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KUWAIT ENERGY PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 June 2016
13
Six months period
ended 30 June
Year ended
31 December
2016
2015
2015
Audited
Unaudited
Audited
Note
US$ 000’s
US$ 000’s
US$ 000’s
OPERATING ACTIVITIES
Loss for the period
(11,189)
(9,865)
(62,367)
Adjustments for:
Share in results of joint venture
628
(1,731)
(445)
Depreciation, depletion and amortisation
33,835
44,594
69,147
Exploration expenditure written off
-
2,519
14,218
Impairment of oil and gas assets
-
-
69,010
Profit on farm-out of working interest
-
-
(33,876)
Tax (credit)/charge
(222)
1,168
2,259
Foreign exchange loss
57
1,663
1,851
Fair value loss on convertible loans
7,362
8,730
9,261
Finance costs
4,650
4,750
9,654
Interest income
(280)
(700)
(1,177)
Provision for retirement benefit obligation
283
470
1,487
Operating cash flow before movement in working capital
35,124
51,598
79,022
(Increase)/decrease in trade and other receivables
(14,760)
8,838
58,776
Decrease in trade and other payables
(5,102)
(32,574)
(25,807)
Decrease in inventories
52
653
1,793
Tax paid
(532)
(9,624)
(9,624)
Net cash generated by operating activities
14,782
18,891
104,160
INVESTING ACTIVITIES
Purchase of intangible exploration and evaluation assets
(2,164)
(8,988)
(10,596)
Purchase of oil & gas assets
(45,797)
(80,216)
(205,922)
Purchase of other fixed assets
-
(7,509)
(10,802)
Decrease in capital inventory stores
(1,409)
(2,690)
(4,562)
Advance against farm-out of working interests
-
43,190
43,190
Proceeds from disposal of other fixed assets
60
-
-
(Additions to)/ withdrawal from decommissioning and
retirement benefit obligation fund
(77)
1,050
300
Net increase in liquid investment
-
(50,000)
-
Investment in Joint Venture
-
-
(945)
Dividend received from joint venture
2,000
2,000
4,000
Interest received
358
575
1,157
Net cash used in investing activities
(47,029)
(102,588)
(184,180)
FINANCING ACTIVITIES
Proceeds from finance lease
-
-
5,902
Repayment of obligations under finance leases
(979)
-
(489)
Finance costs paid
(17,576)
(17,719)
(34,342)
Net cash used in financing activities
(18,555)
(17,719)
(28,929)
Effect of foreign currency translation
(36)
(1,513)
(1,746)
Net decrease in cash and cash equivalents
(50,838)
(102,929)
(110,695)
Cash and cash equivalents at beginning of the period
105,297
215,992
215,992
Cash and cash equivalents at end of the period
18
54,459
113,063
105,297