Cash Flow Evolution
($m)
2011
2012
2013
56
39
47
128
125
95
38
131
54
190
50
107
102
18
(84)
(66)
(43)
(134)
(266)
(102)
(20)
(50)
0
50
100
150
200
250
300
350
Cash
Balance
OCF
Change
w/c
Investing Activities
Cash Flow
from Financing
Cash
Balance
OCF
Change
w/c
Investing Activities
Cash Flow
from Financing
Cash
Balance
OCF
Change
w/c
Investing Activities
Cash Flow
from Financing
Cash
Balance
OCF
Change
w/c
Investing Activities
Cash Flow
from Financing
Cash
Balance
1H 2014
25
Strong cash flow generation funding KE’s operations
Working capital and capex fully funded by operating cash
Significant increasing liquidity maintained at the end of each period
OCF = Operating cash flow before movements in working capital
