OPERATING ACTIVITIES |
|
|
|
|
Profit before tax including gain on EnQuest demerger |
|
299,594 |
416,978 |
668,397 |
| Gain on EnQuest demerger |
|
- |
(125,569) |
(124,864) |
|
|
299,594 |
291,409 |
543,533 |
|
|
|
|
|
Adjustments for: |
|
|
|
|
Depreciation, amortisation and impairment |
|
34,194 |
58,731 |
95,903 |
Share–based payments |
14 |
9,910 |
6,538 |
14,784 |
Difference between other long–term employment benefits paid and amounts recognised in the income statement |
|
|
|
|
|
5,987 |
5,282 |
6,074 |
Net finance income |
|
(1,821) |
(469) |
(5,078) |
Gain/(loss) on disposal of property, plant and equipment |
|
- |
(192) |
315 |
| Gain on disposal of intangible assets |
|
- |
- |
(2,338) |
Other non–cash items, net |
|
13,543 |
11,586 |
13,319 |
Operating profit before working capital changes |
|
361,407 |
372,885 |
666,512 |
| |
Trade and other receivables |
|
(196,033) |
(24,936) |
(266,757) |
Work in progress |
|
246,810 |
(569,796) |
(470,288) |
Due from related parties |
|
(3) |
17,968 |
17,933 |
Inventories |
|
(2,360) |
(1,787) |
(2,982) |
Other current financial assets |
|
(6,060) |
4,843 |
(12,661) |
Trade and other payables |
|
609,598 |
43,035 |
167,707 |
Billings in excess of cost and estimated earnings |
|
209,321 |
(36,425) |
(282,715) |
Accrued contract expenses |
|
108,661 |
207,695 |
438,809 |
| Due to related parties |
|
6,495 |
(56,249) |
(45,616) |
Other current financial liabilities |
|
(368) |
7,089 |
6,045 |
| |
|
|
1,337,468 |
(35,678) |
215,987 |
Other non–current items, net |
|
(69,827) |
(9,786) |
(8,720) |
Cash generated from/(used in) operations |
|
1,267,641 |
(45,464) |
207,267 |
| |
Interest paid |
|
(1,943) |
(941) |
(1,948) |
Income taxes paid, net |
|
(97,903) |
(47,167) |
(99,030) |
Net cash flows from/(used in) operating activities |
|
1,167,795 |
(93,572) |
106,289 |
| |
INVESTING ACTIVITIES |
|
|
|
|
Purchase of property, plant and equipment |
9 |
(144,849) |
(78,177) |
(115,345) |
Acquisition of subsidiaries, net of cash acquired |
|
- |
(15,290) |
(15,110) |
| Payment of deferred consideration on acquisition |
|
(15,804) |
- |
- |
|
| Purchase of other intangible assets |
|
(1,088) |
- |
(153) |
Purchase of intangible oil & gas assets |
|
(11,492) |
(4,778) |
(15,644) |
| Cash outflow on EnQuest demerger (including transaction costs) |
|
- |
(17,783) |
(17,783) |
| Investment in associates |
11 |
(50,359) |
- |
(8,459) |
| Purchase of available-for-sale financial assets |
|
- |
- |
(101,494) |
Proceeds from disposal of property, plant and equipment |
|
829 |
987 |
3,219 |
Proceeds from disposal of available–for–sale financial assets |
|
374 |
534 |
539 |
| Proceeds from disposal of intangible assets |
|
- |
- |
6,018 |
Interest received |
|
4,484 |
3,914 |
10,257 |
Net cash flows used in investing activities |
|
(217,905) |
(110,593) |
(253,955) |
| |
FINANCING ACTIVITIES |
Notes |
6 months ended
30 June
2011
Unaudited
US$’000 |
6 months ended
30 June
2010
Unaudited
US$’000 Restated |
Year ended
31 December
2010
Audited
US$’000 |
| Repayment of interest-bearing loans and borrowings |
|
(9,646) |
(5,900) |
(32,458) |
Treasury shares purchased |
14 |
(47,387) |
(37,016) |
(36,486) |
Equity dividends paid |
|
(101,443) |
(84,548) |
(132,244) |
Net cash flows used in financing activities |
|
(158,476) |
(127,464) |
(201,188) |
| |
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS |
|
791,413 |
(331,629) |
(348,854) |
| |
| Net foreign exchange difference on cash and cash equivalents |
|
(6,856) |
(13,480) |
(7,793) |
Cash and cash equivalents at 1 January |
|
1,034,097 |
1,390,744 |
1,390,744 |
CASH AND CASH EQUIVALENTS AT PERIOD END |
13 |
1,818,654 |
1,045,635 |
1,034,097 |