Annual Report 2007 in PDF - Cairn Energy PLC

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financial review continued Cash flOW Cash flows from Operating activities cash generated from operating activities has decreased to $155.3m (2006: $189.4m). interest paid was $6.7m (2006: $5.6m) and income tax payments during 2007 were $14.7m (2006: $12.2m). Cash flows from Investing activities cash outflows from investing activities during 2007 were $398.8m (2006: $256.1m) and included the following items: 2007 2006 $m $m exploration/appraisal expenditure 156.4 157.5 development/producing expenditure 244.0 115.0 other capital expenditure 10.6 9.1 the acquisitions of plectrum petroleum plc and medoil plc are also included within cash flows from investing activities, as is the disposal of cairn energy bangladesh limited to santos. Cash flows from financing activities cash flows from financing activities include proceeds from the ipo of cairn india, received in january 2007, and the acquisition of 10% of capricorn by dyas bv in september 2007. in april 2007, following the ipo of cairn india, the group returned cash to shareholders equivalent to £3 per share, a total return of $935.7m (including expenses). net assets/net Cash net assets at 31 december 2007 were $1,749.8m (2006 restated: $678.8m). at the year end, the group had net cash of $827.3m (2006: $701.3m). 30 CAIRN ENERGY PLC ANNUAL REPORT 2007 DURING 2007, THE TwO SEPARATE BUSINESSES HAVE BEEN FULLY ESTABLISHED wITHIN CAIRN, EACH wITH ITS OwN FINANCIAL STRATEGY AND FUNDING NEEDS. in cairn india, the development programme under way in the rajasthan project is set to generate levels of cash flow previously unseen in the group and provide the springboard for future growth. post balance sheet events in march 2008, cairn india arranged a private placement of approximately $625m with petronas and orient global tamarind fund pte limited, who have agreed to subscribe for a total of 113 million shares. as a result of this private placement, cairn energy’s holding in cairn india will reduce from 69% to 65%. the cash is due to be received in april, following formal approval of the transaction. financial strategy and Outlook during 2007, the two separate businesses have been fully established within cairn, each with its own financial strategy and funding needs. in cairn india, the development programme under way in the rajasthan project will generate levels of cash flow previously unseen in the group and provide the springboard for future growth. as well as the cash on the balance sheet, the strong operating cash flows and the cash raised through the recent equity issue, there is dedicated project credit facility already in place and discussions to extend this are at an advanced stage. in capricorn, the business is exploration-led and the investments planned for 2008 and beyond will drive future growth on this side of the business. the transactions with dyas and santos during the year have demonstrated the range of options open to the capricorn business and provided the cash to fund the initial stages of this investment programme. it is now key to ensure that the available funds are targeted on the real growth opportunities in this portfolio. jann brown finance director 11 april 2008 Cambay Basin, India
CAIRN INDIA CAPITAL EXPENDITURE FORECAST 2008 1. DEVELOPmENT/PRODUCING 89% 2. ExPLORATION/APPRAIsAL 10% 3. OThER 1% CAPRICORN & PLC CAPITAL EXPENDITURE FORECAST 2008 1. EXPLORATION/APPRAISAL 93% 2. DEvELOPmENT/PRODUCING 4% 3. OThER 3% 1 2 3 1 2 3 CAIRN ENERGY PLC ANNUAL REPORT 2007 31
Page 1 and 2: ANNUAL REPORT & ACCOUNTS 2007 CAIRN
Page 3 and 4: CAIRN is an edinburgh based oil and
Page 5 and 6: CAIRN INDIA performance First comme
Page 7 and 8: 2000 lakshmi disCovery 2001 sarasWa
Page 9 and 10: THE RESTRUCTURING OF THE GROUP INTO
Page 11 and 12: ajasthan midstream the government o
Page 13 and 14: Cambay Basin, India CAIRN ENERGY PL
Page 15 and 16: Cairn india assets 30% 30% 49% 40%
Page 17 and 18: Rajasthan, India the increased reso
Page 19 and 20: Detail heading here relore min ullu
Page 21 and 22: uk (West Of shetland) Block 214/19
Page 23 and 24: nePal the security situation in nep
Page 25 and 26: angladesh reserves sangu gross 2p r
Page 27 and 28: activities in all operated blocks.
Page 29 and 30: 2007 marked the beginning of a new
Page 31: key financial performance indicator
Page 35 and 36: 3 9 12 4 8 1 Sir Bill Gammell, Chie
Page 37 and 38: 2007 ACCOUNTS Risk Factors 36 Corpo
Page 39 and 40: RISk FACTORS CONTINUED The developm
Page 41 and 42: RISk FACTORS CONTINUED Corporate Re
Page 43 and 44: CORPORATE GOVERNANCE STATEMENT CONT
Page 53 and 54: DIRECTORS’ REPORT CONTINUED At 31
Page 55 and 56: DIRECTORS’ REPORT CONTINUED Elect
Page 57 and 58: DIRECTORS’ REPORT CONTINUED Age o
Page 59 and 60: DIRECTORS’ REMUNERATION REPORT Re
Page 61 and 62: DIRECTORS’ REMUNERATION REPORT CO
Page 71 and 72: INDEPENDENT AUDITOR’S REPORT TO T
Page 73 and 74: PRINCIPAL LICENCE INTERESTS ASIA In
Page 75 and 76: GROUP INCOME STATEMENT For the year
Page 77 and 78: BALANCE SHEETS As at 31 December 20
Page 79 and 80: NOTES TO THE ACCOUNTS For the year
Page 81 and 82: NOTES TO THE ACCOUNTS CONTINUED Net
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NOTES TO THE ACCOUNTS CONTINUED Cas
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RESERVES Direct Direct working enti
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NOTICE OF ANNUAL GENERAL MEETING No
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NOTICE OF ANNUAL GENERAL MEETING CO
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GLOSSARY OF TERMS CONTINUED TECHNIC
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