Annual Report 2007 in PDF - Cairn Energy PLC

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NOTES TO THE ACCOUNTS CONTINUED 18. Investments (continued) On 9 January 2007, Cairn India listed on the Bombay Stock Exchange and the National Stock Exchange of India. As a result Cairn Energy PLC’s proportion of voting rights and ordinary shareholding in the company and its subsidiaries reduced to 69.0%. See Note 6. On 7 September 2007, Dyas BV acquired a 10% shareholding in Capricorn. As a result Cairn Energy PLC’s proportion of voting rights and ordinary shareholding in the company and its subsidiaries reduced to 90%. See Note 6. On 25 October 2007, the Group disposed of Cairn Energy Bangladesh Limited to Santos International Holdings Pty Limited for a consideration of $55.8m. See Note 3. There is a restriction in the ability of some Group companies to distribute profits to Cairn Energy PLC, the ultimate parent company, as a result of negative distributable reserves in Cairn Energy Holdings Limited, an intermediate holding company. 19. Inventory 110 CAIRN ENERGY PLC ANNUAL REPORT 2007 Group Group Company Company 2007 2006 2007 2006 $’000 $’000 $’000 $’000 Oil and condensate inventories 7,978 4,615 – – ––––––––––– ––––––––––– ––––––––––– ––––––––––– 20. Trade and Other Receivables Group Group Company Company 2007 2006 2007 2006 $’000 $’000 $’000 $’000 Trade receivables 41,915 62,487 – – Amounts owed by subsidiary undertakings – – 50,502 71,782 Other debtors 15,455 5,846 783 8,372 Joint Venture debtors and prepayments 231,892 97,703 – – ––––––––––– ––––––––––– ––––––––––– ––––––––––– 289,262 166,036 51,285 80,154 Prepayments 17,741 52,123 376 782 ––––––––––– ––––––––––– ––––––––––– ––––––––––– 307,003 218,159 51,661 80,936 ––––––––––– ––––––––––– ––––––––––– ––––––––––– Included within Group prepayments at 31 December 2006 is an amount of $36.8m relating to costs of the IPO of Cairn India Limited. All amounts relating to the IPO were settled during 2007.
NOTES TO THE ACCOUNTS CONTINUED Group As at 31 December, the ageing analysis of trade and other receivables, excluding prepayments, is as set out below: Total Current < 30 days 30–60 days 60–90 days 90–120 days >120 days $’000 $’000 $’000 $’000 $’000 $’000 $’000 2007 Neither past due nor impaired 246,439 246,439 – – – – – Past due but not impaired 37,847 – 10 47 3,942 256 33,592 Current and impaired 6,655 6,655 – – – – – Past due and impaired 75,246 – – – 6 12 75,228 Allowance for doubtful debts (76,925) (6,655) – – (6) (12) (70,252) ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– As at 31 December 2007 289,262 246,439 10 47 3,942 256 38,568 ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– 2006 Neither past due nor impaired 96,432 96,432 – – – – – Past due but not impaired 63,274 – – – 806 780 61,688 Past due and impaired 68,309 – – – – – 68,309 Allowance for doubtful debts (61,979) – – – – – (61,979) ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– As at 31 December 2006 166,036 96,432 – – 806 780 68,018 ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– The movement in allowance for doubtful debts individually or collectively impaired is as set out below: 2007 2007 2006 2006 Trade Joint Venture Trade Joint Venture receivables debtors receivables debtors $’000 $’000 $’000 $’000 As at 1 January 40,169 21,810 19,995 – Amounts written off during year* (8,164) – (1,100) – Increase in allowance capitalised in the Balance Sheet – 19,504 – 18,478 Increase in allowance recognised in the Balance Sheet* – – 20,000 – Increase in allowance recognised in Income Statement 2,071 1,535 1,274 3,332 ––––––––––– ––––––––––– ––––––––––– ––––––––––– As at 31 December 34,076 42,849 40,169 21,810 ––––––––––– ––––––––––– ––––––––––– ––––––––––– * The movements during the period relate to amounts with corresponding balances in trade receivables, deferred income or other creditors in the Balance Sheet and therefore do not affect the Income Statement. In determining the recoverability of a trade or other receivable, the Group carries out a risk analysis based on the type and age of the outstanding receivable. Included in the allowance for doubtful debts are individually impaired Joint Venture debtors with a balance of $42.9m (2006: $21.8m). These predominantly relate to outstanding Rajasthan cash calls which are currently being pursued by Cairn India management. CAIRN ENERGY PLC ANNUAL REPORT 2007 111
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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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DIRECTORS’ REMUNERATION REPORT Re
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Annual Report 2007 in PDF - Cairn Energy PLC

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