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KUWAIT ENERGY PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Nine months ended 30 September 2015
6
Nine months ended 30 September Year ended
31 December
2014
Audited
Note
2015
Unaudited
2014
Unaudited
(Restated)
USD 000’s
USD 000’s
USD 000’s
OPERATING ACTIVITIES
Profit for the period
15,477
60,117
42,703
Adjustments for:
Share of results of Joint Venture
(2,071)
(2,900)
(1,040)
Depreciation, depletion and amortisation
65,010
59,540
83,505
Exploration expenditure written off
2,519
1,611
1,513
Impairment of oil and gas assets
-
-
19,247
Impairment charge on discontinued operations
-
1,700
3,126
Profit on farm-out of working-interest
(35,000)
-
-
Tax charges
1,768
8,212
8,800
Share based expense
-
-
1,066
Foreign exchange loss
1,789
-
Fair value loss on convertible loans
12,296
9,100
9,931
Finance costs
7,004
14,516
12,773
Interest income
(967)
(412)
(568)
Provision for retirement benefit obligation
505
717
1,066
Operating cash flow before movement in working capital
68,330
152,201
182,122
Decrease/(increase) in trade and other receivables
32,995
(44,828)
48,277
(Decrease)/increase in trade and other payables
(31,912)
33,684
29,954
Decrease/(increase) in inventories
1,290
(1,625)
1,223
Tax paid
(9,624)
(8,521)
(8,521)
Net cash generated by operating activities
61,079
130,911
253,055
INVESTING ACTIVITIES
Purchase of intangible exploration and evaluation assets
(9,213)
(45,400)
(49,797)
Purchase of property, plant and equipment
(111,195)
(130,228)
(186,093)
Purchase of other fixed assets
(7,625)
(811)
(1,110)
(Increase)/decrease in capital inventory stores
(5,310)
126
1,284
Proceeds from farm-out of working interests
43,190
-
-
Proceeds from disposal of assets classified as held for sale
-
5,000
13,300
Withdrawal from/(additions to) decommission and
retirement benefit obligation fund
1,050
-
(5,141)
Net cash (outflow)/inflow from acquisition of
assets/subsidiary
(3,857)
499
451
Increase in liquid investments
(50,000)
-
-
Dividend received from Joint Venture
2,000
3,500
3,500
Interest received
743
213
568
Net cash used in investing activities
(140,217)
(167,101)
(223,038)
FINANCING ACTIVITIES
Proceeds from borrowings
-
127,054
127,054
Repayment of borrowings
-
(48,735)
(48,735)
Proceeds from finance lease
5,902
-
-
Purchase of treasury shares
-
-
(1,749)
Finance costs paid
(31,274)
(13,578)
(18,189)
Net cash (used)/generated by financing activities
(25,372)
64,741
58,381
Net (decrease)/increase in cash and cash equivalents
(104,510)
28,551
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
7
109,969
156,145
215,992