KUWAIT ENERGY plc GROUP
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2012
F-82
2012
2011
Notes
USD 000’s
USD 000’s
operating activities
Profit before tax
46,917
44,632
Adjustments for:
Depreciation, depletion and amortisation
67,723
49,452
Exploration expenditure written off
3,680
-
Net impairment loss
25,492
8,520
(Gain) / loss on held for trading derivative
(266)
75
Fair value loss on convertible loans
213
-
Loss on sale of other assets
295
1
Loss on disposal of oil & gas assets
120
55
Finance costs
5,708
7,749
Interest income
(138)
(197)
Reversal of account payable
(2,675)
-
Share-based compensation expense
742
1,229
Provision for retirement benefit obligation
364
413
Operating cash flow before movement in working capital
148,175
111,929
Increase in trade and other receivables
(38,200)
(87,303)
Increase in trade and other payables
5,949
2,224
Increase in inventories oil & gas
(372)
-
Tax paid
(8,777)
(499)
Net cash generated by operating activities
96,775
26,351
investing activities
Purchase of intangible exploration and evaluation assets
(35,248)
(31,677)
Purchase of property, plant and equipment
(75,289)
(68,474)
(Increase)/ decrease in producing inventory stores
(3,252)
1,435
Purchase of other fixed assets
(3,254)
(2,893)
Proceeds from farm out of working interests
-
19,464
Advance for acquisition of subsidiary
(30,000)
-
Prepayment for capital expenditure
(5,000)
-
Proceeds from disposal of other assets
8
9
Interest received
138
197
Net cash used in investing activities
(151,896)
(81,939)
financing activities
Proceeds from issue of share capital
-
73,696
Increase in long term loans
57,353
-
Repayment of long term loans
(58,000)
-
Convertible loan received
83,000
-
Dividend paid
(23,279)
(22,799)
Finance costs paid
(6,053)
(12,782)
Net cash generated by financing activities
53,021
38,115
Effect of foreign currency translation
8
(142)
Net increase / (decrease) in cash and bank balances
7,907
(17,615)
Cash and bank balances at beginning of the year
40,477
58,092
Cash and bank balances at end of the year
17
48,384
40,477
