Cash Flow Statements
| Group | Company | ||||
|---|---|---|---|---|---|
| Notes | 2009 US$000's | Restated * 2008 US$000's | 2009 US$000's | 2008 US$000's |
|
| Operating profit/(loss) for the year |
45,791 |
(44,057) |
(28,407) |
(45,786) |
|
| Depreciation, depletion and amortisation |
154,783 |
30,030 |
862 |
632 |
|
| Derivative financial instruments |
48,458 |
(55,499) |
– |
– |
|
| Impairment of oil and gas assets |
(859) |
38,212 |
– |
– |
|
| Provision for inventories – spare parts |
– |
1,206 |
– |
– |
|
| Share-based payments charge |
30 |
9,292 |
10,819 |
6,767 |
6,691 |
| Operating cash flows before movements in working capital |
257,465 |
(19,289) |
(20,778) |
(38,463) |
|
| Decrease/(increase) in trade and other operating receivables |
533 |
(25,149) |
(1,416) |
(7,550) |
|
| Increase in trade and other operating payables |
31,761 |
22,498 |
16,744 |
30,861 |
|
| Increase in inventory (crude oil) |
(11,588) |
(5,608) |
– |
– |
|
| Currency translation adjustments |
117 |
737 |
76 |
710 |
|
| Net cash generated/(used) in operating activities |
278,288 |
(26,811) |
(5,374) |
(14,442) |
|
| Purchases of property, plant and equipment: |
|||||
| – oil and gas assets |
(97,810) | (224,297) |
(1,274) |
– | |
| – other |
(3,770) |
(5,115) |
– | (2,051) |
|
| Exploration and evaluation expenditure |
(90,365) | (62,396) |
– | – | |
| Advances to Group undertakings |
– | – | (133,312) |
(175,788) |
|
| Investment in subsidiaries |
– | – | (4,060) |
(10,761) |
|
| Increase in inventories – spare parts |
(9,700) | (2,709) |
– | – | |
| Purchase of investments |
(1,815) | (1,501) |
(1,815) |
(1,501) |
|
| Investment revenue |
599 | 5,349 |
521 |
4,529 |
|
| Completion payment on 2008 acquired subsidiaries |
(6,198) | – | – | – | |
| Acquisition of subsidiaries, net of cash acquired |
31 |
– | (168,749) |
– | – |
| Net cash used in investing activities |
(209,059) |
(459,418) |
(139,940) |
(185,572) |
|
| Issue of ordinary share capital |
326,969 |
238,313 |
326,969 |
238,313 |
|
| Costs of share issues |
(14,236) |
(7,663) |
(14,236) |
(7,663) |
|
| Proceeds from borrowings |
– |
362,502 |
– |
– |
|
| Borrowing costs |
– |
(11,597) |
– |
– |
|
| Incentive paid on early conversion of bonds |
– |
(9,332) |
– |
(9,332) |
|
| Repayment of borrowings |
(148,447) |
(29,032) |
– |
– |
|
| Interest and financing fees paid |
(26,870) |
(16,282) |
(49) |
(7,399) |
|
| Net cash provided by financing activities |
137,416 |
526,909 |
312,684 |
213,919 |
|
| Net increase in cash and cash equivalents |
206,645 |
40,680 |
167,370 |
13,905 |
|
| Cash and cash equivalents at beginning of year |
117,719 |
91,783 |
39,106 |
39,937 |
|
| Effect of foreign exchange rate changes |
(3,052) |
(14,744) |
(3,359) |
(14,736) |
|
| Cash and cash equivalents at end of year |
19 |
321,312 |
117,719 |
203,117 |
39,106 |
* See note 31.
In 2008 a material non-cash transaction occurred, being the early conversion of the Group’s convertible bonds (see note 23).