Business Review

Group Statement of Cash Flows



For the six months ended 30 June 2010

Notes Six months
ended
30 June 2010
(unaudited)
$m
Six months
ended
30 June 2009
(restated)
(unaudited)
$m
Year ended
31 December 2009
(restated)
(audited)
$m
Cash flows from operating activities  
Profit/(loss) before taxation   58.4 (117.6) (73.2)
Exceptional revenue provision   64.0 64.0
Unsuccessful exploration costs   40.8 24.0 57.4
Depletion, depreciation, decommissioning and amortisation   76.7 26.6 68.5
Share-based payments charge   44.1 8.1 43.4
Impairment and exceptional impairment   10.5 0.5 138.8
Gain on sale of intangible exploration/appraisal assets   (15.0)
Exceptional gain on disposal of non-controlling interests   (199.5)
Finance income   (11.8) (27.1) (43.2)
Finance costs   17.9 33.7 31.7
Exceptional finance costs   31.6 31.6
Net interest paid   (15.2) (9.0) (14.7)
Income tax paid   (46.7) (11.5) (50.8)
Foreign exchange differences   (1.6) (6.4) 4.1
Movement on inventory of oil and condensate   (21.6) (0.5) (9.6)
Trade and other receivables movement   (67.3) (46.5) 33.3
Trade and other payables movement   47.5 34.5 5.0
Movement in other provisions   (6.6) (29.2) 39.1
Net cash from/(used in) operating activities   125.1 (24.8) 110.9
Cash flows from investing activities
Expenditure on intangible exploration/appraisal assets   (180.7) (31.4) (128.1)
Expenditure on property, plant & equipment – development/producing assets   (270.5) (428.0) (785.0)
Purchase of property, plant & equipment – other   (1.6) (0.3) (1.8)
Purchase of intangible assets – other   (3.6) (1.7) (4.0)
Buy-back of shares in subsidiary out of capital   (3.7)
Proceeds on disposal of intangible exploration/appraisal assets   63.5 5.1
Proceeds on disposal of property, plant & equipment – other   0.1
Movement in funds on bank deposits   (87.2) (132.8) 288.0
Interest received   31.3 26.2 38.9
Net cash used in investing activities   (448.8) (567.9) (590.6)
Cash flows from financing activities
Proceeds from sale of non-controlling interests   1.2 241.4
Arrangement and facility fees   (19.7) (34.9)
Proceeds from shares issued for cash   157.8 157.8
Proceeds from exercise of share options   8.4 0.2 4.7
Purchase of own shares   (9.7)
Payment of finance lease liabilities   (0.7) (1.5) (2.4)
Proceeds of borrowings   164.6 350.0 166.1
Net cash flows from financing activities   144.1 506.5 532.7
Net (decrease)/increase in cash and cash equivalents   (179.6) (86.2) 53.0
Opening cash and cash equivalents at beginning of period   1,176.5 1,113.0 1,113.0
Exchange gains on cash and cash equivalents   0.4 35.4 10.5
Closing cash and cash equivalents 9 997.3 1,062.2 1,176.5

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