TIDMCNE
RNS Number : 2868I
Cairn Energy PLC
31 March 2020
31 March 2020
CAIRN ENERGY PLC ("Cairn" or "the Company")
Report and Accounts
The Company's annual report and accounts for the year ended 31
December 2019 (the "Report and Accounts") was posted to
shareholders today.
A copy of the Report and Accounts has also been submitted to the
National Storage Mechanism and will shortly be available for
inspection at: http://www.morningstar.co.uk/uk/NSM . The Report and
Accounts is also available on the Company's website at
www.cairnenergy.com .
The Report and Accounts was finalised in advance of the measures
put in place by the UK and Scottish Governments to tackle the
global COVID-19 pandemic and, as such, there are references
included in the Report and Accounts to the 2020 Annual General
Meeting (the "AGM") taking place at The Caledonian Waldorf Astoria
Hotel in Edinburgh on 14 May 2020. It currently appears unlikely
that it will be possible to hold a meeting at The Caledonian
Waldorf Astoria Hotel on 14 May. The Board has, accordingly, made
the decision to delay the finalisation and issue of the notice of
the AGM. The health and wellbeing of our shareholders, employees,
advisers and of the general public is of upmost importance to the
Board. The Company is committed to minimising the unnecessary
movement of people at this time. Arrangements for the 2020 AGM are
being considered and will be advised in due course on the Cairn
Energy PLC website (www.cairnenergy.com), by email broadcast to
those shareholders who have elected to receive notifications by
email, by RNS announcement and by the posting of the Notice of AGM
with the form of proxy for proxy voting. The Board recognises that,
in the absence of any dispensation, UK company law and the
Company's own articles of association require the AGM to be held
within the period of six months following the financial year end,
therefore by 30 June 2020. If and to the extent required,
appropriate guidance will be sought on reconciling this requirement
with the emergency legislative measures.
Defined terms used in this announcement shall, unless otherwise
specifically defined herein, have the same meanings as in the
Report and Accounts.
Report and Accounts - Information required by Disclosure and
Transparency Rule 6.3.5
The information set out below, which is extracted from the
Report and Accounts, is included in this announcement for the sole
purpose of complying with Disclosure and Transparency Rule 6.3.5
and the requirements it imposes on issuers as to how to make annual
financial reports public. It should be read in conjunction with the
Company's preliminary results announcement, released on 10 March
2020 (the "Preliminary Results Announcement"). This material is not
a substitute for reading the full 2019 annual report and accounts.
Page numbers and cross-references in the extracted information
below refer to page numbers and cross-references in the Report and
Accounts.
Directors' responsibility statement
The following statement is extracted from page 127 of the Report
and Accounts. This statement is repeated here solely for the
purposes of complying with Disclosure and Transparency Rule 6.3.5.
This statement relates to and is extracted from the Annual Report
and Accounts. It is not connected to the extracted information
presented in this announcement or in the Preliminary Results
Announcement.
'Directors' Responsibility Statement
The Directors are responsible for preparing the Annual Report
and Accounts, the Directors' Remuneration Report and the Financial
Statements in accordance with applicable laws and regulations.
Company law requires the Directors to prepare Financial
Statements for each financial year. Under that law, the Directors
have prepared the Group and parent Company Financial Statements in
accordance with International Financial Reporting Standards (IFRS)
issued by the International Accounting Standards Board (IASB) and
as adopted by the European Union (EU). Under company law, the
Directors must not approve the Financial Statements unless they are
satisfied that they give a true and fair view of the state of
affairs of the Group and the Company and of the profit or loss of
the Group and Company for that period. In preparing these Financial
Statements, the Directors are required to:
- select suitable accounting policies and then apply them
consistently;
- make judgements and accounting estimates that are reasonable
and prudent;
- state whether applicable IFRS issued by the IASB and adopted
by the EU have been followed, subject to any material departures
disclosed and explained in the Financial Statements; and
- prepare the Financial Statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the Company's
transactions and disclose with reasonable accuracy at any time the
financial position of the Group and Company and enable them to
ensure that the Financial Statements and the Directors'
Remuneration Report comply with the Companies Act 2006 and, as
regards the Group Financial Statements, Article 4 of the IAS
Regulation. They are also responsible for safeguarding the assets
of the Company and Group and hence for taking reasonable steps for
the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity
of the Company's website (www.cairnenergy.com). Legislation in the
United Kingdom governing the preparation and dissemination of
Financial Statements may differ from legislation in other
jurisdictions.
