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Statement of Financial Position 153 As at June 30, 2018

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Statement of Financial Position 153 As at June 30, 2018 Mari Petroleum Company Limited Annual Report 2018 Statement of Financial Position 153 As at June 30, 2018 2018 2017 2018 2017 Note (Rupees in thousand) Note (Rupees in thousand) EQUITY AND LIABILITIES ASSETS SHARE CAPITAL AND RESERVES NON CURRENT ASSETS Authorised capital Property, plant and equipment 14 13,266,282 12,688,670 250,000,000 (2017: 250,000,000) ordinary shares of Rs. 10 each 2,500,000 2,500,000 Development and production assets 15 11,886,872 7,409,878 1,059,000,100 (2017: 1,059,000,100) preference shares of Rs. 10 each 10,590,001 10,590,001 Exploration and evaluation assets 16 2,689,549 5,972,108 13,090,001 13,090,001 Long term loans and advances 17 35,411 32,233 Long term deposits and prepayments 18 62,890 26,002 Issued, subscribed and paid up capital 4 1,102,500 1,102,500 Deferred income tax asset 19 1,819,166 2,162,308 Undistributed percentage return reserve 5 613,109 496,436 29,760,170 28,291,199 Other reserves 6 12,190,001 11,190,001 Profit and loss account 7 26,286,128 12,748,733 40,191,738 25,537,670 NON CURRENT LIABILITIES CURRENT ASSETS Long term financing 8 - 4,172,727 Stores and spares 20 671,051 1,015,000 Deferred liabilities 9 7,952,336 7,483,812 Trade debts 21 95,294,994 54,426,085 7,952,336 11,656,539 Loans and advances 22 2,532,344 1,640,065 Short term investments 23 8,437,354 3,604,596 CURRENT LIABILITIES Short term prepayments 24 66,714 65,697 Trade and other payables 10 93,774,013 55,165,162 Interest accrued 103,183 47,031 Unclaimed dividend 19,371 17,274 Other receivables 30,982 39,779 Unpaid dividend 11,514 8,733 Income tax paid in advance - 1,142,319 Current maturity of long term financing 11 119,045 955,037 Cash and bank balances 25 7,268,908 3,323,196 Interest accrued on long term financing 12 10,180 254,552 114,405,530 65,303,768 Provision for income tax 2,087,503 - 96,021,626 56,400,758 CONTINGENCIES AND COMMITMENTS 13 144,165,700 93,594,967 144,165,700 93,594,967 The annexed notes 1 to 50 form an integral part of these financial statements. Lt Gen Ishfaq Nadeem Ahmad Muhammad Asif Qaiser Javed HI (M), (Retd) General Manager Finance/CFO Director 152Managing Director / CEO Mari Petroleum Company Limited Annual Report 2018 Statement of Profit or Loss Statement of Other Comprehensive Income155 for the year ended June 30, 2018 for the year ended June 30, 2018 2018 2017 2018 2017 Note (Rupees in thousand) (Rupees in thousand) Gross sales to customers 26 100,042,839 96,775,974 Profit for the year 15,374,340 9,136,194 Gas development surcharge 11,029,741 19,580,832 Other comprehensive loss: General sales tax 11,668,172 13,745,689 Items that will not be reclassified to statement of profit or loss: Excise duty 1,906,530 1,794,397 Gas infrastructure development cess 34,762,028 33,479,569 Remeasurement losses on defined benefit plans (198,142) (561) 59,366,471 68,600,487 Tax effect related to remeasurement on defined benefit plans Sales - net 40,676,368 28,175,487 - Current tax credit / (charge) 108,244 (4,520) Royalty 5,180,869 3,583,522 - Deferred tax (charge) / credit (1,949) 2,909 35,495,499 24,591,965 (91,847) (2,172) Total comprehensive income for the year 15,282,493 9,134,022 Operating expenses 27 9,985,411 7,450,011 The annexed notes 1 to 50 form an integral part of these financial statements. Exploration and prospecting expenditure 28 3,689,854 3,880,797 Other charges 29 1,447,747 726,290 15,123,012 12,057,098 20,372,487 12,534,867 Other income / (expenses) 30 (206,831) (820,328) Operating profit 20,165,656 11,714,539 Finance income 31 765,616 233,006 Finance cost 32 639,728 798,086 Profit before taxation 20,291,544 11,149,459 Provision for taxation 33 4,917,204 2,013,265 Profit for the year 15,374,340 9,136,194 Earnings per share - basic and diluted Earnings per ordinary share (Rupees) 34 139.45 82.87 Distributable earnings per ordinary share (Rupees) 34 6.44 5.91 The annexed notes 1 to 50 form an integral part of these financial statements. Lt Gen Ishfaq Nadeem Ahmad Muhammad Asif Qaiser Javed Lt Gen Ishfaq Nadeem Ahmad Muhammad Asif Qaiser Javed HI (M), (Retd) General Manager Finance/CFO Director HI (M), (Retd) General Manager Finance/CFO Director 154Managing Director / CEO Managing Director / CEO Mari Petroleum Company Limited Annual Report 2018 Statement of Cash Flows Statement of Changes in Equity 157 for the year ended June 30, 2018 for the year ended June 30, 2018 2018 2017 Other Reserves Note (Rupees in thousand) Issued, Undistributed Capital subscribed percentage redemption Self Profit and paid up return reserve insurance and loss Cash flows from operating activities capital reserve fund reserve account Total Cash receipts from