Cash Flow Statement
32
2011
2012
2013
2013
2014
(Restated) (Restated) (Restated)
(Restated)
US$million US$million US$million US$million US$million
OPERATING ACTIVITIES
Profit for the year
18.5
37.6
(281.4)
(50.5)
48.3
Adjustment for:
Share in results of joint venture
(1.1)
(3.1)
(1.5)
(0.7)
(2.6)
Depreciation, depletion and amortization
27.6
45.4
80.0
41.9
38.5
Exploration expenditure written off
18.1
14.3
73.3
43.9
-
Net impairment losses
-
-
1.8
0.8
-
Impairment charge on discontinued operations
-
-
18.6
11.1
-
Other non cash items included in discontinued operations
8.5
26.0
236.9
16.2
1.7
Tax charge
5.6
(3.9)
32.0
(2.3)
-
(Gain) / Loss on held for trading derivative
8.7
8.3
8.1
3.9
5.5
Fair value loss on convertible loans
0.1
(0.3)
(0.3)
(0.2)
-
Loss on sale of other assets
-
4.5
12.1
5.8
6.7
Loss on disposal of oil & gas assets
-
0.3
-
-
-
Net finance costs
0.1
0.1
-
-
-
Share-based compensation expense
7.6
1.0
9.5
4.3
3.3
Reversal of account payable
1.2
0.7
-
-
-
Provision for retirement benefit obligation
0.4
0.4
0.8
0.3
0.3
Operating cash flow before movement in working capital
95.3
131.3
189.9
74.5
101.7
Decrease / (Increase) in trade and other receivables
(86.1)
(38.6)
36.4
12.0
(24.1)
(Decrease)/ Increase in trade and other payables
2.3
5.3
17.9
15.4
54.0
Decrease / (Increase) in inventories
-
(0.4)
3.0
(0.8)
(7.9)
Tax paid
(0.5)
(8.6)
(7.5)
(3.4)
(4.2)
Net cash generated by operating activities
11.0
89.0
239.7
97.7
119.5
INVESTING ACTIVITIES
Purchase of intangible exploration and evaluation assets
(31.7)
(35.2)
(78.4)
(46.9)
(33.9)
Purchase of property, plant and equipment
(52.4)
(62.3)
(83.7)
(42.2)
(75.5)
Purchase of other fixed assets
(2.9)
(3.3)
(2.8)
(0.9)
(0.6)
Increase/(decrease) in capital inventory stores
1.4
(3.3)
0.8
4.1
(1.0)
Proceeds from farm out of working interests
19.5
-
-
-
-
Proceeds from sale of held to sale
-
-
-
-
5.0
Acquisition of subsidiary, net of cash acquired
-
(30.0)
(102.4)
(102.8)
-
Prepayment for capital expenditure
-
(5.0)
-
-
-
Dividend received from joint venture
-
5.0
-
-
3.5
Interest received
0.2
0.1
0.5
0.4
0.2
Net cash used in investing activities
(65.9)
(134.0)
(266.0)
(188.3)
(102.3)
FINANCING ACTIVITIES
Proceeds from issue of share capital
73.7
-
-
-
-
Proceeds from short term loans
-
-
40.0
40.0
-
Repayment of short term loans
-
-
(40.0)
(25.0)
-
Proceeds from long term loans
-
57.4
110.0
50.0
15.0
Repayment of long term loans
-
(58.0)
(5.5)
-
(25.6)
Proceeds from Convertible loan
-
83.0
17.0
17.0
-
Dividend paid
(22.8)
(23.3)
-
-
-
Finance costs paid
(12.8)
(6.1)
(14.4)
(9.2)
(8.9)
Net cash generated by financing activities
38.1
53.0
107.1
72.8
(19.5)
Effect of foreign currency translation
(0.1)
-
-
-
-
Net increase (decrease) in cash and bank balances
(16.9)
8.0
80.8
(17.8)
(2.3)
Cash and bank balances at beginning of the year
55.7
38.8
46.8
46.8
127.6
Cash and bank balances at end of the period
38.8
46.8
127.6
29.0
125.3
For the year ended 31 December
For the period ended 30 June
Audited Consolidated Statement of Cash Flows
