Oil&gas Regs Regulatory News (OGDC)

22 Aug 2007 09:24

Oil and Gas Development Company Ltd22 August 2007 OIL AND GAS DEVELOPMENT COMPANY LIMITED BALANCE SHEET AS AT 30 JUNE 2007 2007 2006 2007 2006 Note (Rupees '000) Note (Rupees '000) SHARE CAPITAL AND RESERVES NON CURRENT ASSETS Fixed assets Share capital 5 43,009,284 43,009,284 Property, plant and 13 21,600,201 20,253,248 equipment Development and 14 28,749,993 21,653,562 production assets- intangible Capital reserve 6 2,438,228 2,219,027 Exploration and 15 6,365,706 4,348,142 evaluation assets 56,715,900 46,254,952Unappropriated profit 55,169,140 49,541,966 Long term investments 16 2,945,938 2,758,912 100,616,652 94,770,277 Long term loans and 17 1,117,755 1,391,552 receivables Long term prepayments 39,821 58,021NON CURRENT LIABILITIES 60,819,414 50,463,437Deferred taxation 7 11,023,916 10,010,991 Deferred employee benefits 8 1,423,132 1,420,245 CURRENT ASSETS Provision for 9 5,151,807 4,221,756 Stores, spare parts and 18 13,178,295 11,032,754decommissioning cost loose tools 17,598,855 15,652,992 Stock in trade 93,788 65,608 Trade debts 19 27,873,515 24,498,986CURRENT LIABILITIES Loans and advances 20 1,538,657 1,301,759Trade and other payables 10 11,122,665 7,174,483 Deposits and short term 21 292,928 300,260 prepayments Provision for taxation 11 - 3,716,958 Interest accrued 253,222 464,982 11,122,665 10,891,441 Other receivables 22 1,063,389 790,122 Other financial assets 23 13,553,959 31,209,932 Advance tax 11 5,950,713 -CONTINGENCIES AND 12 Cash and bank balances 24 4,720,292 1,186,870COMMITMENTS 68,518,758 70,851,273 129,338,172 121,314,710 129,338,172 121,314,710 The annexed notes 1 to 40 form an integral part of these financial statements. Chairman and Chief Executive Director OIL AND GAS DEVELOPMENT COMPANY LIMITED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 2007 2007 2006 Note (Rupees '000) Sales- net 25 100,261,191 96,755,382 Royalty (10,877,443) (10,872,443)Operating expenses 26 (18,497,388) (15,045,654)Transportation charges (1,087,931) (942,163) (30,462,762) (26,860,260)Gross profit 69,798,429 69,895,122 Other income 27 3,615,231 4,247,881Exploration and prospecting expenditure 28 (7,406,280) (3,680,707)General and administration expenses 29 (1,285,476) (1,071,979)Finance costs 30 (449,561) (9,973)Workers' profit participation fund (3,213,617) (3,469,017) PROFIT BEFORE TAXATION 61,058,726 65,911,327Taxation 31 (15,428,762) (19,943,604)PROFIT FOR THE YEAR 45,629,964 45,967,723 Earnings per share - basic and diluted (Rupees) 33 10.61 10.69 The annexed notes 1 to 40 form an integral part of these financial statements. Chairman and Chief Executive Director OIL AND GAS DEVELOPMENT COMPANY LIMITEDCASH FLOW STATEMENTFOR THE YEAR ENDED 30 JUNE 2007 2007 2006 Note (Rupees '000)Cash flows from operating activities Profit before taxation 61,058,726 65,911,327 Adjustments for: Depreciation 2,978,442 2,370,871 Amortization of development and production assets 3,637,369 3,339,729 Royalty 10,877,443 10,872,443 Workers' profit participation fund 3,213,617 3,469,017 Provision for employee benefits 184,852 243,906 Unwinding of discount on provision for decommissioning cost 443,699 - Interest income (3,064,607) (3,389,616) Unrealized gain on investments at fair value through profit or (60,386) (21,523) loss Dividend income (300,653) (398,970) Gain on disposal of property, plant and equipment (32,628) (26,282) Interest income on long term receivables (61,573) (82,752) Provision for slow moving and obsolete