ANNUAL REPORT YEAR 2013

ANNUAL REPORT
YEAR 2013
Contents
Chairman Letter ..............................................................................................................................................................3
Board of Directors .........................................................................................................................................................5
Board of Directors Activities ..................................................................................................................................6
Glance of the Company HYPROC SC................................................................................................................7
1-
Vision.......................................................................................................................................................................8
2-
Mission ...................................................................................................................................................................8
3-
Value ........................................................................................................................................................................8
4-
Strategic Sectors .............................................................................................................................................8
HYPROC Shipping Company Fleet .....................................................................................................................9
Major Events facts of Year 2013 ........................................................................................................................ 10
Company Fleet Technical Situation ................................................................................................................ 11
1-
LNG Fleet ........................................................................................................................................................... 12
2-
LPG Fleet ........................................................................................................................................................... 12
3-
Asphalt Fleet.................................................................................................................................................... 13
Information Technology Systems .................................................................................................................... 14
Human Resources Department .......................................................................................................................... 15
Evolution of Company Staffs 2011-2013 ...................................................................................................... 15
Quality, Health, Safety and Environment ..................................................................................................... 16
Internal Audit and Control ..................................................................................................................................... 18
Training Center CAP Mostaganem .................................................................................................................. 19
Financial Indicators for Year 2013 ................................................................................................................... 20
Activity Analysis .......................................................................................................................................................... 21
1-
LNG Activity ..................................................................................................................................................... 23
2-
LPG Activity ..................................................................................................................................................... 24
3-
Asphalt/Clean and Dirty Products ..................................................................................................... 25
4-
Ship-management ........................................................................................................................................ 26
5-
Ship Agency ..................................................................................................................................................... 27
Annual Report 2013
Page 1 / 45
Detailed Financial Report Year 2013............................................................................................................... 29
Consolidated Income Statement ....................................................................................................................... 31
Statement of Changes in Equity............................................................................................................................. 32
Cash Flow Statement .................................................................................................................................................. 33
Main Indicators for year 2013 Activity ........................................................................................................... 34
1-
Operation ........................................................................................................................................................... 34
Products ........................................................................................................................................................ 34
2-
Outlay ................................................................................................................................................................... 34
3-
Results................................................................................................................................................................. 35
Patrimony Values ........................................................................................................................................................ 36
1-
Assets:................................................................................................................................................................. 36
2-
Liabilities: .......................................................................................................................................................... 36
Financial Structure ..................................................................................................................................................... 36
Financial Ratios ........................................................................................................................................................... 37
...................................... 38
Annual Report 2013
Page 2 / 45
Chairman Letter
Year 2013 could lead to predict a strong return in
the growth of the company however the advanced age
of the vessels having had several problems recently
added to higher salaries, higher repair expenses and
increasing management costs, impeded a little our
hopes.
Nevertheless the company could have rectified the
curve of its performance in regards to the turnover and
operational results, but this is limited if we take into
account our capabilities.
2013’s result has slightly improved compared to 2012 which we can describe as
satisfactory. An increase in the turnover appreciably higher than the market trends
and a small growth is observed at the level of all the company activities.
During year 2013, HYPROC SC maintained a strong commercial dynamics,
concretized by the fast instant response to all the chartering requests from our main
client NAFTAL, who operates ships for constant growing domestic trade. These
operations ended with a company turnover segment of 3.5 Billion Dinars.
For the export of LNG/LPG, the company was able, by its fleet, to take care of all
the contractual commitments of our customer SONATRACH/ Commercial Division
without any incident.
The company continued to strengthen its operation plan in all its business
segment, particularly the ship management and the ship consigning activities which
hold the attention of the managers. It was achieved by the improvement of the
working processes, supervising, audit and especially the optimization of IT tools and
systems which support and consolidate the new organization.
The successful maintenance of several old vessels was also one of the key
points of this year, considering their age and their ageing equipment compared with
those modern equipped new vessels.
2013 has been the year of vigorous pursuit of the mid-term investment projects
which remains the key factor for a long term success of the company policy, in terms
of development and sustainability of its selected LNG/LPG & chemical products
tankers following the rise in sales of the mother company.
In 2013 the head office entrusted the mission to start the training and
development of a dynamic, experimented and ambitious team at the new training
center (CAP Mostaganem). The organization was set up in order to cover the first
training sessions smoothly with the satisfaction of all participants. This center will
allow the company to catch up with the big delay in training and improvement of her
executives of any categories, in the domains where a complement to know-how is
necessary to revitalize and strengthen its activities of production and support.
Annual Report 2013
Page 3 / 45
Finally it will also be necessary to indicate that the social climate in year 2013
was favorable, which allowed the company to concretize most of the performance
objectives related to this year’s activity.
The support of the employees and their representatives with regard to the plans
set up by the leaders and the top management was always strong, what had for
consequence a better performance of the company in all plans and thus finally
translated by a better confidence of our customers. It’s considered as a boost for the
head office to pursue during the next years the same dynamics launched towards for
more growth and performance.
Chairman and Chief Executive Officer
GHOMRI Smain Larbi
Annual Report 2013
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Board of Directors
Mr GHOMRI Smain Larbi
Chairman
Mme METREF
Nabila
Member
Mr SACI Youcef
Member
Mr HARCHAOUI Belkacem
Member
Mr KHETTABI
Abdelhamid
Member
Mr HALLAL Mohamed Nassim
Member
Mr BOULAHDOUR Yacine
External Auditor
Mr BELKACEMI Ahmed
Employees’ Representative
Annual Report 2013
Mr TEKFA Tayeb
Employees’ Representative
Page 5 / 45
Board of Directors Activities
The board of directors held four meetings during the year 2013 upon the
summoning of its president in accordance with the privileges conferred on him by the
statutes of the company.
During this exercise, the board had to take various resolutions related to the topics
and files presented and treated by top management of the Company and which are
summarized as follows:
Ordinary missions of the board concerning particularly the approval of financial
statements, the endowment of reserves, the adoption of the budgets, the plans of
the company and the management report.
Reprocessing of the depreciations of the totally paid off ships and the new ships,
according to the statutory.
Requirements according to the new accounting and financial system “SCF“.
Corrective actions of majority of the reserves of statutory in conformity with
auditor external annual reports of years 2011 and 2012.
The investments and disinvestment in particular:
o The launch of the call for tenders for the acquisition of three LNG carriers (2 in
firm order and 1 optional) and negotiation with the bank BEA for the loan of
this acquisition.
o To maintain the vessel “Brides” in operation for the account of NAFTAL for two
additional years against prior dry-docking and adjustment of the hire.
o Acquisition of new offices for the shipping agencies relocated outside the
harbor.
o Disinvestment of the LNG/C Mostefa Ben Boulaid.
Final annual accounts examination of Company ‘Participations in the subsidiaries
“NAJDA MAGHREB, MEDIFRET and AVICAT (both under liquidation process)”,
in particular the holding of the latest ordinary general meetings.
Selection of the operating mode ‘Open Book’ for management of the
accommodation part of the Training Center of HYPROC SC in Sablettes beach
(CAP Mostaganem).
Appointment of new member of the actual board of directors.
Also the board of directors had to implement the resolutions taken by the general
assembly of the company during the meeting held on June 23rd, 2013 within the
framework of:
o Financial statements of the company for the year 2012.
o Call of tender for the acquisition of LPG and Dirty/Asphalt products tankers for
the account of NAFTAL.
o Call of tender for the acquisition of LNG/C for the account of Sonatrach/Com.