Following careful review and consideration of the Cairn Energy
PLC Annual Report and Accounts 2019 (the "Accounts"), the Directors
consider that the Accounts, taken as a whole, are fair, balanced
and understandable and provide the information necessary for
shareholders to assess the Group's performance, business model and
strategy.
Directors' Statement Pursuant to the Disclosure and Transparency
Rules
Each of the Directors, whose names and functions are listed in
the Board of Directors section on pages 74 and 75, confirm that, to
the best of their knowledge:
- the Group Financial Statements, which have been prepared in
accordance with IFRS as adopted by the EU, give a true and fair
view of the assets, liabilities, financial position, and loss of
the Group and loss of the Company; and
- the Strategic Report section on pages 2 to 71 of this document
includes a fair review of the development and performance of the
business and the position of the Group, together with a description
of the principal risks and uncertainties that it faces.'
The names of the directors who have given this responsibility
statement are:
Ian Tyler (Non-Executive Chairman)
Todd Hunt (Non-Executive Director)
Keith Lough (Non-Executive Director)
Peter Kallos (Non-Executive Director)
Nicoletta Giadrossi (Non-Executive Director)
Alison Wood (Non-Executive Director)
Catherine Krajicek (Non-Executive Director)
Simon Thomson (Chief Executive)
James Smith (Chief Financial Officer)
Principal risks and uncertainties
The following description of the principal risks and
uncertainties is extracted from pages 39 - 45 of the Report and
Accounts.
"Principal risks to the Group in 2019-2020
The following pages provide a summary overview of the principal
risks to the Group at the end of 2019, the potential impacts, the
mitigation measures, the risk appetite and the KPIs or strategic
objectives the risks may impact.
During 2019, through a number of internal forums such as the
Board, the Group Risk Management Committee and Management Team, the
Group reviewed the risks which could adversely affect the
achievement of strategic objectives.
Cairn's principal risks are considered, in line with the Group
Viability Statement, over a three year period. In addition to this
three year assessment, Cairn actively considers emerging risks and
threats as part of its risk assessment process.
#1 Deliver exploration success
Principal risk: Lack of exploration success
Owner: Director of Exploration
Risk appetite High - Exposure to exploration and appraisal failure is
inherent in accessing the significant upside potential of
exploration projects and this has been, and remains, a core
value driver for Cairn. The Group invests in data and exploits
the strong experience of Cairn's technical teams to mitigate
this risk.
Impact Mitigation 2019 movement 2020 KPI objectives
Limited or Active programme for This risk remained Mature new exploration
no value creation high-grading new areas static in 2019. or appraisal targets
Failure of through licence rounds, In 2019, three wells with JV support for
the balanced farm-ins and other transactions. in Norway (Presto, drilling in the period
portfolio business Portfolio of prospects Lynghaug and Godalen), 2020-2022.
model and leads that offer one in the UK (Chimera) Successfully drill
Negative market opportunities with a and two in Mexico and evaluate the wells
reaction balance of geological (Alom and Saasken) planned for the 2020
and technical risks. were successfully work programme.
Highly competent team drilled. The Saasken Discover or add potentially
applying a thorough well made a new oil commercial hydrocarbons
review process to prospects discovery on Block with threshold, target
and development opportunities, 10, Mexico, and according and stretch levels
and a team of geoscientists to preliminary estimates, identified for measurement.
with a track record may contain between
of delivering exploration 200 and 300 million
success. barrels of oil in
Establishment of Exploration place. All other
Leadership Team to undertake wells were reported
peer reviews and assurance. as dry and plugged
and abandoned.
--------------------- --------------------------------- ---------------------------- ----------------------------
#2 progress developments
Principal risk: Delay in Senegal production start-up schedule
Owner: General Manager, Senegal
Risk appetite Medium - Developments are commonly subject to cost impacts
and schedule delays. The Group therefore has a medium appetite
for risk taking in the development stage.
