Annual Report 2009 en

His Majesty Sultan Qaboos Bin Said
3
INVESTMENT IN PEOPLE AND THE ENVIRONMENT
AL GHUBRAH POWER &
DESALINATION COMPANY SAOC
3
Investment in People and the Environment
AL GHUBRAH POWER &
4
Vision
The vision of the company is to provide a safe operating and working environment through to
asset retirement.
Mission
The mission of the company is to demonstrate the ability to perform as a prudent and competent
operator, in a regulated industry, and in a safe and professional manner.
CORPORATE VISION & MISSION 4
5
AL GHUBRAH POWER &
PLANT KEY PERFORMANCE INDICATORS
No Performance Indicators Unit 2009 2008
1 Average Availability (Power) % 83.3 79.4
2 Average Availability (Water) % 84.7 84.2
3 Average Reliability % 91.38 92
4 Average Load Factor % 66.6 70.5
5 Average Business Interruptions (Trips) Nos 272 280
6 Planned Outages Hrs 17,070 18,313
7 Unplanned Outages Hrs 21,336 20,180
8 Revenue Generated RO. 000s 43,192 44,726
9 Gross Proft RO. 000s 7,805 7,484
10 Net Proft RO. 000s 6,949 7,017
11 Fixed Assets RO. 000s 15,373 14,548
12
Lost Time Injury Frequency Rate
(LTIFR)
Accident x1M
Man hour
worked
0 0.13
AL GHUBRAH POWER &
6 LIST OF TABLES & FIGURES
Figures Page No.
Figure.1
The Omanisation status in the company
as on 31 - Dec - 2009 17
Figure.2
The revenue detail for year 2009 20
Figure.3
The operating costs 21
Figure.4
Detail of gas cost recovery losses for the year 2009 21
Figure.5
Power delivered to grid 22
Figure.6
Water delivered to network 22
Figure.7
Power generation statistics for the year 2008 - 2009 23
Figure.8
Generation profle for max min generation day 23
Figure.9
Water production statistics for the year 2008 - 2009 24
Figure.10
Distillate production profle for max min production days 24
7
AL GHUBRAH POWER &
CONTENTS
Contents Page No.
Corporate Vision & Mission 4
Plant Key Performance Indicators 5
Board of Directors 8
Management Team 9
Chairmans Report 10
Corporate Governance 12
The Management Report 14
2009 Performance Highlights 15
Statement of Comprehensive Income 27
Balance Sheet 28
Statement of Changes in Equity 29
Statement of Cash Flows 30
Notes to the Financial Statements 31
AL GHUBRAH POWER &
8 BOARD OF DIRECTORS
Mr. Omar Khalfan Al Wahaibi
Chairman of the Board of Directors
Mr. Saed Mohammed Al Nabhani
Vice chairman of the Board of Directors
Mr. Hassan Mohammed Abdawani
Member of the Board of Directors
Mr. Hamed Jaber Al Maharooqi
Mr. Abdulaziz Mohammed Al Kharousi
9
AL GHUBRAH POWER &
MANAGEMENT TEAM
Eng. Allen Conroy General Manager
Eng. Ali Mohammed Al Balushi Plant Manager
Mr. Dawood Al Bahri Operations Manager
Eng. Ali Saleh Al Jaafari Maintenance Manager
Eng. Amit Bose Commercial Manager
Mr. Vipul Kotecha Finance Manager
Eng. Ismail Khamis Al Harrasi Human Resources Manager
Eng. Saif Farooq Al Mawali Planning Manager
Eng. Said Saud Al Kindi Project Manager
Ahmed Al Hinai IT Head of Section
Amer Al Mahrooqi Store Head of Section
AL GHUBRAH POWER &
10 CHAIRMANS REPORT
Dear Shareholders,
On behalf of the Board of Directors (BOD), I have pleasure in presenting
the annual report for the year ended 31 December 2009, together with
the audited statement of accounts of Al Ghubrah Power and Desalination
Company SAOC (GPDCo).
This year has seen a change in the accounting principles adopted by the company. GPDCo in
consultation with its parent company has concluded that the guidance given under IAS 17 would
result in the Power and Water Procurement Agreement (PWPA) being classifed as a fnance
lease as against the previous classifcation of operating lease. The company has applied this
revision in the accounting policy retrospectively with effect from year 2005 and accordingly
prepared the fnancial statements for the year 2009.
During the year 2009, the highest system peak demand on the grid was 3,614MW, on 1
st
June
2009.The water demand for this year was again high but the load on Ghubrah this year dropped
drastically due to the commissioning of the new water line between Sohar & Muscat in the
month of April, however the maximum water production by the company was 38.5 MIGD on 21
st

April 2009.
In response to the substantial growth in power demand and to consolidate the water security
for the country, we have embarked on a major refurbishment and life extension of the Phase-1
assets, this is intended to improve the reliability and performance of the older steam generation
and desalination units within the company, We are doing this whilst ensuring we remain
commercially competitive under the income agreements (Power Water Purchase Agreement)
It has been an interesting and challenging year for the company. Our intention at the beginning
of the year was to consolidate our position within the power and water sector, as that of a
reliable & respected power and water producer, under the framework of the regulated sector
and, to continue with the objectives of the vision and mission of the company.
The vision of the company is to provide a safe operating and working environment through to
asset retirement. Whilst the mission is to demonstrate the ability of the company to perform as a
prudent and competent operator, in a regulated industry, in a safe and professional manner.
Throughout this year we have sought to improve the performance of our staff through the
companys development programs. In this respect we have undertaken both on job and off
job training, and continued to provide basic safety skills & training courses, aimed at improving
the safety culture towards the internationally recognized IOSH standard. It is pleasing to see
that this is refected in the latest COWI safety audit report. The Company also successfully
implemented the fndings of the operational risk assessment report (OPERA) in the year 2009.
I am pleased to report that during 2009, the company operated under the generation and
desalination license as granted by Omans Electricity Regulatory Authority (AER), as a prudent and
competent operator, and managed the assets (and liabilities) in accordance with the principles
defned in the Sector Law, and in line with the regulatory requirements and the Grid Codes.
11
AL GHUBRAH POWER &
CHAIRMANS REPORT
Financial Position:
For the year ended 2009, the company in consultation with its parent company followed
the auditors recommendations regarding the International Accounting Standards and the
International Financial Reporting Interpretations Committee (IFRIC) which now treats the
income under the PWPA as a Finance Lease Agreement.
The net book value of the company assets as at end of the year is RO 15.4 million as per the
new accounting policy, the gross proft was RO 7.8 million and net proft after tax was RO 6.9
million, giving a return of RO 13.9 per Share.
Plant Performance:
The maximum power generation achieved by the company was 10,808 MWh on 12 July 2009
and the minimum was 3,629 MWh on 12 March 2009.
The maximum water production achieved by the company was 175,019 M
3
on 21
st
April 2009
and the minimum was 68,991 M
3
on 30 January 2009.
The total power generation for the year ended 31 December 2009 was 2.92 million MWh and
the water production for the same period was 51.4 million CuM.
The average Annual availability for the power units was 83.3% and for the desalination units
was 84.7%.
Company Establishment/Governance:
During the year, the company operated in accordance with the conditions of commercial
registration, the companys Memorandum & Articles of Association, as well as Corporate
Banking and Financial Arrangements.
Thanks and Appreciation
On behalf of the company, I would like to take this opportunity to thank the Chairman of the
BOD of the EHC for his support and guidance during this year of operation.
The BOD also appreciates the support and trust of the shareholders and recognises the hard
work and dedication of the management and employees of the company.
Finally, and in conclusion, I would like to convey our extreme thanks and appreciation to
His Majesty Sultan Qaboos Bin Said and his Government for their continued support for the
improvement and development of the electricity and water sector in Oman.