Annual Report 2013
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Glance of the Company HYPROC SC
The National Shipping Company HYPROC of Algeria was established in 1982,
more than 30 years ago. The Company was implemented at that time after the
restructuration of the former famous national maritime company CNAN as a result of
the split of its activities into specialized companies. Hyproc began its operations with
a fleet of six LNG carriers and six midsize clean products tankers, four Suezmax dirty
tankers and one small LPG tankers, and yet has grown to become one of the biggest
shipping companies in the world during the 90’s. The company presently owns and
manages a fleet of 16 vessels to transport LNG, LPG and Dirty/Asphalt Products.
HYPROC Shipping Company is the principal shipping arm of SONATRACH
consolidating the LNG, LPG, Asphalt, clean and dirty petroleum products marketing
activity for the account of its clients SONATRACH and NAFTAL.
HYPROC SC is one of the fewest companies embracing the role of ship-owner,
ship-manager and ship-agent for its fleet, which is in continuous development and
adapted to serve several terminals in the World (Europe, Far-East, Asia and South
America).
In order to respond to its clients increasing of internal demand, HYPROC SC
charters-in vessels for which it ensures the commercial operations. This activity
represents in 2013 25% of the company turnover as consequence of chartering an
average of 15 vessels for the year.
Furthermore, the company has implemented the latest technologies onboard the
recently acquired vessels and installed integrated IT software’s for maintenance and
operations onboard all vessels to maximize the efficiency of such vessels under its
management. Alongside new technologies, a training center (CAP Mostaganem) was
achieved in 2013 to allow the Company to ensure safeguard the well-being of our
ever growing workforce and to ensure the provision of suitably trained and qualified
operators for our own extensive operations, and for our customers when necessary.
With its leading position in the regional LNG market, HYPROC SC has attracted
from 2004 the interest into partnership with well-known LNG ship-owners in the world
such as BW Gas (Norway), MOL and ITOCHU (Japan).
Annual Report 2013
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1- Vision
Connecting Economics, sharing prosperity and driving excellence in global gas
and petroleum products transportation.
2- Mission
By consistently focusing on our values and responsible business fundamentals,
we shall be a leading service provider applying best practices to run a world-class
fleet, whilst building mutually beneficial relationships with our partners.
3- Value
Driven, Relentless, Transparent, Considered.
4- Strategic Sectors
The company organizes its business activities internally through a number of
strategic sectors including Oil and Gas Transportation, Chemical Clean and Dirty
Products Transportation and Ship Management. The Business units provide
necessary support to achieve the Company’s objectives in collaboration with Head
Office and Support Departments.
Annual Report 2013
Page 8 / 45
HYPROC Shipping Company Fleet
HYPROC operates 16 Vessels for the transport of oil, Gas and chemical products.
Year of
building
Type
Class
Capacity
(m3/mt)
Trade Area
Bachir Chihani
1979
LNG/C
BV
129.500
Med
Larbi Ben M’Hidi
1977
LNG/C
BV
129.500
Med
Mourad
Didouche
1980
LNG/C
BV
126.000
Med/ Asia
Abane Ramdane
1981
LNG/C
BV
126.000
Med
Mostefa
Benboulaid
1976
LNG/C
BV
125.000
Med
Lalla Fatma
N’Soumer
2004
LNG/C
BV
145.000
Asia/ Med
Cheikh El
Mokrani
2007
LNG/C
BV
75.000
Med
Cheikh
Bouamama
2008
LNG/C
BV
75.000
Med
Barouda
1988
LPG/C
DNV
6.500
Domestic Trade
Bridès
1995
LPG/C
BV
7.000
Domestic Trade
Rhourd El Adra
2007
LPG/C
BV
22.500
Med
Rhourd El
Hamra
2007
LPG/C
BV
22.500
Med
Berga II
2010
LPG/C
LR
35.000
Med
Rhourd El Farès
2010
LPG/C
LR
35.000
Med
Ain el Zeft
2009
Asphalt
Tanker
GL
5.000
Med/ Domestic
Trade
Ras Tomb
2009
Asphalt
Tanker
GL
5.000
Med/ Domestic
Trade
Vessel Name
Annual Report 2013
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Major Events facts of Year 2013
The exercise for year 2013 was marked by the following events:
Launching of the acquisition process of three (3) LNG vessels capacity of 155
000m3, with a 75% accomplishment rate.
Launching of the acquisition plan for one (1) LPG Vessels capacity of 12 000
m3, with 40% accomplishment rate.
Lunching of the acquisition plan for one (1) clean product tanker capacity
between 25 000 and 30 000mt, with 25% accomplishment rate.
Lunching of the acquisition plan for one (1) clean product tanker capacity of
7000mt, with 25% accomplishment rate.
Preparation of the disinvestment process of the vessel Mostefa Ben Boulaid,
with a 65% accomplishment rate.
Finalizing of the disinvestment process of the vessel Brides, but postponed for
2015 by the shareholder for economic considerations. The vessel was put
back in operation for the account of NAFTAL after dry-docking with100%
accomplishment rate.
Finalizing of the operation “educational equipment and furnishing” of the
company training center located in Mostaganem, with 55% accomplishment
rate.
Reflection process achieved 100% on the mode of management of the hotel
part of the training center, the submission of the case for approval and the
implementation is planned for 2014
Achievement of the works on the construction project of the administration
building of Arzew, achieved 100%.
Pursuit of the software integration (AMOS II, IMOS 6, ORACLE, Business
Intelligence), for the management process on board and on shore, with 75%
accomplishment rate.
Annual Report 2013
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Company Fleet Technical Situation
The entire fleet of the company recorded in accordance with the year 2013, a total
immobilization of 511 days against 512 days in 2012 divided as follow:
•
Dry Docking & Technical repairs: which represent 75% of the total duration of
the immobilization period for the below vessels:
o
o
o
o
o
o
o
•
Rhourd el Adra
Bachir Chihani
Didouche Mourad
Larbi Ben M’Hidi
Mostefa Ben Boulaid
Berga II
Bridès
Other immobilization: which represent 25% of the total duration of the
immobilization period for the below vessels:
o
o
o
o
Bachir Chihani
Rhourd el Adra
Rhourd el Farès
Bridès
Other immobilizations concern (Time of bunkering, Crew change, Vetting, PSC, Regulations,
etc.).
The rate of technical availability recorded for the whole fleet is illustrated below:
Designation
Prevision
2013
94%
Fleet technical availability
Realization
2013
89%
Realization
2012
89%
The rate of technical availability recorded for the entire fleet is of the order of 89% in
2013, equal to 2012 rate.
Availability
3%
Dry Docking & Technical
Repairs
Other Immobilization
8%
89%
Annual Report 2013
Page 11 / 45
1- LNG Fleet
The rate of technical availability of LNG Fleet is 84% in 2013, compared to 83% in
2012.
LNG Fleet Availability
120%
100%
17%
13%
Availability
80%
Dry Docking &
Technical Repair
60%
40%
83%
91%
84%
Prevision 2013
Realization 2013
20%
0%
Realization 2012
2- LPG Fleet
The rate of technical availability of LPG Fleet is 90% in 2013, compared to 91% in
2012.
LPG Fleet Availability
102%
100%
98%
4%
96%
Availability
94%
7%
92%
2%
90%
88%
Dry Docking & Technical
Repair
96%
91%
90%
86%
84%
Realization 2012
Annual Report 2013
Prevision 2013
Realization 2013
Page 12 / 45
3- Asphalt Fleet
The rate of technical availability of Asphalt Fleet is 100% in 2013, compared to
94% in 2012.
