Consolidated cash flow statement

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For the year ended 31 December 2012

  2012
$’000s
2011
$’000s
Cash flow from operating activities    
Profit before tax 10,834 112,649
Adjustments for:    
 Amortisation, depreciation and impairment of property, plant and equipment 96,907 109,308
 Impairment of producing oil and gas properties 6,682 -
 Exploration write-offs 44,384 50,316
 Profit on disposal of subsidiary undertakings - (6,807)
 Impairment of non-producing assets held for sale 16,554 -
 Interest revenue (193) (55)
 Finance costs 27,352 22,247
 Other financial losses 6,328 2,084
 Share based payments 4,113 3,836
Operating cash flow prior to movement in working capital 212,961 293,578
Decrease/(increase) in oil inventories 36,403 (34,551)
(Increase)/decrease in trade and other receivables (10,425) 53,395
Increase/(decrease) in trade and other payables 16,679 (16,461)
Cash generated from operations 255,618 295,961
Payment of tax (97,188) (102,052)
Net cash from operating activities 158,430 193,909
Investing activities    
Expenditure on intangible assets (113,125) (123,318)
Purchase of property, plant and equipment (173,982) (108,211)
Proceeds from disposal of subsidiary undertakings - 45,673
Movement in other receivables (included restricted bank deposits) 1,235 (17,465)
Interest received 193 4
Net cash used in investing activities (285,679) (203,317)
Financing activities    
Interest paid (14,700) (13,877)
Other financial receipts and payments 573 (2,762)
Cash flows in respect of long term borrowings:    
 Repayment of borrowings facilities (195,805) (224,678)
 Drawdown of borrowings facilities 288,466 221,712
Cash flow in respect of shares issued: - 126
 Gross proceeds 210,455 -
 Fees (11,845) -
Net cash from/(used in) financing activities 277,144 (19,479)
Net increase/(decrease) in cash and cash equivalents 149,895 (28,887)
Cash and cash equivalents at the beginning of the year 60,376 89,860
Effect of foreign exchange rate changes (2,929) (597)
Cash and cash equivalents at the end of the year 207,342 60,376