Beruflich Dokumente
Kultur Dokumente
BALANCE SHEET
as at June 30, 2015, 2014 & 2013
Equity and liabilities Notes Rupees in thousands
2015 2014 2013
SHARE CAPITAL AND RESERVES
Authorized share capital (Ordinary shares of PRs 10 each) 50,000,000 50,000,000 50,000,000
Share Capital 4 43,009,284 43,009,284 43,009,284
Capital Reserves 5 7,456,000 6,606,000 5,756,000
Unappropriated profit 392,055,684 346,055,921 263,500,737
442,520,968 395,671,205 312,266,021
NON - CURRENT LIABILITIES
Deferred taxation 6 16,606,840 22,270,517 13,727,898
Deferred employee benefits 7 12,457,915 9,827,561 9,564,797
Provision for decommissioning cost 8 20,303,619 20,417,830 19,993,556
49,368,374 52,515,908 43,286,251
CURRENT LIABILITIES
Trade and other payables 9 61,901,977 48,045,567 56,138,527
Provision for taxation 2,238,065
61,901,977 48,045,567 58,376,592
TOTAL LIABILITIES 553,791,319 496,232,680 413,928,864
Oil & Gas Development Company Limited
BALANCE SHEET
as at June 30, 2015, 2014 & 2013
Assets Notes Rupees in thousands
2015 2014
NON - CURRENT ASSETS
FIXED ASSETS
Property, plant and equipment 11 109,983,739 71,803,994
Development and production assets - intangible 12 78,260,687 74,329,473
Exploration and evaluation assets 13 8,139,436 9,637,788
196,383,862 155,771,255
Long term investments 14 131,193,328 140,393,508
Long term loans and receivable 15 5,932,606 5,170,798
Long term prepayments 502,972 736,992
334,012,768 302,072,553
CURRENT ASSETS
Stores, spare parts and loose tools 16 16,847,032 18,502,922
Stock in trade 317,476 420,626
Trade debts 17 121,411,485 100,510,995
Loans and advances 18 8,043,768 7,909,281
Deposits and short term prepayments 19 1,414,433 1,336,238
Interest accrued 14,433,563 10,110,450
Other receivables 20 183,825 661,017
Income tax - advance 21 24,059,740 14,319,141
Current maturity of term finance certificates 14.2 10,250,000 -
Other financial assets 22 9,814,481 37,537,297
Cash and bank balances 23 13,002,748 2,852,160
219,778,551 194,160,127
TOTAL ASSETS 17 553,791,319 496,232,680
ited
SHEET
5, 2014 & 2013
n thousands
2013
52,605,226
74,651,460
7,275,329
134,532,015
140,416,803
4,152,258
580,432
279,681,508
16,628,579
263,204
55,874,924
6,408,762
1,158,516
10,125,851
1,180,494
-
-
39,897,151
2,709,875
134,247,356
413,928,864
Oil & Gas Development Company Limited
PROFIT & LOSS ACCOUNT
as at June 30, 2015, 2014 & 2013
Notes Rupees'000
2015 2014 2013
Sales - net 24 210,624,908 257,014,254 223,365,490
Liquidity Ratios
Current Ratio
Quick
Ratio/Acid Test
Ratios
Efficiency/Activity Ratios
Fixed Asset
Turnover Ratio
Working
Capital
Turnover Ratio
Inventory
Turnover Ratio
Receivables
Turnover Ratio
Receivables
Collection
Period
Creditors Not Workable Not Workable
Turnover Ratios
Average Credit Not Workable Not Workable
Period
Profitability Ratios
Gross Profit 10
Ratio 0
Operating Profit 10 Not Workable Not Workable
Ratio
0
Net Profit Ratio
Expense Ratio
Solvency Ratios
Debt To Net
Worth/Equity Not Workable Not Workable
Ratio
Debt Service or
Interest Not Workable Not Workable
Coverage Ratio
Fixed Assets Not Workable Not Workable
Ratios
Debt To Total
Funds or
Solvency Ratio
Reserves To
Capital Ratio
Capital Gearing Not Workable Not Workable