Asphalt Fleet Availability
108%
Availability
106%
104%
102%
Dry Docking &
Technical Repair
6%
100%
0%
3%
98%
96%
94%
100%
97%
94%
92%
Realization 2012
Annual Report 2013
Prevision 2013
Realization 2013
Page 13 / 45
Information Technology Systems
The necessity of having a strong and coherent organization is more than necessary,
for that Hyproc SC has set up an integrated information system that allows it to be
more competitive and to increase the quality of exchange of information between the
key structures of the company and this for a better management.
This information system consist of OeBS for Finance & Business Controlling, AMOS
II for ship management operated by multiple divisions such as Procurement,
Manning, QHSE, R&C, Fleet Management and on board the whole fleet of Hyproc
SC, added to this IMOS 7 “Integrated Maritime Operation System” to insure a better
management through this system, ship reports that are sent via VESLINK to IMOS7
which covers all the commercial aspect.
This solution reduce the operational complexity and increase the control and the
management to decrease the cost of operation and maintenance. The new
organization of Hyproc SC is intended to:
Clients/customers satisfaction
Be at the level of international benchmarks
Insure the conformity with the international regulations
Offer successful services of ship management and manning
Focus on vessels and crew concerns
Control and improve the Health, Safety an Environment protection
Annual Report 2013
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Human Resources Department
Human Resources Department provides advisory and support services to all
departments in a unified frame that is consistent with the HR policies and procedures
approved by the Company. These services include all changes in the requirements of
human resources.
The number of employees of the company as of 31 December, 2013 was 1894
compared to 1717 in December 2012, while the number of sedentary represent 36%
(682) as for 64% (1212) seafarers.
Office staff
[POURCENTAG
E]
Seafarers
[POURCENTAG
E]
Evolution of Company Staffs 2011-2013
Sedentary
Executive committee
Heads of Departments
Deputy Assistants of Departments
Supervisors
Execution
Total Sedentary (A)
Seafarers
Masters & Senior Off.
Junior Officers
Petty Officers
Crew
Cadets
Total Seafarers (B)
Total (A+B)
Annual Report 2013
2013
4
108
254
152
168
686
2013
140
310
252
436
70
1208
1894
2012
4
105
224
145
161
639
2012
2011
1
106
212
136
176
631
2011
407
438
671
585
1078
1717
1023
1654
Page 15 / 45
Quality, Health, Safety and Environment
The facts registered have below marked the year 2013:
•
It was noticed that the number of accidents recorded with regard to the
previous year increased, and the root causes of certain categories of
accidents were not previously identified, what had caused wounds to
members of the staff despite the fact that in the major part of the cases,
investigations are led to identify the root causes and set up the adequate
actions to avoid their recurrence.
•
The results recorded on the sector of the hygiene and the safety are
satisfactory in comparison with the required standards and targets, because
all the workers had adopted a responsible safety behavior with the permanent
concern of the environmental protection. This is due to a permanent
awareness from the staff and a rigorous follow-up of the Quality Management
System of the company (QMS) which is constantly revised to answer the new
requirements related thereto. Regular internal audits were also carried out in
this respect.
•
The continues implementation of the involvement of the staff which must be
maintained permanently as well as the review of the corrective / preventive
actions, relative to the safety sector, health and environmental protection
drove to maintain the rate of frequency and gravity of occupational accidents
at an acceptable level.
•
The collective consideration of the “risk” factor became an integral part of the
culture of the company due to the actions for the intensification of the
management of the safety and environment.
•
A single incident took place in 2013 but had no impact on the health, safety
and environmental protection, and the consequences were correctly managed
and addressed for its non-emergence again in the future.
•
No pollution incident recorded in 2013.
The commitment of HYPROC SC in the Quality, Safety and Environment field passes
by the individual empowerment of everyone, the implication of the management, and
the continues improvement of the organization and a rich program of training and
sensitization for the benefit of the seagoing and shore staff.
HYPROC SC tends to improve constantly the safety at work, for the protection of the
staff, and environmental protection by granting the priority to human factor.
The safety is the priority of HYPROC SC and its objectives still being to reach the
three zeroes “Zero incident”, “Zero accident” and “Zero pollution”.
Annual Report 2013
Page 16 / 45
The annual Balance for year 2013 is an evaluation of the objectives and the
performance quality, safety, health and environmental protection of HYPROC SC and
the confirmation of its commitment in the subject.
The evaluation of these performances is made through the measure of the rate of
frequency of the accidents, the number of exhibition hours accumulated over the year
reached 3 460 264 for all the workers of the company. The frequency rate of the
cases registered by one million hours of exhibition was 0.86 for the shore staff and
1.44 for the seagoing staff.
Different means implemented for the infringement of the objectives previously
quoted:
The company undertook a promotion process of a communication culture by means
of distribution of information concerning the problems of safety to avoid incidents or
accidents, and application of a reliable experience return tool to make all the
members of staff benefit from the experience happened.
Besides the use of the successful information systems basing itself on dedicated
computer software, the solution of which AMOS II insure the ground-sea interface in
QMS matter, incident/ accident, near misses and in evaluation of the risks among
others. This system, which is currently used, will be a major tool to control and
improve the management parameters in connection with health, safety and
environmental protection. It also contains dashboards that use key indicators of
performance.
It remains settled that the sensitization and the training of the staff are the key factors
of success of the company policy in this field. In this direction, the company used all
its means for the infringement of the objectives by resorting the upgrade of the
knowledge of the staff notably those concerning the specific subjects such as the
methods of investigation, reporting of incidents/accidents and the evaluation system,
etc. for that purpose the company has used her new training center of Mostaganem
to distribute courses for all the staff animated by internal and external seagoing or
shore staff.
So to insure a pleasant framework, the company has just opened its new operational
offices at Arzew to allow the various teams (Technique, Manning, Procurement, etc.)
to achieve their respective missions.
Annual Report 2013
Page 17 / 45
Internal Audit and Control
The Internal Audit and Control Department consists of professional and highly
qualified auditors, including excellent technical staff who have expertise in the
operation and maintenance of vessels. The department is working continuously to
develop the capabilities and skills of its employees by applying modern technologies
in the implementation of audit programs, trainings and keeping-up with the latest
auditing developments and risk analysis.
This department verifies that the company’s business units and offices comply with
established rules, standards, policies, procedures, control system, laws, regulations,
ect. The audit department prepares its annual audit plans and programs related to
the audit of risk management based on the international auditing standards.
The department’s staff has expertise in the areas of the company’s core businesses
with respect to the marine technical and operational aspects, in addition to their
extensive experience in the company’s activities and risk inherent in its business. The
audit plan also verifies that the company’s business units, offices and subsidiaries
implement policies, procedures, standards and effective monitoring systems and
comply with international and local laws with regards to all the activities of the
company.
