Annual Report 2005 (6 MB) - Lundin Petroleum

NOTES
NOTE 12 – SHARES IN ASSOCIATED COMPANIES (TSEK)
Number of
Share
Book amount
Book amount
Associated companies comprise:
shares
% 31 December 2005 31 December 2004
- Ikdam Production SA 1,600 40.00 – –
– –
The net result of Ikdam Production SA for the year ended 31 December 2004 amounted to TSEK 151,159 and total equity amounted to
TSEK -77,343. As Lundin Petroleum has no obligation to cover for its interest in the negative total equity, the investment has been written
off to TSEK nil.
31 December 2005
Aggregated balance sheet information of
associated companies Total assets Net result 2005
> 68 <
Group
Equity, excl. net
result 2005 Liabilities
Total equity and
liabilities
- Ikdam Production SA 178,200 74,757 -54,508 157,951 178,200
NOTE 13 – OTHER SHARES AND PARTICIPATIONS (TSEK)
Number of
Share
Book amount
Book amount
Other shares and participation comprise:
shares
% 31 December 2005 31 December 2004
- Noorderlijke Aardgas Transportmij B.V. 11,098,015 1.81 105,769 18,383
- Cofraland B.V. 31 7.75 2,841 2,728
- Aardgas Verkoopmij Leeuwarden – 7.23 – 15
- Island Oil and Gas plc 4,000,000 6.76 43,286 –
- Maison de la géologie 2 1.25 32 27
151,928 21,153
The fair value amounted to MSEK 88.3 as at 31 December 2004.
The fair value of Island Oil & Gas plc is calculated using the quoted share price at the London Stock Exchange and the fair value of the
shares in NOGAT is based on the discounted expected cash fl ow.
As at 31 December 2005, the other shares and participations include MSEK 2.9 recognised at cost because their fair value can not be
measured reliably since there is no quoted share price and due to the uncertainty of the timing of the future cash fl ows from these
companies.
NOTE 14 – LONG TERM RECEIVABLES (TSEK)
Parent
Parent
Group
Group
Company
Company
Long term receivables comprises:
31 December 2005 31 December 2004 31 December 2005 31 December 2004
Long term receivables from subsidiaries – – 690,746 615,545
– – 690,746 615,545
Long term receivables due from subsidiaries represents funding of operations within the subsidiaries for which repayment is not foreseen
within an agreed repayment schedule.
NOTE 15 – RESTRICTED CASH
Restricted cash includes cash amounts deposited to support letters of credit issued in support of exploration work commitments. The
amount as at 31 December 2005 relates to the bank guarantee outstanding issued to the Minister of Energy and Mining, representing
the Republic of Sudan, in relation to the fi rst commitment period in Block 5B, Sudan. The bank guarantee has been supported by a cash
deposit that can not be withdrawn whilst the guarantee remains outstanding. As at 31 December 2004 an additional bank guarantee was
issued to Edison as operator of the Munir concession in Iran in relation to work commitments on this concession. The amount has been
refunded during 2005 following the fulfi llment of the work commitments.
Group