Oil&gas Regs Regulatory News (OGDC)

27 Feb 2008 07:47

Oil and Gas Development Company Ltd27 February 2008 OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONDENSED INTERIM BALANCE SHEET (UNAUDITED)AS AT 31 DECEMBER 2007 Unaudited Audited Unaudited Audited 31 December 30 June 31 December 30 June 2007 2007 2007 2007 Note (Rupees Note (Rupees '000) '000)SHARE CAPITAL AND RESERVES NON CURRENT ASSETS Fixed assetsShare capital 43,009,284 43,009,284 Property, plant and 5 22,075,220 21,600,201 equipment Development and production 6 30,751,615 28,749,993 assets- intangibleCapital reserve 2,564,942 2,438,228 Exploration and evaluation 7 6,831,405 6,365,706 assets 59,658,240 56,715,900Unappropriated profit 56,464,569 55,169,140 Long term investments 3,079,690 2,945,938 102,038,795 100,616,652 Long term loans and 1,033,064 1,117,755 receivables Long term prepayments 87,072 39,821 63,858,066 60,819,414NON CURRENT LIABILITIES CURRENT ASSETSDeferred taxation 13,520,036 11,023,916 Stores, spare parts and 14,349,452 13,178,295 loose toolsDeferred employee benefits 1,363,426 1,423,132 Stock in trade 122,780 93,788Provision for 5,500,760 5,151,807 Trade debts 8 36,017,897 27,873,515decommissioning cost 20,384,222 17,598,855 Loans and advances 1,934,891 1,538,657CURRENT LIABILITIES Deposits and short term 411,603 292,928 prepayments Interest accrued 183,200 253,222Trade and other payables 3 18,337,637 11,122,665 Other receivables 467,720 1,063,389 Advance tax 4,403,586 5,950,713 Other financial assets 9 11,661,097 13,553,959 Cash and bank balances 7,350,362 4,720,292CONTINGENCIES AND 4 76,902,588 68,518,758COMMITMENTS 140,760,654 129,338,172 140,760,654 129,338,172 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 SIX MONTHS ENDED 31 DECEMBER 2007 Three months ended 31 December Six months ended 31 December 2007 2006 2007 2006 Note (Rupees '000) Sales - net 10 28,798,851 24,237,987 56,567,583 49,526,162 Royalty (3,279,304) (2,618,301) (7,345,459) (5,458,230)Operating expenses (4,526,526) (4,617,964) (8,284,419) (7,918,789)Transportation charges (250,796) (580,174) (511,960) (277,812) (8,083,642) (7,487,061) (16,210,052) 13,888,979)Gross profit 20,715,209 16,750,926 40,357,531 35,637,183 Other income 554,425 827,690 1,193,370 2,197,919 Exploration and prospecting expenditure (2,354,694) (2,298,897) (4,082,781) (3,864,784)General and administration expenses (330,378) (221,910) (643,937) (422,566)Finance costs (112,685) (257,351) (221,773) (118,286)Workers' profit participation fund (747,256) (1,828,342) (1,666,299) (923,314) PROFIT BEFORE TAXATION 17,542,962 14,197,868 34,738,490 31,659,680Taxation (5,877,805) (3,413,051) (10,736,473) (8,547,060)PROFIT FOR THE PERIOD 11,665,157 10,784,817 24,002,017 23,112,620 Earnings per share - basic and 11diluted (Rupees) 2.71 2.51 5.58 5.37 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 SIX MONTHS ENDED 31 DECEMBER 2007 Six months ended 31 December 2007 2006 (Rupees '000)Cash flows from operating activities Net profit before taxation 34,738,490 31,659,680 Adjustments for: Depreciation 1,398,319 1,352,094 Amortization of development and production assets 2,025,175 1,855,880 Royalty 7,345,459 5,458,230 Workers' profit participation fund 1,828,342 1,666,299 Provision for employee benefits 324,436 212,323 Unwinding of discount on provision for decommissioning 252,775 218,674 cost Interest income (985,811) (1,806,079) Unrealized loss on investments at fair value through 8,173 15,210 profit or loss Dividend income (35,632) (284,484) Gain on disposal of property, plant and equipment (303) (18,062) Interest income on long term receivables - (28,856) Provision for doubtful advances (9,864) - 46,889,559 40,300,909Working capital changes (Increase)/decrease in current assets: Stores, spare parts and loose tools (1,171,157) (3,444,328) Stock in trade (28,992) (7,558) Trade debts (8,144,382) (5,374,909) Deposits and short term prepayments (118,675) (44,884) Advances and other receivables 7,607 306,153 Increase/(decrease) in current liabilities: Trade and other payables (1,387,539) 342,432Cash generated from operations 36,046,421 32,077,815 Royalty paid (5,743,647) (4,478,013) Employee benefits paid (384,142) (150,078) Received from workers' profit participation fund - 30,983 Income taxes paid (6,693,226) (14,703,334) (12,821,015) (19,300,442)Net cash from operating activities 23,225,406 12,777,373 Cash flows from investing activities Fixed capital expenditure (6,270,970) (5,774,536) Interest received 1,105,499 2,055,544 Dividend received 35,632 284,484 Purchase of investments (200,000) (250,000) Proceeds from encashment of investments 16,583 41,065 Proceeds from disposal of property, plant and equipment 1,616 18,370 Long term prepayments (47,251) 16,577Net cash used in investing activities (5,358,891) (3,608,496) Cash flows from financing activities Dividend paid (17,121,135) (16,602,136)Net cash used in financing activities (17,121,135) (16,602,136)Net increase/(decrease) in cash and cash equivalents 745,380 (7,433,259)Cash and cash equivalents at beginning of the period 17,994,342 32,177,279Cash and cash equivalents at end of the period 18,739,722 24,744,020 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 SIX MONTHS ENDED 31 DECEMBER 2007 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)Transfer to capital reserve - 111,605 (111,605) - Profit for six months - - 23,112,620 23,112,620Total recognized income for the period - - 23,112,620 23,112,620 Balance at 31 December 2006 43,009,284 2,330,632 48,887,874 94,227,790 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)Transfer to capital reserve - 126,714 (126,71) - Profit for six months - - 24,002,017 24,002,017Total recognized income for the period - - 24,002,017 24,002,017 Balance at 31 December 2007 43,009,284 2,564,942 56,464,569 102,038,795 The annexed notes 1 to 16 form an integral part of this condensed interim financial information. To view a PDF document of the notes, please paste the following link into your web browser: http://www.rns-pdf.londonstockexchange.com/rns/8043o_-2008-2-26.pdf Chairman and Chief Executive Director This information is provided by RNS The company news service from the London Stock Exchange