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Cash flow statement<br />
Year ended 31 December<br />
(All amounts in USD 1 000 if not otherwise stated) Note 2009 2008<br />
Cash generated from operations<br />
Profit (loss) for the period -24 832 20 880<br />
Income tax expense 6 -4 169 4 169<br />
Depreciation and amortisation 7 82 51<br />
Amortisation of debt issuance cost 5 17 373 2 567<br />
Changing in fair value – bond loan and convertible bond loan 0 -10 808<br />
Exchange gain / (loss) 5 7 848 -6 070<br />
Taxes paid 0 0<br />
Changes in assets and liabilities<br />
Trade and other receivables 281 434 -42 242<br />
Trade and other payables 13 132 -610<br />
Net cash flow from operating activities 290 868 -32 063<br />
Cash flow from investing activities<br />
Investment in property, plant and equipment 7 -235 -49<br />
Investment in shares and non-current receiveables 2 2 121 -10 627<br />
Net cash flows used in investing activities 1 886 -10 676<br />
Cash flow from financing activities<br />
Proceeds of issuance of ordinary shares (net of share issuance cost) 11 0 9 329<br />
Proceed from issuance of borrowings 0 10 000<br />
Repayment of borrowings -313 954 -53 500<br />
Net cash flows from financing activities -313 954 -34 171<br />
Cash and cash equivalents at 1 January 10 20 500 107 835<br />
Exchange gain/losses) on cash and cash equivalents 1 433 -10 423<br />
Net increase/(decrease) in cash and cash equivalents -21 200 -76 912<br />
Cash and cash equivalents at 31 December 10 733 20 500<br />
Of which is restricted 10 203 15 241<br />
Marine Subsea AS has acquired Interoil Angola Ltd and Lewis during 2008.<br />
The effect of the acquisitions is reported in each line in the cash flow statement. See further information in the notes.<br />
<strong>Annual</strong> <strong>Report</strong> 2009 Marine Subsea 59
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