Omar Bin Khalfan Al Wahaibi
Chairman of the Board of Directors
AL GHUBRAH POWER &
12
The code of corporate governance defnes the role of the Board of Directors. It is intended to
ensure that the appropriate and necessary controls are adhered to, and the companys business
principles and the corporate conduct continue to be based on best practice.
Board of Directors:
The Board of Directors (BOD) comprises of fve non executive members appointed by the Council
of Ministers. The Board held seven (7) meetings in 2009. The dates of the Board meetings
were:
14 January 2009, 11 February 2009, 15 April 2009, 7 July 2009, 14 October 2009, 21 October
2009 & 4 November 2009.
The Board of Directors Meetings for 2009:
The table below gives the composition of the BOD & record of attendance at Board meetings.
Member Name Designation Attendance
Eng. Omar Al Wahaibi Chairman 7/7
Mr. Saed Mohammed Al Nabhani Vice Chairman 6/7
Mr. Hassan Mohammed Abdawani Member 6/7
Mr. Hamed Jaber Al Mahrooqi Member 7/7
Mr. Abdulaziz Al Kharousi Member 7/7
The Boards responsibilities are:
To provide management with direction and control.
To review and update strategic plans.
To review the effectiveness of internal controls.
To approve the business plans and budgets.
To approve interim and annual fnancial statements.
To approve policies and procedures.
Committees of the Board of Directors:-
In addition to the BOD meetings, the Board members also sit on:
The Internal Audit Committee (IAC)
The Internal Tender Committee (ITC)
The Internal Audit Committee Meetings for 2009
The table below gives the composition of the IAC members & record of attendance
The Internal Audit Committee (IAC) comprises of a Chairman and two other members. All
three are also members of the GPDCo Board of Directors.
CORPORATE GOVERNANCE
13
AL GHUBRAH POWER &
CORPORATE GOVERNANCE
The IAC met six (6) times during the year 2009 on:-
4 February 2009, 24 February 2009, 7 April 2009, 7 July 2009, 9 September 2009 & 20 December
2009.
Mr. Hamed Jaber Al Mahrooqi Chairman 6/6
Mr. Hassan Mohammed Abdawani Member 5/6
The IAC duties and responsibilities are:
To review quarterly, and annual fnancial statements.
To consider external audit fees and terms of engagement.
To Oversee all audit activities and internal control evaluations.
To conduct any special investigations as necessary and report to the Board.
The Internal Tender Committee Meetings for 2009
The table below gives the composition of the ITC members and record of attendance :-
The Internal Tender Committee (ITC) comprises a Chairman and one member, who are both
members of the GPDCo Board of Directors.
The ITCs responsibility is to examine the procurement and contracting requirements of the
company on values between RO 50,000/- to RO 250,000/-.
The ITC met seven (7) times in the year 2009 on:-
8 February 2009, 14 April 2009, 27 May 2009, 29 June 2009. 5 August 2009, 30 September 2009
& 11 November 2009.
Mr. Hassan Mohd Abdawani Chairman 6/7
Remuneration to the Board of Directors for 2009
The Board of directors sitting fees for 2009 were RO 650 per meeting for the Chairman and RO
500 per meeting for the other board members.
The IAC and ITC sitting fees is RO 400 per meeting for the chairman and RO 300 per meeting
for the other board members.
The total remuneration paid to the Board for attending the BOD meetings, IAC meetings and
ITC meetings for the year 2009 was RO 27,750.
AL GHUBRAH POWER &
14 THE MANAGEMENT REPORT
Eng. Allen Conroy
General Manager
The twelve month period ending 31 December 2009 reviewed in this report, was one of
consolidation, and responding to the many challenges presented by operating as a licensed
power and water producer in the sector.
Essentially our objective throughout the year was focused on meeting the national power
and water demand, whilst simultaneously satisfying the business, regulatory, and corporate
compliance requirements of the business.
The performance of the company throughout the year 2009 is refected in the business
performance indicators which demonstrate the companys commitments towards the need
of its customer, the offtaker, these were achieved whilst optimising profts through better
management of the O&M activities and in particular minimising fuel cost in the offtake
agreements during 2009.
In order to satisfy the power & water demand of the country, the company entered in to life
extension contracts with the off taker (OPWP) for the phase 1 Power & Desalination units i.e.
where the original contracts had ended in Sept-2009.
The year 2009 ended without any lost time accidents, which is quite an achievement considering
that there were 10 major projects carried out at site, and the company employed over 300 full
time staff for the year 2009.
The business plan for the year 2010 onward, now continues with the same vision and mission,
and with the additional benefts of the lesson learned over the past three successful years of
managing the core business activities.
Throughout the year management have held the view that by educating, developing and training
employees, and involving them directly in the core business activities, we would provide them
with an opportunity to become adequately equipped to operate in the new power and water
sector alongside IPWPs, and we intend to continue with this policy into 2010.
15
AL GHUBRAH POWER &
2009 PERFORMANCE HIGHLIGHTS
One Million Man Hours WLTH
The most signifcant highlight of 2009
was that GPDCo Successfully completed
1 Million Man Hours without any accident,
the company wishes to appreciate and
recognise the efforts of the HSE team
under the guidance and direction of the
Plant Manager Mr Ali Al Balushi.
GPDCo Continuing to progress
through Safety
Improving the safety culture at GPDCo,
and the subsidiaries has become one of
the prime objective for the group, GPDCo
has taken a lead role in this initiative and
the company remains committed to the
continued training and development of
all employees to both IOSH & NEBOSH
standards with a full time safety staff
being dedicated to the task of improving
safety.
Going forward, the Executive, and the Management remain focused on the implementation of
the group HSE framework, and adherence of the GPDCo site safety procedures.
These procedures are based on best practices and developed specifcally for the company.
In keeping with the above initiative and in order to conduct the business safely, the company
has issued appropriate HSE related policies, principles and procedures, aimed at ensuring
individual safety of employees at all times.
GPDCo have also fnalised, and issued a Plant Safety Manual during 2009, which now covers in
detail, all relevant safe working practices and safety issues as specifcally related to the power
and water production industry.
The daily Production Meetings continued to be held with the highest priority being given to
HSE related issues, these meetings are lead by the Plant Manager and are attended by the site
Safety Offcers.
Human Resources
Organisation Structure & Human Resources:
The Companys organisation was originally established along the line of an IPWP, this was
done in order to align the business with the market competition and to utilize the existing
manpower resources in an optimal and effcient manner.
The basic organisation has remained largely unchanged during the year 2009.
AL GHUBRAH POWER &
16 2009 PERFORMANCE HIGHLIGHTS
The Organisation Structure
6P0Ce 0rganisatien Chart 2009
Boord of Direclors
Finonciol
Monogemenl
nlernol ludil
0ommillee
0enerol Monoger
nlernol Tender
0ommillee
nformolion
Technology
Plonl
Monogemenl
0M/Personol lssislonl
Plonning
Monogemenl
0perolions
Monogemenl
0ommerciol
Monogemenl
HR
Monogemenl
Pro|ecl
Monogemenl
Moinlenonce
Monogemenl
nvenlory
Monogemenl
Sofely
Monogemenl
0uolily
Monogemenl
During 2009, the average numbers of employees were 314, of which 188 were Omani nationals
thereby achieving an Omanisation index of 62%.
Training & Development
Ongoing staff training and development is part of the GPDCo commitment to improve business
performance and meet the companys objectives. The company has an-in-house training facility
which came into operation in 2008. In addition to the in-house training the company sent many
of its employees for overseas training and development.
Academic training is important to staff development, hence the company has sponsored 13
employees to complete their degree level in engineering and other job related disciplines.
17
AL GHUBRAH POWER &
The Training Program
The table below summarises the training activities undertaken by GPDCo during the year
2009.
Summary Training Data At 31-Dec-09
Total No. of courses 53
No. of Days Training 492
No. of Attendees 412
Total No. of Training Hours 9,419
Total No. of hours per attendee 44
Training Index Cost RO/Hour 9
Training Index Hours/Employee 30
Training Index Cost RO/Employee 285
Omanisation
The Omanisation status of the company at the year ending 31/12/2009 is shown in the graph
below.
0manisatien 5tatus
0moni
Nolionol
2%
Fxpolriole
38%
Figure 1: The Omanisation status in the company as on 31-Dec-2009
AL GHUBRAH POWER &
18
Iftar Party 2009
Through the in-house management training exercises GPDCO has recognized the benefts of
teamwork, and the need to provide the employees with the opportunity to openly exchange
views in an informal manner, to this end, the company now annually arranges pleasure/fun
events for its staff, set in a public gathering, away from work, to create joyful atmosphere
among employees and the managerial staff.
This is an ideal platform in which to listen to the concerns of the employees and gain a better
working relationship between management and staff.
Enclosed illustrations show the team gathered for Iftar on the Shinas Ferry in September
2009.
19
AL GHUBRAH POWER &
Public Relations & Community Service
In addition to building teamwork skills, GPCDO also now provides for all its employees, an
excellent sports facility, providing sponsorship for the very popular football tournaments which
take place year round under a foodlit grass playing surface.
The company has recently completed an indoor sports hall, and employs a very active
sports coach, who runs ftness training sessions and actively encourages the employees to
participate in sports events by arranging regular competitive football, volleyball, table tennis,
and badminton competitions.
GPDCo also provides the facilities to local school children to encourage ftness in youth.
AL GHUBRAH POWER &
20
Finance
The Key Financial Ratios
In the Year 2009 GPDCO, in consultation with its holding company and auditor, concluded that
the guidance given under IAS 17 would result in the Power and Water Procurement Agreement
(PWPA) being classifed as a fnance lease as opposed to the previous treatment of normal
business transactions.
The company has now applied this revision in the accounting policy retrospectively with effect from
year 2005 and accordingly prepared the fnancial statements for the year 2009 on this basis.
As part of the fnancial reporting requirements for the year 2009, the company has included a
year to year comparison of the fnancial key performance indicators, with the restated fnancial
statement being shown from the year 2006, in order to demonstrate the way the company has
performed since the frst year of business, having being formed in 2005.
Financial Indicators
2009 2008 2007 2006
Revenue 43,192 44,726 44,095 42,613
Gross proft 7,805 7,484 9,651 8,345
Proft before interest & tax 7,274 7,194 8,008 8,141
Proft before tax 7,127 7,053 7,873 8,011
Gross Margin (%) 18.07 16.73 21.89 19.58
Net Margin (%) 15.03 14.80 18.17 18.80
ROCE (%) 4.20 4.34 5.23 5.41
Table 1: The Key Financial Ratios
Income:
The Revenue Table for 2009
During the period from 1st January 2009 to December 31st 2009, all the invoices for the production
of power and water were submitted to the off taker in accordance with the PWPA procedures, and
after engineering negotiations between the two parties, all the monies due to the company for
the production of power and water were recovered via the PWPA, as detailed below:-
Pevenue detaiI fcr year 2009
,OOO,OOO
5,OOO,OOO
/,OOO,OOO
3,OOO,OOO
2,OOO,OOO
1,OOO,OOO
-
R
0
Jon-O Feb-O Mor-O lpr-O Moy-O Jun-O Jul-O lug-O Sep-O 0cl-O Nov-O Dec-O
Revenue for Power Revenue for Woler Revenue for 0os Tolol Revenue
Figure 2: The Revenue detail for year 2009
21
AL GHUBRAH POWER &
Expenditure
The Operating Costs
The illustration below shows the apportionment of the major cost elements for the business
during the year 2009, the most signifcant cost being the fuel, which represents 77% of the total
operating costs of the year 2009.
0perating Ccst DetaiI
Fuel 0osl
Sloff 0osl
Spores & 0onsumobles
Depreciolion
0&M 0osl
0lher 0osl
77%
2%
/%
3%
5%
%
Figure 3: The Operating Costs
Energy Conversion
Gas Cost V/s Recovery
Gas cost recovery is determined as a pass through charge to the company however due to
ineffciencies of the older assets together with the discrepancies in the fuel recovery model
coupled with invoicing practice of MOG, the company cannot recover all the fuel cost from OPWP.
In the year 2009 company made an agreement with MOG to change the invoicing methodology
from volumetric basis to calorifc basis, this has resulted in saving of RO 1.1 million in 2009.
DetaiI cf 6as Ccst Peccvery Lcsses fcr tbe year 2009
3,5OO,OOO
3,OOO,OOO
2,5OO,OOO
2,OOO,OOO
1,5OO,OOO
1,OOO,OOO
5OO,OOO
-
5O
/5
/O
35
3O
25
2O
15
1O
5
O
R
0
%