Ratio
Proprietary
Ratio
2013
2013
Not Workable
Not Workable
Not Workable
Not Workable
Not Workable
Not Workable
Not Workable
SHARE CAPITAL
Rupees'000
2015 2014 2013
Authorized share capital
fully paid for consideration other than cash 10,752,321 10,752,321 10,752,321
fully paid bonus shares 32,256,963 32,256,963 32,256,963
43,009,284 43,009,284 43,009,284
Reserves
Rupees'000
General reserve 2015 2014 2013
Capital reserve 836,000 836,000 836,000
Self insurance reserve 6,620,000 5,770,000 4,920,000
7,456,000 6,606,000 5,756,000
DEFERRED TAXATION
Rupees'000
2015
Accelerated depreciation on property, plant and equipment 7,548,441
Expenditure of exploration and evaluation, development and production assets 12,887,530
Provision for decommissioning cost (3,042,951)
Long term investment in associate 132,767
Provision for doubtful debts, claims and advances (97,265)
Provision for slow moving and obsolete stores (821,682)
16,606,840
Rupees'000
2014 2013
6,524,059 5,473,879
19,895,341 23,253,486
(3,286,920) (2,894,689)
30,231 25,793
(102,756) (91,344)
(789,438) (637,431)
22,270,517 13,727,898
Deferred employee benefits
Rupees'000
2015 2014 2013
Post retirement medical benefits 8,083,396 6,770,977 3,418,293
Accumulating compensated absences 4,374,519 3,056,584 3,069,806
12,457,915 9,827,561 9,564,797
PROVISION FOR DECOMMISSIONING COST
Rupees'000
2015
Balance at beginning of the year 20,417,830
Provision for the year 781,004
21,198,834
Revision due to change in estimates (3,432,053)
Adjustment during the year -
Unwinding of discount on provision for decommissioning cost 2,536,838
Balance at end of the year 20,303,619
7,863,805 8,990,485
1,645,073 2,283,516
9,776,200 7,565,035
1,132,752 1,154,520
10,908,952 8,719,555
20,417,830 19,993,556
12.88% 13.36%
11.39% 12.46%
Trade and other payables
Rupees'000
2015 2014
Creditors 1,159,807 1,534
Payable to Government of Pakistan - on account of Kunnar discount 2,085,112 2,085,112
Accrued liabilities 7,792,656 5,461,545
Payable to joint venture partners 5,747,349 4,554,969
Retention money payable 6,208,634 1,617,016
Royalty payable 3,759,267 5,030,253
Excise duty payable 243,798 263,989
General sales tax payable 1,636,792 1,843,507
Gas Infrastructure Development Cess (GIDC) Payable 6,143,565 -
Provincial sales tax payable - 7,528
Trade deposits 102,210 73,478
Workers profit participation fund - net 6,685,550 -
Employees pension trust 3,116,025 11,791,096
Un-paid dividend ### 13,936,304
Un-claimed dividend 184,955 416,219
Advances from customers 861,045 873,443
Payable to benevolent fund - 15
Other payables 174,866 89,559
61,901,977 48,045,567
upees'000
2013
53,440
4,890,813
9,040,238
710,260
5,241,023
301,799
1,659,507
76,910
1,174,212
2,468,708
397,785
10,450,172
706
37,353
36,502,926
Property, plant and equipment
Buildings, Buildings,
Freehold Leasehold offices and offices and
Description
land land roads on roads on
freehold land leasehold land
COST
Balance as at 1 July 2012 244,615 2,122,580 3,612,971 1,493,534
Additions during the year 3,995 318,600 166,279 388,615
Disposals/transfers during the year - - - -
Adjustments - - - -
Balance as at 30 June 2013 248,610 2,441,180 3,779,250 1,882,149