Impact Mitigation 2019 movement 2020 KPI objectives
Delay or reduction Actively engage with This risk remained Achieve certain milestones
in future cash JV partners early to static in 2019. on the Sangomar (formerly
flow ensure highly effective The SNE field development SNE) development in
Project delays working relationships. first phase remains categories of subsurface,
Negative market Frequent site visits on schedule, targeting wells, subsea, FPSO
reaction to key contractor sites first oil in 2023 and project controls.
Increase in to increase focus on with expected gross
capital expenditure quality assurance performance. production of 100,000
Actively participate bopd. The JV submitted
in technical meetings an updated SNE Exploitation
to challenge, apply and Development Plan
influence and/or support to the Ministry of
our partners to establish Petroleum and Energies
a cohesive JV view and in August 2019 in
ensure operational activity order to meet changes
is executed in a safe and further details
and secure manner. requested by the Ministry
ahead of approval.
Final Investment Decision
by the JV and granting
of the 25 year exploitation
licence by the Government
of Senegal was awarded
in January 2020.
--------------------- --------------------------------- ---------------------------- ----------------------------
#3 Portfolio management
Principal risk: Failure to secure new venture opportunities
Owner: Director of Exploration
Risk appetite Medium - Building and maintaining a balanced portfolio of
current and future exploration, development and production
assets is core to the Group's strategy. New opportunities
must first meet the Group's strict investment criteria and
successfully securing them will be dependent on the prevailing
competitive environment.
Impact Mitigation 2019 movement 2020 KPI objectives
Failure to Geoscience, new ventures This risk remained Secure new venture
replenish the and commercial teams static in 2019. opportunities that
portfolio work closely to review Cairn was awarded meet the corporate
Inability to and identify new portfolio eight licences offshore hurdles and have risk
replace reserves opportunities. Israel in the country's levels consistent
and sustain Experience and knowledge second offshore bid with our Risk Appetite
production throughout the organisation round. Cairn is operator Statement. Measured
levels in recognising prospective of the licences with against tests of control,
opportunities. a 33.34% working materiality and commercial
Risk assessments and interest alongside robustness, with threshold,
due diligence process two JV partners: target and stretch
undertaken on all potential Ratio Oil Exploration levels identified
new country entries. and SOCO International. for measurement where
Development of discretionary Cairn was awarded appropriate.
capital allocation and the two licences
opportunity ranking it applied for in
system. the UK Frontier 31st
Portfolio is continually Offshore Licensing
reviewed and high-graded Round in H1: operatorship
to enhance quality. and 100% WI in the
Mane licence which
is located close
to Chimera and 50%
WI and operatorship
in the East Orkney
Basin licence.
--------------------- --------------------------------- ---------------------------- ----------------------------
#4 Maintain licence to operate
Principal risk: Lack of adherence to health, safety, environment and
security policies
Owner: Chief Executive Officer
Risk appetite Low - The Group continuously strives to reduce risks that
could lead to an HSSE incident to as low as reasonably practicable.
Impact Mitigation 2019 movement 2020 KPI objectives
Serious injury Effectively managing This risk remained Achieve a number
or death health, safety, security static in 2019. of specified leading
Environmental and environmental risk The Group's lost indicators in relation
impacts exposure is the first time injury frequency to governance, people
Reputational priority for the Board, (LTIF) for operated and society.
damage Senior Leadership Team activity in 2019 Achieve lagging HSSE
Regulatory and Management Team. was 0 per million indicators derived
penalties and HSE training is included hours worked. Our from IOGP targets,
clean-up costs as part of all staff total recordable with threshold, target
Physical impacts and contractor inductions. injury rate (TRIR) and stretch levels
of climate Detailed training on for 2019 was 0.98 identified for measurement.
change the Group's Corporate per million hours
Responsibility Management worked. There were
System (CRMS) has been no spills to the
provided to key stakeholders environment.
to ensure processes With ongoing operations
and procedures are embedded in a number of countries
throughout the organisation in 2020, the Group
and all operations. will continue to
Process in place for work responsibly
assessing an operator's as part of our strategy
overall operating and to deliver value
HSE capabilities, including for all stakeholders.
undertaking audits to
determine the level
of oversight required.
