Oil&gas Regs Regulatory News (OGDC)

28 Apr 2008 08:14

Oil and Gas Development Company Ltd28 April 2008 OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONDENSED INTERIM BALANCE SHEET (UNAUDITED)AS AT 31 MARCH 2008 Note Unaudited Audited Note Unaudited Audited 31 March 30 June 31 March 30 June 2008 2007 2008 2007 (Rupees '000) (Rupees '000)SHARE CAPITAL AND RESERVES NON CURRENT ASSETS Fixed assets TShare capital 43,009,284 43,009,284 Property, plant and equipment 5 22,554,712 21,600,201 Development and production assets 6 32,526,330 28,749,993 - intangibleCapital reserve 2,616,044 2,438,228 Exploration and evaluation assets 7 6,681,277 6,365,706 61,762,319 56,715,900Unappropriated profit 60,055,228 55,169,140 Long term investments 2,915,903 2,945,938 105,680,556 100,616,652 Long term loans and receivables 992,593 1,117,755 Long term prepayments 207,680 39,821 65,878,495 60,819,414 NON CURRENT LIABILITIES CURRENT ASSETSDeferred taxation 14,654,728 11,023,916 Stores, spare parts and loose 15,738,896 13,178,295 toolsDeferred employee 1,295,866 1,423,132 Stock in trade 107,068 93,788benefitsProvision for 5,670,883 5,151,807 Trade debts 8 33,930,637 27,873,515decommissioning cost 21,621,477 17,598,855 Loans and advances 1,977,291 1,538,657CURRENT LIABILITIES Deposits and short term prepayments 261,590 292,928 Interest accrued 78,615 253,222Trade and other payables 3 20,634,131 11,122,665 Other receivables 678,700 1,063,389 Advance tax 2,257,053 5,950,713 Other financial assets 9 14,381,122 13,553,959 Cash and bank balances 12,646,697 4,720,292 CONTINGENCIES AND 4 82,057,669 68,518,758COMMITMENTS 147,936,164 129,338,172 147,936,164 129,338,172 The annexed notes 1 to 16 form an integral part of this condensed interim financial information. Chairman and Chief Executive Director OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UNAUDITED)FOR NINE MONTHS ENDED 31 MARCH 2008 Note Three months ended Nine months ended 31 March 31 March 2008 2007 2008 2007 (Rupees '000) Sales - net 10 31,944,050 25,491,587 88,511,633 75,017,749 Royalty (3,395,216) (2,743,484) (10,740,675) (8,201,714) Operating expenses (3,941,918) (4,262,612) (12,226,337) (12,181,401) Transportation charges (401,600) (301,075) (981,774) (813,035) (7,738,734) (7,307,171) (23,948,786) (21,196,150) Gross profit 24,205,316 18,184,416 64,562,847 53,821,599 Other income 563,215 687,847 1,756,585 2,885,766 Exploration and prospecting expenditure (1,299,781) (1,337,555) (5,382,562) (5,202,339) General and administration expenses (212,960) (296,404) (856,897) (718,970)Finance costs (135,922) (109,462) (393,273) (331,235)Workers' profit participation fund (1,155,993) (856,442) (2,984,335) (2,522,741) PROFIT BEFORE TAXATION 21,963,875 16,272,400 56,702,365 47,932,080Taxation (9,720,257) (4,758,185) (20,456,730) (13,305,245) PROFIT FOR THE PERIOD 12,243,618 11,514,215 36,245,635 34,626,835 Earnings per share - basic and diluted 11 2.85 2.68 8.43 8.05(Rupees) The annexed notes 1 to 16 form an integral part of this condensed interim financial information. Chairman and Chief Executive Director OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONDENSED 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 activities Profit before taxation 56,702,365 47,932,080 Adjustments for: Depreciation 2,032,765 2,196,549 Amortization of development and production assets 2,974,846 2,750,231 Royalty 10,740,675 8,201,714 Workers' profit participation fund 2,984,335 2,522,741 Provision for employee benefits 486,653 339,276 Unwinding of discount on provision for decommissioning cost 386,031 327,209 Interest income (1,397,279) (2,429,592) Unrealized gain on investments at fair value through profit or loss (5,902) (2,270) Dividend income (52,081) (300,654) Gain on disposal of property, plant and equipment (303) (22,744) Interest income on long term receivables - (39,622) Provision for doubtful advances (9,864) - 74,842,241 61,474,918Working capital changes (Increase)/decrease in current assets: Stores, spare parts and loose tools (2,560,601) (4,780,710) Stock in trade (13,280) (8,256) Trade debts (6,057,122) (9,337,800) Deposits and short term prepayments 31,338 (16,699) Advances and other receivables (205,302) 227,686 Increase/(decrease) in current libilities: Trade and other payables (2,119,754) (225,310) Cash generated from operations 63,917,520 47,333,829 Royalty paid (8,622,981) (6,920,613) Employee benefits paid (613,919) (246,378) Received from workers' profit participation fund 286,383 30,983 Income taxes paid (13,132,258) (19,372,796) (22,082,775) (26,508,804) Net cash from operating activities 41,834,745 20,825,025 Cash flows from investing activities Fixed capital expenditure (9,923,649) (9,619,776) Interest received 1,751,860 2,724,735 Dividend received 52,081 300,654 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) 19,368 Net cash used in investing activities (8,434,539) (6,759,053) Cash flows 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 8,747,665 (10,063,929)Cash and cash equivalents at beginning of the period 17,994,342 32,177,279 Cash and cash equivalents at end of the period 26,742,007 22,113,350 The annexed notes 1 to 16 form an integral part of this condensed interim financial information. Chairman and Chief Executive Director OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED)FOR NINE MONTHS ENDED 31 MARCH 2008 Share Capital Unappropriated Total capital reserve profit equity (Rupees '000)Balance at 30 June 2006 43,009,284 2,219,027 49,541,966 94,770,277 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 captial reserve - 166,655 (166,655) - Profit for nine months - - 34,626,835 34,626,835 Total recognized income for the period - - 34,626,835 - Balance at 31 March 2007 43,009,284 2,385,682 52,820,414 98,215,380 Balance at 30 June 2007 43,009,284 2,438,228 55,169,140 100,616,652 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 - - 36,245,635 36,245,635 Total recognized income for the period - - 36,245,635 36,245,635 Balance at 31 March 2008 43,009,284 2,616,044 60,055,228 105,680,556 The annexed notes 1 to 16 form an integral part of this condensed 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 OGDCL Only Accounts: http://www.rns-pdf.londonstockexchange.com/rns/1493t_-2008-4-25.pdf This information is provided by RNS The company news service from the London Stock Exchange