Annual Report 2013
Page 18 / 45
Training Center CAP Mostaganem
Hyproc fleet as well as their crews are submitted to more and more rigorous national
and international maritime regulations. Hyproc SC has opened its new training center
CAP in Sablette near Mostaganem City to address the situation and provide the
required training and certification to their crew and office members as well as its
subsidiaries and other external clients. The educational program scheduled by this
center as below:
Captains and Deck Officers
Chief Engineer and Engine
Officers
Bridge Team Management
Maintenance Procedures
Cargo Handling Procedures
Ballast Water Management
Safety and Security Procedures
Repair Procedures
Environment Management
Environment Management
AMOS (maintenance and QHSE
management)
AMOS (maintenance and QHSE
management)
To the previous courses it was added other courses as project for next year with
acquisition of marine simulators in the field of the quality required by the international
maritime regulations:
Tanker Management Safety Assessment ( TMSA )
High voltage preventing measures
LNG Cargo Simulator Membrane ( LICOS )
Emergency response preparedness and technical capacity
Risk assessment and risk management
Risk Management & Incident investigation training
Ship Emergency Response Service training
Annual Report 2013
Page 19 / 45
Financial Indicators for Year 2013
(Unit: Million DZD)
Designation
TURNOVER
- Shipping
- Secondary Activities
ADDED VALUE OF OPERATION
Financial Charges
NET PROFIT
TOTAL NET OF ASSETS
TOTAL NET NOT CURRENT ASSETS
INVENTORIES AND WORK IN PROGRESS
RECEIVABLE AND SIMILAR ASSETS
- Customers
- Other Debtors
- Taxes duties and other leviers
- Remaining assets and other Jobs similar assets
AVAILABILITY AND SIMILAR WHICH:
- Investments / Current Financial Assets
- Cash flow
NONE CURRENT LIABILITIES
CURRENT LIABILITIES
EQUITY
60 000
2013
15 525,8
15 299,4
226,4
8 283,1
492,2
1 229,9,
48 565,3
25 483,1
235,0
9 451,1
5 607,5
2 706,5
1 137,1
2012
14 226,9
14 000,5
226,4
6 779,4
158.3
853.9
45 042,4
26 656,0
222,5
9 283,0
5 001,1
2 128,5
2 153,4
13 396,1
8 881,0
13 396,1
4 555,7
9 770,5
34 239,1
8 881,0
4 161,3
7 851,9
33 029,3
Statement of Accounts
2013
Million DZD
50 000
2012
40 000
30 000
20 000
10 000
0
Total of Assets
Annual Report 2013
Debts
Equity
Page 20 / 45
Activity Analysis
The turnover realized by the company for the year 2013 amounts to 15.52 billion DZD
(195,764 million USD), which represent 101% realization rate compared to budget
forecast for 2013, with 9% increase compared with the year 2012.
Million DZD
This increase is noticed mainly in the LNG transportation sector:
20000
16000
15352
15526
Budget Forecast 2013
Real 2013
14227
12000
8000
4000
0
Real 2012
MILLION USD
Average Annual 2013 Exchange rate: 1 USD = 79, 3094 DZD
210
193,571
195,764
190
179,386
170
150
Real 2012
Annual Report 2013
Budget Forecast 2013
Real 2013
Page 21 / 45
•
This activity evolution appears by segment of products as follow:
(Unit: Millions DZD)
Designation
Budget
Forecast
2013
Realization
2013
Realization
2012
LNG Activity
6 961
6 837
6 141
98%
11%
LPG Activity
4 288
4 387
4 072
102%
8%
3 245
3 435
3 178
106%
8%
605
641
610
106%
5%
Ship Agency
254
226
226
89%
0%
Total
15 352
15 526
14 227
101%
9%
Asphalt/Dirty
Prods Activity
Ship
management
Activity
•
Real
Evolution
Realization
Rate 013/012
Rate 013
The distribution of the turnover 2013 by business segments of products is
shown by the following graph:
Turnover Distribution by Segment of Activity
4%
2%
LNG
22%
44%
LPG
Asphalt/dirty Prods
Ship Agency
Shipmanagement
28%
Annual Report 2013
Page 22 / 45
1- LNG Activity
The turnover realized by this activity represent 6.84 billion DZD (86.245 million USD)
with an accomplishment rate of 98% compared with the budget forecast for 2013,
due to the extended Dry-Docking and technical repairs.
Evolution of LNG Turnover
6961
6837
Budget forecast 2013
Realization 2013
87,77
86,207
Budget Forecast 2013
Realization 2013
7500
MILLION DZD
6141
6000
4500
3000
1500
0
Realization 2012
120
100
MILLION USD
80
77,431
60
40
20
0
Realization 2012
Average Annual 2013 Exchange rate: 1 USD = 79, 3094 DZD
This distribution of the turnover for LNG/C (Fully owned without the JVC Fleet of
LNG/C) is shown by the following graph:
L.Ben M'hidi
16%
M.Ben
Boulaid
15%
B.Chihani
13%
A.Ramdane
35%
M.Didouche
21%
Annual Report 2013
Page 23 / 45
2- LPG Activity
The turnover realized by this activity represent 4.39 billion DZD (55,353 million USD)
with an accomplishment rate of 102% compared with the 2013 Budget forecast, and
an increase of 8% compared with the last year (2012) due to the increase of the
chartering activity of LPG in Domestic trade Area.
Evolution of LPG Turnover
5000
Million DZD
4000
3000
887
1126
1144
453
465
497
2732
2697
2746
2000
Domestic Trade/
Chartered
Vessels
Domestic Trade/
Owned Vessels
International
Traffic/ Owned
Vessels
1000
0
Realization 2012 Budget Forecast 2013 Realization 2013
60
Million USD
50
40
11,184
14,197
14,424
5,712
5,863
6,266
30
20
Domestic Trade/
Chartered
Vessels
Domestic Trade/
Owned Vessels
34,447
34
34,624
10
International
Traffic/ Owned
Vessels
0
Realization 2012 Budget Forecast 2013 Realization 2013
Average Annual 2013 Exchange rate: 1 USD = 79, 3094 DZD
Annual Report 2013
Page 24 / 45
This distribution of the turnover for LPG/C fleet is shown by the following graph:
20%
22%
9%
19%
24%
6%
rhourd elhamra
rhourd el fares
rhourd el adra
barouda
brides
berga 2
3- Asphalt/Clean and Dirty Products
The turnover realized by this activity represent 3.435 billion DZD (43,311 million
USD) with an accomplishment rate of 106% compared with the budget forecast for
2013, and an increase of 8% compared with the last year (2012) due to the high
chartering activity of clean products tankers and 100% fleet availability.
3500
Million DZD
3000
2500
2000
2462
2561
2697
364
352
99
584
124
614
1500
1000
500
0
Domestic Trade/
Chartered Vessels
Domestic Trade/
Owned Vessels
Internation Traffic/
Owned Vessels
Million USD
Realization 2012 Budget Forecast 2013 Realization 2013
45
40
35
30
25
20
15
10
5
0
31,043
32,29
34
Domestic Trade/
Chartered Vessels
Domestic Trade/
Owned Vessels
4,59
4,44
1,25
7,36
1,56
7,742
Internation Traffic/
Owned Vessels
Realization 2012 Budget Forecast 2013 Realization 2013
Average Annual 2013 Exchange rate: 1 USD = 79,3094 DZD
Annual Report 2013
Page 25 / 45
4- Ship-management
The turnover realized by this activity represent 641 million DZD (8,1 million USD) with
an accomplishment rate of 106% compared with the 2013 Budget Forecast.
The activity of ship-management for 2013 increased by 5% compared to 2012.
650
641
Million DZD
640
630
620
610
610
605
600
590
580
Budget Forecast 2013
Million USD
8,2
Realization 2013
Realization 2012
8,1
7,8
7,69
7,63
7,4
7
Budget Forecast 2013
Realization 2013
Realization 2012
Average Annual 2013 Exchange rate: 1 USD = 79, 3094 DZD
Annual Report 2013
Page 26 / 45
5- Ship Agency
The turnover realized by this activity represent 226 million DZD (2,85 million USD)
with an accomplishment rate of 89% compared with the budget forecast for 2013
similar to year 2012.
Turnover Evolution of Ship Agency Activity
Million DZD
260
254
250
240
230
226
226
220
210
Realization 2012
Budget Forecast 2013
Realization 2013
3,3
3,2
Million USD
3,2
3,1
3
2,9
2,85
2,85
2,8
2,7
2,6
Realization 2012
Budget Forecast 2013
Realization 2013
Average Annual 2013 Exchange rate: 1 USD = 79, 3094 DZD
From the production point of view, the number of calls handled by the agencies for
2013 decreased by 2% compared with 2012.
