NATIONAL PETROLEUM CORPORATION

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NATIONAL PETROLEUM CORPORATION

ANNUAL REPORT

April 2006 – March 2007

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Front row (left to right): Mr. James Browne (General Manager), Mrs. Carol Nurse (Secretary to the Board),

Mr. Ronald Hewitt, Mrs. Martika Rocheford, Dr. William Duguid (Chairman),

Back row (left to right): Mr. David Leslie, Mr. Roger Hennis, Mr. Matthew Thornhill,

Senator Gregory Nicholls, Mr Ian Alleyne

Absent:Ms. Claire Lewis, Mr. Robert Morris

THE BOARD OF DIRECTORS

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CONTENTS

Page

Chairman’s Letter of Transmittal ................................................................................... 4 Mission Statement ........................................................................................................... 5Corporate Values ............................................................................................................. 5 Board of Directors and Advisors ..................................................................................6-8 Committees of the Board of Directors .......................................................................9-10 Principal Offi cers .......................................................................................................... 11 Corporate Review.......................................................................................................... 12Annual Report of the National Petroleum Corporation for the Year April 1 2006 to March 31 2007 .......................................................15-27

Financial Statements:Auditors’ Report to the Government of Barbados ........................................................ 28 Balance Sheet ................................................................................................................ 31Statement of Changes in Equity .................................................................................... 32 Statement of Income ..................................................................................................... 33 Statement of Cash Flows............................................................................................... 34 Notes to the Financial Statements ................................................................................. 36

APPENDICES AND CHARTS

List of Appendices

I Mains Laid During 2006/2007 .........................................................................20-23 II Distribution of Income for the Period 1997/98 to 2006/2007 ............................... 24 III Analysis of Gas Sales 1997/98 to 2006/2007 ........................................................ 25 IV Summary of Operations for the Period 1997/98 to 2006/2007 .............................. 26

List of Charts ................................................................................................................. 27 Net Revenue .................................................................................................................. 27 Gas Sales ....................................................................................................................... 27 Number of Services ....................................................................................................... 27 Kilometres of Production, Transmission and Distribution Mains ................................ 27

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The Energy People.

National Petroleum CorporationWildey, St. MichaelP.O. Box 175, BridgetownBarbados, West IndiesTel: (246) 430 4000, Fax: (246) 426 4326Email: [email protected]

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MISSION STATEMENT

The mission of the Corporationis to provide and maintain a safe,reliable, efficient and competitive

gas service to customersand be instrumental in carrying out

Government’s energy policy toimprove the quality of life

in the community which we serve.

CORPORATE VALUES

The Corporation maintains the following core values in the performance of its duties:

❑ Service: To provide the best possible service never forgetting that what is done and the way it is done vitally affects the thousands of customers who depend on its service.

❑ Honesty: To conduct our business with honesty and integrity.

❑ Concern: To show concern for the welfare of our customer, fellow employees and the general public. We will protect the environment in which we live.

❑ Excellence: To strive for excellence in all that we do.

❑ Team Work: To work together in harmony as a team, combining our best thinking and efforts to make the Corporation the finest utility in the Nation.

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BOARD OF DIRECTORS

Dr William Duguid JP, MPChairman

Managing DirectorPine Dental Services

Mr Roger SmithDeputy ChairmanGroup AccountantSagicor Life Inc.

to August 31 2006

Mrs Martica RochefordDeputy Chairman

Manager – Private Banking CentreRoyal Bank of Canadafrom September 1 2006

Mr Ian AlleyneDirector

Divisional General ManagerGoddard Enterprises Limited

Mr Merton BrathwaiteDirector

Graduate TeacherParkinson Memorial School

to August 31 2006

Mr Merland BurkeDirector

Assistant Manager and Company SecretaryBarbados Agricultural Credit Trust Limited.

to August 31 2006

Mr Maurice EstwickDirector

Quantity Surveyorto August 31 2006

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BOARD OF DIRECTORS Cont’d

Roger HennisDirector

Vice-President, Sales and Business DevelopmentFujitsu Transaction Solutions (Barbados) Limited

from September 1 2006

Mr Ronald HewittRepresentative of Barbados National Oil Company Limited

DirectorGeneral Manager

Barbados National Oil Company Limited

Mr David LeslieDirector

Investment Offi cer - PropertiesSagicor Corporation Centre


Ms Claire LewisDirector

Attorney-at-LawChancery Chambers


Mr Robert MorrisRepresentative of the Barbados Workers’ Union

DirectorDeputy General SecretaryBarbados Workers’ Union

Senator Gregory NichollsDirector

Attorney-at-Law

Mr Matthew ThornhillDirector

Production ManagerArawak Cement Company Limited

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BOARD OF DIRECTORS Cont’d

Mr Steven WilliamsDirector

Chief Executive Offi cerSunisle Communications Inc.