o
g
e
Jon-O Feb-O Mor-O lpr-O Moy-O Jun-O Jul-O lug-O Sep-O 0cl-O Nov-O Dec-O
0os Recovery M00 nvoice % oge loss wl recovery cosl
Figure 4: Detail of Gas cost recovery losses for the year 2009
AL GHUBRAH POWER &
22
Power delivery details to OPWP
Power (GWh) delivered to the Grid
Due to more effcient plant management and the reduction in forced outages the company was
able to meet the growing demand for power of the country. It is noteworthy that there has been
a considerable increase in power delivered to the grid from the years 2005 to 2009.
This is refected in the table below:-
Pcwer DeIivered tc 6rid
2OO
2,8OO
2,7OO
2,OO
2,5OO
2,/OO
2,3OO
2,2OO
2,1OO
0
W
h
2OO7 2OO8 2OO
Figure 5: Power delivered to Grid
Water delivery details to OPWP
Water (million CuM) delivered to the Network
The Potable Water delivered to Network from the Ghubrah Power Station has experienced a
signifcant reduction in demand, this was due to the commissioning of new water line between
Muscat and Sohar.
This is refected in the table below:-
Water DeIivered tc Netwcrk
2OO
5.O
55.O
5/.O
53.O
52.O
51.O
5O.O
/.O
/8.O
M
i
l
l
i
o
n