Number of Port Call
Evolution of number of Vessels Handled
2000
1889
1845
1500
1000
500
0
2012
Annual Report 2013
2013
Page 27 / 45
Annual Report 2013
Page 28 / 45
Detailed Financial Report Year 2013
st
Balance Sheet on 31 December, 2013
ASSETS
NONE CURRENT ASSETS
Goodwill – Positive of Negative Goodwill
Intangible assets
Tangible assets
Lands
Buildings
Other tangible assets
Fixed assets under concession
Current Fixed assets
Long-term financial investments
Titles in equivalence
Other participations and connected debts
Other immobilized titles
Current and none current financial assets
Differed taxes asset
TOTAL NONE CURRENT ASSETS
CURRENT ASSETS
Stocks and outstanding discounted bills
Debts and assimilated jobs
Clients
Other debtors
Taxes and likened
Other debts and assimilated jobs
Availability and likened
Investments and other current financial assets
Cash management
TOTAL NET CURRENT ASSETS
RESULTS (LOSS)
TOTAL GENERAL ASSETS
Annual Report 2013
Average Annual 2013 Exchange rate: 1 USD = 79, 3094 DZD
2013
DZD
2012
USD
DZD
USD
861 418 662,51
20 360 955 103,47
164 599 792,88
2 444 373 478,34
17 751 981 832,25
10 861 495,14
256 728 144,50
2 075 413,42
30 820 728,42
223 832 002,67
1 178 489 262,98
21 788 310 393,15
164 599 792,88
2 643 397 301,40
18 980 313 298,87
14 859 389,47
274 725 447,34
2 075 413,42
33 330 189,13
239 319 844,80
770 566 113,22
3 490 216 768,96
9 715 949,35
44 007 605,26
462 807 425,83
3 226 369 738,26
5 835 467,50
40 680 798,72
2 562 796 526,76
32 313 906,38
2 434 713 446,46
30 698 926,56
10 289 080,29
917 131 161,91
25 483 156 648,16
129 733,43
11 563 965,46
321 313 194,25
11 435 483,13
780 220 808,67
26 655 976 820,22
144 188,24
9 837 683,91
336 101 103,02
234 941 392,23
9 451 090 458,75
5 607 464 775,43
2 706 514 731,68
1 137 110 951,64
2 962 339,80
119 167 342,82
70 703 659,03
34 126 027,07
14 337 656,72
222 463 137,50
9 282 979 895,32
5 001 120 836,49
2 128 436 717,75
2 153 422 341,08
2 805 003,41
117 047 662,64
63 058 361,76
26 837 130,50
27 152 170,37
13 396 147 005,73
168 909 952,74
8 881 013 470,36
111 979 329,95
13 396 147 005,73
23 082 178 856,71
168 909 952,74
291 039 635,36
8 881 013 470,36
18 386 456 503,18
111 979 329,95
231 831 996,00
48 565 335 504,87
612 352 829,61
45 042 433 323,40
567 933 099,02
Page 29 / 45
Average Annual 2013 Exchange rate: 1 USD = 79, 3094 DZD
LIABILITIES
Equity
Issued capital
Uncalled capital
Premiums and reserves - consolidated reserves
Revaluation gap
Equivalence gap
Net income - Net result group part I
Other owned capital - Balances brought forward
Part of consolidated company
Part of minority party
TOTAL EQUITY I
NONE CURRENT LIABILITIES
Loans and financial debts
Taxes (postponed and funded)
Other none current debts
Reserves and products noticed beforehand
TOTAL NONE CURRENT LIABILITIES II
CURRENT LIABILITIES
Suppliers and connected accounts
Taxes
Other debts
Treasury liabilities
TOTAL CURRENT LIABILITIES III
TOTAL GENERAL LIABILITIES
Annual Report 2013
2013
DZD
2012
USD
DZD
USD
12 000 000 000,00
151 306 150,34
12 000 000 000,00
151 306 150,34
20 980 122 652,56
29 160 681,00
264 535 132,69
367 682,53
18 978 552 028,93
29 160 681,00
239 297 637,21
367 682,53
1 229 863 160,00
15 507 155,02
0,00
853 946 127,07
1 167 624 496,56
10 767 275,09
14 722 397,30
34 239 146 493,56
431 716 120,58
33 029 283 333,56
416 461 142,48
2 256 000 000,00
713 743 379,25
28 445 556,26
8 999 480,25
2 259 016 837,40
528 717 735,27
28 483 595,10
6 666 520,43
1 585 953 418,05
4 555 696 797,30
19 997 042,19
57 442 078,71
1 373 517 794,39
4 161 252 367,06
17 318 474,16
52 468 589,69
4 860 600 047,67
718 915 577,42
4 190 976 588,92
61 286 556,80
9 064 695,70
52 843 377,82
3 890 257 179,22
878 412 693,33
3 083 227 750,23
49 051 653,14
11 075 770,25
38 875 943,46
9 770 492 214,01
48 565 335 504,87
123 194 630,32
612 352 829,61
7 851 897 622,78
45 042 433 323,40
99 003 366,85
567 933 099,02
Page 30 / 45
Consolidated Income Statement
Average Annual 2013 Exchange rate: 1 USD = 79, 3094 DZD
Designation
Turnover
I - PRODUCTION OF THE EXERCISE
Consumed purchases
External services and other consumptions
II - EXERCISE CONSUMPTION
III - OPERATION ADDED VALUE
Staff expenses
Taxes and assimilated payments
IV- GROSS OPERATING PROFIT
Other operating incomes
Other operational charges
Depreciation allowances and reserves
Resumed losses of value and reserves
V- OPERATIONAL RESULT
Financial products
Financial charges
VI - FINANCIAL RESULT
VII - ORDINARY PROFIT BEFORE TAX (5+6 )
Due taxes on ordinary profits
Postponed taxes on ordinary profits
TOTAL OF PRODUCTS FOR ORDINARY ACTIVITIES
TOTAL OF CHARGES FOR ORDINARY ACTIVITIES
VIII - NET INCOME OF ORDINARY ACTIVITIES
Extraordinary products to be specified
Extraordinary charges to be specified
IX - EXTRAORDINARY RESULT
X - NET RESULT OF THE EXERCISE
Part in the net income of equity companies (I)
XI - NET RESULT OF CONSOLIDATED GROUP
Of which leaves members of a minority party (I)
Part of the group (I)
Annual Report 2013
2013
DZD
15 525 823 970,14
15 525 823 970,14
1 393 278 008,89
5 849 409 068,33
7 242 687 077,22
8 283 136 892,92
4 567 679 687,02
180 095 091,04
3 535 362 114,86
679 794 173,73
139 577 150,28
2 353 932 062,44
28 368 068,47
1 750 015 144,34
384 068 277,66
492 197 129,59
-108 128 851,93
1 641 886 292,41
363 907 841,67
48 115 290,74
16 618 054 490,00
15 388 191 330,00
1 229 863 160,00
USD
195 762 721,32
195 762 721,32
17 567 627,66
73 754 297,33
91 321 924,98
104 440 796,34
57 593 169,12
2 270 791,24
44 576 835,97
8 571 419,95
1 759 906,77
29 680 366,54
357 688,60
22 065 671,21
4 842 657,71
6 206 037,74
-1 363 380,03
20 702 291,18
4 588 457,88
606 678,28
209 534 487,59
194 027 332,57
15 507 155,02
2012
DZD
14 226 850 987,31
14 226 850 987,31
1 638 496 705,69
5 808 979 716,27
7 447 476 421,96
6 779 374 565,35
4 578 644 434,38
169 324 964,55
2 031 405 166,42
580 243 325,83
149 890 282,55
2 162 891 912,50
109 646 561,82
408 512 859,02
756 164 604,03
158 341 141,09
597 823 462,94
1 006 336 321,96
206 674 799,34
-54 284 604,45
15 672 905 478,99
14 818 959 351,92
853 946 127,07
USD
179 384 171,20
179 384 171,20
20 659 552,41
73 244 529,86
93 904 082,26
85 480 088,93
57 731 421,93
2 134 992,38
25 613 674,63
7 316 198,66
1 889 943,47
27 271 570,74
1 382 516,60
5 150 875,67
9 534 362,94
1 996 499,04
7 537 863,90
12 688 739,57
2 605 930,69
-684 466,21
197 617 249,39
186 849 974,30
10 767 275,09
1 229 863 160,00
15 507 155,02
853 946 127,07
10 767 275,09
Page 31 / 45
Statement of Changes in Equity
Unit/DZD
Designation
Balance on 31/12/2011
Share capital
