There are no material changes to either the contingent liabilities or post balance sheet events, from those previously disclosed within the 2014 annual report and accounts.

Unaudited condensed consolidated statement of comprehensive income

Three months ended 31 March 2015

 
                                                   3 months to     3 months to 
                                                 31 March 2015   31 March 2014 
                                                     Unaudited       Unaudited 
                                                          US$m            US$m 
==============================================   =============   ============= 
 
Revenue                                                  130.3           269.0 
Cost of sales                                           (87.0)         (186.0) 
===============================================  =============   ============= 
Gross profit                                              43.3            83.0 
Administrative expenses                                 (32.2)           (6.4) 
Other operating expenses 
- derivative financial instruments                       (1.8)           (3.6) 
- impairment of exploration and evaluation 
 assets                                                 (26.5)           (0.6) 
===============================================  =============   ============= 
Operating (loss)/profit                                 (17.2)            72.4 
Finance income                                             0.2             0.6 
Finance costs                                           (34.2)          (19.9) 
Other gains 
- foreign currency gains                                   3.1             2.3 
- fair value gains on financial liabilities 
 and financial assets                                        -             0.4 
(Loss)/profit before tax                                (48.1)            55.8 
Income tax (charge)/credit                               (5.0)            16.7 
===============================================  =============   ============= 
(Loss)/profit after tax                                 (53.1)            72.5 
===============================================  =============   ============= 
Attributable to: 
Equity holders of Afren plc                             (52.0)            74.3 
Non-controlling interests                                (1.1)           (1.8) 
===============================================  =============   ============= 
                                                        (53.1)            72.5 
 ==============================================  =============   ============= 
 
Other comprehensive income 
Loss on revaluation of available-for-sale 
 investment                                                  -           (0.1) 
Reclassification adjustment for gains 
 recycled to profit and loss                            (32.2)               - 
===============================================  =============   ============= 
Other comprehensive expense for the period              (32.2)           (0.1) 
===============================================  =============   ============= 
Total comprehensive (expense)/income for 
 the period                                             (85.3)            72.4 
===============================================  =============   ============= 
Attributable to: 
Equity holders of Afren plc                             (84.2)            74.2 
Non-controlling interests                                (1.1)           (1.8) 
===============================================  =============   ============= 
                                                        (85.3)            72.4 
 ==============================================  =============   ============= 
 
(Loss)/earnings per share from all activities 
Basic                                                    (0.6)  c          6.8  c 
Diluted                                                  (0.6)  c          6.5  c

Unaudited condensed consolidated balance sheet

As at 31 March 2015

 
 
                                                              31 December 
                                               31 March 2015         2014 
                                                   Unaudited      Audited 
                                                        US$m         US$m 
============================================   =============  =========== 
Assets 
Non-current assets 
Intangible oil and gas assets                          221.0        219.6 
Property, plant and equipment                        1,580.1      1,379.9 
Deferred tax assets                                    340.4        348.2 
                                                     2,141.5      1,947.7 
 ============================================  =============  =========== 
Current assets 
Inventories                                            125.3        164.7 
Trade and other receivables                            195.6        221.8 
Prepayments and advances to Partners                    64.0         64.0 
Cash and cash equivalents                              100.5        236.5 
                                                       485.4        687.0 
 ============================================  =============  =========== 
Total assets                                         2,626.9      2,634.7 
=============================================  =============  =========== 
Liabilities 
Current liabilities 
Trade and other payables                             (837.0)      (735.3) 
Provisions                                            (13.6)       (21.0) 
Borrowings                                           (574.8)      (268.4) 
Current tax liabilities                               (23.8)       (15.7) 
Deferred consideration on acquisitions                (21.5)       (21.0) 
Obligations under finance lease                       (23.8)       (21.8) 
Derivatives over own equity                           (58.9)       (57.5) 
Derivative financial instruments                           -        (4.8) 
                                                   (1,553.4)    (1,145.5) 
 ============================================  =============  =========== 
Net current liabilities                            (1,068.0)      (458.5) 
=============================================  =============  =========== 
Non-current liabilities 
Deferred tax liabilities                              (85.1)       (96.0) 
Provision for decommissioning                         (37.9)       (44.0) 
Borrowings                                           (721.3)    (1,035.6) 
Obligations under finance leases                      (50.3)       (56.0) 
Derivative financial instruments                      (11.8)        (8.4) 
=============================================  =============  =========== 
                                                     (906.4)    (1,240.0) 
 ============================================  =============  =========== 
Total liabilities                                  (2,459.8)    (2,385.5) 
Net assets                                             167.1        249.2 
=============================================  =============  =========== 
Equity 
Share capital                                           19.2         19.2 
Share premium                                          929.3        929.3 
Other reserves                                          89.0        118.0 
Accumulated loss                                     (852.1)      (800.1) 
=============================================  =============  =========== 
Total equity attributable to parent company            185.4        266.4 
=============================================  =============  =========== 
 
Non-controlling interest                              (18.3)       (17.2) 
=============================================  =============  =========== 
Total equity                                           167.1        249.2 
=============================================  =============  ===========

Unaudited condensed consolidated cash flow statement

Three months ended 31 March 2015

 
 
                                                         3 months to    3 months to 
                                                       31 March 2015  31 March 2014 
                                                           Unaudited      Unaudited 
                                                                US$m           US$m 
=====================================================  =============  ============= 
Operating (loss)/profit for the period                        (17.2)           72.4 
Depreciation, depletion and amortisation                        81.8          100.2 
Unrealised gains on derivative financial instruments          (33.5)          (6.4) 
Impairment charge on exploration and evaluation 
 assets                                                         26.5            0.6 
Share-based payments charge                                      1.5            2.3 
=====================================================  =============  ============= 
Operating cash-flows before movements in working 
 capital                                                        59.1          169.1 
Decrease in trade and other operating receivables               30.7           26.1 
Decrease in trade and other operating payables                (37.0)         (47.8) 
Decrease/(increase) in inventory of crude oil                   31.2         (29.8) 
Current tax paid                                                   -          (3.4) 
=====================================================  =============  ============= 
Net cash generated by operating activities                      84.0          114.2 
=====================================================  =============  ============= 
 
Purchases of property, plant and equipment                   (209.7)         (94.4) 
Exploration and evaluation expenditure                         (2.3)         (31.7) 
Decrease/(increase) in inventories - drilling
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