SECRETARY TO THE BOARDMrs Carol A Nurse

LEGAL COUNSELMr C Lindsay Bolden, CBE, QC

AUDITORSPricewaterhouseCoopersChartered Accountants

BANKERSBarbados National Bank Inc

First Caribbean International (Barbados) Limited

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COMMITTEES OF THE BOARD OF DIRECTORSto August 2006

FINANCE COMMITTEE

Dr William Duguid – ChairmanMr Merland Burke – Director

Mr Maurice Estwick – DirectorSenator Gregory Nicholls – Director

Mr Roger Smith – DirectorMr Steven Williams – DirectorGeneral Manager – Ex Offi cio

ESTABLISHMENTS COMMITTEE

Dr William Duguid – ChairmanMr Merton Brathwaite – Director

Mr Merland Burke – DirectorSenator Gregory Nicholls – Director

Mr Roger Smith – DirectorGeneral Manager – Ex Offi cio

TECHNICAL COMMITTEE

Dr William Duguid – ChairmanMr Ronald Hewitt – Director

Mr Matthew Thornhill – DirectorMr Steven Williams – DirectorGeneral Manager – Ex Offi cio

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COMMITTEES OF THE BOARD OF DIRECTORSfrom September 1 2006

FINANCE COMMITTEE

Dr William Duguid - ChairmanMr Ian Alleyne

Mr Roger HennisMr David Leslie

Senator Gregory NichollsMrs Martica RochefordMr Mathew Thornhill

General Manager - Ex Offi cio

ESTABLISHMENTS COMMITTEE

Dr William Duguid - ChairmanMr David Leslie

Miss Claire LewisMr Robert Morris

Senator Gregory NichollsMrs Martica Rocheford

Mr Steven WilliamsGeneral Manager – Ex Offi cio

TECHNICAL COMMITTEE

Dr William Duguid - ChairmanMr Ian Alleyne

Mr Roger HennisMr Ronald HewittMiss Claire Lewis

Mr Matthew ThornhillMr Steven Williams

General Manager – Ex Offi cio

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PRINCIPAL OFFICERS

James Wallace BrowneGeneral Manager

Mrs Carol Ann NurseManager – Human Resources and Administration

Birchmore DeCourcey ScantleburyManager – Finance

Carol Randolph PadmoreManager – Technical Operations

Carlos Alistair CarterActing Technical Offi cer

Wosley John Wayne HolderTechnical Offi cer/Service Installations Coordinator

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CORPORATE REVIEW

The National Petroleum Corporation ( NPC) continued to seek a sustainable competitive advantage in spite of the many operational challenges such as the rising purchase price of natural gas and continued low supply volumes from the Barbados National Oil Company Limited. Despite these drawbacks, the Corporation has continued to expand the natural gas network among various neighbourhoods throughout the country. The Corporation’s strategy is to be effi cient in all operations whilst maintaining the expansion drive to increase and diversify the customer mix.

During the 2006/7 operating year when Barbados was in the midst of preparing for World Cup 2007, the Ministry of Public Works embarked on the road rehabilitation programme in which the Corporation had an interest in sixteen roads. The Corporation borrowed $2.5 million from the National Insurance Scheme to pay for costs associated with the re-alignment/replacement of pipes for approximately 45,000 feet in the sixteen roads. The objective of this World Cup project however was not to add new customers to the natural gas grid as the work was essential since the scope of the MPW road rehabilitation work exposed buried natural gas pipelines to the pressures of the traffi c and would have ultimately damaged the buried infrastructure.

The Corporation continued to work with the UDC and RDC to install facilities in roads which they were rehabilitating. Additionally, the Corporation was asked to realign the transmission pipeline in order to facilitate the expansion of Highway 2A from two to four lanes. In St Philip, the Corporation commenced installation of approximately 10,000 linear feet of pipeline infrastructure to facilitate the supply of natural gas to the new prison at Dodds. All projects were successfully completed within budget and on time whilst maintaining the high operational standards of the Corporation.

NPC continued with its efforts to diversify its customer mix as it

1. commenced the installation of 180 – tonne refrigeration AC units for the Accra Beach Hotel.

2. began discussions with the Crane Hotel for the installation of their new 248 - tonne refrigeration AC units.

To keep pace with the new trends in technology in the global market, the Corporation, during the latter months of the year under review, made provision for an information technology (IT) solution for its business operations by inviting tenders. The request for proposal was issued by NPC’s Information System Section to procure a business solution package that would add value and improve the work processes within the Corporation.

Currently NPC operates its business operations on an IBM AS400 platform and the intention is to replace this system with a more contemporary business solution. The Corporation is seeking to purchase, have installed and commissioned an IT solution that will facilitate the basic internal functions such as:

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1. Improve and automate the work processes in various sectors within the Corporation including fi nance, accounting, payroll, CRM, technical, inventory, human resources and marketing.

2. Enhance the processing of Applications for Service, Work and Meter Maintenance orders.

3. Improve the Project Management processes of the Corporation.

4. Facilitate customer payment services such as Bill Express, SurePay and Internet payments.

5. Facilitate customer billing and complaints provisions for 17,000 currently active customers with a goal of 30,000 over the next ten years.

