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KUWAIT ENERGY PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Six months ended 30 June 2015
9
Six months ended 30 June
Year ended
31 December
2014
Audited
Notes
2015
Unaudited
2014
Unaudited
(Restated see
note 17)
USD 000’s USD 000’s USD 000’s
OPERATING ACTIVITIES
(Loss)/profit for the period
(9,865)
49,798
42,703
Adjustments for:
Share of results of Joint Venture
(1,731)
(2,571)
(1,040)
Depreciation, depletion and amortisation
44,594
36,983
83,505
Exploration expenditure written off
2,519
-
1,513
Impairment of oil and gas assets
-
-
19,247
Impairment charge on discontinued operations
-
1,700
3,126
Tax charges
1,168
5,455
8,800
Share based expense
-
-
1,066
Foreign exchange loss
1,663
-
-
Fair value loss on convertible loans
8,730
6,712
9,931
Finance costs
4,750
3,552
12,773
Interest income
(700)
(213)
(568)
Provision for retirement benefit obligation
470
297
1,066
Operating cash flow before movement in working capital
51,448
101,713
182,122
Decrease/(increase) in trade and other receivables
8,838
(24,100)
48,277
(Decrease)/increase in trade and other payables
(32,574)
54,019
29,954
Decrease/(increase) in inventories
653
(7,896)
1,223
Tax paid
(9,624)
(4,163)
(8,521)
Net cash generated by operating activities
18,891
119,573
253,055
INVESTING ACTIVITIES
Purchase of intangible exploration and evaluation assets
(8,988)
(33,912)
(49,797)
Purchase of property, plant and equipment
(76,359)
(75,536)
(186,093)
Purchase of other fixed assets
(7,509)
(511)
(1,110)
(Increase)/decrease in capital inventory stores
(2,690)
(1,033)
1,284
Advance against farm-out of working interests
43,190
-
-
Withdrawal from/(additions to) decommission and retirement
benefit obligation fund
1,050
-
(5,141)
Proceeds from disposal of assets classified as held for sale
-
5,000
13,300
Net cash (outflow)/inflow from acquisition of
assets/subsidiary
8
(3,857)
-
451
Increase in liquid investments
(50,000)
-
-
Dividend received from Joint Venture
2,000
3,500
3,500
Interest received
575
213
568
Net cash used in investing activities
(102,588)
(102,279)
(223,038)
FINANCING ACTIVITIES
Proceeds from borrowings
-
15,019
127,054
Repayment of borrowings
-
(25,649)
(48,735)
Purchase of treasury shares
-
-
(1,749)
Finance costs paid
(17,719)
(8,909)
(18,189)
Net cash (used)/generated by financing activities
(17,719)
(19,539)
58,381
Net (decrease)/increase in cash and cash equivalents
(101,416)
(2,245)
88,398
Cash and cash equivalents at beginning of the period
215,992
127,594
127,594
Effect of foreign exchange rate changes on cash and cash
equivalents
(1,513)
-
-
Cash and cash equivalents at end of the period
11
113,063
125,349
215,992