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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Capricorn Energy Plc | LSE:CNE | London | Ordinary Share | GB00BRJ7R218 | ORD 735/143P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-3.00 | -1.82% | 161.80 | 162.20 | 162.80 | 165.40 | 161.20 | 164.00 | 308,459 | 16:35:22 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 228.9M | -51M | -0.5383 | -3.02 | 153.86M |
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.
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