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KUWAIT ENERGY PLC
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2017
14
Year ended
2017
Year ended
2016
Notes
US$ 000’s
US$ 000’s
OPERATING ACTIVITIES
Loss for the year
(52,821)
(116,117)
Adjustments for:
Share in results of joint venture
(2,305)
(1,451)
Depreciation, depletion and amortisation
56,780
62,394
Exploration expenditure written off
20,074
-
Net impairment of oil and gas assets
69,053
94,337
Tax charge
7,140
1,456
Foreign exchange (gain)/loss
(648)
2,340
Change in fair value of convertible loans
28,748
24,774
Finance costs
13,572
9,365
Interest income
(628)
(548)
Provision for retirement benefit obligation
3,102
627
Operating cash flow before movement in working capital
142,067
77,177
Increase in trade and other receivables
(47,588)
(47,171)
(Decrease)/increase in trade and other payables
(13,394)
2,722
(Decrease)/increase in crude oil prepayments
(2,531)
40,000
Decrease/(increase) in inventories
483
(749)
Tax paid
(2,729)
(532)
Net cash generated by operating activities
76,308
71,447
INVESTING ACTIVITIES
Purchase of intangible exploration and evaluation assets
(2,714)
(2,503)
Purchase of oil & gas assets
(81,364)
(83,489)
Purchase of other fixed assets
(199)
(142)
Proceeds from farm-out of working interests
13
50,625
3,560
Investment in joint venture
-
(945)
Dividend received from joint venture
3,255
3,500
Interest received
628
655
Net cash used in investing activities
(29,769)
(79,364)
FINANCING ACTIVITIES
Repayment of obligations under finance leases
(1,192)
(1,766)
Finance costs paid
(38,382)
(34,636)
Net cash used in financing activities
(39,574)
(36,402)
Effect of foreign currency translation on cash balances
318
(2,282)
Net increase/(decrease) in cash and cash equivalents
7,283
(46,601)
Cash and cash equivalents at beginning of the year
58,311
105,297
Cash balances classified as held for sales
-
(385)
Cash and cash equivalents at end of the year
18
65,594
58,311