jai kumar ogdc

8/6/2019 jai kumar ogdc

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2006 2007 2008 2009

GDP 5.8% 6.8% 3.7% 1.2%CPI 7.9% 7.8% 12.0% 20.8%

Exchange Rate (PKR/USD) 60.32 60.73 73.00 83Devaluation of Exchange Rate 13.7%

Reserves of OGDCCrude Oil (million barrels ) 142.67Gas (billion cubic feet) 9967.59

ProductionCrude Oil (Barrels per day) 41019Gas (MMcf/day) 1001

Quantity SoldCrude Oil (000 BBL) 12956 13930 15037 14,438Gas (MMcf) ### ### 358868 364,036LPG (M. Tons) ### ### 125482 79,145Sulphur (M. Tons) 22006 16638 29065 24,673White Petroleum Products (000 BBL) 959 895 547 148

Prices$$$Crude Oil per bareel ( $) 55.53

Sulphur (M. Tons) $ 165.00White Petroleum Products (000 BBL) 1000.00

PKR.Crude Oil per barrel ( PKR) 4608.99Gas (Mcf) PKR 174.78LPG (M. Tons) PKR 9500.00Sulphur (M. Tons) PKR 13695.00White Petroleum Products (000 BBL) 83000.00

Net Sales (PKR)

Crude Oil (000) ###Gas (MMcf) ###LPG (M. Tons) 751,877,500Sulphur (M. Tons) 337,896,735White Petroleum Products (000 BBL) 12,284,000

Total Sales 131,272,868

Operating Expenses (Rs. 000)Salaries, wages and benefits 4099644

Traveling and transportation 453856

Repairs and maintenance 942930Stores and supplies consumed 828852Rent, fee and taxes 63824Insurance 263349


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Communication 25773Utilities 39091Land and crops compensation 326746Contract services 858140

Joint venture expenses 254830771433

7228Welfare of locals at fields 189773

251868Provision for doubtful debts 3173Stores inventory written off 298930Workover charges 840373Depreciation 3186189

6208403

1120797Miscellaneous 4733Sub-total 22633412stock of Cude Oil & other Products:Balance at beginning 151782Balance at end -108301Total 22676893

Other IncomeInterest on financial assets 1,916,374

dividend Income 622,181Income from Non- financial assets 832,268

Total 3,370,823

Exploration and prospecting expenditureCost of dry and abandoned wells 4,339,300Prospecting expenditure 3,120,260

Total 7,459,560

General & Administration ExpensesGeneral Expenses 3,075,223

Allocation of expenses to:Operations (1,120,797)

Technical services (621,444)Total 1,332,982

Desalting, decanting and naphtha storagechargesCharges related to minimum supply of gas -

Provision for slow moving obsolete and in transitstores

Amortization of development and productionassets

Transfer from general and administration

expenses


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Wells Spudded Develpoment2009 162010 11

Oil & Gas Discoveries 20092


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2010 2011 2012 2013 2014

4.1% 4.2% 4.4% 4.7% 5.2%14.5% 16.7% 19.2% 22.1% 23.4%

87.15 91.51 96.08 100.89 105.935% 5% 5% 5% 5%

156.94 172.63 189.89 208.88 229.7711064.03 12281.07 13631.99 15131.51 16795.98

38075 42644 47761 53493 59912876 981.12 1098.85 1230.72 1378.40

13,343 14,677 16,145 17,760 19,535354,327 389,760 428,736 471,609 518,770

73,881 81,269 89,396 98,336 108,16920,018 22,020 24,222 26,644 29,308

64 70 77 85 94

61.37 110.00 120.00 120.00 125.00

188.93 220.43 262.70 320.63 395.581145.00 1335.93 1592.11 1943.21 2397.46

5348.40 10065.83 11529.95 12106.44 13241.42186.47 217.56 259.28 316.46 390.44

10877.50 12691.32 15125.04 18460.52 22775.8316464.81 20170.84 25240.79 32347.42 41904.3499786.75 122247.50 152974.49 196044.94 253965.72

### ### ### ### ###### ### ### ### ###

803,640,578 1,031,412,408 1,352,118,493 1,815,326,655 2,463,642,135329,592,642 444,157,808 611,376,866 861,863,189 1,228,147,333