Share
premium
Gap
assessment
12 000 000
000,00
Gap reevaluation
29 160 681,00
Change of accounting method
Reserves & result
18 998 552 028,93
1 167 624 496,56
Significant error correction
Re-evaluation of tangible capital assets
Profits or losses unaccounted for accountability result
Dividends paid
-20 000 000,00
Increased capital
Net result income year
Balance on 31/12/2012
853 946 127,07
12 000 000
000,00
29 160 681,00
21 000 122 652,56
Change of accounting method
Significant error correction
Re-evaluation of tangible capital assets
Profits or losses unaccounted for accountability result
Dividends paid
-20 000 000,00
Increased capital
Net result income year
Balance on 31/12/2013
Annual Report 2013
1 229 863 160,00
12 000 000
000,00
29 160 681,00
Page 32 / 45
22 209 985 812,56
Cash Flow Statement
Unit/DZD
Designation
2013
2012
CASH FLOW FROM OPERATING ACTIVITIES
Collection received from the customers
23 018 012 702,51
19 735 432 569,53
-18 813 962 526,76
-18 658 655 523,48
Interests and other financial expenses
-31 039 906,56
-33 326 906,31
Taxes on the result paid
450 152 058,21
-719 298 240,54
4 623 162 327,40
324 151 899,20
4 623 162 327,40
324 151 899,20
-311 815 203,14
-1 149 481 822,30
Amounts paid to the suppliers
FLOW BEFORE EXTRAORDINARY ELEMENTS
Cash flow from extraordinary elements
Cash flow from operating activities (A)
Cash flow from investing activities
cash on acquisition tangible and intangible assets
Receipts on transfer tangible and intangible assets
3 083 000,00
Cash on acquisition financial capital
Receipts on transfer financial capital
Interests cashed in financial investments
207 551 120,95
207 483 592,61
69 081 455,00
53 343 671,75
-35 182 627,19
-885 571 557,94
Dividends or other distributions that occur
-20 220 000,00
-20 380 000,00
Receipts on portfolio loans
Borrowing and repayments and other liabilities
assimilated
CASH FLOW FROM FINANCING ACTIVITIES (C)
-20 220 000,00
-20 380 000,00
Impacts of changes exchange rates cash and cash flow
-52 626 164,84
-13 850 642,21
CASH FLOW THE PERIOD (A+B+ C)
4 515 133 535,37
-595 650 300,95
Cash and cash equivalents opening of the year
8 881 013 470,36
9 473 663 771,31
Cash and cash equivalents the close of the year
13 396 147 005,73
8 881 013 470,36
4 515 133 535,37
-592 650 300,95
2 873 247 242,96
-2 766 611 119,47
Dividends and cash results received
CASH FLOW FROM FINANCING ACTIVITIES (B)
Cash flow from fundraising activities
Receipts followed issue of shares
CASH FLOW THE PERIOD
Rapprochement with result net earning
Annual Report 2013
Page 33 / 45
Main Indicators for year 2013 Activity
1- Operation
Products
The total amounts of products recorded in 2013 amount to 16.6 billion DZD (209,307
million USD), recording a 6% increase compared with 2012.
The products details are illustrated by the graph below:
2%
4%
0%
Supplied Services
94%
Other Operating Income
Financial Products
Recoveries of provisions
2- Outlay
The total outlay recorded during the year 2013 amount to 15,4 billion DZD (194,176
million USD) recording a 4% increase compared with 2012 noticed at the level of the
sections “ Depreciation allowances – reserves and financial charges”.
Operating expenses represent 99% of the total amount of charges divided as follow:
Consumed purchases
0,9%
1,2%
3,3%
15,7%
External services
Other external services
9,3%
Employes expenses
Taxes and assimilated payments
Other operational charges
34,4%
30,5%
Financial charges
Depreciation endowments,
reserves and losses of value
4,7%
Annual Report 2013
Page 34 / 45
3- Results
The company activity generated, in 2013, a net result of 1.23 billion DZD (15.51
million USD) representing an increase of 45% compared with 2012 result due to the
increase of the turnover and the decrease of the consumptions and expenses.
The added value of operation rose from 6.78 billion DZD (85.49 million USD) in 2012
to 8.28 billion DZD (104.4 million USD) in 2013 representing a 22% increase, due to
the sales growth of 9% and the decrease of the consumptions.
The gross operating profit for year 2013 recorded an increase of 1.5 billion DZD
(18.91 million USD) representing a 74% increase compared with 2012, passing from
2.03 billion DZD (25.596 million USD) in 2012 to 3.54 billion DZD (44.635 million
USD) due to the increase of the added value (Sales).
The 2013 operating profit recorded an increase of 1.34 billion DZD (16.896 million
USD) compared with 2012, passing from 0.41 billion DZD (5.17 million USD) in 2012
to 1.75 billion DZD (22.065 million USD) in 2013 due to the increase of the gross
operating profit.
The financial result recorded in 2013 a decrease of 706 million DZD (8.9 million USD)
compared with 2012, passing from 598 million DZD (7.54 million USD) in 2012 to
-108 million DZD (-1.36 million USD) in 2013.
This decrease is the result of the increase of the financial charges which passed from
158 million DZD (1.99 million USD) in 2012 to 492 million DZD (6.2 million USD) in
2013 and the decrease of the financial products.
The result before taxes represent during this exercise 1.64 billion DZD (20.68 million
USD) against 1.01 billion DZD (12.735 million USD) in 2012 with an increase of 0.63
billion DZD (7.943 million USD) representing a 62% increase rate.
Unit :Million
Designation
Operation added value
Gross operating profit
Operational result
Financial result
Ordinary result before
taxes
Extraordinary result
Net Result for the year
Annual Report 2013
DZD
2013
USD
8 283
3 535
1 750
-108
DZD
104
45
22
-1
2012
USD
6 779
2 031
409
598
85
26
5
8
1 642
21
1 006
13
1 230
15.5
854
10.77
Page 35 / 45
Patrimony Values
The total of the balance closed on 31/12/2013 stopped with the sum of 48.57 billion
DZD (612.411 million USD) against 45.04 billion DZD (567.90 million USD) in
31/12/2012.
1- Assets:
2013
DZD
USD
None current assets (net)
25 483
Current assets (net)
23 082
Total (net)
48 565
321
291
612
Unit: Million
2012
USD
26 656
336
18 386
232
45 042
568
416
57
123
16
612
Unit: Million
2012
USD
32 175
406
4 161
52
7 852
99
854
11
45 042
568
Designation
DZD
Average Annual 2013 Exchange rate: 1 USD = 79, 3094 DZD
2- Liabilities:
Designation
Equity
None current liabilities
Current liabilities
Net result
Total
2013
DZD
USD
33 009
4 556
9 770
1 230
48 565
DZD
Average Annual 2013 Exchange rate: 1 USD = 79, 3094 DZD
Financial Structure
The working capital passed from 10.53 billion DZD (132.77 million USD) in 2012 to
13.31 billion DZD (167.82 million USD) in 2013 recording a positive variation of 26 %
due to the increase of the permanent capital.
