Oil&gas Regs Regulatory News (OGDC)

28 Apr 2008 08:16

Oil and Gas Development Company Ltd28 April 2008 OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONDENSED CONSOLIDATED INTERIM BALANCE SHEET (UNAUDITED)AS AT 31 MARCH 2008 Un-audited Audited Un-audited Audited 31 March 30 June 31 March 30 June 2008 2007 2008 2007 Note (Rupees '000) Note (Rupees '000)SHARE CAPITAL AND RESERVES NON CURRENT ASSETS Fixed assets Share capital 43,009,284 43,009,284 Property, plant and equipment 5 22,606,475 21,810,882 Development and production assets - intangible 6 33,011,559 29,311,570 Capital reserve 3,452,044 3,274,228 Exploration and evaluation assets 7 6,681,277 6,365,706 62,299,311 57,488,158 Unappropriated profit 65,598,225 60,652,540 Long term investments 2,589,169 2,610,267 ------------------------ Long term loans and receivables 1,464,275 1,685,589 112,059,553 106,936,052 Long term prepayments 207,680 39,821 ----------- ---------- 66,560,435 61,823,835NON CURRENT LIABILITIES CURRENT ASSETS Stores, spare parts and loose tools ----------------------- ----------------------- 16,094,245 13,605,051 Deferred taxation 14,654,728 11,078,919 Stock in trade 107,068 93,788 Deferred employee Trade debts 8 34,015,391 28,018,145 benefits 1,295,866 1,423,132 Loans and advances 1,979,323 1,540,689 Provision for Deposits and short decommissioning ----------------------- term prepayments 262,044 293,130 cost 6,630,602 6,049,620 22,581,196 18,551,671 CURRENT LIABILITIES Interest accrued 103,637 318,444 Other receivables 867,397 1,335,255 Trade and other Advance tax 2,245,417 5,700,810 payables 3 20,760,122 11,259,069 Other financial assets 9 20,281,122 19,153,959 Cash and bank balances 12,884,792 4,863,686CONTINGENCIES AND ----------------------- COMMITMENTS 4 88,840,436 74,922,957 ------------------------ ----------------------- 155,400,871 136,746,792 155,400,871 136,746,792 ======================== ======================= The annexed notes 1 to 16 form an integral part of this condensed consolidated interim financial information. Chairman and Chief Executive Director OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONDENSED CONSOLIDATED INTERIM PROFIT AND LOSS ACCOUNT (UNAUDITED)FOR NINE MONTHS ENDED 31 MARCH 2008 Three months ended Nine months ended 31 March 31 March 2008 2007 2008 2007 Note (Rupees '000) Sales - net 10 32,055,233 25,635,955 88,877,523 75,312,339 ------------ ------------ ------------ ------------Royalty (3,408,980) (2,761,530) (10,786,277) (8,238,538)Operatingexpenses (4,164,615) (4,387,374) (12,802,052) (12,579,957)Transportationcharges (401,600) (301,075) (981,774) (813,035) ------------ ------------ ------------ ------------ (7,975,195) (7,449,979) (24,570,103) (21,631,530) ------------ ------------ ------------ ------------Gross profit 24,080,038 18,185,976 64,307,420 53,680,809 Other income 704,838 838,161 2,207,317 3,090,248Exploration and prospecting expenditure (1,299,781) (1,337,555) (5,382,562) (5,202,339)General and administration expenses (213,646) (314,693) (860,224) (775,979)Finance costs (157,062) (130,487) (455,183) (392,797)Workers' profit participation fund (1,156,541) (862,878) (2,992,035) (2,533,713)Share of profit in associated company 12,091 10,788 32,868 33,874 ------------ ------------ ------------ ------------ PROFIT BEFORETAXATION 21,969,937 16,389,312 56,857,601 47,900,103Taxation (9,757,738) (4,817,988) (20,552,369) (13,403,419) ------------ ------------ ------------ ------------PROFIT FOR THE PERIOD 12,212,199 11,571,324 36,305,232 34,496,684 ============ ============ ============ ============ Earnings per share - basic and diluted (Rupees) 11 2.84 2.69 8.44 8.02 ============ ============ ============ ============ The annexed notes 1 to 16 form an integral part of this condensed consolidated interim financial information. Chairman and Chief Executive Director OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENT (UNAUDITED)FOR NINE MONTHS ENDED 31 MARCH 2008 Nine months ended 31 March 2008 2007 (Rupees '000)Cash flows from operating activitiesProfit before taxation 56,857,601 47,900,103Adjustments for: Depreciation 2,193,771 2,363,640 Amortization of development and production assets 3,051,194 2,833,298 Royalty 10,786,277 8,238,538 Workers' profit participation fund 2,992,035 2,533,713 Provision for employee benefits 504,251 339,276 Unwinding of discount on provision for decommissioning cost 447,937 388,762 Interest income (1,827,686) (2,850,716) Unrealized gain on investments at fair