customers 59,354,356 69,266,727 (Rupees in thousand) Cash paid to the Government for Government levies (26,365,488) (50,624,648) Balance as at July 1, 2016 1,102,500 426,867 10,590,001 100,000 4,746,555 16,965,923 Cash paid to suppliers and employees (10,415,830) (10,386,297) Total comprehensive income for the year: Income tax paid (2,347,799) (1,135,493) Profit for the year - - - - 9,136,194 9,136,194 Cash provided by operating activities 20,225,239 7,120,289 Other comprehensive loss - - - - (2,172) (2,172) - - - - 9,134,022 9,134,022 Cash flows from investing activities Purchase of property, plant and equipment (2,182,761) (1,091,333) Final cash dividend for the year ended June 30, 2016 @ Rs. 2.10 per share* - (112,234) - - (119,291) (231,525) Development and production assets (1,650,534) (1,073,402) First interim cash dividend for the year ended Exploration and evaluation assets (2,424,676) (2,124,810) June 30, 2017 @ Rs. 3 per share* - - - - (330,750) (330,750) Proceeds from disposal of property, plant and equipment 32,688 422 Transfer from profit and loss account to Interest received 681,719 207,537 undistributed percentage return reserve - 181,803 - - (181,803) - Cash used in investing activities (5,543,564) (4,081,586) Transfer from profit and loss account to self insurance reserve - - - 500,000 (500,000) - Cash flows from financing activities Balance as at June 30, 2017 1,102,500 496,436 10,590,001 600,000 12,748,733 25,537,670 Long term financing received - 4,000,000 Long term financing repaid (5,008,719) (24,010) Total comprehensive income for the year: Finance cost paid (270,939) (155,139) Profit for the year - - - - 15,374,340 15,374,340 Dividends paid (623,547) (557,916) Other comprehensive loss - - - - (91,847) (91,847) Cash (used in) / from financing activities (5,903,205) 3,262,935 - - - - 15,282,493 15,282,493 Increase in cash and cash equivalents 8,778,470 6,301,638 Final cash dividend for the year ended Cash and cash equivalents at beginning of year 6,927,792 626,154 June 30, 2017 @ Rs. 2.20 per share* - note 5.2 - (103,745) - - (138,805) (242,550) First interim cash dividend for the year ended Cash and cash equivalents at end of year 35 15,706,262 6,927,792 June 30, 2018 @ Rs. 3.50 per share* - - - - (385,875) (385,875) Transfer from profit and loss account to The annexed notes 1 to 50 form an integral part of these financial statements. undistributed percentage return reserve - 220,418 - - (220,418) - Transfer from profit and loss account to self insurance reserve - - - 1,000,000 (1,000,000) - Balance as at June 30, 2018 1,102,500 613,109 10,590,001 1,600,000 26,286,128 40,191,738 * Distribution to owners - recorded directly in equity The annexed notes 1 to 50 form an integral part of these financial statements. Lt Gen Ishfaq Nadeem Ahmad Muhammad Asif Qaiser Javed Lt Gen Ishfaq Nadeem Ahmad Muhammad Asif Qaiser Javed HI (M), (Retd) General Manager Finance/CFO Director HI (M), (Retd) General Manager Finance/CFO Director 156Managing Director / CEO Managing Director / CEO Mari Petroleum Company Limited Annual Report 2018 Notes to and Forming Part of the Financial Statements 159 For the year ended June 30, 2018 1. LEGAL STATUS AND OPERATIONS 2.2 Adoption of new and revised laws, standards and interpretations 1.1 Mari Petroleum Company Limited (“the Company”) is a public limited Company incorporated in Pakistan on December 4, 1984 under the Companies Ordinance, 1984 (now replaced with Companies Act, 2017). 2.2.1 The following standards, amendments and interpretations are effective for the year ended June 30, 2018. The shares of the Company are listed on the Pakistan Stock Exchange Limited. The Company is principally These standards, interpretations and the amendments are either not relevant to the Company’s operations engaged in exploration, production and sale of hydrocarbons. The registered office of the Company is situated or are not expected to have significant impact on the Company’s financial statements other than certain at 21 Mauve Area, 3rd Road, G-10/4, Islamabad. additional disclosures. Effective from 1.2 Geographical location of concessions / blocks is as under: accounting period beginning on or after Concession / block Location Amendments to IAS 7 ‘Statement of Cash Flows’ - Amendments as a result Mari Field, Sujawal block, Sukkur block, Hala block, Shah Bandar block Sindh of the disclosure initiative January 01, 2017 Zarghun South Field, Kalchas block, Ziarat block, Harnai block, Block 28 Balochistan Bannu West block, Kohat block KPK Amendments to IAS 12 ‘Income Taxes’ - Recognition of deferred tax assets Ghauri block Punjab for unrealised losses January 01, 2017 Karak block, Peshawar East block KPK and Punjab Kohlu block Balochistan and Punjab Certain annual improvements have also been made to a number of IFRSs.
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