The working capital requirement passes from 1653 million DZD (20.84 million USD)
in 2012 to -84 million DZD (1.06 million USD) in 2013.
This decrease of the working capital requirement is understandable by the increase
of the suppliers’ debts and connected accounts at the level of 25% and the other
debts for 36%.
Annual Report 2013
Page 36 / 45
Average Annual 2013 Exchange rate: 1 USD = 79, 3094 DZD
Designation
A – Permanent capital
Equity
None current liabilities
B – None current assets (net)
1 – Working capital (A-B)
C – Operating assets
Stocks
Claims (except availabilities)
D – Current liabilities
2 – Working capital requirement (C-D)
FUNDINDG OVERDUE (1-2)
Unit: Million
2013
2012
Variation 2013/2012
DZD
USD
DZD
USD
DZD
USD
38 795
489 37 190
469 1 969
25
34 239
432 33 029
416 1 574
20
4 556
57
4 161
52
395
5
25 483
321 26 656
336 -1 173
-15
13 312
168 10 534
133 3 142
40
9 686
122
9 505
120
181
2
235
3
222
3
13
0
9 451
119
9 283
117
168
2
9 770
123
7 852
99 1 554
20
-84
-1
1 653
21 -1 373
-17
13 396
169
8 881
112 4 515
57
Financial Ratios
RATIOS
2013
2012
Profit/ Number of shares (Million ) (*)
0,103
0,071
Net profit/ Equity
4%
3%
Net profit/Turnover
8%
6%
Operation added value /Turnover
53%
48%
Turnover/ Total assets
32%
32%
Self-financing capacity/Turnover
23%
21%
equity /Permanent capital
88%
89%
Total debts/Total assets
29%
27%
Annual Report 2013
Page 37 / 45
Annual Report 2013
Page 38 / 45
Mr BOULAHDOUR Yassine
Certified Public Accountant
External auditor
06 Rue BELHOCINE Ex-BEDEAU ORAN
041 41 10 87 041 41 43 01
ORAN le 12/05/2014
Mr President, members of Board Directors
of the company HYPROC SHIPPING COMPANY,
EPE SPA with Share Capital of 12.000.000.000.00 DA.
Auditor Reports on financial statements as of December 31, 2013.
Dear Sirs,
We have audited the accompanying sheets of HYPROC Shipping Company as of
December 31, 2013 and the related statements of income, of changes in equity, and
of cash flows for the year then ended. Our responsibility is to express an opinion on
these financial statements based on audits as well as our reports on the specific
checks and the statutory information.
The annual accounts on the company HYPROC SC EPE spa were settled by the
Board of directors all in total assets and total liabilities of forty eight Billions Five
hundred and sixty five millions, three hundred and thirty five thousand, five hundred
and four Dinars, eighty seven centimes (48 565 335 504, 87 ).
The activities for year 2013 has recorded a profit that amounts to (01) Billion two
hundred and twenty nine millions, eight hundred and sixty three thousand, hundred
and sixty Dinars, (1 229 863 160,00 ).
External auditor Signature
Annual Report 2013
Page 39 / 45
General Report
1) Work Achieved
The controls which we made on annual accounts closed on December 31st, 2013
were executed to in a way to obtain the reasonable insurance that these accounts do
not contain significant anomalies.
In this way, we implemented the diligences which we considered necessary with
regard to the standards on the profession.
Our Intervention essentially consisted in examining the convincing elements justifying
the data contained in the accounts, and to verify the applied accounting principles
and the significant estimations retained for the accounts closure as well as their
presentation of group.
2) Opinion on the accounts
Considering the diligences which we have carried out according to the
recommendations of the profession, we certify subject to the incidence of the remarks
and the observations contained in the present report, that the annual accounts of the
past financial year on December 31st, 2013 such as they are annexed, are regular
and sincere and give an accurate image of the results of the operations for the year
as well as the financial situation and the holdings of the company HYPROC SC EPE
spa at the end of the year
3) Specific Checks
We also proceeded, according to the standards of the profession, to the specific
checks planned by the regulations.
We examined the management report established by the Head office of the company
HYPROC SC spa, and, we have no observations to be formulated on the sincerity
and the concordance with the annual accounts of the information given in this report
set to the shareholders, on the financial situation and annual accounts submitted to
your approval.
Conclusion and issue of the opinion on the accounts
The investigations on the accounts of the Company HYPROC SC closed on
December 31st, 2013 allowed us to concern a favorable appreciation on the regularity
and the sincerity of financial statements.
External auditor Signature
Annual Report 2013
Page 40 / 45
Consolidated Financial Statements HYPROC SHIPPING COMPANY
Consolidated Balance Sheet As at December 31, 2013 (In Algerian Dinars)
ASSETS
NONE CURRENT ASSETS
Goodwill – Positive of Negative Goodwill
Intangible assets
Tangible assets
Lands
Buildings
Other tangible assets
Fixed assets under concession
Current Fixed assets
Long-term financial investments
Titles in equivalence
Other participations and connected debts
Other immobilized titles
Current and none current financial assets
Differed taxes asset
TOTAL NONE CURRENT ASSETS
CURRENT ASSETS
Stocks and outstanding discounted bills
Debts and assimilated jobs
Clients
Other debtors
Taxes and likened
Other Debts and assimilated jobs
Availability and likened
Investments and other current financial assets
Cash management
TOTAL NET CURRENT ASSETS
RESULTS (LOSS)
TOTAL GENERAL ASSETS
Annual Report 2013
Notes Gross Amount 2013
A2
A3
A4
A5
A6
A7
A8
A1
A9
A10
A11
A12
A13
Provisions 2013
1 759 939 781,87
898 521 119,36
861 418 662,51 1 178 489 262,98
37 479 363 621,19 17 118 408 517,72 20 360 955 103,47 21 788 310 393,15
164 599 792,88
164 599 792,88
164 599 792,88
3 084 090 330,49
639 716 852,15 2 444 373 478,34 2 643 397 301,40
34 230 673 497,82 16 478 691 665,57 17 751 981 832,25 18 980 313 298,87
770 566 113,22
3 523 568 894,96
33 352 126,00
770 566 113,22
3 490 216 768,96
462 807 425,83
3 226 369 738,26
2 596 148 652,76
33 352 126,00
2 562 796 526,76
2 434 713 446,46
10 289 080,29
10 289 080,29
11 435 483,13
917 131 161,91
917 131 161,91
780 220 808,67
43 533 438 411,24 18 050 281 763,08 25 483 156 648,16 26 655 976 820,22
234 941 392,23
9 769 557 804,59
5 912 612 121,27
2 719 834 731,68
1 137 110 951,64
13 396 147 005,73
A14
Net Amount 2013 Net Amount 2012
13 396 147 005,73
23 400 646 202,55
318 467 345,84
305 147 345,84
13 320 000,00
234 941 392,23
9 451 090 458,75
5 607 464 775,43
2 706 514 731,68
1 137 110 951,64
222 463 137,50
9 282 979 895,32
5 001 120 836,49
2 128 436 717,75
2 153 422 341,08
13 396 147 005,73
8 881 013 470,36
13 396 147 005,73 8 881 013 470,36
