Annual Report & Accounts 2013

 

CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2013

2013

2012

 

$’000

$’000

Cash flows from operating activities

 

 

 

Loss before tax

(4,477)

(6,675)

Adjusted for:

 

 

 

Finance income

 

(1,671)

(2,292)

Finance expense

 

21,837

5,889

Amortisation, depreciation and decommissioning charges

 

92,846

26,189

Cost of decommissioning

 

(915)

(70)

Exploration costs written off

33,053

4,603

Cost of share-based payments

5,017

3,864

Income tax charge on Egyptian revenue

 

(20,151)

(7,436)

Cash flows from operations before changes in working capital

 

125,539

24,072

 

 

 

 

(Increase)/decrease in inventories

 

(966)

1,837

Decrease in trade and other receivables

 

35,324

11,987

(Decrease) in trade and other payables

 

(35)

(24,439)

Income taxes paid

 

(14,713)

(380)

Net cash generated from operating activities

 

145,149

13,077

 

 

 

 

Cash flows from investing activities

 

 

 

Expenditure on intangible exploration and evaluation assets

 

(60,033)

(24,022)

Expenditure on production and development assets

 

(130,327)

(10,093)

Proceeds from farm-out

 

29,724

101,529

Share of cash calls from joint venture partners

 

10,369

-

Cash acquired on acquisition of subsidiary

 

-

32,227

Interest received

1,623

1,734

Subsidiary dividend paid

 

-

(8,714)

Net cash from investing activities

 

(148,644)

92,661

 

 

 

 

Cash flows from financing activities

 

 

 

Interest paid

 

(14,109)

(1,424)

Borrowing fees paid

 

(15,102)

(7,157)

Drawdown of borrowings

 

300,000

303,000

Repayment of borrowings

 

(280,000)

(342,000)

Net cash from financing activities

 

(9,211)

(47,581)

 

 

 

 

Net (decrease)/ increase in cash and cash equivalents

 

(12,706)

58,157

Effect of foreign exchange fluctuations on cash and cash equivalents

 

(623)

(34)

Cash and cash equivalents at start of year

67,198

9,075

Cash and cash equivalents at end of year

53,869

67,198


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