Annual Report 2007 in PDF - Cairn Energy PLC

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NOTES TO THE ACCOUNTS CONTINUED 20. Trade and Other Receivables (continued) Company As at 31 December, the ageing analysis of trade and other receivables not impaired is as set out below. 112 CAIRN ENERGY PLC ANNUAL REPORT 2007 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 22,613 22,613 – – – – – Past due but not impaired 28,672 – – – – 10,455 18,217 ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– As at 31 December 2007 51,285 22,613 – – – 10,455 18,217 ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– 2006 Neither past due nor impaired 68,495 68,495 – – – – – Past due but not impaired 11,659 – 2,263 1,644 549 294 6,909 ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– As at 31 December 2006 80,154 68,495 2,263 1,644 549 294 6,909 ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– There is no allowance for doubtful debts in the Company. 21. Net Funds At 1 New finance Exchange At 31 December January 2007 Cash flow leases movements 2007 Group $’000 $’000 $’000 $’000 $’000 Bank deposits – 30,053 – – 30,053 ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– Cash at bank 27,573 (13,986) – 11,907 25,494 Short-term deposits 828,693 (356) – 18,441 846,778 ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– Cash and cash equivalents 856,266 (14,342) – 30,348 872,272 Bank loans (155,000) 80,000 – – (75,000) ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– Net cash 701,266 95,711 – 30,348 827,325 ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– Finance leases (4,472) 1,406 (768) (546) (4,380) ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– Net funds 696,794 97,117 (768) 29,802 822,945 ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– At 31 At 1 New finance Exchange December January 2006 Cash flow leases movements 2006 Group $’000 $’000 $’000 $’000 $’000 Bank deposits 20,000 (20,000) – – – ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– Cash at bank 15,831 12,779 – (1,037) 27,573 Short-term deposits 59,678 768,344 – 671 828,693 ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– Cash and cash equivalents 75,509 781,123 – (366) 856,266 Bank loans – (155,000) – – (155,000) ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– Net cash 95,509 606,123 – (366) 701,266 ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– Finance leases – 953 (5,432) 7 (4,472) ––––––––––– ––––––––––– ––––––––––– ––––––––––– ––––––––––– Net funds 95,509 607,076 (5,432) (359) 696,794 ––––––––––– ––––––––––– ––––––––––– ––––––––––– –––––––––––
NOTES TO THE ACCOUNTS CONTINUED As at the year end, the Group had cash balances equivalent to $213,000 (2006: $245,000) in Bangladeshi Taka in Bangladesh which are not readily convertible into other currencies. Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods from overnight to three months depending on the cash requirements of the Group. At 31 At 1 January Exchange December 2007 Cash flow movements 2007 Company $’000 $’000 $’000 $’000 Cash at bank 2,213 8,228 (4,421) 6,020 Short-term deposits 17,300 (5,155) (1,574) 10,571 ––––––––––– ––––––––––– ––––––––––– ––––––––––– Cash and cash equivalents 19,513 3,073 (5,995) 16,591 Bank loans (47,000) 47,000 – – ––––––––––– ––––––––––– ––––––––––– ––––––––––– Net funds (27,487) 50,073 (5,995) 16,591 ––––––––––– ––––––––––– ––––––––––– ––––––––––– At 31 At 1 January Exchange December 2006 Cash flow movements 2006 Company $’000 $’000 $’000 $’000 Cash at bank 1,892 2,258 (1,937) 2,213 Short-term deposits 31,872 (14,851) 279 17,300 ––––––––––– ––––––––––– ––––––––––– ––––––––––– Cash and cash equivalents 33,764 (12,593) (1,658) 19,513 Bank loans – (47,000) – (47,000) ––––––––––– ––––––––––– ––––––––––– ––––––––––– Net funds 33,764 (59,593) (1,658) (27,487) ––––––––––– ––––––––––– ––––––––––– ––––––––––– Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods from overnight to three months depending on the cash requirements of the Company. 22. Trade and Other Payables Group Group Company Company 2007 2006 2007 2006 $’000 $’000 $’000 $’000 Trade payables 3,844 2,816 606 2,760 Amounts owed to subsidiary undertakings – – 5,324 90,403 Other taxation and social security 11,323 2,205 1,250 873 Other creditors and accruals 43,012 42,645 4,129 19,774 Deferred income – 751,849 – – Joint Venture creditors and accruals 215,391 97,717 – – ––––––––––– ––––––––––– ––––––––––– ––––––––––– 273,570 897,232 11,309 113,810 ––––––––––– ––––––––––– ––––––––––– ––––––––––– Deferred income as at 31 December 2006 represents pre-placement proceeds received in respect of the IPO. This completed in January 2007 and the proceeds have been recognised within this year’s Income Statement. See Note 6 for details. CAIRN ENERGY PLC ANNUAL REPORT 2007 113
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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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DIRECTORS’ REMUNERATION REPORT CO
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