|
OIL AND GAS DEVELOPMENT COMPANY LIMITED |
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CONDENSED INTERIM BALANCE SHEET [UNAUDITED] |
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AS AT |
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|
|
|
|
|
|
|
|
|
|
|
|
Unaudited |
|
Audited |
|
|
|
Unaudited |
|
Audited |
|
|
|
31
December |
|
30
June |
|
|
|
31
December |
|
30
June |
|
|
|
2007 |
|
2007 |
|
|
|
2007 |
|
2007 |
|
|
Note |
(Rupees
'000) |
|
|
|
|
Note |
(Rupees
'000) |
|
|
|
SHARE CAPITAL AND RESERVES |
|
|
|
|
NON CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
Share capital |
|
43,009,284 |
|
43,009,284 |
|
Property, plant and equipment |
5 |
22,075,220 |
|
21,600,201 |
|
|
|
|
|
|
|
Development and production assets-
intangible |
6 |
30,751,615 |
|
28,749,993 |
|
Capital reserve |
|
2,564,942 |
|
2,438,228 |
|
Exploration and evaluation assets |
7 |
6,831,405 |
|
6,365,706 |
|
|
|
|
|
|
|
|
|
59,658,240 |
|
56,715,900 |
|
Unappropriated 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 receivables |
|
1,033,064
|
|
1,117,755
|
|
|
|
|
|
|
|
Long term prepayments |
|
87,072 |
|
39,821 |
|
|
|
|
|
|
|
|
|
63,858,066
|
|
60,819,414
|
|
NON CURRENT LIABILITIES |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
Deferred taxation |
|
13,520,036 |
|
11,023,916 |
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Stores, spare parts and loose tools |
|
14,349,452 |
|
13,178,295 |
|
Deferred employee benefits |
|
1,363,426 |
|
1,423,132 |
|
Stock in trade |
|
122,780 |
|
93,788 |
|
Provision for decommissioning cost |
|
5,500,760 |
|
5,151,807 |
|
Trade debts |
8 |
36,017,897 |
|
27,873,515 |
|
|
|
20,384,222 |
|
17,598,855 |
|
Loans and advances |
|
1,934,891 |
|
1,538,657 |
|
CURRENT LIABILITIES |
|
|
|
|
|
Deposits and short term prepayments |
|
411,603 |
|
292,928 |
|
|
|
|
|
|
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Interest accrued |
|
183,200 |
|
253,222 |
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Trade and other payables |
3 |
18,337,637 |
|
11,122,665 |
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Other receivables |
|
467,720 |
|
1,063,389
|
|
|
|
|
|
|
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Advance tax |
|
4,403,586 |
|
5,950,713 |
|
|
|
|
|
|
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Other financial assets |
9 |
11,661,097
|
|
13,553,959
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|
|
|
|
|
|
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Cash and bank balances |
|
7,350,362 |
|
4,720,292 |
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CONTINGENCIES AND COMMITMENTS |
4 |
|
|
|
|
|
|
76,902,588 |
|
68,518,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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. |
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Chairman and Chief Executive |
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Director |
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OIL AND GAS DEVELOPMENT COMPANY LIMITED |
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CONDENSED INTERIM PROFIT AND LOSS
ACCOUNT [UNAUDITED] |
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FOR SIX MONTHS ENDED |
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Three months ended 31 December |
Six months ended 31 December |
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|
|
2007 |
|
2006 |
|
2007 |
|
2006 |
|
|
Note |
(Rupees
'000) |
||||||
|
|
|
|
|
|
|
|
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Sales - net |
10 |
28,798,851 |
|
24,237,987 |
|
56,567,583 |
|
49,526,162 |
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|
|
|
|
|
|
|
|
|
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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 |
|
(277,812) |
|
(250,796) |
|
(580,174) |
|
(511,960) |
|
|
|
(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 |
|
|
|
|
|
|
|
|
|
|
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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 |
|
(118,286) |
|
(112,685) |
|
(257,351) |
|
(221,773) |
|
Workers' profit participation fund |
|
(923,314) |
|
(747,256) |
|
(1,828,342) |
|
(1,666,299) |
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|
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|
|
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|
|
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PROFIT BEFORE TAXATION |
|
17,542,962 |
|
14,197,868 |
|
34,738,490 |
|
31,659,680 |
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Taxation |
|
(5,877,805) |
|
(3,413,051) |
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(10,736,473) |
|
(8,547,060) |
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PROFIT FOR THE PERIOD |
|
11,665,157 |
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10,784,817 |
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24,002,017 |
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23,112,620 |
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|
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|
|
|
|
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Earnings per share - basic and diluted
(Rupees) |
11 |
2.71 |
|
2.51 |
|
5.58 |
|
5.37 |
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|
|
|
|
|
|
|
|
|
|
The annexed notes 1 to 16 form an
integral part of this condensed interim financial information. |
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|
Chairman and Chief Executive |
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|
Director |
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OIL AND GAS DEVELOPMENT COMPANY LIMITED |
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CONDENSED INTERIM CASH FLOW
STATEMENT [UNAUDITED] |
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FOR SIX MONTHS ENDED |
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Six months ended 31 December |
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|
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|
2007 |
|
2006 |
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|
|
|
|
(Rupees
'000) |
|
|
|
Cash flows from operating activities |
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|
|
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||
|
|
Net profit before taxation |
|
34,738,490 |
|
31,659,680
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|
|
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Adjustments for: |
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|
|
|
|
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|
|
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 cost |
252,775 |
|
218,674 |
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|
|
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Interest income |
|
(985,811) |
|
(1,806,079) |
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|
|
Unrealized loss on investments at fair value
through profit or loss |
8,173 |
|
15,210 |
|
|
|
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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) |
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|
|
Provision for doubtful advances |
|
(9,864) |
|
- |
|
|
|
|
|
46,889,559
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|
40,300,909
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Working capital changes |
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|
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|
|
(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) |
|
342,432 |
|
Cash 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) |
|
16,577 |
|
|
Net 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
|
|
32,177,279
|
||
|
Cash 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 LIMITED |
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|||
|
CONDENSED INTERIM STATEMENT OF CHANGES
IN EQUITY [UNAUDITED] |
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|||||
|
FOR SIX MONTHS ENDED |
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Share
|
|
Capital |
|
Unappropriated |
Total |
|
|
|
capital |
|
reserve |
|
profit |
|
equity |
|
| |||||||