Effective application
of CRMS in projects.
Crisis and emergency
response procedures
and equipment are maintained
and regularly tested
to ensure the Group
is able to respond to
an emergency quickly,
safely and effectively.
Third party specialists
in place to assist with
security arrangements
and travel risk assessments.
Leading and lagging
indicators and targets
developed in line with
industry guidelines
and benchmarks.
Findings from 'Lessons
learned' reviews are
implemented from other
projects.
--------------------- --------------------------------- ---------------------------- ----------------------------
Principal risk: Fraud, bribery and corruption
Owner: Chief Executive Officer
Risk appetite Low - Cairn is committed to maintaining integrity and high
ethical standards in all of the Group's business dealings.
The Group has no tolerance for conduct which may compromise
its reputation for integrity.
Impact Mitigation 2019 movement 2020 KPI objectives
Fines Business Code of Ethics This risk remained Achieve a number
Criminal prosecution and bribery and corruption static in 2019. of specified leading
Reputational policies and procedures. There were no reportable indicators in relation
damage Due diligence process instances of fraud, to governance, people
and questionnaire developed bribery or corruption. and society.
for assessing potential The Group operates
third parties. in countries deemed
Annual training programme high risk for bribery
for all employees, contractors and corruption. A
and selected service compliance programme
providers. will be implemented
Financial procedures for each area of
in place to mitigate operation.
fraud.
--------------------- --------------------------------- ---------------------------- ----------------------------
Principal risk: Climate change policy and its impacts on energy transition
Owner: Chief Executive Officer
Risk appetite Medium - The Group recognises global commitments to achieve
a transition to lower carbon sources of energy. In the near
term global demand for hydrocarbons continues to grow and
hydrocarbons are expected to remain the principal source
of energy for decades to come. In the longer term, Cairn
will take investment decisions that ensure its assets remain
competitive in an environment where demand for oil may be
lower than today.
Cairn's strategy is to play a responsible and competitive
role in the production of oil and gas within this transition.
Cairn acknowledges the contribution it's activities make
to carbon emissions, and the Group continues to develop short,
medium and long-term actions to minimise and mitigate this
contribution and address global climate change policies and
regulations.
Impact Mitigation 2019 movement 2020 KPI objectives
Providers of Measuring and reporting New principal risk. Influence JV partners
capital limit our greenhouse gas (GHG) There was continued in UKCS including
exposure to emissions in line with and increased attention to target zero flaring
fossil fuel the Task Force on to climate change during shutdowns.
projects Climate-related from a range of stakeholders Determine energy
Increasing Financial Disclosures in 2019. This attention efficiency benchmarks
costs (TCFD). has led, and we expect for use in equipment
Climate related Promotion of efficient it to continue to selection for application
policy changes energy use in activities lead, to additional in new operated drilling
Reduce demand with business partners regulations designed and seismic projects.
for oil and service providers. to reduce greenhouse
Stranded assets Consideration of climate gas (GHG) emissions.
Reputational change in investment The Group recognises
damage decisions. global commitments
Retaining and Portfolio resilience to achieve a transition
attracting modelling based on the to lower carbon sources
talent International Energy of energy. Cairn's
Agency Sustainable strategy is to play
Development a responsible and
Scenario. competitive role
Developed climate impact in the production
dashboard which informs of oil and gas within
our strategic position this transition.
in relation to progress The Group conducted
of global transition a scenario analysis
to a low-carbon economy. to assess the viability
Endorsement of Global of Cairn's portfolio
Gas Flare Reduction under different scenarios
Partnership. of future demand
Alignment with UN impacted by action
Sustainability on climate change.
Goals. The results indicated
Active participation that existing production
in industry initiatives. and development assets
Participation in EU remain NPV positive.
Emissions Trading System.
Evaluating nature based
carbon offset projects
in the regions where
we operate, including
mangrove rehabilitation
in Suriname and Senegal.
