Content2011 - PETRONAS Gas Berhad

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Q&A with the Chairman The Company managed to maintain reliability in its plant operations at world class standards. Q: How was the Company’s operational and fi nancial performance during the year under review in light of the economic landscape? The Malaysian economy grew by 7.2% in 2010 as it rode on global economic recovery. It is projected to grow by 5% to 6% for the year 2011. Domestic electricity demand, which is a good indicator of economic growth, increased by 5.8% in 2010. The past fi nancial year was challenging due to declining gas production from domestic gas fi elds. Despite the challenges, the Company was able to achieve a commendable fi nancial performance due to effective strategies in increasing revenue as well as in decreasing costs. OPERATIONAL PERFORMANCE – GAS PROCESSING & GAS TRANSMISSION During the year under review, an average of 2,080 million standard cubic feet per day (mmscfd) of feedgas was processed by the Company’s Gas Processing Plants (GPPs) in Kertih and Paka, Terengganu. This represents a 3.3% decline compared to 2,151 mmscfd processed in the previous fi nancial year. The decrease was mainly attributable to lower feedgas supply from domestic gas fi elds. Consequently, sales gas delivery to customers was recorded lower at 2,146 mmscfd compared to the previous fi nancial year at 2,178 mmscfd. The Company managed to maintain reliability in its plant operations at world class standards. GPPs’ sales gas reliability was at 99.6%, ethane plant reliability was 98.8% and propane and butane plant reliability collectively was at 98.7%. The Company’s PGU pipeline network also continued to maintain its excellent record by achieving 99.97% reliability. OPERATIONAL PERFORMANCE – UTILITIES Our utilities business in Kertih, Terengganu and Gebeng, Pahang continued to show commendable improvements in reliability, recording 99.5% and 99.6% for steam and industrial gases, respectively. These collective improvements and sustainability were the result of continuous and comprehensive scheduled maintenance activities. 40 petronas gas berhad (101671-h) The year under review also saw new businesses secured by Kertih Centralised Utility Facilities (CUF) where it successfully commenced the supply of Demineralised Water to the Gas Processing Plants. In addition, CUF also successfully commenced sludge drying services for Ethylene Malaysia Sdn. Bhd. FINANCIAL PERFORMANCE The Group recorded a revenue of RM3,525.0 million, an increase of 9.4% or RM303.2 million compared to last year. The increase was mainly due to the enhanced Processing Remuneration Structure and Transportation Remuneration Structure in the 4th Term Gas Processing & Transmission Agreement (GPTA. The Group’s overall profi t before tax increased by 52.8% from RM1,243.8 million last year to RM1,900.3 million, whilst profi t after tax also increased by 53.0% from RM940.7 million last year to RM1,439.1 million. Earnings per share attributable to shareholders of the Company were higher from 47.6 sen last year to 72.7 sen this year.
41 annual report 2011 PGB’s entry into full-fl edged independent power producing business via the Kimanis Power Plant project in Sabah signifi es the Company’s forward looking business diversifi cation strategy. The project site in Kimanis Bay is now ready for full construction.
Page 1 and 2: ANNUAL REPORT 2011 In 2011, PGB is
Page 3 and 4: Our Vision, Mission and Shared Valu
Page 5 and 6: Our Vision A World Class Gas and Ut
Page 7 and 8: The Sabah-Sarawak Gas Pipeline (SSG
Page 9 and 10: 2,982.3 2007 1,281.2 1,247.0 2007 9
Page 11 and 12: Corporate Information Our Operation
Page 13 and 14: Gas Processing Plant Operations Div
Page 15 and 16: Miri Pipeline System Network Bintul
Page 17 and 18: Corporate and Management Directory
Page 19 and 20: Dato’ N. Sadasivan s/o N.N. Pilla
Page 21 and 22: Samsudin bin Miskon, a Malaysian ag
Page 23 and 24: Muri bin Muhammad, a Malaysian aged
Page 25 and 26: Lau Nai Tuang, a Malaysian aged 53,
Page 27 and 28: Farehana binti Hanapiah, a Malaysia
Page 29 and 30: Karima binti M Noor General Manager
Page 31 and 32: Karima binti Mohd Noor General Mana
Page 33 and 34: Muhamed Ali bin Hashim Mohamed Mana
Page 35 and 36: Ahmad Nawawi bin Mohd Yatim General
Page 37 and 38: Liza binti Mustapha Liza, aged 40,
Page 39 and 40: Performance Review Q&A with the Cha
Page 41: 39 annual report 2011 The Board of
Page 45 and 46: 43 annual report 2011 The company i
Page 47 and 48: Clear and precise communication bet
Page 49 and 50: 47 annual report 2011 The Company c
Page 51 and 52: 49 annUaL report 2011 CEO’s Busin
Page 53 and 54: GATEWAY TO THE NEXT HORIZON Unlocki
Page 55 and 56: mainly attributable to the enhanced
Page 57 and 58: KIMANIS POWER PLANT Power Play - Fl
Page 59 and 60: We can have the best equipment, the
Page 61 and 62: monumental success in spite of them
Page 63 and 64: Due to PGB’s extensive experience
Page 65 and 66: Apart from the Chairmanship, the ye
Page 67 and 68: Comparison between 3 rd Term GPTA a
Page 69 and 70: stAtements of ComPrehensive inCome
Page 71 and 72: Earnings Per Share and Net Dividend
Page 73 and 74: Performance of Shares For the Year
Page 75 and 76: Drive + Innovation + Technology = P
Page 77 and 78: 75 annual report 2011
Page 79 and 80: Awards and Achievements With collec
Page 81 and 82: 79 annUaL report 2011 Corporate Res
Page 83 and 84: Sustainability - The PGB Way As a r
Page 85 and 86: PGB continues to invest for the fut
Page 87 and 88: Engagement with international and d
Page 89 and 90: This includes the annual ACD assess
Page 91 and 92: The Company’s training programmes
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The regular monitoring sessions are
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KEEPING SAFE, KEEPING HEALTHY PGB c
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The Company continuously manages he
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The green initiative used pilot 3R
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AWARDS AND RECOGNITIONS RECEIVED To
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Apart from these, the students were
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A total of 65 CSR activities were c
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C D 16 MAy 2010 Signing Ceremony fo
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H 6 SepteMber 2010 A CSR programme
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M N O 12 JANuAry 2011 To test the C
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111 annual report 2011 Corporate Go
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As at the date of this report, the
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. Supply of and Access to Informati
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Fees for certain directors appointe
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ACCOuntAbIlIty And AudIt 1. Financi
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Risk management is fi rmly embedded
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Health, Safety and Environment (HSE
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• The Company’s organisational
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terMS Of referenCe The BAC is gover
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129 annual report 2011 Board Audit
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Statement of Directors’ Responsib
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Financial Statements 133 annUaL rep
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Directors’ Report For the Year en
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Directors’ Report For the Year en
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Statements of Financial Position at
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Statement of Changes in Equity For
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Notes to the Financial Statements 3
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Report of the Auditors to the MeMbe
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Other Information 195 annUaL report
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197 annUaL report 2011 A summary of
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Training Programmes Attended by Dir
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Analysis of Shareholdings as at 31
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Analysis of Shareholdings as at 31
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Corporate Directory PETRONAS Gas Be
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Notice of Annual General Meeting No
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