0
u
M
2OO7 2OO8 2OO
Figure 6: Water Delivered to Network
23
AL GHUBRAH POWER &
Operations
The Operations Department performed extremely well during 2009, they consistently met the
committed levels of electrical power production as called for by the offtaker, with an acceptable
degree of reliability and availability as shown in the following illustrations:-
The Electrical Power Generation for Year 2008 & 2009 is shown below.
Pcwer 6eneraticn 5tatistics fcr tbe year 2008 - 2009
35O,OOO
3OO,OOO
25O,OOO
2OO,OOO
15O,OOO
1OO,OOO
5O,OOO
-
M
W
h
Jon Feb Mor lpr Moy Jun Jul lug Sep 0cl Nov Dec
Yeor 2OO Yeor 2OO8
Figure 7: Power generation statistics for the year 2008 - 2009
The Generation Profle for Maximum & Minimum Power Generation is
illustrated below
6eneraticn PrchIe fcr Hax - Hin 6eneraticn Day
5OO
/5O
/OO
35O
3OO
25O
2OO
15O
1OO
5O
-
M
W
h
Lood profle for min gen doy Lood profle for mox gen doy
O
1
.
O
O
O
2
.
O
O
O
3
.
O
O
O
/
.
O
O
O
5
.
O
O
O
.
O
O
O
7
.
O
O
O
8
.
O
O
O
.
O
O
1
O
.
O
O
1
1
.
O
O
1
2
.
O
O
1
3
.
O
O
1
/
.
O
O
1
5
.
O
O
1
.
O
O
1
7
.
O
O
1
8
.
O
O
1
.
O
O
2
O
.
O
O
2
1
.
O
O
2
2
.
O
O
2
3
.
O
O
2
/
.
O
O
Mox gen doy wilh 1O,8O8 MWh on 12/O7/O
Min gen doy wilh 32 MWh on 12/O3/O
Figure 8: Generation profle for max min generation day
AL GHUBRAH POWER &
24
The Water Production Profle for the Year 2008 & 2009 is shown below:
Water Prcducticn 5tatistics fcr tbe year 2008 - 2009
,OOO,OOO
5,OOO,OOO
/,OOO,OOO
3,OOO,OOO
2,OOO,OOO
1,OOO,OOO
-
0
u
m
Jon Feb Mor lpr Moy Jun Jul lug Sep 0cl Nov Dec
Yeor 2OO Yeor 2OO8
Figure 9: Wate production statistics for the year 2008 - 2009
The Production Profle for Maximum & Minimum water production is
illustrated below:
DistiIIate Prcducticn PrchIe fcr Hax - Hin Prcducticn Days
8,OOO
7,OOO
,OOO
5,OOO
/,OOO
3,OOO
2,OOO
1,OOO
-
0
u
M
Produclion profle for min produclion doy Produclion profle for mox produclion doy
O
1
.
O
O
O
2
.
O
O
O
3
.
O
O
O
/
.
O
O
O
5
.
O
O
O
.
O
O
O
7
.
O
O
O
8
.
O
O
O
.
O
O
1
O
.
O
O
1
1
.
O
O
1
2
.
O
O
1
3
.
O
O
1
/
.
O
O
1
5
.
O
O
1
.
O
O
1
7
.
O
O
1
8
.
O
O
1
.
O
O
2
O
.
O
O
2
1
.
O
O
2
2
.
O
O
2
3
.
O
O
2
/
.
O
O
Mox dislillole produclion of 175,O1 compony ochieved on 21/O//O
Min dislillole produclion of 8,1 compony ochieved on 3O/O1/O
Figure 10: Distillate production profle for max - min production days
Maintenance
As a result of better effective planning, and taking ownership of the control of the procurement
function, the maintenance team was able to complete all scheduled maintenance activities in a
well managed and controlled manner within the time periods defned in the winter maintenance
scheduled outage program.
25
AL GHUBRAH POWER &
Projects
The GPDCo Project department is responsible for initiating, awarding, monitoring, controlling
and fnalizing all project assigned to it.
The main success criteria considered for each projects are foremost HSE, followed by meeting
the agreed project schedule, quality and end users satisfaction, and wherever possible, cost
optimization.
Important Projects undertaken by the project department in the year-2009 are as follows;
Sr. Description Status
1
Re-tubing of stage No1 desalination Units,
3 and 4
Completed on Feb 2009
2 Babcock Boiler 6 Refurbishment Completed on June 2009
3
Installation of on-line Sea water flter for
Desalination unit-5
Feb-2009
4
Installation of on-line Sea water flter for
Desalination unit-6
Feb-2009
5 Installation of Water meters Completed on March 2009
6 Installation of Gas meters Completed on July 2009
7
Refurbishment works on the steel
structure of Phase II Sea Water Intake
Tender is foated by Tender Board, bids
has been received from two bidders.
8
Renewing Sea water Chlorination System
Phase II
Tender already awarded. Currently
materials procurement stage the
executing work will start on Jan 2010
9 Babcock Boiler 5 Refurbishment
Project is progress schedule completion
date 31/3/2010
27
AL GHUBRAH POWER &
STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 December 2009
Notes
2009
RO000
2008
RO000
(Restated
note 2.1 (c))
Revenue 5 43,192 44,726
Operating costs 6 (35,387) (37,242)
Gross proft 7,805 7,484
General and administrative expenses 7 (1,514) (1,253)
Other income 8 144 73
Operating proft 6,435 6,304
Finance income 9 844 895
Finance costs 10 (152) (146)
Proft before tax 7,127 7,053
Taxation 11 (178) (36)
Proft and comprehensive income for the year 6,949 7,017
The notes on pages 31 to 51 form an integral part of these fnancial statements.
Report of the Auditors - page 26.
AL GHUBRAH POWER &
28
Notes
2009
RO 000
2008
RO 000
(Restated
note 2.1 (c))
2009
RO 000
(Restated
note 2.1 (c))
ASSETS
Non-current assets
Property, plant and equipment 12 15,372 14,548 11,688
Amount due from Holding Company 25 23,235 14,235 14,235
Finance lease receivable 13 83,361 92,077 103,180
Total non-current assets 121,968 120,860 129,103
Current assets
Inventories 14 7,419 6,840 6,034
Trade and other receivables 15 8,934 8,609 8,756
Finance lease receivable 13 8,716 11,103 9,858
Bank deposits 16 9,924 13,870 3,000
Cash and cash equivalents 17 5,988 2,320 15,266
Total current assets 40,981 42,742 42,914
Total assets 162,949 163,602 172,017
EQUITY
Share capital 18 500 500 500
Legal reserve 19 167 167 167
General reserve 20 250 250 250
Retained earnings 14,812 13,187 13,573
Shareholders funds 21 140,778 138,864 138,864
Total equity 156,507 152,968 153,354
LIABILITIES
Non-current liabilities
Provisions 22 3,068 3,754 3,553
Deferred tax liability 23 284 106 70
Total non-current liabilities 3,352 3,860 3,623
Current liabilities
Trade and other payables 24 2,906 6,628 14,963
Provisions 22 184 146 77
Total current liabilities 3,090 6,774 15,040
Total liabilities 6,442 10,634 18,663
Total equity and liabilities 162,949 163,602 172,017
The fnancial statements on pages 27 to 51 were approved by the Board of Directors on 9 March
2010 and were signed on their behalf by:
......................................... ............... ..
Omar Khalfan Al Wahaibi Hamed Jaber Al Mahrooqi Allen Conroy
Chairman Director General Manager
BALANCE SHEET
as at 31 December 2009
29
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STATEMENT OF CHANGES IN EQUITY
AL GHUBRAH POWER &
30
2009 2008
(Restated
note 2.1
(c))
Note RO 000 RO 000
Cash fows from operating activities
Proft before income tax 7,127 7,053
Adjustments for:
Depreciation of property, plant and equipment 1,741 972
Loss on sale/write off of property, plant and equipment 88 5
Loss on sale of general spares - 195
Sale of scrap (144) (73)
Write back and write offs of inventory obsolescence provision (1,166) (420)
End of service benefts expense 110 195
Finance charges on decommissioning liability 147 141
Operating cash fows before payment of end of service benefts
and working capital changes 7,903 8,068
Payment of end of service benefts (33) (66)
Decrease/(increase) in working capital:
Inventories 587 (601)
Trade and other receivables (325) 147
Finance lease receivable 11,103 9,858
Trade and other payables (1,808) (8,335)
Net cash generated from operating activities 17,427 9,071
Cash fows from investing activities
Purchase of property, plant and equipment (3,525) (3,857)
Proceeds on sale of scrap 144 73
Proceeds on disposal of property, plant and equipment - 40
Net investment/encashment of bank deposits with a maturity of
greater than three months 3,946 (10,870)
Net cash generated from/(used in) investing activities 565 (14,614)
Cash fows from fnancing activities
Dividend paid (5,324) (7,403)
Amount due from Holding Company (9,000) -
Net cash from/(used in) fnancing activities (14,324) (7,403)
Net change in cash and cash equivalents 3,668 (12,946)
Cash and cash equivalents at the beginning of the year 2,320 15,266
Cash and cash equivalents at the end of the year 5,988 2,320
The notes on pages 31 to 51 form an integral part of these fnancial statements.
STATEMENT OF CASH FLOWS
31
AL GHUBRAH POWER &
1 Legal status and principal activities
Al Ghubrah Power & Desalination Company SAOC (the company) is a closed Omani joint stock
company registered under the Commercial Companies Law of Oman on 2 February 2003.
The establishment and operations of the company are governed by the provisions of the Law for
the Regulation and Privatisation of the Electricity and Related Water Sector (the Sector Law)
promulgated by Royal Decree 78/2004.
The principal activities of the company are electricity generation and water desalination activities
under a license issued by the Authority for Electricity Regulation, Oman (AER).
The company commenced its operations on 1 May 2005 (the Transfer Date) following the
implementation of a decision of the Ministry of National Economy (the Transfer Scheme) issued
pursuant to Royal Decree 78/2004.
Al Ghubrah Power & Desalination Company SAOC is a 99.99% subsidiary of the Electricity Holding
Company SAOC (EHC), a company registered in Sultanate of Oman.
2 Summary of signifcant accounting policies
The principal accounting policies applied in the preparation of these fnancial statements are
set out below. These policies have been consistently applied to all the years presented, unless
otherwise stated.
2.1 Basis of preparation
(a) The fnancial statements are prepared on the historical cost basis and in accordance with
International Financial Reporting Standards (IFRS). The measurement and presentation currency
of these fnancial statements are Rial Omani, rounded to the nearest thousand.
(b) The preparation of fnancial statements in conformity with IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgement in the process of
applying the companys accounting policies. The areas involving a higher degree of judgment or
complexity or areas where assumptions and estimates are signifcant to the fnancial statements
are disclosed in note 4.
(c) Restatement of prior year fnancial statements
The prior year fnancial statements were audited by another auditor, whose audit report dated 15
March 2009 expressed an unqualifed opinion on those statements for the year ended 31 December
2008 (the prior year).
The restatement principally arose due to the companys interpretation of IFRIC 4 - Arrangements
Containing Leases and IAS 17 Lease Accounting till last year resulted in the companys Power and
Water Procurement Agreement (PWPA) being classifed as an operating lease. However, during
the year, the company concluded that the guidance given under IAS 17 was incorrectly applied
and that the correct treatment would result in the PWPA being classifed as a fnance lease. The
company has applied the correction of error retrospectively, in accordance with IAS 8 - Accounting
Policies, Changes in Accounting Estimates and Errors. Such retrospective correction of the error,
has had a material impact on the previously reported results for the prior year and the balance
sheet as at 31 December 2008. The comparative statements have been restated to refect the
effect of the restatement for the years 2005, 2006, 2007 and 2008.
NOTES TO THE FINANCIAL STATEMENTS
AL GHUBRAH POWER &
32 NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 December 2009 continued
2 Summary of signifcant accounting policies (continued)
2.1 Basis of preparation (continued)
(c) Restatement of prior year fnancial statements (continued)
The impact of the restatement is that for the year ended 31 December 2005, property plant and
equipment of RO 134 million has been de-recognised and a gross fnance lease receivable of RO
252 million and unearned fnance lease interest of RO 118 million has been recognised in the
balance sheet with effect from 1 May 2005, being the transfer date and the date on which the
PWPA came into effect.
For each of the years ended 31 December 2005 through 31 December 2008, depreciation charges
in relation to the leased assets previously charged to the statement of comprehensive income
have been reversed. The electricity and water capacity revenues received from the off-taker that
was earlier recognised as revenue have now been allocated between gross lease receipts and
additional electricity and water capacity revenue for the year. The gross lease receipts include
interest income recognised as revenue and receipts against lease receivable.
