KUWAIT ENERGY plc GROUP
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Three months ended 31 March 2014
F-9
3 Months
ended
31.03.14
Unaudited
3 Months
ended
31.03.13
Unaudited
Year ended
31.12.13
Audited
(Restated)
USD 000’s
USD 000’s
USD 000’s
operating activities
Profit/(loss) for the period
18,888
9,079
(258,630)
Adjustments for:
Share in results of joint venture
(1,075)
(386)
(1,543)
Depreciation, depletion and amortisation
21,296
20,548
82,657
Exploration expenditure written off
-
-
47,822
Impairment losses
-
-
1,801
Impairment charge on discontinued operations
500
-
236,940
Other non-cash items included in discontinued
operations
-
(1,033)
50,669
Tax charge
2,100
2,032
8,097
Gain on held for trading derivative
(81)
(79)
(322)
Fair value loss on convertible loan
3,016
2,899
12,071
Net finance costs
1,236
2,359
9,541
Provision for retirement benefit obligation
1,926
496
826
Operating cash flow before movement in working
capital
47,806
35,915
189,929
(Increase) / decrease in trade and other receivables
(24,342)
28,122
36,400
Increase in trade and other payables
10,134
18,611
17,905
Decrease in inventories oil & gas
1,431
6,995
3,024
Tax paid
-
-
(7,496)
Net cash generated by operating activities
35,029
89,643
239,762
investing activities
Purchase of intangible exploration and evaluation assets
(8,306)
(39,930)
(78,358)
Purchase of property, plant and equipment
(25,656)
(23,253)
(83,712)
Acquisition of subsidiary, net of cash acquired
-
(102,414)
(102,414)
(Increase) / decrease in producing inventory stores
(430)
(2,753)
790
Purchase of other fixed assets
(1,726)
(658)
(2,869)
Interest received
115
80
527
Net cash used in investing activities
(36,003)
(168,928)
(266,036)
financing activities
Proceeds from short term loans
-
25,000
40,000
Repayment of short term loans
-
-
(40,000)
Proceeds from long term loans
15,019
50,000
110,000
Repayment of long term loans
(20,649)
-
(5,484)
Convertible loan received
-
17,000
17,000
Dividend paid
-
(217)
(6)
Finance costs paid
(3,690)
(2,446)
(14,408)
Net cash (used in)/generated by financing activities
(9,320)
89,337
107,102
Net (decrease)/increase in cash and bank balances
(10,294)
10,052
80,828
Cash and bank balances at beginning of the period
127,594
46,766
46,766
Cash and bank balances at end of the period
117,300
56,818
127,594