6,386,352 8,606,224 11,846,344 16,699,893 23,797,197

138,574,616 234,020,939 299,291,148 366,945,834 464,941,667

5057107 5900380 7031851 8582563 10588810597660 697320 831040 1014306 1251409

562104 655835 781599 953963 11769601047645 1222340 1456739 1777989 2193609

280823 327650 390481 476593 588001375124 437676 521606 636634 785452


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40809 47614 56744 69258 8544839182 45716 54482 66497 82041

286039 333736 397734 485445 598922924922 1079153 1286094 1569712 1936646

1903395 2220786 2646650 3230307 398541983217 97093 115712 141230 174244

132734 154867 184565 225267 277925419347 489273 583097 711686 878049

414669 483815 576593 703747 86825482808 96616 115144 140536 173387

8206 9574 11410 13927 17182575287 671216 799930 976336 1204563

3200766 3734494 4450630 5432113 6701916

6457068 7533784 8978481 10958478 13520115

1299527 1516223 1806978 2205465 27210113432 4004 4772 5825 7186

23791871 27759165 33082332 40377876 49816547

108301 126360 150591 183801 226766-172084 -200779 -239281 -292049 -360318

23728088 27684747 32993643 40269628 49682995

1698001 1901761 2129972 2385569 2671837

813,953 895348 984883 1083371 1191709788,260 867086 953795 1049174 1154091

3,300,214 3664195 4068650 4518115 5017638

4,535,186 5,291,428 6,306,126 7,696,796 9,495,9873,367,184 3,928,662 4,682,032 5,714,546 7,050,369

7,902,370 9,220,090 10,988,158 13,411,342 16,546,357

3,594,139 4,193,462 4,997,610 6,099,718 7,525,579

(1,299,257) (1,515,908) (1,806,602) (2,205,007) (2,720,446)(696,721) (696,721) (696,721) (696,721) (696,721)

1,598,161 1,980,833 2,494,287 3,197,990 4,108,412


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Exploration1415

2010 2011 2012 2013 20146


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2015

5.3%26.9%

111.235%

252.7518643.53

671011543.81

21,489570,647118,986

32,239103

130.00

501.923041.94

14459.63495.40

28898.4755827.62

338349.23

######

3,438,516,3811,799,837,280

34,874,548

598,694,584

134353181587815

14933532783300

746068996600


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Profit and Loss Account for the year ended 30 June 20103.03% 25.12%

Note 2006 2007

Sales - net 24 97,309,036 100,261,191Royalty (10,944,671) ###Operating Expenses 25 (15,815,850) ###

Transportation Charges (942,163) (1,087,931)Gross Profit 69,606,352 69,798,429

Other income 26 4,364,167 3,615,231Exploration and prospecting expenditure 27 (3,680,707) (7,406,280)General and administration expenses 28 (1,077,159) (1,285,476)Finance cost 29 (9,981) (449,561)Workers' profit participation fund (3,480,082) (3,213,617)Share of profit in associate - net of taxation 15.1 34,638 (nil )Profit before taxation 65,757,228 61,058,726

Tax (19,953,830) ###Profit for the year 45,803,398 45,629,964

Earnings per share - basic and diluted (Rupe 31 11 11


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4.29% 8.98% 64.14% 27.89% 22.60% 26.71%

2008 2009 2010 2011 2012 2013

125,445,674 130,829,579 142,571,863 234,020,939 299,291,148 366,945,834### ### ### ### ### (22,266,090)### ### ### ### ### (33,498,543)

(1,472,615) (1,522,489) (1,492,267) (1,716,107) (1,973,523) (2,269,552)87,828,201 91,477,530 ### ### ### ###

8,308,684 3,370,823 3,300,214 3,664,195 4,068,650 4,518,115(3,615,231) (7,459,560) (7,902,370) (9,220,090) ### (13,411,342)(1,244,030) (1,332,982) (1,598,161) (1,980,833) (2,494,287) (3,197,990)

(531,799) (926,027) (1,273,312) (1,400,643) (1,540,708) (1,694,778)(4,387,411) (4,259,364) (4,660,671) (7,718,088) Err:522 Err:522

(nil ) 57,503 64,118 65,400 66,708 68,04386,358,414 80,927,923 88,552,753 ### Err:522 Err:522

### ### ### ### Err:522 Err:52252,611,198 55,539,641 59,177,125 ### Err:522 Err:522

12 13 14 26 Err:522 Err:522


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28.77%

2014 2015

464,941,667 598,694,584(24,492,699) (26,941,969)(36,848,398) (40,533,238)