6. Provide a platform to incorporate GIS Systems within the CRM facilities.

7. Facilitate Human Resource services to manage employee records and benefi ts, job appraisal, training needs and to improve workers’ productivity through easy acquisition of attendance records.

NPC envisions that this IT business solution proposed project would meet the following objectives when completed:

● Deliver a higher quality of service to the Corporation’s customers - including provision to customers of the options to pay their bill either on-line or at a SurePay outlet

● Reduce the cost of NPC’s product by providing quicker access to information

● Improve management systems

● Improve the quality of service to NPC’s customers by better managing staff and addressing their needs in a timely fashion

● Manage its distribution network through better marketing and project management

It is anticipated that implementation of the software package will be completed by mid-2009.

The Corporation has continued to work with the Ministry of Energy and the Barbados National Oil Company Limited to achieve the Government’s energy objectives which are to (1) mitigate the rising price of fuel to the Barbadian public, (2) ensure that the supply of fuel is sustainable, (3) create new cost saving avenues for the citizenry of Barbados, e.g. natural gas vehicles and refrigeration and (4) minimise the environmental effects of the provision of this fuel.

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PENSIONS (INSURANCE CORPORATION OF BARBADOS)

As in previous years the Corporation experienced a huge defi cit in payment of its pension plan. A few years previously a large number of employees retired medically unfi t over a relatively short period of time; this caused a signifi cant drain of the plan’s resources.

During the period under review an additional four members retired early. Other factors affecting the scheme are salary and wage increases and the addition of twenty-one employees recently enrolled in the scheme; twenty of whom had signifi cant past service of more than ten years. The cost of this service was immediately recognised.

SUMMARY OF THE FINANCIALS

2007 2006

Profi t / Loss (Defi cit) (572,666) (2,276,098)

Gas Purchased (3,786,788) (3,938,388)

Gas Sales (13,340,339) (12,832,878)

Total Revenue (13,812,714) (13,624,868)

Cost of Expansion Services (2,422,479) (1,544,685)

Connections During Year 716 809

Active Customers At Year End 17,064 16,676

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ANNUAL REPORT OF THE NATIONAL PETROLEUM CORPORATION

FOR THE YEAR APRIL 1 2006 TO MARCH 31 2007

The Board of Directors of the National Petroleum Corporation submits its twenty-fi fth Annual Report together with the audited fi nancial statements for the year ended March 31 2007. CONSTITUTION AND PURPOSE OF THE CORPORATION

The National Petroleum Corporation is a public corporation established as successor to the Natural Gas Corporation by the National Petroleum Corporation Act Cap 280. That Act came into effect on April 1 1981. The Corporation’s primary function is the sale of piped natural gas for domestic, commercial and industrial use.

The purpose of the enterprise is to provide and maintain an adequate, reliable, competitive, safe and effi cient gas service to customers at a reasonable cost.

The Corporation’s general functions of the production of crude oil, natural gas and liquefi ed petroleum gas, which are permitted by statute, are carried out by an associated company, the Barbados National Oil Company Limited (BNOCL). Since January 24 1996, the Corporation has held 24.5% of the equity in BNOCL while the Government of Barbados holds 75.5%.

The Corporation was managed by a Board of Directors, which comprised eleven members under the chairmanship of Dr William Duguid. The duties of Secretary to the Corporation were performed by Mrs Carol Nurse, Manager – Human Resources and Administration.

Remuneration of MembersSection 19 (2) (d) of Act, Cap 280

The remuneration paid by the Corporation to its members during the accounting year 2006/2007 totalled $25,536 and was in accordance with the rates fi xed by the Government.

Operations

During the year 31,092 feet (9.48 km or 5.89 miles) of gas distribution main were laid. The areas in which the mains were laid are shown in Appendix I. The Corporation installed 716 new services and terminated 273 services.

To accelerate the number of domestic service connections, the Corporation continued its programme of subsidized installations at the rate of $1,050 per installation.

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Capital Expenditure

Capital expenditure for the year totalled $2,642,163 under the following heads

$

Land and Buildings 46

Gas Wells, Pipelines, Production and Transmission Equipment 7,757

Distribution Plant and Equipment 2,511,637

Moveable Equipment and Furniture 122,723

Gas Supply

The Corporation purchased 12,616,753 standard cubic metres of gas from its supplier, the Barbados National Oil Company Limited. The Corporation’s Well #19 produced 968 standard cubic metres.

Gas Reserves

According to information supplied by the Ministry of Energy and the Environment, the gas reserves as at March 31 2007 were estimated to be 4.575 billion standard cubic feet or 129.5 million standard cubic metres.

Gas Sales

The total volume of gas sold during 2006/2007 was 11,390,879 standard cubic metres as compared with 11,693,879 standard cubic metres during 2005/2006, a decrease of 303,000 standard cubic metres or 2.59%.

