|
Years Ended December 31 |
 |
|
2010 |
2009 |
2008 |
 |
| |
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
Income before income tax |
554,620,901 |
108,953,126 |
16,890,862 |
Adjustments for: |
|
|
|
Depletion, depreciation and amortization expense
(Notes 6 and 7) |
27,973,752 |
12,847,502 |
3,073,145 |
Permanent decline on AFS financial assets
(Note 9) |
22,228,507 |
– |
– |
Retirement benefits expense (Note 18) |
5,487,133 |
6,875,839 |
3,746,300 |
Net unrealized foreign exchange losses (gains) |
4,487,696 |
2,880,349 |
(919,142) |
Provision for impairment losses on receivables (Note 5) |
1,031,279 |
– |
– |
Amortization of other deferred charges |
142,720 |
193,299 |
218,492 |
Equity in net earnings of associates (Note 8) |
(26,173,698) |
(9,341,596) |
(10,236,862) |
Interest income (Notes 4 and 15) |
(12,706,684) |
(2,628,261) |
(3,168,115) |
Gain on sale of AFS financial assets (Note 9) |
(1,625,423) |
(2,410) |
– |
Dividend income |
(6,450) |
(6,390) |
(7,800) |
Interest and financing charges (Notes 11 and 15) |
– |
6,696,908 |
17,599,698 |
|
Operating income before working capital changes |
575,459,733 |
126,468,366 |
27,196,578 |
Decrease (increase) in: |
|
|
|
Receivables |
32,772,006 |
(9,147,365) |
(29,857,411) |
Crude oil inventory |
(98,975,502) |
(38,854,893) |
8,087,268 |
Other current assets |
(5,681) |
1,419,792 |
(1,472,394) |
Increase (decrease) in accounts payable and
accrued liabilities |
23,323,472 |
(7,384,755) |
(1,996,962) |
|
Net cash generated from operations |
532,574,028 |
72,501,145 |
1,957,079 |
Interest received (Note 23) |
8,237,926 |
1,505,689 |
2,327,255 |
Dividend received (Note 9) |
2,006,450 |
2,006,390 |
2,007,800 |
Contributions to retirement fund (Note 18) |
(35,000,000) |
(15,000,000) |
– |
Income taxes paid, including creditable taxes applied |
(5,310,576) |
(1,061,131) |
(70,983) |
Interest and financing charges paid (Note 23) |
– |
(7,465,851) |
(17,619,883) |
|
Net cash from (used in) operating activities |
502,507,828 |
52,486,242 |
(11,398,732) |
|
| |
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
Proceeds from sale of AFS financial assets (Note 9) |
3,523,652 |
8,315 |
– |
Acquisitions of: |
|
|
|
Property and equipment (Note 7) |
(19,944,184) |
(7,472,299) |
(976,703) |
AFS financial assets (Note 9) |
– |
(5,720,638) |
– |
Additions to deferred oil exploration costs
(Notes 10 and 23) |
(2,268,971) |
(1,216,761) |
(1,220,541) |
Subscriptions paid |
(1,200,000) |
– |
– |
|
Net cash from (used in) investing activities |
(19,889,503) |
(14,401,383) |
(2,197,244) |
|
| |
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
Proceeds from: |
|
|
|
Collection of subscriptions receivable (Note 13) |
5,436,647 |
196,908,012 |
817,383 |
Availment of loans (Note 11) |
– |
15,000,000 |
75,000,000 |
Advances to related companies (Note 15) |
(97,809,429) |
(10,500,000) |
(23,088,122) |
Payments of: |
|
|
|
Dividends |
(91,701,144) |
– |
– |
Loans payable (Note 11) |
– |
(136,724,515) |
(42,000,000) |
|
Net cash from (used in) financing activities |
(184,073,926) |
64,683,497 |
10,729,261 |
|
| |
|
|
|
NET EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS |
(5,541,988) |
(1,560,353) |
21,751 |
|
| |
|
|
|
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
293,002,411 |
101,208,003 |
(2,844,964) |
| |
|
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR |
102,188,831 |
980,828 |
3,825,792 |
|
| |
|
|
|
CASH AND CASH EQUIVALENTS AT END
OF YEAR (Note 4) |
395,191,242 |
102,188,831 |
980,828 |
 |
| |
|
|
|
|
|
|
|
|
| see accompanying Notes to Consolidated Statements in the Annual Report 2010 |
|