(2,609,984) (3,001,482)### ###

5,017,638 5,572,838(16,546,357) (20,994,386)

(4,108,412) (5,400,138)(1,864,256) (2,050,682)

(16,692,412) (21,995,641)69,403 70,791

### ###

### ###### ###

55 73


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Balance Sheet as at 30 June 2010 (Ruees 000)ote 2006 2007

SHARE CAPITAL AND RESERVESShare capital 4 43,009,284 43,009,284Capital reserves 5 3,055,027 2,438,228Unappropriated profit 55,400,544 55,169,140

101,464,855 100,616,652

NON CURRENT LIABILITIESDeferred taxation 6 10,195,201 11,023,916Deferred employee benefits 7 1,420,245 1,423,132Provision for decommissioning cost 8 5,036,478 5,151,807

16,651,924 17,598,855CURRENT LIABILITIES

Trade and other payables 9 7,269,645 11,122,665Provision for taxation 10 3,824,189

11,093,834 11,122,665

129,210,613 129,338,172

NON CURRENT ASSETSFixed assetsProperty, plant and equipment 12 20,096,218 21,600,201Development and production assets - intan 13 22,651,837 28,749,993Exploration and evaluation assets 14 2,551,149 6,365,706Stores held for capital expenditure 677,441

45,976,645 56,715,900Long term investments 15 2,373,330 2,945,938Long term loans and receivable 16 2,154,705 1,117,755Long term prepayments 58,022 39,821

50,562,702 60,819,414CURRENT ASSETSStores, spare parts and loose tools 17 13,214,614 13,178,295Stock in trade 18 65,608 93,788

Trade debts 24,500,791 27,873,515Loans and advances 19 2,152,141 1,538,657Deposits and short term prepayments 20 305,636 292,928Interest accrued 556,018 253,222Other receivables 21 239,229 1,063,389Other financial assets 22 36,209,932 13,553,959

Advance Tax 5,950,713Cash and bank balances 23 1,403,942 4,720,29278,647,911 68,518,758

129,210,613 129,338,172

38,474,729 19,684,650


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2008 2009 2010 2011 2012 2013

43,009,284 43,009,284 43,009,284 43,009,284 43,009,284 43,009,2842,667,064 3,658,318 3,859,682 3,859,683 3,859,684 3,859,685

63,695,077 79,503,794 110,523,520 122,681,107 136,176,029 151,155,392109,371,425 126,171,396 157,392,486 169,550,074 183,044,997 198,024,361

12,370,448 17,710,497 21,499,184 26,873,980 33,592,475 41,990,5941,528,444 2,008,499 2,699,773 3,374,716 4,218,395 5,272,9946,066,716 10,814,506 12,435,365 16,165,975 21,015,767 27,320,497

19,965,608 30,533,502 36,634,322 46,414,671 58,826,637 74,584,085

17,088,050 18,747,328 28,624,204 31,772,866 35,267,882 39,147,3494,143,304 2,540,170 6,216,639 6,900,469 7,659,521 8,502,068

21,231,354 21,287,498 34,840,843 38,673,336 42,927,403 47,649,417

150,568,387 177,992,396 228,867,651 ### ### ###

23,225,763 29,855,966 34,998,898 36,398,854 37,490,820 38,615,54436,808,041 49,057,766 58,630,857 71,529,646 89,412,057 111,765,071

7,672,444 8,779,699 9,551,394 11,748,215 13,862,893 16,358,214

67,706,248 87,693,431 103,181,149 119,676,714 140,765,770 166,738,8293,175,054 2,903,133 3,231,435 3,393,007 3,562,657 3,740,7901,324,059 1,849,707 1,902,330 1,997,447 2,097,319 2,202,185

108,937 85,357 118,937 124,884 131,128 137,68472,314,298 92,531,628 108,433,851 125,192,051 146,556,874 172,819,488

16,274,079 16,090,579 14,527,278 14,817,824 15,114,180 15,416,464151,782 108,301 172,084 185,851 200,719 216,776

40,626,931 56,140,092 82,992,291 89,631,674 96,802,208 104,546,3852,339,037 2,643,354 2,216,881 2,261,219 2,306,443 2,352,572

678,789 419,621 616,641 709,137 815,508 856,283158,863 27,156 17,031 16,179 15,370 14,602

