Annual Report 2007 in PDF - Cairn Energy PLC

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STATEMENTS OF RECOGNISED INCOME AND EXPENSE For the year ended 31 December 2007 74 CAIRN ENERGY PLC ANNUAL REPORT 2007 Group Group Company Company 2007 2006 2007 2006 Notes $’000 $’000 $’000 $’000 Income and expense recognised directly in equity Surplus on valuation of financial assets 29 8,037 – – – Surplus on valuation of financial assets – prior year adjustment 1(u) – 603 – – Currency translation differences 29 27,524 10,725 11,409 45,400 ––––––––––– ––––––––––– ––––––––––– ––––––––––– Total income recognised directly in equity 35,561 11,328 11,409 45,400 ––––––––––– ––––––––––– ––––––––––– ––––––––––– Profit/(loss) for the year Profit/(loss) for the year 1,527,845 (82,017) 1,170,772 164,870 Prior year adjustment 1(u) – (15,105) – – ––––––––––– ––––––––––– ––––––––––– ––––––––––– Profit/(loss) for the year (restated) 1,527,845 (97,122) 1,170,772 164,870 ––––––––––– ––––––––––– ––––––––––– ––––––––––– Total recognised income and expense for the year 1,563,406 (85,794) 1,182,181 210,270 ––––––––––– ––––––––––– ––––––––––– ––––––––––– Attributable to: Equity holders of the parent 1,549,215 (85,794) 1,182,181 210,270 Minority interests 14,191 – – – ––––––––––– ––––––––––– ––––––––––– ––––––––––– 1,563,406 (85,794) 1,182,181 210,270 ––––––––––– ––––––––––– ––––––––––– –––––––––––
BALANCE SHEETS As at 31 December 2007 Group Group 2006 Company Company 2007 (Restated) 2007 2006 Notes $’000 $’000 $’000 $’000 Non-current assets Intangible exploration/appraisal assets 13 607,055 419,239 – – Property, plant & equipment – development/producing assets 14 498,223 394,010 – – Property, plant & equipment – other 15 6,566 5,891 994 1,291 Intangible assets – other 16 25,276 6,724 5,303 1,730 Available-for-sale financial assets 17 15,905 7,868 – – Investments 18 – – 654,551 508,056 ––––––––––– ––––––––––– ––––––––––– ––––––––––– 1,153,025 833,732 660,848 511,077 ––––––––––– ––––––––––– ––––––––––– ––––––––––– Current assets Inventory 19 7,978 4,615 – – Trade and other receivables 20 307,003 218,159 51,661 80,936 Bank deposits 21 30,053 – – – Cash and cash equivalents 21 872,272 856,266 16,591 19,513 Derivative financial instruments 31 2,479 – – – Income tax assets 7,935 – – – ––––––––––– ––––––––––– ––––––––––– ––––––––––– 1,227,720 1,079,040 68,252 100,449 ––––––––––– ––––––––––– ––––––––––– ––––––––––– Total assets 2,380,745 1,912,772 729,100 611,526 ––––––––––– ––––––––––– ––––––––––– ––––––––––– Current liabilities Trade and other payables 22 273,570 897,232 11,309 113,810 Obligations under finance leases 24 1,949 1,380 – – Provisions 26 17,766 6,845 – – Derivative financial instruments 31 – 9,694 – – Income tax liabilities 76 6,064 – – ––––––––––– ––––––––––– ––––––––––– ––––––––––– 293,361 ––––––––––– 921,215 ––––––––––– 11,309 ––––––––––– 113,810 ––––––––––– Non-current liabilities Loans and borrowings 21, 25 75,000 155,000 – 47,000 Obligations under finance leases 24 2,431 3,092 – – Provisions 26 40,061 24,740 – – Deferred tax liabilities 23 220,076 ––––––––––– 129,965 ––––––––––– – ––––––––––– – ––––––––––– 337,568 312,797 – 47,000 ––––––––––– ––––––––––– ––––––––––– ––––––––––– Total liabilities 630,929 1,234,012 11,309 160,810 ––––––––––– ––––––––––– ––––––––––– ––––––––––– Net assets 1,749,816 678,760 717,791 450,716 ––––––––––– ––––––––––– ––––––––––– ––––––––––– Equity attributable to equity holders of the parent Called-up share capital 27 15,845 25,870 15,845 25,870 Share premium 28 210,901 201,019 210,901 201,019 Shares held by ESOP Trust 29 (32,019) (55,756) (32,019) (55,756) Foreign currency translation 29 23,996 2,798 45,770 37,181 Capital reserves – non-distributable 29 40,222 40,222 79 79 Retained earnings 29 1,064,148 464,607 477,215 242,323 ––––––––––– ––––––––––– ––––––––––– ––––––––––– 1,323,093 678,760 717,791 450,716 ––––––––––– ––––––––––– ––––––––––– ––––––––––– Minority interests 29 426,723 – – – ––––––––––– ––––––––––– ––––––––––– ––––––––––– Total equity 1,749,816 678,760 717,791 450,716 ––––––––––– ––––––––––– ––––––––––– ––––––––––– CAIRN ENERGY PLC ANNUAL REPORT 2007 75
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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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Page 27 and 28: activities in all operated blocks.
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Page 31 and 32: key financial performance indicator
Page 33 and 34: CAIRN INDIA CAPITAL EXPENDITURE FOR
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
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Page 53 and 54: DIRECTORS’ REPORT CONTINUED At 31
Page 55 and 56: DIRECTORS’ REPORT CONTINUED Elect
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Page 71 and 72: INDEPENDENT AUDITOR’S REPORT TO T
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NOTES TO THE ACCOUNTS CONTINUED 34.
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NOTES TO THE ACCOUNTS CONTINUED The
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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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