Financial Performance

Summary Consolidated Cash Flows*

For the year ended 31 December (USD)
2016 2017 2018
Operating activities
Profit for the year before income tax 41,296,996 44,591,820 75,033,664
Adjustments for:
Depreciation of property and equipment 18,450,476 20,618,505 28,112,799
Amortisation of intangible assets 9,110 45,202 122,547
Provision for impairment of trade receivables 2,362,197 579,115 1,250,607
Impairment of property and equipment 765,291 - -
Provisions 2,128,372 898,464 1,589,053
Interest on bank credit facilities and loans 9,428,294 16,550,209 31,472,519
Finance income - (7,015,552) (2,738,844)
Loss on disposal of property and equipment 7,537 - -
Share of results of investment in a joint venture - - (234,382)
Gain on bargain purchase - - (44,377,441)
Cash from operations before working capital changes 74,346,905 73,806,263 93,892,534
Inventories (1,389,006) (680,906) 1,436,399
Accounts receivable (36,309,980) (15,777,305) (24,482,911)
Contract assets - - (36,369,649)
Due from related parties (78,254) (28,499) (71,729)
Prepayments and other receivables (17,215,150) (6,620,912) 13,605,596
Trade and other payables 23,552,958 2,177,099 8,781,106
Due to related parties (6,612,990) (1,814,188) (2,211,238)
Cash flows from operations 36,294,483 51,045,372 54,580,108
Income tax paid (427,210) (586,662) (3,036,313)
Provisions paid (606,730) (1,477,664) (344,160)
Net cash flows from operating activities 35,260,543 48,997,226 51,199,636
Investing activities
Purchase of intangible assets - (21,579) (12,788)
Purchase of intangible assets 17,455 - (62,250,000)
Purchase of property and equipment (134,169,024) (52,951,929) (93,682,762)
Acquisitions of subsidiaries and new rigs - - (277,639,472)
Interest received - 7,015,552 2,738,844
Movement in escrow account - - (10,800,000)
Net cash flows used in investing activities (134,151,569) (45,957,956) (379,396,178)
Financing activities
Proceeds from interest-bearing loans and borrowings 120,899,330 36,581,041 602,871,261
Repayment of interest-bearing loans and borrowings (21,373,845) (59,825,925) (238,038,447)
Proceeds from increase in share capital and share application money 31,900,000 10,303,030 -
Cash to shareholders on reorganisation of the Group, net of obligation assumed (29,710,961) - -
Dividends paid (13,552,699) - -
Transaction cost paid - - (33,566,505)
Interest paid (9,428,294) (16,550,209) (19,958,945)
Net cash flows from financing activities 78,733,531 128,732,283 311,307,364
Net (decrease)/increase in cash and cash equivalents (20,157,495) 131,771,553 (16,889,178)
Cash and cash equivalents at the beginning of the year 25,350,359 5,192,864 136,964,417
Cash and cash equivalents at the end of the year 5,192,864 136,964,417 120,075,239

*The Financial Information represented of the Group is a continuation of the existing business and reflects the carrying values of the Subsidiary as if the Subsidiary had always been consolidated from the earliest period presented even though the Company was not in existence before 22 May 2016. Any difference between the consideration paid and nominal value of the share capital of the Subsidiary is recorded as a merger reserve.