The effect of the restatement is an increase in the proft of RO 3.538 million, RO 2.731 million,
RO 0.358 million, and RO 1.234 million for the respective years for the years 2005, 2006, 2007 and
2008.
The effect of the restatement on the comparative balance sheet and comparative statement of
comprehensive income is refected in note 28.
2.2 Changes in accounting policy and disclosure
(a) New and amended standards adopted by the company during the year
(i) IFRS 7 Financial instruments Disclosures (amendment) effective 1 January 2009.
(ii) IAS 1 (revised). Presentation of Financial Statements effective 1 January 2009.
(iii) IAS 23, Borrowing costs effective 1 January 2009.
(b) Standards, amendments and interpretations to existing standards that are not yet effective and
have not been early adopted by the company
(i) IFRIC 17, Distribution of non-cash assets to owners (effective on or after 1 July 2009).
(ii) IAS 27 (revised), Consolidated and separate fnancial statements, (effective from 1July 2009).
(iii) IFRS 3 (revised), Business combinations (effective from 1 July 2009).
(iv) IAS 38 (amendment), Intangible Assets effective 1 from the date IFRS 3 (revised) is adopted
(effective from 1 July 2009).
(v) IFRS 5 (amendment), Measurement of non-current assets (or disposal groups classifed as held
for sale) (effective from 1 January 2010).
(vi) IAS 1 (amendment), Presentation of fnancial statements, (effective from 1 January 2010)
(vii) IFRS 2 (amendments), Company cash-settled and share-based payments (effective from 1 July 2010).
2.3 Revenue
Revenue comprises tariffs for capacity and energy charges calculated in accordance with the
agreement with Oman Power and Water Procurement Company SAOC, a related party, for sale of
generated electricity and desalinated water. Revenue also includes fnance lease interest income.
33
AL GHUBRAH POWER &
2.4 Foreign currency translation
Transactions denominated in foreign currencies are initially recorded at the rates of exchange
prevailing on the date of the transaction. Monetary assets and liabilities denominated in such
currencies are translated at the rates prevailing on the reporting date. Gains and losses from
foreign currency transactions are dealt with, in the statement of comprehensive income.
2.5 Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and any identifed
impairment loss. Borrowing costs which are directly attributable to the acquisition of items of
property, plant and equipment, are capitalised.
Depreciation
Depreciation is recognised in the statement of comprehensive income on a straight-line basis
over the estimated useful lives of each part of an item of property, plant and equipment, since
this most closely refects the expected pattern of consumption of the future economic benefts
embodied in the asset.
The principal estimated useful lives used for this purpose are:
Assets Years
Buildings 30
Other plant and machinery 12 - 40
Furniture, vehicles and equipment 5 - 7
Plant spares 20
Decommissioning assets 50
Work-in-progress
Work-in-progress is stated at cost. When the underlying asset is ready for use in its intended
condition and location, work-in-progress is transferred to the appropriate property, plant and
equipment category and depreciated in accordance with depreciation policies of the company.
2.6 Financial instruments
Financial assets and fnancial liabilities are recognised on the companys balance sheet when the
company becomes a party to the contractual provisions of the instrument.
Non-derivative fnancial instruments comprise, trade and other receivables excluding
prepayments, receivables from related parties, bank deposits, cash and cash equivalents and
trade and other payables.
Non-derivative fnancial instruments are recognised initially at fair value plus, for instruments
not at fair value through proft or loss, any directly attributable transaction costs.
Subsequent to initial recognition, non-derivative fnancial instruments are measured at amortised
cost using the effective interest method, less any impairment losses.
AL GHUBRAH POWER &
2.7 Impairment
Financial assets
Financial assets are assessed for indicators of impairment at each reporting date. Financial
assets are impaired where there is objective evidence that, as a result of one or more events that
occurred after the initial recognition of the fnancial asset, the estimated future cash fows of the
investment have been impacted.
For fnancial assets, objective evidence of impairment could include:
signifcant fnancial diffculty of the counterparty or
default or delinquency in payments
it becoming probable that the borrower or customer will enter bankruptcy or fnancial
reorganisation.
For certain categories of fnancial assets, such as trade receivables that are assessed not to be
impaired individually are subsequently assessed for impairment on a collective basis.
Objective evidence of impairment for a portfolio of receivables could include the companys past
experience of collecting payments, an increase in the number of delayed payments in the portfolio
past the credit period as well as observable changes in national or local economic conditions that
correlate with default on receivables.
The carrying amount of the fnancial asset is reduced by the impairment loss directly for all
fnancial assets with the exception of trade receivables, where the carrying amount is reduced
through the use of a provision account.
When a trade receivable is considered uncollectible, it is directly written off as bad after appropriate
approvals. Subsequent recoveries of amounts previously written off are credited to the statement
of comprehensive income.
Non-fnancial assets
The carrying amounts of the companys non-fnancial assets other than inventories are reviewed
at each reporting date to determine whether there is any indication of impairment. If any such
indications exist then the assets recoverable amount is estimated.
An impairment loss is recognised if the carrying amount of an asset or cash generating unit
exceeds its value in use and its fair value less costs to sell. In assessing the value in use, the
estimated future cash fows are discounted to their present value using a pre-tax discount rate
that refects current market assessments of the time value of money and the risks specifed to
the asset. Impairment losses recognised in prior periods are assessed at each reporting date for
any indications that the loss has decreased or no longer exists. An impairment loss is reversed if
there has been a change in estimates used to determine the recoverable amount. An impairment
loss is reversed only to the extent that the assets carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortisation, if no impairment
loss had been recognised.
35
AL GHUBRAH POWER &
2.8 Inventories
Inventories are stated at the lower of cost and net realisable value. Costs comprise purchase cost
and where applicable, direct labour costs and those overheads that have been incurred in bringing
the inventories to their present location and condition. Cost is calculated principally using the
weighted average method. Provision is made for slow moving and obsolete inventory items where
necessary, based on management assessment.
2.9 Trade receivables
Trade and other receivables are stated at their fair value. Trade debtors are initially recognised
at fair value and subsequently are stated at amortised cost using the effective interest method
less impairment losses. A provision for impairment of trade receivables is established when there
is objective evidence that the company will not be able collect all amounts due according to the
original terms of receivables. Signifcant fnancial diffculties of the debtor, probability that the
debtor will enter bankruptcy or fnancial reorganisation, and default or delinquency in payments
are considered indicators that the trade receivable is impaired. The amount of the provision is the
difference between the assets carrying amount and the present value of estimated future cash
fows, discounted at the effective interest rate. The amount of the provision is recognised in the
statement of comprehensive income.
2.10 Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits. Cash equivalents are
short term, highly liquid investments that are readily convertible to known amount of cash, which
are subject to an insignifcant risk of changes in value and have maturity of three months or less
at the date of acquisition.
2.11 Trade payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Accounts payable are classifed as current liabilities if payment
is due within one year or less (or in the normal operating cycle of the business if longer). If not,
they are presented as non-current liabilities.
Trade payables are recognised initially at fair value and subsequently measured at amortised cost
using the effective interest method.
2.12 Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying
assets are added to the cost of those assets, until such time as the assets are substantially ready
for their intended use or sale. Investment income earned on the temporary investment of specifc
borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs
eligible for capitalisation.
All other borrowing costs are recognised in the statement of comprehensive income in the year in
which they are incurred.
AL GHUBRAH POWER &
2.13 Taxation
Income tax is calculated as per the fscal regulations of the Sultanate of Oman.
Current tax is the expected tax payable on the taxable income for the year, using the tax rates
ruling at the reporting date.
Deferred tax is provided using the balance sheet liability method, providing for temporary
differences between the carrying amounts of assets and liabilities for fnancial reporting purposes
and the amounts used for income tax purposes. Deferred tax is calculated on the basis of the tax
rates that are expected to apply to the year when the asset is realised or the liability is settled
based on tax rates (and tax laws) that have been enacted or substantially enacted by the reporting
date. The tax effects on the temporary differences are disclosed under non-current liabilities as
deferred tax.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profts
will be available against which the unused tax losses and credits can be utilised. The carrying
amount of deferred tax assets is reviewed at reporting date and reduced to the extent that it is no
longer probable that the related tax beneft will be realised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off
current tax assets against current tax liabilities and when they relate to income taxes levied by the
same taxation authority and the company intends to settle its current tax assets and liabilities on
a net basis.
Current and deferred tax is recognised as an expense or beneft in the statement of comprehensive
income except when they relate to items credited or debited directly to equity, in which case the
tax is also recognised directly in equity.
2.14 Employee benefts
A liability is recognised for benefts accruing to employees in respect of wages, salaries and
annual leave when it is probable that settlement will be required and they are capable of being
measured reliably.
Liabilities recognised in respect of employee benefts are measured at their nominal value using
the current remuneration.
Provision for employee benefts is accrued having regard to the requirements of the Oman Labour
Law 2003 as amended or in accordance with the terms and conditions of the employment contract
with the employees, whichever is higher. Employee entitlements to annual leave are recognised
when they accrue to employees and an accrual is made for the estimated liability arising as
a result of services rendered by employees up to the balance sheet date. These accruals are
included in current liabilities, while that relating to end of service benefts is disclosed as a non-
current liability.
End of service beneft for Omani employees are contributed in accordance with the terms of the
Social Securities Law 1991 and Civil Service Employees Pension Fund Law.