1,102,044 969,930 926,951 954,760 983,402 1,012,90410,207,516 5,087,917 11,120,823 11,676,864 12,260,707 12,873,743

6,715,048 3,973,818 7,843,820 8,628,202 9,491,022 10,440,12478,254,089 85,460,768 120,433,800 128,881,709 137,989,560 147,729,853

150,568,387 177,992,396 228,867,651 ### ### ###0% 0% 0%

18,335,253 10,167,122 20,080,709 21,461,856 22,951,221 24,558,150


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2014 2015

43,009,284 43,009,2843,859,686 3,859,688

167,782,485 186,238,559214,651,456 233,107,530

52,488,242 65,610,3036,591,243 8,239,053

35,516,646 46,171,64094,596,131 120,020,996

43,453,557 48,233,4489,437,296 10,475,398

52,890,853 58,708,847

### ###

39,774,010 40,171,751137,471,038 170,464,087

19,629,857 24,144,724

196,874,905 234,780,5613,927,829 4,124,2212,312,294 2,427,909

144,569 151,797203,259,597 241,484,488

15,724,793 16,039,289234,118 252,848

112,910,096 121,942,9032,399,623 2,447,616

899,097 944,05213,872 13,178

1,043,292 1,074,59013,517,430 14,193,301

11,484,137 12,632,551158,226,458 169,540,328

### ###0% 0%

26,292,848 28,166,468


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Cash Flow Statement 2007 2008

Profit before taxation 61,058,726 86,358,414DepreciationProfit after adjustment 78,868,871 106,877,507

Working capital changes(Increase)/decrease in current assets:Stores, spare parts and loose tools (2,145,541) (3,095,784)Stock in trade (28,180) (57,994)

Trade debts (3,374,529) (12,754,861)

(Decrease)/increase in current liabilities: Trade and other payables 1,207,365 2,183,149Cash generated from operations 74,527,986 93,152,017

Royalty paid (9,768,793) (13,053,066)Employee benefits paid (327,302) (880,329)Payments to Workers' Profit Participation Fund - (3,469,017) (3,913,617)Income taxes paid (24,083,508) (22,306,667)

(37,648,620) (40,153,679)Net cash from operating activities 36,879,366 52,998,338

Cash Flow From Investing Activities(4.80)

Capital Expenditure (16,444,905) (18,344,330)Interest Received 3,466,000 2,378,260Dividends received 300,653 4,452,081Purchase of Investment (450,000) (450,000)Proceeds from encashment of investments 73,341 50,061Proceeds from disposalof Property, Plants & Eq 35,130 214,535Long term Prepayments 18,200 (69,116)

Net cash used in Investing Activities (13,001,581) (11,768,509)

Cash Flow From Financing Activities

Dividends Paid (38,154,089) (41,473,422)

Net Cash used In Financing Activities (38,154,089) (41,473,422)

Net Increase / (Decrease) in cash & cash Equival (14,276,304) (243,593)Cash & cash Equivalents at the Beg of the year 32,177,279 17,994,342

Cash & cash Equivalents at the End of t # 17,900,975 17,750,749

17,900,975 17,750,749


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2009 2010 2011 2012 2013 2014

80,927,923 88,552,753 169,628,301 Err:522 Err:522 366,866,1913,306,407 3,323,474 3,821,995 4,395,294 5,054,589 5,812,777

111,089,311 121,035,047 131,928,201 143,801,739 156,743,896 170,850,847

(1,400,054) 1,140,426 1,425,533 1,781,916 2,227,395 2,784,24343,481 (63,783) (73,350) 80,685 (96,823) 116,187

(15,437,966) (26,935,007) (28,082,513) (35,914,938) (44,033,500) (55,793,000)

3,683,603 (1,018,159) (1,140,338) 1,220,162 (1,305,573) 1,396,96397,978,375 94,158,524 104,057,532 110,969,564 113,535,395 119,355,240

(17,510,087) (5,019,832) (6,525,782) (8,483,516) (11,028,571) (14,337,142)(1,232,760) (1,305,743) (1,371,030) (1,439,582) (1,511,561) (1,587,139)(4,902,992) (4,459,364) (5,039,081) (5,694,162) (6,434,403) (7,270,875)