Residential sales showed an increase of 54,946 standard cubic metres from 2,307,580 standard cubic metres to 2,362,526 standard cubic metres or 2.38%. The Corporation carried out some short extensions during the latter part of the fi nancial year. This resulted in the installation of residential services in the relevant areas and that would have contributed to the increases in sales.

Commercial sales increased by 830,652 standard cubic metres from 5,618,840 standard cubic metres to 6,449,492 standard cubic metres or 14.78%. This was due to an increase in the average m3 usage per customer and the addition of a new industrial customer.

Total sales to special rate customers – Barbados Light and Power Company Limited (BL&P) and Queen Elizabeth Hospital (laundry boiler) – decreased by 1,188,598 standard cubic metres from 3,767,459 standard cubic metres to 2,578,861 standard cubic metres or 31.55%. The BLP’s lower usage was due to the unavailability of gas.

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The value of sales to BL&P decreased by $544,751 from $1,913,788 in 2006/2007 to $1,369,037 or approximately 28.46 %. The volume decreased by 1,214,027 standard cubic metres from 3,195,519 standard cubic metres to 1,981,492 standard cubic metres or 37.99%. The average selling price per cubic metre was $0.69 as compared with $ 0.60 in 2005/2006, an increase of $0.09 per cubic metre or 15.00%.

The Queen Elizabeth Hospital recorded an increase of 25,429 standard cubic metres in the volume of sales from 571,940 standard cubic metres to 597,369 standard cubic metres or 4.45%. An incinerator was put into operation from November 06 which led to the increase in consumption.

The price at which natural gas is purchased by the Corporation from the Barbados National Oil Company Limited and the price at which it is sold to BL&P were based on the fuel equivalent of imported Bunker ‘C’ fuel. The price of the latter this year varied from 220.185 to 287.414 Bds cents per US gallon. The price last year varied from 187.229 cents to 266.494 cents per US gallon or 49.466 Bds cents per litre to 70.408 Bds cents per litre, refl ecting a steady, substantial monthly increase.

Income and Expenditure

The Corporation recorded a defi cit of ($572,666) in 2006/2007 compared to a defi cit of ($2,276,098) in 2005/2006. This improvement resulted from an increase in sales and in the profi t of the associated company, BNOCL, when compared with previous year’s share of loss.

The Corporation’s defi cit before share of net income of BNOCL and taxation increased by $475,149 from a defi cit of ($430,787) in 2006 to ($905,936) in the year under review.

Operating expenses including purchase of gas, depreciation and interest charges, totalled $14,718,605. Total income from all sources excluding the share of net income of BNOCL was $13,812,714. Staff

The staff complement as at March 31 2007 was 127 the same fi gure as at March 31 2006.

REWARDS AND RECOGNITION SCHEMES

In April 2006 the Corporation embarked on an Employee of the Month/Year System. This programme provides rewards for employees who have demonstrated that they have gone beyond the call of duty and performed exceptionally well.

Five members of staff made up the selection panel. Certifi cates were issued each month to the Employee of the Month along with a voucher or monetary award.

Employee of the Year was chosen from among the Employees of the Month during the year.

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AWARDEES MONTH YEAR

Charles Bayley April 2006

Philip Greenidge May 2006

Cameron Brewster June 2006

Selwyn Delaney July 2006

Winston Ifi ll August 2006

Francia Springer September 2006

David Barrow October 2006

Cameron Brewster November 2006

Kathy Moseley January 2007

Ryan Harper February 2007

Rico Wilshire March 2007

Employee of the year was Cameron Brewster.

Retirements

The Board records its appreciation of the contributions of retirees, Messrs Clarence Alleyne – Systems Operator, Junior Ifi ll – Fitter, Grantley Small – Fitter, and Laureston Marshall – Mason (Acting).

Mr Clarence Alleyne, a long-standing employee with 37 years of service, joined the staff of the Natural Gas Corporation on September 18, 1969 as a Clerk. In 1980 he was appointed to the newly created post of Senior Accounts Clerk and was promoted later to the position of Data Processing Supervisor. In March 1999, following the organizational review, Mr Alleyne’s job title was changed to Systems Operator.

Mr Junior Ifi ll joined the staff of the Natural Gas Corporation on October 25, 1971. In 1984 he was promoted to the post of Fitter. He retired on March 1, 2006 after 35 years’ service.

Mr Grantley Small was a long-standing employee with 35 years of service. On October 18 1971, he joined the staff of the Natural Gas Corporation as a General Worker. In 1980 when recommending his promotion to the post of Fitter, his supervisors described him as being “a keen and faithful worker”.

Mr Laureston Marshall joined the staff of the Corporation on November 14, 1979. In 2002 he was promoted to the post of Mason. After completing 27 years of dedicated service, he offi cially retired on May 15, 2006.

