CNOOC Ltd. (CEO) | Statement of Cash Flows
The cash flow statement provides information about a company's cash receipts and cash payments during an accounting period, showing how these cash flaws link the ending cash balance to the beginning balance shown on the company's statement of financial position.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
CNOOC Ltd., Consolidated Statement of Cash Flows
USD $ in millions, translated from CNY ¥
| 12 months ended | Dec 31, 2012 | Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | |
|---|---|---|---|---|---|---|
| Profit before tax | 14,474 | 14,707 | 11,008 | 5,980 | 8,484 | |
| Interest income on bank deposits | (161) | (190) | (107) | (93) | (160) | |
| Finance costs | 253 | 267 | 184 | 77 | 59 | |
| Exchange gains, net | (58) | (101) | (151) | (8) | (374) | |
| Share of (profits) losses of associates and a joint venture | 4 | (90) | (30) | (25) | (55) | |
| Gain on disposal of non-current asset held for sale | – | – | – | – | (145) | |
| Investment income | (384) | (290) | (65) | (29) | (70) | |
| Impairment & Provision | 5 | 3 | 4 | 1 | 1 | |
| Exploration expenses | – | – | – | 474 | 500 | |
| Depreciation, depletion and amortization | 5,281 | 4,849 | 4,195 | 2,336 | 1,474 | |
| Loss (gain) on disposal and write-off of property, plant and equipment | 364 | 112 | 245 | (0) | 40 | |
| Unwinding of discount of long term guaranteed notes | 4 | 4 | 1 | 2 | 2 | |
| Impairment losses | – | – | – | – | 225 | |
| Equity-settled share option expense | 8 | 23 | 33 | 27 | 24 | |
| Gain from disposal of a subsidiary | – | (59) | – | – | – | |
| Others | – | (2) | – | 38 | 24 | |
| Adjustments | 5,318 | 4,526 | 4,310 | 2,797 | 1,545 | |
| (Increase) decrease in trade receivables | (475) | (156) | (1,026) | (1,096) | 648 | |
| (Increase) decrease in inventories and supplies | (80) | (51) | (67) | (99) | (30) | |
| (Increase) decrease in other current assets | (156) | 1,563 | (29) | 48 | (122) | |
| Increase (decrease) in trade and accrued payables, other payables and accrued liabilities | 670 | 223 | 342 | 950 | (14) | |
| Increase (decrease) in other taxes payable | (852) | 1,559 | 423 | 448 | (78) | |
| (Increase) decrease in operating capital | (894) | 3,139 | (356) | 250 | 405 | |
| Cash generated from operations | 18,898 | 22,372 | 14,962 | 9,027 | 10,434 | |
| Income taxes paid | (4,039) | (3,915) | (2,310) | (1,283) | (2,264) | |
| Dividends received from associates and joint venture | 217 | 29 | 22 | 35 | 91 | |
| Interest received | 255 | 161 | 91 | 112 | 160 | |
| Investment income received | 314 | 205 | 47 | 3 | 11 | |
| Interest paid | (295) | (265) | (78) | (5) | (5) | |
| Net cash flows from operating activities | 15,351 | 18,588 | 12,733 | 7,889 | 8,427 | |
| Acquisition of oil and gas properties | (1,398) | (2,534) | (1,713) | (149) | (147) | |
| Additions of property, plant and equipment | (8,691) | (5,787) | (4,459) | (6,214) | (5,323) | |
| Additions of intangible assets | (23) | (19) | (13) | (28) | (14) | |
| Purchase of leasing rights | (7) | (44) | – | – | – | |
| Acquisition of interest in a joint venture | – | – | (3,146) | – | – | |
| Acquisition of subsidiaries | – | (1,260) | – | – | – | |
| Acquisition of interest in an associate | – | (151) | – | – | – | |
| Additions in associate/joint venture investment | (390) | – | – | – | – | |
| Disposal of a subsidiary | – | 213 | – | – | – | |
| Decrease (increase) in time deposits with maturity over three months | 1,218 | (1,986) | 1,348 | 63 | (2,067) | |
| Proceeds from disposal of non-current assets held for sale | – | – | – | – | 227 | |
| Purchases of long term available-for-sale financial assets | – | – | – | (230) | – | |
| Purchases of current available-for-sale and held-to-maturity financial assets | (24,284) | (32,772) | (5,830) | (1,330) | (951) | |
| Proceeds from sale of current available-for-sale and held-to-maturity financial assets | 22,529 | 28,197 | 3,817 | 1,796 | 721 | |
| Proceeds from disposal of property, plant and equipment | 20 | 15 | 18 | 4 | 111 | |
| Net cash flows used in investing activities | (11,026) | (16,130) | (9,978) | (6,090) | (7,442) | |
| Proceeds from issuance of guaranted notes | 2,018 | 2,060 | 103 | – | – | |
| Repayment and redemption of guaranteed notes | (506) | (845) | – | – | – | |
| Proceeds from bank loans | 3,444 | 821 | 2,613 | 777 | 704 | |
| Repayment of bank loans | (1,738) | (1,630) | (652) | (73) | (37) | |
| Dividends paid | (2,510) | (3,317) | (2,180) | (2,077) | (2,148) | |
| Share repurchases | – | (41) | – | – | – | |
| Proceeds from exercise of share options | – | – | – | – | 1 | |
| Net cash flows from (used in) financing activities | 709 | (2,952) | (117) | (1,372) | (1,479) | |
| Effect of foreign exchange rate changes, net | (2) | (79) | (69) | (9) | (32) | |
| Net increase (decrease) in cash and cash equivalents | 5,031 | (573) | 2,569 | 418 | (527) | |
| Cash and cash equivalents at beginning of year | 3,801 | 4,335 | 3,427 | 2,895 | 3,424 | |
| Cash and cash equivalents at end of year | 8,832 | 3,762 | 5,996 | 3,313 | 2,897 |
| Item | Description | The company |
|---|---|---|
| Net cash flows from operating activities | The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. | CNOOC Ltd.'s net cash flows from operating activities increased from 2010 to 2011 but then slightly declined from 2011 to 2012 not reaching 2010 level. |
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