2007 - Ceylon Petroleum Corporation

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Notes to the Financial Statements 78 2007 2006 Rs. Mn Rs. Mn 6.2 Assets and Capital Project in Progress Buildings 24.964 28.346 Plant & Machinery 7.545 3.149 Storage Facility 5.392 4.705 Others 1.692 – 39.593 36.200 6.3 Property, Plant & Equipment Property, Plant & Equipment 4,335.056 4,424.720 Assets & Capital Projects in Progress 39.593 36.200 4,374.649 4,460.920 7. INVESTMENTS 2007 2006 At Cost Market Value At Cost Market Value Rs. Mn Rs. Mn Rs. Mn Rs. Mn Non-Current (a) Investment in Associated Company Unquoted Ceylon Petroleum Storage Terminals Limited* 2,500.000 – 2,500.000 – 2,500.000 – 2,500.000 – (b) Other Investments Quoted Lanka Cement Limited 5,000,000 Ordinary Shares of Rs. 10/- each fully paid 50.500 36.250 50.500 42.500 Less: Provision for decline in value (14.250) – (8.000) – 36.250 36.250 42.500 42.500 Unquoted Associated Newspapers of Ceylon Limited 61,206 Ordinary Shares of Rs. 10/- each fully paid 0.539 0.539 Lanka Leyland Limited 100 Ordinary Shares of Rs. 10/- each fully paid 0.001 0.001 International Coop/Petroleum Association 5,499 Shares of US$ 100 each fully paid Incorporated in USA 5.086 5.086 5.626 5.626 Current Investments in Fixed Deposit 5.000 5.000 5.000 5.000 Total Carrying Value of Investments 46.876 53.126 * The effect of adopting the Equity method could not be given due to the unavailability of Financial Statements of Ceylon Petroleum Storage Terminals Limited (CPSTL). ANNUAL REPORT 2007 | CEYLON PETROLEUM CORPORATION
Notes to the Financial Statements 8. TRADE & OTHER RECEIVABLEs 2007 2006 Within After Within After 1 - Year 1 - Year 1 - Year 1 - Year Rs. Mn Rs. Mn Rs. Mn Rs. Mn 79 Trade Receivables 31,843.653 – 18,326.910 – Other Receivables 1,960.160 4,342.894 2,080.794 4,969.281 Deposits 14.066 24.735 15.684 36.778 Advance 15.325 – 22.059 – Pre-Payments 75.218 – 50.384 – Loans & Advances to Employees 328.476 720.174 250.002 767.404 34,236.898 5,087.803 20,745.833 5,773.463 Other receivables include Rs. 4,881 Mn, being an equivalent of Long-Term Loan transferred to CPSTL and a sum of Rs. 376 Mn paid in 1999 as an Income Tax Advance and a full provision has been provided for this amount. Trade & Other Receivables and Loans & Advances to employees are after charging a provision for Bad & Doubtful Debts amounting to Rs. 445 Mn (2006 - Rs. 446 Mn) and Rs. 0.224 Mn (2006 - Rs. 3.245 Mn), respectively. 9. INVENTORIES & WORK-IN-PROGRESS 2007 2006 Rs. Mn Rs. Mn Crude Oil 14,580.380 8,336.551 Other Raw Material 908.168 428.468 Finished Products 23,611.624 17,198.627 Other Materials & Supplies 1,368.797 1,131.819 Less: Provision for Non-Moving Items (275.824) (251.341) 25,612.765 18,507.573 40,193.145 26,844.124 10. CASH & CASH EQUIVALENTS Components of Cash & Cash Equivalents Cash & Bank Balances 9,204.471 12,918.814 Treasury Bills 1,540.000 7.250 10,744.471 12,926.064 ANNUAL REPORT 2007 | CEYLON PETROLEUM CORPORATION
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Perhaps the most prized drop of liq
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About Us The Ceylon Petroleum Corpo
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3 Chairman & Managing Director’s
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5 commence in 2008. Our intent is t
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7 A.L.F. de Mel Mr. Ashantha de Mel
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Ceylon Petroleum Corporation
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11 Senior Management Team 1 2 3 4 5
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14 Business Review Crude Distillery
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Roadrunners... 499 bowsers take 1,4
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18 Katunayake Aviation Section Orug
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They also Serve who Stand and Wait.
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22 Financial Review Results of Oper
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24 Pricing Policy The Government wi
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Getting them “Up Where They Belon
Page 30 and 31: 28 Sustainability Report Corporate
Page 32 and 33: 30 Pyrolysis Project An Important S
Page 34 and 35: 32 Benefits to Sri Lanka The benefi
Page 36 and 37: Pump to Pump... With a network of 9
Page 38 and 39: 36 Corporate Governance As the majo
Page 40 and 41: 38 technology, finance, audit and s
Page 42 and 43: 40 The net profit for the year was
Page 45 and 46: Financial Reports Report of the Aud
Page 47 and 48: Report of the Auditor General 2. Fi
Page 49 and 50: Report of the Auditor General 47 Au
Page 67 and 68: Income Statements Year ended 31st D
Page 69 and 70: Statements of Changes in Equity Yea
Page 71 and 72: Accounting Policies 1. CORPORATE IN
Page 73 and 74: Accounting Policies The cost incurr
Page 75 and 76: Accounting Policies 2.3.11 Capital
Page 77 and 78: Notes to the Financial Statements S
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Page 91 and 92: Ten Year Summary 89 DOMESTIC SALES
Page 93 and 94: Ten Year Summary 91 Rupees Mn 1998
Page 95 and 96: CORPORATE INFORMATION Name of the E
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2007 - Ceylon Petroleum Corporation

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