Staff Training and Development

During the year under review several staff members benefi ted from training opportunities facilitated by the Corporation. In keeping with the Corporation’s commitment to promote

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employee growth and development, employees at all levels and of all competencies participated in courses and seminars including the following

Barbados National Terminal Company Limited

In conjunction with CGM Insurance Brokers

✓ Seminar – Risk and Safety Management .................................... September 2006


✓ Supervisory Management Course .............................................. September 2006


✓ Seminar – Supervisory Training ................................................. November 2006

Barbados Chamber of Commerce and Industry

✓ Seminar – “Ethanol As A Viable Alternative Source of Energy For Barbados” .................................................................................... September 2006


✓ Fire Safety Training ....................................................................December 2006


✓ Fire Safety Training .........................................................................January 2007

✓ Computer Training for Supervisors .................................................January 2007

Government’s Training Administration Division

✓ Customer Service Skills ...................................................................January 2007

Government’s Training Administration Division

✓ Communication and Interpersonal Skills ..........................................March 2007


✓ Presentation - “The Effects of Absenteeism on Productivity” .........March 2007

Christmas Luncheon and Awards Ceremony

At the annual staff luncheon on December 20 2006, the Corporation honoured four retirees and 27 employees. Of the latter, 13 received long service awards in the 30, 25, 20, 15 and 10 years categories and 14 received awards for perfect attendance. The Honourable Elizabeth Thompson, MP, Minister of Energy and the Environment, gave the feature address and presented the awards.

By Order of the Board Chairman

……………………….

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APPENDIX 1SUMMARY OF MAINS LAID

APRIL 1 2006 TO MARCH 31 2007

LOCATION SIZE OF MAIN DISTANCE

St. Michael #1 Harmony Hall, Hindsbury (R) 1" H.P. P.E. 9'-0" 1st Ave Accommodation 1 1/4" H.P. P.E. 27'-4" Allamby 3" H.P. P.E. 14'-6" Bay Street (R) 6" L.P. P.V.C. 37'-4" Brathwaite Gap (R) 1 1/4" H.P. P.E. 10'-0" Civilian Road 3" H.P. P.E. 38'-6" Collymore Rock 1 1/4" H.P. P.E. 60'-5" Collymore Rock (R) 3" H.P. P.E. 493'-2" Dash Gap (R) 1 1/4" H.P. P.E. 10'-0" Derriston 1 1/4" H.P. P.E. 10'-8" Flagstaff 2" H.P. P.E. 38'-8" Fontabelle (R) 3" H.P. P.E. 29'-3" Fontabelle (R) 3" L.P. P.E. 5'-9" Fontabelle (R) 4" L.P. P.E. 4150'-2" Greenidge Road (R) 1 1/4" H.P. P.E. 8'-1" Harmony Hall, Hindsbury (R) 1 1/4" H.P. P.E. 8'-7" Harmony Hall, Hindsbury (R) 3" H.P. P.E. 430'-0" Highgate Gardens (R) 2" H.P. P.E. 21'-0" Hindsbury Road (R) 2" H.P. P.E. 10'-0" Hindsbury Road (R) 3" H.P. P.E. 1129'-1" Licorish Village (R) 4" H.P. P.E. 116'-9" Licorish Village (R) 4" H.P. Steel 15'-4" Lodge Gap/ Dr Kerr, Hindsbury (R) 1 1/4" H.P. P.E. 21'-6" Norman Niles (R) 3" H.P. Steel 70'-6" Norman Niles (R) 3" H.P. P.E. 92'-4" Norman Niles (R) 6" H.P. Steel 211'-6" Parris Gap 1 1/4" H.P. P.E. 147'-0" Pine Plantation Road (R) 3" H.P. P.E. 244'-2" President Kennedy Drive 3" H.P. P.E. 628'-4" President Kennedy Drive (R) 3" L.P. P.E. 12'-2" President Kennedy Drive (R) 3" L.P. Steel 2'-4" President Kennedy Drive (R) 4" L.P. Steel 17'-2" Prince Road (R) 2" H.P. P.E. 8'-0"

