2009 Annual Report - Rompetrol.com

Cash Flow Statement (USD )
2009 2008
Loss before tax (154,704,079) (284,195,162)
Adjustments for:
Depreciation and amortisation 130,125,751 104,036,861
Provisions for receivables and inventories (5,760,051) 108,689,772
Impairment and provisions for property, plant and equipment 14,210,338 7,604,513
Other provisions (21,997,666) (7,192,334)
Late payment interest 18,217,095 25,884,672
Unwinding of discount on hybrid instrument (15,546,188) 34,174,516
Interest expense, commission and bank charges and collection discounts 85,165,534 94,893,908
Interest expense shareholders 17,712,794 22,280,519
Finance income (11,243,992) (5,432,413)
Net losses/(gains) from non-current assets disposals 25,734 (52,224)
Net result from sale of Group investments - (59,051,900)
Unrealised losses/(gains) from derivatives on petroleum products 20,951,561 (31,196,598)
Realised losses/(gains) from derivatives on petroleum products 10,748,842 12,709,586
Share in profits of associates (631,142) 711,165
Negative goodwill (577,456) (129,212)
Share option expense - 7,981,403
Unrealised foreign exchange losses/(gains) 1,308,851 (10,425,762)
Operating profit before working capital changes 88,005,926 21,291,310
Net working capital changes in:
Receivables and prepayments 53,615,805 198,922,834
Inventories (110,472,672) 101,638,144
Trade and other payables (24,507,729) 3,797,096
Change in working capital (81,364,596) 304,358,074
Income tax paid (12,059,496) (20,759,347)
Cash payments for derivatives (10,748,842) (12,709,586)
Net cash (used in)/provided by operating activities (16,167,008) 292,180,451
Cash flows from investing activities
Purchase of property, plant and equipment (189,116,356) (331,452,630)
Purchase of intangible assets (31,279,811) (26,416,443)
Changes in payables for capital expenditures (61,286,917) 45,245,317
Dividends received from associated companies 751,395 -
Proceeds from sale of property, plant and equipment 2,904,589 11,885,339
Cash of subsidiaries being disposed of - (872,788)
Proceeds from sale of subsidiaries shares - 33,850,000
Consideration paid for acquisition of minority interests (12,065,899) (27,539,476)
Net cash used in investing activities (290,092,999) (295,300,681)
Cash flows from financing activities
Cash and cash equivalents as result of capital contribution from shareholders 1,100,000,000 -
Dividends paid to minority shareholders (1,256,140) (129,187)
Shareholders acquisition/transaction fees - (8,927,124)
Coupon paid on hybrid instrument (22,885,609) (59,622,872)
Interest and bank charges paid (108,066,612) (117,174,427)
Interest and other financial income received 10,818,305 5,432,413
Drawings of long term borrowings from shareholders 82,842,682 446,458,954
Repayments of long term borrowings from shareholders (133,333,334) -
Repayments of long term loans from banks (30,989,766) (25,765,118)
Movement in short-term borrowings (482,961,751) (147,741,709)
Repayments of finance leases (4,737,818) -
Loans granted - (5,000,000)
Net cash from financing activities 409,429,957 87,530,930
(Decrease)/Increase in cash and cash equivalents 103,169,950 84,410,700
Cash and cash equivalents at the beginning of period 171,222,482 86,811,782
Cash and cash equivalents at the end of the period 274,392,432 171,222,482
The abbreviated financial information is derived from the Consolidated Financial Statements as of and for the year ended 31 st December 2009 and should
be read in conjunction with these audited Consolidated Financial Statements. On the full consolidated financial statements an unqualified audit opinion
was issued.
2009 Annual Report 66