(21,492,595) (21,910,472) (37,318,226) Err:522 Err:522 (80,710,562)(45,138,434) (32,695,411) (50,254,119) (65,221,885) (81,090,855) (103,905,718)52,839,941 61,463,113 53,803,413 45,747,679 32,444,539 15,449,522

(0.11) (0.27) (1.73)

(25,072,050) (24,211,339) (27,843,040) (32,019,496) (36,822,420) (42,345,783)2,107,850 1,530,839 1,178,746 907,634 698,879 538,13653,157 67,676 97,927 141,701 205,041 296,694

(188,183) (276,970) (240,964) (209,639) (182,386) (158,675)(nil ) (nil ) (nil ) (nil ) (nil ) (nil )

165,946 84,107 97,312 112,590 130,266 150,71823,581 (33,580) (27,771) (22,966) (18,993) (15,707)

(22,909,699) (22,839,267) (26,737,789) (31,090,176) (35,989,613) (41,534,617)

(39,406,171) (28,770,003) (33,077,519) Err:522 Err:522 (71,538,907)

(39,406,171) (28,770,003) (33,077,519) (43,967,736) (55,057,648) (71,538,907)

(9,475,929) 9,853,843 (6,011,895) (29,310,233) (58,602,722) (97,624,003)18,276,380 8,939,828 18,167,571 20,013,641 21,967,910 24,115,361

8,800,451 18,793,671 12,155,677 ### ### ###

8,800,451 18,793,671 12,155,677 (9,296,592) (36,634,812) (73,508,642)


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2015

483,420,6786,684,693

186,227,423

3,480,304(139,425)

(71,843,350)

(1,494,751)116,230,201

(18,638,285)(1,666,496)(8,216,089)

(106,352,549)(134,873,419)(18,643,217)

(48,697,651)414,365429,316

(138,048)(nil )

174,381(12,990)

(47,830,626)

(94,267,032)

(94,267,032)

(160,740,876)26,475,179

###

(134,265,696)


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FIXED ASSET AND DEPRECIATION

CY 08 CY 09 CY 10 FY 11 FY 12(Opening Balance )

(free hold land ) 155,091 157,130 163,910 184,883 194,814

(leas hold land ) 376,519 467,294 469,229 497,734 510,906

(building offices and roads on free land ) 1,938,347 2,209,514 2,280,147 2,509,106 2,699,359

(building offices and roads on lease hold l 818,810 818,335 829,333 849,302 859,466

(plant and machinery ) 35,092,725 37,626,624 43,199,703 46,260,363 49,982,909

(rigs ) 1,020,685 1,114,679 1,242,064 1,373,487 1,491,088

(pipeline ) 8,408,957 8,833,640 8,972,518 9,260,133 9,543,858

(offices and domestic equipment ) 488,875 515,239 594,653 617,723 660,612

(ofices and technical data computers ) 555,071 441,135 510,499 529,621 521,138

(furniture and fixture ) 58,770 46,620 36,252 67,636 70,591

(air craft ) 19,855 99,855 26,114 26,114 1,534

(vehicle ) 3,013,153 3,123,477 4,089,622 4,430,178 4,902,519(decommisining cost ) 647,110 671,471 880,485 1,047,995 1,181,623(capital and work in progress ) 1,806,483 2,365,669 3,620,265 8,534,503 10,777,176(store held for capital expenditure ) 1,004,784 1,295,891 1,154,469 820,928 759,643(Total ) 59,624,690 59,786,573 68,069,263 77,009,706 84,157,235

(Additions ) (CY 08 ) CY 09 CY 10 FY 11 FY 12(free hold land ) 2,039 6,780 20,973 9,931 12,561(leas hold land ) 9,075 1,935 28,505 13,172 14,537(building offices and roads on free land ) 283,157 70,633 228,959 194,250 164,614(building offices and roads on lease hold l 62,897 10,998 19,969 31,288 20,752(plant and machinery ) 2,798,050 5,646,337 3,078,393 3,840,927 4,188,552

(rigs ) 162,515 129,184 144,995 145,565 139,915(pipeline ) 435,820 138,878 287,615 287,438 237,977(offices and domestic equipment ) 48,717 84,295 27,235 53,416 54,982(ofices and technical data computers ) 31,827 69,364 21,543 40,911 43,939(furniture and fixture ) 10,130 9,487 31,384 17,000 19,290(air craft ) - - - - -(vehicle ) 254,150 966,145 495,868 572,054 678,022(decommisining cost ) 24,361 257,062 167,510 149,644 191,405(capital and work in progress ) 749,222 1,681,383 5,059,595 2,496,733 3,079,237(store held for capital expenditure ) 592,746 518,194 1,642,362 917,767 1,026,108(Total ) 5,464,706 9,590,675 11,254,906 8,770,096 9,871,892

