12 / 67
KUWAIT ENERGY plc
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2014
10
For the six months
period ended 30 June
For the year ended 31 December
2014
2013
2013
2012
2011
Audited
Unaudited
(Restated)
Audited
(Restated)
Audited
(Restated)
Audited
(Restated)
USD 000’s USD 000’s USD 000’s USD 000’s USD 000’s
OPERATING ACTIVITIES
Profit/(loss) for the year/ period
48,297
(50,540)
(281,370)
37,568
18,485
Adjustments for:
Share of results of joint venture
(2,571)
(728)
(1,543)
(3,052)
(1,119)
Depreciation, depletion and
amortisation
38,484
41,891
79,963
45,355
27,566
Exploration expenditure written
off
-
43,852
73,255
14,304
18,053
Net impairment losses
-
815
1,801
-
-
Exploration expenditure written
off on discontinued operations
-
11,121
18,622
-
-
Impairment charge on
discontinued operations
1,700
16,157
236,940
26,032
8,520
Other non-cash items included
in discontinued operations
-
(2,285)
32,048
(3,889)
5,590
Tax charges
5,455
3,858
8,097
8,272
8,731
(Gain)/loss on held for trading
derivative
-
(158)
(322)
(266)
75
Fair value loss on convertible
loans
6,712
5,799
12,071
4,528
-
Loss on sale of other assets
-
-
-
295
1
Loss on disposal of oil & gas
assets
-
-
-
120
55
Net finance costs
3,339
4,344
9,541
1,019
7,552
Share-based compensation
expense
-
-
-
742
1,230
Provision for retirement benefit
obligation
297
349
826
364
413
Operating cash flow before
movement in working capital
101,713
74,475
189,929
131,392
95,152
(Increase)/decrease in trade and
other receivables
(24,100)
11,985
36,400
(38,569)
(86,134)
Increase/(decrease) in trade and
other payables
54,019
15,360
17,905
5,007
2,439
(Increase)/decrease in inventories
(7,896)
(760)
3,024
(372)
-
Tax paid
(4,163)
(3,415)
(7,496)
(8,573)
(499)
Net cash generated by operating
activities
119,573
97,645
239,762
88,885
10,958
INVESTING ACTIVITIES
Purchase of intangible exploration
and evaluation assets
(33,912)
(46,888)
(78,358)
(35,248)
(31,677)
Purchase of property, plant and
equipment
(75,536)
(42,222)
(83,712)
(62,301)
(52,448)
Purchase of other fixed assets
(511)
(789)
(2,869)
(3,254)
(2,893)
(Increase)/decrease in capital
inventory stores
(1,033)
4,092
790
(3,252)
1,435
Proceeds from farm out of
working interests
-
-
-
-
19,464
Proceeds from disposal of other
assets
-
-
-
8
9