------------------------ ---------------------------- ---------------------------- ----------------------------
#5 production performance
Principal risk: Underperformance on Kraken and Catcher assets
Owner: Chief Operating Officer
Risk appetite Low - Delivering operational excellence in all the Group's
activities is a strategic objective for the Group and the
Group works closely with all JV partners to mitigate the
risk and impact of any operational delay or underperformance.
Therefore, the Group has a low appetite for risks which may
impact on operating cash flow.
Impact Mitigation 2019 movement 2020 KPI objectives
Delay or reduction Work closely with the This risk decreased Deliver Group production
in cash flow operators to deliver in 2019. in line with guidance
Increased operational risk mitigation plans Catcher 'stretch' for 2020, with threshold,
costs and project solutions target net oil production target and stretch
HSE incident during ongoing commissioning. volumes were exceeded, volumes of production
Reputational Positive and regular at better than target identified for measurement.
damage engagement with operators lifting costs.
and partners to share Kraken 'stretch'
knowledge, offer support target net oil production
and exert influence. volumes were exceeded,
at better than target
lifting costs.
Combined net oil
production averaged
23,000 bopd.
------------------------ ------------------------------ ---------------------------- ----------------------------
Principal risk: Misalignments with JV operators
Owner: Chief Operating Officer
Risk appetite Medium - The Group seeks to operate assets which align with
the Group's core areas of expertise, but recognises that
a balanced portfolio will also include non-operated ventures.
The Group accepts that there are risks associated with a
non-operator role and will seek to mitigate these risks by
working with partners of high integrity and experience and
maintaining close working relationships with all JV partners.
Impact Mitigation 2019 movement 2020 KPI objectives
Cost/schedule Actively engage with This risk remained Deliver Group production
overruns all JV partners early static in 2019. in line with guidance
Poor performance to establish good working Oil price volatility for 2020, with threshold,
of assets relationships. continues to have target and stretch
HSE performance Actively participate a financial impact volumes of production
Delay in first in operational and technical across the industry identified for measurement.
oil from development meetings to challenge, and the risk remains Achieve certain milestones
projects apply influence and/or that the Group's on the Sangomar (formerly
Negative impact support partners to JV partners may not SNE) development
on asset value establish a cohesive be able to fund work in categories of
Ability to JV view. programme expenditures subsurface, wells,
effect change Application of the Group and/or reprioritise subsea, FPSO and
towards lowering risk management processes projects. project controls.
carbon footprint and non-operated ventures Catcher, Kraken,
procedure. Senegal and several
Active engagement with exploration projects
supply chain providers are operated by joint
to monitor performance venture partners.
and delivery. The Group continues
to work closely with
a number of other
partners in the UK
and Norway and Latin
America regions.
------------------------ ---------------------------- ---------------------------- ------------------------------
#6 Deliver a sustainable business
Principal risk: Diminished access to debt markets
Owner: Chief Financial Officer
Risk appetite Low - The Group seeks to develop and implement a funding
strategy that allows a value generative plan to be executed
and ensures a minimum headroom cushion from existing sources
of funding is maintained.
Impact Mitigation 2019 movement 2020 KPI objectives
Work programme Disciplined allocation This risk remained Ensure balance sheet
restricted of capital across portfolio. static in 2019. strength with achievement
by reduced Continue to assess other The Group has a hedging measured across three
capital availability forms of financing and programme for Catcher categories: attainment
Loss of value pursue claim for restoration and Kraken crude. of certain financial
Inability to of value for Indian The funding plan tests in line with
fund Senegal investment. to allow the Group funding strategy;
development to meet its share portfolio management;
Senegal impairment of development costs and India resolution
is well progressed and recovery of proceeds
and the Group remains in event of success.
confident that it
will be able to meet
its share of expenditure
maintaining current
equity levels in
the project.
A number of financial
institutions and
investors have recently
made policy decisions
to exit oil and gas
sector investment.
To date, this has
not affected Cairn
but if this trend
accelerates there
could be a future
impact.
--------------------- -------------------------------- ------------------------- --------------------------
Principal risk: Political and fiscal uncertainties
Owner: Chief Financial Officer
Risk appetite Medium - The Group faces an uncertain economic and regulatory
environment in some countries of operation. The Group is
willing to invest in countries where political and/or fiscal
risks may occur provided such risks can be adequately managed
to minimise the impact where possible.
