27th Feb 2008 07:48
Oil and Gas Development Company Ltd27 February 2008 OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONDENSED CONSOLIDATED INTERIM BALANCE SHEET (UNAUDITED)AS AT 31 DECEMBER 2007 Un-audited Audited Un-audited 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 assets Share capital 43,009,284 43,009,284 Property, plant and 5 22,174,905 21,810,882 equipment Development and production 6 31,260,212 29,311,570 assets-intangible Capital reserve 3,400,942 3,274,228 Exploration and evaluation 7 6,831,405 6,365,706 assets 60,266,522 57,488,158 Unappropriated profit 62,038,985 60,652,540 Long term investments 2,757,314 2,610,267 108,449,211 106,936,052 Long term loans and 1,537,271 1,685,589 receivables Long term prepayments 87,072 39,821 64,648,179 61,823,835NON CURRENT LIABILITIES CURRENT ASSETS Stores, spare parts and 14,766,651 13,605,051 loose tools Deferred taxation 13,532,858 11,078,919 Stock in trade 122,780 93,788 Deferred employee benefits 1,363,426 1,423,132 Trade debts 8 36,102,768 28,018,145 Provision for 6,439,341 6,049,620 Loans and advances 1,936,923 1,540,689 decommissioning cost 21,335,625 18,551,671 Deposits and short term 412,136 293,130 prepaymentsCURRENT LIABILITIES Interest accrued 263,244 318,444 Other receivables 680,721 1,335,255 Trade and other payables 3 18,443,376 11,259,069 Advance tax 4,313,746 5,700,810 Other financial assets 9 17,561,097 19,153,959 Cash and bank balances 7,419,967 4,863,686CONTINGENCIES AND COMMITMENTS 4 83,580,033 74,922,957 148,228,212 136,746,792 148,228,212 136,746,792 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 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 28,895,429 24,362,207 56,822,290 49,676,384 Royalty (3,291,376) (2,633,829) (7,377,297) (5,477,008)Operating expenses (4,695,014) (4,749,927) (8,637,437) (8,192,583)Transportation charges (277,812) (250,796) (580,174) (511,960) (8,264,202) (7,634,552) (16,594,908) (14,181,551)Gross profit 20,631,227 16,727,655 40,227,382 35,494,833 Other income 708,613 986,847 1,502,479 2,252,087Exploration and prospecting (2,354,694) (2,298,897) (4,082,781) (3,864,784)expenditureGeneral and administration expenses (331,758) (244,822) (646,578) (461,286)Finance costs (138,919) (133,197) (298,121) (262,310)Workers' profit participation fund (925,724) (751,792) (1,835,494) (1,670,835)Share of profit in associated company 12,906 10,284 20,777 23,086 PROFIT BEFORE TAXATION 17,601,651 14,296,078 34,887,664 31,510,791Taxation (5,908,102) (3,407,410) (10,794,631) (8,585,431)PROFIT FOR THE PERIOD 11,693,549 10,888,668 24,093,033 22,925,360 Earnings per share - basic and diluted 11(Rupees) 2.72 2.53 5.60 5.33 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 SIX MONTHS ENDED 31 DECEMBER 2007 Six months ended 31 December 2007 2006 (Rupees '000)Cash flows from operating activitiesProfit before taxation 34,887,664 31,510,791Adjustments for: Depreciation 1,511,037 1,463,052 Amortization of development and production assets 2,078,156 1,904,069 Royalty 7,377,297 5,477,008 Workers' profit participation fund 1,835,494 1,670,835 Provision for employee benefits 336,183 212,323 Unwinding of discount on provision for decommissioning 293,543 259,206 cost Interest income (1,272,494) (2,079,437) Unrealized gain on investments at fair value through profit or loss 8,173 15,210 Dividend income on NIT units (28,150) (26,334) Gain on disposal of property, plant and equipment (303) (18,062) Interest income on long term receivables (29,747) (67,517) Share of profit in associated company (20,777) (23,086) Provision for doubtful advances (9,864) - 46,966,212 40,298,058Working capital changes (Increase)/decrease in current assets Stores, spare parts and loose tools (1,161,600) (3,429,842) Stock in trade (28,992) (7,558) Trade debts (8,084,623) (5,487,610) Deposits and short term prepayments (119,006) (39,959) Advances and other receivables 143,765 578,814Increase/(decrease) in current liabilities: Trade and other payables (1,398,137) 337,858Cash generated from operations 36,317,619 32,249,761 Royalty paid (5,802,625) (4,478,013) Employee benefits paid (395,889) (150,078) Received from workers' profit participation fund 16,000 31,949 Income taxes paid (6,953,627) (14,730,770) (13,136,141) (19,326,912) Net cash from operating activities 23,181,478 12,922,849 Cash flows from investing activities Fixed capital expenditure (6,272,692) (5,774,680) Interest received 1,377,360 2,323,920 Dividend received 35,632 33,684 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) 16,578Net cash used in investing activities (5,088,752) (3,591,063) Cash flow 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 971,591 (7,270,350)Cash and cash equivalents at beginning of the period 23,737,736 37,394,351Cash and cash equivalents at end of the period 24,709,327 30,124,001 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 SIX MONTHS ENDED 31 DECEMBER 2007 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 55,400,544 101,464,855Final 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)shareTransfer to capital reserve - - 111,605 (111,605) - Profit for six months - - - 22,925,360 22,925,360Total recognized income for the period - - - 22,925,360 22,925,360 Balance at 31 December 2006 43,009,284 836,000 2,330,632 54,559,192 100,735,108 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 - - - (7,526,625) (7,526,625)shareTransfer to capital reserve - - 126,714 (126,714) - Profit for six months - - - 24,093,033 24,093,033Total recognized income for the period - - - 24,093,033 24,093,033 Balance at 31 December 2007 43,009,284 836,000 2,564,942 62,038,985 108,449,211 The annexed notes 1 to 16 form an integral part of this condensed consolidated 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/8062o_-2008-2-26.pdf Chairman and Chief Executive Director This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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