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KUWAIT ENERGY PLC
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
Three months ended 31 March 2016
6
*Movement in trade and others payables have been split between operating and investing activities (purchase of oil and
gas assets).
Three months ended 31 March
Year ended
31 December
2015
Audited
Note
2016
Unaudited
2015
Unaudited
(Restated)*
USD 000’s USD 000’s USD 000’s
OPERATING ACTIVITIES
Loss for the period
(10,418)
(12,369)
(62,367)
Adjustments for:
Share of results of Joint Venture
(480)
(500)
(445)
Depreciation, depletion and amortisation
18,492
24,779
69,147
Exploration expenditure written off
-
2,300
14,218
Impairment of oil and gas assets
-
-
69,010
Profit on farm-out of working-interest
-
-
(33,876)
Tax charges
910
1,500
2,259
Foreign exchange loss
63
316
1,851
Fair value loss on convertible loans
3,565
3,600
9,261
Finance costs
2,667
4,539
9,654
Interest income
(182)
(125)
(1,177)
Provision for retirement benefit obligation
145
278
1,487
Operating cash flow before movement in working capital
14,762
24,318
79,022
(Increase)/decrease in trade and other receivables
(2,032)
7,838
58,776
Decrease in trade and other payables
(3,267)
(30,310)
(25,807)
Increase in inventories
306
2,318
1,793
Tax paid
-
(1,054)
(9,624)
Net cash generated by operating activities
9,769
3,110
104,160
INVESTING ACTIVITIES
Purchase of intangible exploration and evaluation assets
(457)
(11,208)
(10,596)
Purchase of oil and gas assets
(29,644)
(49,100)
(202,065)
Acquisition of oil and gas assets
-
-
(3,857)
Purchase of other fixed assets
(136)
(308)
(10,802)
(Increase)/decrease in capital inventory stores
(1,845)
316
(4,562)
Proceeds from farm-out of working interests
-
-
43,190
Withdrawal from/(additions to) decommission and
retirement benefit obligation fund
-
(900)
300
Investment in Joint Venture
-
-
(945)
Dividend received from Joint Venture
-
2,000
4,000
Interest received
168
125
1,157
Net cash used in investing activities
(31,914)
(59,075)
(184,180)
FINANCING ACTIVITIES
Proceeds from finance lease
-
-
5,902
Repayment of obligations under finance leases
(489)
-
(489)
Finance costs paid
(13,975)
(13,555)
(34,342)
Net cash used in financing activities
(14,464)
(13,555)
(28,929)
Net decrease in cash and cash equivalents
(36,609)
(69,520)
(108,949)
Cash and cash equivalents at beginning of the period
105,297
215,992
215,992
Effect of foreign exchange rate changes on cash and cash
equivalents
(61)
(289)
(1,746)
Cash and cash equivalents at end of the period
8
68,627
146,183
105,297