8 / 16
KUWAIT ENERGY PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the three month period ended 31 March 2017
6
Three month period ended
31 March
Year ended
31 December
2017
2016
2016
Unreviewed
Unreviewed
Audited
Note
US$ 000’s
US$ 000’s
US$ 000’s
OPERATING ACTIVITIES
Profit/(loss) for the period
11,636
(10,418)
(116,117)
Adjustments for:
Share in results of joint venture
(450)
(480)
(1,451)
Depreciation, depletion and amortisation
14,282
18,492
62,394
Impairment of oil and gas assets
-
-
94,337
Tax charge
2,328
910
1,456
Foreign exchange (gain)/loss
(244)
63
2,340
Change in fair value of convertible loans
3,324
3,565
24,774
Finance costs
3,364
2,667
9,365
Interest income
(91)
(182)
(548)
Provision for retirement benefit obligation
182
145
627
Operating cash flow before movement in working capital
34,331
14,762
77,177
Increase in trade and other receivables
(13,086)
(2,032)
(47,171)
Increase/(decrease) in trade and other payables
2,154
(3,267)
2,722
Crude oil prepayment
-
-
40,000
Decrease/(increase) in inventories
90
306
(749)
Tax paid
-
-
(532)
Net cash generated by operating activities
23,489
9,769
71,447
INVESTING ACTIVITIES
Purchase of intangible exploration and evaluation assets
(34)
(457)
(2,503)
Purchase of oil & gas assets
(43,365)
(29,644)
(83,297)
Purchase of other fixed assets
(34)
(136)
(82)
Increase in capital inventory stores
(688)
(1,845)
(42)
Proceeds from farm-out of working interests
3,500
-
3,500
Additions to decommissioning fund
(29)
-
(150)
Investment in Joint Venture
-
-
(945)
Dividend received from joint venture
-
-
3,500
Interest received
91
168
655
Net cash used in investing activities
(40,559)
(31,914)
(79,364)
FINANCING ACTIVITIES
Repayment of obligations under finance leases
(298)
(489)
(1,766)
Finance costs paid
(13,975)
(13,975)
(34,636)
Net cash used in financing activities
(14,273)
(14,464)
(36,402)
Effect of foreign currency translation
232
(61)
(2,282)
Net decrease in cash and cash equivalents
(31,111)
(36,670)
(46,601)
Cash and cash equivalents at beginning of the period
58,311
105,297
105,297
Cash balance classified as held for sale
-
-
(385)
Cash and cash equivalents at end of the period
9
27,200
68,627
58,311