stores - 47,452 Provision for doubtful advances (5,430) (1,997) 78,868,871 82,333,605Working capital changes (Increase)/decrease in current assets: Stores, spare parts and loose tools (2,145,541) (3,502,052) Stock in trade (28,180) (33,204) Trade debts (3,374,529) (5,971,412) Deposits and short term prepayments 7,332 (36,540) Advances and other receivables 86,035 (58,194) Increase/(decrease) in current liabilities: Trade and other payables 1,207,365 1,162,437Cash generated from operations 74,621,353 73,894,640 Royalty paid (9,768,793) (10,297,744) Employee benefits paid (327,302) (1,349,931) Payments to Workers' profit participation fund-net (3,469,017) (3,380,011) Income taxes paid (24,083,508) (14,231,431) (37,648,620) (29,259,117)Net cash from operating activities 36,972,733 44,635,523 Cash flows from investing activities Fixed capital expenditure (16,444,905) (11,917,891) Interest received 3,466,000 3,119,077 Dividends received 300,653 398,970 Purchase of investments (450,000) (440,063) Proceeds from encashment of investments 73,341 12,140 Proceeds from disposal of property, plant and equipment 35,130 31,184 Long term prepayments 18,200 (16,182)Net cash used in investing activities (13,001,581) (8,812,765) Cash flows from financing activities Dividends paid (38,154,089) (41,444,703)Net cash used in financing activities (38,154,089) (41,444,703) Net decrease in cash and cash equivalents (14,182,937) (5,621,945)Cash and cash equivalents at beginning of the year 32,177,279 37,799,224Cash and cash equivalents at end of the year 34 17,994,342 32,177,279 The annexed notes 1 to 40 form an integral part of these financial statements. Chairman and Chief Executive Director OIL AND GAS DEVELOPMENT COMPANY LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 30 JUNE 2007 Share Capital Unappropriated Total capital reserve profit equity (Rupees '000) Balance at 01 July 2005 43,009,284 1,995,996 38,204,702 83,209,982 Changes in equity for the year ended 30 June 2006 Final dividend 2005: Rs 2.75 per share - - (11,827,553) (11,827,553)First interim dividend 2006: Rs 1.25 per - - (5,376,161) (5,376,161)share Second interim dividend 2006: Rs 1.75 per - - (7,526,625) (7,526,625)share Third interim dividend 2006: Rs 2.25 per - - (9,677,089) (9,677,089)share Transfer to capital reserve - 223,031 (223,031) - Profit for the year - - 45,967,723 45,967,723Total recognized income for the year - - 45,967,723 45,967,723 Balance at 30 June 2006 43,009,284 2,219,027 49,541,966 94,770,277 Balance at 01 July 2006 43,009,284 2,219,027 49,541,966 94,770,277 Changes in equity for the year ended 30 June 2007 Final dividend 2006: Rs 3.75 per share - - (16,128,482) (16,128,482)First interim dividend 2007: Rs 1.75 per - - (7,526,625) (7,526,625)share Second interim dividend 2007: Rs 1.75 per - - (7,526,625) (7,526,625)share Third interim dividend 2007: Rs 2.00 per - - (8,601,857) (8,601,857)share Transfer to capital reserve - 219,201 (219,201) - Profit for the year - - 45,629,964 45,629,964Total recognized income for the year - - 45,629,964 45,629,964 Balance at 30 June 2007 43,009,284 2,438,228 55,169,140 100,616,652 The annexed notes 1 to 40 form an integral part of these financial statements. Chairman and Chief Executive Director Paste the following link into your web browser to download the PDF document related to this announcement: http://www.rns-pdf.londonstockexchange.com/rns/6044c_-2007-8-21.pdf This information is provided by RNS The company news service from the London Stock Exchange