2.15 Provisions
Provisions are recognised in the balance sheet when the company has a legal or constructive
obligation as a result of a past event and it is probable that it will result in an outfow of economic
beneft that can be reliably estimated.
37
AL GHUBRAH POWER &
2.15 Provisions (continued)
The amount recognised as a provision is the best estimate of the consideration required to settle the
present obligation at reporting date, taking into account the risks and uncertainties surrounding
the obligation. Where a provision is measured using the cash fows estimated to settle the present
obligation, its carrying amount is the present value of those cash fows. Where some or all of the
economic benefts required to settle a provision are expected to be recovered from third party, the
receivable is recognised as an asset if it is virtually certain that reimbursement will be received
and the amount of the receivable can be measured reliably.
2.16 Provision for decommissioning
A provision for decommissioning is recognised when there is a present obligation as a result
of activities undertaken pursuant to the usufruct agreements, it is probable that an outfow of
economic benefts will be required to settle the obligation, and the amount of provision can be
measured reliably. The estimated future obligations include the costs of removing the facilities
and restoring the affected areas.
The provision for future decommissioning cost is a best estimate of the present value of the
expenditure required to settle the decommissioning obligation at the reporting date based on
the current requirements as per the usufruct agreements. Future decommissioning cost is
reviewed annually and any changes in the estimate are refected in the present value of the
decommissioning provision at each reporting date. The initial estimate of the decommissioning
provision is capitalised into the cost of the asset and depreciated on the same basis as the related
asset. Changes in the estimate of the provision for decommissioning is treated in the same
manner, except that the unwinding of the effect of the provision is recognised as a fnance cost
rather than being capitalised into the cost of the related asset.
2.17 Leases
The company leases certain property, plant and equipment. The present value of the lease
payments is recognised as a receivable. The difference between the gross receivable and the
present value of the receivable is recognised as unearned fnance income.
Lease income is recognised over the term of the lease using the net investment method, which
refects a constant periodic rate of return. Each lease payment is allocated between the lease
receivable and fnance charges so as to achieve a constant rate on the fnance balance outstanding.
The interest element of the fnance cost is charged to the income statement over the lease period
so as to produce a constant periodic rate of interest on the remaining balance of the liability for
each period.
3 Financial risk management
The companys activities expose it to a variety of fnancial risks: market risk (including price risk,
interest rate risk, foreign currency risk, liquidity and credit risk). However, the companys overall
risk management programme focuses on the unpredicatabilty of fnancial markets and seeks to
minimise potential adverse effects on the companys fnancial performance.
AL GHUBRAH POWER &
3. Financial risk management (continued)
Credit risk management is carried out by the company and liquidity and market risk by the holding
companys treasury department under policies approved by the Board of Directors. The board
provides written principles for overall risk management, as well as written policies covering specifc
areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative fnancial
instruments and non derivative fnancial instruments, and investment of excess liquidity.
3.1 Financial risk factors
(a) Market risk
(i) Price risk
The permitted tariff (prices) for generation of electricity and water is determined by long term
agreements with Oman Power and Water Procurement Company SAOC (OPWPC), a related party.
Hence, the company is not subject to signifcant price risk.
(ii) Interest rate risk
The company has deposits which are interest bearing and are exposed to changes in market
interest rates. The company carries out periodic analysis and monitors the market interest rates
fuctuations taking into consideration the companys needs.
At the balance sheet date the interest rate risk profle of the companys interest bearing fnancial
instruments was:
2009 2008
RO 000 RO 000
Bank deposit with a maturity of greater than three months from
the date of the deposit 9,924 13,870
Interest rates on the companys deposits are fxed and subject to change as and when renewed.
A 1% increase or decrease in interest rates at the reporting date would have increased proft or
loss, on an annual basis, by RO 99,000 (2008: RO 139,000).
(iii) Foreign currency risk
Foreign exchange risk arises when future commercial transactions or recognised assets or
liabilities are denominated in a currency that is not the entitys functional currency. The company
is exposed to foreign exchange risk arising from currency exposures primarily with respect to US
Dollar. US Dollar is pegged to Omani. Since most of the foreign currency transactions are in US
Dollar or other currencies linked to the US Dollar, management believes that the exchange rate
fuctuations would have an insignifcant impact on the pre-tax proft.
(b) Liquidity risk
Liquidity risk is limited as its liabilities are short term and the management aims to maintain
suffcient cash for operation purposes. Trade and other payables are normally settled on average
of 30 days of the date of purchase.
The table below analyses the companys fnancial liabilities into relevant maturity grouping based
on the remaining period at the balance sheet date to the contractual maturities date. The amounts
disclosed in the table are the contractual undiscounted cash fows. Balances due within twelve
months equal their carrying balances, as the impact of discounting is not signifcant.
39
AL GHUBRAH POWER &
3.1 Financial risk factors (continued)
(b) Liquidity risk (continued)
The following are the contractual undiscounted cash fows associated with fnancial liabilities:
31 December 2009
Carrying
amount
Less than
1 month
1 month to
3 months
3 months
to 1 year
1 year to 5
years
RO 000 RO 000 RO 000 RO 000 RO 000
Non interest bearing
Trade and other payables 2,881 2,543 205 108 25
Amount due to related parties 25 - 25 - -
2,906 2,543 230 108 25
31 December 2008
Carrying
amount
Less than 1
month
1 month to
3 months
3 months
to 1 year
1 year to 5
years
RO 000 RO 000 RO 000 RO 000 RO 000
Non Interest bearing
Trade and other payables 6,387 - 6,387 - -
Amount due to related parties 241 - 241 - -
6,628 - 6,628 - -
(c) Credit risk
Credit risk is the risk of fnancial loss to the company if a customer or counterparty to a fnancial
instrument fails to meet its contractual obligations. The credit risk of the company is primarily
attributable to trade and other receivables, investment in bank deposits and bank balances.
Trade and other receivables
The companys exposure to credit risk on trade and other receivables is infuenced mainly by
the individual characteristics of each customer. The company has established credit policies
and procedures that are considered appropriate and commensurate with the nature and size of
receivables.
The carrying amount of fnancial assets represents the maximum credit exposure. The exposure
to credit risk at the reporting date is on account of:
2009 2008
RO 000 RO 000
Amount due from Holding Company 23,235 14,235
Trade receivables 7,633 7,567
Other receivables 1,099 885
31,967 22,687
AL GHUBRAH POWER &
3.1 Financial risk factors (continued)
(c) Credit risk (continued)
The exposure to credit risk for trade receivables at the reporting date by type of customer is:
2009 2008
RO 000 RO 000
Oman Power & Water Procurement Company SAOC 7,633 7,567
The age of trade receivables and related impairment loss at the reporting date is:
31 December 2009 31 December 2008
Gross Impairment Gross Impairment
RO 000 RO 000 RO 000 RO 000
Not past due 7,633 - 7,567 -
There is no impairment assessed for trade and other receivables as these are considered fully
recoverable.
Investment in bank deposits and bank balances
The companys banks accounts are placed with fnancial institutions with a credit rating of at least
BAAA.
The carrying amount of fnancial assets represents the maximum credit exposure. The exposure
to credit risk at the balance sheet date is on account of:
2009 2008
RO 000 RO 000
Bank deposit with a maturity of greater than three months from the
date of the deposit
9,924 13,870
Cash and cash equivalents 5,988 2,320
15,912 16,190
3.2 Capital risk management
The companys objectives when managing capital are to safeguard the companys ability to
continue as a going concern and to provide an adequate return to shareholders.
The Boards policy is to maintain a strong capital base so as to maintain creditor and market
confdence and to sustain future development of the business. The capital structure of the
companys comprises share capital, reserves, retained earnings and shareholders funds. The
company is not subject to externally imposed capital restrictions.
The company sets the amount of capital in proportion to risk. The company manages the capital
structure and makes adjustments to it in the light of changes in economic conditions and the risk
characteristics of the underlying assets.
3.3 Fair value estimation
The carrying value of the fnancial assets and liabilities as recorded in the balance sheet
approximates to their fair value.
41
AL GHUBRAH POWER &
4 Critical accounting estimates
The preparation of fnancial statements in conformity with IFRS requires the use of certain critical
accounting estimates. It also requires management to exercise its judgment in the process of
applying the companys accounting policies. The company makes estimates and assumptions
concerning the future. The resulting accounting estimates will, by defnition, seldom equal the
related actual results.
Estimates and judgements are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the
circumstances. The areas requiring a higher degree of judgement or complexity, or areas where
assumptions and estimates are signifcant to the fnancial statements are set out below:
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives.
The calculation of useful lives is based on managements assessment of various factors such
as the operating cycles, the maintenance programs, and normal wear and tear using its best
estimates.
Provision for inventory obsolescence
Provision for inventory obsolescence is based on managements assessment of various factors such
as usability, the maintenance programs, and normal wear and tear using its best estimates.
Provision for decommissioning cost
Upon expiry of their respective Usufruct agreements, the company will have a legal requirement
to remove the facilities and restore the affected area. The estimated costs, discount rate and risk
rate used in the calculation are managements best estimates.
Deferred taxation
The company makes provision for deferred tax liability during term of the Power Purchase
Agreement, arising primarily from accelerated tax depreciation.
In the absence of a clear guidance regarding the treatment of fnance leases for tax purposes
from the tax authorities, the management has assumed that the assets acquired and accounted
as fnance lease assets in companys books would be treated as operating leases for tax purposes.
The regulations that govern the tax base of such fnance leased assets are expected to be released
by the tax authorities in 2010. Pending such publication, the company is continuing to treat these
agreements as operating leases for tax purposes. If the tax authorities fnal decision is not in
line with companys position, it could result in substantial increase in deferred tax liabilities and a
resultant charge on the proft for the year.
5 Revenue
2009

