KUWAIT ENERGY PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six month period ended 30 June 2017
9
Six month period ended
30 June
Year ended 31
December
2017
2016
2016
Unaudited
Audited
Audited
Note
US$ 000’s
US$ 000’s
US$ 000’s
OPERATING ACTIVITIES
Profit/(loss) for the period
5,667
(11,189)
(116,117)
Adjustments for:
Share in results of joint venture
(1,390)
628
(1,451)
Depreciation, depletion and amortisation
30,395
33,835
62,394
Exploration expenditure written off
1,531
-
-
Impairment of oil and gas assets
-
-
94,337
Tax charge
3,938
(222)
1,456
Foreign exchange (gain)/loss
(254)
57
2,340
Change in fair value of convertible loans
15,160
7,362
24,774
Finance costs
6,789
4,650
9,365
Interest income
(299)
(280)
(548)
Provision for retirement benefit obligation
470
283
627
Operating cash flow before movement in working capital
62,007
35,124
77,177
Increase in trade and other receivables
(24,918)
(14,760)
(47,171)
(Decrease)/increase in trade and other payables
(1,791)
(5,102)
2,722
Increase in crude oil prepayments
7,488
-
40,000
Decrease/(increase) in inventories
260
52
(749)
Tax paid
(2,729)
(532)
(532)
Net cash generated by operating activities
40,317
14,782
71,447
INVESTING ACTIVITIES
Purchase of intangible exploration and evaluation assets
(2,181)
(2,164)
(2,503)
Purchase of oil & gas assets
(50,315)
(45,874)
(83,447)
Purchase of other fixed assets
(22)
-
(142)
Increase in capital inventory stores
(1,388)
(1,409)
(42)
Farm-outs of working interest and disposal of other fixed assets
40,625
60
3,560
Investment in Joint Venture
-
-
(945)
Dividend received from joint venture
1,255
2,000
3,500
Interest received
299
358
655
Net cash used in investing activities
(11,727)
(47,029)
(79,364)
FINANCING ACTIVITIES
Repayment of obligations under finance leases
(596)
(979)
(1,766)
Finance costs paid
(19,334)
(17,576)
(34,636)
Net cash used in financing activities
(19,930)
(18,555)
(36,402)
Effect of foreign currency translation
218
(36)
(2,282)
Net increase/(decrease) in cash and cash equivalents
8,878
(50,838)
(46,601)
Cash and cash equivalents at beginning of the period
58,311
105,297
105,297
Cash balance re-classified to assets held for sale in the period
-
-
(385)
Cash and cash equivalents at end of the period
9
67,189
54,459
58,311