Impact Mitigation 2019 movement 2020 KPI objectives
Loss of value Operate to the highest This risk remained Ensure balance sheet
Uncertain financial industry standards with static in 2019. strength with achievement
outcomes regulators and monitor Cairn continues to measured across three
compliance with the source new opportunities categories: attainment
Group's licence, Production globally and this of certain financial
Sharing Contract and can be in jurisdictions tests in line with
taxation requirements. deemed at higher funding strategy;
External specialist risk of political portfolio management;
advice sought on legal or fiscal uncertainty. and India resolution
and tax issues as required. In 2019, the Group and recovery of proceeds
Maintain positive relationships acquired new licences in event of success.
with governments and in countries with
key stakeholders. an increased risk
Ongoing monitoring of profile. The Group
the political and regulatory will strive for full
environments in which compliance with licence,
we operate. Production Sharing
Working responsibly Contract and taxation
is an important factor requirements across
in maintaining our access all assets.
to funding. The Group has also
considered the potential
impacts from Brexit
and concluded that
Cairn will not be
materially affected.
The Group recognises
that there are a
number of uncertainties
around Brexit, including
the potential impact
on EU nationals employed
by Cairn. The Group
continues to monitor
the situation closely.
--------------------- -------------------------------- ------------------------- --------------------------
Principal risk: Volatile oil and gas prices
Owner: Chief Financial Officer
Risk appetite Medium - Exposure to commodity prices is fundamental to
the Group's activities; however, the Group manages its investment
programme to ensure that a threshold economic return is delivered
and the business model is funded even in sustained downside
price scenarios.
Impact Mitigation 2019 movement 2020 KPI objectives
Reduction in Sensitivity analysis This risk remained Ensure balance sheet
future cash conducted to assess static in 2019. strength with achievement
flow robustness of Group Although oil prices measured across three
Value impairment financial forecasts have been more stable categories: attainment
of development for funding plan. in 2019, unpredictable of certain financial
projects Operators' cost initiatives geopolitical events tests in line with
JV partner delivering material may continue to create funding strategy;
capital constraints cost reductions on development short term volatility. portfolio management;
Debt availability projects. and India resolution
Exploration projects and recovery of proceeds
are ranked based on in event of success.
the probability of commercial
hydrocarbons and success
case break even oil
price.
Hedging programme commenced.
-------------------- ------------------------------- -------------------------- --------------------------
Principal risk: Inability to secure or repatriate value from Indian
assets
Owner: Chief Financial Officer
Risk appetite Medium - The Group faces an uncertain macroeconomic and
regulatory environment in some countries of operation. The
Group is willing to invest in countries where political and/or
fiscal risks may occur provided such risks can be adequately
managed to minimise the impact where possible.
Impact Mitigation 2019 movement 2020 KPI objectives
Loss of value Arbitration proceedings This risk remained Ensure balance sheet
under the UK-India Bilateral static in 2019. strength with achievement
Investment Treaty (the The Group continues measured across three
Treaty) were largely to have a high level categories: attainment
concluded in 2018. A of confidence in of certain financial
final ruling by the the merits of its tests in line with
arbitration panel is claims in the arbitration funding strategy;
expected in the summer and is seeking full portfolio management;
of 2020. restitution for losses and India resolution
Continued engagement of more than US$1.4 and recovery of proceeds
with the Indian Government. billion. Steps are in event of success.
being taken to ensure
a full and prompt
recovery is achieved.
All submissions and
procedural steps
for the international
arbitration under
the Treaty are now
complete.
Cairn's claim under
the Treaty is for
monetary compensation
of US$1.4 billion,
the sum required
to reinstate the
Company to the position
it would have been
in, but for the actions
of the Indian Income
Tax Department since
January 2014.
In October 2019,
the arbitral tribunal
indicated that, whilst
it is not yet able
to commit to a specific
award release date,
it expects to be
in a position to
issue the Award in
the summer of 2020.
