KUWAIT ENERGY plc GROUP
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December 2011
F-127
2011
2010
Notes
USD 000’s
USD 000’s
operating activities
Profit before tax
44,632
20,201
Adjustments for:
Depreciation, depletion and amortisation
49,452
60,417
Impairment losses
8,520
-
Impairment losses recognised on trade receivables
-
1,329
Gain on farm out of working interests
-
(156)
Loss on held for trading derivative
75
675
Loss on sale of other assets
1
-
Loss on disposal of oil & gas assets
55
132
Finance costs
7,749
1,818
Interest income
(197)
(80)
Share-based compensation expense
1,229
886
Provision for retirement benefit obligation
413
348
Operating cash flow before movement in working capital
111,929
85,570
Increase in trade and other receivables
(87,303)
(38,783)
Increase in trade and other payables
2,224
14,513
(Decrease)/Increase in derivative financial instruments
-
4,337
Tax paid
(499)
(1,061)
Net cash generated by operating activities
26,351
62,717
investing activities
Purchase of intangible exploration and evaluation assets
(31,677)
(41,614)
Purchase of property, plant and equipment
(68,474)
(64,413)
Increase/(decrease) in producing inventory stores
1,435
(1,834)
Purchase of other fixed assets
(2,893)
(3,612)
Proceeds from sale of held to maturity investment
-
13,256
Proceeds from farm out of working interests
13
19,464
8,683
Proceeds from disposal of other assets
9
7
Decrease / (increase) in liquid investments
-
3,483
Interest received
197
2,256
Net cash used in investing activities
(81,939)
(81,954)
financing activities
Proceeds from issue of share capital
73,696
32,002
Increase in long term loans
-
20,828
Dividend paid
(22,799)
-
Finance costs paid
(12,782)
(1,724)
Net cash generated by financing activities
38,115
51,106
Effect of foreign currency translation
(142)
66
Net increase / (decrease) in cash and bank balances
(17,615)
31,935
Cash and bank balances at beginning of the year
58,092
26,157
Cash and bank balances at end of the year
17
40,477
58,092