(Disposals/adjustments ) (CY 08 ) CY 09 CY 10 FY 11 FY 12(free hold land ) - - - - -(leas hold land ) - - - - -(building offices and roads on free land ) 11,990 - - 3,997 1,332(building offices and roads on lease hold l 63,372 - - 21,124 7,041(plant and machinery ) 264,151 73,258 17,733 118,381 69,791(rigs ) 68,521 1,799 13,572 27,964 14,445(pipeline ) 11,137 - - 3,712 1,237(offices and domestic equipment ) 22,535 4,881 4,165 10,527 6,524(ofices and technical data computers ) 145,763 - 2,421 49,395 17,272(furniture and fixture ) 22,280 19,855 - 14,045 11,300(air craft ) - 73,741 - 24,580 32,774(vehicle ) 143,827 - 155,312 99,713 85,008


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(decommisining cost ) - 48,048 - 16,016 21,355(capital and work in progress ) 190,036 426,787 145,357 254,060 275,401(store held for capital expenditure ) 301,639 659,616 1,975,903 979,053 1,204,857(Total ) 1,245,251 1,307,985 2,314,463 1,622,566 1,748,338

(Closing balance ) (CY 08 ) CY 09 CY 10 FY 11 FY 12(free hold land ) 157,130 163,910 184,883 194,814 207,375(leas hold land ) 385,594 469,229 497,734 510,906 525,443

(building offices and roads on free land ) 2,209,514 2,280,147 2,509,106 2,699,359 2,862,641(building offices and roads on lease hold l 818,335 829,333 849,302 859,466 873,176(plant and machinery ) 37,626,624 43,199,703 46,260,363 49,982,909 54,101,671(rigs ) 1,114,679 1,242,064 1,373,487 1,491,088 1,616,557(pipeline ) 8,833,640 8,972,518 9,260,133 9,543,858 9,780,598(offices and domestic equipment ) 515,057 594,653 617,723 660,612 709,069(ofices and technical data computers ) 441,135 510,499 529,621 521,138 547,805(furniture and fixture ) 46,620 36,252 67,636 70,591 78,582(air craft ) 19,855 26,114 26,114 1,534 (31,240)(vehicle ) 3,123,476 4,089,622 4,430,178 4,902,519 5,495,533(decommisining cost ) 671,471 880,485 1,047,995 1,181,623 1,351,674(capital and work in progress ) 2,365,669 3,620,265 8,534,503 10,777,176 13,581,012

store held for capital expenditure 1,295,891 1,154,469 820,928 759,643 580,893Total 59,624,690 68,069,263 77,009,706 84,157,235 92,280,789

(Accumulated Depreciation ) CY 08 CY 09 CY 10 FY 11 FY 12(free hold land ) - - - - -(leas hold land ) 147,156 167,194 190,643 217,333 247,760(building offices and roads on free land ) 646,185 772,054 883,934 1,016,524 1,169,003(building offices and roads on lease hold l 478,428 547,131 615,997 692,997 779,621(plant and machinery ) 26,382,164 28,519,922 28,658,048 28,795,607 28,933,826(rigs ) 639,201 707,028 780,096 861,070 950,449(pipeline ) 4,611,173 5,233,636 8,020,193 8,445,263 8,892,862

(offices and domestic equipment ) 358,291 396,889 446,109 501,427 563,603(ofices and technical data computers ) 355,113 405,548 453,303 503,166 558,515(furniture and fixture ) 25,286 31,885 47,108 69,249 101,796(air craft ) 17,869 - - - -(vehicle ) 2,169,198 2,529,197 2,917,900 4,464,387 6,830,512(decommisining cost ) 294,972 384,542 472,622 576,599 703,451(capital and work in progress ) - - - - -(store held for capital expenditure ) 249,984 358,490 466,996 569,735 695,077(Total ) 36,375,020 40,053,516 43,952,949 46,713,356 50,426,474