318 467 345,84 23 082 178 856,71 18 386 456 503,18
66 934 084 613,79 18 368 749 108,92 48 565 335 504,87 45 042 433 323,40
Page 41 / 45
Consolidated Financial Statements HYPROC SHIPPING COMPANY
Consolidated Balance Sheet As at December 31, 2013 (In Algerian Dinars)
LIABILITIES
Notes
Equity
Issued capital
Uncalled capital
Premiums and reserves - consolidated reserves (I)
Revaluation gap
Equivalence gap (I)
Net income - Net result group (I)
Other owned capital - Balances brought forward
Part of consolidated company (I)
Part of minority party (I)
TOTAL EQUITY I
NONE CURRENT Liabilities
Loans and financial debts
Taxes (postponed and funded)
Other none current debts
Reserves and products noticed beforehand
TOTAL NONE CURRENT LIABILITIES II
CURRENT LIABILITIES
Suppliers and connected accounts
Taxes
Other debts
Treasury liabilities
TOTAL CURRENT LIABILITIES III
TOTAL GENERAL LIABILITIES
(I) To use only for the presentation of the consolidated financial statements
Annual Report 2013
2013
2012
12 000 000 000,00 12 000 000 000,00
20 980 122 652,56 18 978 552 028,93
29 160 681,00
29 160 681,00
P2
1 229 863 160,00
853 946 127,07
1 167 624 496,56
P1
34 239 146 493,56 33 029 283 333,56
P4
P5
P6
P3
P8
P9
P10
P7
Page 42 / 45
2 256 000 000,00
713 743 379,25
2 259 016 837,40
528 717 735,27
1 585 953 418,05 1 373 517 794,39
4 555 696 797,30 4 161 252 367,06
4 860 600 047,67
718 915 577,42
4 190 976 588,92
3 890 257 179,22
878 412 693,33
3 083 227 750,23
9 770 492 214,01 7 851 897 622,78
48 565 335 504,87 45 042 433 323,40
Consolidated Financial Statements HYPROC SHIPPING COMPANY
Consolidated Statement of Income for the year ended December 31, 2013 (In Algerian Dinars)
Designation
Turnover
I - PRODUCTION OF THE EXERCISE
Consumed purchases
External services and other consumptions
II - EXERCISE CONSUMPTION
III - OPERATION ADDED VALUE
Staff expenses
Taxes and assimilated payments
IV- GROSS OPERATING PROFIT
Other operating incomes
Other operational charges
Depreciation allowances and reserves
Resumed losses of value and reserves
V- OPERATIONAL RESULT
Financial products
Financial charges
VI - FINANCIAL RESULT
VII - ORDINARY PROFIT BEFORE TAX (5+6 )
Due taxes on ordinary profits
Postponed taxes on ordinary profits
TOTAL OF PRODUCTS FOR ORDINARY ACTIVITIES
TOTAL OF CHARGES FOR ORDINARY ACTIVITIES
VIII - NET INCOME OF ORDINARY ACTIVITIES
Extraordinary products to be specified
Extraordinary charges to be specified
IX - EXTRAORDINARY RESULT
X - NET RESULT OF THE EXERCISE
Part in the net income of equity companies (I)
XI - NET RESULT OF CONSOLIDATED GROUP
Of which leaves members of a minority party (I)
Part of the group (I)
(I) To use only for the presentation of the consolidated financial statements
Annual Report 2013
Notes
R1
R2
R3
R4
R5.1
R5.2
R5.3
R5.4
R5
R6
R7
R8
R9
R10
Page 43 / 45
2013
15 525 823 970,14
15 525 823 970,14
1 393 278 008,89
5 849 409 068,33
7 242 687 077,22
8 283 136 892,92
4 567 679 687,02
180 095 091,04
3 535 362 114,86
679 794 173,73
139 577 150,28
2 353 932 062,44
28 368 068,47
1 750 015 144,34
384 068 277,66
492 197 129,59
-108 128 851,93
1 641 886 292,41
363 907 841,67
48 115 290,74
16 618 054 490,00
15 388 191 330,00
1 229 863 160,00
2012
14 226 850 987,31
14 226 850 987,31
1 638 496 705,69
5 808 979 716,27
7 447 476 421,96
6 779 374 565,35
4 578 644 434,38
169 324 964,55
2 031 405 166,42
580 243 325,83
149 890 282,55
2 162 891 912,50
109 646 561,82
408 512 859,02
756 164 604,03
158 341 141,09
597 823 462,94
1 006 336 321,96
206 674 799,34
-54 284 604,45
15 672 905 478,99
14 818 959 351,92
853 946 127,07
1 229 863 160,00
853 946 127,07
Consolidated Financial Statements HYPROC SHIPPING COMPANY
Consolidated Statement of Cash Flows for year ended December 31, 2013 (In Algerian Dinars)
Designation
Cash flow resulting from operational activities
Collections received from the customers
Sums paid to suppliers and the staff
Paid Interest and other financial expenses
Paid taxes on the results
Flow before extraordinary elements
Cash flow bound to extraordinary elements
Cash flow resulting from operational activities (A)
cash flow resulting from investment activities
Disbursement on tangible and intangible acquisitions
Collection on tangible and intangible transfers
Disbursement on acquisition of financial immobilizations
Collection on transfers of financial immobilizations
Interests collected on securities investments
Dividends and share of profit received
Net cash flow from investment activities (B)
Net cash flow from financing activities
Collections due to share issue
dividends and other distribution made
Collections resulting from loans
Refunds of loans and other assimilated debts
Net cash flow from financing activities ( C )
Impact of exchange rate variations on liquid-almost liquid assets
Cash flow variations of the period (A+B+C)
cash and cash equivalents at the beginning of the year
cash and cash equivalents at the end of the year
Cash flow variations for the period
Reconciliation with accounting results
Annual Report 2013
Notes
2013
2012
23 018 012 702,51 19 735 432 569,53
-18 813 962 526,76 -18 658 655 523,48
-31 039 906,56
-33 326 906,31
450 152 058,21
-719 298 240,54
4 623 162 327,40
324 151 899,20
T1
T2
T3
T4
T5
Page 44 / 45
4 623 162 327,40
324 151 899,20
-311 815 203,14
-1 149 481 822,30
3 083 000,00
207 551 120,95
69 081 455,00
-35 182 627,19
207 483 592,61
53 343 671,75
-885 571 557,94
-20 220 000,00
-20 380 000,00
-20 220 000,00
-52 626 164,84
4 515 133 535,37
8 881 013 470,36
13 396 147 005,73
4 515 133 535,37
2 873 247 242,96
-20 380 000,00
-13 850 642,21
-595 650 300,95
9 473 663 771,31
8 881 013 470,36
-592 650 300,95
-2 766 611 119,47
Consolidated Financial Statements HYPROC SHIPPING COMPANY
Consolidated Statement of changes in Equity for year ended December 31, 2013 (In Algerian Dinars)
Designation
Balance on 31/12/2011
Change of accounting method
Correction of significant errors
Revaluation of fixed assets
Profits or losses not recorded in the income statement
Paid dividends
Capital increase
Net result of the exercise
Balance on 31/12/2012
Change of accounting method
Correction of significant errors
Revaluation of fixed assets
Profits or losses not recorded in the income statement
Paid dividends
Capital increase
Net result of the exercise
Balance on 31/12/2013
Annual Report 2013
Notes
Share Capital
Share Evaluation
Premium
Gap
12 000 000 000,00
Revaluation
Reserves and
Gap
results
29 160 681,00 18 998 552 028,93
1 167 624 496,56
-20 000 000,00
12 000 000 000,00
-20 000 000,00
C1
C2
C3
853 946 127,07
29 160 681,00 21 000 122 652,56
12 000 000 000,00
Page 45 / 45
1 229 863 160,00
29 160 681,00 22 209 985 812,56
Annual Report 2013
www.hyproc.dz
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