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Key Financial Data

Income Statement

for the year ended 31 December		 2011
$000		 2010
$000
Revenue 236,854 192,879
Cost of sales    
Provision for impairment of oil and gas assets/write off of exploration and evaluation costs (12,920) (13,676)
Production based taxes (67,102) (5,219)
Exceptional item – impairment of Russian assets - (74,600)
Other cost of sales (49,573) (51,073)
Total cost of sales (129,595) (144,568)
Gross profit 107,259 48,311
Administrative expenses (25,705) (25,300)
Profit/(loss) on foreign exchange 460 (2,644)
Profit from operations before exceptional item 82,014 94,967
Profit from operations after exceptional item 82,014 20,367
Finance income 915 868
Finance costs (852) (443)
Profit before tax 82,077 20,792
Taxation – current (21,769) (30,288)
Taxation – deferred    
– before the exceptional item (1,171) 16,152
– on the exceptional item – 14,500
Total deferred taxation (1,171) 30,652
Total taxation (22,940) 364
Profit for the year attributable to owners of the parent 59,137 21,156
Basic earnings per 10p ordinary share (in cents)    
– before exceptional item 34.37 47.56
– after exceptional item 34.37 12.38
Diluted earnings per 10p ordinary share (in cents)    
– before exceptional item 34.22 47.33
– after exceptional item 34.22 12.32

Statement of Financial Position

as at 31 December		 2011
$000		 2010
$000
ASSETS    
Noncurrent assets    
Property, plant and equipment 498,834 403,342
Other intangible assets 23,546 23,371
Other receivable 24,238 20,485
Deferred tax assets 13,432 13,583
  560,050 460,781
Current assets    
Inventories 3,669 2,343
Trade and other receivables 21,405 24,396
Restricted cash 9,777 62,018
Cash and cash equivalents 19,122 62,018
  53,973 88,757
Total assets 614,023 549,538
     
LIABILITIES    
Current liabilities    
Current tax liabilities (2,778) (3,630)
Trade and other payables (44,509) (58,332)
Borrowings (35,930) -
Derivative liability (3,169) -
  (86,386) (61,962)
Noncurrent liabilities    
Provisions (3,445) (3,274)
Other payables (4,356) (3,595)
Deferred tax liabilities (13,061) (12,041)
  (20,862) (18,910)
Total liabilities (107,248) (80,872)
Net assets 506,775 468,666
     
EQUITY    
Share capital 26,657 26,649
Share premium 97,476 97,363
Merger reserve 30,680 30,680
Other reserves:    
– Capital redemption reserve 587 587
– Equity – share options 5,483 3,914
– Equity – foreign currency translation (46,479) (28,096)
– Equity – hedge reserve 2,872 -
Retained earnings 389,499 337,569
Total shareholders’ equity 506,775 468,666

Statement of Cash Flows

for the year ended 31 December		2011
$000		2010
$000
Cash flows from operating activities    
Cash generated from operations 124,150 146,271
Interest paid (2,416) (32)
Income tax paid (22,737) (28,526)
Net cash from operating activities 98,997 117,713
Cash flows from investing activities    
Deferred payment on Russian acquisition (2,214) (3,000)
Interest received 724 749
Purchase of intangible assets (12,836) (8,345)
Purchase of property, plant and equipment (149,873) (164,499)
Net cash used in investing activities (164,199) (175,095)
     
Cash flows from financing activities    
Proceeds from issue of ordinary shares 121 58,359
Restricted cash (9,777) -
Repayment of borrowings (10,000) -
Funds received from borrowings (net of costs) 49,500 -
Dividends paid to shareholders (7,207) (13,159)
Net cash from/(used in) financing activities 22,637 45,200
     
Decrease in cash and cash equivalents in the year (42,565) (12,182)
Effect of exchange rates on cash and cash equivalents (331) (168)
Cash and cash equivalents at 1 January 62,018 74,368
Cash and cash equivalents at 31 December 19,122 62,018


* The prior year comparatives have been re-presented to conform with the current year presentation. Interest received is now shown within cash flows from investing activities instead of cash flows from operating activities.

Production volumes (boepd)

Production volumes (boepd) The Board considers the future production profile of the Group’s interests to underpin the value of its asset portfolio.

Capital expenditure ($m)

Capital expenditure ($m) Capital expenditure is used by management to monitor levels of investment and maximise returns on investment and cash flow from our portfolio of oil and gas assets.

Production costs ($ per boe)

Production costs ($ per boe)

Ukrainian gas realisations ($ per Mcf)

Ukrainian gas realisations ($ per Mcf) The Board continues to pursue a strategy to maximise exposure to, and deliver value from, the Ukrainian and, in future, the Russian gas markets.

All Injury Frequency Rate (AIFR)

All Injury Frequency Rate (AIFR) We are committed to continuously improving our health and safety performance.

Return on average capital employed (%)

Return on average capital employed (%) The Board’s strategic objective of returning value to shareholders is most appropriately measured by the return on average capital employed.

Staff turnover – (%)

Staff turnover – (%) Our strategy relies on our ability to attract and retain the best people with appropriate skills at every level.

Reserves at the end of the period (MMboe)

Return on average capital employed (%) A significant contributor to adding to shareholder value is increasing our reserves base to secure long-term sustainable growth.

Why Invest in JKX

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16 May 2013

Interim Management Statement

09 May 2013

Director/PDMR Shareholding

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Director/PDMR Shareholding

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