567,534 521,454
-------------- --------------
Non-current liabilities:
Provision for decommissioning 23 9,346 5,153
Deferred income tax liabilities 15 68,153 65,592
Long-term borrowings 25 100,000 45,767
177,499 116,512
-------------- --------------
Current liabilities:
Trade and other payables 24 17,999 22,796
Other taxes payable 13,116 9,232
Income tax payable 70 1,009
Short-term borrowings 25 245 3,271
31,430 36,308
-------------- --------------
TOTAL LIABILITIES AND EQUITY 776,463 674,274
============== ==============
The financial statements were authorised for issue by the board
of directors on 7 March 2013.
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
Note Share Share Other Retained Translation Total equity
capital premium invested earnings reserve
capital
-------- -------- --------- --------- ----------- ------------
$'000 $'000 $'000 $'000 $'000 $'000
Balance at 1
January 2011 1 126,034 68,536 177,051 36,394 408,016
======== ======== ========= ========= =========== ============
Comprehensive
loss
Net loss for
the year - - - (10,449) - (10,449)
Other comprehensive
loss
Translation
difference - - - - (26,373) (26,373)
-------- -------- --------- --------- ----------- ------------
Total comprehensive
loss - - - (10,449) (26,373) (36,822)
-------- -------- --------- --------- ----------- ------------
Ordinary shares
issued for cash 26 - 153,406 - - - 153,406
Share based
payment charge 27 - - - 4,178 - 4,178
Share issue
costs 26 - (7,324) - - - (7,324)
Transactions
with owners - 146,082 - 4,178 - 150,260
Balance at 31
December 2011 1 272,116 68,536 170,780 10,021 521,454
======== ======== ========= ========= =========== ============
Comprehensive
income
Net profit for
the year - - - 12,142 - 12,142
Other comprehensive
income
Translation
difference - - - - 24,792 24,792
-------- -------- --------- --------- ----------- ------------
Total comprehensive
income - - - 12,142 24,792 36,934
-------- -------- --------- --------- ----------- ------------
Share based
payment charge 27 - - - 9,146 - 9,146
Transactions
with owners - - - 9,146 - 9,146
Balance at 31December
2012 1 272,116 68,536 192,068 34,813 567,534
======== ======== ========= ========= =========== ============
CONSOLIDATED STATEMENT OF CASH FLOW (UNAUDITED)
For the year ended 31 December
--------------------------------
Note 2012 2011
--------------- ---------------
$'000 $'000
CASH FLOWS FROM OPERATING ACTIVITIES:
Profit/(loss) before income tax 17,525 (7,557)
Adjustments for:
Depreciation, depletion and amortisation 17 20,468 13,795
Loss on write-off of property, plant
and equipment 10 1,062 2,249
Finance income 13 (2,895) (1,328)
Finance cost 14 4,161 953
Unused vacation accrual 7, 9 340 216*
Bad debt expense 7, 10 318 195*
Share based payment charge 27 9,146 4,178
Foreign exchange (profit)/loss (3,375) 6,744
Operating cash flow before working
capital changes 46,750 19,445
Changes in working capital:
Increase in inventories (1,558) (1,546)
(Increase)/decrease in trade and
other receivables (3,987) 602
(Decrease)/increase in trade and
other payables (4,995) 11,729
Increase in taxes payable 3,741 3,893
Cash generated from operations 39,951 34,123
Interest received 2,161 932
Income tax paid (6,031) (2,639)
Net cash generated from operating
activities 36,081 32,416
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (86,494) (97,266)
Interest paid (capitalised portion) (5,903) (2,712)
Loans issued 21 (2,719) -
Redemption/(purchase) of Eurobonds 20 14,313 (15,399)
Net cash used in investing activities (80,803) (115,377)
--------------- ---------------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from share issuance 26 - 146,082
Proceeds from borrowings 25 49,761 -
Interest paid - (978)
Repayment of loan (2,500) -
---------------
Net cash generated from financing
activities 47,261 145,104
--------------- ---------------
NET INCREASE IN CASH AND CASH EQUIVALENTS 2,539 62,143
Translation difference 859 (873)
Cash and cash equivalents at beginning
of the year 117,567 56,297
Cash and cash equivalents at end
of the year 120,965 117,567
=============== ===============
* Unused vacation accrual of $216 thousand and bad debt expense
of $195 thousand were reclassified from changes in working capital
to operating cash flow before working capital changes to provide
consistency with the presentation for the year ended 2012.
NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
1. Background
The principal activity of Exillon Energy plc (the "Company" or
the "Parent") and its subsidiaries (together "the Group") is
exploration, development and production of oil. 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 provided in Note 31.
Exillon Energy plc 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.
The Group's operations are conducted primarily through its
operating segments, Exillon TP and Exillon WS.
2. basis of preparation
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