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Princess Royal Ave (R) 2" H.P. P.E. 3'-0" Princess Royal Ave (R) 3" H.P. P.E. 13'-0" Promenade Road 2" H.P. P.E. 36'-6" Reed Street 2" L.P. P.E. 21'-7" Reed Street 3" L.P. P.E. 590'-0" Rock Gap 3" H.P. P.E. 16'-5" Sargeants Land (R) 1 1/4" H.P. P.E. 182'-4" Sargeants Land (R) 1 1/4" H.P. P.E. 12'-8" School Gap (R) 1 1/4" H.P. P.E. 9'-0" School Gap (R) 2" H.P. P.E. 22'-6" Spooners Hill 3" H.P. P.E. 913'-3" Spooners Hill 3" H.P. Steel 6'-6" Springer Road (R) 1 1/4" H.P. P.E. 22'-6" Suttle Street 3" L.P. P.E. 57'-0" Taylor Gap (R) 1 1/4" H.P. P.E. 10'-6" Temple Yard 2" L.P. P.E. 121'-4" Tudor Bridge 3" H.P. P.E. 20'-8" Warrens (R) 3" H.P. P.E. 120'-0" Warrens 3" H.P. P.E. 125'-1" Woodside, Bay Street (R) 1 1/4" L.P. P.E. 41'-2" Woodside, Bay Street (R) 1" H.P. P.E. 25'-6" Woodstock Road 3" H.P. P.E. 13'-3" St. James Ashby Park, Durants 1 1/4" H.P. P.E. 33'-0" Fire Hill 3" H.P. P.E. 672'-4" Mahogany Road 3" H.P. P.E. 21'-0" Nicholls Road 1 1/4" H.P. P.E. 28'-0" Seaview 1 1/4" H.P. P.E. 0'-0" Seaview 3" H.P. P.E. 5512'-0" Webster Road 1 1/4" H.P. P.E. 18'-6"

APPENDIX 1

SUMMARY OF MAINS LAID APRIL 1 2006 TO MARCH 31 2007 Cont’d

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APPENDIX 1



Christ Church Blue Water A (R) 1 1/4" H.P. P.E. 91'-0" Bournes Land #1 1 1/4" H.P. P.E. 290'-11" Bournes Land #2 1 1/4" H.P. P.E. 408'-2" Brewster Road 1 1/4" H.P. P.E. 30'-2" Bynoe Road 2" H.P. P.E. 17'-9" Dayrells Road (R) 1 1/4" H.P. P.E. 21'-4" Dayrells Road 1 1/4" H.P. P.E. 102'-9" Dayrells Road (R) 2" H.P. P.E. 10'-0" Dayrells Road (R) 3" H.P. P.E. 4630'-5" Deighton Road (R) 2" H.P. P.E. 36'-4" Enterprise Tenantry Road 1 1/4" H.P. P.E. 23'-0" Golf Club Road 2" H.P. P.E. 10'-7" Harpers Land 1 1/4" H.P. P.E. 1203'-9" Harts Gap (R) 2" H.P. P.E. 59'-3" Lynch Gap (R) 2" H.P. P.E. 17'-10" Moravian Gardens 2" H.P. P.E. 117'-11" Oistin Bay Garden (R) 1 1/4" H.P. P.E. 718'-4" Opp. Maxwell Main Road 1 1/4" H.P. P.E. 71'-5" Rendezvous Hill 1 1/4" H.P. P.E. 45'-7" Rendezvous Road 2" H.P. P.E. 19'-2" Rendezvous Road (R) 2" H.P. Steel 10'-4" Rendezvous Road 3" H.P. P.E. 1368'-7" St. Mathias (R) 2" H.P. P.E. 53'-5" Sunrise Drive, Ealing Park (R) 1 1/4" H.P. P.E. 16'-0" Ventnor (R) 1 1/4" H.P. P.E. 16'-10" Wanderer Entrance (R) 1 1/4" H.P. P.E. 17'-0" St. Philip Charnocks B 2" H.P. P.E. 33'-10" Church Village 4" H.P. P.E. 1546'-1" Dodds Land 4" H.P. P.E. 1643'-3" Emerald City 1 1/4" H.P. P.E. 1106'-8"

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APPENDIX 1



Emerald City 2" H.P. P.E. 2726'-10" Emerald City Phase II 1 1/4" H.P. P.E. 49'-10" Nursery #1 1 1/4" H.P. P.E. 251'-6" Oldbury Road 1 1/4" H.P. P.E. 23'-0" Oldbury Road 2" H.P. P.E. 57'-6" Oldbury Road 3" H.P. P.E. 5551'-4" Oldbury Terrace 2" H.P. P.E. 6'-0" Padmore Crossing 4" H.P. P.E. 44'-5" Rock Road 3" H.P. P.E. 22'-4" Sunbury Road 3" H.P. P.E. 4662'-9" Sunbury Road 4" H.P. P.E. 458'-5" Sunbury Road 4" H.P. Steel 18'-0" Tuscany Valley 1 1/4" H.P. P.E. 8'-6" St. Andrew Gregg Farm (R) 3" H.P. P.E. 515'-2" Gregg Farm (R) 3" H.P. Steel 10'-6" St. Thomas Mangrove Landfi ll (R) 3" H.P. P.E. 44'-6" Mangrove Landfi ll (R) 3" H.P. Steel 25'-10" Warrens (R) 2" H.P. P.E. 51'-0" Welches (R) 2" H.P. P.E. 380'-0" Replacement (R) 2.72 mls / 4.37 km 14350'-5" Distribution 5.89 mls / 9.48 km 31091'-10" Total Mains Laid 8.61 mls / 13.85 km 45442'-3"

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7


24

APPE

ND

IX II

DIST

RIB

UT

ION

OF IN

CO

ME

FOR

PER

IOD

1997\98 TO 2006/07

ShareN

etY

earProfit (Loss)