Balance as at 1 July 2013 248,610 2,441,180 3,779,250 1,882,149
Additions during the year 364 - 527,424 973,440
Revision due to change in estimate - - - -
Disposals/transfers during the year - - - -
Adjustments - -2,387,141 -31,807 2,387,141
Balance as at 30 June 2014 248,974 54,039 4,274,867 5,242,730
Balance as at 1 July 2014 248,974 54,039 4,274,867 5,242,730
Additions during the year 5,606 - 63,070 141,870
Revision due to change in estimate - - - -
Disposals/transfers during the year - - - -
Adjustments - - -955 -
Balance as at 30 June 2015 254,580 54,039 4,336,982 5,384,600
DEPRECIATION
Balance as at 1 July 2012 - 271,686 1,239,301 766,370
Charge for the year - 59,898 201,226 98,722
On disposals - - - -
Adjustments - - - -
Balance as at 30 June 2013 - 331,584 1,440,527 865,092
Balance as at 1 July 2014 - 48,694 1,669,085 1,357,479
Charge/(reversal) of charge for the
- 2,145 266,312 239,904
year
On disposals - - - -
Adjustments - - -45 -
Balance as at 30 June 2015 - 50,839 1,935,352 1,597,383
IMPAIRMENT
Balance as at 1 July 2013 - - - -
Charge for the year - - - -
Balance as at 30 June 2014 - - - -
Balance as at 1 July 2014 - - - -
Charge for the year - - 61,204 128,386
Balance as at 30 June 2015 - - 61,204 128,386
Carrying amount - 30 June 2013 248,610 2,109,596 2,338,723 1,017,057
Carrying amount - 30 June 2014 248,974 5,345 2,605,782 3,885,251
Carrying amount - 30 June 2015 254,580 3,200 2,340,426 3,658,831
Rates of depreciation (%) - 3.3-4 2.5-8 2.5-8
Rupees'000
Office and
Office and Furniture
Plant and technical
Rigs Pipelines domestic and Vehicles
machinery data
equipment fixtures
computers
- - - - - - -
135,008 - 333 - - - -
135,008 - 333 - - - -
135,008 - 333 - - - -
8,709 - - - - - 1,079
143,717 - 333 - - - 1,079
26,757,865 948,966 1,855,866 143,115 304,504 31,338 956,764
34,206,884 3,639,097 2,851,735 151,918 334,204 33,557 844,630
45,617,930 2,922,085 5,565,306 311,123 240,618 38,183 761,279
42114.00 10 10 15 33.33 10 20
Decom- Capital Stores held
missioning work in for capital Total
cost progress expenditure
- - - -
327 - - 135,668
327 - - 135,668
327 - - 135,668
- - - 199,378
327 - - 335,046
1,125,586 13,908,025 859,211 52,605,226
418,485 20,636,857 1,941,275 71,803,994
415,564 44,041,169 3,813,445 109,983,739
2.5-10 - - 0.00
DEVELOPMENT AND PRODUCTION ASSETS - intangible
Rupees'000
Decom-
Wells in
Sub total missioning Total
progress
cost
`
LONG TERM INVESTMENTS
Rupees'000
2015 2014 2013
Investment in related party 1,401,173 375,807 331,427
Investments held to maturity 129,792,155 140,017,701 140,085,376
131,193,328 140,393,508 140,416,803
Share of profit in associate - net of taxation
Rupees'000
2015 2014 2013
Mari Petroleum Company Limited (MPCL)
Cost of investment (22,050,000 (2014: 18,375,000)
fully paid ordinary shares of Rs 10 each including 73,500 73,500 73,500
14,700,000 (2014: 11,025,000) bonus shares)
Post acquisition profits brought forward 302,307 257,927 221,133
375,807 331,427 294,633
Share of profit for the year - net of taxation 1,043,741 113,911 104,892
Dividend received -18,375 -69,531 -68,098
1,025,366 44,380 36,794
1,401,173 375,807 331,427
Investments held to maturity
Rupees'000
2015 2014 2013