RO 000
2008
(Restated note
2.1 (c))
RO 000
Additional electricity and water capacity and operations and
maintenance charges
6,137 5,406
Electricity & water energy charges 25,133 26,134
Finance lease interest income 11,922 13,186
43,192 44,726
AL GHUBRAH POWER &
5 Revenue (continued)
Additional electricity and water capacity and operations and maintenance charges are the amounts
received by the company in excess of the fnance lease principal payments.
2009

RO 000
2008
(Restated
note 2.1 (c))
RO 000
Electricity & water capacity charges-billed 29,162 28,450
Less: fnance lease principal payment (11,103) (9,858)
Less: fnance lease interest income (11,922) (13,186)
6,137 5,406
6 Operating costs
2009

RO 000
2008
(Restated
note 2.1 (c))
RO 000
Gas and fuel consumption 27,201 29,397
Employee beneft expenses 3,081 2,830
Spares and consumable expenses 1,875 2,254
Maintenance and repairs expenses 1,277 1,414
Depreciation and amortisation 1,258 521
Chemicals consumption 466 296
Transmission connection charges 34 72
Other direct costs 195 458
35,387 37,242
7 General and administrative expenses
2009

RO 000
2008
(Restated
note 2.1 (c))
RO 000
Service expenses 1,188 966
Employee beneft expenses 770 703
Depreciation and amortisation 483 449
Directors remuneration and sitting fees 58 69
Write back of accruals and provisions (501) (915)
Write back of inventory provisions (900) (194)
Other expenses 416 175
1,514 1,253
43
AL GHUBRAH POWER &
8 Other income
Other income represents proceeds from sale of scrap material.
9 Finance income
2009 2008
RO 000 RO 000
Interest income 787 581
Exchange gain 57 314
844 895
10 Finance costs
2009 2008
RO 000 RO 000
Bank charges 5 5
Unwinding of discount rate on decommissioning provision cost
147 141
152 146
11 Taxation
Income tax is provided as per the provisions of the Law of Income Tax on Companies in Oman
after adjusting for items which are non-assessable or disallowed. The tax rate applicable to the
company is 12% on taxable income in excess of RO 30,000. The deferred tax on all temporary
differences have been calculated and dealt with in the statement of comprehensive income.
(a) The taxation charge for the year is as follows:
2009

RO 000
2008
(Restated
note 2.1 (c))
RO 000
Deferred tax charge in respect of current year 178 36
(b) The company is liable to income tax in accordance with the income tax law of the Sultanate of
Oman at the enacted tax rate of 12% on taxable income in excess of RO 30,000. The following is a
reconciliation of income taxes calculated on accounting profts at the applicable tax rate with the
income tax expense for the year:
2009

RO 000
2008
(Restated
note 2.1 (c))
RO 000
Tax charge on accounting proft of RO 7.127 million
(2008-RO 7.053 million) 852 843
Less tax effect of:
Deferred tax asset not recognised (674) (807)
Current tax 178 36
(c) Tax assessments for the years 2005 to 2008 are pending assessment by Oman taxation
authorities.
AL GHUBRAH POWER &
12 Property, plant and equipment
(a) The movement on property, plant and equipment is set out on pages 50 and 51.
(b) The companys property, plant and equipment are constructed on lands leased from Ministry of
Housing, Government of Sultanate of Oman.
13 Finance lease receivables
2009 2008
RO 000 RO 000
Current 8,716 11,103
Non current 83,361 92,077
92,077 103,180
Represented by:
Gross fnance lease receivable 145,088 168,113
Less: unearned fnance lease interest (53,011) (64,933)
92,077 103,180
The following table shows the maturity analysis of fnance lease receivable;
Less than
1 year
Between
1 and 2
years
Between
2 and 5
years
More than
5 years
Total
At 31 December 2009 RO RO RO RO
Gross fnance lease receivable 19,346 17,536 52,080 56,126 145,088
Less: unearned fnance lease interest (10,630) (9,694) (22,534) (10,153) (53,011)
8,716 7,842 29,546 45,973 92,077
Less than
1 year
Between
1 and 2
years
Between
2 and 5
years
More than
5 years
Total
At 31 December 2008 RO RO RO RO
Gross fnance lease receivable 23,025 19,346 52,564 73,179 168,113
Less: unearned fnance lease interest (11,922) (10,630) (25,936) (16,446) (64,933)
11,103 8,716 26,628 56,733 103,180
14 Inventories
2009 2008
RO 000 RO 000
Fuel 724 797
Chemicals 166 238
Spares and consumables 16,273 16,715
17,163 17,750
Provision for inventory obsolescence (9,744) (10,910)
7,419 6,840
45
AL GHUBRAH POWER &
Movement in provision for inventory obsolescence
2009 2008
RO 000 RO 000
At beginning of the year 10,910 11,330
Amounts written off during the year (266) (226)
Write back of provision (900) (194)
At end of the year 9,744 10,910
15 Trade and other receivables
2009 2008
RO 000 RO 000
Trade receivables from related party 7,633 7,567
Amount due from related parties 26 112
Other receivables 1,073 773
Prepayments 202 157
8,934 8,609
(a) Trade and other receivables do not contain impaired assets.
(b) At the year end 100% (2008; 100%) of trade receivables were due from Oman Power and Water
Procurement Company SAOC (OPWP).
(c) All receivables are denominated in Rial Omani.
16 Bank deposits
Bank deposits have a maturity of greater than 3 months from the initial date of deposit, with
effective interest rates ranging from 5.25% to 6.6% (2008 - 5.5% to 6.6%) per annum.
17 Cash and cash equivalents
2009 2008
RO 000 RO 000
Cash at bank 5,985 2,312
Cash on hand 3 8
5,988 2,320
18 Share capital
The companys authorised, issued and paid-up capital consists of 500,000 shares of RO 1 each.
The details of the shareholders are as follows:
Percentage of Number of 2009 2008
Shareholding Shares issued RO RO
Electricity Holding Company SAOC 99.99% 499,950 499,950 499,950
Ministry of Finance 0.01% 50 50 50
500,000 500,000 500,000
AL GHUBRAH POWER &
19 Legal reserve
In accordance with the Commercial Companies Law of 1974 (as amended), the reserve is equal to one-
third of the companys issued share capital and is not available for distribution to shareholders.
20 General reserve
In accordance with the Companys policy, an amount not exceeding 20% of the proft after transfer
to legal reserve should be transferred to a general reserve until the balance of the general
reserve reaches one half of the share capital, which has been achieved. This reserve is available
for distribution to shareholders.
21 Shareholders funds
Following the implementation of a decision of the Sector Law and in accordance with the transfer scheme,
the Electricity Holding Company SAOC (Holding Company) received certain assets and liabilities from
the Ministry of Housing, Electricity and Water (MHEW) on 1 May 2005, the transfer date.
Subsequently, part of the assets and liabilities were transferred to the company. The value of
the net assets transferred is represented in the books as shareholders funds and there is no
contractual obligation to repay this amount and there are no fxed repayment terms.
In accordance with the Ministry of Finance approvals, during the year the company adjusted inventory
accruals amounting to RO 1.914 million relating to items purchased prior to the transfer date against
the shareholders funds as this amount has already been paid by the Ministry of Finance.
22 Provisions

