Annual Report & Accounts 2013

 

COMPANY CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2013

2013

2012

 

$’000

$’000

Cash flows from operating activities

 

 

 

Loss before tax

 

(71,504)

(19,930)

Adjusted for:

 

 

 

Finance income

 

(51)

(273)

Finance expense

 

16,436

169

Impairment provision against intercompany loans

 

-

20,000

Service charge

 

55,119

 

Cost of share-based payments

 

-

34

Cash from operations before changes in working capital

 

-

-

 

 

 

 

Increase in trade and other receivables

 

(6,137)

(59,081)

Increase/(decrease) in trade and other payables

 

357

(630)

Income taxes paid

 

(7,905)

-

Net cash from operating activities

 

(13,685)

(59,711)

 

 

 

 

Cash flows from investing activities

 

 

 

Expenditure on intangible exploration and evaluation assets

 

-

(20,775)

Expenditure on production and development assets

 

(14,680)

-

Proceeds from farm-out

 

29,724

101,491

Share of cash calls from joint venture partners

 

3,564

-

Amounts advanced to subsidiary

 

(273,821)

-

Interest received

 

51

273

Net cash generated from investing activities

 

(255,162)

80,989

 

 

 

 

Cash flows from financing activities

 

 

 

Interest (paid) / received

 

(14,156)

433

Borrowing fees paid

 

(14,944)

-

Drawdown of borrowings

 

300,000

3,000

Repayment of borrowings

 

-

(27,000)

Net cash from financing activities

 

270,900

(23,567)

 

 

 

 

Net increase/ (decrease) in cash and cash equivalents

 

2,053

(2,289)

Effect of foreign exchange fluctuation on cash and cash equivalents

 

-

55

Cash and cash equivalents at start of year

657

2,891

Cash and cash equivalents at end of year

2,710

657


The accompanying notes form an integral part of these financial statements.