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KUWAIT ENERGY PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2015
8
Notes
Year ended
2015
Year ended
2014
USD 000’s
USD 000’s
OPERATING ACTIVITIES
(Loss)/profit for the year
(62,367)
42,703
Adjustments for:
Share of results of Joint Venture
15
(445)
(1,040)
Depreciation, depletion and amortisation
14
69,147
83,505
Exploration expenditure written off
13
14,218
1,513
Impairment of oil and gas assets
14
69,010
19,247
Impairment charge on discontinued operations
-
3,126
Profit on farm-out of working interest
14
(33,876)
-
Tax charges
10
2,259
8,800
Share based expense
-
1,066
Foreign exchange loss
1,851
-
Fair value loss on convertible loans
23
9,261
9,931
Finance costs
9
9,654
12,773
Interest income
(1,177)
(568)
Provision for retirement benefit obligation
1,487
1,066
Operating cash flow before movement in working capital
79,022
182,122
Decrease in trade and other receivables
58,776
48,277
(Decrease)/increase in trade and other payables
(25,807)
29,954
Decrease in inventories
1,793
1,223
Tax paid
(9,624)
(8,521)
Net cash generated by operating activities
104,160
253,055
INVESTING ACTIVITIES
Purchase of intangible exploration and evaluation assets
(10,596)
(49,797)
Purchase of oil and gas assets
(202,065)
(186,093)
Acquisition of oil and gas assets
14
(3,857)
-
Purchase of other fixed assets
(10,802)
(1,110)
(Increase)/decrease in capital inventory stores
(4,562)
1,284
Proceeds from farm-out of working interest
43,190
-
Proceeds from disposal of assets classified as held for sale
-
13,300
Withdrawal from/(additions to) decommission and retirement
benefit obligation fund
300
(5,141)
Acquisition of subsidiary, net of cash acquired
31
-
451
Investment in Joint Venture
15
(945)
-
Dividend received from Joint Venture
15
4,000
3,500
Interest received
1,157
568
Net cash used in investing activities
(184,180)
(223,038)
FINANCING ACTIVITIES
Proceeds from borrowings
-
127,054
Repayment of borrowings
-
(48,735)
Proceeds from finance lease
5,902
-
Repayments of obligations under finance lease
(489)
-
Purchase of treasury shares
-
(1,749)
Finance costs paid
(34,342)
(18,189)
Net cash (used in)/generated by financing activities
(28,929)
58,381
Net (decrease)/increase in cash and cash equivalents
(108,949)
88,398
Cash and cash equivalents at beginning of the year
215,992
127,594
Effect of foreign exchange rate changes on cash and cash equivalents
(1,746)
-
Cash and cash equivalents at end of the year
19
105,297
215,992
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