-------------------- ------------------------------- -------------------------- --------------------------
Related party transactions
The following description of related party transactions is
extracted from page 192 of the Report and Accounts:
"8.7 Related Party Transactions
The Company's subsidiaries are listed in note 8.2. The following
table provides the Company's balances which are outstanding with
subsidiary undertakings at the balance sheet date:
At At
31 December 31 December
2019 2018
US$m US$m
------------------------------------------------ ------------ ------------
Amounts payable to subsidiary undertakings (86.9) (83.2)
Amounts receivable from subsidiary undertakings 1.8 2.5
================================================ ============ ============
(85.1) (80.7)
================================================ ============ ============
The amounts outstanding are unsecured, repayable on demand and
will be settled in cash.
The following table provides the Company's transactions with
subsidiary undertakings recorded in the loss for the year:
Year ended Year ended
31 December 31 December
2019 2018
US$m US$m
--------------------------------- ------------ ------------
Amounts invoiced to subsidiaries 10.4 37.2
Amounts invoiced by subsidiaries 10.6 5.8
================================= ============ ============
Directors' remuneration
The remuneration of the Directors of the Company is set out
below. Further information about individual Directors' remuneration
is provided in the audited section of the Directors' Remuneration
Report on pages 94 to 123.
Year ended Year ended
31 December 31 December
2019 2018
US$m US$m
--------------------- ------------ ------------
Emoluments 3.3 3.4
Share-based payments - 2.4
===================== ============ ============
3.3 5.8
===================== ============ ============
Pension contributions of US$0.2m (2018: US$0.2m) were made on
behalf of Directors in 2019.
No LTIP share awards to Directors vested during 2019 (2018:
820,131). Share-based payments disclosed for 2018 above represent
the market value at the vesting date of these awards in that
year.
Other transactions
During the year the Company did not make any purchases in the
ordinary course of business from an entity under common control
(2018: US$nil)."
Directors' emoluments and remuneration of key management
personnel
The following description of directors' emoluments and
remuneration of key management personnel is extracted from page 170
of the Report and Accounts:
"4.4 (c) Directors' emoluments and remuneration of key
management personnel
Details of each Director's remuneration, pension entitlements,
share options and awards pursuant to the LTIP are set out in the
Directors' Remuneration Report on pages 94 to 123. Directors'
remuneration, their pension entitlements and any share awards
vested during the year are provided in aggregate in note 8.7.
Remuneration of key management personnel
The remuneration of the Directors of the Company and of the
members of the management and corporate teams who are the key
management personnel of the Group is set out below in
aggregate.
Year ended Year ended
31 December 31 December
2019 2018
US$m US$m
----------------------------- ------------ ------------
Short-term employee benefits 6.7 6.9
Post-employment benefits 0.4 0.4
Share-based payments 3.2 4.0
============================= ============ ============
10.3 11.3
============================= ============ ============
In addition, employer's national insurance contributions for key
management personnel in respect of short-term employee benefits
were US$0.9m (2018: US$0.9m).
Share-based payments shown above represent the cost to the Group
of key management personnel's participation in the Company's share
schemes, measured under IFRS 2.
During 2019, no shares awarded to key management personnel
vested under the LTIP (2018: 1,460,908)."
Forward looking statements
This announcement contains or may contain forward-looking
statements regarding Cairn, our corporate plans, future financial
condition, future results of operations, future business plans and
strategies. All such forward-looking statements are based on our
management's assumptions and beliefs in the light of information
available to them at this time. These forward-looking statements
are, by their nature, subject to significant risks and
uncertainties and actual results, performance and achievements may
be materially different from those expressed in such statements.
Factors that may cause actual results, performance or achievements
to differ from expectations include, but are not limited to,
regulatory changes, future levels of industry product supply,
demand and pricing, weather and weather related impacts, wars and
acts of terrorism, development and use of technology, acts of
competitors and other changes to business conditions. Cairn
undertakes no obligation to revise any such forward-looking
statements to reflect any changes in Cairn's expectations with
regard thereto or any change in circumstances or events after the
date hereof.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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Capricorn Energy (LSE:CNE)
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From Apr 2024 to May 2024
Capricorn Energy (LSE:CNE)
Historical Stock Chart
From May 2023 to May 2024