Term Deposit Receipts (TDRs) 5,862,129 5,345,000 4,920,000
Investment in Pakistan Investment Bonds 52,180,026 52,672,701 53,165,376
Investment in Term Finance Certificates 82,000,000 82,000,000 82,000,000
140,042,155 140,017,701 140,085,376
Less: Current maturity of Term Finance Certificates - 0
129,792,155 140,017,701 140,085,376
LONG TERM LOANS AND RECEIVABLE
Rupees'000
2015 2014
Long term loans:
Secured 5,692,868 4,931,060
Unsecured 239,738 239,738
5,932,606 5,170,798
s'000
2013
3,979,115
173,143
4,152,258
STORES, SPARE PARTS AND LOOSE TOOLS
Rupees'000
2015 2014 2013
Stores, spare parts and loose tools 19,251,264 18,903,577 17,229,896
Stores and spare parts in transit 216,764 1,982,914 1,563,751
19,468,028 20,886,491 18,793,647
Provision for slow moving, obsolete and in transit
-2,620,996 -2,383,569 -2,165,068
stores
16,847,032 18,502,922 16,628,579
Trade debts
Rupees'000
2015 2014 2013
Un-secured, considered good 121,411,485 100,510,995 55,874,924
Un-secured, considered doubtful 112,782 112,782 112,782
121,524,267 100,623,777 55,987,706
Provision for doubtful debts (112,782) (112,782) (112,782)
121,411,485 100,510,995 55,874,924
Loans and advances
Rupees'000
2015 2014 2013
Advances considered good:
Suppliers and contractors 1,070,013 3,102,805 1,806,067
Joint venture partners 2,463,683 731,317 670,653
Others 3,553,688 3,283,840 3,255,981
7,087,384 7,117,962 5,732,701
Current portion of long term loans -
791,319 676,061
secured 956,384
8,043,768 7,909,281 6,408,762
Advances considered doubtful 187,033 187,033 187,033
8,230,801 8,096,314 6,595,795
Provision for doubtful advances -187,033 -187,033 -187,033
8,043,768 7,909,281 6,408,762
2014
DEPOSITS AND SHORT TERM PREPAYMENTS
Rupees'000
2015 2014 2013
Security deposits 21,025 20,994 14,921
Short term prepayments 1,393,408 1,315,244 1,143,595
1,414,433 1,336,238 1,158,516
OTHER RECEIVABLES
Rupees'000
2015 2014 2013
Development surcharge 80,391 80,391 80,357
Claims receivable 31,504 16,089 606,937
Current portion of long term receivable -
- 150,609 20,266
unsecured
Workers profit participation fund - net - 346,775 443,282
Others 71,930 67,153 29,652
183,825 661,017 1,180,494
Claims considered doubtful 10,439 10,439 10,439
194,264 671,456 1,190,933
Provision for doubtful claims -10,439 -10,439 -10,439
183,825 661,017 1,180,494
INCOME TAX - ADVANCE
624,129 13,204,249 0
-8,160,981 963,984 -10,888,318
24,059,740 14,319,141 -2,238,065
Other financial assets
Rupees'000
2015 2014 2013
Investment in Term Deposits 9,525,037 37,261,746 39,704,597
Investment at fair value through profit or loss - NIT units 289,444 275,551 192,554
9,814,481 37,537,297 39,897,151
CASH AND BANK BALANCES
Rupees'000
2015 2014 2013
Cash at bank:
Deposit accounts 12,849,120 2,698,137 2,474,378
Current accounts 110,855 88,952 190,944
12,959,975 2,787,089 2,665,322
Cash in hand 42,773 65,071 44,553
13,002,748 2,852,160 2,709,875
SALES - net
Rupees'000
2015 2014 2013
Gross sales
Crude oil 94,317,109 133,629,099 119,046,724
Gas 139,478,446 141,898,570 124,906,242
Liquefied petroleum gas 6,751,228 5,807,851 4,372,696
Sulphur 377,987 577,336 387,761
Other operating revenue 61,771 186,280 93,115
240,986,541 282,099,136 248,806,538