KUWAIT ENERGY PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the nine month period ended 30 September 2017
8
Nine month period ended
30 September
Year ended 31
December
2017
2016
2016
Unaudited
Unaudited
Audited
Note
US$ 000’s
US$ 000’s
US$ 000’s
OPERATING ACTIVITIES
Profit/(loss) for the period
11,730
(12,407)
(116,117)
Adjustments for:
Share in results of joint venture
(1,773)
767
(1,451)
Depreciation, depletion and amortisation
43,227
48,171
62,394
Exploration expenditure written off
1,540
-
-
Net impairment of oil and gas assets
3,876
-
94,337
Tax charge
5,838
837
1,456
Foreign exchange (gain)/loss
(302)
42
2,340
Change in fair value of convertible loans
23,158
10,118
24,774
Finance costs
10,381
6,975
9,365
Interest income
(448)
(401)
(548)
Provision for retirement benefit obligation
568
469
627
Operating cash flow before movement in working capital
97,795
54,571
77,177
Increase in trade and other receivables
(31,779)
(26,946)
(47,171)
(Decrease)/increase in trade and other payables
(8,537)
(2,628)
2,722
(Decrease)/increase in crude oil prepayments
(22,531)
-
40,000
Decrease/(increase) in inventories
56
(384)
(749)
Tax paid
(2,729)
(532)
(532)
Net cash generated by operating activities
32,275
24,081
71,447
INVESTING ACTIVITIES
Purchase of intangible exploration and evaluation assets
(2,215)
(2,446)
(2,503)
Purchase of oil & gas assets
(63,198)
(68,948)
(83,447)
Purchase of other fixed assets
(22)
(132)
(142)
Increase in capital inventory stores
(706)
391
(42)
Farm-outs of working interest and disposal of other fixed assets
50,625
60
3,560
Investment in Joint Venture
-
(945)
(945)
Dividend received from joint venture
1,255
2,000
3,500
Interest received
448
503
655
Net cash used in investing activities
(13,813)
(69,517)
(79,364)
FINANCING ACTIVITIES
Repayment of obligations under finance leases
(596)
(1,468)
(1,766)
Finance costs paid
(33,309)
(31,551)
(34,636)
Net cash used in financing activities
(33,905)
(33,019)
(36,402)
Effect of foreign currency translation
297
(50)
(2,282)
Net increase/(decrease) in cash and cash equivalents
(15,146)
(78,505)
(46,601)
Cash and cash equivalents at beginning of the period
58,311
105,297
105,297
Cash balance re-classified to assets held for sale in the period
-
-
(385)
Cash and cash equivalents at end of the period
9
43,165
26,792
58,311