capital changes 17,370 (5,450)
Changes in working capital:
Increase in inventories (1,503) (565)
Increase in trade and other
receivables (2,323) (5,411)
Decrease in trade and other
payables (2,960) (4,235)
Increase in taxes payable 3,990 538
------------ ------------
Cash used in operations 14,574 (15,123)
------------ ------------
Interest received 73 -
Income tax paid (1,547) -
Net cash generated from operating
activities 13,100 (15,123)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and
equipment (46,085) (13,665)
Interest paid (capitalised
portion) (957) -
Purchase of Eurobonds 16 (15,399) -
Net cash used in investing activities (62,441) (13,665)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from share issuance, net 146,081 30,251
Interest paid (888) -
Repayment of loan from related
parties 24 - (740)
------------
Net cash generated from financing
activities 145,193 29,511
------------ ------------
NET INCREASE IN CASH 95,852 723
Translation difference 575 (49)
Cash at beginning of the period 56,297 34,280
Cash at end of the period 152,724 34,954
============ ============
The notes on pages 14 to 27 form an integral part of this
condensed consolidated financial information
exillon energy plc
notes to condensed consolidated financial statements
1. Background
The principal activity of Exillon Energy plc (the "Company" or
the "Parent") and its subsidiaries (together "the Group") is the
exploration, development and production of oil within the
Commonwealth of Independent States ("CIS") region. The Group's
production facilities are based in the Republic of Komi and the
Khanty-Mansiysk Region of the Russian Federation. The Group's
structure is given in Note 25.
The Company is a public limited company which is listed on the
London Stock Exchange and is incorporated and domiciled in the Isle
of Man. The Company was formed on 27 March 2008. Its registered
address is Fort Anne, South Quay, Douglas, Isle of Man, IM1
5PD.
As at 30 June 2011, the main shareholder has 30.2% in the
Company's outstanding issued share capital.
The Group's operations are conducted primarily through its
subsidiaries, Exillon TP and Exillon WS.
This condensed consolidated interim financial information has
been reviewed, not audited.
2. basis of preparation
This condensed consolidated interim financial information for
the six months ended 30 June 2011 has been prepared in accordance
with IAS 34, "Interim financial reporting". The condensed
consolidated interim financial information should be read in
conjunction with the annual financial statements for the year ended
31 December 2010, which have been prepared in accordance with
International Financial Reporting Standards ("IFRSs"). The
operations carried out by the Group are not subjected to the
seasonality or cyclicality factors.
3. going concern
The Group's business activities, together with the factors
likely to affect its future development, performance and position
including financial risk factors are set out on page 7. In carrying
out their assessment, the Directors have considered the Company and
Group budget, the cash flow forecasts, trading estimates,
contractual arrangements, committed financing and exposure to
contingent liabilities. The Directors believe that the Group's
forecasts and projections, taking account of reasonably possible
changes in trading performance, show that the Group is adequately
financed and the Group therefore continues to adopt the going
concern basis in preparing its consolidated interim financial
statements.
4. adoption of new and revised standards
(i) During the six months ended 30 June 2011 there were no
certain new and revised standards and interpretations published
that are mandatory for the Group's accounting periods beginning on
or after 1 January 2011 and which the Group has adopted.
(ii) The following new standards, new interpretations and
amendments to standards and interpretations have been issued but
are not effective for the financial year beginning 1 January 2011
and have not been early adopted:
-- IFRS 9 Financial instruments; effective on or after 1 January
2013 (available for early adoption);
-- IAS 12 Income taxes (amendment on deferred tax, effective 1
January 2012);
-- IFRS 7 Financial instruments: Disclosures (amendment, 1 July
2011).
Management anticipates that the adoption of these Standards and
Interpretations in future periods will have no material impact on
the consolidated financial statements of the Group.
5. ACCOUNTING POLICIES
Accounting policies - the accounting policies applied are
consistent with those of the annual consolidated financial
statements for the year ended 31 December 2010. There is a new
policy for the period in relation to the investment in the
eurobond.
Financial instruments - Eurobonds are non-derivative financial
assets with fixed coupon receipts. The financial instrument is
measured at amortised cost using the effective interest method,
less any impairment. Interest income is recognised by applying the
effective interest rate.
Effective interest method
The effective interest method is a method of calculating the
amortised cost of a financial asset and of allocating interest
income over the relevant period. The effective interest rate is the
rate that exactly discounts estimated future cash receipts
(including all fees on points paid or received that form an
integral part of the effective interest rate, transaction costs and
other premiums or discounts) through the expected life of the debt
instrument, or, where appropriate, a shorter period, to the net
carrying amount on initial recognition.
Critical accounting judgements and key sources of estimation
uncertainty:
The preparation of interim financial statements requires
management to make judgements, estimates and assumptions that
affect the application of accounting policies and the reported
amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates.
In preparing these condensed consolidated interim financial
statements, the significant judgements made by management in
applying the group's accounting policies and the key sources of
estimation uncertainty were the same as those that applied to the
consolidated financial statements for the year ended 31 December
2010.
6. segmental analysis
Management has determined the operating segments based on the
reports reviewed by Directors that are used to make strategic
decisions, who are deemed to be the chief operating decision maker
("CODM").
Exillon Energy plc manages its business as 3 operating segments,
Exillon TP, Exillon WS and Regional Resources.
-- Exillon TP: oil company based in the Timan-Pechora basin in
the Komi Republic in the Russian Federation. The revenue is derived
from extraction and sale of crude oil.
-- Exillon WS: oil company based in Western Siberia in the
Russian Federation. The revenue is derived from extraction and sale
of crude oil.
-- Regional Resources: oil trading company based in Moscow in
the Russian Federation.
Segmental information for the Group for the six months ended 30
June 2011 is presented below:
Exillon Exillon Regional Intersegment
TP WS Resources Other eliminations Total
-------- -------- --------- -------- ------------ --------
$'000 $'000 $'000 $'000 $'000 $'000
Gross segment
revenue 34,007 54,431 479 - - 88,917
-------- -------- --------- -------- ------------ --------
Inter-segment
revenues - - (479) - - (479)
Revenue 34,007 54,431 - - - 88,438
Selling and
transportation
expenses (12,585) (24,278) - - 408 (36,455)
-------- -------- --------- -------- ------------ --------
Net back 21,422 30,153 - - 408 51,983
-------- -------- --------- -------- ------------ --------
EBITDA 4,146 10,453 (138) 2,909 - 17,370
-------- -------- --------- -------- ------------ --------
Depreciation
and depletion 2,914 2,774 46 64 - 5,798
Finance income (28) (37) - (136) - (201)
Finance cost 48 159 - 541 - 748
Operating
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