Annual Report 2005 (6 MB) - Lundin Petroleum

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NOTE 7 –FINANCIAL EXPENSES (TSEK) Parent Parent Group Group Company Company Financial expenses comprise: 2005 2004 2005 2004 Loan interest expenses 45,003 53,092 – – Change in market value interest rate hedge -7,949 -17,171 – – Unwind site restoration discount 17,082 14,503 – – Amortisation of deferred fi nancing fees 15,182 7,224 – – Foreign exchange loss, net 104,575 – 216 – Loss on currency rate hedge 17,396 – – – Other fi nancial expenses 5,172 2,385 – – 196,461 60,033 216 – NOTE 8 – TAXES (TSEK) Group 2005 > 61 < Group 2004 Parent Company 2005 Parent Company 2004 The tax charge comprises: Corporation tax – current - United Kingdom -209,135 – – – - France -9,296 -5,393 – – - Norway 54,295 -5,821 – – - Netherlands -19,332 78,883 – – - Indonesia -1,153 -7,513 – – - Venezuela -54,996 -12,778 – – - Switzerland -1,036 -1,292 – – -240,653 46,086 – – Corporation tax - deferred - United Kingdom -343,221 -147,645 – – - France -82,805 23,935 – – - Norway -210,766 -77,299 – – - Netherlands 7,666 -69,012 – – - Indonesia -17,460 -25,144 – – - Venezuela -545 -391 – – -647,131 -295,556 – – Total corporation tax -887,784 -249,470 – – Petroleum tax - current - United Kingdom – 59,572 – – - Netherlands -11,270 3,367 – – -11,270 62,939 – – Petroleum tax – deferred - United Kingdom 42,799 -59,122 – – - Netherlands -10,479 4,050 – – 32,320 -55,072 – – Total petroleum tax 21,050 7,867 – – Total tax charge -866,734 -241,603 – –
NOTES The tax on the Group’s profi t before tax diff ers from the theoretical amount that would arise using the tax rate of Sweden as follows: Group 2005 > 62 < Group 2004 Parent Company 2005 Parent Company 2004 Profi t before tax 1,860,709 846,861 6,265 -28,673 Tax calculated at the corporate tax rate in Sweden (28%) -521,001 -237,121 -1,754 8,028 Eff ect of foreign tax rates -302,208 -159,738 – – Tax eff ect of expenses non-deductible for tax purposes -5,759 948 – – Tax eff ect of deduction for petroleum tax 32,831 3,798 – – Tax eff ect of income not subject to tax 18,634 62,180 – – Tax eff ect of utilisation of unrecorded tax losses – 82,379 1,754 – Tax eff ect of creation of unrecorded tax losses -78,898 -7,991 – -8,028 Adjustments to prior year deferred taxes -14,863 -4,726 – – Adjustments to prior year tax assessments -16,520 10,801 – – -887,784 -249,470 – – Group Group Current tax liability Corporation tax 2005 2004 United Kingdom 63,550 – France – 1,867 Netherlands – 1,934 Indonesia 2,413 – Venezuela 44,917 15,146 Total corporation tax liability, current 110,880 18,947 Petroleum tax Netherlands 6,811 16,403 Total petroleum tax liability, current 6,811 16,403 Total current tax liability 117,691 35,350 Group Group Deferred tax liability Corporation tax 2005 2004 United Kingdom 912,695 683,659 France 129,197 89,775 Norway 436,294 157,290 Netherlands 148,663 136,714 Indonesia 88,723 37,302 Venezuela -3,565 -3,447 Total corporation tax liability, deferred 1,712,007 1,101,293 Petroleum tax United Kingdom 12,264 53,835 Netherlands 10,787 11,004 Total petroleum tax liability, deferred 23,051 64,839 Total deferred tax liability 1,735,058 1,166,132
Page 1 and 2:
ANNUAL REPORT 2005
Page 3 and 4:
PRODUCTION (BOEPD) 40,000 30,000 20
Page 5 and 6:
LETTER TO SHAREHOLDERS ...fi rst pr
Page 7 and 8:
WORDS FROM THE CHAIRMAN IAN H. LUND
Page 9 and 10:
UNDERSTANDING RESERVES AND RESOURCE
Page 11 and 12:
MARKET DESCRIPTION World Oil Produc
Page 13 and 14: OPERATIONS REVIEW 2005 was another
Page 15 and 16: OPERATIONS REVIEW Solan/ Strathmore
Page 17 and 18: OPERATIONS REVIEW Workover rig, Par
Page 19 and 20: OPERATIONS REVIEW INDONESIA Lundin
Page 21 and 22: OPERATIONS REVIEW IRELAND In Januar
Page 23 and 24: OUR PEOPLE ARE OUR STRENGTH We have
Page 25 and 26: CORPORATE RESPONSIBILITY In view of
Page 27 and 28: SHARE INFORMATION Lundin Petroleum
Page 29 and 30: BOARD OF DIRECTORS The Annual Gener
Page 31 and 32: BOARD OF DIRECTORS From left to rig
Page 33 and 34: MANAGEMENT Standing from left to ri
Page 35 and 36: CORPORATE GOVERNANCE REPORT- Chairm
Page 37 and 38: INTERNAL CONTROL REPORT THE BOARD O
Page 39 and 40: KEY FINANCIAL DATA Data per share 2
Page 41 and 42: DIRECTORS’ REPORT PRODUCTION AND
Page 43 and 44: DIRECTORS’ REPORT Sudan A compreh
Page 45 and 46: DIRECTORS’ REPORT Write off Write
Page 47 and 48: DIRECTORS’ REPORT hydrocarbons an
Page 49 and 50: BALANCE SHEET CONSOLIDATED AND PARE
Page 51 and 52: STATEMENT OF CHANGES IN EQUITY CONS
Page 53 and 54: ACCOUNTING PRINCIPLES Introduction
Page 55 and 56: ACCOUNTING PRINCIPLES ACCOUNTING PR
Page 57 and 58: ACCOUNTING PRINCIPLES The Group cat
Page 59 and 60: ACCOUNTING PRINCIPLES Site restorat
Page 61 and 62: NOTES 2005 SEK Average crude sales
Page 63: NOTES NOTE 4 - WRITE-OFF OF OIL AND
Page 67 and 68: NOTES 2005 Production cost pools UK
Page 69 and 70: NOTES Venezuela In November 2002, L
Page 71 and 72: NOTES NOTE 12 - SHARES IN ASSOCIATE
Page 73 and 74: NOTES The Group has entered into th
Page 75 and 76: NOTES life. It was further agreed t
Page 77 and 78: NOTES NOTE 33 - EARNINGS PER SHARE
Page 79 and 80: NOTES Salaries, other remuneration
Page 81 and 82: NOTES NOTE 39 - INCENTIVE WARRANTS
Page 83 and 84: SUPPLEMENTAL INFORMATION - RESERVE
Page 85: Corporate Head Offi ce Lundin Petro
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Annual Report 2005 (6 MB) - Lundin Petroleum

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