Oil&gas Regs Regulatory News (OGDC)

22 Aug 2007 09:24

Oil and Gas Development Company Ltd22 August 2007 OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONSOLIDATED BALANCE SHEETAS 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 21,810,882 20,773,660 equipment Development and 14 29,311,570 22,651,836 production assets- intangibleCapital reserve 6 3,274,228 3,055,027 Exploration and 15 6,365,706 4,348,142 evaluation assets 57,488,158 47,773,638Unappropriated profit 60,652,540 55,400,544 Long term investments 16 2,610,267 2,402,435 106,936,052 101,464,855 Long term loans and 17 1,685,589 2,154,705 receivables Long term prepayments 39,821 58,022NON CURRENT LIABILITIES 61,823,835 52,388,800Deferred taxation 7 11,078,919 10,195,201Deferred employee benefits 8 1,423,132 1,420,245 CURRENT ASSETS Provision for 9 6,049,620 5,036,478 Stores, spare parts and 18 13,605,051 11,417,621decommissioning cost loose tools 18,551,671 16,651,924 Stock in trade 93,788 65,608 Trade debts 19 28,018,145 24,500,791CURRENT LIABILITIES Loans and advances 20 1,540,689 1,303,791Trade and other payables 10 11,259,069 7,269,645 Deposits and short term 21 293,130 305,636 prepayments Provision for taxation 11 - 3,824,189 Interest accrued 318,444 526,913 11,259,069 11,093,834 Other receivables 22 1,335,255 1,087,579 Other financial assets 23 19,153,959 36,209,932 Advance tax 11 5,700,810 -CONTINGENCIES AND 12 Cash and bank balances 24 4,863,686 1,403,942COMMITMENTS 74,922,957 76,821,813 136,746,792 129,210,613 136,746,792 129,210,613 The annexed notes 1 to 41 form an integral part of these financial statements. Chairman and Chief Executive Director OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONSOLIDATED PROFIT AND LOSS ACCOUNTFOR THE YEAR ENDED 30 JUNE 2007 2007 2006 Note (Rupees '000) Sales- net 25 100,733,011 97,309,036 Royalty (10,936,421) (10,944,671)Operating expenses 26 (19,167,391) (15,815,850)Transportation charges (1,087,931) (942,163) (31,191,743) (27,702,684)Gross profit 69,541,268 69,606,352 Other income 27 3,986,129 4,364,167Exploration and prospecting expenditure 28 (7,406,280) (3,680,707)General and administration expenses 29 (1,289,647) (1,077,159)Provision for impairment loss 30 (375,000) -Finance costs 31 (532,670) (9,981)Workers' profit participation fund (3,213,617) (3,480,082)Share of profit in associated company 16.1 44,326 34,638 PROFIT BEFORE TAXATION 60,754,509 65,757,228Taxation 32 (15,499,723) (19,953,830)PROFIT FOR THE YEAR 45,254,786 45,803,398 Earnings per share - basic and diluted (Rupees) 34 10.52 10.65 The annexed notes 1 to 41 form an integral part of these financial statements. Chairman and Chief Executive Director OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONSOLIDATED CASH FLOW STATEMENTFOR THE YEAR ENDED 30 JUNE 2007 2007 2006 Note (Rupees '000)Cash flows from operating activities Profit before taxation 60,754,509 65,757,228 Adjustments for: Depreciation 3,202,112 2,598,545 Amortization of development and production assets 3,800,988 3,492,033 Impairment loss 375,000 Royalty 10,936,421 10,944,671 Workers' profit participation fund 3,213,617 3,480,082 Provision for employee benefits 198,035 258,134 Unwinding of discount on provision for decommissioning 526,790 - cost Interest income (3,636,515) (3,814,039) Unrealized gain on investments at fair value through (60,386) (21,523) profit or loss Dividend income on NIT units (26,333) - Gain on disposal of property, plant and equipment (32,959) (26,282) Interest income on long term receivables (134,517) (172,571) Share of profit in associated company (44,326) (34,638) Provision for slow moving and obsolete stores - 50,213 Provision for doubtful advances (5,430) (1,997) 79,067,006 82,509,856Working capital changes (Increase)/decrease in current assets: Stores, spare parts and loose tools (2,187,430) (5,232,642) Stock in trade (28,180) (33,204) Trade debts (3,517,354) (5,767,395) Deposits and short term prepayments 12,506 (35,958) Loans, advances and other receivables 394,923 236,361 Increase/(decrease) in current liabilities: Trade and other payables 1,192,297 1,216,183Cash generated from operations 74,933,768 72,893,201 Royalty paid (9,768,793) (10,380,321) Employee benefits paid (327,302) (1,349,931) Payments to Workers' profit participation (3,484,051) (3,390,949) fund-net Income taxes paid (24,141,004) (14,270,523) (37,721,150) (29,391,724)Net cash from operating activities 37,212,618 43,501,477 Cash flows from investing activities Fixed capital expenditure (16,476,617) (10,157,421) Interest received 4,034,617 5,529,958 Dividends received 49,853 22,770 Purchase of investments (450,000) (2,463,000) Proceeds from encashment of investments 73,341 12,140 Proceeds from disposal of property, plant and equipment 35,462 29,437 Long term prepayments 18,200 (16,183)Net cash used in investing activities (12,715,144) (7,042,299) 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 (13,656,615) (4,985,525)Cash and cash equivalents at beginning of the year 37,394,351 42,379,876Cash and cash equivalents at end of the year 35 23,737,736 37,394,351 The annexed notes 1 to 41 form an integral part of these financial statements. Chairman and Chief Executive Director OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONSOLIDATED STATEMENT OF CHANGES IN EQUITYFOR THE YEAR ENDED 30 JUNE 2007 Share Capital Unappropriated Total reserve capital Bonus shares Specific profit equity (Rupees '000)Balance at 01 July 2005 43,009,284 836,000 1,995,996 44,475,756 90,317,036 Effect of discounting of long term receivables - - - (248,151) (248,151)Balance at 01 July 2005, as restated 43,009,284 836,000 1,995,996 44,227,605 90,068,885 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 share - - - (5,376,161) (5,376,161)Second interim dividend 2006: Rs 1.75 per share - - - (7,526,625) (7,526,625)Third interim dividend 2006: Rs 2.25 per share - - - (9,677,089) (9,677,089)Transfer to capital reserve - - 223,031 (223,031) - Profit for the year - - 45,803,398 45,803,398Total recognized income for the year - - - 45,803,398 45,803,398 Balance at 30 June 2006 43,009,284 836,000 2,219,027 55,400,544 101,464,855 Balance at 01 July 2006 43,009,284 836,000 2,219,027 55,400,544 101,464,855 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 share - - - (7,526,625) (7,526,625)Second interim dividend 2007: Rs 1.75 per share - - - (7,526,625) (7,526,625)Third interim dividend 2007: Rs 2.00 per share - - - (8,601,857) (8,601,857)Transfer to capital reserve - - 219,201 (219,201) - Profit for the year - - - 45,254,786 45,254,786Total recognized income for the year - - - 45,254,786 45,254,786 Balance at 30 June 2007 43,009,284 836,000 2,438,228 60,652,540 106,936,052 The annexed notes 1 to 41 form an integral part ofthese 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/6045c_-2007-8-21.pdf This information is provided by RNS The company news service from the London Stock Exchange