Managing Director’s
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5 commence in 2008. Our intent is t
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7 A.L.F. de Mel Mr. Ashantha de Mel
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Ceylon Petroleum Corporation
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11 Senior Management Team 1 2 3 4 5
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14 Business Review Crude Distillery
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Roadrunners... 499 bowsers take 1,4
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18 Katunayake Aviation Section Orug
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They also Serve who Stand and Wait.
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22 Financial Review Results of Oper
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24 Pricing Policy The Government wi
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Getting them “Up Where They Belon
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28 Sustainability Report Corporate
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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 67 and 68: Income Statements Year ended 31st D
Page 69 and 70: Statements of Changes in Equity Yea
Page 71 and 72: Accounting Policies 1. CORPORATE IN
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Page 75 and 76: Accounting Policies 2.3.11 Capital
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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
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2007 - Ceylon Petroleum Corporation

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