Annual Report 2010 - Ophir Energy

64
Ophir energy plc | 2010 ANNUAL REPORT
grOUp AccOUnTs | NOTEs TO THE fiNANCiAL sTATEmENTs
Notes to the
financial statements
21 notes to the statement of
cash Flows
As AT
31 Dec
2010
Us$’000
grOUp
As AT
31 Dec
2009
Us$’000
As AT
31 Dec
2010
Us$’000
cOMpAny
As AT
31 Dec
2009
Us$’000
Reconciliation of operating profit to net cash
inflow from operating activities
Operating loss before taxation (19,278) (43,266) (8,007) (20,302)
Adjustments to reconcile operating loss before
tax to net cash flows from operating activities
Depreciation of property, plant and equipment 735 576 71 47
Amortisation of geological databases 17 33 - -
Amortisation of intangible assets - 3,459 - 3,459
(Profit)/Loss on disposal of assets 14 22 4 (19)
Provision for employee entitlements 147 211 5 30
Foreign currency exchange losses 234 194 14 166
Share-based payments 825 2,588 825 2,588
Exploration expenditure written off 13,308 18,844 49 -
Impairment allowance on intercompany loans - - 2,116 461
Fair value of forward exchange contract - 8,209 - 8,209
Exploration recovery on farm out (4,009) - - -
Working capital adjustments
Increase in inventory (4,286) (3,315)
(Decrease)/Increase in trade and other
payables (12) 296 (74) 51
Increase in trade and other receivables (449) 1,755 362 1,004
cash utilised in operations (12,754) (10,394) (4,635) (4,306)
Income taxes paid - - - -
net cash flow used in operating activities (12,754) (10,394) (4,635) (4,306)