Income

Associated C

o.(D

eficit)(B

NO

CL)

For Year

$%

$%

$%

$%

$%

$%

$%

$$

200713,812,714

100.007,319,844

52.993,786,788

27.422,103,773

15.231,508,245

10.92119,164

0.86(1,025,100)

(7.42)452,434

(572,666)2006

13,624,868100.00

6,740,58749.47

3,938,38828.91

2,048,19815.03

1,328,4829.75

11,1330.08

(441,920)(3.24)

(1,834,178)(2,276,098)

200511,819,606

100.007,324,686

61.972,693,905

22.791,935,552

16.381,011,236

8.56(27,278)

(0.23)(1,118,495)

(9.46)(3,159,630)

(4,278,125)2004

10,510,741100.00

7,598,49272.29

2,146,36520.42

1,739,52316.55

900,6818.57

191,2311.82

(2,065,551)(19.65)

445,170(1,620,381)

200311,286,582

100.006,730,900

59.642,339,535

20.732,608,841

23.11625,762

5.54181,850

1.61(1,200,306)

(10.63)(665,510)

(1,865,816)2002

11,392,624100.00

6,958,30461.08

2,108,89518.51

2,615,72422.96

735,2676.45

1,250,67710.98

(2,276,243)(19.98)

4,653,6602,377,417

200113,240,095

100.006,434,555

48.603,441,334

25.992,699,655

20.39750,925

5.67(38,383)

(0.29)(124,757)

(0.94)3,841,121

3,716,3642000

12,079,219100.00

6,838,43256.61

2,850,36923.60

2,629,73021.77

717,2105.94

472,8033.90

(483,719)(4.00)

(513,807)(997,526)

199912,057,060

100.005,774,893

47.902,401,849

19.922,211,060

18.34648,966

5.38(356,658)

(2.96)1,376,950

11.420

1,376,9501998

9,851,970100.00

4,978,62350.53

1,644,46316.70

1,842,43618.70

153,8851.56

14,5080.15

1,218,05512.36

(1,125,707)92,348

* Gross of discounts and allow

ances

Charges

* Income from

all sourcesA

dministration

and Com

mercial

Profit (Loss)A

ssociated Co.

(BN

OC

L)

Net Incom

e (Deficit)

Before Share

Operating Expenses

Purchase ofG

asC

orporation Tax(C

redit) Charge

Depreciation

Interest

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7


25

2006

/07

2005

/06

2004

/05

2003

/04

2002

/03

2001

/02

2000

/01

1999

/00

1998

/99

1997

/98

No.

