and subsidiaries - Kufpec

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KUWAIT FOREIGN PETROLEUM EXPLORATION COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS For the year ended 31 December 2008 2008 2007 Note KD 000’s KD 000’s OPERATING ACTIVITIES Profit for the year before tax and directors’ fees 80,487 112,956 Adjustments for: Depreciation, depletion and amortization 60,744 64,162 Net impairment losses/(reversal of impairment losses) 14,824 (6,858) Exploration expenditure written off 34,740 31,045 Interest income (1,077) (3,718) Finance costs 3,362 1,348 Unwinding of the discount on decommissioning provision 1,394 1,217 (Reversal of allowance)/allowance for doubtful receivables (25) 117 Allowance/(recovery of allowance) for slow moving and obsolete inventories 2 (10) Provision for employees’ end of service benefits 910 358 195,361 200,617 (Increase)/decrease in trade and other receivables (2,522) 20,424 Increase in inventories (186) (2,002) (Decrease)/increase in trade and other payables (1,630) 16,129 Change in due from/to Parent Company and affiliates-net (343) (87) Cash generated from operations 190,680 235,081 Income tax paid (36,279) (44,270) Employees’ end of service benefits paid (582) (283) Directors’ fees paid (46) (40) Net cash generated by operating activities 153,773 190,488 INVESTING ACTIVITIES Purchase of other fixed assets (651) (533) Proceeds from disposal of other fixed assets - 10 Decrease in funds held by Parent Company 10,926 66,107 Adjustment of purchase consideration 24 3,126 - Payment of decommissioning liability (127) Acquisition of subsidiaries, net of cash - (127,153) Net additions to oil and gas properties (146,275) (109,932) Interest received 1,077 3,611 Net cash used in investing activities (131,924) (167,890) FINANCING ACTIVITIES (Decrease)/increase in loan from Parent Company (57,361) 57,361 Increase in long-term loan 88,800 - Finance costs paid (3,362) (1,348) Dividends paid (53,150) - Net cash (used in)/generated by financing activities (25,073) 56,013 Effect of foreign currency translation (6,039) (70,207) Net (decrease)/increase in cash and bank balances (9,263) 8,404 Cash and bank balances at beginning of the year 17,383 8,979 Cash and bank balances at end of the year 8,120 17,383 The notes set out on pages 34 to 57 form an integral part of these consolidated financial statements. The Key To New Horizons
KUWAIT FOREIGN PETROLEUM EXPLORATION COMPANY K.S.C. (CLOSED) AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the year ended 31 December 2008 1. INCORPORATION AND PRINCIPAL ACTIVITIES Kuwait Foreign Petroleum Exploration Company K.S.C. (Closed) (“the Company”) was registered in Kuwait in 1981 as a wholly owned subsidiary of Kuwait Petroleum Corporation (“KPC”) (“the Parent Company”) and its registered address is P.O. Box 5291, Safat 13053, State of Kuwait. The principal activities of the Company and its subsidiaries (together referred to as “the Group”) are the exploration and development of oil and gas outside the State of Kuwait. 36 These consolidated financial statements were authorized for issue by the Chairman and Deputy Managing Director on behalf of the Board of Directors on -------. The General Assembly has the power to amend these consolidated financial statements after issuance. 2. ADOPTION OF NEW AND REVISED STANDARDS Interpretations effective in the current period Three Interpretations issued by the International Financial Reporting Interpretations Committee are effective for the current period. These are: IFRIC 11 IFRS 2: Group and Treasury Share Transactions; IFRIC 12: Service Concession Arrangements; and IFRIC 14 IAS 19: The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction. The adoption of these Interpretations has not led to any changes in the Group’s accounting policies. Standards and Interpretations in issue not yet adopted At the date of authorisation of these financial statements, the following Standards and Interpretations were in issue but not yet effective: • IAS 1 (Revised) Presentation of Financial Statements • IAS 16 - (Revised) Property, Plant and Equipment • IAS 19 - (Revised) Employee Benefits • IAS 20 - (Revised) Government Grants and Disclosure of Government Assistance • IAS 23 (Revised) Borrowing Costs • IAS 27 (Revised) Consolidated and Separate Financial Statements • IAS 28 (Revised) Investments in Associates • IAS 29 (Revised) Financial Reporting in Hyperinflationary Economies • IAS 31 (Revised) Interests in Joint Ventures • IAS 32 (Revised) Financial Instruments: Presentation • IAS 36 (Revised) Impairment of Assets • IAS 38 (Revised) Intangible Assets • IAS 39 (Revised) Financial Instruments Recognition and Measurement • IAS 40 (Revised) Investment Property Effective for annual periods beginning on or after 1 January 2009 Effective for annual periods beginning on or after 1 January 2009 Effective for annual periods beginning on or after 1 January 2009 Effective for annual periods beginning on or after 1 January 2009 Effective for annual periods beginning on or after 1 January 2009 Effective for annual periods beginning on or after 1 July 2009 Effective for annual periods beginning on or after 1 July 2009 Effective for annual periods beginning on or after 1 January 2009 Effective for annual periods beginning on or after 1 July 2009 Effective for annual periods beginning on or after 1 January 2009 Effective for annual periods beginning on or after 1 January 2009 Effective for annual periods beginning on or after 1 January 2009 Effective for annual periods beginning on or after 1 January 2009 Effective for annual periods beginning on or after 1 January 2009
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