25th Oct 2007 08:16
Oil and Gas Development Company Ltd25 October 2007 OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONSOLIDATED BALANCE SHEET (Un-audited)AS AT SEPTEMBER 30, 2007 Un-audited Audited Un-audited Audited Sept 30, June 30, Sept 30, June 30, 2007 2007 2007 2007 Note (Rupees '000) Note (Rupees '000)SHARE CAPITAL AND NON CURRENT ASSETSRESERVES Fixed assets Share capital 3 43,009,284 43,009,284 Property, plant and equipment 7 21,602,633 21,810,882 Development and production 8 29,937,875 29,311,570 assets-intangible Capital reserve 4 3,348,082 3,274,228 Exploration and evaluation assets 9 7,181,658 6,365,706 58,722,166 57,488,158 Unappropriated profit 57,924,921 60,652,540 Long term investments 10 2,774,254 2,610,267 Long term loans and 1,615,170 1,685,589 104,282,287 106,936,052 receivables Long term prepayments 62,700 39,821 63,174,290 61,823,835NON CURRENT CURRENT ASSETSLIABILITIES Stores, spare parts and loose tools 13,892,430 13,605,051 Stock in trade 160,746 93,788 Deferred taxation 12,221,490 11,078,919 Deferred employee Trade debts 11 29,938,437 28,018,145 benefits 1,403,938 1,423,132 Provision for Loans and advances 1,720,852 1,540,689 decommissioning cost 6,244,396 6,049,620 19,869,824 18,551,671 Deposits and short 277,217 293,130 term prepayments Interest accrued 292,734 318,444 CURRENT LIABILITIES Other receivables 731,324 1,335,255 Trade and other 5 Advance tax 6,713,637 5,700,810 payables 25,574,701 11,259,069 45,444,525 29,810,740 Other financial 22,078,425 19,153,959 assets Cash and bank balances 10,746,720 4,863,686 86,552,522 74,922,957CONTINGENCIES AND COMMITMENTS 6 149,726,812 136,746,792 149,726,812 136,746,792 The annexed notes from 1 to 19 form an integral part of these financial statements. Chairman and Chief DirectorExecutive OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONSOLIDATED PROFIT AND LOSS ACCOUNT (Un-audited)FOR THE QUARTER ENDED SEPTEMBER 30, 2007 Quarter ended September 30, 2007 2006 Note (Rupees '000) Sales - net 12 27,926,861 25,321,637 Royalty (4,085,921) (2,843,179) Operating expenses 13 (3,942,423) (3,442,656) Transportation charges (302,362) (261,164) (8,330,706) (6,546,999) Gross profit 19,596,155 18,774,638 Other income 793,866 1,257,780 Exploration and prospecting expenditure (1,728,087) (1,565,887) General and administration expenses (314,820) (216,464) Finance costs (159,202) (129,113) Workers' profit participation fund (909,770) (919,043) Share of profit in associated company 7,871 12,802 PROFIT BEFORE TAXATION 17,286,013 17,214,713 Taxation (4,886,529) (5,178,021) PROFIT FOR THE QUARTER 12,399,484 12,036,692 Earnings per share - basic and diluted (Rupees) 14 2.88 2.80 The annexed notes from 1 to 19 form an integral part of these financial statements. Chairman and Chief Executive Director OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONSOLIDATED CASH FLOW STATEMENT (Un-audited)FOR THE QUARTER ENDED SEPTEMBER 30, 2007 Quarter ended September 30, 2007 2006 (Rupees '000)Cash flows from operating activitiesProfit before taxation 17,286,013 17,214,713Adjustments for: Depreciation 743,856 627,749 Amortization of development and production assets 1,003,598 800,746 Royalty 4,085,921 2,843,179 Workers' profit participation fund 909,770 919,043 Provision for employee benefits 94,859 106,631 Unwinding of discount on provision for decommissioning cost 157,589 128,390 Interest income (700,014) (1,155,692) Unrealized gain on investments at fair value through profit or loss 28,604 7,037 Dividend income (35,632) (26,334) Gain on disposal of property, plant and equipment (303) - Interest income on long term receivables (16,495) (36,019) Share of profit in associated company (7,871) (12,802) 23,549,895 21,416,641Working capital changes (Increase)/decrease in current assets Stores, spare parts and loose tools (287,379) (2,117,078) Stock in trade (66,958) 4,587 Trade debts (1,920,292) (3,909,376) Deposits and short term prepayments 15,913 36,718 Advances and other receivables 208,218 461,173Increase/(decrease) in current liabilities: Trade and other payables 4,703 902,518 Cash generated from operations 21,504,100 16,795,183 Royalty paid (3,358,260) (2,469,322) Employee benefits paid (114,053) (50,026) Received from workers' profit participation fund 16,000 31,949 Income taxes paid (4,756,785) (3,324,203) (8,213,098) (5,811,602) Net cash from operating activities 13,291,002 10,983,581 Cash flows from investing activities Fixed capital expenditure (2,945,436) (3,379,136) Interest received 755,335 736,422 Dividend received 43,114 33,684 Purchase of investments (200,000) (20,000) Proceeds from encashment of investments 6,791 10,639 Proceeds from disposal of property, plant and equipment 1,464 1 Long term prepayments (22,879) 15,635 (2,361,611) (2,602,755)Cash flow from financing activities Dividend paid (2,093,287) (15,815,282) Net cash used in financing activities (2,093,287) (15,815,282) Net increase/(decrease) in cash and cash equivalents 8,836,104 (7,434,456)Cash and cash equivalents at beginning of the quarter 23,737,736 37,394,351 Cash and cash equivalents at end of the quarter 32,573,840 29,959,895 The annexed notes from 1 to 19 form an integral part of these financial statements. Chairman and Chief Executive Director OIL AND GAS DEVELOPMENT COMPANY LIMITEDCONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Un-audited)FOR THE QUARTER ENDED SEPTEMBER 30, 2007 Share Capital reserve Unappropriated Total capital Bonus shares Specific profit equity (Rupees '000) Balance at July 01, 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) Transfer to capital reserve - - 55,943 (55,943) -Profit for the quarter ended September 30, 2006 - - - 12,036,692 12,036,692 Balance as at September 30, 2006 43,009,284 836,000 2,274,970 51,252,811 97,373,065 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 captial reserve - - 163,258 (163,258) -Profit for nine months ended June 30, 2007 - - - 33,218,094 33,218,094 Balance as at June 30, 2007 43,009,284 836,000 2,438,228 60,652,540 106,936,052 Balance as at July 01, 2007 43,009,284 836,000 2,438,228 60,652,540 106,936,052Final dividend 2007: Rs 3.50 per share - - - (15,053,249) (15,053,249)Transfer to capital reserve - - 73,854 (73,854) -Profit for the quarter ended September 30, 2007 - - - 12,399,484 12,399,484 Balance as at September 30, 2007 43,009,284 836,000 2,512,082 57,924,921 104,282,287 The annexed notes from 1 to 19 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/3212g_-2007-10-24.pdf This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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