KUWAIT ENERGY plc GROUP
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2013
F-32
2013
2012
Notes
USD 000’s
USD 000’s
OPERATING ACTIVITIES
(Loss) / profit for the year
(258,630)
44,964
Adjustments for:
Depreciation, depletion and amortisation
95,113
67,723
Exploration expenditure written off
47,822
3,680
Net impairment loss
1,801
(540)
Impairment charge on discontinued operations
236,940
26,031
Other non-cash items included in discontinued operations
50,669
245
Tax charge
8,387
1,953
(Gain) / loss on held for trading derivative
(322)
(266)
Fair value loss on convertible loans
12,071
4,528
Loss on sale of other assets
-
295
Loss on disposal of oil & gas assets
-
120
Finance costs
10,068
1,157
Interest income
(527)
(138)
Reversal of account payable
-
(2,675)
Share-based compensation expense
-
742
Provision for retirement benefit obligation
826
364
Operating cash flow before movement in working capital
204,218
148,183
Decrease / (increase) in trade and other receivables
36,166
(38,200)
Increase in trade and other payables
17,845
5,949
Decrease / (increase) in inventories oil & gas
3,024
(372)
Tax paid
(7,927)
(8,777)
Net cash generated by operating activities
253,326
106,783
INVESTING ACTIVITIES
Purchase of intangible exploration and evaluation assets
(78,358)
(35,248)
Purchase of property, plant and equipment
(94,925)
(75,289)
Purchase of other fixed assets
(2,869)
(3,254)
(Increase)/ decrease in producing inventory stores
790
(3,252)
Acquisition of subsidiary, net of cash acquired
15
(102,414)
(30,000)
Prepayment for capital expenditure
-
(5,000)
Proceeds from disposal of other assets
-
8
Interest received
527
138
Net cash used in investing activities
(277,249)
(151,897)
FINANCING ACTIVITIES
Proceeds from short term loans
40,000
-
Repayment of short term loans
(40,000)
-
Increase in long term loans
110,000
57,353
Repayment of long term loans
(5,484)
(58,000)
Convertible loan received
17,000
83,000
Dividend paid
(6)
(23,279)
Finance costs paid
(14,408)
(6,053)
Net cash generated by financing activities
107,102
53,021
Net increase in cash and bank balances
83,179
7,907
Cash and bank balances at beginning of the year
48,384
40,477
Cash and bank balances at end of the year
20
131,563
48,384
