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Consolidated statement of cash flows | Annual Report 2012 | Zhaikmunai

Dedication across the board
Annual Report 2012

Consolidated Financial Statements

Consolidated statement of cash flows

In thousands of US dollars Note 2012 2011
       
Cash flow from operating activities:      
Profit before income tax   282,372 148,972
Adjustments for:      
Depreciation,depletion and amortization 19, 20 102,632 19,843
Accrual of share option expenses   2,470 3,545
Finance costs 22 50,118 4,717
Interest income   (698) (336)
Loss on disposal of property, plant and equipment   79  
Reversal of tax provision   - (728)
Foreign exchange (gain)/loss on investing and financing activities   (745) 202
Operating profit before working capital changes   436,228 176,215
Changes in working capital:      
Change in inventories   (10,446) (8,879)
Change in trade receivables   (41,364) (11,004)
Change in prepayments and other current assets   (9,190) (6,519)
Change in trade payables   (2,673) 10,497
Change in advances received   (3,094) (8,539)
Payment of obligation to Government of Kazakhstan 15 (1,030) (1,033)
Change in other current liabilities   21,983 (3,390)
Cash generated from operations   390,414 147,348
Income tax paid   (94,173) (13,210)
Payments under Employee Share Option Plan   (4,416) (1,915)
Net cash flows from operating activities   291,825 132,223
       
Cash flow from investing activities:      
Interest income   698 336
Purchases of property, plant and equipment   (210,283) (104,017)
Prepayments for licenses   (10,089) -
Placement of short-term bank deposits   (50,000) -
Net cash used in investing activities   (269,674) (103,681)
       
Cash flow from financing activities:      
Finance costs paid   (53,735) (50,583)
Issue of notes 13 560,000 -
Fees paid on arrangement of notes and borrowings   (7,259) -
Repayment of notes 13 (357,495) -
Premium paid for early repayment of notes   (38,409) -
Transfer to/(from) restricted cash   (576) 667
Treasury capital sold   7,362 2,938
Dividend paid   (59,498) -
Realized gain on derivative financial instrument   - (372)
Net cash (used in)/provided by financing activities   50,390 (47,350)
       
Effects of exchange rate changes on cash and cash equivalents   (204) -
Net increase/(decrease) in cash and cash equivalents   72,337 (18,808)
Cash and cash equivalents at the beginning of the year 11 125,393 144,201
Cash and cash equivalents at the end of the year 11 197,730 125,393

 

NON-CASH TRANSACTIONS
Non-cash transaction, including the following, has been excluded from the consolidated statement of cash flows:

Offset of Corporate Income Tax with Value Added Tax
During the year ended December 31, 2012, the Group offset tax liabilities in the amount of US$ 15,499 thousand, including corporate income tax liability of US$ 8,100 thousand with value added tax receivables