value through profit or loss (5,902) (2,270) Dividend income on NIT units (28,150) (26,334) Gain on disposal of property, plant and equipment (303) (22,744) Interest income on long term receivables (43,910) (97,026) Share of profit in associated company (32,868) (33,874) Provision for doubtful advances (9,864) - ------------ ------------ 74,884,383 61,564,366Working capital changes(Increase)/decrease in current assets: Stores, spare parts and loose tools (2,489,194) (4,753,499) Stock in trade (13,280) (8,256) Trade debts (5,997,246) (9,457,963) Deposits and short term prepayments 31,086 (11,949) Advances and other receivables 1,845 636,534Increase/(decrease) in current liabilities: Trade and other payables (2,124,053) (218,614) ------------ ------------Cash generated from operations 64,293,541 47,750,619 ------------ ------------ Royalty paid (8,682,314) (6,920,613) Employee benefits paid (631,517) (246,378) Received from workers' profit participation fund 302,383 31,949 Income taxes paid (13,521,166) (19,415,498) ------------ ------------ (22,532,614) (26,550,540) ------------ ------------ Net cash from operating activities 41,760,927 21,200,079 Cash flows from investing activities ------------ ------------ Fixed capital expenditure (9,925,737) (9,629,125) Interest received 2,222,467 3,145,409 Dividend received 52,081 49,854 Purchase of investments (200,000) (250,000) Proceeds from encashment of investments 50,061 41,065 Proceeds from disposal of property, plant and equipment 2,967 24,901 Long term prepayments (167,859) 19,369 ------------ ------------Net cash used in investing activities (7,966,020) (6,598,527) Cash flow from financing activities Dividend paid (24,652,541) (24,129,901) ------------ ------------Net cash used in financing activities (24,652,541) (24,129,901) Net increase/(decrease) in cash and cash equivalents 9,142,366 (9,528,349)Cash and cash equivalents at beginning of the period 23,737,736 37,394,351 ------------ ------------Cash and cash equivalents at end of the period 32,880,102 27,866,002 ============ ============ The annexed notes 1 to 16 form an integral part of this condensed consolidated interim financial information. Chairman and Chief Executive Director OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED)FOR NINE MONTHS ENDED 31 MARCH 2008 Share Capital reserve Unappropriated Total capital Bonus shares Specific profit equity (Rupees '000)Balance at 30 June 2006 43,009,284 836,000 2,219,027 55,400,544 101,464,855 Final dividend 2006: Rs 3.75 per share - - - (16,128,482) (16,128,482)First interim dividend 2007: Rs 1.75 per share - - - (7,526,625) (7,526,625)Second interim dividend 2007: Rs 1.75 per share - - - (7,526,625) (7,526,625)Transfer to capital reserve - - 166,655 (166,655) - -------------------------------------------------------------------------------------------Profit for nine months - - - 34,496,684 34,496,684 ------------------------------------------------------------------------------------------- Total recognized income for the period - - - 34,496,684 34,496,684 ----------- ----------- ----------- ----------- -----------Balance at 31 March 2007 43,009,284 836,000 2,385,682 58,548,841 104,779,807 =========== =========== =========== =========== =========== Balance at 30 June 2007 43,009,284 836,000 2,438,228 60,652,540 106,936,052 Final dividend 2007: Rs 3.50 per share - - - (15,053,249) (15,053,249)First interim dividend 2008: Rs 1.75 per share - - - (7,526,625) (7,526,625)Second interim dividend 2008: Rs 2.00 per share - - - (8,601,857) (8,601,857)Transfer to capital reserve - - 177,816 (177,816) - -------------------------------------------------------------------------------------------Profit for nine months - - - 36,305,232 36,305,232 ----------- ----------- ----------- ----------- -----------Total recognized income for the period - - - 36,305,232 36,305,232 ----------- ----------- ----------- ----------- -----------Balance at 31 March 2008 43,009,284 836,000 2,616,044 65,598,225 112,059,553 =========== =========== =========== =========== =========== The annexed notes 1 to 16 form an integral part of this condensed consolidated interim financial information. Chairman and Chief Executive Director Paste the following link into your web browser to download the PDF document relating to the Notes to the Consolidated Accounts: http://www.rns-pdf.londonstockexchange.com/rns/1499t_-2008-4-25.pdf This information is provided by RNS The company news service from the London Stock Exchange