(Written Down Value ) CY 08 CY 09 CY 10 FY 11 FY 12(free hold land ) 157,130 163,910 184,883 194,814 207,375

(leas hold land ) 238,438 302,035 307,091 293,573 277,683(building offices and roads on free land ) 1,563,329 1,508,093 1,625,172 1,682,835 1,693,638(building offices and roads on lease hold l 339,907 282,202 233,305 166,469 93,555(plant and machinery ) 11,244,460 14,679,781 17,602,315 21,187,302 25,167,845(rigs ) 475,478 535,036 593,391 630,018 666,108(pipeline ) 4,222,467 3,738,882 1,239,940 1,098,595 887,736(offices and domestic equipment ) 156,766 197,764 171,614 159,185 145,466(ofices and technical data computers ) 86,022 104,951 76,318 17,971 (10,709)(furniture and fixture ) 21,334 4,367 20,528 1,343 (23,214)(air craft ) 1,986 26,114 26,114 1,534 (31,240)(vehicle ) 954,278 1,560,425 1,512,278 438,132 (1,334,979)(decommisining cost ) 376,499 495,943 575,373 605,024 648,224(capital and work in progress ) 2,365,669 3,620,265 8,534,503 10,777,176 13,581,012(store held for capital expenditure ) 1,045,907 795,979 353,932 189,908 (114,184)(Total ) 23,249,670 28,015,747 33,056,757 37,443,879 41,854,316


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31/33

12,457 16,609 16,807224,939 251,467 250,603

1,386,604 1,190,171 1,260,5441,895,122 1,755,342 1,799,601

FY 13 FY 14 FY 15221,863 234,190 247,315544,181 559,663 575,916

3,056,805 3,239,372 3,419,376887,791 900,620 914,338

57,735,660 61,560,759 65,420,0421,741,388 1,864,022 1,988,334

10,049,958 10,313,233 10,569,691747,208 790,370 833,622560,241 570,447 586,884

92,692 101,044 111,194(50,358) (75,849) (101,643)

5,964,171 6,475,501 6,999,8291,508,737 1,662,318 1,822,549

16,901,261 19,690,181 22,661,182389,701 245,959 74,731

### 108,131,829 116,123,360

FY 13 FY 14 FY 15- - -

282,446 321,988 367,0671,344,353 1,546,006 1,777,907

877,074 986,708 1,110,04729,072,708 29,212,257 29,352,476

1,049,106 1,158,003 1,278,2039,364,184 9,860,486 10,383,091

633,490 712,043 800,336619,951 688,146 763,842149,640 219,970 323,356

- - -10,450,684 15,989,546 24,464,005

858,210 1,047,016- - -

847,994 1,034,552 1,262,15455,549,838 62,776,721 71,882,485

FY 13 FY 14 FY 15221,863 234,190 247,315

261,735 237,675 208,8491,712,452 1,693,366 1,641,469

10,717 (86,088) (195,708)28,662,952 32,348,502 36,067,566

692,283 706,019 710,130685,774 452,747 186,599113,718 78,327 33,286(59,711) (117,699) (176,958)(56,948) (118,927) (212,162)(50,358) (75,849) (101,643)

### (9,514,044) ###650,527 615,302 1,822,549

16,901,261 19,690,181 22,661,182(458,292) (788,593) (1,187,423)

44,801,460 45,355,108 44,240,876


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Mil 2010 2011 2012 2013

FREE CASH FLOW TO EQUITY - 1.00 2.00 3.00Net Profit (Mn) 103,181 119,677 140,766 166,739+ Depreciation 3,323 3,822 4,395 5,055- Capex (24,211) (27,843) (32,019) (36,822)- Change in WC 94,159 104,058 110,970 113,535- Debt Payment (- ) (- ) (- ) (- )

= FCFE 176,452 199,713 224,111 248,506 Terminal ValueTotal Cash Flow 176,452 199,713 224,111 248,506Discounted Cash Flow 176,452 172,167 166,551 159,208Equity Value ###Shares O/s 43,009Equity Value / Share 115.73Market Price 165.00Valued -29.9%

AssumptionsRisk Free Rate 13.50%Equity Risk Premium 6.50%Beta 1.5Cost of Equity 16.00%

Terminal Growth Rate 12.0%


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2014

4.00196,875

5,813 1,000(42,346)119,355

(- )

279,6977,831,520

8,111,2174,479,753

jai kumar ogdc

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