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KUWAIT ENERGY PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the nine month period ended 30 September 2016
6
Nine month period ended
30 September
Year ended
31 December
2016
2015
2015
Unaudited
Unaudited
Audited
Note
US$ 000’s
US$ 000’s
US$ 000’s
OPERATING ACTIVITIES
(Loss)/profit for the period
(12,407)
15,477
(62,367)
Adjustments for:
Share in results of joint venture
767
(2,071)
(445)
Depreciation, depletion and amortisation
48,171
65,010
69,147
Exploration expenditure written off
-
2,519
14,218
Impairment of oil and gas assets
-
-
69,010
Profit on farm-out of working interest
-
(35,000)
(33,876)
Tax charge
837
1,768
2,259
Foreign exchange loss
42
1,789
1,851
Fair value loss on convertible loans
10,118
12,296
9,261
Finance costs
6,975
7,004
9,654
Interest income
(401)
(967)
(1,177)
Provision for retirement benefit obligation
469
505
1,487
Operating cash flow before movement in working capital
54,571
68,330
79,022
(Increase)/decrease in trade and other receivables
(26,946)
32,995
58,776
Decrease in trade and other payables
(2,628)
(31,912)
(25,807)
(Increase)/decrease in inventories
(384)
1,290
1,793
Tax paid
(532)
(9,624)
(9,624)
Net cash generated by operating activities
24,081
61,079
104,160
INVESTING ACTIVITIES
Purchase of intangible exploration and evaluation assets
(2,446)
(9,213)
(10,596)
Purchase of oil & gas assets
(68,834)
(115,052)
(205,922)
Purchase of other fixed assets
(132)
(7,625)
(10,802)
Decrease/(increase) in capital inventory stores
391
(5,310)
(4,562)
Proceeds from farm-out of working interests
-
43,190
43,190
Proceeds from disposal of other fixed assets
60
-
-
(Additions to)/ withdrawal from decommissioning and
retirement benefit obligation fund
(114)
1,050
300
Net increase in liquid investment
-
(50,000)
-
Investment in Joint Venture
(945)
-
(945)
Dividend received from joint venture
2,000
2,000
4,000
Interest received
503
743
1,157
Net cash used in investing activities
(69,517)
(140,217)
(184,180)
FINANCING ACTIVITIES
Proceeds from finance lease
-
5,902
5,902
Repayment of obligations under finance leases
(1,468)
-
(489)
Finance costs paid
(31,551)
(31,274)
(34,342)
Net cash used in financing activities
(33,019)
(25,372)
(28,929)
Effect of foreign currency translation
(50)
(1,513)
(1,746)
Net decrease in cash and cash equivalents
(78,505)
(106,023)
(110,695)
Cash and cash equivalents at beginning of the period
105,297
215,992
215,992
Cash and cash equivalents at end of the period
8
26,792
109,969
105,297