2009
RO 000
2008
RO 000
Non current
Employee benefts 130 91
Decommissioning obligation 2,938 3,663
3,068 3,754
Current
Employee benefts 184 146
Movement in employee benefts is as follows
2009
RO 000
2008
RO 000
At 1 January 237 108
Charge for the year 110 195
Payments (33) (66)
At 31 December 314 237

2009
RO 000
2008
RO 000
Movement in provision for decommissioning obligation
2009
RO 000
2008
RO 000
At beginning of the year 3,663 3,522
Changes in cost estimates (872) -
Unwinding of discount 147 141
At end of the year 2,938 3,663
The decommissioning costs represents the present value of managements best estimate of the
future sacrifce of the economic benefts that will be required to remove the facilities and restore
the affected area at the companys rented sites. The estimate has been made on the basis of
quotes obtained from contractors.
47
AL GHUBRAH POWER &
23 Deferred tax liability
Deferred income taxes are calculated on all temporary differences under the balance sheet
liability method using a principal tax rate of 12%. The net deferred tax liability/(assets) in the
balance sheet and the net deferred tax charge in the statement of comprehensive income are
attributable to the following items:
2009 At 1 January
2009
Charge for the
year
At 31
December 2009
RO 000 RO 000 RO 000
Asset
Decommissioning asset 87 (149) (62)
Liability
Accelerated tax depreciation (193) (29) (222)
Net Deferred tax liability (106) (178) (284)
2008 At 1 January
2008
Charge for the
year
At 31 December
2008
RO 000 RO 000 RO 000
Asset
Decommissioning asset 62 25 87
Liability
Accelerated tax depreciation (132) (61) (193)
Net Deferred tax liability (70) (36) (106)
Unrecognised deferred tax assets:
2009
2008
(Restated note
2.1)
RO 000 RO 000
Tax losses 57,703 43,812
24 Trade and other payables
2009 2008
RO 000 RO 000
Trade payables
338 1,529
Amount due to related parties
25 241
Accrued expenses
2,543 4,858
2,906 6,628
25 Related parties
Related parties comprise the shareholders, directors, key management personnel and business
entities in which they have the ability to control or exercise signifcant infuence in fnancial and
operating decisions.
AL GHUBRAH POWER &
The company maintains balances with these related parties which arise in the normal course of
business from the commercial transactions and are entered into at terms and conditions which
are considered to be comparable with those adopted for arms length transactions with third
parties. Outstanding balances at year end are unsecured and settlement occurs in cash.
(a) The summary of signifcant transactions with related parties during the year is as follows:
2009 2008
RO 000 RO 000
Revenue
Sale of electricity and water capacity and energy to Oman Power
and Water Procurement Company SAOC (OPWPC)
54,295 54,584
Expenses recovered from Muscat Electricity Distribution
Company SAOC
27 -
Expenses recovered from Wadi Al Jizzi Power Company SAOC - 36
Expenses
Accounting service charges to Electricity Holding Company SAOC 344 287
Transmission connection charges to Oman Electricity
Transmission Company SAOC
61 72
Transfer of goods
Transfer of Asset to Wadi Al Jizzi Power Company SAOC - 8
(b) Key management compensation
Key management personnel are those persons having authority and responsibility for planning,
directing and controlling the activities of the company, directly or indirectly, including any director
(whether executive or otherwise). The compensation for key managerial personnel during the
year is as follows:
2009 2008
RO 000 RO 000
Short term employee benefts 444 411
Post employment benefts 50 54
Directors remuneration and sitting fees 58 69
552 534
(c) Amount due from related parties
2009 2008
RO 000 RO 000
Non-current
Electricity Holding Company SAOC 23,235 14,235
Current
Oman Power and Water Procurement Company SAOC (OPWP) 7,633 7,567
Muscat Electricity Distribution Company SAOC 26 112
(d) Amount due to related parties
2009 2008
RO 000 RO 000
20 241
Wadi Al Jizzi Power Company SAOC
Electricity Holding Company SAOC 5 -
Amounts due from Electricity Holding Company SAOC is interest free and have no fxed repayment
terms and are not intended to be repaid within one year from the balance sheet date. The loans
are stated at cost and it is not practicable to determine their fair value in the absence of fxed
repayment terms.
49
AL GHUBRAH POWER &
26 Proposed dividend
The Board of Directors of the company at their meeting held on 9 March 2010 have proposed a
cash dividend of RO 13.896 per share aggregating RO 6,948,000 on the companys existing share
capital. (2008: RO 10.648 per share aggregating RO 5,324,000 was proposed and paid as dividend
in 2009). This dividend is subject to the approval of the companys shareholders in the Annual
General Meeting.
27 Contingencies and operational commitments
2009 2008
RO 000 RO 000
Commitments
Capital commitment 1,719 1,626
Letters of credit issued 814 963
Shipping Guarantee 9 -
Contingent liability
Claims against the company not acknowledged as debt 511 511
The management of the company is currently pursuing arbitration proceedings against the
operation and maintenance (O&M) contractor, claiming compensation for damages, in excess of
RO 10 million, resulting from their poor performance of the O&M contract, leading to excessive
deterioration of certain plant and equipment. The contractor in turn has claimed RO 511,000
towards their invoices for supply of miscellaneous material and services, which are disputed by
the company and covered under the arbitration proceedings, for which provision has not been
made as the management believe that the contractor has no case to claim this amount.
28 Comparative fgures
Finance lease
As stated in note 2.1 (c), during the year, the company concluded that the guidance given under
IAS 17 was incorrectly applied and that the correct treatment would result in the PWPA being
classifed as fnance leases. The company applied this revision in accounting policy retrospectively,
in accordance with IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors. As a
result of this, the comparative fgures as at 31 December 2008 have been restated as follows:
2008
Restated
2008
As previously
reported
RO 000 RO 000
Balance sheet
Property, plant and equipment 14,548 114,666
Finance lease receivables 103,180 -
Retained earnings 13,187 5,326
Deferred tax liability 106 4,905
Statement of comprehensive income
Revenue 44,726 55,165
Operating costs 35,387 45,623
Taxation 36 2,947
AL GHUBRAH POWER &

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Annual Report 2009 en

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Annual Report 2009 en

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His Majesty Sultan Qaboos Bin Said

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