of A

ctiv

e C

usto

mer

s (M

ar-3

1)R

esid

entia

l16

,425

16,0

1915

,233

13,9

8013

,101

12,8

9612

,511

12,0

2511

,477

10,6

93C

omm

erci

al63

565

461

657

057

056

555

653

651

148

2Sp

ecia

l Rat

e4

32

22

22

22

317

,064

16,6

7615

,851

14,5

5213

,673

13,4

6313

,069

12,5

6311

,990

11,1

78

M3

M3

M3

M3

M3

M3

M3

M3

M3

M3

Sale

sR

esid

entia

l2,

362,

526

7,86

12,

211,

229

2,18

9,68

02,

269,

900

2,30

3,73

92,

261,

508

2,22

4,29

92,

123,

866

2,07

6,95

7C

omm

erci

al6,

001,

132

5,42

1,61

95,

026,

672

4,94

7,58

85,

194,

163

5,33

9,00

95,

149,

507

4,76

8,90

34,

373,

442

4,10

5,18

4Sp

ecia

l Rat

e3,

027,

221

3,96

4,68

03,

614,

252

1,04

3,60

22,

768,

284

4,11

0,08

58,

637,

037

9,86

9,67

012

,786

,585

6,50

0,34

511

,390

,879

11,6

93,8

7910

,852

,153

8,18

0,87

010

,232

,347

11,7

52,8

3316

,048

,052

16,8

62,8

7219

,283

,893

12,6

82,4

86$

$$

$$

$$

$$

$V

alue

of G

as S

old Res

iden

tial

3,49

4,45

73,

412,

959

3,27

0,36

53,

237,

916

3,14

0,46

42,

967,

438

2,91

3,92

52,

866,

149

2,73

6,52

12,

677,

738

Com

mer

cial

7,22

5,24

86,

539,

633

6,07

3,46

15,

970,

275

6,26

6,58

16,

418,

861

6,19

5,04

75,

759,

886

5,27

2,99

44,

938,

280

Spec

ial R

ate

2,13

0,61

52,

408,

632

1,57

7,75

240

0,99

01,

021,

168

1,26

1,02

93,

180,

125

2,80

2,40

02,

824,

632

1,55

4,35

612

,850

,320

12,3

61,2

2410

,921

,578

9,60

9,18

110

,428

,213

10,6

47,3

2812

,289

,097

11,4

28,4

3510

,834

,147

9,17

0,37

4$

$$

$$

$$

$$

$T

otal

Gro

ss R

even

ue F

rom

Gas

Sal

esR

esid

entia

l4,

078,

560

3,97

8,40

13,

799,

296

3,72

3,31

03,

608,

172

3,42

6,21

93,

355,

555

3,29

1,31

83,

134,

779

3,05

7,67

6C

omm

erci

al7,

342,

335

6,65

1,04

76,

180,

222

6,07

2,02

96,

368,

734

6,51

9,12

16,

292,

895

5,85

4,37

45,

361,

584

5,02

5,14

8Sp

ecia

l Rat

e2,

131,

200

2,40

9,06

71,

578,

113

401,

350

1,02

1,52

81,

261,

389

3,18

0,48

52,

802,

760

2,82

5,02

21,

554,

896

13,5

52,0

9513

,038

,515

11,5

57,6

3110

,196

,689

10,9

98,4

3411

,206

,729

12,8

28,9

3511

,948

,452

11,3

21,3

859,

637,

720

$$

$$

$$

$$

$$

Rat

es R

ealis

ed P

er C

ubic

Met

erR

esid

entia

l1.

481.

481.

481.

481.

381.

291.

291.

291.

291.

29C

omm

erci

al1.

201.

211.

211.

211.

211.

201.

201.

211.

211.

20Sp

ecia

l Rat

e0.

700.

610.

440.

380.

370.

310.

370.

280.

220.

24

APP

EN

DIX

III

AN

ALY

SIS

OF

GA

S SA

LE

S

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7


26

Year

** Income From

Corp. Tax

Net Incom

eA

ll Sources(C

redit) Charge

(Deficit) for year

At

New

lyA

t Year

Connections

Active

M3

$$

$$

31st M

ar.In U

seLaid

End*D

uring Year

At Y

ear EndV

alue2007

308.395.89

22,225716

17,06411,390,879

12,850,32013,812,714

119,164(572,666)

2006302.50

3.6321,509

80916,676

11,693,87912,361,223

13,624,86811,133

(2,276,098)2005

298.873.60

20,7001,232

15,85110,852,153

10,921,57811,819,606

(27,278)(4,278,125)

2004295.27

25.5619,468

1,28014,552

8,180,8709,609,180

10,510,741191,231

(1,620,381)2003

269.718.66

18,188405

13,67310,232,346

10,428,21311,286,582

181,850(1,865,816)

2002261.05

2.7317,783

45413,463

11,752,83310,647,328

11,392,624(1,250,677)

2,377,4172001

258.324.20

17,329593

13,06916,048,052

12,828,93413,240,095

(38,383)3,716,364

2000254.12

3.8016,736

61712,563

16,862,87211,948,452

12,079,219472,803

(997,526)1999

250.3222.40

16,1191,208

11,99019,283,893

11,321,38512,057,060

(356,658)1,376,950

1998227.92

13.7514,911

35111,178

12,682,4869,637,720

9,851,97014,508

92,348

* Services disconnected are not accounted for** G

ross of discounts and allowances

2001-2005 Miles of M

ain figures were adjusted to reflect the correct new

ly laid main for each of those years .

Miles of

Main

No. of Services

Sale of Gas

APPE

ND

IX IV

SUM

MA

RY

OF O

PER

ATIO

NS FO

R PE

RIO

D 1996/97 TO

2005/06

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7


27

CHARTS

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 628

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7 29



A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7 31


A N N U A L R E P O R T 2 0 0 6 - 2 0 0 6


32

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7 33


A N N U A L R E P O R T 2 0 0 6 - 2 0 0 6


34

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7 35


A N N U A L R E P O R T 2 0 0 6 - 2 0 0 6


36

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7 37


A N N U A L R E P O R T 2 0 0 6 - 2 0 0 6


38

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7 39


A N N U A L R E P O R T 2 0 0 6 - 2 0 0 6


40

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7 41


A N N U A L R E P O R T 2 0 0 6 - 2 0 0 6


42

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7 43


A N N U A L R E P O R T 2 0 0 6 - 2 0 0 6


44

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7 45


A N N U A L R E P O R T 2 0 0 6 - 2 0 0 6


46

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7 47


A N N U A L R E P O R T 2 0 0 6 - 2 0 0 6


48

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7 49


A N N U A L R E P O R T 2 0 0 6 - 2 0 0 6


50

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7 51


A N N U A L R E P O R T 2 0 0 6 - 2 0 0 6


52

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7 53


A N N U A L R E P O R T 2 0 0 6 - 2 0 0 6


54

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7 55


A N N U A L R E P O R T 2 0 0 6 - 2 0 0 6


56

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7 57


A N N U A L R E P O R T 2 0 0 6 - 2 0 0 6


58

A N N U A L R E P O R T 2 0 0 6 - 2 0 0 7 59


A N N U A L R E P O R T 2 0 0 6 - 2 0 0 6


60

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