Annual Report 2007 in PDF - Cairn Energy PLC

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NOTES TO THE ACCOUNTS CONTINUED 18. Investments Subsidiary undertakings Total Company $’000 $’000 Cost and net book value At 1 January 2006 24,829 24,829 Exchange differences arising 33,564 33,564 Additions 615,629 615,629 Disposals (165,966) (165,966) ––––––––––– ––––––––––– At 1 January 2007 508,056 508,056 Exchange differences arising 1,461 1,461 Additions 273,903 273,903 Disposals (128,869) (128,869) ––––––––––– ––––––––––– At 31 December 2007 654,551 654,551 ––––––––––– ––––––––––– During 2006, the Company acquired various investments in subsidiaries from Cairn Energy Bangladesh Limited as settlement of a capital reduction by that company. Two further subsidiaries, Cairn Uk Holdings Limited and Capricorn (originally incorporated as Cairn Resources Limited) were incorporated during 2006, and the investments transferred to these companies through share for share exchanges. In addition, inter-company loan balances due to Cairn Energy PLC from both Cairn Uk Holdings Limited and Capricorn were settled by an equity issue from the subsidiaries. Disposals in 2006 represent the elimination of the Company’s investment in Cairn Energy Bangladesh Limited on receipt of a dividend in specie following a capital reduction in that company. Included in the total consideration for additions in 2006 of $615.6m is $63.6m directly settled by means of cash and cash equivalents. Additions in 2007 represent further investments in Capricorn. Included in the total consideration of $273.9m is $233.9m directly settled by means of cash and cash equivalents. Disposals during 2007 represent a repurchase of share capital by Cairn Uk Holdings Limited. This was settled in full by offsetting an inter-company loan balance. Further details on these transactions are contained in Note 36. 108 CAIRN ENERGY PLC ANNUAL REPORT 2007
NOTES TO THE ACCOUNTS CONTINUED The Company’s principal subsidiaries as at the Balance Sheet date are set out below. Country of Country of Proportion of voting rights and ordinary Company Principal activity incorporation operation shares Direct holdings Capricorn Holding company Scotland Scotland 90% Cairn Uk Holdings Limited Holding company Scotland Scotland 100% Indirect holdings – Capricorn Group Cairn Energy Sangu Field Limited Exploration & production Scotland Bangladesh 90% Cairn Energy Exploration (Bangladesh) Limited Exploration Scotland Bangladesh 90% Holland Sea Search Holdings NV Holding company The Netherlands The Netherlands 90% Cairn Exploration (No. 1) Limited Exploration Scotland India 90% Cairn Energy Search Limited Exploration Scotland India 90% Cairn Energy Exploration and Production Company Limited Exploration Scotland India 90% Cairn Energy Nepal Holdings Limited Holding company Scotland Scotland 90% Cairn Energy Dhangari Limited Exploration Scotland Nepal 90% Cairn Energy karnali Limited Exploration Scotland Nepal 90% Cairn Energy Lumbini Limited Exploration Scotland Nepal 90% Cairn Energy Malangawa Limited Exploration Scotland Nepal 90% Cairn Energy Birganj Limited Exploration Scotland Nepal 90% Capricorn Petroleum Limited Holding Company Scotland Scotland 90% medOil plc* Exploration England & Wales Tunisia/Albania 90% medOil Resources Limited* Exploration England & Wales England 90% Capricorn Oil and Gas Limited Holding Company Scotland Scotland 90% Plectrum Petroleum Plc* Exploration England & Wales Peru/Australia 90% Plectrum Oil and Gas Plc* Holding Company England & Wales Scotland 90% Plectrum Oil Limited* Exploration England & Wales Scotland 90% REAP Tunisia GmbH* Exploration Switzerland Tunisia 90% Indirect holdings – Cairn UK Holdings Limited Group (including Cairn India Group) Cairn India Limited Holding company India India 69% Cairn India Holdings Limited Holding company Jersey Jersey 69% Cairn Energy Holdings Limited Holding company Scotland Scotland 69% Cairn Energy Hydrocarbons Limited Exploration & production Scotland India 69% Cairn Energy Australia Pty Limited Holding company Australia Australia 69% Cairn Energy India Pty Limited Exploration & production Australia India 69% Cairn Energy Netherlands Holdings BV Holding company The Netherlands The Netherlands 69% Cairn Energy Group Holdings BV Holding company The Netherlands The Netherlands 69% Cairn Energy India Holdings BV Holding company The Netherlands The Netherlands 69% Cairn Energy India West Holdings BV Holding company The Netherlands The Netherlands 69% Cairn Energy Cambay Holdings BV Holding company The Netherlands The Netherlands 69% Cairn Energy Gujarat Holdings BV Holding company The Netherlands The Netherlands 69% Cairn Energy India West BV Exploration & production The Netherlands India 69% Cairn Energy Cambay BV Exploration & production The Netherlands India 69% Cairn Energy Gujarat BV Exploration & production The Netherlands India 69% Cairn Energy Discovery Limited Exploration Scotland India 69% Cairn Energy Gujarat Block 1 Limited Exploration Scotland India 69% Cairn Energy Exploration (No. 2) Limited Exploration Scotland India 69% Cairn Energy Exploration (No. 4) Limited Exploration Scotland India 69% Cairn Energy Exploration (No. 6) Limited Exploration Scotland India 69% Cairn Energy Exploration (No. 7) Limited Exploration Scotland India 69% * Subsidiaries acquired as a result of business combinations in 2007. See Note 3 for further details. CAIRN ENERGY PLC ANNUAL REPORT 2007 109
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ANNUAL REPORT & ACCOUNTS 2007 CAIRN
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CAIRN is an edinburgh based oil and
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CAIRN INDIA performance First comme
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2000 lakshmi disCovery 2001 sarasWa
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THE RESTRUCTURING OF THE GROUP INTO
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ajasthan midstream the government o
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Cambay Basin, India CAIRN ENERGY PL
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Cairn india assets 30% 30% 49% 40%
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Rajasthan, India the increased reso
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Detail heading here relore min ullu
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uk (West Of shetland) Block 214/19
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nePal the security situation in nep
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angladesh reserves sangu gross 2p r
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activities in all operated blocks.
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2007 marked the beginning of a new
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key financial performance indicator
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CAIRN INDIA CAPITAL EXPENDITURE FOR
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3 9 12 4 8 1 Sir Bill Gammell, Chie
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2007 ACCOUNTS Risk Factors 36 Corpo
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RISk FACTORS CONTINUED The developm
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RISk FACTORS CONTINUED Corporate Re
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CORPORATE GOVERNANCE STATEMENT CONT
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DIRECTORS’ REPORT CONTINUED At 31
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DIRECTORS’ REPORT CONTINUED Elect
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DIRECTORS’ REPORT CONTINUED Age o
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Annual Report 2007 in PDF - Cairn Energy PLC

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